The Long View

Our guest this week is David Herro. David is chief investment officer of international equities at Harris Associates and serves as deputy chairman and portfolio manager for a number of Oakmark funds, including Oakmark International. Prior to joining Harris Associates, David managed international portfolios for the State of Wisconsin Investment Board and the Principal Financial Group. Morningstar's analysts named David International-Stock Fund Manager of the Decade for 2000 to 2009 and International-Stock Fund Manager of the Year for 2016. He holds a bachelor's degree from the University of Wisconsin-Platteville and a master's from the University of Wisconsin-Milwaukee.

Background

Bio

Oakmark Funds

Oakmark Global Investor

Oakmark Global Select Investor

Oakmark International Investor

Oakmark International Small Cap Investor

Macro

“Market-Beating Money Manager David Herro Says It’s Time to ‘Gently’ Buy Some Stocks,” by Jesse Pound, cnbc.com, March 16, 2020.

“The Next Generation of Would-Be Buffetts--and the Stocks They’re Buying Now,” by Reshma Kapadia, barrons.com, May 21, 2021.

“Oakmark Global Fund: Second Quarter 2021,” by David Herro, Clyde McGregor, Tony Coniaris, and Jason Long, oakmark.com, July 8, 2021.

“Oakmark Global Select Fund: Second Quarter 2021,” by David Herro, William Nygren, Tony Coniaris, and Eric Liu, oakmark.com, July 8, 2021.

“Oakmark International Fund: Second Quarter 2021,” by David Herro and Michael Manelli, oakmark.com, July 8, 2021.

“Oakmark International Small Cap Fund: Second Quarter 2021,” by David Herro, Michael Manelli, and Justin Hance, oakmark.com, July 8, 2021.

Financials

“The Case for European Financials,” by David Herro, Jason Long, and Justin Hance, oakmark.com, March 24, 2020.

“Investor Insight: David Herro,” Value Investor, Oct. 30, 2020.

“David Herro Comments on Glencore,” by Sydnee Gatewood, gurufocus.com, July 9, 2020.

“David Herro on CNBC’s ‘Closing Bell,’” oakmark.com, Jan. 1, 2021.

“David Herro on ‘Squawk on the Street,’” oakmark.com, June 24, 2021.

“Herro Holding Credit Suisse Slumps Amid Archegos Fallout,” by John Coumarianos, citywireusa.com, March 30, 2021.

“Major Credit Suisse Investor Mulling Exit?” by Katharina Bart, finews.com, April 1, 2021.

“Credit Suisse Investors Target Board Over Archegos, Greensill Failures,” by Margot Patrick, wsj.com, April 26, 2021.

ESG

“Danone Announces Appointment of New CEO; No Changes to Thesis and Fair Value Estimate,” by Ioannis Pontikis, Morningstar.com, May 18, 2021.

“Manager Adopts Climate Measures After Investor Pressure,” Bloomberg.com, April 7, 2020.

Naspers

Prosus

Exor

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Our guest on the podcast today is Leif Dahleen, who heads up the popular Physician on FIRE blog. Leif retired from his career as an anesthesiologist at age 43. Since that time, he has been blogging about his own financial independence, retire early journey, sharing early retirement and investing guidance with other professionals who might also wish to retire early. He attended the University of Minnesota for his undergraduate and medical school education, completed an internship at Gundersen Lutheran in La Crosse, Wisconsin, and finished his residency at the University of Florida.

Background

Bio

Physician on FIRE

Early Retirement Lifestyle and Financial Considerations

“Ramit Sethi: ‘What Is Your Rich Life?’” The Long View Podcast, Morningstar.com, Nov. 10, 2020.

“Karsten Jeske: Cracking the Code on Retirement Spending Rates,” The Long View Podcast, Morningstar.com, Oct. 14, 2020.

“Tanja Hester: The Pandemic Will Stoke Interest in Early Retirement,” The Long View podcast, Morningstar.com, June 3, 2020.

