Episodi
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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 investingâDamien 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 bachelorâs and masterâs 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 bachelorâs from Yale, a masterâs from Cambridge, and a doctorate from Oxford.
Background
Damien Conover bio
Rebecca Springer bio
Anti-Obesity Drugs and Healthcare
âObesity Drug Stocks: Where to Invest Now,â by Diana Anghel, Morningstar.com, Dec. 7, 2023.
âEli Lilly Earnings: Pipeline Gains and Great Diabetes and Weight-Loss Sales,â by Damien Conover, Morningstar.com, Feb. 6, 2024.
âEli Lillyâs Strong Position in GLP-1 Drugs and Powerful Pipeline Support Industry-Leading Growth,â by Damien Conover, Morningstar.com, Feb. 6, 2024.
âWalmart, Amazon and CVS Want to Disrupt Healthcare Services. Hereâs How PE and VC Could Benefit,â by Rebecca Springer, PitchBook.com, Sept. 13, 2022.
âQ2 2023: Healthcare IT Report,â PitchBook.com, Sept. 12, 2023.
âInvestment Opportunities in the Biopharma Industry,â by Karen Andersen and Damien Conover, Morningstar.com, April 5, 2024.
âResearch & Development Is Driving Medical Breakthroughs and Exponential Growth Opportunities,â by Damien Conover, Morningstar.com, April 7, 2022.
âHealthcare Stocks: Valuations Look Attractive Across Almost All Industries,â by Damien Conover, Morningstar.com, April 3, 2024.
âPfizer Highlights Pipeline to Address Post-2025 Patent Cliff, as Long-Term Growth Concerns Linger,â by Damien Conover, Morningstar.com, Dec. 12, 2022.
âCan Innovation Offset Biopharma Firmsâ Losses From Patent Expiration?â by Damien Conover and Karen Andersen, Morningstar.com, March 21, 2023.
âA Wide-Moat Dividend Stock to Buy Thatâs 35% Undervalued,â by Damien Conover, Morningstar.com, Aug. 2, 2023.
âAbbVie: Cerevel Acquisition Brings High-Risk/High-Reward Neuroscience Pipeline Drugs at a Fair Price,â by Damien Conover, Morningstar.com, Dec. 7, 2023.
âHow Weight Loss Drugs Will Reshape Healthcare,â by Rebecca Springer, PitchBook.com, Nov. 16, 2023.
âHealthcare Funds Report,â PitchBook.com, Feb. 26, 2024.
âQ3 2023: Healthcare Future Report: Weight Loss Drugs,â PitchBook.com, Sept. 29, 2023.
Covid Vaccines
âPfizer Earnings: Cost-Cutting Remains on Track to Adapt to COVID-19 Product Sale Declines,â by Damien Conover, Morningstar.com, Jan. 30, 2024.
âFocus: Drug Companies Face Covid Cliff in 2023 as Sales Set to Plummet,â by Michael Erman and Patrick Wingrove, reuters.com, Feb. 6, 2023.
Value-Based Care
âPitchBook Analyst Note: The Value-Based Care Enabler Landscape: 2024 Update,â PitchBook.com, March 14, 2024.
âEnablement Companies Are Key to the Future of Value-Based Care,â by Rebecca Springer, PitchBook.com, March 16, 2024.
âOur Value-Based Care Crystal Ball,â by Rebecca Springer, PitchBook.com, July 22, 2023.
Healthcare Market Underperformance
âHealthcare Service Report,â PitchBook.com, May 7, 2024.
âHealthcare Is a Frontier Not Even Walmart Could ConquerâAnd Itâs Not Looking Great for Others Either,â by Katie Adams, medcitynews.com, May 1, 2024.
Other
Sesame
Amazon Clinic
Ro
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Our guest on the podcast today is Greg McBride. Greg is chief financial analyst for Bankrate.com, where he has worked for more than 25 years. He received his bachelorâs in finance from the University of Florida. He is also a CFA charterholder.
Background
Bio
Bankrate
State of the Economy/Outlook for Interest Rates
âSurvey: Despite a Resilient Economy, Experts Still See a Near 1-in-2 Chance of a Recession,â by Sarah Foster, bankrate.com, Jan. 3, 2024.
âBankrateâs Interest Rate Forecast for 2024: Mortgages, Credit Cards and More Will Stay Pricey, Even if the Fed Cuts Rates,â by Sarah Foster, bankrate.com, Jan. 2, 2024.
