The Long View

Our guest on the podcast today is retirement researcher Wade Pfau. Wade is the founder of Retirement Researcher, an educational resource on retirement planning for individuals and financial advisors. He’s co-founder of the Retirement Income Style Awareness Tool and a co-host of the Retire With Style podcast. He’s a professor of practice at the American College of Financial Services and a research fellow with the Limra Retirement Income Institute. And he’s also a principal and director of retirement research for McLean Asset Management. Wade has written several books, including his most recent, a third edition of his Retirement Planning Guidebook. He holds a doctorate in economics and a master’s degree from Princeton University and Bachelor of Arts and Bachelor of Science degrees from the University of Iowa. He’s also a chartered financial analyst.

00:00:00 Updates to the Retirement Planning Guidebook

00:00:29 Do Retirees Today Have a Stronger Starting Spending Rate?

00:04:03 Asset Allocation, Annuities, and Target-Date Funds

00:08:11 Retirement Income Styles

00:15:07 Non-US Safe Withdrawal Rates and Flexible Spending Strategies

00:23:55 Probability of Success and Estimating Longevity

00:27:47 Underspending, Organic Income, and Mortgage Payoff

00:35:46 Exploring the Retirement Risk Zone

00:39:20 Equity Glide Paths, Sequence Risk, and Delaying Social Security

00:46:43 Annuities: Private Equity Concerns and Due Diligence

Exploring the Retirement Risk Zone

Reducing Retirement Risk with a Rising Equity Glide Path

What’s Your Retirement Income Style?

8 Reasons You Might Need to Tweak Your Portfolio

Wade Pfau: The Risks of Retirement Today

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 Pat Dorsey. Pat is the founder of Dorsey Asset Management, a boutique asset manager serving institutional clients. From 2000 to 2011, Pat was the director of equity research for Morningstar, where he led the growth of Morningstar’s equity research group from 20 to 90 analysts. Pat was instrumental in the development of Morningstar’s economic moat ratings, as well as the methodology behind Morningstar’s framework for analyzing competitive advantage. Pat is also the author of two books, The Five Rules for Successful Stock Investing, and The Little Book That Builds Wealth. Pat holds a master’s degree in political science from Northwestern University and a bachelor’s degree in government from Wesleyan University. Pat is a CFA charterholder.

00:00:00 Defining Economic Moats and Moat Source Mistakes

00:05:34 Shifting Landscape for Returns on Invested Capital as a Metric

00:07:52 Inevitable vs. Noninevitable Moats

00:09:36 Moat Durability, Network Effects, and Lessons From PayPal

00:13:46 Management Quality, Founders, and Pricing Discipline

00:24:02 High-Quality Companies, “Too Hard” Bucket, and AI Uncertainty

00:29:29 Premortem, Behavioral Edge, and Opportunity Cost

AI Isn’t an Economic Moat Killer, but It Will Disrupt Industries

Lawrence Lam: ‘The Types of Companies That Attract Me Are Founder-Led and Profitable’

How to Measure a Company’s Competitive Advantage

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 Bill Yount. Bill is a practicing emergency physician. He’s also co-host of a podcast called Catching Up to Fi, where he and Jackie Cummings Koski discuss pursuing financial independence later in life. Bill received his bachelor’s degree from Duke University, his doctor of medicine degree from the University of North Carolina at Chapel Hill, and completed his residency in emergency medicine at Northwestern University.

00:00:00 From a Scarcity Mindset to the Hedonic Treadmill

00:10:04 The Wake-Up Call: Burnout, Lawsuits, and Turning 50

00:11:05 Finding FIRE Late: Catching Up to Financial Independence

00:13:44 Budgeting, Downsizing, and Boosting Savings Rates

00:20:56 Landmarks on the Way to Financial Independence

00:25:50 Life Planning, Risk Parity, and Calibrating Safe Withdrawals

00:34:51 Achieving FI and Knowing When It’s Time to Retire

00:43:44 Building Generational Wealth, Giving Early, and Advice to Late Starters

My Baptism by FIRE: Lessons on Financial Independence

The Best Retirement Strategies for Leaving Money Behind

Cliff Asness: ‘The Problem Was Never Beta. The Problem Was Paying Alpha Fees for Beta’

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 Emily Guy Birken. Emily’s the author of The Five Years Before You Retire. She also co-authored Stacked: Your Super-Serious Guide to Modern Money Management, with Joe Saul-Sehy. Other books include End Financial Stress Now, Making Social Security Work for You and Choose Your Retirement: Find The Right Path to Your New Adventure. Emily received her master’s degree in education from the Ohio State University and her undergraduate degree in English from Kenyon College.

