The Long View

Our guest on the podcast today is Matt Hougan, one of the world’s leading experts on crypto, exchange-traded funds, and financial technology. He’s the chief investment officer for Bitwise Asset Management, which offers several cryptocurrency-related funds and ETFs. He was previously chief executive officer of ETF.com and Inside ETFs. Hougan is co-author of A Comprehensive Guide to Exchange-Traded Funds and “Cryptoassets: The Guide to Bitcoin, Blockchain, and Cryptocurrency for Investment Professionals” for the CFA Institute’s Research Foundation. He graduated from Bowdoin College with a BA in philosophy.

Background

Bio

A Comprehensive Guide to Exchange-Traded Funds (ETFs), by Matt Hougan

“Cryptoassets: The Guide to Bitcoin, Blockchain, and Cryptocurrency for Investment Professionals,” by Matt Hougan and David Lawant, CFA Research Foundation Briefs, January 2021.

The Beginning of Cryptocurrency

“The Bitcoin White Paper Is Now Officially 15 Years Old,” by Pete Rizzo, Forbes.com, Oct. 31, 2023.

“Bitcoin: A Peer-to-Peer Electronic Cash System,” by Satoshi Nakamoto

Crypto Scandals

“What Was the Silk Road Online? History and Closure by the FBI,” by the Investopedia Team, Investopedia.com, June 29, 2024.

“What Was Mt. Gox? Definition, History, Collapse, and Future,” by the Investopedia Team, Investopedia.com, April 23, 2024.

“FTX Crash Is Eerily Similar to the Bernie Madoff Scandal, ex-regulator Sheila Blair Says,” by Matt Egan, cnn.com, Nov. 15, 2022.

Crypto Performance

“Crypto Market Review (Q2 2024),” by Matt Hougan, Juan Leon, Ryan Rasmussen, Alyssa Choo, Gayatri Choudhury, and Mallika Kolar, bitwiseinvestments.com, July 9, 2024.

“Ether ETF Is One Step Away From Approval as Price of Bitcoin, Ethereum, BNB, XRP, Solana, Cardano, Shiba Inu, and Dogecoin Turn Mixed,” by Dan Runkevicius, forbes.com, June 26, 2024.

“What Financial Advisors Don’t Know About Bitcoin ETFs,” Big Picture in Practice podcast, Morningstar.com, June 6, 2024.

“BlackRock’s $20 Billion ETF Is Now the World’s Largest Bitcoin Fund,” by Katie Greifeld and Sidhartha Shukla, Bloomberg.com, May 29, 2024.

“Bitcoin’s Role in a Traditional Portfolio,” by Matt Hougan and Gayatri Choudhury, bitwiseinvestments.com, Aug. 28, 2023.

“The 60/30/10 Portfolio: How to Build a Diversified Crypto Sleeve,” by Matt Hougan, bitwiseinvestments.com, July 22, 2024.

“Five Things to Expect by the Next Halving in 2028,” by Matt Hougan, bitwiseinvestments.com, April 23, 2024.

“The Crypto Market Sell-Off: What Happened and Where We Go From Here,” by Matt Hougan, bitwiseinvestments.com, Aug. 5, 2024.

“Ethereum ETPs and the Path to a New All-Time High,” by Matt Hougan, bitwiseinvestments.com, July 15, 2024.

Other

“Bitcoin Price Surges Above $30,500; But Warren Buffett Still Thinks It’s a Gamble,” by Harrison Miller, investors.com, April 13, 2023.

“SEC Approves Spot Ether ETFs,” by Kyle Torpey, Investopedia.com, July 23, 2024.

“What Is Tokenization?” by Matt Hougan, bitwiseinvestments.com, April 17, 2025.

