The Long View

Today’s guests are Morningstar’s Brian Moriarty and Jack Shannon. Brian is a principal, fixed-income strategies, for Morningstar. Before assuming his current role in 2015, Brian was a client solutions consultant for Morningstar Office, a practice and portfolio management system for independent financial advisors. Before joining Morningstar in 2013, he was a research assistant for DePaul University’s religious studies department. Brian holds a bachelor’s degree in political science from Michigan State University and a bachelor’s degree in Islamic world studies from DePaul University.

Jack Shannon is a principal, equity strategies, for Morningstar. He focuses on actively managed equity strategies and is the lead analyst for MFS and Artisan Partners, among other firms. Before joining Morningstar in 2020, Jack worked in commercial banking and was a consultant providing subject-matter expertise on complex financial litigation. Jack holds a bachelor’s degree in economics and history from James Madison University. He also holds a master’s of business administration in investments and corporate finance from the University of Notre Dame’s Mendoza College of Business.

00:00:00 Introduction

00:02:06 What are Private Markets, and What Investment Opportunities Do They Provide?

00:03:13 Do Semiliquid Funds Provide Easier Access to Private Markets?

00:05:57 Applying Morningstar Processes to Evaluate Private Markets

00:09:50 Managing Liquidity in Private Market Investments

00:18:48 Valuation and Transparency: Putting Private Assets Under the Microscope

00:24:07 Payment in Kind as a Valuation Concern

00:28:02 Public vs. Private Markets: Understanding Risk, Language, and Infrastructure Differences

00:39:28 Building Methodology to Explain Private Asset Fees and Incentive Structures

00:44:22 What Morningstar Medalist Ratings Signal for Semiliquid Funds

Morningstar’s Guide to Public/Private Investing

Private Equity Funds Step Into the Spotlight

Private Credit Pricing: Are Prosecutors Opening Up Pandora’s Box?

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

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

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

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Our guest on the podcast today is Kathleen Rehl. Kathleen is an author, educator, speaker, and certified financial planner dedicated to empowering widows financially and guiding the professionals who support them. She operated her own planning firm for 18 years before shifting her focus to writing, teaching, and research. After her husband died, she transformed her personal grief into a mission, helping others navigate widowhood, legacy planning, and purposeful aging. She is the author of Moving Forward on Your Own: A Financial Guidebook for Widows.

00:00:00 Introduction

00:02:17 Learning Widowhood From the Inside

00:04:13 Decision-Making Without a Spouse

00:05:16 Early Irreversible Choices For Widows

00:08:39 Stress-Testing Life Without a Spouse

00:16:03 Why Widows Leave Advisors

00:18:53 Slowing Down Decisions to Prevent Emotional and Financial Harm

00:25:55 Continuing Care Retirement Communities

00:30:38 “Refirement” vs. Retirement and Building a Legacy

Harry Margolis: How to Confront Aging Challenges Head-On

How to Tackle Estate Planning Basics in 7 Steps

3 Tricky Decisions for Every Retirement Plan

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

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

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

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Our guest on the podcast today is Don Phillips. Don is a managing director for Morningstar. He joined the company in 1986 as its first mutual fund analyst and soon became editor of the flagship print publication Morningstar Mutual Funds, establishing the editorial voice for which the company is best known. He helped to develop the Morningstar Style Box, the Morningstar Rating, and other distinctive proprietary Morningstar innovations that have become industry standards. Don has served in a variety of leadership roles at Morningstar, most recently head of global research, before paring back his schedule to take on a part-time nonmanagement role. He holds a bachelor’s degree from the University of Texas and a master’s degree from the University of Chicago.

00:00:00 Introduction

00:01:57 Viewing Investing From 100,000 Feet Up

00:08:20 The Role of the Manager, From Salesmanship to Stewardship

00:11:18 What Indexing and AI Make Easier—and What They Risk

00:17:50 Private Credit and Private Equity Risks for Retail Investors

00:28:01 Finding the Unmet Needs in Asset Management

00:35:47 Fixed-Income Funds as the Industry’s Achilles’ Heel

00:43:42 The Value of a Liberal Arts Education and the Power of Storytelling

Morningstar’s Why

Don Phillips: We’re All in the Behavior Modification Business

Private Equity Funds Step Into the Spotlight

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

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

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

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Our guest on the podcast today is Adam Grossman. Adam’s the founder of Mayport, a fixed-fee wealth management firm. He’s also a regular contributor to Humble Dollar, the website founded by late financial writer Jonathan Clements. Before founding Mayport, Adam worked as an investment advisor or analyst at several firms, including Middleton & Company, Ballentine Partners, and MFS Investment Management. He also founded About Face Software, a social networking software firm. Adam received his undergraduate degree from Williams College and his MBA from MIT Sloan School of Management, and he’s also a CFA charterholder.