âCredit Card Debt Is at a Record High as Fed Raises Rates Again,â by Cora Lewis, apnews.com, March 22, 2023.
âTake These 12 Steps as the Federal Reserve Keeps Interest Rates High,â by Sarah Foster, bankrate.com, May 1, 2024.
Saving
âSurvey: Two-Thirds of Savers Still Earn a Savings Account APY of Less Than 4%,â by Karen Bennett, bankrate.com, March 27, 2024.
âHow the Federal Reserve Impacts Savings Account Interest Rates,â by Karen Bennett, bankrate.com, May 1, 2024.
âCD Ladder: What It Is and How to Build One,â by Rene Bennett, bankrate.com, Feb. 27, 2024.
âWhy Now Might Be a Good Time to Consider Longer-Term CDs,â by Matthew Goldberg, bankrate.com, April 2, 2024.
âHow to Start (and Build) an Emergency Fund,â by Karen Bennett, bankrate.com, Feb. 29, 2024.
âThe Best Places to Keep Your Emergency Fund,â by Greg McBride, bankrate.com, Feb. 27, 2024.
âGreg McBrideâs 2023 Guide: How to Prioritize Emergency Savings, Retirement Savings and Debt Repayment,â by Greg McBride, bankrate.com, Feb. 28, 2023.
âIs My Money Safe? What You Need to Know About Bank Failures,â by Adriana Morga, apnews.com, April 28, 2023.
âPros and Cons of a Money Market Account,â by Greg McBride, bankrate.com, March 26, 2024.
Mortgages, Homebuying, and Auto Loans
âForecast: Mortgage Rates to Gradually Decline in 2024,â by Jeff Ostrowski, bankrate.com, Jan. 2, 2024.
âWhat the Fedâs Moves Mean for Mortgages, Credit Cards and More,â by Tara Siegel Bernard, nytimes.com, March 20, 2024.
âHousing Market Predictions for 2024,â by Ruben Caginalp, bankrate.com, April 4, 2024.
âAuto Loan Forecast for 2024: Rates Should Ease for Good-Credit Borrowers,â by Rebecca Betterton, bankrate.com, Jan. 2, 2024.
Other
Rose Foundationâs Consumer Financial Education Fund
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Episodi mancanti?
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Our guest this week is Carl Vine. Carl is co-head of Asian Investment for M&G, a UK-based asset manager. Carl joined M&G in 2019 and was appointed to the management team of the Japan and wider Asian equity strategies. Prior to M&G, Carl co-founded Port Meadow Capital Management, a boutique investment firm based in Oxford in 2014. He also worked for SAC Capital Advisors in Hong Kong, for TPG-Axon Capital, and for Prudential in both London and Tokyo. Carl is a graduate of Oxford University.
Background
Bio
M&G
M&G (Lux) Asian Fund EUR A Acc
M&G Japan Smaller Companies Fund Sterling R Inc
Japan Funds
âA Look Back on 2023 for M&G Japan Fund,â by Carl Vine, mandg.com, Jan. 18, 2024.
âInvestors Are Pouring Their Love (and Money) Into These Three Funds,â by Christopher Johnson, Morningstar.co.uk, Feb. 14, 2024.
ââI Donât See Euphoriaâ: Carl Vine on M&G Japanâs Meteoric Rise to $5bn,â Video interview, citywire.com, April 18, 2024.
âIs Japan the Investment Play of 2023?â by Darius McDermott, moneymarketing.co.uk, Jan. 17. 2023.
âThe Japan Opportunity,â by Carl Vine, mandg.com, March 29, 2023.
âM&G Webcast: A Unique Perspective on Japan,â Webcast with Carl Vine, mandg.com, June 2, 2023.
âSomething Fundamental in Japanâs Inflation Environment Is Changing,â Webcast with Carl Vine, mandg.com, June 22, 2023.
âEnter the Dragon: Why China Is Competitively Positioned,â by David Perrett, mandg.com, March 7, 2024.
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Today on the podcast, we welcome back Meir Statman. Meir is the Glenn Klimek Professor of Finance at Santa Clara University. Meirâs latest book is A Wealth of Well-Being: A Holistic Approach to Behavioral Finance. Other books include Behavioral Finance: The Second Generation, What Investors Really Want, and Finance for Normal People. Meirâs research has also been published in the Journal of Finance, the Financial Analyst Journal, the Journal of Portfolio Management, and many other journals. He received his PhD from Columbia University and his BA and MBA from the Hebrew University of Jerusalem.
