The Long View

On this week’s episode of The Long View, we 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.  This week’s episode includes highlights from our interviews with portfolio managers and investment strategists. Next week, we’ll feature some of our favorite clips from interviews with financial planners, advisors, and retirement researchers.Bill Nygren: 'A Stock That Doesn't Look Cheap on the Surface Might Be One of the Cheapest' Rob Arnott: Don't Sleep on Value Investing (Especially Emerging-Markets Value) Rupal Bhansali: FAANG Stocks Are 'Extremely Risky' Dan Ivascyn: Building a Portfolio to Bend but Not Break Ben Johnson: Index Funds Are Not 'Zombie Investors' Dana Emery: You're Not Getting a Valuation Discount for Free Dennis Lynch: 'Have a Growth Mindset and Be Willing to Learn New Things' Charles de Vaulx: Why Value Investing Has Slumped but Will Rebound 

Our guest on the podcast today is Dr. Moira Somers,  a clinical neuropsychologist and professor. She’s also author of the book Advice That Sticks: How to Give Financial Advice That People Will Follow, published in 2018. Dr Somers’ expertise is in brain functioning, behavior change, and mental health, topics that she often discusses in the context of financial advice. She’s a frequent public speaker and also consults with advisors on improving their client outcomes. Dr. Somers is a senior faculty member with the Sudden Money Institute, where she trains advisors and conducts research into the psychological factors at play during major life transitions. BackgroundMoira Somers' biography Moira Somers' website Somers, M. 2018. Advice That Sticks: How to Give Financial Advice That People Will Follow (London: Practical Inspiration Publishing).Improving Client AdherenceBehavioral finance definition Martin, L., Williams, S.L., Haskard, K.B., et al. 2005. “The Challenge of Patient Adherence.” Therapeutics and Clinical Risk Management, Vol. 1, No. 3, P. 189. Somers, M. “Does Your Advice Stick?” Journal of Financial Planning, May 2018. Stone, G.C. 1979. “Patient Compliance and the Role of the Expert.” Journal of Social Issues, Winter. “Financial Jargon Your Advisor May Throw at You,” CNBC.com, Oct. 8, 2012. Beerens, M. 2019. “Listening, Empathy and Personal Attention Go A Long Way in Client Acquisition and Retention.” Investors Business Daily, Nov. 4, 2019. Lee, B.Y. 2018. “11 Seconds: How Long Your Doctor Waits Before Interrupting You." Forbes.com, July 22, 2018. Jung, D. 2019. “Nudge Action: Overcoming Decision Inertia in Financial Planning Tools.” BehavioralEconomics.com, March 12, 2019.Benartzi, S. 2017. “How Digital Tools and Behavioral Economics Will Save Retirement.” Harvard Business Review, Dec. 7, 2017.Raihani, N. 2013. “Nudge Politics: Efficacy and Ethics.” Frontiers in Psychology, Vol. 4, P. 972. Eisenberg, R. 2013. “To Solve the U.S. Retirement Crisis, Look to Australia,” Forbes.com, Aug. 19, 2013. Frankenfield, J. 2019. “What Is a Robo-Advisor?” Investopedia.com, Oct. 1, 2019. Knudge.com Touchstone Pathway Gamification definition Kahneman, D. 2011. Thinking, Fast and Slow.

