The Long View

Our guest this week is Patrick O’Shaughnessy. Patrick is the CEO of O’Shaughnessy Asset Management. He also is a portfolio manager at the firm. Prior to assuming his current role, Patrick served on O’Shaugnessy’s research and portfolio management teams. Patrick is the author of Millennial Money: How Young Investors Can Build a Fortune and was a contributing author to the fourth edition of What Works on Wall Street. Patrick is also the host of the popular Invest Like the Best podcast. He received his bachelor’s in philosophy from the University of Notre Dame and is a CFA charter holder.

Background

Bio

O’Shaughnessy Asset Management

Canvas

Millennial Money: How Young Investors Can Build a Fortune

What Works on Wall Street, Fourth Edition: The Classic Guide to the Best-Performing Investment Strategies of All Time

Invest Like the Best Podcasts

ESG

“ESG the Right Way: Customization and Not Scale,” by Travis Fairchild, osam.com, October 2019.

“Custom Indexing Leader Canvas Expands ESG/SRI Offering,” businesswire.com, March 9, 2021.

“Investing in Environmental Protection,” by the OSAM Research Team, osam.com, April 2021.

“Helping Financial Advisors Solve ESG Investing Challenges,” by Travis Fairchild, osam.com, March 2021.

Factors and Custom Indexing

“Combining the Best of Passive and Active Investing,” by Patrick O’Shaughnessy, advisorperspectives.com, March 6, 2013.

“Alpha or Assets? Factor Alpha Vs. Smart Beta,” by Patrick O’Shaughnessy, osam.com, April 2016.

“Combining the Best Stock Selection Factors by Patrick O’Shaughnessy at QuantCon 2016,” slideshare.net, April 14, 2016.

“Factors From Scratch: A Look Back, and Forward, at How, When, and Why Factors Work,” by Chris Meredith, Jesse Livermore, and Patrick O’Shaughnessy, osam.com, May 2018.

"'Humans Love a Narrative. We Have Safeguarded Against That': Jim and Patrick O’Shaughnessy,” by Vicky Ge Huang, citywireusa.com, Dec. 6, 2018.

“Introducing Canvas,” by Patrick O’Shaughnessy, osam.com, September 2019.

“Custom Indexing: The Next Evolution of Index Investing,” by Patrick O’Shaughnessy, osam.com, December 2020.

“O’Shaughnessy’s Quarterly Letter Q4 2019,” by Patrick O’Shaughnessy, osam.com, January 2020.

Podcast and Reading

“Chetan Puttagunta--Go Slow to Go Fast: Software Building and Investing,” Invest Like the Best With Patrick O’Shaughnessy, investlikethebest.com, Jan. 28, 2020.

“Nick Kokonas—Know What You Are Selling,” Invest Like the Best With Patrick O’Shaughnessy, investlikethebest.com, Nov. 19, 2020.

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

The Razor’s Edge by Somerset Maugham

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Our guest on the podcast today is Kerry Pechter. He is the editor and publisher of Retirement Income Journal, which he launched in 2009 to provide unconflicted news and analysis to the annuity and financial advice industries. RIJ recently celebrated its 500th issue. Kerry is also the author of Annuities for Dummies and two other nonfiction books. He has been an editor of Annuity Market News, a writer in Vanguard's individual annuity marketing department, a senior editor at Rodale Press, and a reporter for The Billings Montana Gazette.

Background

Bio

Annuities for Dummies

Retirement Income Journal

Advisor Landscape

“Out of Commission,” by Kerry Pechter, retirementincomejournal.com, Sept. 19, 2013.

“Seeking ‘Ambidextrous Advisers’,” by Kerry Pechter, retirementincomejournal.com, Jan. 9, 2020.

RetireOne

DPL Financial

Annuity Basics

“Will Fee-Only Advisors Warm to Annuities?” by Kerry Pechter, retirementincomejournal.com, Oct. 19, 2018.

“Two Client-Centric Income Strategies,” by Kerry Pechter, retirementincomejournal.com, Jan. 10, 2019.

“A Primer for Annuity Newbies,” by Kerry Pechter, retirementincomejournal.com, May 28, 2020.

