The Long View

Our guest on this week’s episode of The Long View podcast is Ben Johnson. Ben is Morningstar's director of global passive research. In that role, Ben leads a team of analysts who conduct research on index mutual funds and exchange-traded funds and publish research on the global passive investing industry.Before assuming his current role, Ben was director of ETF research for Europe and Asia and served as the editor of the Morningstar ETFInvestor newsletter. Prior to that, Ben served as a senior equity analyst at Morningstar covering the agriculture and chemicals industry. Before joining Morningstar in 2006, Ben worked as a financial advisor for Morgan Stanley. He holds a bachelor's degree in economics from the University of Wisconsin, as well as the Chartered Financial Analyst designation. In 2015, Fund Directions and Fund Action named Ben among the 2015 Rising Stars of Mutual Funds. BackgroundBen Johnson articles and videos on Morningstar.com Growth of Indexing“Investors Still Pouring Money Into Passive Funds,” by Christine Benz and Kevin McDevitt, Morningstar.com, July 29, 2019. “Have Fee-Based Models Won the Battle ... or the War?,” by Ginger Szala, ThinkAdvisor, Feb. 21, 2019. “End of Era: Passive Equity Funds Surpass Active in Epic Shift,” by John Gittelsohn, Bloomberg.com, Sept. 11, 2019. “Retail Distribution Review: Effects on Fund Fees in the UK,” by Jackie Beard, Morningstar blog, Nov. 9, 2018. “Passive Investing Hasn’t Taken Over the World,” by Barry Ritholtz, Investment News, Oct. 1, 2019. Risks in the Growth of Indexing“The Big Short’s Michael Burry Explains Why Index Funds Are Like CDOs,” by Reed Stevenson, Bloomberg.com, Sept. 4, 2019.“Market-Cap-Weighted Index Funds Not Broken,” by Ben Johnson and Jeremy Glaser, Morningstar.com, Oct. 3, 2018.“Bogle Sounds a Warning on Index Funds,” by John C. Bogle, The Wall Street Journal, Nov. 29, 2018. “Passive Fund Providers Take an Active Approach to Fund Stewardship,” by Hortense Bioy, Morningstar.com, Dec. 6, 2017.“Indexing Impact Fears Overblown,” by Ben Johnson and Jeremy Glaser, Morningstar.com, Sept. 8. 2016. Retirement Plans“Use of Index Funds in 401(k)s Increasing,” by Rebecca Moore, PlanSponsor, June 21, 2019. “Here’s the Real Reason Why Your 401(k) Fees Are Falling,” by Darla Mercado, CNBC.com, May 9, 2018. “Using ETFs in a Retirement Plan,” by Susan Dziubinski, Morningstar.com, Sept. 9, 2016.Commissions and Fees“Fidelity’s Free Funds and the Changing Brokerage Business,” by John Rekenthaler, Morningstar.com, Aug. 8, 2018. “Looking Past the Fidelity Zero Headlines,” Christine Benz and Ben Johnson, Morningstar.com, Aug. 9, 2018."Schwab to Drop Commissions on U.S. Stock, ETF and Options Trades, Slamming Online Broker Stocks," by Ciara Linnane, Marketwatch, Oct. 1, 2019. "E-Trade Drops Commissions on Trades, Joining Schwab, TD Ameritrade in Brokerage Fee War," by Maggie Fitzgerald, CNBC.com, Oct. 2, 2019. “Are No-Commission Trades Good for Investors?” by Christine Benz and Ben Johnson, Morningstar.com, Oct. 2, 2019, Morningstar.com. Indexing Market Segments“Everything You Need to Know About Strategic-Beta ETFs,” by Ben Johnson, Morningstar.com, April 8, 2016. “Are High-Yield ETFs Junk?” by Alex Bryan, Morningstar.com, April 26, 2017. “Indexing in Less-Efficient Markets,” by Alex Bryan, Morningstar.com, Oct. 5, 2016. “An Overview of the Passive Bond Funds Landscape,” by Christine Benz and Alex Bryan, Morningstar.com, March 22, 2018. “Better Bond ETFs?” by Alex Bryan, Morningstar.com, Aug. 3, 2016. “Are There Viable Alternatives to Traditional Bond ETFs?” by Christine Benz and Alex Bryan, Morningstar.com, June 29, 2016. “Introducing Two New Morningstar Bond Categories,” by Sarah Bush, Morningstar.com, May 2, 2019. Morningstar Analyst Report for iShares 20+ Year Treasury Fund TLT Morningstar Analyst Report for iShares iBoxx $ High Yield Corporate Bond ETF HYG Morningstar Analyst Report for SPDR Bloomberg Barclays High Yield Bond ETF JNK“6 Questions about Low-Vol Investing,” by Susan Dziubinski, Morningstar.com, Sept. 8, 2017. Morningstar Analyst Report for iShares Edge MSCI Min Vol USA ETF USMV “A Checklist for Assessing Dividend ETFs,” by Ben Johnson, Morningstar.com, June 29, 2016. “Not All Dividend ETFs Are Created Equal,” by Ben Johnson, Morningstar.com, Aug. 25, 2017. Morningstar Analyst Report for Schwab U.S. Dividend Equity ETF SCHD Morningstar Analyst Report for Vanguard Dividend Appreciation VIG

