The Long View

Hi, and welcome to The Long View. I’m Dan Lefkovitz, strategist for Morningstar Indexes. Our guest this week is Daniel Rasmussen. He’s the founder and portfolio manager of Verdad Advisers, a hedge fund. Before starting Verdad, Dan worked at Bain Capital Private Equity and Bridgewater Associates. He’s a member of the investment committee of the trustees of donations of the Episcopal Church and he’s a contributor to The Wall Street Journal. Dan is author of the new book, The Humble Investor: How to find a winning edge in a surprising world. His earlier book was American Uprising: The Untold Story of America’s Largest Slave Revolt. Dan holds a bachelor’s from Harvard and an MBA from Stanford. Dan, thanks so much for joining us on The Long View.

Bio

Verdad

The Humble Investor: How to find a winning edge in a surprising world

American Uprising: The Untold Story of America’s Largest Slave Revolt

“Waves in Ship Prices and Investment,” by Sam Hanson and Robin Greenwood, Quarterly Journal of Economics, February 2014.

Superforecasting: The Art and Science of Prediction, by Philip Tetlock

“Gaining Edge by Forecasting Volatility and Correlations,” by Dan Rasmussen, Chris Satterthwaite, and Lionel Smoler Schatz, verdadcap.com, Oct. 30, 2023.

“Where the Value Investing Strategy Still Works,” by Dan Rasmussen, ft.com, May 23, 2024.

“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.

“The Size Factor: Small Caps Are Trading at the Steepest Discount to Large Caps in Decades,” by Dan Rasmussen and Brian Chingono, verdadcap.com, Aug. 22, 2022.

“The Small Cap Amplifier,” by Dan Rasmussen and Brian Chingono, verdadcap.com, Oct. 21, 2024.

“Explaining International Valuations,” by Dan Rasmussen, verdadcap.com, Jan. 27, 2025.

“The ‘Fool’s Yield’ of Private Credit,” by Jamie Powell, ft.com, Jan. 28, 2020.

“Sizing Private Equity Allocations,” by Dan Rasmussen, verdadcap.com, May 13, 2024.

“The Best Macro Indicator: Why You Should Be Following High-Yield Spreads,” by Dan Rasmussen, verdadcap.com, May 17, 2021.

“Crisis Investing in Europe: The Unlikely Winners in the Most Difficult Times,” by Dan Rasmussen and Brian Chingono, verdadcap.com, May 16, 2022.

“EM Crisis Investing, A Deeper Dive: Understanding the Factors at Play in Emerging Markets,” by Verdad Research, verdadcap.com, May 3, 2022.

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Our guest on the podcast today is David Booth. He’s the Chairman of Dimensional Fund Advisors, a firm he founded in 1981. David led Dimensional as CEO and later Co-CEO until 2017, when he stepped back from the daily management of the firm. David helped create one of the world’s first index funds in the 1970s and launched the first passively managed small-company strategy in the early 1980s. He received a bachelor’s degree in economics in 1968 and a master’s degree in business in 1969 from the University of Kansas. In 1971, he received an MBA from the University of Chicago. Over the years, David has been a benefactor to both schools, and the University of Chicago Booth School of Business is named in David’s honor. David, welcome to The Long View.

Bio

Tune Out the Noise

DFA US Small Cap

DFA US Micro Cap

“Stocks, Bonds, Bills and Inflation: Year-by-Year Historical Returns (1926-1974),” by Roger Ibbotson and Rex Siquefield, The Journal of Business, January 1976.

“The Cross-Section of Expected Stock Returns,” by Eugene Fama and Kenneth French, jstor.org, June 1992.

“Why Investors Missed Out on 15% of Total Fund Returns,” by Jeffrey Ptak, Morningstar.com, Aug. 15, 2024.

Errol Morris

Merton Miller

Eugene Fama

Mac McQuown

Rex Sinquefield

Robert Merton

Dan Wheeler

Daniel Kahneman

“Everything You Need to Know About ‘MADOFF: The Monster of Wall Street,’” by Ingrid Ostby, netflix.com, Jan. 4, 2023.

“DFA vs. Vanguard,” The Rational Reminder podcast, Episode 351, youtube.com.

“PHOTOS: A Look Inside the Booth Estate,” Austin American-Statesman, Feb. 13, 2020.

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Today on the podcast we welcome back Cullen Roche. Cullen is the founder and chief investment officer of the Discipline Funds, which manages the Discipline Fund ETF. In addition, he heads up Orcam Group, a registered investment advisory firm he established in 2012. He’s authored several books, including Pragmatic Capitalism: What Every Investor Needs to Know About Money and Finance, and he has a new book coming out next year called Your Perfect Portfolio. Cullen started his career as an advisor at Merrill Lynch and worked at an event-driven hedge fund before starting his RIA firm. He received his bachelor’s degree in finance from Georgetown University’s McDonough School of Business. Cullen, welcome back to The Long View.

