The Long View

Our guest on the podcast today is Professor Hal Hershfield. Dr. Hershfield is Professor of Marketing, Behavioral Decision Making, and Psychology at UCLA's Anderson School of Management. His research concentrates on the psychology of long-term decision-making and how people's perceptions of the passage of time affect the decisions that they make. He has consulted with numerous organizations including Prudential, the Consumer Financial Protection Bureau, Merrill Lynch, and the Principal Financial Group. He received his B.A. at Tufts University and his Ph.D. at Stanford.

Background

Bio

The Pandemic

“How Elvis Got Americans to Accept the Polio Vaccine,” by Hal Hershfield and Ilana Brody, scientificamerican.com, Jan. 18, 2021.

“Should You Immerse Yourself in Bad News These Days or Ignore It Completely?” by Hal Hershfield, scientificamerican.com, May 5, 2020.

“How to Craft the Vaccine Message for the Undecided,” by Bill Kisliuk, ucla.edu, May 4, 2021.

“Your Messaging to Older Audiences Is Outdated,” by Hal Hershfield and Laura Carstensen, harvardbusinessreview.org, July 2, 2021.

“Time Is Meaningless Now,” by Shayla Love, vice.com, April 10, 2020.

Saving for the Future

Daniel Kahneman

“Temporal Reframing and Participation in a Savings Program: A Field Experiment,” by Hal Hershfield, Stephen Shu, and Shlomo Benartzi, halhershfield.com, 2020.

“Using Vividness Interventions to Improve Financial Decision Making,” by Hal E. Hershfield, Elicia M. John, and Joseph S. Reiff, halhershfield.com, 2018.

“Increasing Saving Behavior Through Age-Progressed Renderings of the Future Self,” by Hal Hershfield, Daniel Goldstein, William Sharpe, Jesse Fox, Leo Yeykelis, Laura Carstensen, and Jeremy Bailenson, halhershfield.com, 2011.

“The Future Self,” by Hal E. Hershfield and Daniel Bartels, uchicago.edu, 2018.

“Beliefs About Whether Spending Implies Wealth,” by Heather Barry Kappes, Joe J. Gladstone, and Hal Hershfield, londonschoolofeconomics.com, 2020.

“Seeking Lasting Enjoyment With Limited Money: Financial Constraints Increase Preference for Material Goods Over Experiences,” by Stephanie M. Tully, Hal E. Hershfield, and Tom Meyvis, halhershfield.com, 2015.

“Do Images of Older Americans Reinforce Stereotypes?” by Colette Thayer and Laura Skufca, aarp.org, September 2019.

Retirement and Older Adults

“People Search for Meaning When They Approach a New Decade in Chronological Age,” by Adam Alter and Hal Hershfield, halhershfield.com, 2014.

Mike North

“You Owe It to Yourself: Boosting Retirement Saving With a Responsibility-Based Appeal,” by Christopher J. Bryan and Hal E. Hershfield, halhershfield.com, 2012.

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Our guest on the podcast today is Laura Carstensen. She is professor of psychology at Stanford University, where she is the Fairleigh S. Dickinson Professor in Public Policy and founding director of the Stanford Center on Longevity. Her research focuses on the motivational and emotional changes that occur with age and the influence such changes have on cognitive processing. She is the author of a A Long Bright Future: Happiness, Health, and Financial Security in an Age of Increased Longevity. She received her bachelor's degree from the University of Rochester, and her Ph.D. in clinical psychology from West Virginia University.

Background

Bio

Stanford Center on Longevity

A Long Bright Future: Happiness, Health, and Financial Security in an Age of Increased Longevity, by Laura Carstensen, Ph.D.

The Pandemic

“Age Advantages in Emotional Experience Persist Even Under Threat From the COVID-19 Pandemic,” by Laura L. Carstensen, Yochai Z. Shavit, and Jessica T. Barnes, journals.sagepub.com, Oct. 26, 2020.

“A Life-Course Model for Healthier Ageing: Lessons Learned During the COVID-19 Pandemic,” by Laura L. Carstensen, Ashley Jowell, and Michele Barry, ncbi.nlm.nih.gov, October 2020.

Longevity

“Growing Old or Living Long: Take Your Pick,” by Laura L. Carstensen, issues.org, Winter 2007.

