Our guest this week is Neil Shearing. Neil is Group Chief Economist at Capital Economics and the author of a new book, The Fractured Age: How the Return of Geopolitics Will Splinter the Global Economy. In addition to managing a team of economists and serving as a voice in the investment community, Neil is an associate fellow at Chatham House, an international affairs think tank. He joined Capital Economics in 2006 from the United Kingdom’s Treasury Ministry. He holds economics degrees from the University of London and the University of York.

Bio

The Fractured Age: How the Return of Geopolitics Will Splinter the Global Economy

Chatham House

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

“America or China? As the Global Economy Fractures, the World Will Have to Choose,” by Neil Shearing, capitaleconomics.com, Aug. 14, 2025.

“Trump, Institutions, and the Deafening Silence of the Markets,” by Neil Shearing, capitaleconomics.com, Aug. 6, 2025.

“Chinese Overcapacity Is a Disinflationary Gift and a Geopolitical Threat,” by Neil Shearing, capitaleconomics.com, July 21, 2025.

“Fiscal Stability Is Now as Much About People as Policy,” by Neil Shearing, capitaleconomics.com, July 14, 2025.

“This Trade War Is the Symptom—Global Fracturing Is the Cause,” by Neil Shearing, capitaleconomics.com, July 7, 2025.

“’Tariff Man’ Returns, US-China Diverging Price Risks—and Is AI Triggering a Jobs Bloodbath?” The Weekly Briefing podcast, capitaleconomics.com, July 11, 2025.

“Chip Choke: What Happens if China Throttles Taiwan’s Economy,” by Neil Shearing, afr.com, April 26, 2025.

Huawei

Smoot-Hawley Tariff Act

BIS Triennial Central Bank Survey

“America’s Biggest Rare-Earth Producer Makes a Play to End China’s Dominance,” by Jon Emont, wsj.com, July 15, 2025.

Hi, and welcome to The Long View. I’m Dan Lefkovitz, strategist for Morningstar Indexes. Our guest this week is Lawrence Lam. Lawrence is managing director and founder of Lumenary Investment Management based in Melbourne, Australia, a firm that specializes in founder-led companies globally. Lawrence is also the author of a new book called The Founder Effect. Lawrence has also been an investment banker, a derivatives consultant, and a financial regulator. He holds degrees from the University of Melbourne and is a lifetime basketball player.

Bio

Lumenary Investment Management

The Founder Effect

“Four Signs a Founder-Led Company Isn’t Worth the Hype,” by Lawrence Lam, afr.com, May 2, 2025.

“Lessons From the Rise and Fall of Founder-Led Companies,” by Lawrence Lam, firstlinks.com, March 26, 2025.

“Yvon Chouinard: The Founder of Patagonia,” by Charlie King, sustainabilitymag.com, Oct. 4, 2024.

FUCHS

Fortinet

Hermes

Uniqlo

Reply

Flight Centre

Chemist Warehouse

Le Specs

“Chemist Warehouse Founder Reveals His Success Secrets,” by Lawrence Lam, Morningstar.com.au, May 30, 2023.

“Social Loafing in Psychology: Definition, Examples & Theory,” by Riley Hoffman, simplypsychology.org, Sept. 7, 2023.

Arista

Today on The Long View, we’re featuring an episode from another Morningstar podcast, The Morning Filter, which you can subscribe to on Apple podcasts or wherever you get your podcasts.

Usually, Susan Dziubinski sits down every Monday morning with Morningstar’s chief U.S. market strategist Dave Sekera to talk about the week ahead.

But we’ve got something a bit different for you on the podcast this week. Instead of our usual deep dive into the market and stocks, we’re taking a step back to look at the big picture of investing: things like how to build a smart portfolio, avoid common investment mistakes, and time-tested principles to invest by.

Our special guest is Christine Benz. Christine is Morningstar’s director of personal finance and retirement planning. She’s also the host of The Long View podcast and author of the book How to Retire: 20 Lessons for a Happy, Successful and Wealthy Retirement. 

Episode highlights: 

• What you need to know from stocks to bonds, and core investments to dividend payers 
• Things you shouldn’t overlook in retirement and tips for setting yourself up for success
• Is “set it and forget it” a good way to invest in today’s market?

Read about topics from this episode. 

Tune in to The Long View podcast.

Access Christine Benz’s article and video archive on Morningstar.com.