Bio

Discipline Funds

Discipline Fund ETF

Pragmatic Capitalism: What Every Investor Needs to Know About Money and Finance

Your Perfect Portfolio

“Let’s Talk About Tariffs,” by Cullen Roche, disciplinefunds.com, Feb. 3, 2025.

“Weekend Reading—How Did We Get Here?” by Cullen Roche, disciplinefunds.com, April 4, 2025.

“Three Things—Tariffs, Of Course,” by Cullen Roche, disciplinefunds.com, April 7, 2025.

“American Economic Association 2021-2022 Universal Academic Questionnaire Summary Statistics,” by Charles E. Scott and John J. Siegfried, jstor.org.

“Three Things—Is a Recession Coming?” by Cullen Roche, disciplinefunds.com, Feb. 8, 2025.

“What Is Defined Duration Investing?” by Cullen Roche, disciplinefunds.com, Feb. 21, 2023.

“Defined Duration Investing,” by Cullen Roche, paper.ssrn.com, Aug. 8, 2022.

“Three Things—State of the Markets,” by Cullen Roche, disciplinefunds.com, Feb. 22, 2025.

“Why Is International Investing Working Again?” by Cullen Roche, disciplinefunds.com, March 26, 2025.

“Three Things—Weekend Reading,” by Cullen Roche, disciplinefunds.com, April 19, 2025.

“Cullen Roche: Macro Is About Understanding the World for What It Is,” The Long View podcast, Morningstar.com, Jan. 11, 2022.

Milton Friedman

“NY Empire State Index: Meaning, Benefits, Example,” by Adam Hayes, Investopedia.com, June 30, 2022.

William Bernstein’s No-Brainer Portfolio

Meb Faber

The Humble Investor, by Dan Rasmussen

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Our guest this week is Vincent Montemaggiore. Vince is a portfolio manager at Fidelity where he manages the Overseas Fund. The strategy is highly regarded by Morningstar’s manager research team. Prior to taking over Fidelity Overseas in 2012, Vince ran Fidelity Select Banking from June 2008. He joined Fidelity as an equity analyst in 2004. Vince has a bachelor’s from the University of Pennsylvania and an MBA from Columbia Business School. Vince, welcome to The Long View.

Bio

Fidelity Series Overseas FSOSX

“2025 Global Investing Outlook: Unsettling International Headlines Are Creating Opportunities for US Investors,” fidelity.com, Jan. 6, 2025.

“Trump Tariffs and Investors: What They Mean for Inflation, Stocks, and the Economy,” fidelity.com, April 9, 2025.

“Europe’s Magnificent 7 Stocks Are Profitable—And Cheaper,” by Jocelyn Jovene, morningstar.co.uk, Feb. 19, 2024.

GSK

Roche

ASML

Nestle

Novartis

SAP

RELX

LSEG and Microsoft Partnership

Hitachi

Tokio Marine

Bill Kennedy

Sammy Simnegar

Jed Weiss

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Today on the podcast, we welcome back Jean Chatzky. Jean is the CEO of HerMoney.com and host of the podcast, HerMoney with Jean Chatzky. She has served as the financial editor of NBC Today for 25 years and is the financial ambassador for AARP. She appears frequently on CNN, MSNBC, and was a recurring guest on The Oprah Winfrey Show. She has written several New York Times bestselling books. Her latest is Women with Money: The Judgment-Free Guide to Creating the Joyful, Less Stressed, Purposeful (and, Yes, Rich) Life You Deserve. Jean also appears in my book How to Retire, where she talks about retirement planning considerations for women.

Bio

HerMoney podcast

FinanceFixx

Women With Money: The Judgment-Free Guide to Creating the Joyful, Less Stressed, Purposeful (and, Yes, Rich) Life You Deserve, by Jean Chatzky

Opportunity Knocks

AARP

“How to Choose a Financial Advisor,” video post by Jean Chatzky, Linkedin.com.

“Jean Chatzky on Women in Investing: Are You Taking Control of Your Money?” by Melissa Houston, forbes.com, April 21, 2022.

“The High Costs of Senior Caregiving,” by Ella Vincent, Kiplinger.com, Aug. 3, 2023.

“Long-Term Care Insurance Rate Increase Creates Big Headache,” by Jean Chatzky, aarp.com, Feb. 7, 2023.

“Are Annuities a Good Investment? What They Are and Why Women Should Consider Them,” HerMoney With Jean Chatzky, episode 433, hermoney.com, July 24, 2024.