Background
Bio
A Wealth of Well-Being: A Holistic Approach to Behavioral Finance
Behavioral Finance: The Second Generation
What Investors Really Want: Know What Drives Investor Behavior and Make Smarter Financial Decisions
Finance for Normal People: How Investors and Markets Behave
Financial Well-Being
âFinancial Advisers as Well-Being Advisers,â by Meir Statman, financialplanningassociation.org, September 2019.
âMore Time or More Money? How Wealth Affects What We Value,â by Meir Statman, avantisinvestors.com, October 2022.
Other
âMeir Statman: âWe Are All Normal,ââ The Long View podcast, Morningstar.com, Oct. 30, 2019.
âWhat Is Cantrilâs Ladder?â by Michael Hartnett, sciotoanalysis.com, Feb. 9, 2024.
âHigh Income Improves Evaluation of Life but not Emotional Well-Being,â by Daniel Kahneman and Angus Deaton, nlm.gov, Sept. 21, 2010.
âWhy Olympic Bronze Medalists Are Happier Than Silver Medalists,â by John A. List, Time.com, Feb. 10, 2022.
âThe Mental Mistakes We Make With Retirement Spending,â by Meir Statman, wsj.com, April 24, 2017.
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Our guest this week is Neil Shearing. Neil is group chief economist at Capital Economics, a London-based research firm. He is also an associate fellow at Chatham House, an International Affairs think tank. In his Capital Economics role, Neil manages a team of economists and is a well-known voice in the investment community. He has served as chief emerging markets economist and once managed Capital Economicsâ New York office, having joined the firm in 2006 from the United Kingdomâs Treasury Ministry. He holds economics degrees from the University of London and the University of York.
Background
Bio
Chatham House
World Economy, Globalization, and Elections
âChina, Inflation, Trade WarsâYour Frequently Asked Questions,â by Neil Shearing, capitaleconomics.com, March 4, 2024.
âMaintaining Market Confidence Is Key to Managing âSnowballingâ Public Debt,â by Neil Shearing, capitaleconomics.com, April 8, 2024.
âPivoting Central Bankers Must Face Down the Ghost of Arthur Burns,â by Neil Shearing, capitaleconomics.com, Jan. 29, 2024.
âIgnore the Straight-Line Forecasts. These Forces Will Shape the Global Economy to 2050,â by Neil Shearing, capitaleconomics.com, Feb. 26, 2024.
âIn the China Vs. US Size Stakes, Itâs What You Measure That Counts,â by Neil Shearing, capitaleconomics.com, Jan. 15, 2024.
âTrump Trade Wars, Stock Market Bubbles, Japanâs Market Comeback, and the World in 2050,â Capital Economics Weekly Briefing podcast, capitaleconomics.com, Feb. 15, 2024.
âWorld Economy Is Fracturing, not Deglobalizing,â by Neal Shearing, chathamhouse.org, Feb. 8, 2023.
âItâs All ConnectedâWhy Investors Canât Ignore the Global Economyâs Megatrends,â by Neil Shearing, capitaleconomics.com, Oct. 2, 2023.
Artificial Intelligence
âFrom Upbeat to Apocalyptic: Making Sense of the AI Headlines,â by Neil Shearing, capitaleconomics.com, Jan. 22, 2024.
âHow to Get a Handle on AIâs Many Implications for Economies and Markets,â by Neil Shearing, capitaleconomics.com, July 10, 2023.
Other
âRead My Lips: No New Tax Cuts,â by Paul Ashworth, capitaleconomics.com, Feb. 12, 2024.
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Our guest on the podcast today is author and columnist, Matt Krantz. He is the personal finance and management editor at Investorâs Business Daily. Prior to joining IBD, Matt was a senior financial writer for Capital Group. He was also a personal finance writer and reporter at USA TODAY for nearly 18 years. Matt is also the author of several books, including Fundamental Investing for Dummies, Online Investing for Dummies, and Retirement Planning for Dummies.
Background
Bio
Investorâs Business Daily
Fundamental Analysis for Dummies, by Matt Krantz
Online Investing for Dummies, by Matt Krantz
Retirement Planning for Dummies, by Matt Krantz
Work at IBD
âCANSLIM Explained: What It Is and How It Works,â by James Chen, Investopedia.com, April 2, 2024.
