The Long View

Today on the podcast, we welcome back Dr. Jim Dahle. Jim is a practicing ER physician, and he’s also the founder of The White Coat Investor, which is a financial education platform for healthcare professionals. The White Coat Investor includes a podcast, blog, conferences, and other educational resources. He is also the author of several books about money and investing, including his most recent, The White Coat Investor’s Guide to Asset Protection. One of the highlights from the episode was Jim’s explanation of how he shifted to become a “recovering optimizer” with his finances. We also liked his idea of creating a “20s fund” for your children as a way to shift part of their inheritance to an earlier point in life, and we found his discussion of his climbing accident to be impactful, particularly how the experience made him think about what really matters in life.

00:00:00 Introduction

00:02:00 Managing Unexpected Portfolio Wealth

00:03:37 When to Use Cash, Bonds, and TIPS

00:13:02 Weighing Private Investment Trade-Offs

00:22:58 Direct Indexing and Tax-Loss Harvesting

00:27:02 Optimizers, Satisficers, and the “Too Hard Pile”

00:33:43 Behavioral Biases and Teaching Kids About Money

00:44:19 Lessons From Jack Bogle

00:49:52 Finding What Matters After a Climbing Accident

Jean Chatzky: How to Create a Forever Paycheck for Retirement 

Andy Clarke and Nelson Wicas: Index Funds Aren’t Really Passive, and Other Lessons for Building a Better Portfolio 

Bill Yount: How Late Starters Can Find Financial Independence 

If you have a comment or a guest idea, please email us at [email protected]. 

Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances. 

If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.

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Our guest on the podcast today is Joseph Moore, a historian and author of the bestselling book, How to Get Rich in American History: 300 Years of Financial Advice That Worked & Didn’t, where he chronicles all of the various things Americans have tried to do to get ahead over three centuries. He’s also an investor who went from being an academic to funding a tech startup, buying land on the moon, founding a cryptocurrency, and owning dozens of investment properties. This was a really fun conversation where we covered a lot of ground about the history of financial advice in the US as well as Joseph’s own adventures in investing and money-making ventures. One of the really interesting things he said was that who you marry can be a strong indicator of financial success. We also enjoyed his discussion of the often overlooked role of women in household financial decision-making and found his take on what he calls the “despair industrial complex” especially thought-provoking.

00:00:00 Introduction

00:01:41 Financial History and America’s ‘Go-Ahead’ Culture

00:15:24 Wealth, Mobility, and the American Dream

00:18:14 Fast Time, Career Risk, and Building Wealth

00:24:38 The Rise of Financial Advising as a Profession

00:35:34 Startups, Shorting Stocks, and Beating the Market

00:41:15 When Bonds Historically Beat Stocks

00:43:40 Marriage, Money, and Financial Success

00:47:58 Failing Upward in Real Estate

Robin Wigglesworth: Why Bonds Are Behind Every Financial Boom and Bust 

Nick Maggiulli: Climbing the Wealth Ladder 

Erin Moriarity: My Dad Lost About $1.5 Million on Bad Investments. Here’s How to Avoid His Mistakes 

If you have a comment or a guest idea, please email us at [email protected]. 

Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances. 

If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights. 

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Our guest on the podcast today is Mike Piper. Mike is the author of several personal finance books, the latest of which is called Household Cybersecurity: A CPA’s Guide to Protecting Your Accounts and Personal Information. Mike also writes a wonderful blog called Oblivious Investor, and he’s developed a free tool exploring Social Security claiming decisions called Open Social Security. One thing we loved about the conversation with Mike and about Mike’s book is his attention to the interplay between cybercrimes and cognitive decline as we age. He has a lot of helpful tips for troubleshooting that issue. One of the really interesting points he made was that financial problems can actually be an early warning sign of cognitive decline for an older parent or other family member. Mike shared simple, helpful tips that are easy to implement, including why you should create a guest network that’s separate from your main network at home, and how that can improve your cybersecurity.

00:00:00 Introduction

00:02:41 Why Cybercrime Is Increasing

00:04:10 How AI Is Making Scams More Convincing

00:08:25 How to Spot Cyber Fraud

00:15:21 How to Create Stronger Passwords

00:19:25 Multifactor Authentication and Passkeys

00:33:27 How to Secure Devices and Home Networks

00:36:53 Are Bank or Investment Accounts Safer?

00:39:21 Can Financial Problems Signal Cognitive Decline?

00:45:24 When to Bring in a Financial Professional

Dana Anspach: Don’t Let Fear Ruin Your Retirement 

Erin Moriarity: My Dad Lost About $1.5 Million on Bad Investments. Here’s How to Avoid His Mistakes 

Jean Chatzky: How to Create a Forever Paycheck for Retirement 

If you have a comment or a guest idea, please email us at [email protected]. 

Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances. 

If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights. 