“Another Advantage of Annuities: You Can Be More Aggressive With Non-Annuity Funds and Fare Better Long-Term,” by Kerry Pechter, annuityfyi.com.

“The One True Path to Income--The New DIAs,” by Kerry Pechter, annuityfyi.com.

“Now You Can Invest in a Longevity Annuity Within an IRA or 401(k),” by Kerry Pechter, annuityfyi.com.

“The Catch-22 of In-Plan Annuities,” by Kerry Pechter, retirementincomejournal.com, Dec. 17, 2020.

“'Dull' Investments Shine in a Crisis,” by Kerry Pechter, retirementincomejournal.com, March 26, 2020.

“Why Is Income Planning So Hard?” by Kerry Pechter, retirementincomejournal.com, June 30, 2020

Annuity Trends

Registered Index-Linked Annuities

“Stormy Weather for Life Insurers,” by Kerry Pechter, retirementincomejournal.com, April 9, 2020.

“Low Interest Rates Shock Sales of Most Annuities,” retirementincomejournal.com, Aug. 6, 2020.

“Pandemic Hurt Annuity Sales in 2020,” by Kerry Pechter, retirementincomejournal.com, March 10, 2021.

“Trends RIJ Will Track in 2021,” by Kerry Pechter, retirementincomejournal.com, Jan. 7, 2021.

Due Diligence

AM Best

Weiss Ratings

NOLHGA

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Our guest on the podcast today is Mike Piper. He is the author of several personal finance books, including Social Security Made Simple, Taxes Made Simple, Accounting Made Simple, and Can I Retire? His blog, Oblivious Investor, covers Social Security, taxes, and investing. Piper has also developed a free tool for exploring Social Security-claiming decisions called Open Social Security. He is a certified public accountant.

Bio

Mike Piper's Books

Oblivious Investor

Open Social Security

"How Is Social Security Taxed?" by Mike Piper, Oblivious Investor, Jan. 1, 2019.

"Does Delaying Social Security Deliver an 8% Return?" by Christine Benz, Morningstar.com, May 14, 2020.

"Philosophy of Social Security Claiming Strategies," by Wade Pfau, Retirement Researcher.

Social Security Solutions

Maximize My Social Security

"Steve Vernon: 'Older Workers Become Targets' in Tough Economic Environments," The Long View podcast, Morningstar.com, Sept. 9, 2020.

"Boost Your Risk-Protected Retirement Income With a Social Security Bridge Payment," by Steve Vernon, Forbes, May 26, 2020.

"An Ideal Retirement Spending Strategy? "by Mike Piper, Oblivious Investor, March 12, 2018.

"Building a Safe Floor of Retirement Income--in Advance," by Mike Piper, Oblivious Investor, July 2, 2018.

"A Rough, General-Purpose Retirement Plan," by Mike Piper, Oblivious Investor, Jan. 28, 2019.

"Simplifying a Retirement Bucket Portfolio," by Mike Piper, Oblivious Investor, July 8, 2019.

"What's in My Portfolio?" by Mike Piper, Oblivious Investor, Dec. 11, 2019.

"Single Premium Immediate Annuity: Why They're Useful and When to Buy Them," by Mike Piper, Oblivious Investor, Jan. 1, 2020.

"From Assets to Income: A Goals-Based Approach to Retirement Spending," by Colleen Jaconetti, Michael DiJoseph, Francis Kinniry, David Pakula, and Hank Lobel, Vanguard, April 2020.

"Father of 4% Rule Says it Was Really More of a Guideline," by Ginger Szala, ThinkAdvisor, Oct. 19, 2020.

"Marginal Tax Rate or Effective Tax Rate?," by Mike Piper, Oblivious Investor, Dec. 7, 2020.

"Marginal Tax Rate: Not (Necessarily) the Same as Your Tax Bracket," by Mike Piper, Oblivious Investor, March 15, 2021.

"Taxes in Retirement: What Happens After Your Husband or Wife Dies?" by Mike Piper, MarketWatch, Feb. 6, 2021.

