The Long View

Our guest this week is our colleague, Eric Jacobson. Eric is a senior principal for fixed-income strategies on Morningstar’s Manager Research team. He focuses on a variety of taxable, tax-exempt, and nontraditional managed strategies. He covers some of the key asset managers, he publishes thought leadership, and he is a member of the Morningstar Medalist Ratings Committee. Eric joined Morningstar in 1995 as a closed-end fund analyst and also had a stint on Morningstar Indexes, where he helped launch our original Bond Benchmark Suite. Before Morningstar, Eric worked at Kemper Financial Services. He is also a proud graduate of the University of Wisconsin-Madison.

Bio

“Why the Bond Market Is Fertile Ground for Active Management,” by Eric Jacobson, Morningstar.com, Aug. 28, 2025.

“6 Critical Lessons for Bond Investors,” by Eric Jacobson, Morningstar.com, Dec. 26, 2023.

“How to Measure Your Fund’s Liquidity Risk,” by Brian Moriarty, Morningstar.com, Oct. 21, 2025.

“New Ratings Reveal Challenges for Semiliquid Funds,” by Bryan Armour, Morningstar.com, Nov. 12, 2025.

“Eurozone Debt Crisis: Causes, Consequences, and Solutions (2008-2012),” by Daniel Liberto, Investopedia.com, Sept. 29, 2025.

“Automotive Industry Crisis of the 2000s,” by Kerry Skemp, ebsco.com.

“When It Comes to Bonds, Don’t Be a Hero,” by Christine Benz, morningstar.com, Oct. 6, 2025.

Bill Gross

Dan Fuss

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Our guest on the podcast today is Dan Haylett, who’s the author of a new book called The Retirement You Didn’t See Coming. Dan is a financial planner and head of growth for TFP Financial Planning based in the UK. Dan focuses on financial planning, retirement planning, and life planning for people over age 50. He also hosts a podcast called Humans vs. Retirement that is centered on the behavioral aspects of retirement. Prior to joining TFP, Dan occupied several positions in the asset management industry. Dan, welcome back to The Long View.

Bio

Humans vs. Retirement podcast

The Retirement You Didn’t See Coming: The Guide to the Human Side of Retirement Nobody Warns You About

TFP Financial Planning

“Dan Haylett: Retirement Planning = Life Planning,” The Long View podcast, Morningstar.com, Dec. 5, 2023.

“Can You Afford to Retire?—3 Questions to Ask Yourself!” Humans vs. Retirement video, youtube.com, June 2025.

“The Fragile Decade: Retirement’s Danger Zone,” by Dan Haylett, humansvsretirement.com, June 30, 2025.

“Your Brain Has Two Sides. Retirement Needs Both,” by Dan Haylett, linkedin.com, October 2025.

“A Plan for Your First 12 Months in Retirement,” Humans vs. Retirement video, youtube.com, 2024.

“Few and Deep: The Retirement Lens That Changes Everything,” by Dan Haylett, humansvsretirement.com, Sept. 9, 2025.

“Why Retirement Can Feel More Like a Void Than a Victory,” by Dan Haylett, humansvsretirement.com, March 28, 2025.

“The Best Things in Retirement Aren’t Things at All,” by Dan Haylett, humansvsretirement.com, Feb. 6, 2025.

“Don’t Let the Fear of the Future Steal Your Retirement Joy,” by Dan Haylett, humansvsretirement.com, Jan. 14, 2025.

“Longevity and Brevity: The Two BIGGEST Risks in Retirement,” by Dan Haylett, humansvsretirement.com, Sept. 3, 2024.

Michael Finke

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Today’s guest on The Long View is Callie Cox. Callie is the chief market strategist at Ritholtz Wealth Management, where she helps the firm’s clients make sense of markets and suss out signal in the noise. Callie’s clear, relatable approach to market commentary blends deep macroeconomic market insights with an understanding of investor behavior. Before joining Ritholtz Wealth Management in 2024, Callie was an investment analyst at eToro and previously worked in research roles at Ally, LPL Financial, and First Citizens Bank. She began her career as a reporter at Bloomberg, covering the stock and options markets after graduating from the University of North Carolina with a journalism degree.

Bio

OptimistiCallie

Ritholtz Wealth Management

“A Millennial’s Guide to Gen Z’s Career Apocalypse,” by Callie Cox, businessinsider.com, Oct. 27, 2025.

“The Wealth Effect,” by Callie Cox, optimisticallie.com, Nov. 10, 2025.