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Today, we’re happy to welcome two guests from the Morningstar Center for Retirement & Policy Studies. Spencer Look is the associate director of retirement studies and public policy for Morningstar, and Jack VanDerhei is the director of retirement studies and public policy. Jack previously worked as the research director at the Employee Benefit Research Institute from 1996 through 2022. Spencer and Jack both produce a lot of really helpful research on retirement outcomes, Social Security reform, and retirement policy. One of the highlights was their more balanced take on whether there’s really a retirement crisis in the US. We hear a lot of really dire warnings about that, so we appreciated their perspective on where there’s room for improvement, as well as data on things that aren’t quite as bad as some people might have us believe. You won’t be surprised to hear that we really enjoyed the discussion about long-term care. Spencer and Jack have both concluded that the retirement planning community has underrated long-term care as a risk factor for people’s retirement plans.

00:00:00 Introduction

00:02:52 Modeling US Retirement Outcomes

00:07:06 Is There a Retirement Crisis?

00:11:17 Evaluating Retirement Policy Reform

00:14:49 Planning for Social Security Changes

00:18:01 Access, Auto‑Enrollment, and Accumulation

00:21:14 How the Saver’s Match Works

00:30:52 Turning Savings Into Retirement Income

00:34:45 Planning for Long-Term-Care Costs and Longevity

Jean Chatzky: How to Create a Forever Paycheck for Retirement 

Dana Anspach: Don’t Let Fear Ruin Your Retirement 

Jamie Hopkins and Bonnie Treichel: Why You Can’t Set and Forget a Retirement Plan 

If you have a comment or a guest idea, please email us at [email protected]. 

Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances. 

If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights. 

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Our guest on the podcast today is Erin Moriarity. Erin is the originator of the Erin Talks Money channel on YouTube, where she explains personal finance and retirement planning concepts with easy-to-understand videos. Erin received her bachelor’s degree in business at Northern Michigan University and completed the Certified Financial Planner program at The Ohio State University. We loved hearing about Erin’s thought process on providing financial information to people who weren’t being well-served by traditional financial advice models. Erin also explained why people shouldn’t worry too much about Social Security benefits going away due to lack of funding, and the value of working with an advisor later in life, even if you’re a do-it-yourself investor.

00:00:00 Introduction

00:01:21 Early Financial Education

00:04:14 Bringing Financial Advice to the Middle Class

00:14:16 Rethinking Conventional Retirement Wisdom

00:19:07 Psychology of Saving to Spending

00:20:59 Planning for Long-Term-Care Costs

00:26:53 Can You Count on Social Security?

00:32:20 Annuities and Protecting Your Finances as You Age

00:42:05 Lessons From Financial Mistakes

Stefan Sharkansky: The Retirement Rule That Leaves Too Much Money Behind 

Brett Arends: Worried About Outliving Your Money? There’s an Answer 

Jean Chatzky: How to Create a Forever Paycheck for Retirement 

If you have a comment or a guest idea, please email us at [email protected]. 

Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances. 

If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights. 

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Today’s guest on The Long View is Robin Wigglesworth. Robin is the editor of the Financial Times finance blog, Alphaville. He’s also the author of Trillions, which is the definitive book on the past, present, and future of passive investing. Robin’s joining us today to discuss his latest book, A Fabulous Debt, which is a history of the bond market. The history of the bond market is marked by war, peace, market mania featuring a very colorful cast of characters, and so much more. Robin is such a brilliant writer that he really brings every aspect of a history to life. One of the highlights of the show was when he was talking about the huge amount of capital spending we’re seeing in artificial intelligence and how it parallels the railroad boom in the 19th century. He made the point that debt-fueled capital spending sprees tend to end quite badly, although the scale of capital investment in AI this time around is still quite a bit smaller. As Robin points out, history rarely repeats, but often rhymes, and we might be living through one of those rhyming moments today.

We’d love to hear what you think about The Long View podcast. Please take a moment to share your feedback—thanks for listening! 

00:00:00 Why the History of Bond Market Matters

00:09:38 Venice and the Birth of Bonds

00:16:34 How Britain Shaped America’s Financial System

00:24:48 The Poyais Bond Scam

00:30:13 Railroad Capex and AI Spending

00:37:08 Jay Cooke and The Father of Junk Bonds

00:41:55 The Rise of Credit Ratings

00:47:07 How Bond Markets Replaced Banks

00:57:11 How Much Debt Can the US Carry?

Wade Pfau: Higher Bond Yields Are a Plus for Retirees 

Ben Carlson: Exploring Risk and Reward 

Jeremy Grantham: ‘Almost Everything Looks More Attractive Than the US Equity Market’ 

If you have a comment or a guest idea, please email us at [email protected]. 

Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances. 

If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights. 

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Our guest on the podcast today is Elliott Appel. He’s a financial planner and the founder of Kindness Financial Planning. He’s also an author. His latest book is called How to Help Your Parents As They Age: A Financial Planner’s Guide to Caregiving, which chronicles his father’s last years and the key lessons he learned along the way. He’s also co-host of his own podcast called the ME and Money Podcast. We really loved this conversation because Elliott provided so many tangible tips that people can use to help their parents, and his personal story really provides a lot of color.

We’d love to hear what you think about The Long View podcast. Please take a moment to share your feedback—thanks for listening! 

