The Long View

Our guest this week is  Nicole Boyson. Boyson is the Patrick F. and Helen C. Walsh Research Professor at Northeastern University's D’Amore-McKim School of Business, where she teaches and conducts research in the areas of investments and corporate finance. Professor Boyson has authored numerous publications and referee journals, with a focus on regulatory arbitrage, hedge fund management, and hedge fund activism. She also recently published a provocative working paper on financial advisor conflicts of interest entitled, "The Worst of Both Worlds? Dual-Registered Investment Advisers." A certified public accountant, Professor Boyson serves on the Editorial Board of the Financial Analysts Journal. She received her bachelor's degree from Kent State University, her MBA from Case Western Reserve University, and her Ph.D. in Finance from Ohio State University. Professor Boyson is active on social media, where she can be found on Twitter at @nikir1.Background and Influences Nicole Boyson’s home page Nicole Boyson’s Twitter profile @nikir1 Josh Brown’s Twitter profile @reformedbroker Wes Gray’s Twitter profile @alphaarchitect Max Schatzow’s Twitter profile @advisercounsel Investment Company Institute (ICI) Fact Books  Published Research: Hedge Fund Activism“Corporate Governance and Hedge Fund Activism” by Nicole Boyson and Robert Mooradian; Review of Derivates Research, volume 14, no. 2, 2011   “Activism Mergers” by Nicole Boyson, Nickolay Gantchev, and Anil Shivdasani; Journal of Financial Economics; Oct. 23, 2015  Published Research: Female Hedge Fund Managers“The Performance of Female Hedge Fund Managers” by Rajesh Aggarwal and Nicole Boyson; Review of Financial Economics; Feb. 3, 2016 Published Research: Hedge Funds and Contagion“Hedge Fund Contagion and Liquidity Shocks” by Nicole Boyson, Christof Stahel, and Rene Stulz; Journal of Finance, volume 55, no. 5; October 2010 Financial Advisor ConflictsWorking Paper: “The Worst of Both Worlds? Dual-Registered Investment Advisers” by Nicole Boyson “Report of the Committee on Compensation Practices” dated April 10, 1995SEC Final Rule “Certain Broker-Dealers Deemed Not to Be Investment Advisers”Rick Ferri’s website “Ferri: There are No Average Investors,” The Long View podcast, July 3, 2019SEC Investment Adviser Public Disclosure (IAPD) websiteFinancial Planning Association v. Securities and Exchange CommissionSEC Final Rule: “Regulation Best Interest: The Broker-Dealer Standard of Conduct”SEC Share Class Selection Disclosure Initiative “SEC Share Class Initiative Returning More Than $125 Million to Investors”  

Our guest on the podcast today been called one of the most powerful women in finance. Sallie Krawcheck started her career as an equity analyst at Sanford C. Bernstein, where her reputation for impartial advice and criticism of conflicts of advice in the financial-services sector prompted Fortune magazine to call her the last honest analyst. She later moved to Citigroup, where she served as CEO of the firm's Smith Barney unit, Citi's chief financial officer, and CEO of Citi's, Wealth Management Business. In the latter role, she was an early advocate of a fiduciary standard for the brokerage industry. She went on to Bank of America where she served as president of the firm's wealth management unit. Sallie is currently the CEO and co-founder of Ellevest, a digital financial advisor for women launched in 2016. She is also owner and chair of Ellevate Network, a global network of women committed to promoting gender equality in the workplace. In the spirit of full disclosure, Morningstar Inc. invested in Ellevest in 2015 and 2019, and Morningstar Investment Management LLC, a subsidiary of Morningstar Inc. provides consulting services to Ellevest for their core portfolios. BackgroundSallie