“Laura Carstensen’s TED Talk: Older People Are Happier,” ted.com, April 2012.

“Retire at 80!—So Says University Professor and Longevity Expert,” by Perry Brissette, perrybrissette.medium.com, July 4, 2018.

“Opinion: We Need a Major Redesign of Life,” by Laura Carstensen, washingtonpost.com, Nov. 29, 2019.

“Longevity and Retirement: An Expert on Aging Explains How Retirement Is Being Redefined,” Fidelity Viewpoints, fidelity.com, Feb. 3, 2021.

“Boomers: Less Tied to Friends and Family as Others Are,” by Laura L. Carstensen, nextavenue.org, May 31, 2016.

“Exercise Holds Immediate Benefits for Affect and Cognition in Younger and Older Adults,” by Candace L. Hogan, Jutta Mata, and Laura L. Carstensen, pubmed.ncbi.nlm.nih.gov, June 2013.

“How Merrill Lynch Is Planning for Its Customers to Live to 100,” by Susan Wilner Golden and Laura L. Carstensen, harvardbusinessreview.org, March 4, 2019.

“There’s a New Way of Living Thanks to Longevity,” wealthchoice.com, May 16, 2019.

“Selective Narrowing of Social Networks Across Adulthood Is Associated With Improved Emotional Experience in Daily Life,” by Laura L. Carstensen and Tammy English, researchgate.net, March 2014.

 “Leveraging Goals to Incentivize Healthful Behaviors Across Adulthood,” by Laura L. Carstensen, Teja Chemudupati, Jessica T. Barnes, Candice L. Hogan, and Sarah Raposo, researchgate.net, July 2020.

Cognitive Decline

“Selective Narrowing of Peripheral Social Networks Predicts Poor Long-Term Cognition in Old Age,” by Laura L. Carstensen, Hsiao-Wen Liao, and Yochai Shavit, researchgate.net, November 2019.

“Integrating Cognitive and Emotion Paradigms to Address the Paradox of Aging,” by Laura L. Carstensen, researchgate.net, November 2018.

“The Theory Behind the Age-Related Positivity Effect,” by Laura L. Carstensen and Andrew E. Reed, frontiersinpsychology.org, Sept. 27, 2012.

“The Positivity Effect: A Negativity Bias in Youth Fades With Age,” by Laura L. Carstensen and Marguerite DeLiema, researchgate.net, February 2018.

“Alternative Retirement Paths and Cognitive Performance: Exploring the Role of Preretirement Job Complexity,” by Laura L. Carstensen, Dawn C. Carr, Robert Willis, and Ben Lennox Kail, thegerentologist.com, April 2020.

Messaging to Older Adults

Hal Hershfield

“Your Message to Older Adults Is Outdated,” by Hal Hershfield and Laura L. Carstensen, harvardbusinessreview.org, July 2, 2021.

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Our guest this week is Meb Faber. He is co-founder and chief investment officer of Cambria Investment Management, which manages exchange-traded funds and separate accounts. In addition to his duties at Cambria, Faber is a prolific author who has written influential books on tactical allocation and endowment-styled investing, among other published works. He also hosts the popular Meb Faber Show podcast, is an active participant in financial Twitter, and is the architect of The Idea Farm, a web-based research resource he developed for investors. Faber is an experienced angel investor in small, private businesses as well as an investor in alternative assets like farmland and rare coins. He graduated from the University of Virginia with a dual major in engineering science and biology.

Background

Bio

Books

The Meb Faber Show podcast

@MebFaber

The Idea Farm

Celera Corporation

Gattaca

Richard Thaler

James Montier

Current Environment and Market Valuations

Triumph of the Optimists, by Elroy Dimson

"The Best way to Add Yield to Your Portfolio," by Meb Faber, mebfaber.com, July 6, 2017.

"Should a Robot Be Managing CalPERS Portfolio?" by Meb Faber, mebfaber.com, June 8, 2015.

"Should Harvard’s Endowment Be Managed by a Robot?" by Meb Faber, mebfaber.com, Sept. 29, 2016.

Jim Rogers

"I Don’t Feel Overweight," by Meb Faber, mebfaber.com, July 8, 2019.