BackgroundJohn Lynch bio John Lynch research Center for Research on Consumer Financial Decision Making Academic Research Council, Consumer Financial Protection Bureau Financial EducationFernandes, Lynch, J.G., & Netemeyer, R.G. 2013. “Financial Literacy, Financial Education, and Downstream Financial Behaviors.” forthcoming in Management Science.“Examining Financial Education: How Literacy and Interventions Affect Financial Behaviors,” National Endowment for Financial Education, 2014. “Financial Literacy: Just-in-Time Is the Ticket,” Christine Benz and John Lynch, Morningstar.com, March 12, 2016. Thaler, R. 2013. “Financial Literacy: Beyond the Classroom.” The New York Times, Oct. 5, 2013. Kitces, M. 2016. “Financial Literacy Effectiveness and Providing Just-in-Time Training by Financial Advisors.” Nerd’s Eye View, Sept. 21, 2016. Ward, A.F. & Lynch, J.G. 2019. “On a Need-to-Know Basis: How the Distribution of Responsibility Between Couples Shapes Financial Literacy and Financial Outcomes.” Journal of Consumer Research, Vol. 45, No. 5, P. 1013.  Retirement Planning and Financial OutcomesSammer, J. “Retirement Plans Are Leaking Money. Here’s Why Employers Should Care.” Society of Human Resources Management, Oct. 17, 2017. Nudge theory definition Thaler, R. & Sunstein C. 2008. “Nudge: Improving Decisions About Health, Wealth, and Happiness" (New Haven: Yale University Press).Wright, O. 2013. “How Organ Donation Is Getting Nudge in the Right Direction.” The Independent, Dec. 24, 2013. “How America Saves,” Vanguard, 2019.  Financial Decision-Making and Well-Being“Four-Year Myth,” Lumina Foundation.Hunter, W.G., Zhang, C.Z., Hesson, A., et al. 2016. “What Strategies Do Physicians and Patients Discuss to Reduce Out-of-Pocket Costs? Analysis of Cost-Saving Strategies in 1,755 Outpatient Clinic Visits.” Society for Medical Decision Making, Vol. 36, No. 7, P. 900. Netemeyer, R., Warmath, D., Fernandes, D. & Lynch. J. 2017. “How Am I Doing? Financial Well-Being, Its Potential Antecedents, and Its Relation to Psychological/Emotional Well-Being.” Advances in Consumer Research, Vol. 45, P. 780. “Complaint Snapshot: Debt Collection,” Consumer Financial Protection Bureau, May 2018. Nova, A. 2019. “A $1,000 Emergency Would Push Many Americans Into Debt,” CNBC.com, Jan. 23, 2019.  

BackgroundGus Sauter bio  Gus Sauter retirement announcement Fast Facts About Vanguard  Council on University of Chicago Booth School of BusinessJack Bogle bio https://en.wikipedia.org/wiki/John_C._BogleJack Brennan bio Search for Alpha “Alpha and the Paradox of Skill” by Michael J. Mauboussin and Dan Callahan. Credit Suisse, July 15, 2013.  Growth, and Limits, of IndexingCharles Ellis bio  Charles Ellis books  Burton Malkiel bio  Burton Malkiel books  Indexing and Price Discovery“Setting the Record Straight: Truths About Indexing” by James J. Rowley, Joshua M. Hirt, and Haifeng Wang. The Vanguard Group, January 2018. Indexing and Corporate Governance“Vanguard CEO Jack Brennan Makes His Demands Heard” by Aaron Lucchetti. The Wall Street Journal, February 2003. Private Markets and AlternativesDavid Swensen bio David Swensen books  The Case for IndexingWilliam Sharpe bio“The Arithmetic of Active Management” by William Sharpe; The Financial Analysts Journal, Volume 47, No. 1; January/February 1991. Innovation“Nudge: Improving Decisions About Health, Wealth, and Happiness” by Richard Thaler and Cass Sunstein, February 2009. 

Our guest on the podcast today is Dr. Jeffrey Brown, the Josef and Margot Lakonishok Professor and the Dean of the University of Illinois Gies College of Business. A key focus of Dean Brown's research is how to create sustainable retirement income, including the role of annuities, Social Security, 401(k)s, pensions and long-term care planning. He's a research affiliate at the National Bureau of Economic Research, a faculty affiliate of the Institute on Government and Policy Affairs, and a fellow at the TIAA Institute. He also serves as a trustee for TIAA. In addition, he served on the Social Security Advisory Board under President George W. Bush and was also a senior economist at the White House Council of Economic Advisers. He has published extensively on the topic of retirement security and public and private insurance markets, and he has received numerous awards for his research as well. He holds a Ph.D. in economics from MIT, and a master's in public policy from Harvard.BackgroundJeffrey Brown bioJeffrey Brown C.V. Jeffrey Brown publications and working papers  Defined Contribution (DC) PlansDefined contribution plan definition Defined benefit plan definition “A Brief History of the 401(k), Which Changed How Americans Retire,” by Kathleen Elkins, CNBC.com, Jan. 4, 2017.