Our guest on the podcast today is Alicia Munnell, the director of The Center for Retirement Research at Boston College. Alicia is a towering figure in the retirement research space. She and the team at the Center for Retirement Research produce articles and white papers on a wide variety of retirement-related topics, including Social Security, tax policy, retirement preparedness, and healthcare. Prior to joining Boston College in 1997, Alicia was a member of the president’s council of economic advisors and assistant secretary of the Treasury for economic policy. Previously, she spent 20 years at the Federal Reserve Bank of Boston, where she became senior vice president and director of research in 1984. Alicia has written scores of articles and authored and edited many books over the years; most recently, she co-authored Falling Short: The Coming Retirement Crisis and What to Do About It.BackgroundAlicia Munnell bioAlicia Munnell research archive Center for Retirement Research at Boston CollegeBooks by Alicia Munnell Retirement Preparedness“Is There Really a Retirement-Savings Crisis?” by Anne Tergesen, The Wall Street Journal, April 23, 2017.“The Wealth of Households: An Analysis of the 2016 Survey of Consumer Finance,” Center for Economic and Policy Research, November 2017. “Women, Marriage, and the National Retirement Risk Index,” by Alicia H. Munnell, Wenliang Hou and Geoffrey T. Sanzenbacher, Center for Retirement Research at Boston College, June 2019.“Exploring the Retirement Consumption Puzzle,” by David Blanchett, Journal of Financial Planning, May 2014. “David Blanchett: If You’re Retiring Now, You’re in a Pretty Rough Spot,” The Long View, Sept. 18, 2019. “The Extraordinary Happiness of Retirees,” by Steve Vernon, Global Coalition on Aging, May 16, 2016. Defined-Contribution Plans“The Federal Government Should Fix the Pension Coverage Gap,” by Alicia H. Munnell, Marketwatch, June 6, 2018.“An Analysis of Retirement Models to Improve Portability and Coverage,” by Alicia H. Munnell, Anek Belbase, and Geoffrey T. Sanzenbacher, Center for Retirement Research at Boston College, March 2018.“Are Americans Really Able to Manage Their 401(k) Plans?” by Alicia Munnell, NextAvenue, May 17, 2012. “401(k) Plan Fees: What Is Reasonable?” by Liam Pleven, The Wall Street Journal, Feb. 20, 2015. “A Safe Harbor for Annuities Could Help Retirement Savers,” by Aron Szapiro, Morningstar blog, Oct. 18, 2018. “State-Based Retirement Plans for the Private Sector,” Pension Rights Center. Social Security"Social Security’s Financial Outlook: The 2019 Update in Perspective," by Alicia H. Munnell, Center for Retirement Research at Boston College, May 2019. Status of the Social Security and Medicare Programs: A Summary of the 2019 Annual Reports, Social Security and Medicare Boards of Trustees. “Alicia Munnell: The Social Security Fix No One Wants,” by Jane Wollman Rusoff, ThinkAdvisor, Jan. 30, 2018.“The Implications of Social Security’s 'Missing Trust Fund',” by Alicia H. Munnell, Wenliang Hou, and Geoffrey T. Sanzenbacher, Center for Retirement Research at Boston College, June 2019.The Role of Home Equity in Retirement Planning“Retiree Housing Wealth: Battered but Still Significant,” by Alicia Munnell, MarketWatch, Feb. 4, 2015. “How Much Does Housing Affect Retirement Security? An NRRI Update,” by Alicia H. Munnell, Wenliang Hou, and Geoffrey T. Sanzenbacher, Center for Retirement Research at Boston College, September 2015. “Can a Reverse Mortgage Help Save an Underfunded Retirement?” by Michelle Singletary, The Washington Post, July 2, 2018. “This Secret Tax Break Could Help You Save Thousands of Dollars a Year If You Own a Home,” by Sarah Max, Money, Aug. 27, 2018 Long-Term Care“Long-Term Care: How Big a Risk?” by Leora Friedberg, Wenliang Hou, Wei Sun, and Anthony Webb, Center for Retirement Research at Boston College, November 2014.“Can Increasing the Long-Term Care Insurance Elimination Period Make Coverage Appealing Again?” by Michael Kitces, Nerd’s Eye View, Jan. 7, 2015.

