On the podcast this week, we welcome back Dave Sekera. Dave is the chief US market strategist for Morningstar Research Services. In his role, Dave publishes research and commentary on the state of the markets and economy and is a leading voice on Morningstar.com and our other platforms. Dave and Susan Dziubinski also do a weekly show for Morningstar.com called The Morning Filter. Before assuming his current role, Dave was a managing director for DBRS Morningstar. Prior to joining Morningstar in 2010, Dave worked in the alternative asset management field. He earned his bachelor’s degree in finance and decision sciences from Miami University and holds the Chartered Financial Analyst designation. You can follow him on X @Morningstar Markets. Dave, welcome back to The Long View.

Background

Bio

The Morning Filter

Morningstar Wide Moat Focus

Market Outlook: Healthcare, Tariffs, AI, and Inflation

“2025 Market Outlook: Markets Are Priced to Perfection, but Will It Last?” by Dave Sekera, Morningstar.com, Jan. 10, 2025.

“Don’t Panic: It’s Not 2022 All Over Again,” by Dave Sekera, Morningstar.com, Aug. 5, 2024.

“Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued,” by Karen Andersen, Morningstar.com, Oct. 3, 2024.

“5 Stocks to Buy to Invest in AI With Less Risk,” The Morning Filter, Morningstar.com, Aug. 5, 2024.

“Fed Rate Cut Shows the Main Battle Against Inflation Has Been Won,” by Preston Caldwell, Morningstar.com, Sept. 18, 2024.

“We Expect GDP Growth to Weaken Until Fed’s Rate Cuts Kick In,” by Preston Caldwell, Morningstar.com, Oct. 3, 2024.

“US Stock Market Outlook: Tariffs Are 2025’s Wild Card,” by Dave Sekera, Morningstar.com, Dec. 2, 2024.

Other

“Dave Sekera: Taking the Market’s Temperature,” The Long View podcast, Morningstar.com, July 18, 2023.

CFA Society

CFA Society Chicago

Stay Vigilant podcast

Hi, and welcome to The Long View. I’m Christine Benz, director of personal finance and retirement planning for Morningstar. On the podcast today, we welcome back Jordan Grumet. Jordan’s latest book is called The Purpose Code: How to Unlock Meaning, Maximize Happiness, and Leave a Lasting Legacy. His previous book was called Taking Stock: A Hospice Doctor’s Advice on Financial Independence, Building Wealth, and Living a Regret-Free Life. Jordan is a hospice doctor, and he hosts the popular Earn & Invest podcast. He received his undergraduate degree from the University of Michigan and his medical degree from Northwestern University. Jordan, welcome back to The Long View.

Background

Bio

The Purpose Code: How to Unlock Meaning, Maximize Happiness, and Leave a Lasting Legacy

Taking Stock: A Hospice Doctor’s Advice on Financial Independence, Building Wealth, and Living a Regret-Free Life

Earn & Invest podcast

Happiness Studies

“High Income Improves Evaluation of Life but not Emotional Well-Being,” by Daniel Kahneman and Angus Deaton, pnas.org, Sept. 7, 2010.

“Experienced Well-Being Rises With Income, Even Above $75,000 per Year,” by Matthew Killingsworth, pnas.org, Jan. 18, 2021.

“Income and Emotional Well-Being: A Conflict Resolved,” by Matthew Killingsworth, Daniel Kahneman, and Barbara Mellers, pnas.org, March 1, 2023.

Harvard Study of Adult Development

Other

How to Retire: 20 Lessons for a Happy, Successful, and Wealthy Retirement, by Christine Benz

The Art of Subtraction: Doing More With Less, by Matthew May

US Bureau of Labor Statistics’ American Time Use Survey

“The Free-Time Paradox in America,” by Derek Thompson, theatlantic.com, Sept. 13, 2016.

Hi, and welcome to The Long View. I’m Christine Benz, director of personal finance and retirement planning for Morningstar. On this week’s episode, we’ll feature some of our favorite clips from interviews we’ve done with financial planners, advisors, and retirement researchers over the past year. It’s a counterpart to a previously released “best of” episode that was all about investing.

“Daniel Crosby: Can Money Really Buy Happiness?” The Long View podcast, Morningstar.com, Dec. 17, 2024.

“Scott Rick: Are You a Tightwad or a Spendthrift?” The Long View podcast, Morningstar.com, June 18, 2024.