“How to Retire Early Without Hating Your Life,” HerMoney With Jean Chatzky, episode 459, hermoney.com, Jan. 22, 2025.

“Jean Chatzky: ‘Financial Stress Is a Big Topic in Need of More Oxygen,’” The Long View podcast, Morningstar.com, Dec. 15, 2020.

How to Retire: 20 Lessons for a Happy, Successful, and Wealthy Retirement, by Christine Benz

Karen Finerman

Michael Kitces

Alliance for Lifetime Income

Jean Chatzky The Today Show archives

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Our guest on the podcast today is Dr. Jay Zigmont. He’s the author of a new book called The Childfree Guide to Life and Money, and he’s also the founder and CEO of Childfree Wealth, a financial planning firm dedicated to helping people without kids. Dr. Jay is a certified financial planner, and he also has his MBA, as well as his PhD in Adult Learning from the University of Connecticut. He hosts the Childfree Wealth podcast, and he previously published another book called Portraits of Childfree Wealth. Dr. Jay, welcome to The Long View.

Bio

Childfree Wealth

Childfree Wealth podcast

The Childfree Guide to Life and Money: Make Your Finances Simple So Your Life Without Kids Can Be Amazing, by Jay Zigmont

Portraits of Childfree Wealth: 26 stories about how being Childfree impacts your life, wealth and finances, by Jay Zigmont

“Census Bureau: Older Childless Women Make More Money, In Better Health Than Male Counterparts,” by Carlie Porterfield, forbes.com, Aug. 31, 2021.

“11% of Older Americans (55+) Are Childfree,” by Jay Zigmont, childfreewealth.com, Aug. 28, 2022.

“Among Unmarried Adults, Women Without Children Have as Much Wealth as Single Men,” by Richard Fry, pewresearch.org, Nov. 4, 2024.

“Choosing the FILE Lifestyle—Financial Independence, Live Early,” by Jay Zigmont, childfreewealth.com, Aug. 28, 2022.

“FILE vs FIRE—Finding What Is Right For You,” by Jay Zigmont, childfreewealth.com, Aug. 28, 2022.

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

“How Do I Embrace the Die With Zero Approach?” by Jay Zigmont, childfreewealth.com, April 30, 2024.

“Not Having Children ‘Breaks’ Traditional Financial Planning, says CFP—8 Money Rules for Childfree People,” by Ryan Ermey, cnbc.com, Dec. 5, 2023.

“How Much Does Assisted Living Cost in 2023?” by Sam DiSalvo, finance.yahoo.com, March 30, 2023.

“Long-Term Care for Childfree Individuals,” by Jay Zigmont, childfreewealth.com, Nov. 23, 2023.

“Who Will Take Care of Me?” by Jay Zigmont, childfreewealth.com, Dec. 12, 2023.

“Get Your Paperwork Right, Now!—Wills, Beneficiaries, Living Wills, POAs and More,” by Jay Zigmont, childfreewealth.com, Aug. 28, 2022.

“New Report: Being Childfree May Not Make You Rich, But It May Make You Happy,” by Jay Zigmont, childfreewealth.com, Oct. 6, 2022.

“The Gardener and the Rose,” by Jay Zigmont, childfreewealth.com, Aug. 28, 2022.

The Purpose Code: How to Unlock Meaning, Maximize Happiness, and Leave a Lasting Legacy, by Jordan Grumet

“Jordan Grumet: The Purpose Code,” The Long View podcast, Morningstar.com, Jan. 7, 2025.

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Our guest this week is Sudarshan Murthy from GQG Partners. Sudarshan is a co-portfolio manager on all GQG investment strategies, which include global equities, US equities, and emerging markets. Before joining GQG in 2016, Sudarshan worked as an Asian equities analyst for Matthews International, and he was also a sell-side researcher at Sanford Bernstein. Before his investment career, Sudarshan worked in IT services at Infosys Technologies and in banking. He holds degrees from the National Institute of Technology in India, the Indian Institute of Management, and the Wharton School of the University of Pennsylvania.

GQG Partners

LinkedIn bio

“Turning Tides in Emerging Markets: India, Indonesia, and Brazil are making waves,” GQG Research, Feb. 18, 2025.

“GQG’s $19 Billion Fund Says Chinese Stock Rally Is ‘Confusing,’ ” by Ishika Mookerjee, Bloomberg, March 1, 2024

“India has moved from red tape to red carpet”: PM Modi in virtual address at G20 meet, Financial Express, Aug. 24, 2023

“Navigating the Herd Mentality in Indian Markets,” GQG Research, Nov. 15, 2024

“Sudarshan Murthy speaks with Gabriel Mellqvist from EFN Ekonomikanalen about elections,” GQG Partners Instagram, Nov. 8, 2024.