“The Disappearing Defined Benefit Pension and Its Potential Impact on the Retirement Incomes of Baby Boomers,” by Barbara A. Butrica, Howard M. Iams, Karen E. Smith, and Eric J. Toder, Social Security Bulletin, Vol. 69, No. 3, 2009.“What Killed Pensions,” by Mary Beth Franklin, Kiplinger, Oct. 6, 2011.“Public Pensions Are Still Marching to Their Death,” by Jeffrey Dorfman, Forbes.com, Sept. 11, 2014.“House Passes SECURE Act to Ease 401(k) Compliance, Promote Savings,” by Stephen Miller, SHRM.org, May 23, 2019.“How the SECURE Act Would Impact Your 401(k),” by Simon Moore, Forbes.com, June 25, 2019.“Annuities in 401(k)s Won’t Solve the Retirement Crisis. Here’s Why,” by Mary Romano, Barron’s, June 28, 2019.“What Does It Mean to Annuitize?” by Justin Pritchard, Thebalance.com, Jan. 21, 2019.“Crash Course Needed: Four Out of Five Americans Fail When Quizzed on How to Make Their Nest Eggs Last,” by The American College for Financial Planning, Dec. 3, 2014.“401(k) Nudges and Course Corrections,” by Kimberly Blanton, Squared Away blog, Oct. 24, 2017.“Thank Richard Thaler for Your Retirement Savings,” by Ben Steverman, Bloomberg, Oct. 10, 2017.“Plan Quality Varies Significantly by Industry,” by John Manganaro, PlanAdviser, March 20, 2017.“Corporate Profits and 401(k) Plan Performance Go Hand in Hand: T. Rowe Price,” by Michael S. Fischer, ThinkAdvisor, Sept. 17, 2018.“The Conundrum of State-Run Retirement Plans,” by Terry Dunne, InvestmentNews, May 8, 2017.“Reasons to Be Wary of State-Run Retirement Plans,” by Jeffrey Brown, Forbes.com, Feb. 10, 2014.Multiple Employer Plan (MEP) definition“How Hard Should We Push the Poor to Save for Retirement?” by Andrew G. Biggs, The Journal of Retirement, Spring 2019.Thrift Savings Plan  Annuities“Use Annuities to Protect Yourself from Yourself,” by Jeffrey Brown, Forbes.com, May 22, 2014.“Income Annuities Provide Retirees Longevity Protection,” by Wade Pfau, Investment News, Sept. 28, 2019.“Why Don’t People Insure Late-Life Consumption? A Framing Explanation of the Under-Annuitization Puzzle,” by Jeffrey R. Brown, Jeffrey R. Kling, Sendhil Mullainathan, and Marian V. Wrobel, National Bureau of Economic Research, January 2008.Variable annuity definitionEquity-indexed annuity definitionDeferred payment annuity definition“The Main Types of Annuities Made Easy,” by Clair Boyte-White, Investopedia, July 27, 2019.“Annuities and Inflation Risk,” by Robert Bloink and William H. Byrnes, ThinkAdvisor, Sept. 3, 2011.“Lifetime Income for Women: A Financial Economist’s Perspective,” by David F. Babbel, Wharton Financial Institutions Center Policy Brief, Aug. 12, 2008.“Jeff Brown Tackles Tough Annuity Questions,” by Michael Finke, ThinkAdvisor, Sept. 29, 2014.“Annuities and Individual Welfare,” by Thomas Davidoff, Jeffrey Brown, and Peter Diamond, The Center for Retirement Research at Boston College, May 2003.“Behavioral Impediments to Valuing Annuities: Complexity and Choice Bracketing,” by Jeffrey R. Brown, Arie Kapteyn, Erzo F.P. Luttmer, Olivia S. Mitchell, and Anya Samek. National Bureau of Economic Research, Oct. 11, 2019.Intertemporal choice definition  Long-Term Care“Does Medicare Cover Long-Term Care?” Medicare.com"Insuring Long-Term Care in the U.S.," by Jeffrey Brown and Amy Finkelstein, National Bureau of Economic Research, September 2011.“The Interaction of Public and Private Insurance: Medicaid and the Long-Term Care Insurance Market,” by Jeffrey R. Brown and Amy Finkelstein, National Bureau of Economic Research, October 2004.“Can Increasing The Long-Term Care Insurance Elimination Period Make Coverage Appealing Again?” by Michael Kitces, Nerd’s Eye View, Jan. 7, 2015.Long-Term Care Financing Project“Hybrid Long-Term Care Policies,” by Wade Pfau, Forbes.com, Jan. 21, 2016.“Is the LTC Cost Guarantee of Today's Hybrid Life/LTC or Annuity/LTC Insurance Policies Just a Mirage?” by Michael Kitces, Nerd’s Eye View, Oct. 16, 2013.“Life-LTC Hybrid Sales Level Off: LIMRA,” by Allison Bell, ThinkAdvisor, July 22, 2019.  Social SecuritySocial Security Trustees’ Summary Report, 2019.“How Would You Fix Social Security?” The Center for Retirement Research at Boston College.“How the Latest Report on Social Security’s Solvency Changes Your Retirement Plan,” by Bob Carlson, Forbes.com, May 24, 2019.