00:00:00 Introduction

00:01:23 Financial Planning Through Life Transitions

00:03:22 Appel’s Journey Planning for His Father

00:08:45 How an Eldercare Consultant Can Help

00:13:03 Estate Planning and Choosing the Right Power of Attorney

00:17:05 Guardrails for Aging Parents’ Finances

00:24:43 Put Parents on Your Cellphone Plan

00:27:17 Navigating Healthcare, Housing, and Care Transitions

00:33:59 Managing Caregiver Stress and Burnout

00:43:31 Rethinking Aging and Death in the US

Beth Pinsker: Lessons From ‘My Mother’s Money’ 

Kathleen Rehl: Helping Widows and the Advisors Who Serve Them 

Sally Balch Hurme: Getting Your Affairs in Order as You Get Older 

If you have a comment or a guest idea, please email us at [email protected]. 

Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances. 

If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights. 

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Our guest on the podcast today is Jeff Ptak. He’s a longtime Morningstar employee and currently serves as managing director for Morningstar Research Services. He originally joined Morningstar back in 2002 as a senior mutual fund analyst. Jeff was one of the original two co-hosts of this podcast and regularly posts his thoughts on Morningstar.com, Substack, X, and LinkedIn. Ptak’s work really focuses on investor outcomes. One of the highlights from the podcast today was when Ptak talked about how such a small number of stocks tend to generate a disproportionate amount of the market returns and what that means for diversified actively managed funds. He also discusses what target-date funds get right for investors, as well as what some of them may be missing.

We’d love to hear what you think about The Long View podcast. Please take a moment to share your feedback—thanks for listening! 

00:00:00 Mind the Gap and Investor Behavior 

00:08:15 Crypto ETFs and Timing Mistakes 

00:11:44 Active Funds and Letting Winners Run 

00:23:11 Improving Investor Outcomes Through Lower Costs 

00:30:20 Private Markets, SpaceX, and 401(k) Risks 

00:34:26 Thematic ETFs, Speculation, and Fun Money 

00:38:51 Market Timing Myths and Portfolio Construction 

00:42:27 Is Tech’s Dominance Sustainable? 

Read: Mind the Gap 2026 

Leyla Kunimoto: Why Investors in Private Markets Need a Louder Voice 

Will Danoff: ‘Be Very Careful of Unprofitable Companies’ 

Don Phillips: Encouraging Better Outcomes for Investors 

If you have a comment or a guest idea, please email us at [email protected]. 

Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances. 

If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights. 

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Today on the podcast, we welcome back Jean Chatzky. Jean is the author of a new book about retirement planning called The Forever Paycheck: The New Retirement Strategy to Spend More, Worry Less, and Never Run Out of Money. In addition, she has written several other New York Times bestselling books about money and investing. She’s also CEO of HerMoney.com and host of the podcast Her Money with Jean Chatzky. She served as the financial editor of NBC Today for 25 years and is the financial ambassador for AARP. She appeared frequently on CNN and MSNBC, and was a recurring guest on The Oprah Winfrey Show.

We’d love to hear what you think about The Long View podcast. Please take a moment to share your feedback—thanks for listening!

00:00:00 Introduction

00:01:00 Why Retirees Struggle to Spend

00:05:18 Creating a Retirement Paycheck

00:09:25 Choosing Annuities and Financial Advice

00:20:40 Bridging the Social Security Gap

00:23:40 Managing Sequence-of-Returns Risk

00:28:42 Retirement Planning for Couples and Working Longer

00:37:17 Protecting Against Financial Fraud

00:40:39 How Jean Chatzky Reimagined Retirement

Brett Arends: Worried About Outliving Your Money? There’s an Answer 

Dana Anspach: Don’t Let Fear Ruin Your Retirement 

Stefan Sharkansky: The Retirement Rule That Leaves Too Much Money Behind 

If you have a comment or a guest idea, please email us at [email protected]. 

Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances. 

If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights. 

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Today’s guest on The Long View is David Booth. David is a repeat guest, the founder of Dimensional Fund Advisors, and has just released a new book titled Stay Calm: Learn to Embrace Uncertainty in Investing and Life. One of the interesting through lines on the episode really centered on data. David explained that without data, people are just arguing beliefs. There was so much time within the industry where investors really were in a data desert. That foundational layer was critical to everything that David, his colleagues at Dimensional, and so many others around the broader investing industry have ultimately brought to bear for the benefit of so many investors over the years. Plus, David explained that having access to a more complete dataset can really help provide a sense of calmness and reassurance for investors, even in an uncertain environment.

00:00:00 Introduction

00:03:21 How Market Data Revolutionized Investing

00:09:22 Learning From Eugene Fama

00:16:16 Communicating Financial Science

00:20:40 What is the Efficient-Market Hypothesis?

00:24:11 Diversification and the Limits of Indexing

00:32:37 Is Dimensional Active or Passive?

00:34:24 The Science Behind Factor Investing

00:40:29 Trusting Markets and Embracing Uncertainty

David Booth: ‘Usually the Great Ideas Start Out as Small Ideas and Then You Build on Them’

Don Phillips: Encouraging Better Outcomes for Investors

Charley Ellis: Indexing Is a Marvelous Gift

If you have a comment or a guest idea, please email us at [email protected].

Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.

If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.

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