“Chris Mamula: What Young Retirees Need to Know,” The Long View podcast, Morningstar.com, Jan. 15, 2020.

Afford Anything

The White Coat Investor

“Choose FI Over Fire,” by Leif Dahleen, physicianonfire.com.

“The Most Important Factor in Retirement Withdrawal Plans,” by Leif Dahleen, physicianonfire.com.

“How Early Retirement Prepared Us for the Pandemic,” by Leif Dahleen, thephysicianphilosopher.com.

“How to Get Wealthy Investing in a Bear Market,” by Leif Dahleen, physicianonfire.com.

“Asset Location and Making Your Money Last in Early Retirement,” by Leif Dahleen, physicianonfire.com.

“Prices Are Rising. Should We Be Worried About Inflation?” by Leif Dahleen, physicianonfire.com

“Social Security & Early Retirement 2021: Know Your Bend Points!” by Leif Dahleen, physicianonfire.com.

“5 Reasons Why You Shouldn’t Ignore Social Security in Your Retirement Calculations,” whitecoatinvestor.com, March 30, 2021.

Real Estate and Passive Income Sources

“12 Passive Income Ideas for 2020 and Beyond,” by Leif Dahleen, physicianonfire.com.

“My 5 Current and 3 Future Passive Income Streams,” by Leif Dahleen, physicianonfire.com.

Taxes

“Taxes on a Million Dollars of Earned Income,” by Leif Dahleen, physicianonfire.com.

“Top 10 Ways to Lower Your Taxes,” by Leif Dahleen, physicianonfire.com.

TurboTax

Charitable Giving

“Pros and Cons of Donor-Advised Funds,” by Amy Arnott, Morningstar.com, May 17, 2021.

“Giving Faceoff: Charitable Remainder Trust (CRT) Versus Donor Advised Fund (DAF),” by Leif Dahleen, physicianonfire.com.

“A Gift on Giving Tuesday: $100 to 100 of Your Favorite Charities,” by Leif Dahleen, physicianonfire.com.

“DAF Giving Tutorial From Fidelity and Vanguard Charitable,” by Leif Dahleen, physicianonfire.com.

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Our guest on the podcast this week is The Wall Street Journal columnist and author Jason Zweig. Jason became a personal finance columnist for The Wall Street Journal in 2008. His weekly column, “The Intelligent Investor,” is a must-read for people inside and outside of the investment industry. Jason is also the editor of the revised edition of Benjamin Graham's The Intelligent Investor. And he is the author of Your Money and Your Brain, which explores the neuroscience of investing. He also wrote the Devil's Financial Dictionary, which is a satirical glossary of Wall Street.

Background

Bio

Jason’s twitter handle: @jasonzweigwsj

Your Money and Your Brain: How the New Science of Neuroeconomics Can Help Make You Rich

The Devil’s Financial Dictionary

Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel

Life and Fate by Vasily Grossman

Palace Walk: The Cairo Trilogy by Naguib Mahfouz

The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness by Morgan Housel

Matt Levine, Bloomberg Opinion Columnist

Jesse Livermore, Philosophical Economics

Nick Maggiulli, Ritholtz Wealth Management

Michael Batnick, Ritholtz Wealth Management

Ben Carlson, Ritholtz Wealth Management

Joe Weisenthal, Bloomberg

Tracy Alloway, Bloomberg

Robin Wigglesworth, Financial Times

Research Institute: Credit Suisse Global Investment Returns, Yearbook 2021 Summary Edition

Georgarakos, D. & Pasini, G. 2011. “Trust, Sociability and Stock Market Participation,” Review of Finance, Vol. 15, No. 4, P. 693. 

Thinking, Fast and Slow by Daniel Kahneman

“Investment Policy and the Competent Stranger,” speech by Charles D. Ellis, empireclub.org, April 7, 1988.

Feynman, R.P. 1974.“Cargo Cult Science,” Engineering and Science.

Bogleheads

Investing

“Stock Market 101: Teaching the Wrong Lessons?” by Jason Zweig, Jasonzweig.com, May 8, 2015.