Order a copy of Christine’s book, How to Retire: 20 Lessons for a Happy, Successful and Wealthy Retirement.

Register for the 2025 Bogleheads Conference.

Watch the How to Retire podcast, a companion podcast to the How to Retire book.

Follow Dave on social media.

Dave Sekera on X: @MstarMarkets

Dave Sekera on LinkedIn: https://www.linkedin.com/in/davesekera

Our guest on the podcast today is Nick Murray. Nick has written several influential books about investing and financial advice, including The Game of Numbers, Simple Wealth, Inevitable Wealth, and his latest, This Time Isn’t Different. His newsletter for financial advisors is called “Nick Murray Interactive,” and he also frequently leads seminars for financial advice professionals. Nick started out at EF Hutton, then moved on to Shearson and eventually to Bear Stearns. Since then, he has built his career around advising financial advisors.

About Nick Murray

Nick Murray Interactive newsletters

This Time Isn’t Different: Shockproofing Our Clients

The Game of Numbers: Client Acquisition for Financial Advisors 2010

Simple Wealth, Inevitable Wealth

Nick Murray’s Scripts: What to Say and How to Say It

Behavioral Investment Counseling

Talking It Over, Just The Two Of Us: A Guide for the Financial Advisor’s Life Partner with Joan Murray

Around the Year with Nick Murray: Daily Readings for Financial Advisors

“Financial Advisor Nick Murray,” Bloomberg Masters in Business podcast by Barry Ritholtz, Aug. 7, 2015

“The Man Who Saved My Career: How Nick Murray came along and showed me my true purpose in this business,” by Josh Brown, downtownjoshbrown.com, May 21, 2024

“The Value Proposition of a Financial Advisor With Nick Murray,” The Unlock podcast, May 21, 2024

“The Golden Door For Financial Advice With Nick Murray,” The Unlock podcast, May 31, 2024

“My Financial Planning Heroes: Nick Murray,” by Juniper team, juniperwealth.co.uk/blog, Jan. 1, 2025

“Nick Murray’s Hard Truths for Advisors” by Jane Wollman Rusoff, thinkadvisor.com, March 5, 2015

“Lessons Learned From the Legendary Financial Advisor Nick Murray,” Think Smart With TMFG podcast, Oct. 14, 2022

“Murray: Financial Healing,” Consuelo Mack Wealthtrack, May 6, 2016

Bio

“Charley Ellis: Why Active Investing Is Still a Loser’s Game,” The Long View podcast, Morningstar.com, May 27, 2020.

Rethinking Investing: A Very Short Guide to Very Long-Term Investing

Winning the Loser’s Game: Timeless Strategies for Successful Investing

“Stock Pickers Are on a Record Run With Investors. Don’t Be Fooled, Says Index Fund Guru,” by Jason Gewirtz, cnbc.com, Feb. 14, 2025.

“Investment Costs Make a Huge Difference,” by Robin Powell, ifa.com, Feb. 17, 2025.

ETF Edge interview with Charley Ellis, cnbctv, Feb. 10, 2025.

Regulation Fair Disclosure

Alfred Marshall

Thinking, Fast and Slow, by Daniel Kahneman

Today on the podcast we welcome back Cliff Asness. Cliff is the founder, managing principal, and chief investment officer at AQR Capital Management. Cliff writes often about investing and financial matters on AQR’s website and has been a prolific researcher throughout his career, with his contributions appearing in many of the leading scholarly journals, including the Journal of Portfolio Management, Financial Analyst’s Journal, the Journal of Finance, and the Journal of Financial Economics. Before co-founding AQR, Cliff was a managing director and director of quantitative research for the asset management division of Goldman Sachs. Cliff Asness, welcome back to The Long View.

Bio

@CliffordAsness

“Cliff Asness: Value Stocks Still Look Like a Bargain,” The Long View podcast, Morningstar.com, May 31, 2022.

“2035: An Allocator Looks Back Over the Last 10 Years,” by Cliff Asness, aqr.com, Jan. 2, 2025.

“(So) What If You Miss the Market’s N Best Days?” by Cliff Asness, aqr.com, June 5, 2025.

“Why Not 100% Equities,” by Cliff Asness, aqr.com, Feb. 12, 2024.

“Exceptional Expectations: US vs. Non-US Equities,” by Antti Ilmanen and Thomas Maloney, aqr.com, Q2 2025.