Solana

CoinMarketCap

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Today we’ll chat with Carl Tannenbaum, chief economist for Northern Trust. In his role, Carl prepares the bank’s official economic outlook and participates in forecast surveys. He is a member of Northern Trust’s investment policy committee, its capital committee, and its asset/liability management committee. Prior to joining Northern Trust, Carl spent four years leading the Federal Reserve’s risk section. He was deeply involved in the central bank’s response to the 2008 financial crisis. Carl began his career in banking at LaSalle Bank/ABN AMRO, serving for more than 20 years as the organization’s chief economist and head of balance sheet management. Carl holds an MBA and a BA in finance and economics from the University of Chicago.

Background

Bio

Economic Outlook, Inflation, and Tariffs

“The Final Descent,” by Carl Tannenbaum, Ryan James Boyle, and Vaibhav Tandon, Northerntrust.com, July 16, 2024.

“Trust the Process,” by Carl Tannenbaum, Ryan James Boyle, and Vaibhav Tandon, Northerntrust.com, June 13, 2024.

“The Value of Economic Data,” by Carl Tannenbaum, Northerntrust.com, July 19, 2024.

“The Truth About Tariffs,” by Carl Tannenbaum, Northerntrust.com, July 3, 2024.

“A New Round of Tariffs,” by Carl Tannenbaum, Northerntrust.com, May 24, 2024.

“Inflation Has a Perception Problem,” by Carl Tannenbaum, Northerntrust.com, June 21, 2024.

“Aftershocks,” The View From Here With Carl Tannenbaum, Northerntrust.com, March 11, 2024.

The Fed and National Debt

The Fed’s Functions

Federal Reserve Bank of Chicago’s Spotlight on Childcare and the Labor Market

“Debt Matters,” The View From Here With Carl Tannenbaum, Northerntrust.com, Jan. 9, 2024.

Real Estate, Banking, and AI

“Out of Office,” The View From Here With Carl Tannenbaum, Northerntrust.com, April 1, 2024.

“Banking: Back in the News,” by Carl Tannenbaum, Northerntrust.com, Feb. 16, 2024.

“Shedding Light on Private Credit,” by Carl Tannenbaum, Northerntrust.com, May 17, 2024.

“Empowering AI,” The View From Here With Carl Tannenbaum, Northerntrust.com, July 24, 2024.

“Automation and Anxiety,” by Carl Tannenbaum, Northerntrust.com, July 12, 2024.

“Augmented Intelligence,” The View From Here With Carl Tannenbaum, Northerntrust.com, June 27, 2023.

Other

“Last Mile: What It Means in Reaching Customers,” by Adam Hayes, Investopedia.com, Sept. 11, 2023.

Committee for a Responsible Federal Budget

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Today on the podcast, we welcome back author and financial educator, Brian Feroldi. His bestselling book is Why Does the Stock Market Go Up? He is also the founder of a financial education company called Long Term Mindset and a contributor to The Motley Fool. In addition, Feroldi has a big presence on YouTube, where his videos receive hundreds of thousands of views. He received his bachelor’s degree from the University of Connecticut and his MBA from the University of Rhode Island.

Background

Bio

Long Term Mindset

The Motley Fool

Why Does the Stock Market Go Up? Everything You Should Have Been Taught About Investing in School, But Weren’t, by Brian Feroldi

Resources

Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!, by Robert Kiyosaki

Nick Maggiulli

Warren Buffett and the Interpretation of Financial Statements: The Search for the Company With a Durable Competitive Advantage, by Mary Buffett and David Clark

The Little Book That Builds Wealth: The Knockout Formula for Finding Great Investments, by Pat Dorsey

Checklists and Valuation

Investing Checklists

“How to Analyze a Company in Less Than 5 Minutes—Key Financial Ratios,” by Brian Feroldi, LinkedIn.

“How to Analyze Stocks,” by Brian Feroldi, LinkedIn.

“8 Ways to Value a Company,” by Brian Feroldi, LinkedIn.

“Face Value, Fair Value, Market Value, and Book Value. What’s the Difference?” by Brian Feroldi, LinkedIn.

“5 Essential Investing Lessons From Brian Feroldi You Can’t Ignore,” by Francesco Casarella, investing.com, Aug. 23, 2023.