Our guest on this week’s episode of The Long View podcast is nationally renowned retirement researcher Dr. Michael Finke. Michael is Professor of Wealth Management and Frank M. Engle Distinguished Chair in Economic Security at The American College of Financial Services. He joined the College in June 2016 having served since 2006 as a professor and PhD coordinator in the department of personal financial planning at Texas Tech University. From 1999 through 2006, he served as the Director of Graduate Studies at the University of Missouri. Michael has published more than 50 peer review articles with a focus on the value of financial advice, financial planning regulation, investments and individual investor behavior. He was named to the 2012 Investment Advisor IA 25 list and the 2013 and 2014 Investment News Power 20. His research conducted with Wade Pfau, questioning the 4% rule was published in the Journal of Financial Planning and won the 2014 Montgomery-Warschauer award for the most influential article in the publication. He had previously won the award with Thomas Langdon in 2013. He was also selected to present his research on financial literacy and aging at the 2015 MIT Center for Finance and Policy Conference.BackgroundMichael Finke, PhD, CFP bio Finke CV 2013 Investment Advisor IA 25 profile 2013 Investment news Power 20 profileMontgomery-Warshauer AwardWithdrawal Rates“The 4% Rule is Not Safe in a Low-Yield World” by Michael Finke, Ph.D., CFP; Wade D. Pfau Ph.D., CFP; David M. Blanchett CFP, CFA; Journal of Financial Planning; June 2013“Determining Withdrawal Rates Using Historical Data” by William ​Bengen; Journal of Financial Planning; October 1994 “Low Bond Yields and Safe Portfolio Withdrawal Rates” by David Blanchett, CFP, CFA; Michael Finke, Ph.D., CFP, and Wade Pfau, Ph.D., CFP; Morningstar Investment Management; January 2013“Reduce Retirement Costs with Deferred Income Annuities Purchased before Retirement” by Michael Finke, Ph.D., CFP and Wade Pfau, Ph.D., CFP; Journal of Financial Planning; July 2015 “Why Advisors Should Use Deferred-Income Annuities” by Michael Finke, Ph.D., CFP; Advisor Perspectives; November 2015“Retirement Income for Life; Here’s a New Way to Get It” by Michael Finke, Ph.D., CFP; Bottom-line Personal; July 2016“Lifetime Income Solutions as a Qualified Default Investment Alternative (QDIA) Focus on Decumulation and Rollover”; Written Testimony of Michael Finke, Chief Academic Officer, The American College of Financial Services; 2018 ERISA Advisory Council, August 2018 Health and Cognitive Decline“Old Age and the Decline in Financial Literacy” presented by Michael Finke at the MIT Center for Finance & Policy; September 2015 “Health and Retirement Study”; National Institute on Aging, Social Security Administration; University of Michigan’s Institute for Social Research “Managing Long-term Care Spending Risks in Retirement” by Michael Finke Ph.D., CFP and Wade Pfau Ph.D., CFP; 2017 “Old Age and the Decline in Financial Literacy” by Michael Finke, Ph.D., CFP, John Howe, Sandra Huston; Management Science; August 2011 “Wealth Shocks and Health Outcomes: Evidence from Stock Market Fluctuations” by Hannes Schwandt; American Economic Journal; October 2018>Retiree Spending“Spending, Relationship Quality, and Life Satisfaction in Retirement” by Michael Finke, Nhat Ho, Sandra J. Huston; 2018 Academic Research Colloquium for Financial Planning & Related Disciplines; September 2017 “Spending in Retirement: Determining the Consumption Gap” by Chris Browning, Ph.D., Tao Guo, Ph.D., Yuanshan Cheng, and Michael Finke, Ph.D., CFP; Journal of Financial Planning “Estimating the True Cost of Retirement” by David Blanchett, CFP, CFA; Morningstar Investment Management; 2013Asset Allocation in Retirement“An Old Friend: The Stock Market's Shiller P/E” by Cliff Asness; AQR; November 2012 Daily Treasury U.S. Real Yield Curve Rates; U.S. Department of the Treasury “Reducing Retirement Income Risk with a Rising Equity Glide-Path” by Wade Pfau and Michael Kitces; SSRN; September 2013 “The Effect of Advanced Age and Equity Value on Risk Preferences” by David Blanchett, Michael Finke, and Michael Guillemette; Journal of Behavioral Finance; January 2018 Equity risk premium data; website of professor Aswath Damodaran; Stern School of Business at New York University Other“The Impact of the Broker-Dealer Fiduciary Standard on Financial Advice” by Michael Finke, Ph.D., CFP, and Thomas P. Langdon, J.D., LL.M., CFP, CFA; Journal of Financial Planning; July 2012