00:00:00 Emily Guy Birken’s Path to Money and Retirement Writing

00:04:26 Why the Five Years Before Retirement Are Crucial and How Much Is “Enough” Savings

00:10:31 How Expectations Can Shape Happiness in Retirement

00:13:14 Key Moves for Preretirees to Cover Retirement Savings Shortfalls

00:15:58 Social Security: Benefits of Delaying and Advice for Young Workers

00:27:06 Budgets in Retirement and Irregular Expenses on a Fixed Income

00:33:14 Why Long‑Term‑Care Insurance Rarely Pays Off Today

00:36:10 Pre-Medicare Health Insurance Options

00:40:17 Early Mortgage Payoff vs. Investing in Retirement

00:42:26 How Writing About Retirement Changed Guy Birken’s Own Planning

5 Things to Do Today If You Want to Retire in 5 Years

Dan Haylett: ‘The Retirement You Didn’t See Coming’

The Best Strategies for Consistent Retirement Spending

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 guests on the podcast today are Jamie Hopkins and Bonnie Treichel, who are co-authors of a new book, Your Retirement Sketchbook. Jamie is the CEO of Bryn Mawr Trust Advisors, Chief Wealth Officer of WSFS Bank, and founder of the FinServ Foundation. He’s a professor of practice at Creighton University and the American College of Financial Services. He’s also a contributor to Forbes and has been elected to the Fellows of the American Bar Foundation. Bonnie is the founder and Chief Solutions Officer of Endeavor Retirement, a consulting firm dedicated to solving problems for plan sponsors, advisors, and service providers in the retirement plan industry. She also serves as treasurer for the FinServ Foundation.

00:00:00 The FinServ Foundation and Your Retirement Sketchbook

00:10:06 Understanding “Rewirement,” Mindset Shifts, and Behavioral Biases in Retirement

00:18:15 Why In‑Plan Annuities Are Emerging Inside 401(k) Plans

00:20:57 Retirement Bucket, Private Assets, and Reducing Sequence‑of‑Returns Risk

00:31:21 Risks to Social Security Benefits

00:33:17 Advisor-Client Dynamics in Retirement Planning

00:38:03 Retirement Planning Books and Podcasts

Your Retirement Sketchbook

Retirement Planning Guidebook

Safety-First Retirement Planning

Ikigai: The Japanese Secret to a Long and Happy Life

Retiring Minds Podcast

Retirement Withdrawal Sequencing Rules of the Road

Here’s How You Can Spend More During Retirement

Jamie Hopkins: A Framework for Financial Freedom

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 David Bach. David is the author of 12 national bestselling books, including The Latte Factor; Smart Women Finish Rich; Start Late, Finish Rich; and The Automatic Millionaire. He just released the 20th anniversary edition of The Automatic Millionaire. David was a longtime contributor to NBC’s Today show and a featured guest on the Oprah Winfrey Show. He also produced and hosted two public television specials, Smart Women Finish Rich and The Automatic Millionaire. David started his career at Morgan Stanley where he was a senior vice president and partner of The Bach Group.

00:00:00 Moving Abroad, Early Retirement, and the Shifting Media Landscape

00:11:46 The Importance of Sabbaticals and Health Expectancy

00:19:39 Saving to Spending, New Tax on IRA Withdrawals, and Long-Term Effect of Deficits

00:34:39 Key Updates to The Automatic Millionaire and Automatic Contributions

00:37:59 Why Everyone Needs Access to Being an Investor

00:42:02 How to Start Investing Young and How to Catch Up Later in Life

00:47:26 How Inflation Affects Retirement Goals and The Benefits of Homeownership

6 Lessons From My 6-Week Mini-Retirement

The Best Strategies for Consistent Retirement Spending

7 Steps to Estimating Your In-Retirement Cash Flow Needs

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 Hilary Wiek. Hilary is a principal analyst at PitchBook, where she leads PitchBook’s coverage of fund strategies and performance, publishing primary research on the alternative space. Hilary also leads PitchBook’s coverage of the ESG and impact investing space. Hilary has over 20 years of experience in asset owner, manager, and advisory roles. Prior to joining PitchBook, she was the director of investments at the Saint Paul & Minnesota Foundations, where she handled portfolio management, impact and ESG investment, investment due diligence and monitoring, and investment operations. Before that, she worked in senior positions at Segal Rogerscasey, the South Carolina Retirement Systems Investment Commission, Buckingham Financial Group, Dayton Power & Light, and KeyCorp. Wiek received a master’s degree in finance and economics from Case Western Reserve University and a bachelor’s degree in business leadership and finance from the University of Puget Sound. She is based in PitchBook’s Seattle office. PitchBook is a Morningstar company.

00:00:00 Background in the Private Markets and Joining PitchBook

00:04:49 Drivers of Private Market Slowdown in 2026 and Pockets of Outperformance

00:14:15 Key Lessons for Investing in Private Market Funds

00:18:12 Private Market Fees, Hidden Volatility, and Valuations

00:20:38 Evergreen Investment Growth, Interval Funds, and Questions Investors Should Ask

00:32:26 Is It Worth It to Invest in Private Markets?