“Anne Lester: You’re Bad at Savings and It’s Not Your Fault,” The Long View podcast, Morningstar.com, March 12, 2024.

“Mark Berg: How to Help Kids Financially Without Ruining Them,” The Long View podcast, Morningstar.com, Nov. 19, 2024.

“Marc Freedman: The Case for Encore Careers,” The Long View podcast, Morningstar.com, Feb. 20, 2024.

“Howard Gleckman: We Pretend This Isn’t a Problem,” The Long View podcast, Morningstar.com, Jan. 16, 2024.

“Roger Young: Visualizing Retirement Is So Important,” The Long View podcast, Morningstar.com, Feb. 13, 2024.

“Jamila Souffrant: ‘What Type of Life Do You Actually Want to Live?’” The Long View podcast, Morningstar.com, May 28, 2024.

“Jackie Cummings Koski: Late Starters Can Still Find FIRE,” The Long View podcast, Morningstar.com, Aug. 20, 2024.

“Meir Statman: ‘The Biggest Risks in Life Are Not in the Stock Market,’” The Long View podcast, Morningstar.com.

“Christine Benz: How to Retire,” The Long View podcast, Morningstar.com, Sept. 17, 2024.

“Brad Klontz: What’s Your Money Script?” The Long View podcast, Morningstar.com, Dec. 10, 2024.

“Anne Tergesen: What Retirement Looks Like Today,” The Long View podcast, Morningstar.com, Oct. 29, 2024.

“Jonathan Clements: ‘Life Is Full of Small Pleasures,’” The Long View podcast, Morningstar.com, Oct. 15, 2024.

Hi, and welcome to The Long View. I’m Dan Lefkovitz, strategist for Morningstar Indexes. In this episode, we’ll share some of our favorite clips from 2024 interviews with portfolio managers, economists, and investment thinkers. It’s the companion to Christine Benz’s “Best of Episode” featuring highlights from conversations with financial planners, advisors, and retirement researchers.

“Joel Fried and Al Mordecai: Upholding the Culture at Primecap Management,” The Long View podcast, Morningstar.com, Jan. 30, 2024.

“JB Taylor: Small Caps Haven’t Been This Cheap in 25 Years,” The Long View podcast, Morningstar.com, March 5, 2024.

“Jody Jonsson: The Case for a Global Portfolio,” The Long View podcast, Morningstar.com, Jan. 23, 2024.

“Bryan Armour: Is Index Investing’s Superpower Unstoppable?” The Long View podcast, Morningstar.com, March 19, 2024.

“Sonali Pier: Don’t Rent Yield,” The Long View podcast, Morningstar.com, Feb. 27, 2024.

“Neil Shearing: What the Consensus Is Missing About the Current Economy,” The Long View podcast, Morningstar.com, April 16, 2024.

“Omar Aguilar and Sébastien Page: Market Outlook for 2024 and Beyond,” The Long View podcast, Morningstar.com, Aug. 27, 2024.

“Carl Tannenbaum: Settling Into ‘Soft-Landing Territory,’” The Long View podcast, Morningstar.com, July 30, 2024.

“David Herro and Rajiv Jain: Should US Investors Renew Their Passports?” The Long View podcast, Morningstar.com, July 9, 2024.

“Carl Vine: The Japan Earnings Story Has Legs,” The Long View podcast, Morningstar.com, April 30, 2024.

“Justin Leverenz: Emerging Markets Are ‘Incredibly Attractive,’” The Long View podcast, Morningstar.com, Feb. 6, 2024.

“Ankur Crawford: ‘When Software Begins to Write Software, Innovation Is Exponential,’” The Long View podcast, Morningstar.com, Sept. 24, 2024.

“Jeremy Grantham: The Bigger the New Idea, the More the Market Becomes Overpriced,” The Long View podcast, Morningstar.com, Oct. 8, 2024.

“Dan Ivascyn: The Outlook for Bonds Amid a Covid ‘Aftershock Global Economy,’” The Long View podcast, Morningstar.com, May 21, 2024.