“How to Keep Your Cool When Markets Are Sizzling,” by Jason Zweig, wsj.com, April 23, 2021.

“Why You Shouldn’t Buy Bitcoin When You’re Hungry,” by Jason Zweig, wsj.com, May 21, 2021.

“You Can’t Invest Without Trading. You Can Trade Without Investing,” by Jason Zweig, wsj.com, June 18, 2021.

“Robinhood Trader’s Battle Cry: ‘It’s All Just a Game to Me,' " by Jason Zweig, wsj.com, March 26, 2021.

“Jason Hsu: China Is ‘the Last Great Remaining Alpha Reservoir,' " The Long View Podcast, morningstar.com, April 20, 2021.

ETFs and Index Funds

“The Stock Got Crushed. Then the ETFs Had to Sell,” by Jason Zweig, Jasonzweig.com, Jan. 31, 2020.

“The Story Behind the Market’s Hottest Funds,” by Jason Zweig, wsj.com, Jan. 15, 2021.

“ETFs: What They Are and How They Can Fit Into Your Investment Portfolio,” by Jason Zweig, wsj.com, May 20, 2021.

Retirement

“Jason Zweig’s Proposal to Scrap 401(k)s,” by John Rekanthaler, Morningstar.com, Feb. 26, 2019.

“Wishful Thinking in a World Without Yield,” by Jason Zweig, wsj.com, June 18, 2021.

“The Safe, High-Return Trade Hiding in Plain Sight,” by Jason Zweig, wsj.com, May 28, 2021.

“The Funds That Make You Buy Low and Sell High,” by Jason Zweig, wsj.com, Aug. 30, 2019.

Financial Advice

“The Intelligent Investor: Saving Investors From Themselves,” by Jason Zweig, wsj.com, July 1, 2013.

“The First Line of Investing Defense? You,” by Jason Zweig, wsj.com, March 8, 2019.

“Looking for a Financial Planner? The Go-To Website Often Omits Red Flags,” by Jason Zweig and Andrea Fuller, wsj.com, July 30, 2019.

“Financial Advisor Fee Trends and the Fee Compression Mirage,” by Michael Kitces, kitces.com, Feb. 8, 2021.

“Want to Get Rich Quick? Who Can Stop You?” by Jason Zweig, wsj.com, May 7, 2021.

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Our guest on the podcast today is former Vanguard CEO, Jack Brennan. Jack is the author of a new book, More Straight Talk on Investing, which he cowrote along with John Woerth. He is also author of Straight Talk on Investing, which was published in 2004. Jack served as the CEO of Vanguard from 1996 to 2008 and was chairman of the board from 1998 to 2009. He is now chairman emeritus and senior advisor at Vanguard. He also serves as the chairman of the board of trustees at Notre Dame University and has served on numerous corporate boards, including General Electric and American Express. He received his undergraduate degree from Dartmouth College and his MBA from Harvard Business School.

Background

Bio

More Straight Talk on Investing: Lessons For a Lifetime

Straight Talk on Investing: What You Need to Know

Current Environment

“Opinion: Former Vanguard CEO: 5 Hurdles Facing Investors Now and How to Overcome Them,” by Jack Brennan, marketwatch.com, May 1, 2021.

“Straight Talk,” by Jack Brennan, humbledollar.com, April 27, 2021.

“Vanguard’s Jack Brennan: The Best Way to Build Wealth,” Nasdaq.com, May 24, 2021.

“The Former CEO of Vanguard Has Some Surprising Views on Alternatives,” by Julie Segal, institutionalinvestor.com, April 30, 2021.

Asset Allocation and Investing

“Run Your Race: Money Wisdom From Vanguard’s Jack Brennan,” by Chris Taylor, money.usnews.com, May 19, 2021.

“5 Investing Principles That Are Built to Last,” by Jack Brennan, investornews.vanguard.com, April 12, 2021.