Our guest on the podcast this week is Charles de Vaulx. De Vaulx is chief investment officer and portfolio manager at International Value Advisers, where he is also a partner. With his colleague Chuck de Lardemelle, de Vaulx manages the IVA International and IVA Worldwide strategies. Before joining IVA in 2008, de Vaulx had been the portfolio manager of First Eagle Global, First Eagle Overseas, First Eagle U.S. Value, and First Eagle Variable. For his accomplishments, Morningstar has recognized de Vaulx several times in the past, awarding him and his comanager our International-Stock Manager of the Year Award in 2001 and nominating them for the same award in 2006. De Vaulx began his career at Societe Generale Bank as a credit analyst in 1985. He graduated from the Ecole Superieure de Commerce de Rouen and holds the French equivalent of a master's degree in finance.BackgroundCharles de Vaulx bioCharles de Lardemelle bioIVA Worldwide IVWIX IVA International IVIOX ReferencesModern monetary theory (MMT) definitionHerfindahl-Hirschman Index (HHI) definitionCreative destruction definitionA History of Interest Rates, by Sidney Homer and Richard Sylla; 2007"The Irresistible Charm of the Family Factor," by Credit Suisse, Sept. 27, 2017Jean-Marie Eveillard bio"The Superinvestors of Graham-and -Doddsville," by Warren Buffett, Columbia Business School, May 17, 1984Berkshire Hathaway 2013 shareholder letter, Page 20Edward O. Thorp bioSuperforecasting: The Art and Science of Prediction, by Philip E. Tetlock and Dan Gardner, 2016

Our guest on the podcast today is Barbara Roper. She is director of investor protection for the Consumer Federation of America, where she has been employed since 1986. A leading consumer spokesperson on investor protection issues, Roper has conducted studies of abuses in the financial planning industry, state oversight of investment advisors, state and federal financial planning regulation, financial planning software, financial education needs of low-income older persons, the information preferences of mutual fund shareholders, systemic risk regulation, and securities law weaknesses as a cause of the financial crisis. She has testified frequently before Congress and has supported federal and state legislative and regulatory initiatives on a broad range of investor protection issues. Roper is a member of the SEC's Investor Advisory Committee, Finra's Investor Issues Group, and the CFP Board's Public Policy Council and Standards Commission.BackgroundBarbara Roper bioMicah Hauptman bioConsumer Federation of AmericaConsumer Federation of America, Investor Protection DivisionState of Investor Protections Today"The Laws That Govern the Securities Industry"Investment Company Act of 1940Investment Advisers Act of 1940Growth of Private Market"Looking Behind the Declining Number of Public Companies," by Les Brorsen, Harvard Law School Forum on Corporate Governance and Financial Regulation, May 18, 2017."Where Have All the Public Companies Gone?" by the Bloomberg.com editorial board, April 9, 2018. Accredited Investor definitionConcept Release on Harmonization of Securities Offering Exemptions, Securities and Exchange Commission.Letter from Consumer Federation of America to SEC Regarding Concept Release on Harmonization of Securities Offering Exemptions, by Barbara Roper and Micah Hauptman, Oct. 1, 2019."Private-Equity Funds in 401(k) Plans?" by John Rekenthaler, Morningstar.com, July 9, 2019. "SEC's Proposal on Private Placements Isn't Backed by Data," by the InvestmentNews editorial board, Aug. 31, 2019. Investment Fees"2018 Morningstar Fee Study Finds That Fund Prices Continue to Decline," by Adam McCullough, CFA, Morningstar.com, April 30, 2019. "Money Flowed to the Cheapest Funds in the Third Quarter," by Tom Lauricella and Gabrielle Dibenedetto, Morningstar.com, Oct. 18, 2019."That Investment Fees Are Falling Is a Popular Narrative, But It's Not the Whole Story," by Tom Bradley, Financial Post, April 4, 2019."401(k) Plan Quality Correlates with Company Profits," by Anne Tergesen, The Wall Street Journal, Sept. 17, 2018."How High Is Too High for 401(k) Fees?" Consumer