"Long-Term Tax Planning Requires Guessing. Focus on the Near Term," by Mike Piper, Oblivious Investor, Feb. 2, 2021.

"Retirement Tax-Planning Error: Not Planning for Widow(er)hood," by Mike Piper, Oblivious Investor, Jan. 4, 2021.

"Don't Judge a Fund by Its Cover," by Mike Piper, The Wall Street Journal, Aug. 8, 2013.

"Why Would an Experienced Investor Buy a Target-Date Fund?" by Mike Piper, Oblivious Investor, May 11, 2015.

"Why I (Still) Like All-in-One Mutual Funds," by Mike Piper, Oblivious Investor, Sept. 14, 2015.

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Our guest this week is Jason Hsu. Jason is founder and chairman of Rayliant Global Advisors, a quantitative asset manager based in Hong Kong. Jason also cofounded Research Affiliates with Robert Arnott and has been at the forefront of the fundamental indexing movement. Jason is a member of the board of directors at the Anderson School of Management at the University of California at Los Angeles, as well as an adjunct professor in finance there. He has authored more than 40 peer-reviewed articles, is an associate editor of the Journal of Investment Management, and serves on the editorial board of numerous other financial journals, including the Financial Analysts Journal. Jason earned his bachelor's in physics from the California Institute of Technology, his master's in finance from Stanford, and his doctorate in finance from UCLA.

Background

Bio

Rayliant Global Advisors

Research Affiliates

Anderson School of Management at UCLA

Journal of Investment Management

The Fundamental Index: A Better Way to Invest, by Robert D. Arnott, Jason C. Hsu, and John M. West

Investing in China

“Timing Poorly: A Guide to Generating Poor Returns While Investing in Successful Strategies,” by Jason Hsu, Brett W. Myers, and Ryan Whitby, jpm.com, January 2016.

“Buy the Best, Perform the Worst,” by John Rekenthaler, Morningstar.com, April 15, 2016.

“In Defense of Alpha?!” by Jason Hsu, researchaffiliates.com, October 2017.

“The Biggest Failure in Investment Management: How Smart Data Can Make It Better or Worse,” by John West and Jason Hsu, researchaffiliates.com, October 2018.

“Where Retail Rules: Buying Into China’s Alpha Opportunity,” Rayliant.com, August 2019.

“How Do Investor Returns Stack Up Against Total Returns?” by Amy C. Arnott, Morningstar.com, Aug. 18, 2020.

“Should You Have More China in Your Portfolio? Putting Common Arguments for Increased Chinese Exposure to the Test,” by Jason Hsu, Xiang Liu, and Phillip Wool, The Journal of Index Investing, Winter 2020.

“China’s Got Talent: Fund Manager Skill and Alpha in Chinese Stocks,” by Phillip Wool, rayliant.com, March 2021.

Chinese Market

“The China Syndrome: Lessons From the A-Shares Bubble,” by Jason Hsu, researchaffiliates.com, September 2015.

“Value, Growth and Bubbles: A Comparison Between China and US Markets,” by Jason Hsu, linkedin.com, Jan. 11, 2021.

“Fewer Loans in China: Impactful, but Perhaps Not in the Way You’d Expect,” by Jason Hsu, rayliant.com, April 9, 2021.

“Why Few Foreign Funds Are Entering China’s $3tr Mutual Fund Market,” by Twinkle Zhou, Asianinvestor.net, April 19, 2021.

“’Tiger Mom’ Vs. Montessori: A Simple Analogy for Comparing Chinese and U.S. Financial Regulation,” by Jason Hsu, linkedin.com, March 4, 2021.

Quantitative Investing

“The Surprising Alpha From Malkiel’s Monkey and Upside-Down Strategies,” by Robert D. Arnott, Jason Hsu, Vitali Kalesnik, and Phil Tindall, The Journal of Portfolio Management, Summer 2013.

“A Framework for Assessing Factors and Implementing Smart Beta Strategies,” by Jason Hsu, Vitali Kalesnik, and Vivek Viswanathan, valuewalk.com, Summer 2015.

“Rob Arnott: Don’t Sleep on Value Investing (Especially Emerging-Markets Value),” The Long View Podcast, Morningstar.com, Aug. 21, 2019.