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Our guest this week is Sonal Desai. Sonal is executive vice president and chief investment officer of the Franklin Templeton Fixed Income Group. In addition to her responsibilities overseeing many of Franklin’s fixed-income teams, Sonal also co-chairs the group’s fixed-income policy committee and is a member of Franklin Resources executive committee as well as the firm’s management and investment committees. Sonal is a listed portfolio manager at a number of strategies, including Core Plus, Strategic Income, and Global Fixed Income. Sonal joined Franklin in 2009 from Thames River Capital in London. Before that, Sonal worked at the International Monetary Fund and as director and senior economist at Dresdner Kleinwort Wasserstein. She earned her bachelor’s in economics from the University of Delhi and her doctorate in economics from Northwestern University.

Background

Bio

Franklin Strategic Income A

Franklin Total Return A

Franklin Low Duration Total Return A

Fiscal and Monetary Policy

“On My Mind: Adrift--Has Monetary Policy Become Unanchored?” by Sonal Desai, franklintempleton.com.

“On My Mind: Modern Magical Thinking,” by Sonal Desai, franklintempleton.com, March 12, 2019.

“On My Mind: Bringing the Economy Back From Life Support,” by Sonal Desai, franklintempleton.

“On My Mind: Now Let’s Get Those Jobs Back,” by Sonal Desai, franklintempleton.

“If You Open It, They Will Come,” by Sonal Desai, advisorperspectives.com, June 5, 2020.

“Quick Thoughts: Why Our Managers Disagree on Inflation, Rates, and Growth,” by Stephen Dover, John Bellows, Sonal Desai, and Francis Scotland, franklintempleton.com, April 23, 2021.

“U.S. Macro Outlook: Let’s Bend the Economic Growth Curve,” by Sonal Desai and Nikhil Mohan, franklintempleton.com, April 22, 2020.

“On My Mind--Inflation: The Devil We Knew,” by Sonal Desai, franklintempleton.com, Feb. 26, 2021.

Bonds

“Sonal Desai: ‘In Fixed Income, Active Investment Historically Has Been the Winning Strategy,’” by Sonal Desai, advisoranalyst.com, Nov. 8, 2019.

“On My Mind: A Tale of Two Recoveries,” by Sonal Desai, franklintempleton.com, April 22, 2021.

“Too Much of a Good Thing?” by Sonal Desai, David Yuen, John Beck, and David Zahn, franklintempleton.com, April 8, 2021.

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Our guest this week is Eduardo Repetto. Eduardo is chief investment officer of Avantis Investors, where he is responsible for overseeing the research, design, and implementation of the firm's investment strategies. Prior to forming of Avantis in 2019, Eduardo was co-CEO, co-CIO, and a director at Dimensional Fund Advisors. Eduardo earned a Ph.D. in aeronautics from the California Institute of Technology, and an MSc degree in engineering from Brown University.

Background

Bio

“American Century Launches Systematic Active Manager Avantis Investors,” by Christine Williamson, Pensions & Investments, June 26, 2019.

Hal Hershfield

Suzanne Shu

Meir Statman

Markets and Factors

"'Is a Hot Dog a Sandwich?' Ex-DFA Chief Weighs Factor Funds and Starting Anew,” by Alex Steger, citywireusa.com, July 30, 2019.

“The Joint Distribution of Value and Profitability: International Evidence,” by Sunil Wahal and Eduardo Repetto, papers.ssrn.com, Nov. 30, 2020.

“Could ‘Flying to Safety’ Be Dangerous?” by Eduardo Repetto and Phil McInnis, avantisinvestors.com, April 2020.

“Patrick O’Shaughnessy: ‘Custom Indexing Unlocks a Lot of Benefits,’” The Long View, Morningstar.com, May 12, 2021.

“A Discussion About Value and Small-Cap Factors With Avantis Investors’ CIO Dr. Eduardo Repetto,” Jonathan Chevreau, findependencehub.com, March 30, 2021.”

“Two Active ETFs We Like,” by Ben Johnson and Susan Dziubinski, Morningstar.com, Feb. 21, 2021.

