Our guest on the podcast today is Charles Duhigg, a Pulitzer Prize-winning investigative journalist and author of The Power of Habit, Why We Do What We Do in Life and Business, and Smarter Faster Better. His writing has won numerous honors, including the National Academies of Sciences, National Journalism, and George Polk awards. Duhigg is a former Los Angeles Times staff writer. In between 2006 and 2017, he was a reporter at The New York Times. He currently writes for The New Yorker magazine and other publications. He graduated from Yale University and earned a Master of Business Administration from Harvard Business School. He is here today to discuss his most recent book, Supercommunicators: How to Unlock the Secret Language of Connection.

Background

Bio

The New Yorker magazine

Books

Supercommunicators: How to Unlock the Secret Language of Connection

The Power of Habit: Why We Do What We Do in Life and Business

Smarter Faster Better: The Transformative Power of Real Productivity

Other

“The Experimental Generation of Interpersonal Closeness: A Procedure and Some Preliminary Findings,” by Arthur Aron, Edward Melinat, Renee J. Bator, Elaine N. Aron, and Robert Darrin Vallone, Sage Journals, April 1997.

“Unpacking the 36 Questions That Lead to Love: Why and How They Work,” by Kendra Cherry, verywellmind.com, Feb. 12, 2024.

The Harvard Study of Adult Development

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And we are thrilled to have with us today two fabulous investors in global equities. David Herro is here from Harris Associates. He is a longtime portfolio manager at Oakmark International and Oakmark International Small Cap. Rajiv Jain, to David’s left, is here from GQG Partners, which he founded in 2016. Both of these gentlemen have strategies that are rated Gold by Morningstar’s Manager Research team. So, we’re really excited to have them here and to dig into international investing and the case for international investing.

Background

David Herro Bio

Oakmark International Investor

Oakmark International Small Cap Investor

Rajiv Jain Bio

GQG Partners Global Quality Equity

GQG Partners Emerging Markets Equity

International Funds, Interest Rates, and More

“Going Where the Value Is Greater: International Equities,” by David Herro, oakmark.com, Jan. 4, 2024.

“Bloomberg Interview: Rajiv Jain Spotlights Nvidia, Discusses Elections, India’s Potential, and China,” GQG.com, June 11, 2024.

“Fund Manager Rajiv Jain Takes $2.8bn Bet on Middle Eastern Stocks,” by Jennifer Hughs and Brooke Masters, ft.com, Jan. 14, 2024.

“The Harrowing Story of a Top Manager’s Biggest Investing Mistake,” by Gregg Wolper, Morningstar.com, Aug. 30, 2023.

“David Herro’s 1st-Quarter International Equity Market Commentary: Granolas, Japan, and Crypto—Why We Don’t Chase Momentum,” by Sydnee Gatewood, gurufocus.com, April 9, 2024.

“Billionaire Fund Manager Griffin Predicts Fed Rate Cuts in 2024,” by Dan Weil, thestreet.com, May 7, 2024.

“Jamie Dimon—Head of US’ Largest Bank—Warns of 8% Interest Rates Along With Recession,” by Derek Saul, forbes.com, April 8, 2024.

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We’re hitting pause on new episodes during this holiday week. But we wanted to resurface one of our favorite conversations of the past year—the one that Jeff Ptak and I had with author and longtime columnist Scott Burns. We hope that you’ll enjoy it, and we’ll be back with a fresh episode next week.

Our guest on the podcast today is syndicated personal finance columnist and author, Scott Burns. Scott began his career as a newspaper columnist in The Boston Herald in 1977, where he was also the financial editor. In 1985, he joined the staff of The Dallas Morning News, where his column became one of the most widely read features in the paper. Along the way, he created what he called Couch Potato Investing, which involves buying and holding a broadly diversified portfolio of low-cost index mutual funds. Scott has authored or co-authored several books, including The Coming Generational Storm and Spend ‘Til the End, both of which he co-authored with Laurence Kotlikoff. He received bachelor’s degrees in humanities and biology from the Massachusetts Institute of Technology.