00:00:00 Introduction

00:01:16 Writing for Humble Dollar and Jonathan Clements

00:05:15 How Flat‑Fee Advice Beats AUM Pricing

00:10:29 Helping Investors Stay Calm in Market Stress

00:17:30 Simple Stock/Bond Portfolios Still Work

00:22:58 How to Protect Your Portfolio Before Retirement

00:27:20 Social Security Timing: Math Versus Emotions

00:34:19 How AI Is Changing Financial Advice

Bill Bengen: ‘Inflation Is the Greatest Enemy of Retirees’

Jim O’Shaughnessy: Investing Lessons From a Lifelong Learner

Harry Margolis: How to Confront Aging Challenges Head-On

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

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

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

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Listen Now: Listen and subscribe to Morningstar’s The Long View from your mobile device: Apple Podcasts | Spotify

Our guest on the podcast today is William Bengen. Bill has been a prolific researcher of retirement planning matters over his career, and he pioneered the exploration of safe withdrawal rates with his groundbreaking 1994 research that gave birth to what’s now called the 4% rule. His new book, A Richer Retirement: Supercharging the 4% Rule to Spend More and Enjoy More was published in August 2025. Bill is the former owner of Bengen Financial Services, an independent registered investment advisor that he launched in 1989 after his family sold the soda bottling business that he had helped manage. He received his Bachelor of Science degree in aeronautics and astronautics from MIT. Bill retired from his financial planning practice in 2013 but continues to conduct research on retirement planning and withdrawal rates.

Bill Bengen: Revisiting Safe Withdrawal Rates

How to Find Your Perfect Withdrawal Rate Strategy

How Much Should You Allocate to Safer Assets?

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

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

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

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

Listen Now: Listen and subscribe to Morningstar’s The Long View from your mobile device: Apple Podcasts | Spotify

Today on the podcast, we welcome back Ben Carlson, who’s the author of a new book called Risk and Reward. Ben is the director of institutional asset management for Ritholtz Wealth Management. In addition, Ben’s a prolific creator of content. His blog is called A Wealth of Common Sense. He also co-hosts the podcast Animal Spirits with Michael Batnick. Ben is the author of four books about investing and money, and he’s a CFA charterholder.

00:00:00 Understanding Market History Is About Preparation, Not Prediction

00:02:00 Lessons From Japan’s Asset Bubble and Mean Reversion

00:06:54 The Different Ways Investors Respond to Crashes

00:08:36 The Automatic Investing Revolution Has Changed Behavior

00:15:22 Why Patience Is Harder to Come By in an On‑Demand World

00:19:32 The Importance of Education in Private Asset Investing

00:21:35 Inflation Psychology and How to Respond

00:28:15 Two Different Kinds of Bear Markets

00:35:40 Using Alpha to Deliver Better Aftertax Outcomes for Clients

Everything You Need To Know About Saving For Retirement

Don’t Fall For It: A Short History of Financial Scams

Invest Your Way to Financial Freedom

Risk and Reward

Ben Carlson: How Not to Get Scammed

What We’ve Learned From 150 Years of Stock Market Crashes

The 60/40 Portfolio: A 150-Year Markets Stress Test

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

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

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

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Today’s guest on The Long View is Amit Wadhwaney, portfolio manager and co-founder at Moerus Capital Management. Amit has over 30 years of experience researching and analyzing investment opportunities in developed, emerging, and frontier markets worldwide. Prior to co-founding Moerus, Amit was a portfolio manager and partner at Third Avenue Management, where he worked alongside his Moerus co-founding partners. Amit founded the international business at Third Avenue and was the founding manager of the Third Avenue Global Value Fund, the Third Avenue Emerging Markets Fund, and the Third Avenue International Value Fund. Earlier in his career, Amit worked at MJ Whitman LLC, a New York-based broker/dealer. Prior to joining M.J. Whitman, Amit was a paper and forest products analyst at Bunting Warburg, a Canadian brokerage firm. He began his career at Domtar, a Canadian forest products company. Amit holds an MBA in finance from the University of Chicago. He also holds a BA with honors and an MA in economics from Concordia.

00:00:00 Introduction

00:02:05 Investing Versus the Business of Investing

00:09:48 Why Macroeconomic Forecasting Often Fails Investors

00:10:36 Survivability as the Core of Risk Management

00:16:58 Why “Trouble” Creates Opportunity for Value Investors

00:32:04 Exploring Value-Accretive Corporate Activity

00:47:23 Is Today’s Market Setting Up a Value Comeback?