Our guest today on the podcast is Judith Ward, senior financial planner and a vice president of T. Rowe Associates. In her role at T. Rowe, Ward provides guidance on personal finance and retirement-related issues and is responsible for developing a broad range of financial-planning products and services. Additionally, she provides T. Rowe Price perspectives to individuals, institutions, and the media and contributes to T. Rowe Price publications. She has been with T. Rowe Price since 1983 and is a CFP certificant. BackgroundJudith Ward bio Related LinksPaying for College 2019 Parents, Kids & Money Survey How Much Cash Should You Have on Hand? Are Your Retirement Savings on Track? Retirement Savings Guidelines Aiming for a 15% Savings Goal Retirement Savings And Spending 4: Behaviors And Attitudes Toward Retirement T. Rowe Price Retirement Target-Date Fund Series Report Evaluating Roth and Pretax Retirement Savings Options Roth or Traditional IRA: Which Should You Choose? Five Ways to Avoid Drowning in Student Loan Debt 4 Reasons to Save for Retirement in a Taxable Account Using Health Savings Accounts Wisely Delaying Retirement But Not Your Retirement Dreams Retiring in a Volatile Market Dismal Decade Offers Cautionary Lessons for Retirees Should Your Withdrawals Mirror Your RMDs? 5 Great Uses for Your Required Minimum Distribution Helping Your Clients Decide When to Take Social Security Benefits

Our guest this week is David Blanchett, head of retirement research for Morningstar Investment Management. In his role at Morningstar, Blanchett works to enhance the Investment Management group's consulting and investment services and conducts research primarily in the areas of financial planning, tax planning, annuities, and retirement. He's also adjunct professor of wealth management at The American College of Financial Services.Blanchett's research has been published in a variety of academic and industry journals, such as the Financial Analysts Journal, the Journal of Financial Planning, The Journal of Portfolio Management, The Journal of Retirement, and The Journal of Wealth Management. His research won the Journal of Financial Planning's 2007 Financial Frontiers Award, the Retirement Income Industry Association's 2012 Thought Leadership Award, the Journal of Financial Planning's 2014 and 2015 Montgomery-Warschauer Awards, and the Financial Analysts Journal's 2015 Graham & Dodd Scroll Award.BackgroundDavid Blanchett's bioDavid Blanchett's research archiveQuantifying the Value of AdviceAlpha, Beta, and Now ... GammaThe Value of a Gamma-Efficient PortfolioVanguard Advisor's AlphaCapital Sigma: The Advisor AdvantageReducing Wealth Volatility: The Value of Financial Advice as Measured by ZetaRetirementAnnuities are Likely Coming to Your 401(k). Should You Use Them?A Safe Harbor for Annuities Could Help Retirement SaversSave More Today: Improving Retirement Savings Rates With Carrots, Advice, and NudgesNudge, by Richard Thaler and Cass SunsteinBehavioral Nudges for Goals-Based Financial PlanningYou Can't Fix What You Can't Measure, Aron Szapiro on The Long View podcastI Don't Think the System Needs Nudges. I Think the System Needs Dynamite, William Bernstein on The Long View podcastMan Bites Dog! Congress Is Writing Retirement Legislation!Retiree Survey: Nearly All Say They Are Happy Though Many Are Financially InsecureEstimating the True Cost of RetirementExploring the Retirement Consumption Puzzle75 Must-Know Statistics About Long-Term Care: 2018 EditionThe 4% Rule Is Not Safe in a Low-Yield WorldSimple Formulas to Implement Complex Withdrawal StrategiesReducing Retirement Risk With a Rising Equity Glide-PathRevisiting the Optimal Distribution Glide PathAnnuitized Income and Optimal Asset AllocationShould Annuities Be Purchased From Tax-Sheltered Assets?The Home as a Risky AssetCareful With That Company StockAbout the Podcast: The Long View is a podcast from Morningstar. Each week, hosts Christine Benz and Jeff Ptak conduct an in-depth discussion with a thought leader from the world of investing or personal finance. The podcast is produced by George Castady and Scott Halver.About the Hosts: Christine Benz and Jeff Ptak have been analysts and commentators on investments and the investment industry for many years. Christine is Morningstar's director of personal finance and senior columnist for Morningstar.com. Jeff is head of global manager research for Morningstar Research Services, overseeing Morningstar's team of 120 manager research analysts in the U.S. and overseas.To Share Feedback or a Guest Idea: Write us at TheLongView@morningstar.com(Disclaimer: This recording is for informational purposes only and should not be considered investment advice. Opinions expressed are as of the date of recording. Such opinions are subject to change. The views and opinions of guests on this program are not necessarily those of Morningstar, Inc. and its affiliates. Morningstar and its affiliates are not affiliated with this guest or his or her business affiliates unless otherwise stated. Morningstar does not guarantee the accuracy, or the completeness of the data presented herein. Jeff Ptak is an employee of Morningstar Research Services LLC. Morningstar Research Services is a subsidiary of Morningstar, Inc. and is registered with and governed by the U.S. Securities and Exchange Commission. Morningstar Research Services shall not be responsible for any trading decisions, damages or other losses resulting from or related to the information, data analysis or opinions or their use. Past performance is not a guarantee of future results. All investments are subject to investment risk, including possible loss of principal. Individuals should seriously consider if an investment is suitable for them by referencing their own financial position, investment objectives and risk profile before making any investment decisions.)