Background

Bio

Couch Potato Investing

The Coming Generational Storm: What You Need to Know About America’s Economic Future, by Laurence J. Kotlikoff and Scott Burns

Spend ‘Til the End: Raising Your Living Standard in Today’s Economy and When You Retire, by Laurence J. Kotlikoff and Scott Burns

Bonds and Retirement

“Do Bonds Have a Future?” by Scott Burns, Scottburns.com, May 14, 2022.

“Scott Burns: These Four Pillars of Investing Stand the Test of Time,” by Scott Burns, Dallasnews.com, July 20, 2023.

Allan Roth

“TIPS Ladder Funds Don’t Yet Exist, but They Should,” by John Rekenthaler, Morningstar.com, June 16, 2023.

“Is America Hitting Peak Consumption?” by Scott Burns, Scottburns.com, Oct. 12, 2023.

“The Pudding Report, 2022,” by Scott Burns, Scottburns.com, Jan. 15, 2023.

“Examining the Tax Deferral Gift Horse,” by Scott Burns, Scottburns.com, April 8, 2023.

Investing in Retirement

“What’s a Safe Withdrawal Rate Today?” by Christine Benz, Jeff Ptak, and John Rekenthaler, Morningstar.com, Dec. 13, 2022.

“The 4 Percent Rule Is Not Safe in a Low-Yield World,” by Michael Finke, Wade Pfau, and David Blanchett, papers.ssrn.com, Jan. 15, 2013.

“The High Cost of Immortality,” by Scott Burns, Scottburns.com, Dec. 18, 2022.

“Making a Plan to Retire Now, Not Later,” by Scott Burns, Scottburns.com, April 25, 2022.

“Is Homeownership Bigger Than It Should Be?” by Scott Burns, Scottburns.com, Nov. 14, 2020.

“Is Downsizing in Retirement Actually Possible?” by Scott Burns, Scottburns.com, Nov. 21, 2020.

Other

Portfolio Visualizer

Center for Retirement Research at Boston College

Employee Benefit Research Institute

Kaiser Family Foundation

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Today we have two guests on the podcast, Don Graves and Wade Pfau. Don Graves is the president and founder of the Housing Wealth Institute and an instructor of Retirement Income at The American College of Financial Services. He is considered one of the nation’s leading educators on incorporating housing wealth into retirement income planning. He is also the author of three books, Housing Wealth: An Advisor’s Guide to Reverse Mortgages, Housing Wealth Conversations, and The Retiree’s Guide to Housing Wealth. He graduated from the Fox School of Business at Temple University.

Wade Pfau is professor of retirement income in the Financial and Retirement Planning Program at the American College of Financial Services. He is also co-director of the American College Center for Retirement Income and Retirement Income Certified Professional program director at the American College. Pfau has written several books, including his most recent Retirement Planning Guidebook. He is a co-editor of the Journal of Personal Finance, and he publishes frequently in a wide variety of academic and practitioner research journals. Pfau 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 is also a chartered financial analyst.

Background

Don Graves: Bio

The American College of Financial Services

Books: Housing Wealth: 3 Ways the New Reverse Mortgage Is Changing Retirement Income Conversations

The Retiree’s Guide to Housing Wealth

Wade Pfau: Bio

Books: Retirement Planning Guidebook

Reverse Mortgages: How to Use Reverse Mortgages to Secure Your Retirement

Journal of Personal Finance

Reverse Mortgages

Home Equity Conversion Mortgage (HECM): Definition, Eligibility

Sandra Timmermann

“Reversing the Conventional Wisdom: Using Home Equity to Supplement Retirement Income,” by Barry H. Sacks and Stephen R. Sacks, financialplanningorganization.org, February 2012.

HECM Origination Counseling

“Using Reverse Mortgages in a Responsible Retirement Income Plan,” by Wade Pfau, retirementresearcher.com.

“The Decumulation Drawdown: How Spending Became the Big Dilemma in Retirement,” by Alessandra Malito, marketwatch.com, June 4, 2022.