How the Iran War Is Shaping Markets

3 Well-Regarded Large-Value Funds for Investors Seeking Balanced Portfolios

The Value Stock Comeback Is Messy. Here’s Why Investors Shouldn’t Turn Away

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

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

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

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Our guest on the podcast today is Claudia Sahm. Claudia is chief economist at New Century Advisors, the founder of Sahm Consulting, and a regular contributor at Bloomberg Opinion. She has policy and research expertise in macroeconomics, consumer spending, and household finance. She created the Sahm rule, an automatic trigger for stimulus payments in recessions. Previously, she was a section chief at the Federal Reserve, where she oversaw the Survey of Household Economics and Decisionmaking. Before that, she worked for 10 years on the staff’s macroeconomic forecast. She was a senior economist at the Council of Economic Advisers. She holds a Ph.D. in economics from the University of Michigan and a bachelor’s degree in economics, political science, and German from Denison University.

00:00:00 Lessons From the Fed During the Global Financial Crisis

00:04:56 Making Sense of Fed-Speak

00:09:29 The “Whiplash Economy” and Understanding Risk

00:14:21 Rising Gas Prices, Geopolitical Uncertainty, and Consumer Sentiment

00:18:03 Interest Rates, AI, and Fed Leadership Changes

00:29:48 Undoing the Effects of Trump’s Tariffs

00:33:34 The Sahm Rule and Recession Risk Today

00:43:56 Costs of Underfunding US Economic Data

00:49:57 “Economics Is a Disgrace”

Risk, Not Volatility, Is the Real Enemy for Investors

Michael Gates: Why More Advisors Are Migrating to Model Portfolios

Q2 Market Outlook: Why a Stock Barbell Strategy Is Ideal for Today’s Market

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

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

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

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Today’s guest on The Long View is Michael Gates. Gates is the head of model portfolio solutions for the Americas and the lead portfolio manager for target-allocation models at BlackRock. BlackRock’s target-allocation models have been adopted by a large and growing contingent of advisors in the US. Four of the model families within BlackRock’s target-allocation suite have been awarded Morningstar Medalist Ratings of Gold. In 2025, Morningstar’s manager research team nominated Gates for a Morningstar Award for Investing Excellence in the Outstanding Allocation Portfolio Manager category. Gates’ time at BlackRock dates to 1999, including his years with Barclays Global Investors, which merged with BlackRock in 2009. Before founding the model portfolio solutions group, Gates conducted quantitative trading research for equities in BlackRock’s global trading group. At Barclays Global Investors, Gates led the development and implementation of the firm’s quantitative approach in fixed-income and alternative asset investing. Gates earned a master’s degree in economics and a bachelor’s degree with honors from the University of California, Davis. He is a CFA charterholder.

00:00:00 What Are Model Portfolios and How Do They Work?

00:08:19 How Tax-Loss Harvesting and Other Offerings Reshape Model Design

00:15:50 AI‑Driven Productivity and the Market Outlook

00:17:57 Rebalancing With Risk in Mind

00:24:56 Building AI Exposure Into Equity Models

00:35:39 Thematic Investing and Active vs. Passive Investing

00:42:07 How Technology May Shape Portfolios’ Future

Alpha Isn’t Dead. You’ve Just Been Measuring It Wrong

Tax-Efficient Model Portfolios for Retirees and Retirement Savers

Can AI Chatbots Build a Retirement Portfolio? We Tested Them

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

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

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

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

Our guest on the podcast today is Harry Margolis. Harry has been representing seniors, individuals with special needs, and their families since he started ElderLaw Services, the predecessor of Margolis Bloom & D’Agostino in June 1987. His firm helps clients pay for long-term care, manage the incapacity of a family member, and plan for safe and productive futures for their children and grandchildren. Harry served as editor of the ElderLaw Report, a monthly newsletter for attorneys, for three decades. He has been selected as a fellow of both the National Academy of Elder Law Attorneys and the American College of Trust and Estate Council. He has founded two websites and answers consumer questions online at www.askharry.info. In addition, Harry writes about eldercare issues on his Substack, Risking Old Age in America, also known as okayboomer.substack.com, and has a podcast with the same name.

00:00:00 Margolis’ Path to Elder Law

00:04:15 Aging Clients, Estate Planning, and Long-Term Care

00:08:29 Aging In Place and Medicare Misconceptions

00:15:45 Estate Planning Paperwork and DIY Planners

00:21:26 Power of Attorney Mistakes, Living Wills, and Healthcare Coordination

00:27:06 Caregiving, Money Conversations, and Common Financial Mistakes

00:31:51 Benefits of NORCs

00:34:07 Special Needs Planning: Housing, Trusts, and Expectations

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

Joy Loverde: Planning Ahead for Care Needs as You Get Older

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

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

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

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

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