“What are the potential impacts of the new US administration’s tariff policies?” GQG Facebook video, Jan. 9, 2025.

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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 Mellody Hobson. She’s the author of a new book for children called Priceless Facts About Money. In addition, she’s co-CEO of Ariel Investments, where she is responsible for management, strategic planning, and growth for all areas of Ariel outside of research and portfolio management. Additionally, she serves as chairman of the board of trustees of Ariel Investment Trust, the company’s publicly traded mutual funds. Prior to being named co-CEO, spent nearly two decades as the firm’s president. Outside of Ariel, Mellody has been active on corporate boards, including Starbucks, JPMorgan Chase, Estee Lauder, and DreamWorks Animation.

Ariel Investments

Bio

Ariel Community Academy

Gratitude and Appreciation to Mellody Hobson, Starbucks

“Just one Chicagoan made list of the 100 most powerful people in business,” by Jack Grieve, Crain’s Chicago Business, Nov. 12, 2024

“Why Sheryl Sandberg, Bill Bradley, and Oprah Love Mellody Hobson,” by Bethany McLean, Vanity Fair, March 30, 2015

Priceless Facts About Money

“Mellody Hobson: ‘Most parents would rather talk about a condom than a credit card’ ” by Madison Darbyshire, Financial Times, Dec. 10, 2024

Oprah’s Favorite Things 2024 List Is Here!

“What Parents Get Wrong About Money and Their Kids” | The Oprah Podcast, Jan. 28, 2025

“Ariel Investments Starts New Fund to Tap Into Women’s Sports,” by Miranda Davis, Bloomberg, Jan. 30, 2025

“Mellody Hobson, Co-CEO & President, Ariel Investments,” The Economic Club of Chicago, Dec. 18, 2024.

“Market Lessons from a Legendary Career of Doing Well by Doing Good,” 2024 Prime Quadrant Conference | Moderated by Mo Lidsky, Dec. 11, 2024

“Solving the World’s Hardest Problems with Mellody Hobson: Closing the Racial Wealth Gap,” Center for Strategic & International Studies, Aug. 28, 2024

“Mellody Hobson on Taking Tough Feedback,” Ted Talk, June 15, 2021.

“A Conversation with Mellody Hobson & Melonie Parker,” Catalyst Awards 2024, March 21, 2024.

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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 Ramit Sethi. Ramit is a personal finance expert and author. His latest book is called Money For Couples: No more stress. No more fights. Just a 10-step plan to create your Rich Life together. It’s already a bestseller, as was his first book, I Will Teach You to Be Rich. Ramit is the founder of IWillTeachYouToBeRich.com, and he’s also the host of a podcast called I Will Teach You to Be Rich, which features in-depth conversations with couples about money. In addition, he hosts a Netflix show called How to Get Rich.

Bio

IWillTeachYouToBeRich.com

Money for Couples: No More Stress. No More Fights. Just a 10-Step Plan to Create Your Rich Life Together

I Will Teach You to Be Rich

Money for Couples podcast

How to Get Rich

“Episode 66: I’m Marrying Him in 1 Month—But Our Finances Are Terrifying Me,” I Will Teach You to Be Rich podcast, Iwillteachyoutoberich.com.

“Ramit Sethi Says Every Couple Should Align on ‘4 Key Numbers’—Here’s What They Are and Why They Matter,” by Victoria Vesovski, moneywise.com, Feb. 8, 2025.

“Money Dials: How You Spend and Why (Expert Advice on Spending),” by Ramit Sethi, iwillteachyoutoberich.com, June 12, 2024.

“The Happiest Couples Use 2 Phrases When Talking About Money, Says Self-Made Millionaire,” by Kamaron McNair, cnbc.com, Feb. 13, 2025.

“Love and Money: Combining Finances After Marriage,” by Ramit Sethi, iwillteachyoutoberich.com, Oct. 13, 2024.

“The ‘Dangerous’ but Common Mistake a Self-Made Millionaire Says Couples Often Make With Money,” by Cheyenne DeVon, cnbc.com, June 3, 2024.

“Conscience Spending Basics (a Guide to Achieving Your Rich Life),” by Ramit Sethi, iwillteachyoutoberich.com, Dec. 14, 2024.

“Ramit Sethi: ‘What Is Your Rich Life?’” The Long View podcast, Morningstar.com, Nov. 11, 2020.

“Ramit Sethi: How Can Couples Make Peace Over Money?” The Long View podcast, Morningstar.com, Nov. 30, 2021.

“Ramit Sethi: Investing Shouldn’t Be Your Identity,” The Long View podcast, Morningstar.com, June 6, 2023.

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