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In this bonus episode of “The Long View,” we hear from three Morningstar equity analysts who cover airlines, cruise lines, and Airbnb. Welcome to “Market X-Ray," our new podcast that looks at investment opportunities and risks that go beyond the market headlines. 

Want to hear more? Let us know at [email protected].

Companies mentioned in this episode:

Southwest (LUV); Delta (DAL); Royal Caribbean (RCL); Carnival (CCL); Norwegian (NCLH); Airbnb (ABNB); Booking (BKNG); Expedia (EXPE); Polaris (PII); Malibu Boats Inc. (MBUU); Sabre (SABR); Hilton (HLT); and Marriott (MAR).

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Our guest on the podcast today is Alan Moore. With Michael Kitces, Alan cofounded XY Planning Network, a support network for advisors looking to serve younger clients. He is also the CEO of AdvicePay, which is a compliant payment processor for financial advisors. Alan has been recognized by InvestmentNews as a top "40 Under 40" in financial planning, by Wealth Management as one of a "The 10 to Watch in 2015," and was the first recipient of the NAPFA Young Professional award in 2015. He is a certified financial planner, and he is also the host of XYPN Radio podcast.

Background

Bio

XY Planning Network

AdvicePay

XYPN Radio

Serving Millennial Clients

“Forget About Retirement Planning for Millennials,” by Alan Moore, Money.com, Feb. 10, 2015.

“Why Do We Work With Younger Clients?” by Alan Moore, xyplanningnetwork.com, Oct. 16, 2017.

“When Subscription Fees Work,” by Christopher Robbins, fa-mag.com, September 2019.

“How Advisors Can Attract and Profitably Serve Millennial Clients,” by Alan Moore, xyplanningnetwork.com, Aug. 29, 2019.

“9 Keys to Building a Practice Focused on Next-Gen Investors,” schwab.com.

“The Boomer-Millennial War in Planning Is Real,” by Eric Rasmussen, fa-mag.com, March 17, 2020.

The Future of Advice

“How to Create a Business That Supports Your Great Life,” by Alan Moore, linkedin.com, July 13, 2015.

“Don’t Be Afraid to Grow Your Firm,” by Alan Moore, xyplanningnetwork.com, Sept. 3, 2018.

“Niche Advisors Grow Faster,” by Samuel Steinberger, wealthmanagement.com, Sept. 10, 2019.

“Why a Niche Model Helps Advisers,” Morningstar.com, Sept. 23, 2020.

“Have You Found Your Niche?” by Greg Dalgetty, investmentexecutive.com, Sept. 16, 2020.

“7 Takeaways on the Future of Advice: Morningstar Panel,” by Ginger Szala, thinkadvisor.com, Sept. 17, 2020.

“Financial Advisors Are Becoming More Digital, Specialized--and Affordable,” by Evie Liu, barrons.com, Sept. 17, 2020.

Fiduciary Standards

Fiduciary Oath

“What Is a Fiduciary?” by Alan Moore, xyplanningnetwork.com, May 7, 2014.

“XYPN Pivots From Supreme Court to States in Fiduciary Fight,” by Patrick Donachie, Oct. 12, 2020.

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We’ve been exploring the state of retirement in the United States on The Long View. Last week, we talked with progressive labor economist Teresa Ghilarducci. On this week’s episode, we chatted with Andrew Biggs, resident scholar at the American Enterprise Institute. He is more sanguine about the state of retirement in the U.S., though he is also in favor of some reforms. Andrew is an expert on Social Security reform, state and local government pensions, and public sector pay and benefits. Before joining AEI, Biggs was the principal deputy commissioner of the Social Security Administration, where he oversaw the agency's policy research efforts. In 2005, as an associate director of the White House National Economic Council, he worked on Social Security reform. In 2001, he joined the staff of then-President George W. Bush's Commission to Strengthen Social Security. He holds a bachelor's degree from Queen's University Belfast in Northern Ireland, master's degrees from Cambridge University and the University of London, and a Ph.D. from the London School of Economics.