Today on the podcast, we welcome back Dr. Daniel Crosby. Daniel is the author of a new book called The Soul of Wealth: 50 Reflections on Money and Meaning. Daniel is the chief behavioral officer at Orion Advisor Solutions. In addition to The Soul of Money, Daniel has written several other books on behavioral finance, including The Behavioral Investor, The Laws of Wealth: Psychology and the Secret to Investor Success, and You’re Not That Great. Daniel also hosts his own podcast called Standard Deviations. He received his Bachelor of Science degree and PhD in Psychology, both from Brigham Young University.

Background

Bio

“Daniel Crosby: ‘If You’re Excited About It, It’s Probably a Bad Idea,’” The Long View podcast, Morningstar.com, Aug. 31, 2021.

Books:

The Soul of Wealth: 50 Reflections on Money and Meaning

The Behavioral Investor: The Art and Science of Investment Management

The Laws of Wealth: Psychology and the Secret to Investing Success

You’re Not That Great

Standard Deviations podcast

Money and Happiness

“High Income Improves Evaluation of Life but Not Emotional Well-Being,” by Daniel Kahneman and Angus Deaton, Psychological and Cognitive Sciences, Aug. 4, 2010.

“Income and Emotional Well-Being: A Conflict Resolved,” by Daniel Kahneman, Matthew Killingsworth, and Barbara Mellers, Psychological and Cognitive Sciences, Nov. 29, 2022.

Other

The Creative Act: A Way of Being, by Rick Rubin

“Michael Finke: Here’s What Makes Retirees Happy,” The Long View podcast, Morningstar.com, Oct. 2, 2019.

Martin Seligman

Daniel Crosby on X

Our guest on the podcast today is author and financial psychologist, Dr. Brad Klontz. He’s an Associate Professor of Practice at Creighton University’s Heider College of Business. He’s also co-founder of the Financial Psychology Institute and managing principal of Your Mental Wealth Advisors, a fee-only registered investment advisory.

Brad is co-author or co-editor of nine books on the psychology of money, including his latest, Start Thinking Rich: 21 Harsh Truths to Take You From Broke to Financial Freedom, which he co-wrote with Adrian Brambila. He is a fellow of the American Psychological Association and a former President of the Hawaii Psychological Association. He was appointed to the CNBC Financial Advisor Council in 2023 and received the 2018 and 2021 Montgomery-Warschauer Awards from the Journal of Financial Planning, honoring the most outstanding contribution to the betterment of the financial planning profession. He received his Doctor of Psychology degree from Wright State University, his master’s certificate in personal financial planning from Kansas State University, his master’s in counseling and human resources development from South Dakota State University, and his bachelor’s degree in psychology from Olivet Nazarene University. Brad is also a Certified Financial Planner professional.

Background

Bio

Start Thinking Rich: 21 Harsh Truths to Take You From Broke to Financial Freedom, by Dr. Brad Klontz and Adrian Brambila

Your Mental Wealth Advisors

Money Scripts

Your Money Script

“Money Beliefs and Financial Behaviors: Development of the Klontz Money Script Inventory,” by Bradley Klontz, Sonya Britt-Lutter, Jennifer Mentzer, and Ted Klontz, Journal of Financial Therapy, April 2011.

“Identify and Understand Clients’ Money Scripts: A Framework for Using the KMSI-R,” by Michelle Arpin Begina, Jessica Hickingbottom, Elaine Grogan Luttrull, Megan McCoy, and Bradley Klontz, Journal of Financial Planning, March 2018.

Behavioral Finance

“Untangling Behavioral Finance and the Psychology of Financial Planning,” by Brad Klontz, Journal of Financial Planning, January 2023.

“Integrating Interpersonal Neurobiology Into Financial Planning: Practical Applications to Facilitate Well-Being,” by Brad Klontz, Journal of Financial Planning, May 2020.

Our guests this week are Tom Idzorek and Paul Kaplan. This is Tom’s second appearance as a guest and Paul’s first. Tom is chief investment officer of retirement for Morningstar Investment Management. He also serves as a member of Morningstar’s 401(k) Committee, Public Policy Council, Global Investment Committee, US Investment Policy Committee, and the Editorial Board of Morningstar Magazine. Before retiring in 2023, Paul was director of research for Morningstar Canada and a senior member of Morningstar’s Global Research Team. He led the development of many of the quantitative methodologies behind Morningstar’s fund analysis, indexes, advisor tools, and other services. Tom and Paul are accomplished researchers and authors, having individually published or collaborated on numerous academic papers, accepted to prestigious peer-reviewed journals, and their work has received numerous awards through the years. In today’s interview, we’re focusing on one of their recent collaborations, their new book, Lifetime Financial Advice: A Personalized Optimal Multilevel Approach.