Krawcheck bio Ellevest Ellevate Network “In Search of the Last Honest Analyst,” by David Rynecki, Fortune, June 10, 2002. “BofA’s Krawcheck Backs a Fiduciary Standard,” InvestmentNews, April 20, 2010. “When Citi Lost Sallie,” by Geraldine Fabrikant, The New York Times, Nov. 15, 2008. “Sallie Krawcheck Wants to Take Women to the Top of Business,” by Abigail Jones, Newsweek, Dec. 23, 2014. Gender Pay Gap/Lifetime Earnings“The Narrowing, But Persistent, Gender Gap in Pay,” by Nikki Graf, Anna Brown, and Eileen Patten, Pew Research Center, March 20, 2019. “How a Common Interview Question Hurts Women,” by Claire Cain Miller, The New York Times, May 1, 2018. Salary History Bans: A Running List of States and Localities That Have Outlawed Pay History Questions, HRdive.com, 2020.“Unlocking the Full Potential of Women in the U.S. Economy,” McKinsey & Company, 2011. Education and Lifetime Earnings, Social Security Administration. Women and Caregiving, Facts and Figures, Family Caregiver Alliance. “The Trickle-Down Effect of Caregiving on Women,” by Kathleen Fitfield, AARP.org, Nov. 29, 2018. “Older Women Workers and Economic Security,” U.S. Department of Labor Issue Brief. “How to Stand Up for Paid Family Leave,” Ellevest.com, May 14, 2018. “How to Afford Parental Leave and Some Time Off,” by Sallie Krawcheck, Ellevest.com, Oct. 10, 2016. Diversity in the Workplace/Gender Lens InvestingGender lens investing definition “Gender and Diversity Funds: Intentional Or Not?,” by Madison Sargis, Morningstar.com, April 15, 2019."2 Options for Gender-Lens Investing," by Jon Hale, Morningstar.com, March 2, 2017. Pax Ellevate Global Women’s Leadership Fund “Why Diverse Teams Are Smarter,” by David Rock and Heidi Grant, Harvard Business Review, Nov. 4, 2016. “Diverse Teams Feel Less Comfortable—And That’s Why They Perform Better,” by David Rock, Heidi Grant, and Jacqui Gray, Harvard Business Review, Sept. 22, 2016. “New Research: Diversity + Inclusion = Better Decision-Making at Work,” by Erik Larson, Sept. 21, 2017. Women and Investing“Why Women Invest 40 Percent Less Than Men (and How We Can Change It),” by Jean Chatzky, Nbcnews.com, Sept. 25, 2018. “Boys Will Be Boys: Gender, Overconfidence, and Common Stock Investment,” by Brad Barber and Terrence Odean, The Quarterly Journal of Economics, February 2001.  “What Does It Mean to Invest Intentionally?” by Sallie Krawcheck, Ellevest.com, Nov. 19, 2019. “Women Reach Their Peak Salaries 10 Years Sooner Than Men,” by Patricia Nilsson and Hannah Murphy, Financial Times, Sept. 19, 2018. Benefits Planner/Life Expectancy, Social Security Adminstration. “Do Women Take As Many Risks As Men?,” by Doug Sundheim, Harvard Business Review, Feb. 27, 2013. "Sallie Krawcheck: The Retirement Crisis Is a Gender Crisis, Too," Morningstar.com, July 11, 2015. “For Some Widows, Breaking Up with An Advisor Is Easy to Do,” by Ilana Polyak, Oct. 11, 2014. “Women Put Financial Security at Risk by Deferring Long-Term Financial Decisions to Spouses, UBS Research Reveals,” UBS.com. “What Women Want in  a Financial Advisor,” by Kerry Hannon, Forbes.com, May 13, 2018. “Female Fund Manager Performance: What Does Gender Have to Do with It?” by Madison Sargis and Kathryn Wing, Morningstar.com, March 8, 2018. “Fund Managers By Gender: The Global Landscape,” Morningstar. Fiduciary definition “Let’s Demand Better from the Financial Services Industry,” by Sallie Krawcheck, Ellevest.com, Sept. 20, 2019. “How Wall Street Keeps #MeToo Claims Out of the Spotlight,” by Rob Copeland, Liz Hoffman, and Rachel Louise Ensign, The Wall Street Journal, Jan. 19. 2018. “Wall Street Has Been Unscathed by MeToo. Until Now,” by David Gelles, The New York Times, March 16, 2019. “My Best Career Advice ... Isn’t Career Advice,” by Sallie Krawcheck, Ellevest.com, Nov. 12, 2019. 