“Going Local: Developing a Quant Approach Specific to Emerging Markets,” by Phillip Wool, Rayliant.com, April 10, 2020.

Academic Research

“The Harm in Selecting Funds That Have Recently Outperformed,” by Bradford Cornell, Jason Hsu, and David Nanigian, papers.ssrn.com, Feb. 25, 2016.

“Coronavirus Crisis, Supertrends and Disruptive Innovations in Asset Management,” Financial Investigator Conference, rayliant.com, July 2, 2020.

“When Dollar-Cost Averaging Can Help (or Hurt),” by Amy Arnott, Morningstar.com, Sept. 4, 2020.

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Our guest on the podcast today is Joe Davis, global chief economist at Vanguard. Joe also heads up Vanguard's Investment Strategy Group, a team that conducts research on portfolio construction, develops the firm's economic and market outlook, and helps oversee Vanguard's asset-allocation strategies for both institutional and individual investors. He is also a member of the senior portfolio management team for Vanguard Fixed Income Group. He earned a doctorate in economics at Duke University.

Background

Bio

Asset Bubbles

“Bitcoin: Digital Gold or Fool’s Gold?” by Joe Davis, vanguard.com, March 13, 2018.

“Vanguard’s Joe Davis on the State of the Markets & the Global Economy,” cnbc.com, Jan. 28, 2020.

“Asset Bubbles and Where to Find Them,” by Joe Davis, vanguard.com, March 8, 2021.

“Value vs. Growth: Widest Performance Gap on Record,” by Katherine Lynch, Morningstar.com, Jan. 11, 2021.

The Pandemic and the Economy

“Vanguard Economic and Market Outlook for 2021: Approaching the Dawn,” Vanguard Investment Strategy Group, vanguard.com, December 2020.

“Vanguard Economists Discuss Their Global Outlook,” vanguard.com, July 23, 2020.

“The ‘Great’ Fall and the Road to Recovery,” by Joe Davis, vanguardinstitutionalblog.com, May 1, 2020.

“A Pandemic, a Vaccine, and a Sea of Ideas,” by Joe Davis, vanguardinstitutionalblog.com, Nov. 10, 2020.

“The Key to Achieving COVID-19 Herd Immunity,” by Joe Davis, vanguardinstitutionalblog.com, Jan. 27, 2021.

“A Timetable for Overcoming COVID-19,” by Joe Davis, vanguard.com, Feb. 1, 2021.

“Vanguard’s Joe Davis Talks Healthy Economy Amid Covid,” Bloomberg, Feb. 8, 2021.

Inflation

“Vanguard 2020 Outlook: The New Age of Uncertainty,” by Joe Davis, vanguard.com, Nov. 18, 2019.

“Inflation Prospects Amid the Pandemic,” by Andrew J. Patterson, vanguardinstitutionalblog.com, May 20, 2020.

“Envisioning a Post-Pandemic Future,” by Joe Davis, vanguard.com, Sept. 1, 2020.

Market Outlook

“Vanguard Comes to Defense of the 60/40 Portfolio As It Forecasts Stock Market Returns for the Next Decade,” by Steve Goldstein, marketwatch.com, July 25, 2020.

“A Sharp Contraction, Then an Upswing,” by Joe Davis, vanguard.com, March 22, 2020.

“Why Portfolio Diversification Still Works,” by Amy Arnott, Morningstar.com, March 30, 2021.

“Active Fixed Income Perspectives: Q1 2021,” by Active Fixed Income Leadership and Research Teams, vanguard.com, Jan. 28, 2021.

Megatrends

“Megatrends: The Future of Work,” Vanguard Research, vanguard.com.

“Automation Isn’t the End of Jobs,” Interview with Christine Benz and Joe Davis, Morningstar.com, Nov. 24, 2018.

“Quantifying the Future of Remote Work,” by Joe Davis, vanguard.com, Nov. 30, 2020.