Investors/Strategies
âFeisty Rivals Take on Eli Lilly, Novo Nordisk on Weight Loss,â by Matt Krantz, investors.com, March 19, 2024.
âHow to Make Money on NvidiaâAnd Take Much Less Risk,â by Matt Krantz, investors.com, March 14, 2024.
Other
How to Make Money in Stocks: A Winning System in Good Times or Bad, by William OâNeil
The Four Pillars of Investing: Lessons for Building a Winning Portfolio, by William Bernstein
The Intelligent Asset Allocator: How to Build Your Portfolio to Maximize Returns and Minimize Risks, by William Bernstein
âBernstein: âI Donât Think the System Needs Nudges. I Think the System Needs Dynamite,ââ The Long View podcast, Morningstar.com, May 7, 2019.
âBill Bernstein: Weâre Starting to See all of the Signs of a Bubble,â The Long View podcast, Morningstar.com, March 9, 2021.
âBill Bernstein: Revisiting âThe Four Pillars of Investing,ââ The Long View podcast, Morningstar.com, July 11, 2023.
Quicken
Thinkorswim
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Our guest on the podcast today is Victor Haghani. He is the co-author of a new book called The Missing Billionaires: A Guide to Better Financial Decisions. In 2011, Victor founded Elm Wealth, an investment advisory firm for high-net-worth individuals. He started his career at Salomon Brothers in 1984, where he became a managing director in the bond arbitrage group. And in 1993, he was a co-founding partner of Long-Term Capital Management. He graduated from the London School of Economics with a bachelorâs degree in economics.
Background
Bio
Elm Wealth
The Missing Billionaires: A Guide to Better Financial Decisions, by Victor Haghani and James White
Investment Sizing and Expected Utility
âThe Most Costly Investment Mistake You Can Make Is Easy to Avoid,â by Victor Haghani and James White, Bloomberg.com, Feb. 14, 2024.
âBigger Is the Enemy of Better Investing,â by Victor Haghani and Richard Dewey, businesstimes.com, March 20, 2021.
Robert K. Merton
âMerton Model: Definition, History, Formula, What It Tells You,â by Will Kenton, Investopedia.com, Aug. 10, 2022.
âLifetime Portfolio Selection Under Uncertainty: The Continuous-Time Case,â by Robert C. Merton, jstor.org, August 1969.
âHow Much of a Good Thing Is Too Much?â by Victor Haghani, linkedin.com, Oct. 11, 2022.
âTo Realize, or Not to Realize,â by Victor Haghani and James White, elmwealth.com, Oct. 22, 2020.
Lifetime and Retirement Spending
âSpending Like Youâll Live Forever,â by Victor Haghani and James White, elmwealth.com, April 6, 2021.
âCut Your Losses Early; Let Your Profits Run,â by Victor Haghani, linkedin.com, Aug. 8, 2023.
Puzzles
âGeorge Costanza At It Again: The Leveraged ETF Episode,â by Victor Haghani and James White, elmwealth.com, April 16, 2020.
âWho Wants Protection Like This?â by Victor Haghani, linkedin.com, Nov. 14, 2022.
Other
âVicâs TEDx Talk: Where Are All the Billionaires and Why Should We Care?â Elmwealth.com, March 8, 2013.
Matt Levine
Michael Lewis
The St. Petersburg Paradox
Hal Hershfield
âHal Hershfield: People Treat Their Future Self as if Itâs Another Person,â The Long View podcast, Morningstar.com, Sept. 21, 2021.
Stumbling on Happiness, by Daniel Gilbert
When Genius Failed: The Rise and Fall of Long-Term Capital Management, by Robert Lowenstein
Inventing Money: The Story of Long-Term Capital Management and the Legends Behind It, by Nicholas Dunbar
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Our guest on the podcast today is Peter Mallouk. Peter is the President and CEO of Creative Planning, an independent registered investment advisor with roughly $300 billion in combined assets under management and advisement. Peter has also written or co-written several books, including The 5 Mistakes Every Investor Makes and How to Avoid Them, The Path: Accelerating Your Journey to Financial Freedom with Tony Robbins, and his latest, Money, Simplified. Peter graduated from the University of Kansas with four majors, including degrees in business administration and economics. He went on to earn a law degree and a Master of Business Administration degree, also at the University of Kansas.