Our guest this week is Dan Ivascyn. Dan is group chief investment officer of PIMCO, where he leads the firm's income, credit hedge fund, and mortgage opportunistic strategies and sits on its executive and investment committees. Dan is perhaps best known as the longtime manager of the PIMCO Income Fund, where he's produced one of the best records of any bond manager since taking the helm in 2007. In 2013, Morningstar named Dan our Fixed Income Manager of the Year. Dan has been in the investment business for nearly three decades. He joined PIMCO in 1998, following stints at Bear Stearns, T. Rowe Price, and Fidelity Investments. Related links: Dan Ivascyn bio  PIMCO Income Fund  2013 Fund Manager of the Year Award  PIMCO Secular Outlook  Income Fund Update: “Positioning for the Long Term” Income Fund Update: “Favoring a Responsible Approach Over Yield Chasing” Bloomberg: “The Unstoppable Surge in Negative Yields Reaches $17 Trillion”  Residential Mortgage-backed Security Alfred Murata bio  Joshua Anderson bio  “PIMCO in the post-Gross Era” by Eric Jacobson, Morningstar Richard Thaler bio Bill Gross bio  About the Podcast: The Long View is a podcast from Morningstar. Each week, hosts Christine Benz and Jeff Ptak conduct an in-depth discussion with a thought leader from the world of investing or personal finance. The podcast is produced by George Castady and Scott Halver. About the Hosts: Christine Benz and Jeff Ptak have been analysts and commentators on investments and the investment industry for many years. Christine is Morningstar's director of personal finance and senior columnist for Morningstar.com. Jeff is head of global manager research for Morningstar Research Services, overseeing Morningstar's team of 120 manager research analysts in the U.S. and overseas. To Share Feedback or a Guest Idea: Write us at TheLongView@morningstar.com (Disclaimer: This recording is for informational purposes only and should not be considered investment advice. Opinions expressed are as of the date of recording. Such opinions are subject to change. The views and opinions of guests on this program are not necessarily those of Morningstar, Inc. and its affiliates. Morningstar and its affiliates are not affiliated with this guest or his or her business affiliates unless otherwise stated. Morningstar does not guarantee the accuracy, or the completeness of the data presented herein. Jeff Ptak is an employee of Morningstar Research Services LLC. Morningstar Research Services is a subsidiary of Morningstar, Inc. and is registered with and governed by the U.S. Securities and Exchange Commission. Morningstar Research Services shall not be responsible for any trading decisions, damages or other losses resulting from or related to the information, data analysis or opinions or their use. Past performance is not a guarantee of future results. All investments are subject to investment risk, including possible loss of principal. Individuals should seriously consider if an investment is suitable for them by referencing their own financial position, investment objectives and risk profile before making any investment decisions.)

Our guest on the podcast today is Allan Roth, one of the pre-eminent hourly financial advisors in the United States. After a career in corporate finance and as a consultant for McKinsey and Company, Roth started the holistic financial advisory firm Wealth Logic in 2003. Wealth Logic focuses on financial planning and ultra-low-cost simplified investing; his firm's motto is "Dare to be Dull." In addition to working directly with clients, Roth is a prolific writer: He's the author of How a Second Grader Beats Wall Street, which was published in 2009 with the second edition in 2011, and he's also a regular contributor to Financial Planning magazine, Advisor Perspectives, ETF.com, and AARP. Background Information • Allan Roth bio  • How a Second Grader Beats Wall Street  • Allan Roth's archive for Financial Planning   • Allan Roth’s archive for Advisor Perspectives  • Allan Roth's archive for ETF.com  • Allan Roth's blog on AARP.org  Advice Business/Choosing an Advisor • "Save $52,000 on Financial Advice," by William Baldwin (Forbes, May 10, 2016) • Vanguard Personal Advisor Services  • "The CFP Board 'Inexcusably' Protects Certificants," by Allan Roth (Financial Planning, Aug. 2, 2019) • "Does the CFP Board Choose Advertising Over Enforcement?" by Allan Roth (Financial Planning, Sept. 24, 2018) • "Looking for a Financial Planner? The Go-To Website Often Omits Red Flags," by Jason Zweig and Andrea Fuller (The Wall Street Journal, July 30, 2019)  • "CFP Board to Create Tax Force to 'Strengthen and Modernize' Enforcement," by Brian Anderson (401(k) Specialist, July 31, 2019) • "CFP Board Responds to The Wall Street Journal" (cfp.net, July 29, 2019)  • "How to Choose a Financial Planner," by Allan Roth (AARP Magazine) • Finra BrokerCheck  Asset Allocation • "William Bernstein: If You've Won the Game, Stop Playing" (The Long View podcast, May 7, 2019) •"How to Set Your Asset Allocation," by Allan Roth (The Wall Street Journal, Dec. 2, 2016)  • "The Risk of Taking a Risk-Profile Questionnaire," by Allan Roth (CBS News.com, Aug. 21, 2009)  • "Financial Advisor Exposes His Own Portfolio," by Allan Roth (AARP.org, June 15, 2015) • "Mind the Gap 2019" by Russ Kinnel (Morningstar.com, Aug. 15, 2019)  Investment Selection and Portfolio Management • "Why CDs Can Still Be Better Than Bonds by Allan Roth," by Allan Roth (CBS News.com, Aug. 20, 2013) • "Municipal Bonds and the Industry's Dirty Little Secret," by Allan Roth (CBSNews.com, June 20, 2010)  • "4 Reasons Not to Load Up on Muni Bonds," by Allan Roth (aarp.org, July 14, 2015) • "At Last, a Tool Muni Investors Sorely Needed," by Allan Roth (CBSNews.com, July 8, 2014)  • Municipal Bond Price Discovery Tool  • "A Seer on Banks Raises a Furor on Bonds," by Nelson D. Schwartz (New York Times, Feb. 10, 2011)  • "Low-Risk Inflation Protection from Uncle Sam," by Allan Roth (aarp.org, Feb. 24, 2017)  •"When Will Smart Beta Be Smart?" by Allan Roth (ETF.com, July 9, 2019) •  "Boosting Returns with Rebalancing" by Allan Roth (ETF.com, March 19, 2018) • "Give Due Care to Your Cost Basis Elections," by Christine Benz (Morningstar.com, Feb. 27, 2013) • "Advanced Strategies for Investment Taxation" by Allan Roth (Advisor Perspectives, May 6, 2019) • Smart Beta (Research Affiliates) • "How Can Smart Beta Go Horribly Wrong" by Rob Arnott, Noah