“Governments Are People, My Friend,” by Callie Cox, optimisticallie.com, Feb. 18, 2025.

“Big Tech’s AI Spending Spree,” by Callie Cox, optimisticallie.com, Oct. 27, 2025.

“Humans > Robots,” by Callie Cox, optimisticallie.com, Aug. 4, 2025.

“AI vs. Tariffs,” by Callie Cox, optimisticallie.com, May 19, 2025.

“How to Invest Without Going Insane,” by Callie Cox, optimisticallie.com, Nov. 3, 2025.

“Why You Should Invest Right Now,” by Callie Cox, optimisticallie.com, Sept. 15, 2025.

“The Seven Rules of Stock Market Bubbles,” by Callie Cox, optimisticallie.com, July 28, 2025.

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

Jim Paulsen

David Kelly

Howard Marks

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Our guest on the podcast today is Beth Pinsker. She’s a certified financial planner and the author of a new book called My Mother’s Money: A Guide to Financial Caregiving. Beth is also a veteran financial journalist. She’s currently a financial planning columnist at MarketWatch and has also worked at Reuters, Fidelity, and Walletpop.com. Prior to covering personal finance, she was a film critic and entertainment business reporter, writing for Entertainment Weekly, The Dallas Morning News, and many other publications. Beth received her bachelor’s degree in English from Harvard.

Bio

My Mother’s Money: A Guide to Financial Caregiving

“I Thought My Mom Had Done all the Right Estate Planning Before She Died, but I Missed Some Important Things,” by Beth Pinsker, marketwatch.com, July 29, 2023.

“How Much Long-Term-Care Insurance Do I Need?” by Beth Pinsker, marketwatch.com, June 25, 2024.

“5 Things I Learned From Managing My Mother’s Money,” by Beth Pinsker, aarp.org, Oct. 2, 2025.

“‘It Broke Me’: Everyone Says You Need Power of Attorney, but Nobody Tells You How Hard It Is to Use,” by Beth Pinsker, marketwatch.com, July 29, 2023.

“Many of Us Come to Estate Planning Too Late. Here’s What Finally Pushed Me to Do It,” by Beth Pinsker, marketwatch.com, June 15, 2025.

“My Relative, 80, Was About to Be Scammed Out of $40,000. Here’s How I Stopped It,” by Beth Pinsker, marketwatch.com, Aug. 6, 2025.

“What Should Be in Your ‘Death’ File,” by Beth Pinsker, reuters.com, Aug. 1, 2014.

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Today on the podcast, we’re going to be chatting with Heather and Doug Boneparth. They’re co-authors of a new book called Money Together: How to Find Fairness in Your Relationship and Become an Unstoppable Financial Team. Heather and Doug know a little something about money in relationships. As you may have guessed, they’re married. Heather worked as a lawyer for more than a decade before joining the family business as Bone Fide Wealth’s Director of Business and Legal Affairs. She also co-authored the couple’s first book, The Millennial Money Fix. Doug is a certified financial planner and founder of Bone Fide Wealth, a wealth management firm in New York City. He serves on the advisory councils of CNBC and Investopedia.

Bio

Money Together: How to Find Fairness in Your Relationship and Become an Unstoppable Financial Team

The Millennial Money Fix: What You Need to Know About Budgeting, Debt, and Finding Financial Freedom

Bone Fide Wealth

The Joint Account: Helping Couples Talk About Money

“Beyond Prenups: Building Financial Intimacy Before Marriage,” by Heather Boneparth, helloprenup.com, Aug. 5, 2025.

“I Graduated From College With Over $200,000 in Student Loans. Here Are the Things I Wish I Could’ve Told My Younger Self About Debt,” by Heather Boneparth, businessinsider.com, May 27, 2023.

“Six Financial Red Flags You Can’t Afford to Ignore,” by Heather and Doug Boneparth, thejointaccount.com, Feb. 26, 2025.

“Op-Ed: Allowances Are for Kids—Not Your Spouse,” by Heather and Doug Boneparth, cnbc.com, April 13, 2024.

“Why Financial Transparency Might Be the Best Valentine’s Day Gift You Can Give,” by Douglas Boneparth, Investopedia.com, Feb. 14, 2025.

“Show Your Work, Fellas!” by Heather and Doug Boneparth, thejointaccount.com, June 4, 2025.

Manisha Thakor

“Manisha Thakor: Finding Your Enough,” The Long View podcast, Morningstar.com, Aug. 8, 2023.