Our guest on the podcast is Annamaria Lusardi, an authority on financial literacy and financial education. Lusardi is the Denit Trust Distinguished Scholar and Professor of Economics and Accountancy at the George Washington University School of Business, where she also serves as the academic director of the Global Financial Literacy Excellence Center. Prior to joining George Washington University, she taught at Dartmouth College for 20 years. She has also taught at Princeton University, the University of Chicago Harris School of Public Policy, the University of Chicago Booth School of Business, and Columbia Business School. She received her doctorate from Princeton.BackgroundAnnamaria Lusardi bio Annamaria Lusardi curriculum vitae Annamaria Lusardi publications Financial Literacy"The Economic Importance of Financial Literacy: Theory and Evidence," by Annamaria Lusardi and Olivia S. Mitchell, Journal of Economic Literature, 2014. "A Financial Literacy Test That Works," by Annamaria Lusardi and Olivia S. Mitchell, Forbes, Dec. 14, 2017. The 2019 TIAA Institute-GFLEC Personal Finance Index "Financial Literacy and Wellness Among African-Americans," by Paul J. Yakoboski,  Annamaria Lusardi, and Andrea Hasler, Global Financial Literacy Excellence Center. "Financial Literacy and Retirement Planning in the United States," by Annamaria Lusardi and Olivia S. Mitchell, Journal of Pension Economics & Finance, October 2011. “Financial Literacy Around the World: An Overview," by Annamaria Lusardi and Olivia S. Mitchell, Journal of Pension Economics and Finance, October 2011. Implications of Financial Illiteracy"Optimal Financial Knowledge and Wealth Inequality," by Annamaria Lusardi, Pierre-Carl Michaud, and Olivia S. Mitchell, The National Bureau of Economic Research, January 2013. "Financial Literacy and Stock Market Participation," by Maarten van Rooij, Annamaria Lusardi, and Rob Alessie, The National Bureau of Economic Research, October 2007. "National Financial Capability Study," Finra Investor Education Foundation, December 2019. “Financially Fragile Households: Evidence and Implications,” by Annamaria Lusardi, Daniel J. Schneider, and Peter Tufano, The National Bureau of Economic Research, May 2011. "Financial Literacy and Planning: Implications for Retirement Wellbeing," The National Bureau of Economic Research, by Annamaria Lusardi and Olivia S. Mitchell, May 2011. Financial Education"Are States Providing Adequate Financial Literacy Education?" by Matt Kasman, Benjamin Heuberger, and Ross A. Hammond, Brookings, Oct. 3, 2018.  "Five Steps to Planning Success. Experimental Evidence From U.S. Households," by Aileen Heinberg, Angela A. Hung, Arie Kapteyn, Annamaria Lusardi, Anya Savikhin Samek, and Joanne Yoong, The National Bureau of Economic Research, June 2014. "John Lynch: Rethinking Financial Education," The Long View podcast, Morningstar.com, Dec. 11, 2019. "Financial Literacy, Financial Education, and Downstream Financial Behaviors," by Daniel Fernandes, John G. Lynch, and Richard G. Netemeyer, Management Science, Jan. 6, 2014. "Ariel Community Academy Students Are Investing on Wall Street by Fourth Grade," by Rodney Brooks, The Undefeated, Oct. 18, 2017.  