"The Case for Global Investing," by Meb Faber, mebfaber.com, Jan. 10, 2020.

"Designing a Portfolio With Crypto, Cannabis, and Value in Mind," by Evie Liu, barrons.com, July 1, 2021.

"Stocks Are Allowed to Be Expensive Since Bonds Are Low…Right?" by Meb Faber, mebfaber.com, Jan. 6, 2021.

Twitter thread on contrarian investment beliefs

"Journey to 100x," by Meb Faber, mebfaber.com, July 1, 2021.

"Stock Market Valuations," by Meb Faber, mebfaber.com, March 21, 2020.

Shiller P/E Ratio

Research Affiliates

AAII Sentiment Survey

Galapagos: A Novel, by Kurt Vonnegut

Trend-Following

"A Quantitative Approach to Tactical Asset Allocation," by Meb Faber, papers.ssrn.com, Feb. 1, 2013.

"How Does a Market Get Cheap? The P in P/E," by Meb Faber, mebfaber.com, April 4, 2016.

"OPTO Sessions: Meb Faber on Spotting Market Bubbles," cmcmarkets.com, Aug. 28, 2020.

"The Biggest Valuation Spread in 40 Years?" by Meb Faber, mebfaber.com, Jan. 25, 2019.

"The Case for Global Investing," by Meb Faber, mebfaber.com, Jan. 10, 2020.

"Is Buying Stock at an All-Time High a Good Idea?" by Meb Faber, mebfaber.com, Nov. 4, 2019.

"You Would’ve Missed 961% in Gains Using The CAPE Ratio, and That’s a Good Thing," by Meb Faber, mebfaber.com, Jan. 6, 2019.

Global Asset Allocation, by Meb Faber

Dow Theory

"Diversify, Tilt, Relax--Meb Faber’s Case for Global Investing," by Aaron Neuwirth, efttrends.com, Jan. 14, 2020.

"FAQs on Share Buybacks for Lawmakers, Journalists, and Investors," by Meb Faber, mebfaber.com, Aug. 5, 2019.

Qualified Small Business Stock (QSBS)

AngelList

Unclaimed.org

The Coffee Can Portfolio," by James Kirby, csinvesting.org, Fall 1984.

Favorite Interviews

"Episode #39: Ed Thorp, Hedge Fund Manager, Author, & Professor, ‘If You Bet Too Much, You’ll Almost Certainly Be Ruined,’" The Meb Faber Show, mebfaber.com, Feb. 8, 2017.

"Episode #343: Dr. Nathan Myhrvold, Intellectual Ventures, ‘Pizza in the United States Is What Convinced the World That Pizza Was a Great Thing,’" The Meb Faber Show, mebfaber.com, Aug. 25, 2021.

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Our guest on the podcast today is psychologist and author Dr. Daniel Crosby. Daniel is the chief behavioral officer at Orion Advisor Solutions. Daniel has written numerous 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 and doctorate at Brigham Young University.

Background

Bio

The Behavioral Investor, by Daniel Crosby

The Laws of Wealth: Psychology and the Secret to Investor Success, by Dr. Daniel Crosby

You’re Not That Great, by Daniel Crosby, Ph.D.

Standard Deviations podcast

Orion Advisor Solutions

Current Environment

“3 Tips to Handle Financial Peer Pressure With Ease,” ally.com, Aug. 18, 2021.

“Loneliness and Social Isolation as Risk Factors for Mortality: A Meta-Analytic Review,” by Julianne Holt-Lunstad and Timothy Smith, scholarsarchive.byu.edu, 2015.

“Episode #337: Professor Richard Thaler, University of Chicago, ‘When Somebody Would Fire Us, It Was Almost Always at Exactly the Wrong Time,’” The Meb Faber Show podcast, mebfaber.com, Aug. 4, 2021.

“Help Wanted: How Investor Behavior Is Rewriting the Job Description of Financial Professionals,” Natixis Global Survey of Individual Investors, fa-mag.com, 2016.

Orion Advisor Technology

Betterment

“Jason Zweig: Temperament Is Everything for Most Investors,” The Long View podcast, Morningstar.com, June 29, 2021.

Pandemic

“The Strange Psychology of COVID-19 and Investor Behavior,” by Daniel Crosby, Kiplinger.com, Aug. 11, 2020.