Background
Bio
Creative Planning
Pathway Financial Education
Books
Money, Simplified, by Peter Mallouk
The 5 Mistakes Every Investor Makes and How to Avoid Them: Getting Investing Right, by Peter Mallouk
The Path: Accelerating Your Journey to Financial Freedom, by Peter Mallouk, with Tony Robbins
Podcasts
Down the Middle, with Peter Mallouk and Jonathan Clements
Signal or Noise? with Charlie Bilello and Peter Mallouk
Creative Planning
âWhat to Expect in the Year Ahead,â by Peter Mallouk and Jonathan Clements, creativeplanning.com, Dec. 29, 2023.
âCreative Planning Closes on Acquisition of Goldman Sachs Personal Financial Management,â by Diana Britton, wealthmanagement.com, Nov. 3, 2023.
âPeter Mallouk: The No. 1 Thing to Look for in Investments Now,â by Dinah Wisenberg Brin, thinkadvisor.com, Feb. 27, 2023.
âTax-Loss Harvesting: What It Is and Why It Matters,â by Taylor Harroun, creativeplanning.com, Oct. 4, 2023.
âThe Media Has a Fiduciary Responsibility, But Itâs Not to You,â by Peter Mallouk, creativeplanning.com, March 15, 2024.
Other
âHow Financial Planners Actually Do Financial Planning (2023),â by Dan Inveen, Michael Kitces, and Meghaan Lurtz, kitces.com, 2023.
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Our guest this week is our colleague, Bryan Armour, who is director of passive investment strategies research, North America, for Morningstar Research Services. Bryan is also editor of the ETFInvestor newsletter. Before joining Morningstar in 2020, Bryan spent seven years working for Finra, the Financial Industry Regulatory Authority, conducting trade surveillance and investigations specializing in exchange-traded funds. Prior to Finra, he worked for a proprietary trading firm as an options trader at the Chicago Mercantile Exchange. Bryan holds a BA in Economics from the University of Illinois and the Chartered Financial Analyst designation.
Background
Bio
Passive Investing and ETFs
âIndex Funds Have Officially Won,â by John Rekenthaler, Morningstar.com, Feb. 13, 2024.
âActive Funds Fell Short of Passive Peers in 2023,â by Bryan Armour, Morningstar.com, March 12, 2024.
âItâs Official: Passive Funds Overtake Active Funds,â by Adam Sabban, Morningstar.com, Jan. 17, 2024.
âETFs vs. Mutual Funds: The Benefits That Really Matter,â by Bryan Armour, Morningstar.com, Feb. 6, 2024.
â2023 Model Portfolio Landscape,â Morningstar.com.
âMarkets Are âFundamentally Brokenâ Due to Passive Investing, Says David Einhorn,â by William Watts, marketwatch.com, Feb. 9, 2024.
âHow Fund Fees Are the Best Predictor of Returns,â by Russ Kinnel, Morningstar.com, Jan. 12, 2026.
âCage Match: Traditional Index Funds vs. ETFs,â by Christine Benz and Margaret Giles, Morningstar.com, Oct. 20, 2023.
âGlobal Fund Flows: 2023 in Review,â Morningstar.com, Feb. 6, 2024.
âA Closer Look at Vanguardâs Newest Core Bond ETFs,â by Dan Sotiroff, Morningstar.com, Feb. 12, 2024.
â3 New ETFs That Stand Out From the Pack,â by Ryan Jackson, Morningstar.com, Aug. 30, 2023.
âConverting Mutual Funds to ETFs: What to Make of the Trend,â by Daniel Sotiroff, Morningstar.com, April 11, 2023.
âHow to Choose a Great Dividend ETF,â by Dan Sotiroff, Morningstar.com, May 17, 2023.
âThe Best and Worst New ETFs of 2023,â by Bryan Armour, Morningstar.com, Dec. 19, 2023.
Bitcoin and Covered-Call ETFs
âSpot Bitcoin ETFs Are Here. Should You Invest?â by Bryan Armour, Morningstar.com, Jan. 11, 2024.
âGrayscaleâs Victory Over the SEC Doesnât Mean a Spot Bitcoin ETFâfor Now,â by Bryan Armour, Morningstar.com, Aug. 30, 2023.
âShould You Buy a Covered-Call ETF?â Video interview with Bryan Armour and Ruth Saldanha, Morningstar.com, June 14, 2023.