Other

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

“Do Global Stocks Outperform US Treasury Bills?” by Hendrik Bessembinder, Te-Feng Chen, Goeun Choi, and K.C. John Wei, paper.ssrn.com, July 5, 2019.

Brian Feroldi’s Tribute to Charlie Munger

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Our guest on the podcast today is Charles Duhigg, a Pulitzer Prize-winning investigative journalist and author of The Power of Habit, Why We Do What We Do in Life and Business, and Smarter Faster Better. His writing has won numerous honors, including the National Academies of Sciences, National Journalism, and George Polk awards. Duhigg is a former Los Angeles Times staff writer. In between 2006 and 2017, he was a reporter at The New York Times. He currently writes for The New Yorker magazine and other publications. He graduated from Yale University and earned a Master of Business Administration from Harvard Business School. He is here today to discuss his most recent book, Supercommunicators: How to Unlock the Secret Language of Connection.

Background

Bio

The New Yorker magazine

Books

Supercommunicators: How to Unlock the Secret Language of Connection

The Power of Habit: Why We Do What We Do in Life and Business

Smarter Faster Better: The Transformative Power of Real Productivity

Other

“The Experimental Generation of Interpersonal Closeness: A Procedure and Some Preliminary Findings,” by Arthur Aron, Edward Melinat, Renee J. Bator, Elaine N. Aron, and Robert Darrin Vallone, Sage Journals, April 1997.

“Unpacking the 36 Questions That Lead to Love: Why and How They Work,” by Kendra Cherry, verywellmind.com, Feb. 12, 2024.

The Harvard Study of Adult Development

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And we are thrilled to have with us today two fabulous investors in global equities. David Herro is here from Harris Associates. He is a longtime portfolio manager at Oakmark International and Oakmark International Small Cap. Rajiv Jain, to David’s left, is here from GQG Partners, which he founded in 2016. Both of these gentlemen have strategies that are rated Gold by Morningstar’s Manager Research team. So, we’re really excited to have them here and to dig into international investing and the case for international investing.

Background

David Herro Bio

Oakmark International Investor

Oakmark International Small Cap Investor

Rajiv Jain Bio

GQG Partners Global Quality Equity

GQG Partners Emerging Markets Equity

International Funds, Interest Rates, and More

“Going Where the Value Is Greater: International Equities,” by David Herro, oakmark.com, Jan. 4, 2024.

“Bloomberg Interview: Rajiv Jain Spotlights Nvidia, Discusses Elections, India’s Potential, and China,” GQG.com, June 11, 2024.

“Fund Manager Rajiv Jain Takes $2.8bn Bet on Middle Eastern Stocks,” by Jennifer Hughs and Brooke Masters, ft.com, Jan. 14, 2024.

“The Harrowing Story of a Top Manager’s Biggest Investing Mistake,” by Gregg Wolper, Morningstar.com, Aug. 30, 2023.

“David Herro’s 1st-Quarter International Equity Market Commentary: Granolas, Japan, and Crypto—Why We Don’t Chase Momentum,” by Sydnee Gatewood, gurufocus.com, April 9, 2024.

“Billionaire Fund Manager Griffin Predicts Fed Rate Cuts in 2024,” by Dan Weil, thestreet.com, May 7, 2024.

“Jamie Dimon—Head of US’ Largest Bank—Warns of 8% Interest Rates Along With Recession,” by Derek Saul, forbes.com, April 8, 2024.

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We’re hitting pause on new episodes during this holiday week. But we wanted to resurface one of our favorite conversations of the past year—the one that Jeff Ptak and I had with author and longtime columnist Scott Burns. We hope that you’ll enjoy it, and we’ll be back with a fresh episode next week.