“Daniel Crosby: Investing Rules for Uncertain Times,” by Daniel Crosby, investec.com, June 4, 2020.

“When It Rains,” by Daniel Crosby, blog.brinkercapital.com, 2020.

“How COVID-19 Will Impact the Future of Investor Behavior,” by Daniel Crosby, blog.brinkercapital.com, 2020.

Behavioral Finance and Investing

“Daniel Crosby on the Three E’s of Behavioral Investing,” financialplanningassociation.org, August 2021.

“The BIG List of Behavioral Nudges,” by Daniel Crosby, blog.brinkercapital.com, 2019.

“Robert Shiller: 'Wild West' Mentality Is Gripping Housing, Stocks and Crypto,” by Stephanie Landsman, cnbc.com, May 24, 2021.

“Dr. Daniel Crosby’s Three Drivers of Human Behavior,” E-book by Daniel Crosby, orionadvisortech.com.

“The Formula for Happiness: Wanting What You Have,” by Daniel Crosby, blog.brinkercapital.com, 2019.

“Can Money Buy Happiness? Sort Of,” by Daniel Crosby, linkedin.com, July 19, 2016.

“What Is the PERMA Model?” corporatefinanceinstitute.com.

Denise Shull

Daniel Kahneman

Standard Deviations Podcast

“Christine Benz--Goals Based Approaches to Retirement,” Standard Deviations podcast with Daniel Crosby, standarddeviationspod.com, April 11, 2019.

“Morgan Housel--The Psychology of Money,” Standard Deviations podcast with Daniel Crosby, standarddeviationspod.com, Sept. 4, 2019.

“Jim O’Shaughnessy--What Works on Wall Street,” Standard Deviations podcast with Daniel Crosby, podcasts.apple.com, Aug. 14, 2019.

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Our guest on the podcast today is Michael Falk. Falk is a partner at the Focus Consulting Group, where he specializes in helping investment and wealth management firms with investment decision-making, strategic planning, and succession. Previously, he was a chief strategist at Global Macro LP and a chief investment officer in charge of manager due diligence and asset allocation for a multi-billion-dollar advisory practice. Falk has authored or coauthored several books, including Let's All Learn How to Fish To Sustain Long-Term Economic Growth, Get to Work on OUR Future, and Money, Meaning, and Mindsets. He is a frequent public speaker and is also a CFA charterholder.

Background

Bio

Let's All Learn How to Fish … To Sustain Long-Term Economic Growth, by Michael Falk

Get to Work … On OUR Future, by Michael Falk

Money, Meaning, and Mindsets: Radical Reform for the Investment Industry, by Michael Falk

"Jason Zweig: Temperament Is Everything for Most Investors," The Long View podcast, Morningstar.com, June 29, 2021.

Retirement and Target-Date Funds

"Psychological Safety & Career Risk in the Investment Management Industry," by Michael Falk and Bob Schmidt, Brandes Institute, February 2020.

“Enough About the Assets, Already!" by Michael Falk, Retirement InSight and Trends, 2014.

"Falk: Immunize Your Retirement Portfolio Before Optimizing," Morningstar.com, June 30, 2014.

"Off With Your (Rules of) Thumbs!" by Michael Falk, Retirement InSight and Trends, 2015.

"Target Date Fund Warning," by Terry Savage, terrysavage.com, July 6, 2021.

"Is Retirement Past Its Prime? The Economic & Behavioral Realities of Retirement," by Michael Falk, Retirement InSight and Trends, 2014.

"A Popular Retirement Rule of Thumb Isn't Wrong, but It Could Be Disruptive for Retirees," by Stephanie Yang, yahoo.com, July 9, 2014.

Investments and Asset Allocation

"Michael Falk: Emotional Intelligence as Investment Alpha," Standard Deviations With Dr. Daniel Crosby, Aug. 17, 2021.

"Still Learning to Fish: Three Years On," by Michael Falk, CFA Institute, Jan. 23, 2020.

"Everything You Need to Know About Investing," by Michael Falk, Investments & Wealth Monitor, November/December 2020.

"Taking Investment Teams From Good to Great," by Michael Falk, CFA Institute, Oct. 4, 2018.