“In Praise of High-Volatility Alternatives,” by Cliff Asness, aqr.com, Sept. 4. 2024.

“Should Hedge Funds Hedge?: Why Some Alts Should Have a Beta of 1.0,” by Cliff Asness, aqr.com, March 28, 2025.

“We Have ‘Surrendered More to the Machines,’ Says Quant Fund Titan Cliff Asness,” by Costas Mourselas and Amelia Pollard, ft.com, June 3, 2025.

“CIO Perspectives: An Interview With Cliff Asness,” aqr.com, Sept. 1, 2024.

WisdomTree

“AQR Launches the AQR Fusion Mutual Fund Series,” AQR Funds News, aqr.com, June 25, 2025.

Asian Financial Crisis

Today on the podcast we welcome back Nick Maggiulli. He’s the author of a new book called The Wealth Ladder: Proven Strategies for Every Step of Your Financial Life. His first book was called Just Keep Buying. In addition, Nick writes a wonderful blog called Of Dollars and Data, which is focused on the intersection between data and personal finance. In his day job, Nick is the Chief Operating Officer and Data Scientist at Ritholtz Wealth Management. He received his bachelor’s degree in economics from Stanford University. Nick, welcome back to The Long View.

Bio

Of Dollars and Data

The Wealth Ladder: Proven Strategies for Every Step of Your Financial Life

Just Keep Buying: Proven Ways to Save Money and Build Your Wealth

“How to Make More Without Working More,” by Nick Maggiulli, ofdollarsanddata.com, July 7, 2025.

“How Much House Is Too Much?” by Nick Maggiulli, ofdollarsanddata.com, Oct. 22, 2024.

“Rich vs Wealthy: Summarizing the Differences,” by Nick Maggiulli, ofdollarsanddata.com, April 18, 2023.

“What Is Liquid Net Worth? [And Why It’s So Important],” by Nick Maggiulli, ofdollarsanddata.com, Dec. 5, 2023.

“Do You Need Alternatives to Get Rich?” by Nick Maggiulli, ofdollarsanddata.com, May 28, 2024.

“Concentration Is Not Your Friend,” by Nick Maggiulli, ofdollarsanddata.com, March 14, 2023.

“Nick Maggiulli: ‘The Biggest Lie in Personal Finance,’” The Long View, Morningstar.com, April 12, 2022.

Federal Reserve Survey of Consumer Finances

“High Income Improves Evaluation of Life But Not Emotional Well-Being,” by Daniel Kahneman and Angus Deaton, Princeton.edu, Aug. 4, 2010.

“Experienced Well-Being Rises With Income, Even Above $75,000 Per Year,” by Matthew Killingsworth, pnas.org, Nov. 14, 2020.

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

Of Dollars and Data Popular Posts

“Even God Couldn’t Beat Dollar-Cost Averaging,” by Nick Maggiulli, ofdollarsanddata.com, Feb. 5, 2019.

Get Good With Money, by Tiffany Aliche

The Millionaire Fastlane, by MJ DeMarco

The Intelligent Asset Allocator, by William Bernstein

How to Retire, by Christine Benz

Our guest this week is Brian Selmo. Brian is a portfolio manager and research director at First Pacific Advisors. Since 2013, he has comanaged the FPA Crescent Fund with Steve Romick and Mark Landecker, and in 2021, he became comanager of the FPA Global Equity ETF. Both strategies are highly regarded by Morningstar’s Manager Research Team. Before joining FPA in 2008, Brian worked as an analyst at Third Avenue Management and at Rothschild, and was founder and portfolio manager of Eagle Lake Capital. Brian holds a degree from Johns Hopkins.

Bio

LinkedIn

FPA

FPA Crescent Fund

Steve Romick: ‘We Think Defensively’, The Long View podcast, Aug. 25, 2020.

Morningstar Awards for Investing Excellence

In an Uncertain World: Tough Choices From Wall Street to Washington, by Robert E. Rubin and Jacob Weisberg

We’re taping this podcast at the Morningstar Investment Conference, where we’re delighted to be joined by Vanguard CEO Salim Ramji, who joined Vanguard just about a year ago. Prior to joining Vanguard, Salim was a senior leader at BlackRock, where his most recent position was as global head of iShares and index investing. Before that, he was a senior partner at McKinsey & Company. Salim started his career as a lawyer at Clifford Chance in London and Hong Kong.