“Jamie Hopkins: A Framework for Financial Freedom,” The Long View podcast, Morningstar.com, Dec. 2, 2022.

“Reverse Mortgage Net Principal Limit: Meaning, Pros and Cons,” by Julia Kagan, Investopedia.com, April 7, 2022.

“Understanding Why and How the HECM Line of Credit Grows,” by Wade Pfau, forbes.com, Jan. 7, 2021.

“Standby Reverse Mortgages: A Risk Management Tool for Retirement Distributions,” by John Salter, Shaun Pfeiffer, and Harold Evensky, financialplanningassociation.org, August 2012.

“Integrating Home Equity and Retirement Savings Through the “Rule of 30,’” by Peter Neuwirth, Barry Sacks, and Stephen Sacks, Journal of Financial Planning, October 2017.

“Wade Pfau: The Risk of Retirement Today,” The Long View podcast, Morningstar.com, Aug. 2, 2022.

“Unbundling Investments From Insurance to Solve for Lifetime Sequence-of-Return Risk,” by Wade Pfau, retireone.com, Jan. 12, 2022.

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Our guest on the podcast today is Scott Rick. Scott is an associate professor of marketing at the University of Michigan’s Ross School of Business. He is the author of a new book, Tightwads and Spendthrifts: Navigating the Money Minefield in Real Relationships. He received his Ph.D. in behavioral decision research from Carnegie Mellon in 2007, and he then spent two years as a postdoctoral fellow at Wharton. His research focuses on understanding the emotional causes and consequences of consumer financial decision-making, with a particular interest in the behavior of tightwads and spendthrifts.

Background

Bio

Scottrick.com

Tightwads and Spendthrifts: Navigating the Money Minefield in Real Relationships, by Scott Rick

Couples, Spendthrifts, and Tightwads

“A Penny Saved Is a Partner Earned: The Romantic Appeal of Savers,” by Jenny Olson and Scott Rick, papers.ssrn.com, Sept. 1, 2017.

“Spendthrifts and Tightwads in Childhood: Feelings About Spending Predict Children’s Financial Decision Making,” by Craig E. Smith, Margaret Echelbarger, Susan A. Gelman, and Scott I. Rick, Journal of Behavioral Decision Making, December 2017.

“‘You Spent How Much?’ Toward an Understanding of How Romantic Partners Respond to Each Other’s Financial Decisions,” by Jenny Olson and Scott Rick, sciencedirect.com, 2022.

“Common Cents: Bank Account Structure and Couples’ Relationship Dynamics,” by Jenny Olson, Deborah Small, Scott Rick, and Eli Finkel, Journal of Consumer Research, December 2023.

“Subjective Knowledge Differences Within Couples Predict Influence Over Shared Financial Decisions,” by Jenny Olson and Scott Rick, journals.uchicago.edu, October 2023.

“How Much Do You Need to Know About How Your Spouse Spends Money? Maybe Less Than You Think,” by Scott Rick, theconversation.com, June 10, 2024.

Gift-Giving

“Why Gift-Giving Makes You Anxious,” by Scott Rick, Time.com, Dec. 19, 2023.

“How to Be a Better Gift-Giver to a Partner,” by Scott Rick, psychologytoday.com, Feb. 22, 2024.

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Our guest on the podcast today is Andrew Blake. Andrew is associate director of wealth management for Cerulli Associates. He is a member of Cerulli’s Wealth Management practice, leading coverage of asset manager distribution strategy for products sold through financial advisors. With a focus on the wealth management landscape, Andrew assesses trends related to advisor use of investment products as well as their relationships with clients and varying practice types. Prior to joining Cerulli, Andrew worked at John Hancock Investment Management and a Boston-area RIA. He has a BBA in marketing as well as management and strategic leadership from Ohio University.