"Michael Falk: I'll Never Buy Bonds Again, and You Shouldn't Either," Money Life With Chuck Jaffe, Dec. 31, 2020.

Herfindahl-Hirschman Index

"Crypto Dreamin'? The Good, the Bad, and the Ugly," by Michael Falk, CFA Institute, June 16, 2020.

"Green Carrots and Sticks: Incentivizing Climate Solutions," by Michael Falk and Joachim Klement, CFA Institute, June 23, 2021.

"An Alternative to the 60/40 Portfolio," by Ben Carlson, A Wealth of Common Sense, March 5, 2015.

"Michael Falk: How a Money Mind Deals With a Terminal Diagnosis," Money Life With Chuck Jaffe, Feb. 26, 2020.

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 Our guest this week is Rick Bookstaber. Rick is the head of risk of Fabric, a startup he founded to provide risk-management software to individual investors through the financial advisors who serve them. Prior to founding Fabric, Rick held a number of senior risk-management roles, most recently as chief risk officer at the University of California system, and before that at various hedge funds and banks, including Bridgewater, FrontPoint Partners, Morgan Stanley, and Salomon Brothers. He also served in the Obama administration, where his work included stints with the Financial Stability Oversight Council and at the SEC on the Volcker Rule and other regulations. Rick has authored several books, including A Demon of Our Own Design, which was published in 2007, as well as The End of Theory, which was published in 2017. Rick received his bachelor’s in economics at Brigham Young University and earned a doctorate in economics from MIT.

Background

Bio

Fabric

A Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation, by Rick Bookstaber

The End of Theory: Financial Crises, the Failure of Economics, and the Sweep of Human Interaction, by Rick Bookstaber

Risk Management Macro

“7 Risks That Are Creating a New Market Paradigm,” by Rick Bookstaber, barrons.com, June 17, 2021.

“Agent-Based Models for Financial Crises,” by Rick Bookstaber, bookstaber.com, Aug. 30, 2017.

“Can Global Capitalism Survive in its Current Form?” by Rick Bookstaber, Age of Economics on youtube.com, March 6, 2021.

“Bill Bernstein: We’re Starting to See All of the Signs of a Bubble,” The Long View Podcast, Morningstar.com, March 10, 2021.

“A More Realistic Look at Risk,” by Amanda White, top1000funds.com, Oct. 6, 2017.

“Can High Liquidity + Low Volatility = High Risk?” by Rick Bookstaber, rick.bookstaber.com, Aug. 23, 2007.

“Our Low Risk (Low Volatility) World,” by Rick Bookstaber, rick.bookstaber.com, Nov. 4, 2017.

“Building Forward-Looking Scenarios: Why You’re Doing It Wrong,” by Rick Bookstaber, Alicia Karspeck, and Govinda Quish, risk.net, Aug. 3, 2021.

Investments

“How to Make Risk Management Work for Advisers,” by Rick Bookstaber, investmentnews.com, June 24, 2021.

Aladdin (BlackRock)

“MSCI’s Principles of Sustainable Investing,” msci.com.

Organization and Culture

“Adaptability Versus Optimization: The Cockroach Approach,” by Alex Barrow, macro-ops.com, Aug. 28, 2019.

“Opinion: A Chief Risk Officer Offers the Simplest Way to Fight Back Against Stock-Market Memes,” by Rick Bookstaber, marketwatch.com, July 10, 2021.

“This Is the Way Facebook Ends (and Maybe Apple and Google),” by Rick Bookstaber, rick.bookstaber.com, Jan. 28, 2018.

“Facebook and the Awakening of our Private Selves,” by Rick Bookstaber, rick.bookstaber.com, April 1, 2018.

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Our guest on the podcast today is Sarah Newcomb, director of behavioral science at Morningstar. In her role she works to integrate the findings of her research into Morningstar financial management applications and tools. Before joining Morningstar in 2015, Sarah earned her doctorate in behavioral economics from the University of Maine, where her work focused on the psychological barriers to sound personal money management. She's the author of Loaded: Money, Psychology, and How to Get Ahead Without Leaving Your Values Behind. Sarah also holds a bachelor’s degree in mathematics from Salem State University, a master's degree in financial economics from the University of Maine, and a master’s certification in personal financial planning from Bentley University.