Brené Brown

“Financial Literacy, Financial Education, and Downstream Financial Behaviors,” by Daniel Ferndandes, John G. Lynch, and Richard Netemeyer, researchgate.net, August 2014.

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Hi, and welcome to The Long View. I’m Christine Benz, director of personal finance and retirement planning for Morningstar. Today on the podcast we welcome back Carl Richards, who’s the author of a new book called Your Money: Reimagining Wealth in 101 Simple Sketches. His previous books, The Behavior Gap and The One-Page Financial Plan, were both bestsellers. Carl started the Sketch Guide column in The New York Times and it ran weekly for a decade. Carl is a certified financial planner, and he started the Society of Advice, which is a community of financial planners dedicated to the craft of advice. In addition, Carl is active on the podcast circuit. He hosts Behavior Gap Radio, as well as a podcast called 50 Fires: Money and Meaning with Carl Richards. Carl also co-hosts a podcast with Michael Kitces called Kitces & Carl - Real Talk for Real Financial Advisors.

Bio

The Society of Advice

Behavior Gap Radio

50 Fires: A Podcast About Money and Meaning

Kitces & Carl – Real Talk for Real Financial Advisors

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

“Carl Richards: It Should Be OK to Relax Out Loud,” The Long View podcast, Morningstar.com, July 27, 2021.

Your Money: Reimagining Wealth in 101 Simple Sketches

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

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

The Magic Certainty Button

“Visual Sketches as Conversation Starters to Help Clients Make Better Financial Decisions,” Kitces & Carl podcast, Episode 175, kitces.com, Oct. 16, 2025.

Where to Place Your Focus

“Is There a Future of Financial Planning in the AI Era?” Kitces & Carl podcast, Episode 169, kitces.com, July 24, 2025.

“Brian Portnoy: Balancing Returns With Simplicity, Financial Independence, and Peace of Mind,” The Long View podcast, Morningstar.com, Sept. 29, 2020.

“Why We Spend the Way We Do With Gretchen Rubin,” 50 Fires podcast with Carl Richards, 50fires.com, May 28, 2025.

Paige Pritchard

“Money, Family, and Meaningful Work With Jodi Kantor and Rob Lieber,” 50 Fires podcast with Carl Richards, 50fires.com, Sept. 18, 2024.

Morgan Housel

Zero to One: Notes on Startups, or How to Build the Future, by Peter Thiel

Vollebak

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Our guest this week is Mike Pyle of BlackRock. Mike is managing director and deputy head of the Portfolio Management Group, which encompasses BlackRock’s fundamental and systematic investing teams across fixed income, equities, and multi-asset. He has also served as BlackRock’s chief investment strategist and portfolio manager of the Tactical Asset Allocation Team. Prior to and in between stints at BlackRock, Mike served extensively in government. He held economic policy roles in both the Obama and Biden administrations, participating in summits and negotiations. Mike holds degrees from Dartmouth, Yale, and Cambridge.

Bio

BlackRock Global Equity Market Neutral Institutional BDMIX

“US Resilience Has Been Underestimated: BlackRock’s Pyle,” video interview, Bloomberg.com, May 13, 2025.

“Global Macro Matters: The Hidden Power of Smarter Macro Hedge Fund Allocations,” by Raffaele Savi, Phil Green, Michael Pensky, Stephanie Lee, Ronald Kahn, Michael Pyle, and Shams Orr-Hruska, blackrock.com, 2025.

“More Room for Hedge Funds,” by Vivek Paul, Jeff Shen, Pierre Sarrau, Devan Nathwani, BlackRock.com, Aug. 20, 2025.

Mike Pyle’s video on AI-related investment on LinkedIn

“At the Frontier: Insight on AI Technology Stocks,” by BlackRock, advisorperspectives.com, Sept. 15, 2025.

“Equity Market Outlook: Q3 2025,” BlackRock.com.

“Alpha Reimagined: How Big Data, AI and the Human Element Can Combine to Better Pursue Consistent Alpha,” BlackRock.com.

Larry Fink’s 2025 Annual Chairman’s Letter to Investors

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Today on the podcast, we’re welcoming Barry Ritholtz. He’s co-founder, chairman, and chief investment officer of Ritholtz Wealth Management, a firm that was launched in 2013. He’s the creator and host of Masters in Business, one of the earliest finance-related podcasts. He also regularly posts on The Big Picture, where he’s been covering everything investing related since 2003. He is the author of Bailout Nation, and his latest book, How Not to Invest: The Ideas, Numbers, and Behaviors That Destroy Wealth—and How to Avoid Them, has just been published.