Our guest this week is tax and retirement planning expert, Jeffrey Levine. Jeff is director of advisor education at Kitces.com, home of the popular Nerd's Eye View blog. He's also the CEO and director of financial planning for BluePrint Wealth Alliance. Previously, Jeff served as chief retirement strategist at Ed Slott and Company. He has authored several books including, The Baby Boomer's Guide to Savvy IRA Planning, The Financial Advisor's Guide to Savvy IRA Planning, and The Definitive Guide to Required Minimum Distributions for Baby Boomers. Jeff is a frequent public speaker and media commentator, and he maintains a high profile on social media and on the Nerd's Eye View blog, where he readily shares tax and retirement planning insights. BackgroundJeffrey Levine bio Kitces.com Blueprint Wealth Alliance Jeffrey Levine on Twitter: @CPAPlannerSECURE Act: Stretch IRASECURE Act text Stretch IRA definition “SECURE Act And Tax Extenders Creates Retirement Planning Opportunities and Challenges,” by Jeffrey Levine, Kitces.com, Dec. 23, 2019. “Navigating the Secure Act: What Retirement Savers Need to Know to Optimize Their 401(k)s and IRAs,” by Reshma Kapadia, Barron’s, Dec. 20, 2019. “New Retirement Law Throws IRA Heirs a Curveball,” by Mark Miller, Morningstar.com, Jan. 21, 2020. “Inheriting a Parent’s IRA or 401(k)? Here’s How the Secure Act Could Create a Disaster,” by Alessandra Malito, MarketWatch, Jan. 9, 2020. “Who Should Consider a Roth Conversion Under the SECURE Act?,” by Liz Weston, MarketWatch, Feb. 1, 2020. “The Stretch IRA Strategy Is Largely Gone. Here Are 5 Alternatives to Consider,” by Cheryl Winokur Munk, Barron’s, Feb. 8, 2020. Charitable trust definition SECURE Act: RMD Age ChangeRequired minimum distribution definition  IRA Required Minimum Distribution Worksheet “How Required Minimum Distribution (RMD) Changes Under The SECURE Act Impact Retirement Accounts,” by Jeffrey Levine, Kitces.com, Jan. 8, 2020.  “Why the SECURE Act Makes 2020 the Year of Missed RMDs from IRAs,” by Jamie Hopkins, Forbes.com, Dec. 18, 2019. “Could Later RMDs Lower Your Tax Bill?” by Christine Benz, Morningstar.com, Feb. 3, 2020. “Updated Life Expectancy and Distribution Period Tables Used for Purposes of Determining Minimum Required Distributions,” (proposed rule by the IRS), IRS.gov, Nov. 8, 2019. SECURE Act: Qualified Charitable Distributions“How to Reduce Your Taxes and AGI by Giving to Charity,” by Mark P. Cussen, Investopedia.com, Jan. 16, 2020. “Coordinating QCDs with Post 70 1/2 IRA Contributions Under the SECURE Act,” by Jeffrey Levine, Kitces.com, Jan. 22, 2020. Tax Cuts and Jobs Act of 2017 Adjusted gross income definition SECURE Act: Traditional IRA Contributions After 72“The Kaye Bailey Hutchison Spousal IRA Receives Congressional Agreement,” by Beverly DeVeny, irahelp.com, Aug. 9, 2013. SECURE Act: Open MEPs“Could Multiple-Employer Plans Be a Game Changer for Retirement Security?” by Aron Szapiro, Morningstar.com, Dec. 19, 2019. “Secure Act’s MEP Changes Are a Game Changer for 2020,” by Robert Bloink and William H. Byrnes, ThinkAdvisor, Jan. 8, 2020. “The New American Retirement Plan,” by John Rekenthaler, Morningstar.com, Jan. 14, 2020. “Replacing 401(k) Plans: Further Thoughts,” by John Rekenthaler, Morningstar.com, Jan. 21, 2020. SECURE Act: Annuities in Company Retirement Plans"What the SECURE Act Means for Annuities," by Jamie Hopkins, InvestmentNews, Dec. 17, 2019.“Security Act’s 401(k) Annuity Options: The Pros and Cons,” by William H. Byrnes and Robert Bloink, ThinkAdvisor, Jan. 14, 2020.  