Background

Bio

The Cerulli Report: US Intermediary Distribution 2023

The Cerulli Report: US Advisor Metrics 2023

Research

US Broker/Dealer Marketplace 2023

US RIA Marketplace 2023

US High-Net-Worth and Ultra-High-Net-Worth Markets 2023

US Retirement Markets 2023

State of US Wealth Management Technology 2024

Advisors

The Cerulli Edge: US Advisor

“More Advisors Are Making the Move to RIA, Independent Models,” by Josh Welsh, investmentnews.com, Oct. 31, 2023.

“The Role of the Retail-Direct Channel in a Growing Financial Planning Profession,” cfp.net, March 28, 2023.

“Financial Adviser Shortage Looms, Cerulli Reports,” by Natalie Lin, planadviser.com, Jan. 16, 2024.

“Asset Managers Embrace a Technology Arms Race,” cerulli.com, Oct. 27, 2022.

“As Retirement Exodus Looms, Rookie Advisor Failure Rate at 72%, Study Finds,” by Ayo Mseka, insurancenewsnet.com, Feb. 12, 2024.

Other

Creative Planning

“Peter Mallouk: The Financial Advice Industry Is ‘Still Very Messy,’” The Long View podcast, Morningstar.com, March 26, 2024.

Vanguard Personal Advisor Select

Schwab Intelligent Portfolios

iCapital

Case IQ

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Our guest this week is Keith Lee. Keith has been lead portfolio manager on the Brown Capital Management Small Company Strategy since 1992. He and the Small Company team were named Morningstar’s Fund Manager of the Year for Domestic Equity in 2015, and the mutual fund carries a Morningstar Medalist Rating of Gold. Keith is also a member of the board of directors and chairman of the management committee for Brown, and he has held the positions of CEO and CIO. He is a trustee of the Baltimore Community Foundation and active in many other Baltimore-based philanthropies. He holds a BA and an MBA from the University of Virginia.

Background

Bio

Brown Capital Management

Brown Capital Management Small Company Strategy

Brown Capital’s Proprietary Investment Philosophy

“Morningstar’s 2015 US Fund Manager of the Year Award Winners Delivered Superior Performance,” Morningstar.com, Jan. 26, 2016.

Brown Capital

“The Oracle of Apopka: Meet Eddie Brown, One of Wall Street’s Greatest Untold Stories,” by Antoine Gara, forbes.com, May 28, 2019.

“The Case for Going Small,” browncapital.com, March 27, 2023.

“I’m a Black CEO. I’ve Been Discounted on Wall Street Because of my Skin Color,” by Eddie Brown, washingtonpost.com, July 8, 2020.

“Team Decisions: Why Our Investment Team Structure Helps Us Make Better Decisions,” by Keith Lee, browncapital.com, Sept. 14, 2022.

“How We Think About Performance,” by Keith Lee, browncapital.com, June 30, 2022.

“Small Company Team Awarded Morningstar’s High ‘People Rating,’” browncapital.com, May 22, 2022.

Other

Beating the Odds: Eddie Brown’s Investing and Life Strategies, by Eddie Brown

“Opposites Attract: Why Financial Services Firms and ESOPS Are Made For Each Other,” by Mary Josephs, forbes.com, June 7, 2021.

“Mutual Funds 2030,” PwC study, pwc.com.

“Sizing the Prize—PwC’s Global Artificial Intelligence Study: Exploiting the AI Revolution,” PwC study, pwc.com.

Cognex

Bio-Techne

Veeva Systems

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Our guest on the podcast today is Jamila Souffrant. She is the author of a new book called Your Journey to Financial Freedom: A Step-by-Step Guide to Achieving Wealth and Happiness. She is also the host of the Journey to Launch podcast. Jamila’s focus is helping people increase their net worths and eliminate debt while also enjoying financial freedom. Prior to starting up her own business, Journey to Launch, she worked at MetLife for 13 years, where she managed a multimillion-dollar portfolio of real estate assets.

Background

Bio

Your Journey to Financial Freedom: A Step-by-Step Guide to Achieving Wealth and Happiness, by Jamila Souffrant

Journey to Launch podcast

Journey to Launch Podcast

“Episode 366: How to Bounce Back From Financial Setbacks and Adversity W/ Lynnette Khalfani-Cox,” Journey to Launch podcast.