Background

Tom Idzorek Bio

“Tom Idzorek: Exploring the Role of Human and Financial Capital in Retirement Planning,” The Long View podcast, Morningstar.com, June 7, 2022.

Paul Kaplan Bio

Lifetime Financial Advice: A Personalized Optimal Multilevel Approach, by Tom Idzorek and Paul Kaplan

Lifetime Financial Advice

“Joining Lifecycle Models With Mean-Variance Optimization,” by Tom Idzorek and Paul Kaplan, papers.ssrn.com, Oct. 19, 2023.

Lifetime Financial Advice Book Club Series

“Personalized Multiple Account Portfolio Optimization,” by Tom Idzorek, Financial Analysts Journal, June 29, 2023.

“The Popularity Asset Pricing Model,” by Tom Idzorek, Paul Kaplan, and Roger Ibbotson, papers.ssrn.com, Oct. 26, 2021.

“Popularity: A Bridge Between Classical and Behavioral Finance,” by Roger Ibbotson, Tom Idzorek, Paul Kaplan, and James Xiong, Research Foundation, Dec. 10, 2018.

“ESG Investing and the Popularity Asset Pricing Model (PAPM),” by Tom Idzorek, blogs.cfainstitute.org, Feb. 1, 2024.

Other

Milton Friedman

Franco Modigliani

Paul Samuelson

Robert Merton

Richard Thaler

Daniel Kahneman

Roger Ibbotson

James Xiong

“Modern Portfolio Theory: What MPT Is and How Investors Use It,” by the Investopedia team, Investopedia.com, Aug. 29, 2023.

Hi, and welcome to The Long View. I’m Christine Benz, director of personal finance and retirement planning for Morningstar. Today on the podcast, we welcome back retirement and tax expert Ed Slott. Ed is the president and founder of Ed Slott & Company, which provides retirement and tax-planning education to investment advisors and financial institutions. Ed has written several books, including his latest, The Retirement Savings Time Bomb Ticks Louder. PBS viewers may know Ed from his frequent appearance on public television. Ed also co-hosts a podcast with Jeff Levine, called The Great Retirement Debate. In addition, he hosts the popular website IRAHelp.com, where the Slott report regularly dispenses wisdom about retirement, tax, and estate planning. Ed is a certified public accountant.

Background

Bio

“Ed Slott: Act Now on Historically Low Tax Rates,” The Long View podcast, Morningstar.com, Aug. 19, 2020.

The Great Retirement Debate podcast

The Retirement Savings Time Bomb Ticks Louder, by Ed Slott

Tax-Loss Harvesting

“The Ins and Outs of Tax-Loss Selling,” Interview with Christine Benz and Ed Slott, Morningstar.com, Dec. 14, 2022.

“The Best Investments for Taxable Accounts,” by Christine Benz, Morningstar.com, Jan. 23, 2024.

“Yes, You Can Still Find Tax-Loss Harvesting Opportunities in 2024,” Investing Insights with Christine Benz and Margaret Giles, Morningstar.com, Nov. 22, 2024.

“The Big Retirement Myth,” Interview with Christine Benz and Ed Slott, Morningstar.com, Aug. 7, 2024.

Required Minimum Distributions and IRAs

“IRS Issues Final SECURE Act Regulations: Controversial Annual RMD Requirement During 10-Year Rule Stands,” by Sarah Brenner, irahelp.com, July 22, 2024.

“Best Advice? Ignore the 10-Year RMD Rule,” by Ed Slott, investmentnews.com, Aug. 19, 2024.

“The New Rules for Missed RMDs,” Interview with Christine Benz and Ed Slott, Morningstar.com, July 24, 2024.

“Brace Yourself for Higher RMDs in 2024,” Interview with Christine Benz and Ed Slott, Morningstar.com, March 13, 2024.

“Inherited IRAs: What to Know About Taxes, RMDs, and More,” by Tori Brovet, Morningstar.com, Sept. 13, 2024.

Qualified Charitable Distribution

“12 QCD Rules You Must Know,” by Sarah Brenner, irahelp.com, July 10, 2024.