Reports, Dec. 31, 2018.Consumer Federation of America on SEC Proposal Regarding Fee Disclosure in Mutual Fund Point-of-Sale and Confirmation Documents, April 21, 2004.Fund Democracy and Consumer Federation of America letter to the Employee Benefits Security Administration Regarding Fee Disclosure for Individual Accounts, July 24, 2007. Disclosure"House Approves Bill Requiring SEC to Test Investor Disclosures," by Mark Schoeff Jr., InvestmentNews, Oct. 17, 2019. Speech by SEC Commissioner Cynthia Glassman, Nov. 4, 2005. Investment Advice"House Members Urged to Vote Yes on Bill to Improve SEC Disclosure Effectiveness," Consumer Federation of America, Oct. 11, 2019.SEC Proposed Regulation Best InterestRegulation Best Interest definition"SEC Passes Regulation Best Interest, but Fiduciary Rules Could Make a Comeback," by Andrew Welsch, Financial Planning, June 5, 2019. "SEC's Regulation Best Interest Comes Under Attack," by Melanie Waddell, ThinkAdvisor, Sept. 24, 2019. "What Investors Need to Know About Regulation Best Interest," by Aron Szapiro, Morningstar.com, June 14, 2019. The SEC's Best-Interest Proposal: What We Told Regulators," by Aron Szapiro, Morningstar Blog, Aug. 8, 2018. Form CRS Relationship Summary; Amendments to Form ADV, SEC.gov. "SEC's New Customer Relationship Form Confuses Consumers," by Melanie Waddell, ThinkAdvisor, Sept. 13, 2018.Retirement"Court Overturns Obama-Era Rule on Retirement Planners," by Tara Siegel Bernard, The New York Times, March 16, 2018. "Think Your Retirement Plan Is Bad? Talk to a Teacher," by Tara Siegel Bernard, The New York Times, Oct. 21, 2016. "Teachers and Annuities: A Questionable Match and a Hard Product to Shed," by Ron Lieber, The New York Times, March 16, 2018. "The Annuity Trap Teachers Need to Avoid," by Leslie P. Norton, Barron's, May 25, 2019. "SEC Probes Practices in Public-Sector Retirement Plans," Barron's, Oct. 9, 2019."Legislation That Aims to Help Workers Save," by Aron Szapiro, Morningstar.com, April 12, 2019. "House Passes SECURE Retirement Bill With Massive Bipartisan Support," by Greg Iacurci, InvestmentNews, May 23, 2019. "What the New Retirement Bill Means for Savers and Retirees," by Reshma Kapadia, Barron's, May 26, 2019.

Our guest on the podcast today is is Dennis Lynch. Lynch is the head of Counterpoint Global at Morgan Stanley Investment Management. He joined Morgan Stanley in 1998 and has 25 years of investment experience. In his role, Lynch and his team run a number of growth equity strategies under the Morgan Stanley banner, including Morgan Stanley Institutional Advantage, Morgan Stanley Institutional Growth, and Morgan Stanley Institutional Discovery funds. All told, he and his team manage nearly $30 billion across their various mandates. On the strength of his track record, Morningstar named Lynch and his team Domestic Stock Fund Manager of the Year in 2013. Lynch received a B.A. in political science from Hamilton College and an MBA with honors and finance from Columbia University. We're pleased to have him join us today.BackgroundDennis Lynch bio Morgan Stanley Counterpoint Global Morgan Stanley Institutional Growth Fund Morgan Stanley Institutional Discovery Fund“A Closer Look at a Fund Manager of the Year” by Janet Yang; Morningstar; Feb. 3, 2014Team Members ReferencedKristian Heugh bioSam Chainani bio David Cohen bio Stan Delaney bio  Innovation vs. Mission CreepFacebook“Facebook stock jumps 12.6 percent as share lockup expires” by Alexei Oreskovic; Reuters; Nov. 14, 2012"Shared Reading" and ESG“Earth Has a Hidden Plastic Problem—Scientists Are Hunting It Down” by Andrea Thompson; Scientific American; Aug. 13, 2018 “ESG and Sustainable Investing Report” by Kristian Heugh and Marc Fox; Morgan Stanley Investment Management; Mar. 7, 2019 Disruptive Technologies and Forces“The EDGE: Automation/Robotics” by Morgan Stanley Counterpoint Global; Dec. 18, 2018 “Three Big Things: The Most Important Forces Shaping the World” by Morgan Housel; Collaborative Fund; Oct. 4, 2019 "What is a Tech Company?" by Ben Thompson; Stratechery; Sept. 3, 2019