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Our guest this week is John Rogers, Jr. John is chairman, co-CEO, and chief investment officer of Ariel Investments, the firm he founded in 1983. John is the lead portfolio manager of the Ariel Fund and also comanages other Ariel strategies, including Ariel Small Cap Value, Small/Mid Cap Value, Mid Cap Value as well as Ariel Appreciation. John sits on several corporate boards, including the board of directors of McDonald's, Nike, and The New York Times and serves as vice chair of the University of Chicago's board of trustees. In 2008, John was given Princeton University's highest honor, the Woodrow Wilson Award, for his work in civic and philanthropic circles. John received his bachelor's degree from Princeton.

Background

Bio

DEI

“White House Advisor on Importance of Financial Education,” CNBC.com, April 14, 2014.

Ariel Community Academy

“Empowering the Next Generation of Investors Through Rapunzl,” Nasdaq.com, Nov. 12, 2020.

The University of Chicago Laboratory Schools’ Diversity, Equity, and Inclusion

Ariel-Schwab Black Investor Survey 2020

"Chicago-Based Ariel Investments Launches 'Project Black' to Grow Minority-Owned Businesses With $200 Million From JPMorgan Chase," by Robert Channick, chicagotribune.com, Feb. 27, 2021.

"Ariel Investments’ John Rogers Jr. Pushes Corporate Boards to Have Their Own 'Jackie Robinson Moment'," by Andrew Keshner, marketwatch.com, Dec. 2, 2020.

ESG

" 'This Is the Shareholders’ Money': Billionaire Warren Buffett Argues That Companies Should Stop Making Decisions Based on Their Social Beliefs," by Ben Winck, businessinsider.com, Jan. 2, 2020.

Ariel Investments ESG Policy

Nike Sustainability Initiatives

McDonald’s Sustainability Initiatives

Market Outlook and Value Investing

“Warren Buffett Watcher Echoes Warning on Bitcoin: 'We’re Probably Near the Top of a Bubble'," by Berkeley Lovelace Jr., cnbc.com, Jan. 11, 2018.

“Martijn Cremers Unveils ActiveShare.info Fund Website 2.0,” by Martijn Cremers, prnewswire.com, Sept. 15, 2020.

“Bill Bernstein: We’re Starting to See All the Signs of the Bubble,” The Long View Podcast with Christine Benz and Jeffrey Ptak, Morningstar.com, March 10, 2021.

“These 7 Value Stocks Will Benefit From an Economic Recovery,” by Reshma Kapadia, barrons.com, Feb. 28, 2021.

“Ariel Investments’ John Rogers: Taking a Contrarian View to Beat Markets and Prejudice,” financialtimes.com, April 3, 2021.

Stocks

“A Wall Street Investment Chief Reveals How He Found Stocks at ‘Extraordinary Bargains’ at the Depths of Pandemic Crash--and Reaped Huge Returns,” by Emily Graffeo, businessinsider.com, Nov. 19, 2020.

Nielsen Holdings

“ViacomCBS Shares Slide 18% After Company Prices Roughly $3 Billion Offering of Equity Securities,” by Ciara Linnane, marketwatch.com, March 24, 2021.

Leadership at Ariel

Mellody Hobson Biography

“At Ariel Investments, Mellody Hobson Gets Promoted to Co-CEO and Becomes Largest Shareholder,” by Mary Ellen Podmolik, chicagotribune.com, July 11, 2019.

“Starbucks’s Mellody Hobson, the Only Black Chairwoman in S&P 500, Says ‘Civil Rights 3.0’ Is Brewing,” by Heather Haddon, wsj.com, March 13, 2021.

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Our guest on the podcast today is financial educator and author Paul Merriman. He founded Merriman, a fee-only investment advisory firm, in 1983. He retired from Merriman in 2011 and started The Merriman Financial Education Foundation, which is dedicated to providing comprehensive financial education to investors. Merriman has written several books on investing. His latest released in November 2020 and is called We're Talking Millions! 12 Simple Ways To Supercharge Your Retirement. He writes a weekly column on MarketWatch, and he also hosts the weekly Sound Investing podcast.

Bio

Books

MarketWatch columns

Sound Investing podcasts

The Merriman Financial Education Foundation

Next Gen Personal Finance

NGPF Documentary: The Most Important Class You Never Had, by Tim Ranzetta, ngpf.org, March 20, 2020.