“Year-End QCD Mistakes to Avoid,” by Ed Slott, investmentnews.com, Nov. 18, 2023.

“Year-End Charitable-Giving Strategies,” Interview with Christine Benz and Ed Slott, Morningstar.com, Nov. 1, 2023.

Tax-Law Changes in 2025

“401(k) Contribution Limits Increase for 2025,” by Sarah Brenner, irahelp.com, Nov. 6, 2024.

“Higher Catch-Up Contributions Available for Certain Older Employees Starting in 2025,” by Ian Berger, irahelp.com, Oct. 21, 2024.

“IRS Announces New Income Limits for IRA Contributions in 2025,” by Denise Appleby, Morningstar.com, Nov. 20, 2024.

“Ed Slott: What Investors Need to Do Before the Tax Cuts and Jobs Act Expires,” Interview with Christine Benz and Ed Slott, Morningstar.com, Feb. 6, 2024.

Today on the podcast, we welcome back Mark Berg. Mark is the founder of and lead advisor at Timothy Financial Counsel, which is an hourly financial planning firm that he started in 2000. Prior to launching Timothy Financial, Mark served as a client manager at a fee-only financial planning firm, and he has provided fee-only financial guidance since 1995. He holds a bachelor’s degree in economics from Wheaton College and is a certified financial planner practitioner and NAPFA-registered financial advisor. He served on the national board of directors for the National Association of Personal Financial Advisors from 2008 through 2011. In the spirit of full disclosure, Timothy Financial is the firm that my husband and I use for financial planning. I have no financial relationship with the firm other than that we pay them for their services.

Background

Bio

Timothy Financial Counsel

“Mark Berg: Hourly Financial Planning Is ‘A Vast Blue Ocean,’” The Long View podcast, Morningstar.com, March 28, 2023.

Funding for College

“529 Plan Tips for Grandparents to Save for College,” by Emma Kerr, usnews.com, Sept. 7, 2021.

“How to Allocate Assets for College Savings,” by Christine Benz, Morningstar.com, Jan. 19, 2022.

“Morningstar 529 Ratings: The Best Plans of 2024,” by Hyunmin Kim, Morningstar.com, Oct. 29, 2024.

“What to Do With Extra Money in Your 529 Plan,” by Amy Arnott, Morningstar.com, June 30, 2022.

“The Best Way to Save for College,” by Christine Benz and Susan Dziubinski, Morningstar.com, Oct. 11, 2022.

Our guests this week are Jim Murphy and Charlie Hill of T. Rowe Price’s Municipal Bond Investment Team. Jim leads the team and is portfolio manager for several high-yield muni strategies. Charlie, who has been at T. Rowe since 1991, manages several short and intermediate term municipal-bond funds. Morningstar’s manager research team rates T. Rowe Price’s municipal bond capability highly with several strategies carrying Gold medalist ratings.

Background

Jim Murphy Bio

T. Rowe Price Tax-Free High Yield PRFHX

T. Rowe Price Tax-Free High-Yield Advantage PATFX

Charlie Hill Bio

T. Rowe Price Tax-Free Short-Intermediate PRFSX

T. Rowe Price Tax-Free Short-Intermediate 1 TTSIX

Municipal Bonds

“Reasons to Fall in Love With Municipal Bonds Right Now,” by Amey Stone, barrons.com, July 28, 2023.

“It’s Been a Poor Year so far for Municipal Bonds,” by Tim Gray, nytimes.com, July 18, 2022.

“3 Tax-Free Funds That Are Gems,” by Russel Kinnel, Morningstar.com, Sept. 11, 2024.

“Muni-Bond Niche Defies Sales Slump as Banks Seize on Cheap Rates,” by Nic Querolo and Sri Taylor, fa-mag.com, Oct. 22, 2021.

“Municipal Bonds: Where to Find Opportunities in a Volatile Market,” by Elizabeth Foos, Morningstar.com, Aug. 6, 2024.

Other

“Build America Bonds (BABs): Types, Restrictions, Vs. Other Bonds,” by James Chen, Investopedia.com, June 8, 2022.

“Ed Slott: What Investors Need to Do Before the Tax Cut and Jobs Act Expires,” Interview with Christine Benz and Ed Slott, Morningstar.com, Feb. 6, 2024.

Texas Permanent School Fund

Financial Oversight and Management Board for Puerto Rico