Background

Bio

The American Enterprise Institute

State of Retirement in the U.S.

The Model of Income in the Near Term (MINT)

National Retirement Risk Index

“Social Security Replacement Rates and Other Benefit Measures: An In-Depth Analysis,” Congressional Budget Office, cbo.gov, April 2019.

“How Do Children Affect the Need to Save for Retirement?” by Andrew Biggs, aei.org, Dec. 16, 2019.

“Two Decades Ago, Progressives Warned of a Retirement Crisis. It Didn’t Happen,” by Andrew Biggs, forbes.com, May 29, 2020.

“Opinion: Here’s Some Good News for Parents Struggling to Save Enough for Retirement,” by Andrew Biggs, marketwatch.com, Jan. 26, 2020.

“Improving the Measurement of Retirement Income of the Aged Population,” by Irena Dushi and Brad Trenkamp, ssa.gov, January 2021.

“At Last, Some Action on Misleading Retirement Income Statistics,” by Andrew Biggs, aei.org, April 29, 2021.

Social Security

“Status of the Social Security and Medicare Programs: A Summary of the 2020 Annual Reports,” ssa.gov.

“Obama Appoints Social Security Critic to Fix Puerto Rico’s Budget,” by David Dayen, theintercept.com, Aug. 31, 2016.

“Social Security Benefits Aren’t Earned If You Didn’t Pay for Them,” by Andrew Biggs, forbes.com, March 12, 2020.

“Americans Want to Own Their Retirement, not Expand Social Security,” by Andrew Biggs, realclearmarkets.com, June 19, 2020.

“Factcheck: Do 40% of Retirees Rely on Social Security for Their Entire Income?” by Andrew Biggs, forbes.com, Jan. 27, 2020.

“PWBM Budget Contest: A Flat Benefit for Social Security,” by Andrew Biggs, budgetmodel.wharton.upenn.edu, Jan. 26, 2021.

“Social Security Reform Can Boost the Economy--or Hold it Back,” Andrew Biggs, Washingtonexaminer.com, March 26, 2021.

Retirement Savings and Decumulation

Thrift Savings Plan

“How Generous Are Federal Employee Pensions?” by Andrew Biggs, aei.org, Sept. 30, 2011.

“Can Retirement Saving Increase Your Debt?” by Andrew Biggs, forbes.com, Jan. 8, 2018.

“How Hard Should We Push the Poor to Save for Retirement?” by Andrew Biggs, aei.org, May 6, 2019.

“Opinion: Stop Pushing Poor People to Save More for Retirement,” by Andrew Biggs, marketwatch.com, Sept. 12, 2019.

“Factcheck: Will Half of Americans Over 55 Retire Poor?” by Andrew Biggs, forbes.com, Oct. 8, 2020.

“Follow the Facts: Employer-Based Retirement Savings Are Stronger Than Ever,” by Andrew Biggs, forbes.com, Aug. 21. 2020.

“Opinion: Now That Annuities Can Be Part of Your 401(k), Here’s How to Make Them More Palatable,” by Andrew Biggs, marketwatch.com, Jan. 11, 2020.

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Over the next two weeks, we'll be taking a closer look at the state of retirement security in the United States, and we'll be featuring two very different perspectives on the topic. We're kicking things off with labor economist and retirement expert Teresa Ghilarducci, who will offer a progressive perspective. Ghilarducci joined The New School for Social Research as a professor of economics in 2008 after teaching at Notre Dame for 25 years. At The New School, she also directs the Schwartz Center for Economic Policy Analysis, which focuses on economic policy research and outreach. Ghilarducci has frequently testified before U.S. Congress on matters of retirement planning. She has also published numerous research pieces in economics journals and has authored several books. Her most recent book, Rescuing Retirement, is co-authored by Tony James, executive vice chairman of the Blackstone Group. She received her bachelor's and doctorate degrees in economics from the University of California at Berkeley.