Our guest on the podcast today is syndicated personal finance columnist and author, Scott Burns. Scott began his career as a newspaper columnist in The Boston Herald in 1977, where he was also the financial editor. In 1985, he joined the staff of The Dallas Morning News, where his column became one of the most widely read features in the paper. Along the way, he created what he called Couch Potato Investing, which involves buying and holding a broadly diversified portfolio of low-cost index mutual funds. Scott has authored or co-authored several books, including The Coming Generational Storm and Spend ‘Til the End, both of which he co-authored with Laurence Kotlikoff. He received bachelor’s degrees in humanities and biology from the Massachusetts Institute of Technology.

Background

Bio

Couch Potato Investing

The Coming Generational Storm: What You Need to Know About America’s Economic Future, by Laurence J. Kotlikoff and Scott Burns

Spend ‘Til the End: Raising Your Living Standard in Today’s Economy and When You Retire, by Laurence J. Kotlikoff and Scott Burns

Bonds and Retirement

“Do Bonds Have a Future?” by Scott Burns, Scottburns.com, May 14, 2022.

“Scott Burns: These Four Pillars of Investing Stand the Test of Time,” by Scott Burns, Dallasnews.com, July 20, 2023.

Allan Roth

“TIPS Ladder Funds Don’t Yet Exist, but They Should,” by John Rekenthaler, Morningstar.com, June 16, 2023.

“Is America Hitting Peak Consumption?” by Scott Burns, Scottburns.com, Oct. 12, 2023.

“The Pudding Report, 2022,” by Scott Burns, Scottburns.com, Jan. 15, 2023.

“Examining the Tax Deferral Gift Horse,” by Scott Burns, Scottburns.com, April 8, 2023.

Investing in Retirement

“What’s a Safe Withdrawal Rate Today?” by Christine Benz, Jeff Ptak, and John Rekenthaler, Morningstar.com, Dec. 13, 2022.

“The 4 Percent Rule Is Not Safe in a Low-Yield World,” by Michael Finke, Wade Pfau, and David Blanchett, papers.ssrn.com, Jan. 15, 2013.

“The High Cost of Immortality,” by Scott Burns, Scottburns.com, Dec. 18, 2022.

“Making a Plan to Retire Now, Not Later,” by Scott Burns, Scottburns.com, April 25, 2022.

“Is Homeownership Bigger Than It Should Be?” by Scott Burns, Scottburns.com, Nov. 14, 2020.

“Is Downsizing in Retirement Actually Possible?” by Scott Burns, Scottburns.com, Nov. 21, 2020.

Other

Portfolio Visualizer

Center for Retirement Research at Boston College

Employee Benefit Research Institute

Kaiser Family Foundation

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Today we have two guests on the podcast, Don Graves and Wade Pfau. Don Graves is the president and founder of the Housing Wealth Institute and an instructor of Retirement Income at The American College of Financial Services. He is considered one of the nation’s leading educators on incorporating housing wealth into retirement income planning. He is also the author of three books, Housing Wealth: An Advisor’s Guide to Reverse Mortgages, Housing Wealth Conversations, and The Retiree’s Guide to Housing Wealth. He graduated from the Fox School of Business at Temple University.

Wade Pfau is professor of retirement income in the Financial and Retirement Planning Program at the American College of Financial Services. He is also co-director of the American College Center for Retirement Income and Retirement Income Certified Professional program director at the American College. Pfau has written several books, including his most recent Retirement Planning Guidebook. He is a co-editor of the Journal of Personal Finance, and he publishes frequently in a wide variety of academic and practitioner research journals. Pfau holds a doctorate in economics and a master’s degree from Princeton University and Bachelor of Arts and Bachelor of Science degrees from the University of Iowa. He is also a chartered financial analyst.

Background

Don Graves: Bio

The American College of Financial Services

Books: Housing Wealth: 3 Ways the New Reverse Mortgage Is Changing Retirement Income Conversations

The Retiree’s Guide to Housing Wealth

Wade Pfau: Bio

Books: Retirement Planning Guidebook

Reverse Mortgages: How to Use Reverse Mortgages to Secure Your Retirement

Journal of Personal Finance

Reverse Mortgages

Home Equity Conversion Mortgage (HECM): Definition, Eligibility

Sandra Timmermann

“Reversing the Conventional Wisdom: Using Home Equity to Supplement Retirement Income,” by Barry H. Sacks and Stephen R. Sacks, financialplanningorganization.org, February 2012.