Background

Bio

Loaded: Money, Psychology, and How to Get Ahead Without Leaving Your Values Behind, by Sarah Newcomb

Financial Education

“Smart Shortcuts for the Good-Enough Investor,” by Sarah Newcomb, Morningstar.com, Sept. 3, 2019.

“Can a Rule of Thumb Be a Shortcut to Financial Well-Being?” by Samantha Lamas, Morningstar.com, Jan. 25, 2021.

“Keeping it Simple: Financial Literacy and Rules of Thumb,” by Greg Fischer, Alejandro Drexler, and Antoinette Schoar, findevgateway.org, July 1, 2010.

“Making the Science Practical: Behavioral Interventions in Practice,” by Sarah Newcomb and Benjamin Cummings, researchgate.net, January 2019.

“A Simple Plan for Financial Independence,” by Sarah Newcomb, Morningstar.com, Oct. 15, 2019.

“The Complicated Art of Making Things Simple,” by Sarah Newcomb and Samantha Lamas, fa-mag.com, May/June 2017.

“Sarah Newcomb: Understanding a Client’s Money Mindset in Order to Maximize Their Well-Being,” The Human Side of Money podcast with Brendan Frazier, audible.com, March 17, 2021.

“Encouraging Action Through Design and Testing,” by Sarah Newcomb, slideshare.net, April 29, 2015.

“Don’t Give Up on Financial Literacy Efforts,” investmentnews.com, Feb. 8, 2020.

“Money Doesn’t Buy Happiness, but Power Might,” by Sarah Newcomb, medium.com, Jan. 13, 2017.

“Coaching Clients to Teach Their Kids About Investing,” by Sarah Newcomb, investmentnews.com, Jan. 21, 2020.

“How to Start Teaching Your Kids About Money,” by Sarah Newcomb and Samantha Lamas, Morningstar.com, Aug. 4, 2018.

“What Is Mad Money?” by Keonhee Kim, Morningstar.com, April 6, 2021.

“John Lynch: Rethinking Financial Education,” The Long View Podcast, Morningstar.com, Dec. 11, 2019.

“Overcoming Clients’ Behavioral Biases Using Nudges, Smart Heuristics, and Behavioral Coaching,” by Michael Kitces, kitces.com, March 24, 2021.

“Separating ‘Needs’ From ‘Wants’ Could Be Harming Your Financial Planning,” by Bill Keen, keenwealthadvisors.com, June 2, 2021.

Financial Wellness and Tools

“5 Financial Signs to Check Your Financial Independence,” by Sarah Newcomb, Morningstar.com, Jan. 16, 2020.

“What Makes People Happy?” by Carla Fried, nny360.com, April 15, 2021.

“Neighbors of Lottery Winners Are More Likely to Go Bankrupt,” by Leslie Albrecht, marketwatch.com, Oct. 21, 2018.

“An Innovative Way to Face Retirement,” by Emily Brandon, money.usnews.com, Jan. 14, 2103.

Hal Hershfield

“Is Instagram Making You Poor?” by Sarah Newcomb, psychologytoday.com, Oct. 18, 2018.

“How Stories Drive Financial Behavior--and What to Do About It,” by Sarah Newcomb, Morningstar.com, Sept. 14, 2020.

Pandemic

“Year in Review: Pandemic Edition,” by Sarah Newcomb, investmentnews.com, Dec. 3, 2020.

“Sick of Uncertainty? Read This,” by Sarah Newcomb, morningstar.com, Nov. 3, 2020.

“It’s the End of the World as We Know It,” by Sarah Newcomb, investmentnews.com, Oct. 8, 2020.

Behavioral Finance

Daniel Kahneman

Richard Thaler

Gerd Gigerenzer

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Our guest this week is Martin Lau. Martin is a managing partner of FSSA Investment Managers, part of First Sentier Investors. He's been at the firm since 2002 and is the lead fund manager of various FSSA strategies, including the FSSA Asian Equity Plus Fund, the FSSA China Growth Fund, and the FSSA Hong Kong Growth Fund. Martin has been in the investment business for nearly three decades and is based in Hong Kong. Morningstar's analysts have recognized Martin's achievements on a number of occasions, most recently in 2020, when they named the FSSA Hong Kong Growth Fund the winner of the Best Hong Kong Equity Fund Award. Martin earned a Bachelor of Arts degree from Cambridge University, as well as master’s degree in engineering from Cambridge. Martin is a CFA charterholder.