Our guest this week is Ben Carlson, the director of institutional asset management at Ritholtz Wealth Management. A prolific and insightful writer, Carlson frequently publishes pieces on investing, personal finance, and other topics on his popular blog, A Wealth of Common Sense. In addition, he co-hosts the Animal Spirits podcast with his colleague Michael Batnick and is active on social media, including Twitter, where he can be found @awealthofcs. A CFA charterholder and graduate of Grand Valley State University, Carlson has authored several books, including A Wealth of Common Sense and Organizational Alpha. In today's episode, we'll be discussing Carlson's most recently published book, Don't Fall for It: A Short History of Financial Scams.BackgroundBen Carlson bio A Wealth of Common Sense blog Michael Batnick bio Animal Spirits podcast Ritholtz Wealth Management Don't Fall for It: A Short History of Financial Scams, by Ben CarlsonScams: Victims and PerpetratorsNigerian prince scam Annals of Gullibility: Why We Get Duped and How to Avoid It, by Stephen Greenspan Charles Ponzi bio Bernie Madoff bio John R. Brinkley bio The Wisdom of Psychopaths: What Saints, Spies, and Serial Killers Can Teach Us About Success, by Kevin Dutton"Troubles at Atlanta Hedge Fund Snare Doctors, Football Players" by Ian McDonald and Valerie Bauerlein, The Wall Street Journal, March 9, 2006.William J. Bernstein: "The wealthy are different than you and I: They have many more ways of having their wealth stripped away." The Four Pillars of Investing: Lessons for Building a Winning Portfolio, Chapter 7, Page 179."How Did Spike Lee Convince Michael Jordan to Help Fund His Malcolm X Film?" by Gene Marks, Entrepreneur, Feb. 28, 2019."Johnny Depp Spends $200,000 a Month on a Private Jet and $30,000 on Wine--Here's How Else He Blows His Fortune," by Emmie Martin, CNBC.com, Aug. 31, 2017. Enough: True Measures of Money, Business, and Life, by John C. Bogle"South Sea Bubble Short History," Harvard Business SchoolRailway mania "Fraudster Poses as Jason Statham to Steal Victim's Money," by Andy Bell and Dan Box, BBC News, April 29, 2019. Ulysses S. Grant bio "Lessons From the General," by Michael Batnick, The Irrelevant Investor, Dec. 12, 2017. 

Our guest this week is Will Danoff. Will runs a number of Fidelity equity strategies, best known of which is Fidelity Contrafund, a mutual fund he has been managing since September 1990. During his nearly three-decade tenure at Contrafund, Will has trounced the market indexes and, even more remarkably, managed to maintain the fund's performance at scale. Indeed, Contrafund was recently home to more than $120 billion in assets and has ranked among the world's largest funds for many years. For his accomplishments, Morningstar named Will its Domestic-Stock Manager of the Year in 2007. Prior to becoming a portfolio manager, Will served as a retail analyst at Fidelity and for a time as assistant portfolio manager at Fidelity Magellan. He's a graduate of Harvard University and earned his MBA at the Wharton School of the University of Pennsylvania. We're thrilled to have him as our guest.BackgroundWill Danoff bioFidelity ContrafundInspirations“Letters”, Fidelity Investments TV commercial Peter Lynch bioMeetings with ManagementNelson Peltz bioIdea GenerationSalesforce Dreamforce conferenceJoel TillinghastFidelity Low-Priced StockCircle of CompetenceMichael O’Leary, Michael Cawley biosPortfolio ConstructionCorporate profit marginsInvesting in Private FirmsSecurities and Exchange Commission’s “Investment Company Liquidity Risk Management Program” 