Bech, Vitali Kalesnik, John West (Research Affiliates, Feb. 2016) • "The Arithmetic of Active Management," by William Sharpe (Financial Analysts Journal, January-February 1991) • "Fidelity Zero vs. Vanguard: Which Index Fund Is Better?" by Allan Roth (Financial Planning, Aug. 14, 2018) • "At Vanguard, Customer Complaints Rise Along with Assets," by John Waggoner, (InvestmentNews, Feb. 16, 2017)  Retirement Planning • "Is the 4% Rule Still Safe for Retirement Planning?" by Allan Roth (Financial Planning, May 8, 2019) • “Estimating the True Cost of Retirement” by David Blanchett (Retirement Insight and Trends, June 30, 2015)  • "Why So Critical of Annuities?" by Allan Roth (CBSNews.com, Sept. 17, 2009)  • "My 3 Most-Often Recommended Annuities," by Allan Roth, aarp.org, Dec. 20, 2016  • "Reducing Retirement Risk with a Rising Equity Glide Path," by Michael E. Kitces and Wade D. Pfau (Journal of Financial Planning)  Influences • Prospect Theory  • Predictably Irrational by Dan Ariely  • "What I, and Millions of Others, Owe Jack Bogle" by Allan Roth (Financial Planning, Jan. 16, 2019) • A Random Walk Down Wall Street by Burton Malkiel  • Bogle on Mutual Funds by John C. Bogle  About the Podcast: The Long View is a podcast from Morningstar. Each week, hosts Christine Benz and Jeff Ptak conduct an in-depth discussion with a thought leader from the world of investing or personal finance. The podcast is produced by George Castady and Scott Halver. About the Hosts: Christine Benz and Jeff Ptak have been analysts and commentators on investments and the investment industry for many years. Christine is Morningstar's director of personal finance and senior columnist for Morningstar.com. Jeff is head of global manager research for Morningstar Research Services, overseeing Morningstar's team of 120 manager research analysts in the U.S. and overseas. To Share Feedback or a Guest Idea: Write us at TheLongView@morningstar.com (Disclaimer: This recording is for informational purposes only and should not be considered investment advice. Opinions expressed are as of the date of recording. Such opinions are subject to change. The views and opinions of guests on this program are not necessarily those of Morningstar, Inc. and its affiliates. Morningstar and its affiliates are not affiliated with this guest or his or her business affiliates unless otherwise stated. Morningstar does not guarantee the accuracy, or the completeness of the data presented herein. Jeff Ptak is an employee of Morningstar Research Services LLC. Morningstar Research Services is a subsidiary of Morningstar, Inc. and is registered with and governed by the U.S. Securities and Exchange Commission. Morningstar Research Services shall not be responsible for any trading decisions, damages or other losses resulting from or related to the information, data analysis or opinions or their use. Past performance is not a guarantee of future results. All investments are subject to investment risk, including possible loss of principal. Individuals should seriously consider if an investment is suitable for them by referencing their own financial position, investment objectives and risk profile before making any investment decisions.)

Our guest on the podcast this week is Rupal Bhansali, Ariel's chief investment officer of international and global equities. She manages Ariel International and Ariel Global and also oversees Ariel's global-equity research team. Bhansali has nearly three decades' worth of experience. Prior to joining Ariel, she managed international-equity portfolios and served in leadership positions at MacKay Shields and Oppenheimer Capital. She also has experience in the hedge fund world, including a stint at Soros Fund Management. Background Information Rupal Bhansali bio  Morningstar Analyst Report for Ariel International Morningstar Analyst Report for Ariel Global "10 Questions With Rupal Bhansali" Investment philosophy Approach to global markets Approach to risk management  Non-Consensus Investing: Being Right When Everyone Else Is Wrong  Other Topics Referenced in This Episode "Banking Collapse of 2008: Three Weeks That Changed the World" Quantitative easing definition Regulation Fair Disclosure  Channel check definition Government Pension Investment Fund  Sovereign wealth fund definition "A $30 Billion Exodus Puts Hedge Funds for the Masses to the Test" Investors Still Pouring Money Into Passive Funds **About the Podcast:** *The Long View* is a podcast from Morningstar. Each week, hosts Christine Benz and Jeff Ptak conduct an in-depth discussion with a thought leader from the world of investing or personal finance. The podcast is produced by George Castady and Scott Halver. About the Hosts: Christine Benz and Jeff Ptak have been analysts and commentators on investments and the investment industry for many years. Christine is Morningstar's director of personal finance and senior columnist for Morningstar.com. Jeff is head of global manager research for Morningstar Research Services, overseeing Morningstar's team of 120 manager research analysts in the U.S. and overseas. To Share Feedback or a Guest Idea: Write us at TheLongView@morningstar.com (Disclaimer: This recording is for informational purposes only and should not be considered investment advice. Opinions expressed are as of the date of recording. Such opinions are subject to change. The views and opinions of guests on this program are not necessarily those of Morningstar, Inc. and its affiliates. Morningstar and its affiliates are not affiliated with this guest or his or her business affiliates unless otherwise stated. Morningstar does not guarantee the accuracy, or the completeness of the data presented herein. Jeff Ptak is an employee of Morningstar Research Services LLC. Morningstar Research Services is a subsidiary of Morningstar, Inc. and is registered with and governed by the U.S. Securities and Exchange Commission. Morningstar Research Services shall not be responsible for any trading decisions, damages or other losses resulting from or related to the information, data analysis or opinions or their use. Past performance is not a guarantee of future results. All investments are subject to investment risk, including possible loss of principal. Individuals should seriously consider if an investment is suitable for them by referencing their own financial position, investment objectives and risk profile before making any investment decisions.)