“Episode 350: Creating Your Dream Life, Identifying Your Goals, & the Guacamole Lifestyle Levels,” Journey to Launch podcast.

“Episode 137—The Black Tax: The Cost of Being Black in America With Shawn Rochester,” Journey to Launch podcast.

“Episode 193—How I Bought My Condo at 22 Years Old & My Biggest Takeaways & Lessons Learned,” Journey to Launch podcast.

Other

“Financial Independence, Retire Early (FIRE) Explained: How It Works,” by Alexandra Kerr, Investopedia.com, May 15, 2024.

Mr. Money Mustache

Mad Fientist

“Lynnette Khalfani-Cox: ‘There’s a Huge Wealth Gap in America,’” The Long View podcast, morningstar.com, Sept. 28, 2021.

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This is Dan’s second appearance on The Long View, his first taking place back in May 2019, when Christine Benz and I interviewed him for the podcast. Dan is Pimco’s group chief investment officer, a managing director, and a member of the firm’s executive committee and investment committee. He is also lead portfolio manager for the firm’s Income, Credit Hedge Fund, and Mortgage Opportunistic strategies, and a portfolio manager for Total Return strategies. Morningstar named Dan Fixed-Income Manager of the Year for 2013. Dan earned his bachelor’s degree in economics from Occidental College and his MBA in analytic finance at the University of Chicago Booth School of Business. We conducted this interview at Pimco’s headquarters in Newport Beach, California.

Background

Bio

Pimco Income Institutional Fund

Pimco Credit Opportunities Bond Institutional Fund

Pimco Mortgage Opportunities and Bond Institutional Fund

“Dan Ivascyn: Building a Portfolio to Bend but not Break,” The Long View podcast, Morningstar.com, Sept. 11, 2019.

Secular Outlook

“The Aftershock Economy,” by Dan Ivascyn, Andrew Balls, and Richard Clarida, pimco.com, June 6, 2023.

“Income Fund Update: Capitalizing on the Global Opportunities in Fixed Income,” by Dan Ivascyn and Esteban Burbano, pimco.com, May 13, 2024.

“What to Expect When You’re Expecting Rate Cuts,” video interview with Dan Ivascyn and Kimberley Stafford, pimco.com, April 25, 2024.

“Pimco’s Ivascyn Warns of ‘Too Much Enthusiasm’ on 2024 Rate Cuts,” by Michael Mackenzie, Bloomberg.com, Nov. 15, 2023.

“Income Fund Update: Compelling Yields Today, Potential Price Appreciation Tomorrow,” by Dan Ivascyn and Esteban Burbano, pimco.com, Feb. 20, 2024.

“Capitalizing on Market Shifts in 2024,” video interview with Dan Ivascyn and Kenneth Chambers, pimco.com, January 2024.

“Bonds Look Attractive Compared With Cash, Equities,” by Dan Ivascyn, pimco.com, February 2024.

“Yield Matters: A Fresh Look at Core Bonds,” video interview with Dan Ivascyn, Mohit Mittal, and Richard Clarida, pimco.com, May 2024.

“What Higher-for-Longer Rates Mean for Investors,” video interview with Dan Ivascyn and Kimberley Stafford, pimco.com, February 2024.

“Opportunity in Focus: Private Credit,” video interview with Dan Ivascyn and Kenneth Chambers, pimco.com, January 2024.

“Navigating Uncertainty With Alternative Investments,” video interview with Dan Ivascyn and Richard Clarida, pimco.com, December 2023.

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We have two guests this week on The Long View, our colleagues, Damien Conover and Rebecca Springer, who both focus on healthcare investing—Damien on the public equity side and Rebecca focusing on private markets for Morningstar PitchBook. Damien is director of healthcare research and director of equity strategy for Morningstar Research Services. Before joining Morningstar in 2007, Damien covered healthcare for Raymond James, Bank of Montreal, and Tucker Anthony. He holds bachelor’s and master’s degrees in finance from the University of Wisconsin, where he was a member of its applied security analysis program, and he holds the CFA designation. Rebecca Springer is lead healthcare analyst for Morningstar PitchBook, where she directs coverage of private market investing across healthcare and the life sciences. She has written extensively on P/E investing in healthcare providers, the growing role of retailers in healthcare, and value-based care. She has worked in nonprofit consulting and as a college lecturer. Rebecca holds a bachelor’s from Yale, a master’s from Cambridge, and a doctorate from Oxford.