Our guest this week is Jon Hale, Morningstar's head of sustainability research. In that role, he directs our research into the environmental, social, and governance investing practices of mutual funds and exchange-traded funds. An incisive analyst and writer, Hale authors the biweekly "Sustainability Matters" column on Morningstar.com. He's regularly quoted by the media on ESG matters and speaks often on sustainable investing at industry conferences and other events. Prior to assuming his current role, Hale held a number of other leadership positions in Morningstar's research and investment management divisions, most recently serving as head of manager research in North America. Hale, who holds the Chartered Financial Analyst designation, earned his undergraduate degree at the University of Oklahoma and his doctorate at Indiana University. We're pleased to have him as our guest.BackgroundJon Hale bio "Sustainability Matters" columnsHale's "The ESG Advisor" blog Morningstar's Approach to Assessing ESGMorningstar Sustainability Rating methodologySustainalytics Investor Interest and Demand"Sustainable Fund Flows in 2019 Smash Previous Records," by Jon Hale, Morningstar.com, Jan. 10, 2020.Morgan Stanley's "Sustainable Signals" surveyOtherSustainability Accounting Standards Board (SASB)TIAA-CREF Social Choice Bond TSBRX

Our guest on the podcast today is Chris Mamula. Chris blogs on the website, "Can I Retire Yet?" and he has also cowritten a book called Choose FI: Your Blueprint to Financial Independence, which was published in 2019. Chris is loosely part of the FIRE, or Financial Independence Retire Early, movement, but he brings a fresh perspective to the concept. He retired from a career as a physical therapist at age 41. After poor experiences with the financial industry early in his professional life, he educated himself on investing and tax planning. Now he draws on his experience to write about wealth building, do-it-yourself investing, financial planning, early retirement, and lifestyle design.BackgroundCan I Retire Yet?Choose FI: Your Blueprint to Financial Independence, by Chris Mamula, Brad Barrett, and Jonathan Mendonsa. FIRE MovementFIRE Movement"Your Questions about FIRE, Answered," by Steven Kurutz, The New York Times, Sept. 11, 2018. Lifestyle and Personal Considerations "Nearly 2 Years into Early Retirement, Here’s All That I’ve Gotten Wrong," by Chris Mamula, marketwatch.com, Aug. 19, 2019.  “A Strong Marriage in Retirement,” by Darrow Kirkpatrick, Can I Retire Yet?, March 19, 2017. "Does Fire Make Life Harder?," by Chris Mamula, Can I Retire Yet?, Dec. 10, 2018. “A Week in the Life of a Fire Household,” by Chris Mamula, Can I Retire Yet?, Sept. 17, 2018. Healthcare Coverage for Early Retirees“Navigating ACA Tax Credits to Purchase Affordable Health Insurance,” by Chris Mamula, Can I Retire Yet?, Nov. 12, 2018.  “How to Qualify for Affordable Care Act (‘Obamacare’) Premium Subsidies,” by Mike Piper, Oblivious Investor.  “Are Health Care Sharing Ministries a Viable Alternative to Health Insurance for Early Retirement?” by Chris Mamula, Can I Retire Yet?, Nov. 19, 2018.  Health care sharing ministry, Wikipedia. “Do You Plan to Retire by 50? Great, But Can You Cover Your Health Care?” by Janna Herron, USA Today, June 4, 2019. Investing and Withdrawal Rates Bogleheads website  Jim Collins blog"The Safe Withdrawal Rate Series: A Guide for First-Time Readers," Early Retirement Now.  Stock Series, jlcollinsnh.com  The Simple Path to Wealth: Your Road Map to Financial Independence and a Rich, Free Life, by J.L. Collins.“Retirement Saving and the Empty Nest Transition,” by Michael Kitces, kitces.com, May 25, 2016. "The Stages of Financial Independence," by Chris Mamula, Can I Retire Yet?, Sept. 23, 2019,“The Problem with FIREing at 4% and the Need for Flexible Spending Rules,” by Michael Kitces, Kitces.com, July 23, 2019. “The 25X Rule to Early Retirement,” by Rob Berger, Forbes.com, Feb. 23, 2017.  Human capital definition, Investopedia “Going Back to Work,” by Chris Mamula, Can I Retire Yet?, July 22, 2019. Mr. Money Mustache