Our guest on the podcast today is Rob Arnott. Arnott is partner and chairman of the board of Research Affiliates, a firm he established in 2002, following stints at First Quadrant and Salomon Brothers. He also runs several prominent mutual funds, including PIMCO All Asset. In addition to these duties, Arnott is an accomplished thought leader, having published more than 100 articles in professional journals. Among other plaudits for his work, he has received seven Graham and Dodd Scrolls, awarded by the CFA Institute to the top financial analyst journal articles of the year. An innovator, Arnott popularized the concept of fundamental indexation, which some refer to as smart beta.  Background Information Rob Arnott bio  Research Affiliates website  Research Affiliates smart-beta interactive tool Research Affiliates asset-allocation interactive tool Financial Analysts Journal website  PIMCO All Asset PAAIX   "Fundamental Indexation," by Robert D. Arnott, Jason Hsu, and Philip Moore (2005, Financial Analysts Journal) Related Links Research Affiliates Forecasts Value strategy  High-dividend strategy Emerging-markets equity Low-volatility strategy Research Affiliates Research "Are Valuations Now Irrelevant?" by Rob Arnott (2019 Research Affiliates Advisor Symposium)  "If Factor Returns are Predictable, Why Is There an Investor Return Gap?" by Jason Hsu (November 2015, Research Affiliates) "Buy High and Sell Low With Index Funds!" by Rob Arnott, Vitali Kalesnik, and Lillian Wu (June 2018, Research Affiliates) "Too Big to Succeed," by Rob Arnott (June 2010, Research Affiliates) "The Incredible Shrinking Factor Return," by Rob Arnott, Vitali Kalesnik, and Lillian Wu (April 2017, Research Affiliates)  "How Can 'Smart Beta' Go Terribly Wrong?" by Rob Arnott, Noah Beck, Vitali Kalesnik, and John West (February 2016, Research Affiliates) "To Win With 'Smart Beta' Ask if the Price Is Right," by Rob Arnott, Noah Beck, and Vitali Kalesnik (June 2016, Research Affiliates) "Rob Arnott: 'I Want the Quant Community to Get Its Act Together," by Alex Steger (Feb. 28, 2019, Citywire)  "What Risk Matters? A Call for Papers!" by Rob Arnott (September/October 2003, Financial Analysts Journal)  "Who Is on the Other Side of the Trade?" by Jason Hsu (December 2013, Research Affiliates) Other Research Referenced "Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk," by William F. Sharpe (September 1964, The Journal of Finance) "Mind the Gap 2019," by Russel Kinnel (Aug. 15, 2019, Morningstar) "Alpha and the Paradox of Skill," by Michael J. Mauboussin and Dan Callahan (July 15, 2013, Credit Suisse)  About the Podcast: The Long View is a podcast from Morningstar. Each week, hosts Christine Benz and Jeff Ptak conduct an in-depth discussion with a thought leader from the world of investing or personal finance. The podcast is produced by George Castady and Scott Halver. About the Hosts: Christine Benz and Jeff Ptak have been analysts and commentators on investments and the investment industry for many years. Christine is Morningstar's director of personal finance and senior columnist for Morningstar.com. Jeff is head of global manager research for Morningstar Research Services, overseeing Morningstar's team of 120 manager research analysts in the U.S. and overseas. To Share Feedback or a Guest Idea: Write us at TheLongView@morningstar.com (Disclaimer: This recording is for informational purposes only and should not be considered investment advice. Opinions expressed are as of the date of recording. Such opinions are subject to change. The views and opinions of guests on this program are not necessarily those of Morningstar, Inc. and its affiliates. Morningstar and its affiliates are not affiliated with this guest or his or her business affiliates unless otherwise stated. Morningstar does not guarantee the accuracy, or the completeness of the data presented herein. Jeff Ptak is an employee of Morningstar Research Services LLC. Morningstar Research Services is a subsidiary of Morningstar, Inc. and is registered with and governed by the U.S. Securities and Exchange Commission. Morningstar Research Services shall not be responsible for any trading decisions, damages or other losses resulting from or related to the information, data analysis or opinions or their use. Past performance is not a guarantee of future results. All investments are subject to investment risk, including possible loss of principal. Individuals should seriously consider if an investment is suitable for them by referencing their own financial position, investment objectives and risk profile before making any investment decisions.)

