The Long View

In this conversation, Charlie Dreifus, a seasoned portfolio manager known for his expertise in small-cap value strategies, shares insights from his impressive investment career. He discusses how his family's refugee background instilled a cautious investment mentality. Dreifus explains his valuation strategies focusing on market inefficiencies and contrasts mutual funds and ETFs, highlighting their unique advantages. He emphasizes the importance of passion in both investing and personal life, illustrating how it fuels success and fulfillment.

In this discussion, Anne Tergesen, a seasoned reporter from The Wall Street Journal, shares her insights on the evolving landscape of retirement. She explores trends like automatic enrollment in 401(k)s and the challenge of fund leakage. Anne compares the U.S. retirement system to models from the UK and Australia, suggesting reforms to enhance accessibility. She dives into personal narratives from retirees, revealing the emotional journeys they undergo and highlighting the balance of work, relationships, and creative pursuits in finding fulfillment during retirement.

Phil Moeller, the primary author behind the popular 'Get What’s Yours' guidebook series, shares his extensive expertise on Medicare and Social Security. He discusses the complexities of navigating Medicare financing and the recent changes in drug costs, emphasizing the importance of understanding both traditional Medicare and Medicare Advantage plans. Moeller highlights valuable resources for consumers, such as the Medicare plan finder and the Kaiser Family Foundation. His insights equip listeners with crucial knowledge to maximize their healthcare benefits.

Jonathan Clements, founder and editor of HumbleDollar and a former Wall Street Journal columnist, opens up about his recent stage four lung cancer diagnosis, sharing insights on coping with uncertainty and cherishing small pleasures. He discusses the emotional rewards of home renovations and the complexities of balancing comfort with legacy planning. Clements also emphasizes the importance of financial literacy beyond mere investments and advocates for mentorship to empower younger investors, all while navigating his own journey with health and finances.

Jeremy Grantham, co-founder of GMO and an expert in market bubbles, shares his insights on overvalued markets and the current AI trend, which he warns may lead to another bubble burst. He discusses the troubling favoritism shown to large corporations and the potential forthcoming recession while highlighting the urgent need for climate action, likening its effects to a constricting python. Grantham also critiques capitalism's failure to address environmental issues, advocating for investment in renewable energy and sustainable practices.

Jack Nelson, the lead manager of a sustainability strategy for global emerging markets, brings valuable insights from his extensive experience. He shares transformative experiences that shaped his investing approach in markets like India, China, and Brazil. The conversation delves into the significance of analyzing individual businesses rather than macroeconomic factors, addressing the complexities of governance and the risks in countries like China. Nelson also emphasizes the need for robust communication between investors and companies to foster corporate responsibility and sustainable practices.

Ankur Crawford, a senior vice president and portfolio manager at Fred Alger Management, shares her journey from engineering to finance, emphasizing the analytical mindset that shapes her investment strategies. The discussion dives into the transformative impact of AI on productivity and innovation, comparing its disruption to historical technologies like the steam engine. Crawford also examines the complexities of regulating AI, the influence of geopolitical events on market volatility, and the intricacies of growth versus value investing in today’s concentrated market.

In this engaging discussion, Christine Benz, the director of personal finance and retirement planning at Morningstar and a seasoned expert since 1993, shares key insights from her book, 'How to Retire.' She delves into the emotional and psychological aspects of retirement, emphasizing the importance of purpose and relationships. Christine critiques common strategies like the bucket approach, while offering personalized planning tools. She also discusses innovative solutions for aging, spending wisely, and maintaining health, all aimed at achieving a fulfilling retirement.

Hendrik Bessembinder, a market design expert and professor at Arizona State University, dives into the intriguing question of whether stocks truly outperform Treasury bills. He discusses his research revealing that 57% of stocks have historically underperformed, emphasizing the role of dividends and market capitalization. The conversation also tackles the active versus passive investment debate, showcasing the complexities of stock return distributions and the need for diverse strategies. Bessembinder’s insights challenge conventional stock picking and highlight the importance of adapting to market changes.

Kathy Stokes, director of Fraud Prevention Programs at AARP, focuses on financial fraud education for older adults. She discusses the alarming rise of investment fraud, revealing $10 billion in reported losses in 2023 alone. Emotional manipulation and sophisticated scams are on the rise, targeting vulnerable populations. Kathy emphasizes the need for skepticism and the use of resources like BrokerCheck to verify advisors. Trusted contacts and proactive measures are essential in safeguarding against deception, along with stronger law enforcement coordination to combat these issues.