"Opinion: My Wild Ride Owning GameStop Stock," by Paul Merriman, MarketWatch, Feb. 12, 2021.

"The Ultimate Buy-and-Hold Strategy," by Paul Merriman, MarketWatch, July 17, 2013.

"30 Reasons to Fall in Love With Index Funds," by Paul Merriman, MarketWatch, June 4, 2014.

"Why REITs Belong in Your Retirement Portfolio," by Paul Merriman, MarketWatch, April 1, 2015.

"Opinion: Here Are the two Funds you Need—Before and After Retirement," by Chris Pedersen, MarketWatch, Nov. 30, 2019.

"Target Date Funds and Portfolio Choice in 401(k) Plans," by Olivia S. Mitchell and Stephen P. Utkus, Wharton Pension Research Council, Jan. 9, 2020.

"The Lessons of Vanguard's Jack Bogle Have Helped Countless Investors—but His Picks Could Be Improved," by Paul Merriman, MarketWatch, Feb. 13, 2020.

Telltale Chart, Bogleheads.org.

"Paul Merriman 4 Fund Portfolio Review," OptimizedPortfolio, March 24, 2021.

"Fine-Turning Retirement Portfolio Allocations," by Paul Merriman, MarketWatch, July 31, 2013.

"Retire With More Money and Less Risk," by Paul Merriman, MarketWatch, April 30, 2014.

"FAQs About the Merriman Target Date Portfolios," by Chris Pedersen, paulmerriman.com.

"How to Double Your Target-Date Retirement Fund’s Return in a Single Move," by Paul Merriman, MarketWatch, April 15, 2015.

"Why Target-Date Funds Are the Best Retirement Investment," by Paul Merriman, MarketWatch, Sept. 7, 2019.

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Our guest this week is Ted Seides. Ted hosts the popular “Capital Allocators” podcast, where each week he interviews leaders in the investing and finance fields, including hedge fund managers, endowment chiefs, and prominent academics. Prior to launching “Capital Allocators,” Ted was a founding partner at Protégé Partners, a firm that invested in and seeded hedge funds. Ted began his career at the Yale University Investment Office before doing stints at Stonebridge Partners and J.H. Whitney & Company. Ted recently published a book reflecting on his conversations with investment leaders and experts entitled Capital Allocators: How the World's Elite Money Managers Lead and Invest. Ted earned his bachelor's degree from Yale University and his MBA from Harvard Business School. He is also a CFA charterholder.

Bio

“Capital Allocators”

Books

“Drew Dickson—Blending Behaviors and Fundamentals at Albert Bridge Capital (First Meeting, Ep. 13),” Capitalallocatorspodcast.com, Nov. 24, 2019.

Thinking in Bets: Making Smarter Decisions When You Don’t Have all the Facts by Annie Duke

 “The Surprising Cost of Volatility,” by Ted Seides, Capitalallocatorspodcast.com, April 26, 2010.

“The Future of Long-Short Equity,” by Ted Seides, cfainstitute.org, April 11, 2013.

Ted Seides’ personal portfolio

How I Invest My Money: Finance Experts Reveal How They Save, Spend, and Invest by Joshua Brown and Brian Portnoy

Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment, by David Swensen

Arctos Sports Partners

 “Scott Malpass—The Fighting Irish’s Twelfth Man (Ep. 25),” Capitalallocatorspodcast.com, Sept. 18, 2017.

“Michael Mauboussin—Consilient Observations in a Crisis (Ep. 127),” Capitalallocatorspodcast.com, March 22, 2020. 2020. 

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Our guest on the podcast today is financial advisor and author Bill Schultheis. His latest book is "The Coffeehouse Investor's Ground Rules: Save, Invest, and Plan for a Life of Wealth and Happiness." His first book, published in 1998 and updated several times thereafter, is "The Coffeehouse Investor: How to Build Wealth, Ignore Wall Street, and Get On With Your Life." When he is not writing books, He is a financial advisor with Soundmark Wealth Management, a firm he co-founded in 2008. He received his bachelor's degree in business at Texas A&M University.