Bio

The New School for Social Research

Schwartz Center for Economic Policy Analysis

Books

"The Retirement Crisis," by Teresa Ghilarducci, The New School.

"Whose Retirement Crisis? Household Savings or Public Financing?" by Teresa Ghilarducci, Forbes, Feb. 20, 2018.

"America's Unusual High Rates of Old-Age Poverty and Old-Age Work," by Teresa Ghilarducci, Forbes, March 2, 2018.

"Working Longer Cannot Solve the Retirement Crisis," by Teresa Ghildarducci, Michael Papadopoulos, Bridget Fisher, and Anthony Webb, Schwartz Center for Economic Policy Analysis, Feb. 3, 2021.

"How Defined Contribution Plans and 401(k)s Affect Employer Pension Costs," by Teresa Ghilarducci, ResearchGate, July 2006.

"Americans Haven't Saved Enough for Retirement. What Are We Going to Do About It?" by Teresa Ghilarducci and Tony James, Harvard Business Review, March 28, 2018.

"America's Retirement Savings Crisis Is Now. Here's How to Fix It," by Teresa Ghilarducci and Tony James, CNN Business, Sept. 15, 2020.

"Fixing the U.S. Retirement System," Written Testimony by Teresa Ghilarducci; Committee on Finance, Subcommittee on Social Security, Pensions, and Family Policy, U.S. Senate, May 21, 2014.

"Laying the Groundwork for More Efficient Retirement Savings Incentives," by Teresa Ghilarducci and Christian Weller, Center for American Progress, Nov. 18, 2015.

"Retirement Savings Inequality: Different Effects of Earnings Shocks, Portfolio Selections, and Employer Contributions by Worker Earnings Level," by Teresa Ghilarducci, Joelle Saad-Lessler, and Gayle Reznik, Social Security Office of Retirement and Disability Policy, 2018.

"The Inequitable Effects of Raising the Retirement Age on Blacks and Low-Wage Workers," by Teresa Ghilarducci, Kyle Moore, and Anthony Webb, The Review of Black Political Economy, April 26, 2019.

"Everyone Should Have the Retirement Plan Federal Employees Enjoy," by Teresa Ghilarducci and Kevin Hassett, The Washington Post, March 29, 2021.

"What if Low-Income American Workers Had Access to Wealth-Building Vehicles Like the Federal Employees' Thrift Savings Plan?" by Teresa Ghilarducci and Kevin Hassett, Economic Innovation Group, March 25, 2021.

"A Nobel Laureate's Plan to Use Social Security to Fix the Retirement Crisis--and Why it Won't Work," by Teresa Ghilarducci, The New School's Retirement Equity Lab, April 19, 2019.

"Teresa Ghilarducci on Social Security Fixes to Protect the Poorest," by Teresa Ghilarducci, Bloomberg Businessweek, March 27, 2020.

"The Unique Disadvantage Older Women Face in the Workforce," by Teresa Ghilarducci, PBS News Hour, March 25, 2016.

"Women's History Month: Gender Pay Gap Contributes to Elderly Poverty Gap," by Teresa Ghilarducci, The New School's Retirement Equity Lab, May 1, 2017.

"Labor Market Discrimination: A Bleak Outlook for Older Women," by Teresa Ghilarducci and Kyle Moore, Schwartz Center for Economic Policy Analysis, 2017.

"How Big Firms Keep Wages Low," by Teresa Ghilarducci, Forbes, Jan. 21, 2019.

"Barring Women From Economics," by Teresa Ghilarducci, Forbes, March 31, 2019.

"Economists Weigh In on Covid-19 and Inequality," by Teresa Ghilarducci, Forbes, March 4, 2021.

"Financial Literacy: Just Another Word for Financial Shaming," by Teresa Ghilarducci, Psychology Today, May 7, 2018.

"Go Ahead and Spend Your Children's Inheritance," by Teresa Ghilarducci, Advisor Perspectives, Dec. 17, 2020.

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