Our guest on the podcast today is Mark Miller, a nationally recognized expert on trends in retirement and aging. Miller's work considers retirement holistically, including healthcare and Medicare, Social Security, retirement investing, midlife careers, and housing. Miller is a regular contributor to Morningstar.com, and he also writes about retirement matters for Reuters, The New York Times, and WealthManagement.com. In addition, Miller has written several books, including The Hard Times Guide to Retirement Security and his most recent book, Jolt: Stories of Trauma and Transformation. Background Information Mark Miller bio RetirementRevised newsletter RetirementRevised podcast Books by Mark Miller RetirementRevised Guides Mark Miller archive on Morningstar.com Related Links State of Retirement Preparedness in U.S. U.S. Retirement Savings: Statistics and Facts (Statista)  "How Much Income Do Retirees Actually Have? Evaluating the Evidence from Five National Datasets," by Alicia H. Munnell and Geoffrey T. Sanzenbacher (November 2018, Center for Retirement Research working paper) "How Retirement Readiness Varies by Gender and Family Status: A Retirement Savings Shortfall Assessment of Gen Xers," by Jack VanDerhei (Jan. 17, 2019, Employee Benefit Research Institute) "Retirement Savings Shortfalls: Evidence from EBRI's 2019 Retirement Security Projection Model," by Jack VanDerhei (March 7, 2019, EBRI) Perspectives on Retirement Readiness in the United States (May 13, 2016, SEC's Office of the Investor Advocate)  2019 Retirement Confidence Survey (EBRI) "Is There Really a Retirement Crisis?," Aron Szapiro and Christine Benz (May 7, 2019, Morningstar.com)   "Retirement Prospects for the Millennials: What Is the Early Prognosis?," by Richard W. Johnson, Karen E. Smith, Damir Cosic, and Claire Xiaozhi Wang (November 2017, Center for Retirement Research working paper) "Retiring Earlier Than Planned: What Matters Most?," by Alicia H. Munnell, Matthew S. Rutledge, and Geoffrey T. Sanzenbacher (February 2019, Center for Retirement Research working paper) The State of Work for Older Adults "Working Longer: Older Americans' Attitudes on Work and Retirement," by Jennifer Benz, Matt Sedensky, Trevor Tompson, and Jennifer Agiesta (2013, The Associated Press-NORC Center for Public Affairs Research)  "Surprising Reasons Boomers Are Working Longer," by Martha Deevy (Dec. 26, 2012, NextAvenue) "More Older Americans Are Working, and Working More, Than They Used To," by Drew DeSilver (June 20, 2016, Pew Research Fact Tank) "Why Working Till Whenever Is a Risky Retirement Strategy," by Mark Miller (May 16, 2019, The New York Times) "Should Working Longer Be a Part of Your Retirement Plan?" Mark Miller and Christine Benz (July 30, 2019, Morningstar.com) "Finding the Bright Side in a Graying U.S. Workforce," by Mark Miller (Jan. 17, 2019, RetirementRevised) "How Does Delayed Retirement Affect Mortality and Health?," by Alice Zulkarnain and Matthew S. Rutledge (October 2018, Center for Retirement Research working paper) Fixing Retirement at an Individual Level "How to Blend Work and Retirement," by Mark Miller (Sept. 2, 2018, RetirementRevised) "Treat Your Work As a Retirement Asset," by Mark Miller (June 25, 2019, Morningstar.com) "The Uptick in Annuities," by Mark Miller (May 28, 2019, Morningstar.com) "How to Bridge a Retirement Shortfall," by Christine Benz (Jan. 28, 2019, Morningstar.com) "How Life Expectancy Affects Retirement Planning," by Mark Miller (Feb. 19, 2019, Morningstar.com) "Women Need Better Advice, Earlier Planning," by Christopher Robbins (June 17, 2016, Financial Advisor) "How Much Can I Spend in Retirement? A Guide to Investment-Based Retirement Income Strategies," by Wade D. Pfau (June 30, 2018, Retirement Insight and Trends) "Estimating the True Cost of Retirement," by David Blanchett (June 30, 2015, Retirement Insight and Trends) "Inflation-Linked SPIAs Are a Bad Deal," by David Blanchett (May 20, 2019, Advisor Perspectives) Social Security "Is It Time to Raise Social Security's Retirement Age?," by Mark Miller (March 14, 2019, RetirementRevised) Social Security Calculators Social Security Solutions Healthcare for Retirees "Retirement Healthcare Costs: Let's Get Real," by Mark Miller (July 16, 2019, Morningstar.com) "Retirement Healthcare Costs: Strategies for Meeting the Challenge," by Mark Miller (Aug. 6, 2019, Morningstar.com) "5 Key Retiree Healthcare Trends," Mark Miller and Christine Benz (Nov. 12, 2018, Morningstar.com)