00:36:50 ESG, Impacting Investing, and Key Themes for 2026

00:41:05 Private Market Exposure in 401(k)s

Benchmarking and Returns: Why Are There So Many Numbers?

Evergreen Funds: We Have Questions

The Evergreen Evolution

The New Face of Private Markets in Your 401(k)

US Evergreen Fund Landscape

2025 Impact Investing Update

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 Jim O’Shaughnessy. Jim founded O’Shaughnessy Asset Management, a quantitative investment management firm in 1993. Franklin Templeton acquired the firm in 2021. Jim is also an author of several books, including Invest Like the Best and What Works on Wall Street. His latest book, Two Thoughts: A Timeless Collection of Infinite Wisdom, is a compilation of quotations from famous artists, writers and thinkers. Jim also hosts his own podcast called Infinite Loops. In addition, Jim is the founder and CEO of O’Shaughnessy Ventures, which provides financial backing and other support to individuals and projects.

00:00:00 Building a New Way to Analyze the Stock Market

00:07:18 How Stock Brokers Sold Stories Before Quants

00:12:19 Stock Price vs. Narrative and How Quants Avoid Stock Investing Pitfalls

00:20:05 Long-Term Investing, Bonds, and Keeping Emotions Out of Your Portfolio

00:29:50 Pre-Seed Investments, Finding the Right Founders, and Valuations Today

00:40:08 The Making of Two Thoughts: A Timeless Collection of Infinite Wisdom

00:47:29 Voices on the Infinite Loops Podcast

00:53:12 “Statis is Death” and Lifelong Learning

Nick Maggiulli: Climbing the Wealth Ladder

Lawrence Lam: ‘The Types of Companies That Attract Me Are Founder-Led and Profitable’

How to Determine What a Stock Is Worth

How to Build a Portfolio to Reach Your Financial Goals

5 Ways Emotions Sabotage Your Investment Success

FOMO Can Lead to Lower Returns. Don’t Fall For It

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.

Today’s guest on The Long View is Sara Devereux. Sara is the Chief Investment Officer of Vanguard Capital Management and Global Head of Fixed Income. She oversees the investment professionals responsible for portfolio management, trading, and research for Vanguard’s internally managed fixed-income funds and ETFs, including actively managed bond and money market portfolios and bond index portfolios. Before joining Vanguard in 2019, Sara was a partner at Goldman Sachs, where she spent over 20 years in mortgage-backed securities and structured products trading and sales. Earlier in her career, she worked at HSBC, in risk management advisory and interest rate derivative structuring. She started her career as an actuary at AXA Equitable Life Insurance. Barron has named Sara to its annual list of the 100 Most Influential Women in US Finance every year since 2022.

00:00:00 Vanguard’s Investing Philosophy and New Innovations

00:06:20 Active Fixed-Income Strategy and the Alpha Waterfall

00:13:34 ETF’s Explosion, Active Management, and Private Credit Risk

00:23:10 How Technology Is Reshaping the Bond Market

00:29:51 Bond Market Performance 2025, Bonds as Ballasts, and Term Premiums

00:37:27 Bond Market Risks in 2026

00:42:51 Shifting Policy Crosswinds, Cracks in Credit, and AI Capex Risks

00:50:18 Technical Signals to Watch in 2026

Stay the Course: The Story of Vanguard and the Index Revolution

Vanguard’s Sara Devereux: Why It’s a ‘Terrific Environment’ for Bond Income

Salim Ramji: The Industry Uses Complexity As a Mask to Charge More

Morningstar’s Guide to Fixed-Income Investing

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 Sally Balch Hurme. Sally is the author of Checklist for My Family: A Guide to My History, Financial Plans and Final Wishes, as well as several other books. She worked at AARP for 23 years and has written more than 20 law review articles on topics related to elder law. She has also served on the boards of the National Guardianship Association and the Center for Guardianship Certification, where she helped develop standards for guardians and reform guardianship policies and procedures. Before moving to AARP, she was a partner in a private law firm and held several other legal roles. She also served as an adjunct professor at the George Washington University Law School, teaching elder law for eight years. She received her BA from Tulane University and her JD cum laude from the Washington College of Law at American University.

00:00:00 Working at the American Bar Association, AARP, and as a Caregiver

00:06:15 How to Get Started in Eldercare Planning

00:08:15 Final Wishes, Finding Your Roots, and Key Documents

00:26:31 Designated Beneficiaries and Medication Tracking

00:33:38 Home Deeds and The Power in Power of Attorney

00:39:48 Cleaning Up Digital Assets

Checklist for My Family: A Guide to My History, Financial Plans and Final Wishes

The ABA/AARP Checklist for Family Caregivers: A Guide to Making It Manageable

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

Inherited IRAs: What to Know About Taxes, RMDs, and More

How to Tackle Estate-Planning Basics in 7 Steps

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.