Background

Damien Conover bio

Rebecca Springer bio

Anti-Obesity Drugs and Healthcare

“Obesity Drug Stocks: Where to Invest Now,” by Diana Anghel, Morningstar.com, Dec. 7, 2023.

“Eli Lilly Earnings: Pipeline Gains and Great Diabetes and Weight-Loss Sales,” by Damien Conover, Morningstar.com, Feb. 6, 2024.

“Eli Lilly’s Strong Position in GLP-1 Drugs and Powerful Pipeline Support Industry-Leading Growth,” by Damien Conover, Morningstar.com, Feb. 6, 2024.

“Walmart, Amazon and CVS Want to Disrupt Healthcare Services. Here’s How PE and VC Could Benefit,” by Rebecca Springer, PitchBook.com, Sept. 13, 2022.

“Q2 2023: Healthcare IT Report,” PitchBook.com, Sept. 12, 2023.

“Investment Opportunities in the Biopharma Industry,” by Karen Andersen and Damien Conover, Morningstar.com, April 5, 2024.

“Research & Development Is Driving Medical Breakthroughs and Exponential Growth Opportunities,” by Damien Conover, Morningstar.com, April 7, 2022.

“Healthcare Stocks: Valuations Look Attractive Across Almost All Industries,” by Damien Conover, Morningstar.com, April 3, 2024.

“Pfizer Highlights Pipeline to Address Post-2025 Patent Cliff, as Long-Term Growth Concerns Linger,” by Damien Conover, Morningstar.com, Dec. 12, 2022.

“Can Innovation Offset Biopharma Firms’ Losses From Patent Expiration?” by Damien Conover and Karen Andersen, Morningstar.com, March 21, 2023.

“A Wide-Moat Dividend Stock to Buy That’s 35% Undervalued,” by Damien Conover, Morningstar.com, Aug. 2, 2023.

“AbbVie: Cerevel Acquisition Brings High-Risk/High-Reward Neuroscience Pipeline Drugs at a Fair Price,” by Damien Conover, Morningstar.com, Dec. 7, 2023.

“How Weight Loss Drugs Will Reshape Healthcare,” by Rebecca Springer, PitchBook.com, Nov. 16, 2023.

“Healthcare Funds Report,” PitchBook.com, Feb. 26, 2024.

“Q3 2023: Healthcare Future Report: Weight Loss Drugs,” PitchBook.com, Sept. 29, 2023.

Covid Vaccines

“Pfizer Earnings: Cost-Cutting Remains on Track to Adapt to COVID-19 Product Sale Declines,” by Damien Conover, Morningstar.com, Jan. 30, 2024.

“Focus: Drug Companies Face Covid Cliff in 2023 as Sales Set to Plummet,” by Michael Erman and Patrick Wingrove, reuters.com, Feb. 6, 2023.

Value-Based Care

“PitchBook Analyst Note: The Value-Based Care Enabler Landscape: 2024 Update,” PitchBook.com, March 14, 2024.

“Enablement Companies Are Key to the Future of Value-Based Care,” by Rebecca Springer, PitchBook.com, March 16, 2024.

“Our Value-Based Care Crystal Ball,” by Rebecca Springer, PitchBook.com, July 22, 2023.

Healthcare Market Underperformance

“Healthcare Service Report,” PitchBook.com, May 7, 2024.

“Healthcare Is a Frontier Not Even Walmart Could Conquer—And It’s Not Looking Great for Others Either,” by Katie Adams, medcitynews.com, May 1, 2024.

Other

Sesame

Amazon Clinic

Ro

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