Barry Ritholtz LinkedIn

Ritholtz Wealth Management

Bailout Nation: How Greed and Easy Money Corrupted Wall Street and Shook the World Economy, with New Post-Crisis Update

How Not to Invest: The ideas, numbers, and behavior that destroy wealth—and how to avoid them

Masters in Business podcast

The Big Picture

“Masters in Business - Ray Dalio Full Show,” Masters in Business podcast, Nov. 30, 2018

“An Interview With Ken Feinberg: Masters in Business,” Masters in Business podcast, Oct. 9, 2015

“MiB: Charley Ellis on Rethinking Investing,” Masters in Business podcast, Feb. 21, 2025

“Why Fear Is an Investor’s Worst Enemy” by Samantha Lamas from the 2017 Morningstar ETF Conference, Morningstar.com, Sept. 12, 2017

“Rabbithole: What Do People Get Wrong About Money?” The Big Picture, March 10, 2025

“It’s Been 40 Years Since Our Cover Story Declared ‘The Death of Equities,’ ” by Peter Coy, Bloomberg, Aug. 13, 2019

Readings

Winning the Loser’s Game: Timeless Strategies for Successful Investing, Eighth Edition, by Charles D. Ellis

Expert Political Judgment: How Good Is It? How Can We Know?, by Philip E. Tetlock

Four Thousand Weeks: Time Management for Mortals, by Oliver Burkeman

Principles, by Ray Dalio

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Our guest on the podcast today is Kerry Hannon. Kerry is a senior columnist and on-air expert for Yahoo Finance and writes about retirement, jobs, career transitions, entrepreneurship, leadership, and personal finance. She has written 14 books about retirement, careers, and personal finance and is co-author of a new book, Retirement Bites: A Gen X Guide to Securing Your Financial Future. Kerry is a former columnist and contributor for The New York Times, MarketWatch, Forbes, PBS, and AARP. She graduated from Duke University.

Bio

Retirement Bites: A Gen X Guide to Securing Your Financial Future, by Kerry Hannon and Janna Herron

“401(k) Savers Stayed Strong Through Market Volatility, Fidelity Found,” Video interview with Kerry Hannon, kerryhannon.com, June 15, 2025.

“Experts Caution Adding Private Assets Like Crypto to 401(k)s,” Video interview with Kerry Hannon, kerryhannon.com, Aug. 17, 2025.

“Retirement Savers Are Eager to Invest in Private Assets, New Survey Finds,” by Kerry Hannon, yahoofinance.com, Aug. 25, 2025.

“Robust Returns and Steady Saving Yield Record Number of 401(k) Millionaires,” by Kerry Hannon, yahoofinance.com, Sept. 13, 2025.

“401(k) Savers Play It Safe, Even as Demand for Private Assets Surge,” by Kerry Hannon, yahoofinance.com, Sept. 9, 2025.

“An Increasing Number of Americans Are Claiming Social Security Early This Year. What’s Up?” Video interview with Kerry Hannon, kerryhannon.com, May 14, 2025.

“Some Retirees Will See Bump in Social Security Benefits in April,” Video interview with Kerry Hannon, kerryhannon.com, March 26, 2025.

“Social Security Benefits Will Rise 2.5% in 2025,” by Kerry Hannon, yahoofinance.com, Oct. 13, 2024.

“How to Build Your Own Target-Date Retirement Fund,” by Kerry Hannon, yahoofinance.com, Feb. 15, 2025.

“2025 Target-Date Fund Investment Strategy,” Morningstar.com.

“Americans’ Retirement Vehicle of Choice Just Topped $4 Trillion,” Video interview with Kerry Hannon, kerryhannon.com, May 21, 2025.

“More Men Are Returning to the Office. Here’s Why That Matters to Women,” by Kerry Hannon, yahoofinance.com, July 20, 2025.

“Author: Getting Employees Back to the Office Is at an “Inflection Point,'” by Kerry Hannon, yahoofinance.com, Aug. 24, 2025.

“Changing Jobs Can Shake-Up Saving for Retirement. Here’s How to Avoid That,” Video interview with Kerry Hannon, kerryhannon.com, May 3, 2025.