Bio

Vanguard Announces Appointment of Salim Ramji as New CEO

A message From Salim Ramji

Vanguard Chooses an Outsider as Its New CEO, by Daniel Sotiroff, Morningstar.com, May 14, 2024.

Vanguard’s New CEO: The Story Everyone Is Missing, by Susan Dziubinski and Daniel Sotiroff, Morningstar.com, April 22, 2025.

Ramji Discusses Vanguard at 50 With Wall Street Week, May 22, 2025.

2025 Morningstar Investment Conference: How to Invest Today, Laura Lallos, Morningstar.com, June 27, 2025.

Vanguard CEO on Outages, Expansion Plans and Culture, Bloomberg, Aug. 5, 2024.

2025 MIC: Vanguard CEO Salim Ramji on AI, Fees, and the Future of the Firm, Hedge Fund Alpha, June 27, 2025.

Vanguard Unveils Generative AI Client Summaries for Financial Advisors, Vanguard, May 5, 2025.

Automated Investing With Digital Advisor

The Best Robo-Advisors of 2025, Dan Culloton, Morningstar.com, May 2, 2025.

How Vanguard plans to play disruptor again, by Brooke Masters, Financial Times, Feb. 11, 2025.

Vanguard CEO Salim Ramji cools the jets on private assets, by Tania Mitra, Citywire, June 26, 2025.

Vanguard CEO says its public-private efforts rooted in partnerships, not acquisitions, by Rob Kozlowski, Pensions & Investments, June 26, 2025.

Vanguard sets sights on private markets (at the right price), by Lachlan Maddock, Investment Magazine, March 5, 2025.

For this holiday week, we’re resurfacing one of our favorite episodes from 2025 so far. Author JL Collins talking about the new edition of his bestselling book, The Simple Path to Wealth. We hope that you’ll enjoy the episode, and we’ll be back with a brand-new one next week. In the meantime, happy Fourth of July.

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 author and blogger JL Collins. JL’s first book, The Simple Path to Wealth: Your road map to financial independence and a rich, free life, was published in 2016 and has since sold more than 1 million copies. He has recently come out with a second edition of the book, which his daughter, Jess, collaborated on. In 2023, he published another book called Pathfinders: Extraordinary Stories of People Like You on the Quest for Financial Independence.

Bio

The Simple Path to Wealth (Revised & Expanded 2025 Edition): Your Road Map to Financial Independence and a Rich, Free Life

Pathfinders: Extraordinary Stories of People Like You on the Quest for Financial Independence—And How to Join Them

“Case Study #1: Putting the Simple Path to Wealth Into Action,” by JL Collins, jlcollinsnh.com, July 10, 2023.

“Things Important, and Unimportant,” by JL Collins, jlcollinsnh.com, March 1, 2023.

“Stocks—Part XIII: The 4% Rule, Withdrawal Rates and How Much Can I Spend Anyway?” by JL Collins, jlcollinsnh.com, Oct. 15, 2023.

“Déjà Vu All Over Again,” by JL Collins, jlcollinshh.com, April 18, 2025.

“Stocks—Part IV: The Big Ugly Event, Deflation and a Bit on Inflation,” by JL Collins, jlcollinsnh.com, Nov. 16, 2023.

“Stocks—Part XXII: Stepping Away From REITs,” by JL Collins, jlcollinsnh.com, May 12, 2025.

“Stocks—Part XXVII: Why I Don’t Like Dollar Cost Averaging,” by JL Collins, jlcollinshn.com, Jan. 8, 2024.

“Stocks—Part III: Most People Lose Money in the Market,” by JL Collins, jlcollinsnh.com, Nov. 16, 2023.

“Time Machine and the Future Returns for Stocks,” by JL Collins, jlcollinsnh.com, July 10, 2023.

“Chainsaws and Credit Cards,” by JL Collins, jlcollinsnh.com, March 30, 2023.

“Stocks—Part XXVIII: Debt – The Unacceptable Burden,” by JL Collins, jlcollinsnh.com, May 12, 2025.

“JL Collins: The Case for Simplicity,” The Long View podcast, Morningstar.com, April 5, 2022.

“JL Collins: Spotlighting the Many Paths to Financial Independence,” The Long View podcast, Morningstar.com, Oct. 31, 2023.

Vanguard Total Stock Market Index VTSAX

Bill Bengen

Mr. Money Mustache