Our guest this week is John Rekenthaler. Rekenthaler is a director in Morningstar Research Services and a feature contributor to our platforms, including Morningstar.com. A lucid thinker and brilliant writer, his popular "Rekenthaler Report" column has become a must read among investors, financial advisors, fund industry participants, and beyond.Rekenthaler began his career at Morningstar in 1988 and has worn a number of hats, including leadership roles in our research and investment management divisions. Among other achievements, Rekenthaler has been a key player in developing some of Morningstar's best-known tools, including the Morningstar Rating for funds and the Morningstar Style Box. He holds a bachelor's degree in English from the University of Pennsylvania and a master's degree in business administration from the University of Chicago Graduate School of Business.BackgroundThe Rekenthaler ReportMorningstar Rating for funds methodologyMorningstar Style Box methodologyInvestor Behavior Morningstar's Mind the Gap study Rekenthaler Report: "Mutual Funds: Where Fun Came to Die"Rekenthaler Report: "3 Reasons Index Investors Deserve Perdition (or Not)"Rekenthaler Report: "Up-Front Investment Fees Are (Almost) No More"IncentivesRekenthaler Report: "Give Performance Fees a Chance"How John InvestsRekenthaler Report: "What's in My Portfolio?"Most and Least Popular ColumnsRekenthaler Report: "Enough with Revenue Sharing!"Rekenthaler Report: "About that Rigging Claim"Flash Boys: A Wall Street Revolt, by Michael Lewis, March 2014.Compelling Academic ResearchRekenthaler Report: "Predicting Mutual Fund Returns With the Ownership Lens""Judging Fund Managers by the Company They Keep," by Randolph Cohen, Joshua Coval, and Lubos Pastor; NBER Working Paper No. 9359, December 2002.The State of RetirementRekenthaler Report: "The Retirement Crisis That Isn't?"Teresa Ghilarducci"A Perplexing Tale About 401(k)s," by Scott Cooley; Morningstar.com, Nov. 26, 2015.Rekenthaler Report: "The British Show How to Improve 401(k)s"Best and Worst InnovationsRekenthaler Report: "Why ETFs Succeeded for Retail Investors"Rekenthaler Report: "Tactical-Allocation Funds: Even Worse Than Expected"Jack BogleRekenthaler Report: "Jack Bogle Strikes Back!"Rekenthaler Report: "Jack Bogle's (Somewhat) Accidental Legacy"Corporate Governance"Anticompetitive Effects of Common Ownership," by Jose Azar, Martin Schmalz, and Isabel Tecu; Journal of Finance, May 2018.Rekenthaler Report: "Are Index Funds Too Soft on CEOs?"Rekenthaler Report: "The Latest Salvo Against Indexing"Rekenthaler Report: "The Doctrine of Shareholder Value Has Indeed Helped Shareholders"Albert J. "Chainsaw Al" Dunlap  bioWhat John ReadsBerkshire Hathaway shareholder lettersJoe Mansueto bioReflections on InvestingRekenthaler Report: "My Investment Howler"

On this week’s episode of The Long View, we’ll recap some of our favorite moments from the podcast so far. Since the podcast’s launch in May 2019, we’ve had the chance to talk to some of the best portfolio managers, retirement researchers, and financial planners and advisors in the business. It’s been a treat to spend an hour each week chatting with them, and we’ve learned a great deal from each of the interviews. Last week’s episode included highlights from our interviews with portfolio managers. This week, we’ll feature some of our favorite clips from interviews with financial planners, advisors, and retirement researchers. William Bernstein: 'If You've Won the Game, Quit Playing'Jonathan Clements: 'It's in Wall Street's Interest to Make Everyday Investors Think That They Are Stupid'Allan Roth: 'I Embrace Dumb Beta'Josh Brown: 'Standardize the Process, Personalize the Advice'Carolyn McClanahan: 'There's More to Money Than Just Numbers'Sheryl Garrett: 'The Industry Thought I Was Nuts'David Blanchett: 'If You're Retiring Now You're in a Pretty Rough Spot'Michael Finke: Here's What Makes Retirees HappyArchive of all Long View episodes so far