HECM Origination Counseling

“Using Reverse Mortgages in a Responsible Retirement Income Plan,” by Wade Pfau, retirementresearcher.com.

“The Decumulation Drawdown: How Spending Became the Big Dilemma in Retirement,” by Alessandra Malito, marketwatch.com, June 4, 2022.

“Jamie Hopkins: A Framework for Financial Freedom,” The Long View podcast, Morningstar.com, Dec. 2, 2022.

“Reverse Mortgage Net Principal Limit: Meaning, Pros and Cons,” by Julia Kagan, Investopedia.com, April 7, 2022.

“Understanding Why and How the HECM Line of Credit Grows,” by Wade Pfau, forbes.com, Jan. 7, 2021.

“Standby Reverse Mortgages: A Risk Management Tool for Retirement Distributions,” by John Salter, Shaun Pfeiffer, and Harold Evensky, financialplanningassociation.org, August 2012.

“Integrating Home Equity and Retirement Savings Through the “Rule of 30,’” by Peter Neuwirth, Barry Sacks, and Stephen Sacks, Journal of Financial Planning, October 2017.

“Wade Pfau: The Risk of Retirement Today,” The Long View podcast, Morningstar.com, Aug. 2, 2022.

“Unbundling Investments From Insurance to Solve for Lifetime Sequence-of-Return Risk,” by Wade Pfau, retireone.com, Jan. 12, 2022.

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Our guest on the podcast today is Scott Rick. Scott is an associate professor of marketing at the University of Michigan’s Ross School of Business. He is the author of a new book, Tightwads and Spendthrifts: Navigating the Money Minefield in Real Relationships. He received his Ph.D. in behavioral decision research from Carnegie Mellon in 2007, and he then spent two years as a postdoctoral fellow at Wharton. His research focuses on understanding the emotional causes and consequences of consumer financial decision-making, with a particular interest in the behavior of tightwads and spendthrifts.

Background

Bio

Scottrick.com

Tightwads and Spendthrifts: Navigating the Money Minefield in Real Relationships, by Scott Rick

Couples, Spendthrifts, and Tightwads

“A Penny Saved Is a Partner Earned: The Romantic Appeal of Savers,” by Jenny Olson and Scott Rick, papers.ssrn.com, Sept. 1, 2017.

“Spendthrifts and Tightwads in Childhood: Feelings About Spending Predict Children’s Financial Decision Making,” by Craig E. Smith, Margaret Echelbarger, Susan A. Gelman, and Scott I. Rick, Journal of Behavioral Decision Making, December 2017.

“‘You Spent How Much?’ Toward an Understanding of How Romantic Partners Respond to Each Other’s Financial Decisions,” by Jenny Olson and Scott Rick, sciencedirect.com, 2022.

“Common Cents: Bank Account Structure and Couples’ Relationship Dynamics,” by Jenny Olson, Deborah Small, Scott Rick, and Eli Finkel, Journal of Consumer Research, December 2023.

“Subjective Knowledge Differences Within Couples Predict Influence Over Shared Financial Decisions,” by Jenny Olson and Scott Rick, journals.uchicago.edu, October 2023.

“How Much Do You Need to Know About How Your Spouse Spends Money? Maybe Less Than You Think,” by Scott Rick, theconversation.com, June 10, 2024.

Gift-Giving

“Why Gift-Giving Makes You Anxious,” by Scott Rick, Time.com, Dec. 19, 2023.

“How to Be a Better Gift-Giver to a Partner,” by Scott Rick, psychologytoday.com, Feb. 22, 2024.