Bio

The Coffeehouse Investor

Soundmark Wealth Management

A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing, by Burton Malkiel

The Millionaire Next Door: The Surprising Secrets of America’s Wealthy, by William Danko

“The Coffeehouse Portfolio: Caffeinate Your Investment Strategy,” by Candice Elliott, listenmoneymatter.com, Sept. 11, 2020.

“The Coffeehouse Portfolio--2020 Update,” by blbarnitz, bogleheads.org, Jan. 2, 2021.

The Dalbar Study

"Mind the Gap: How Do Investor Returns Stack Up Against Total Returns?” by Amy C. Arnott, Morningstar.com, Aug. 18, 2020.

“On Finance: Understanding the Advantages of Index Funds,” by Bill Schultheis, 425business.com, July 17, 2017.

“The Odds of Outperforming Through Active Management,” by Larry Swedroe, investorevidence.com, Feb. 24, 2021.

“The Data Don’t Lie—It’s Time to Diversify,” by Bill Schultheis, 425business.com, May 9, 2018.

“Twenty Years On, These Three Investing Principles Are as Important as Ever,” by Bill Schultheis, 425business.com, Dec. 11, 2019.

“Autopilot Features Can Help Direct You Toward a More Comfortable Retirement,” by Bill Schultheis, 425business.com, June 4, 2019.

“Don’t Get Bitten by the Popularity of FAANG Stocks,” by Bill Schultheis, 425business.com, Feb. 5, 2020. 

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Our guest this week is noted author and advisor, William Bernstein. Bill’s background and entree to finance is unique--a neurologist by training, Bill taught himself the principles of investing and asset allocation, eventually parlaying that knowledge into a successful financial advisory practice and a series of influential, critically acclaimed books such as The Intelligent Asset Allocator, The Four Pillars of Investing, If You Can: How Millennials Can Get Rich Slowly, and his latest, The Delusions of Crowds.

Background

Bio

Books

“Bernstein: ‘I Don’t Think the System Needs Nudges. I Think the System Needs Dynamite,’”The Long View Podcast, May 7, 2019.

Current Market Environment

The Wisdom of Crowds, by James Surowiecki

“A Stock Market Bubble Is Forming,” by John Rekanthaler, Morningstar.com, Oct. 20, 2020.

“From 1720 to Tesla, FOMO Never Sleeps,” by Jason Zweig, wsj.com, July 17, 2020.

“The 4 Pillars of Investing,” by Larissa Fernand, Morningstar.com, June 19, 2020.

“4 Ways Today’s Stock Market Resembles That of the Late 1990s,” by John Rekenthaler, Morningstar.com, March 4, 2021.

Inflation, Bonds, and Other Asset Classes

“The Case for Minimizing Risk in Your Bond Holdings,” by William Bernstein, wsj.com, Oct. 18, 2015.

Inflation, Deflation, Confiscation & Devastation--The Four Horsemen of Risk,” by Wade Pfau, forbes.com, March 4, 2020.

“What if Inflation Isn’t Dead?” by John Rekenthaler, Morningstar.com, Aug. 11, 2020.

Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment by David F. Swensen.

“Fran Kinniry: Applying the Vanguard Approach to Private Equity,” The Long View Podcast, April 1, 2020.

“What Are SPACs and Should I Care?” by David Sekera, Morningstar.com, March 2, 2021.

Retirement

“How to Think About Risk in Retirement,” by William Bernstein, wsj.com, Nov. 30, 2014.

“Retirement Planning When You Have Enough,” by Christine Benz, Morningstar.com, Sept. 11, 2020.

"Of Viruses, Distressed Sales, and Stocks' 'Rightful Owners,' " by Bill Bernstein, efficient frontier.com, 2020.

ETFs

“No Room on the ARK?” by Ben Johnson and Bobby Blue, Morningstar.com, March 3, 2021.

“Digging Into ARK Innovation’s Portfolio,” by Amy Arnott, Morningstar.com, Feb. 18, 2021.

“Gerard O’Reilly: Control for the Unexpected, Focus on the Expected,” The Long View Podcast, Jan. 26, 2021. 

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