Reality Bites (1994 movie)

My Social Security account

“Beyond the Status Quo: A Critical Assessment of Lifecycle Investment Advice,” by Scott Cederburg, Aizhan Anarkulova, and Michael S. O’Doherty, papers.ssrn.com, July 10, 2025 (revised).

“How Americans View Their Jobs,” by Juliana Menasce Horowitz and Kim Parker, pewresearch.org, March 30, 2023.

“Kerry Hannon: Remote Work Trend Benefits Older Workers,” The Long View podcast, Morningstar.com, Oct. 21, 2020.

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Today on the podcast, we welcome back two previous guests. Dana Anspach is the founder and CEO of the financial planning firm, Sensible Money, based in Scottsdale, Arizona, and she has been practicing as a financial planner since 1995. Dana is also the author of the lecture series “How to Plan for the Perfect Retirement,” available on The Great Courses, and the author of the books Control Your Retirement Destiny and Social Security Sense. She has begun blogging about her own retirement journey on The Retirement Manifesto website.

Fritz Gilbert retired in his mid-50s and has been blogging about his retirement experience ever since. He is the creator of The Retirement Manifesto, and he also wrote a book about retirement called, Keys to a Successful Retirement: Staying Happy, Active, and Productive in Your Retired Years.

Dana Anspach Bio

Sensible Money

How to Plan for the Perfect Retirement on The Great Courses

Control Your Retirement Destiny: Achieving Financial Security Before the Big Transition, by Dana Anspach

Social Security Sense: A Guide to Claiming Benefits for Those Age 60-70, by Dana Anspach

“Dana Anspach: How to Build an All-Weather Retirement Plan,” The Long View podcast, Morningstar.com, Oct. 18, 2022.

Fritz Gilbert Bio

The Retirement Manifesto

Keys to a Successful Retirement: Staying Happy, Active, and Productive in Your Retired Years, by Fritz Gilbert

“Fritz Gilbert: Early Retirement Made Simple,” The Long View podcast, Morningstar.com, Oct. 27, 2021.

“A New Chapter for The Retirement Manifesto,” by Dana Anspach, theretirementmanifesto.com, May 22, 2025.

“When to Start Planning for Retirement: Understanding the ‘Pre-Go’ Years,” Video with Dana Anspach, sensiblemoney.com, July 2, 2025.

“Retirement—My Journey From ‘No, Never’ to ‘Maybe One Day,’” by Dana Anspach, theretirementmanifesto.com, June 5, 2025.

“The Ten Commandments of Retirement,” by Fritz Gilbert, theretirementmanifesto.com, March 6, 2018.

“The 4 Phases of Retirement,” by Fritz Gilbert, theretirementmanifesto.com, Feb. 1, 2024.

“Why 28% of Retirees Are Depressed,” by Fritz Gilbert, theretirementmanifesto.com, June 22, 2023.

“Scared to Spend? (You’re Not Alone),” by Fritz Gilbert, theretirementmanifesto.com, Nov. 21, 2024.

“The Role of Annuities in Retirement Planning 2024,” Webinar with Dana Anspach, sensiblemoney.com, May 24, 2024.

“5 Top Regrets of Retirees (and How to Avoid Them),” by Fritz Gilbert, theretirementmanifesto.com, Jan. 30, 2025.

“How Social Security Spousal Benefits May Change My Claim Date,” by Dana Anspach, theretirementmanifesto.com, June 26, 2025.

“Rethinking the 4% Safe Withdrawal Rule,” by Fritz Gilbert, theretirementmanifesto.com, Nov. 18, 2021.

“Don’t Cheat Yourself With the 4% Rule! 2021,” Webinar with Dana Anspach, sensiblemoney.com, May 18, 2021.

The Safe Withdrawal Rate Series (Early Retirement Now with Karsten Jeske, also known as “Big Ern”)

“The Golden Age of Roth Conversions,” by Fritz Gilbert, theretirementmanifesto.com, Oct. 12, 2023.

“My Biggest Surprise in Retirement,” by Fritz Gilbert, theretirementmanifesto.com, June 12, 2025.

Freedom for Fido

The Four Phases of Retirement: What to Expect When You’re Retiring, by Riley Moynes

Die With Zero: Getting All You Can From Your Money and Your Life, by Bill Perkins

“Guaranteed Income: A License to Spend,” by David Blanchett and Michael Finke, Retirement Income Institute, June 2024.

A Richer Retirement: Supercharging the 4% Rule to Spend More and Enjoy More, by Bill Bengen

Asset Dedication

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