Background

BioFSSA Investment Managers

Morningstar Global Fund Report: FSSA Asian Equity Plus Fund Class I

FSSA China Growth Fund Class I

FSSA Hong Kong Growth Fund

Portfolio Management and Investing in China

“Some Chinese Stocks Are Starting to Look Like Bargains. Where to Look,” by Reshma Kapadia, barrons.com, July 12, 2021.

“Tencent’s Margins Are Going Down, and That’s Great News for Shareholders,” by Billy Duberstein, themotleyfool.com, May 23, 2021.

“Chinese Internet Stocks Are Riding on China’s Rising Self-Reliance and Policy Changes,” seekingalpha.com, June 13, 2021.

“Didi Global Considers Going Private to Placate China and Compensate Investors,” by Jing Yang, wsj.com, July 29, 2021.

“Factbox: From Education to Bitcoin, China’s Season of Regulatory Crackdown,” reuters.com, July 27, 2021.

“China’s New Rules Raise Risks for Private K-12 Education Companies,” fitchratings.com, June 17, 2021.

“Tap Into the World’s Fastest Growing Markets by Investing Into High Quality Companies Driving Sustainable Growth Outcomes,” by Martin Lau, fssaim.com.

Companies Mentioned in This Episode

Tesla
 

Tencent
 

DiDi
 

Alibaba Group
 

Apple
 

Google
 

PetroChina
 

China Mobile
 

Industrial and Commercial Bank of China
 

JP Morgan
 

Wells Fargo
 

China Merchants Bank
 

Kuaishou
 

ENN Energy Holdings Limited
 

Nike
 

ANTA Sports
 

Fila

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Our guest on the podcast this week is Carl Richards. Carl is a Certified Financial Planner and a Financial Advisor Communication Expert. His new venture is called The Society of Advice, which he describes as a global gathering of real financial advisors. Carl created the Sketch Guy column in The New York Times. And he is also author of two books: The One-Page Financial Plan: A Simple Way to Be Smart About Your Money and The Behavior Gap: Simple Ways to Stop Doing Dumb Things With Money. In addition, he hosts the Behavior Gap Radio podcast and also cohosts a podcast with financial planning guru Michael Kitces, called Kitces & Carl.

Background

Bio

The Society of Advice videos

“Carl Richards: ‘Let’s Focus on Being a Little Less Wrong Tomorrow’,” The Long View podcast, Morningstar.com, May 13, 2020.

Behavior Gap

The Behavior Gap: Simple Ways to Stop Doing Dumb Things With Money by Carl Richards

The One-Page Financial Plan: A Simple Way to Be Smart About Your Money by Carl Richards

How I Invest My Money: Finance Experts Reveal How They Save, Spend, and Invest, edited by Joshua Brown and Brian Portnoy and illustrated by Carl Richards.

Sketch Guy

Kitces & Carl Podcast

Real Financial Planning

“Learning to Deal With the Imposter Syndrome,” by Carl Richards, behaviorgap.com, Oct. 26, 2015.

“Jason Zweig: Temperament Is Everything for Most Investors,” The Long View Podcast, Morningstar.com, June 29, 2021.

“Should You Buy Bitcoin? Ask a Different Question First,” by Carl Richards, nytimes.com, Jan. 5, 2018.

“The Single Most Valuable Asset Is Trust,” by Carl Richards, behaviorgap.com.

“The Value of an Advisor,” by Carl Richards, behaviorgap.com.

Financial Planning Process

Start With Why: How Great Leaders Inspire Everyone to Take Action, by Simon Sinek.

Bill Bachrach

George Kinder

Dan Sullivan, Strategic Coach

RescueTime

“Carl Richards on How to Simplify Your Appointment Process and Build Trust by Asking Better Questions,” Podcast with Brad Johnson, Aug. 19, 2019.

The Private Client Lawyer Now and in the Future, by Russ Alan Prince.

Money Decisions

“How Do You Define Enough?” by Carl Richards, behaviorgap.com.

“How Much Is Enough?” by Carl Richards, behaviorgap.com.