Our guest in the podcast today is Meir Statman, the Glenn Klimek Professor of Finance at Santa Clara University and a specialist in behavioral finance. Meir's research focuses on how investors and managers make financial decisions and how these decisions are reflected in financial markets. His work has been published in The Journal of Finance, The Financial Analysts Journal, The Journal of Portfolio Management, and many other publications. Meir has also received numerous awards for his research, including three Graham and Dodd Awards and the Matthew R. McArthur Industry Pioneer Award. His latest book, Finance For Normal People, was just released in paperback.BackgroundMeir Statman bioFinance for Normal People by Meir Statman, Oxford University Press, 2017 What Investors Really Want: Know What Drives Investor Behavior and Make Smarter Financial Decisions by Meir Statman,McGraw-Hill Education, 2010.  Investor Behavior“The Expressive Nature of Socially Responsible Investors” by Meir Statman, January 2008. “Money Flowed to the Cheapest Funds in the Third Quarter” by Tom Lauricella and Gabriel Dibenedetto, Morningstar.com, Oct. 2019. “Morningstar Fund Flows Commentary” by Morningstar, August 2019. Retirement HappinessFIRE movement “Michael Finke: Here’s What Makes Retirees Happy” by Morningstar, The Long View podcast, episode 23, October 2019. “To Compete with Robos, Advisors Must Become Financial Physicians” by Lauren Foster, CFA Institute blog, April 2017. Retirement Spending“Carolyn McClanahan: There’s More to Money Than Just the Numbers” by Morningstar, The Long View podcast, episode 5, June 2019. “The Mental Mistakes We Make with Retirement Spending” by Meir Statman, Wall Street Journal, April 2017. “The Bucket Approach to Retirement Allocation” by Christine Benz, Morningstar.com, February 2019.

Our guest on this week’s podcast today is Dana Emery, chief executive officer, president, and co-director of fixed income at Dodge & Cox. Dodge & Cox is a privately held firm that was founded in 1930; it manages six mutual funds and separately managed accounts. The firm uses a value-oriented approach across asset classes.Dana joined Dodge & Cox in 1983 and serves as comanager on Dodge & Cox Income DODIX, Dodge & Cox Balanced DODBX, and Dodge & Cox Global Bond DODLX; she became Dodge & Cox’s chief executive officer in 2013. She is also president and a trustee of the Dodge & Cox Funds.BackgroundDana Emery BioDodge & Cox OverviewMorningstar Analyst Report for Dodge & Cox Income Morningstar Analyst Report for Dodge & Cox Balanced Morningstar Analyst Report for Dodge & Cox Global BondStewardship“Here’s What Warren Buffett’s Hero Jack Bogle Is Most Worried About in the Markets Right Now,” by John Melloy, CNBC.com, March 21, 2017.“Dodge & Cox: Built to Last,” by Andrew Daniels, Morningstar.com, Nov. 16, 2017.“Is Any Mutual Fund Company Better Than Vanguard? 1 Comes Close,” by Daren Fonda, Barron’s, Sept. 7, 2019.“An Old School Investment Manager That Builds Wealth Quietly,” by Landon Thomas, Jr., The New York Times, Oct. 13, 2017.“The Top Fund Families,” by Michael Laske, Morningstar blog, Feb. 22, 2019.“Morningstar Fund Family 150,” Morningstar Direct, July 1, 2019.Dodge & Cox “People” Page (including management tenure and fund ownership), Morningstar.comDodge & Cox “Parent” Page, Morningstar.comPortfolio Management and Strategy"Investment Risk Management," Dodge & Cox, April 2017Government-sponsored enterprise (GSE), Wikipedia.Senior and Subordinated Debt, Corporate Finance Institute."Finding Value in BBB Debt--Not All Corporate Bonds Are Created Equal," Dodge & Cox, October 2019."A Value Investor’s Case for European Financials," Dodge & Cox, April 2019."Understanding the Case for Active Management," Dodge & Cox, October 2016.  Women in Fund Management“Fund Family with 25% Women Managers Far Exceeds Industry Average,” by Liz Skinner, InvestmentNews, June 2, 2015. “Who Runs Mutual Funds? Very Few Women,” by Jeff Sommer, The New York Times, May 4, 2018.Girls Who Invest  ESG"Evaluating Environmental, Social, and Governance Factors as Active Owners," Dodge & Cox, April 2018."Dodge & Cox’s Approach to Evaluating ESG Factors," Dodge & Cox, January 2019.