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Our guest on the podcast today is Andrew Blake. Andrew is associate director of wealth management for Cerulli Associates. He is a member of Cerulli’s Wealth Management practice, leading coverage of asset manager distribution strategy for products sold through financial advisors. With a focus on the wealth management landscape, Andrew assesses trends related to advisor use of investment products as well as their relationships with clients and varying practice types. Prior to joining Cerulli, Andrew worked at John Hancock Investment Management and a Boston-area RIA. He has a BBA in marketing as well as management and strategic leadership from Ohio University.

Background

Bio

The Cerulli Report: US Intermediary Distribution 2023

The Cerulli Report: US Advisor Metrics 2023

Research

US Broker/Dealer Marketplace 2023

US RIA Marketplace 2023

US High-Net-Worth and Ultra-High-Net-Worth Markets 2023

US Retirement Markets 2023

State of US Wealth Management Technology 2024

Advisors

The Cerulli Edge: US Advisor

“More Advisors Are Making the Move to RIA, Independent Models,” by Josh Welsh, investmentnews.com, Oct. 31, 2023.

“The Role of the Retail-Direct Channel in a Growing Financial Planning Profession,” cfp.net, March 28, 2023.

“Financial Adviser Shortage Looms, Cerulli Reports,” by Natalie Lin, planadviser.com, Jan. 16, 2024.

“Asset Managers Embrace a Technology Arms Race,” cerulli.com, Oct. 27, 2022.

“As Retirement Exodus Looms, Rookie Advisor Failure Rate at 72%, Study Finds,” by Ayo Mseka, insurancenewsnet.com, Feb. 12, 2024.

Other

Creative Planning

“Peter Mallouk: The Financial Advice Industry Is ‘Still Very Messy,’” The Long View podcast, Morningstar.com, March 26, 2024.

Vanguard Personal Advisor Select

Schwab Intelligent Portfolios

iCapital

Case IQ

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Our guest this week is Keith Lee. Keith has been lead portfolio manager on the Brown Capital Management Small Company Strategy since 1992. He and the Small Company team were named Morningstar’s Fund Manager of the Year for Domestic Equity in 2015, and the mutual fund carries a Morningstar Medalist Rating of Gold. Keith is also a member of the board of directors and chairman of the management committee for Brown, and he has held the positions of CEO and CIO. He is a trustee of the Baltimore Community Foundation and active in many other Baltimore-based philanthropies. He holds a BA and an MBA from the University of Virginia.

Background

Bio

Brown Capital Management

Brown Capital Management Small Company Strategy

Brown Capital’s Proprietary Investment Philosophy

“Morningstar’s 2015 US Fund Manager of the Year Award Winners Delivered Superior Performance,” Morningstar.com, Jan. 26, 2016.

Brown Capital

“The Oracle of Apopka: Meet Eddie Brown, One of Wall Street’s Greatest Untold Stories,” by Antoine Gara, forbes.com, May 28, 2019.

“The Case for Going Small,” browncapital.com, March 27, 2023.

“I’m a Black CEO. I’ve Been Discounted on Wall Street Because of my Skin Color,” by Eddie Brown, washingtonpost.com, July 8, 2020.

“Team Decisions: Why Our Investment Team Structure Helps Us Make Better Decisions,” by Keith Lee, browncapital.com, Sept. 14, 2022.

“How We Think About Performance,” by Keith Lee, browncapital.com, June 30, 2022.

“Small Company Team Awarded Morningstar’s High ‘People Rating,’” browncapital.com, May 22, 2022.

Other

Beating the Odds: Eddie Brown’s Investing and Life Strategies, by Eddie Brown

“Opposites Attract: Why Financial Services Firms and ESOPS Are Made For Each Other,” by Mary Josephs, forbes.com, June 7, 2021.

“Mutual Funds 2030,” PwC study, pwc.com.

“Sizing the Prize—PwC’s Global Artificial Intelligence Study: Exploiting the AI Revolution,” PwC study, pwc.com.

Cognex

Bio-Techne

Veeva Systems

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