“Time Off Is a Prerequisite for Good Work (Not a Reward for It): An Interview With New York Times Columnist Carl Richards,” by Jory MacKay, blog.rescuetime.com, June 7, 2018.

“Sure… #CrushIt. Then Get Some Rest,” by Carl Richards, behaviorgap.com.

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Our guest on the podcast today is author and financial educator, Manisha Thakor. Manisha is founder of MoneyZen, a financial education consultancy. She's also the coauthor of two books with Sharon Kedar: On My Own Two Feet, published in 2007 and updated in 2013, and Get Financially Naked, which came out in 2009. Prior to founding MoneyZen, Manisha was vice president of financial well-being at Brighton Jones. Before that she was director of wealth strategies for women at Buckingham Strategic Wealth. Earlier in her career, Manisha held positions at several investment management firms, including Fayez Sarofim, Sands Capital Management, and Atalanta/Sosnoff Capital. Manisha is a chartered financial analyst and a certified financial planner. She received her bachelor's degree in American Studies from Wellesley College and her MBA from Harvard Business School.

Background

Bio

MoneyZen

On My Own Two Feet: A Modern Girl’s Guide to Personal Finance, by Manisha Thakor and Sharon Kedar.

Get Financially Naked: How to Talk Money With Your Honey, by Manisha Thakor and Sharon Kedar.

Women in Investing/Financial Planning

“The White House Report on Women: 3 Surprising Insights,” by Manisha Thakor, moneyzen.com, March 8, 2011.

“Women Are Quitting: How We Can Curb the ‘She-Cession’ and Support Working Women,” by Margie Warrell, forbes.com, Jan. 26, 2021.

“The 5 Most Common Mistakes Investors Make,” by Manisha Thakor, moneyzen.com, Oct. 7, 2013.

“Growing Up Comfortable With Money,” by Candice Helfand-Rogers, thestoryexchange.org, June 5, 2014.

Financial Wellness in Younger Generations and Couples

“The Worst Financial Advice to Give to a College Grad,” by Manisha Thakor, wsj.com, June 18, 2015.

“Gen X & Gen Y--Dialing Financial 911,” by Manisha Thakor, moneyzen.com, Sept. 29, 2010.

“Priceless Financial Advice For Recent Graduates,” by Manisha Thakor, feminist.com.

“The Math Behind a Pricey College Degree,” by Manisha Thakor, wsj.com, April 16, 2014.

“Don’t Buy a Property Before Saying ‘I Do’,” by Manisha Thakor, wsj.com, Feb. 12, 2014.

All Your Worth: The Ultimate Lifetime Money Plan, by Elizabeth Warren and Amelia Warren Tyagi.

“What is the 50/20/30 Budget Rule?” by Eric Whiteside, Investopedia.com, Oct. 29, 2020.

“The Beauty of a Budget,” by Manisha Thakor, moneyzen.com, March 18, 2013.

“The Quiet Wisdom of Saving,” by Manisha Thakor, moneyzen.com, Dec. 8, 2011.

“Manisha Thakor on Managing Money in Uncertain Times,” by Kathleen Harris, thecru.com, April 10, 2020.

“Teresa Ghilarducci: To Fix Retirement, Expand Social Security,” The Long View Podcast, Morningstar.com, May 19, 2021.

Your Money or Your Life: 9 Steps to Transforming Your Relationship With Money and Achieving Financial Independence, by Vicki Robin and Joe Dominguez.

“The Marriage of Love & Money: How to Protect Yourself From Financial Heartbreak,” by Manisha Thakor, moneyzen, May 6, 2013.

“How to Become a Financially Compatible Couple,” by Manisha Thakor, wsj.com, Feb. 13, 2015.

Financial Advice

“Finding the Right Advisor: It’s Complicated,” by Jim Pavia, cnbc.com, Jan. 15, 2015.

“Reboot Your Finances: A 3-Part Workshop for Women,” with Manisha Thakor, eomega.org.

Ellevest

Betterment

XY Planning Network

Mental Health

“Slow Down to Do More: ‘Enjoy Life’ With Manisha Thakor,” by Ben Ari, thriveglobal.com, April 24, 2020.

“Walking the Tightrope Between Workaholism and Mental Health,” mmlafleur.com, April 5, 2019.

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