The Money and Meaning Show

After a challenging period for bonds, some investors are questioning whether they still deserve a place in a diversified portfolio. But have the fundamental reasons for owning bonds really changed?

In this episode of The Money & Meaning Show, Jeff Bernier welcomes Doug Longo, Vice President at Dimensional Fund Advisors, for a conversation about the role of fixed income in investment portfolios, particularly for those approaching or already in retirement.

Drawing on his experience as a Marine and as a fixed income trader during the 2008 financial crisis, Doug discusses how bonds can serve different purposes, from managing portfolio volatility and providing liquidity to addressing inflation risk.

Jeff and Doug also explore the debate surrounding the traditional 60/40 portfolio, the importance of understanding the risks investors are being compensated to take, and why Dimensional uses a systematic, research-based approach rather than trying to predict where interest rates will go next.

Recording Note: This episode was recorded on October 6, 2026. Market conditions, interest rates, yields, and performance figures discussed reflect information available at the time of recording and may have changed since then.

Topics Covered

Episode Timestamps

01:55 | Doug's journey from the Marine Corps to Wall Street

05:30 | Experiencing the 2008 financial crisis

09:48 | Lessons in discipline from military service

13:24 | The different roles bonds can play in a portfolio

17:02 | Is the traditional 60/40 portfolio still relevant?

19:50 | What higher bond yields may mean for investors

21:19 | Understanding term, credit, and currency premiums

24:44 | Why invest in international bonds?

27:54 | TIPS and protection against unexpected inflation

31:48 | Interest rate risk and the yield curve

33:06 | Understanding credit spreads

35:07 | AI infrastructure financing and corporate bonds

38:08 | Bond returns and the limits of interest rate forecasting

41:38 | Dimensional's systematic approach to bond investing

45:48 | Building a portfolio around financial goals

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At TandemGrowth Financial Advisors, we believe investment decisions should be grounded in research, diversification, and a disciplined approach that reflects each client's financial goals. To learn more about how we put these principles into practice, explore our Investment Philosophy and Investment Management services.

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Editing and post-production work for this episode were provided by The Podcast Consultant.

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Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

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Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

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Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

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Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

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Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

In this episode of Money & Meaning, host Jeff Bernier is joined by Dr. Joy Lere, a licensed clinical psychologist and co-founder of Shaping Wealth. They examine retirement as more than a financial milestone, focusing on the shift in identity, purpose, and daily structure that comes with leaving a career. Joy shares how unmet expectations, loss, and identity challenges can shape the transition, along with practical ways to prepare by building a meaningful life outside of work and continuing to contribute beyond a paycheck. 

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Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com) 

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Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com) 

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Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com) 

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Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)