Securities Mentioned
iShares ESG Aware ETF ESGU
iShares MSCI USA Quality Factor ETF QUAL
ARK Innovation ETF ARKK
Grayscale Bitcoin Trust (BTC) GBTC
JPMorgan Equity Premium Income ETF JEPI
Global X Nasdaq 100 Covered Call ETF QYLD
Vanguardâs High Dividend Yield ETF VYM
BlackRock Flexible Income ETF BINC
Schwab High Yield Bond ETF SCYB
T. Rowe Price Capital Appreciation Equity ETF TCAF
2x Bitcoin Strategy ETF BITX
YieldMax AI Option Income Strategy ETF AIYY
Other
âThe ETF Rule: What It Is and Why It Matters,â by Irene Huhulea, Investopedia.com, Jan. 25, 2024.
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Our guest on the podcast today is Anne Lester. Sheâs author of a new book called Your Best Financial Life: Save Smart Now for the Future You Want. Before writing the book, Anne spent 20 years as head of retirement solutions for J.P. Morgan. With AARP, she co-founded The Aspen Leadership Forum on Retirement Savings. In 2020, Anne was recognized for her extraordinary lifetime contributions to Americansâ economic security with the Ray Lillywhite Award. She earned a masterâs in international economics and Japan studies from Johns Hopkins University and a B.A. from Princeton. She was also awarded a Fulbright Graduate Research Fellowship.
Background
Bio
Your Best Financial Life: Save Smart Now for the Future You Want, by Anne Lester
Millennials, Money, and Investing
âDonât Make These 6 Money Mistakes in Your 30s, Says Former JPMorgan Retirement Expert,â by Anne Lester, cnbc.com, Jan. 4, 2022.
âFake Rich? Affluent Millennials Are More Likely to Exaggerate to Appear Wealthy. Hereâs What Experts Say They Should Do Instead,â by Lorie Konish, cnbc.com, Jan. 25, 2024.
âA Spenderâs Guide to Surviving Financial Mistakes With Anne Lester,â Earn & Invest podcast, earnandinvest.com.
âThe Worst Money Advice on the Internet,â by Stephanie Hallett, businessinsider.com, June 2, 2022.
âSetting Aside $20 a Day Could Help You Save $1 Million for Retirement âIf You Start Early,â by Cheyenne DeVon, cnbc.com, Jan. 5, 2024.
Target-Date Funds and Retirement Savings System
âRetirement Experts Identify Possible Fixes to the Retirement Savings Gap,â by Paul Mulholland, planadviser.com, Oct. 3, 2022.
âQuit Your Job? Hereâs What to Do With Your 401(k),â by Jeanne Sahadi, cnn.com, Jan. 6, 2022.
âLadies, How Much Is Really Enough for Retirement?â hermoney.com, June 23, 2022.
Other
âBrigitte Madrian: âInertia Can Actually Be a Helpful Thing,ââ The Long View podcast, Morningstar.com, April 22, 2020.
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Our guest this week is JB Taylor. JB is CEO of Wasatch Global Investors based in Salt Lake City, Utah, specializing in small-cap stocks. JB is also a portfolio manager on the Wasatch Core Growth Fund, which receives a Morningstar Medalist Rating of Gold. He is a member of the firmâs global research team, and he serves on the firmâs board of directors. JB joined Wasatch as an analyst in 1996 after graduating from Stanford.
Background
Bio
Wasatch Core Growth Fund
Small-Cap Funds
âA New Era for Small-Caps?â Wasatchglobal.com, Nov. 28, 2023.
âAfter a Rough Year, Do Small-Caps Deserve a Closer Look?â Wasatchglobal.com, Jan. 13, 2023.
âMarket Scoutâ'Valueâ Funds in a Growth Shop,â Wasatchglobal.com, Oct. 6, 2023.
Investing Globally
âMarket ScoutâOn-the-Ground Research in India and China,â Wasatchglobal.com, July 7, 2023.
âIndia: A View From the Ground,â Wasatchglobal.com, July 6, 2023.
âChina: A View From the Ground,â Wasatchglobal.com, June 27, 2023.
Other
The Ensign Group
OâReilly Auto Parts
Copart
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Our guest this week is Sonali Pier. Sonali is a managing director and portfolio manager at Pimco, a global leader in fixed-income investing based in Newport Beach, California. Sonali is lead manager for the Pimco Diversified Income Fund, which carries a Gold rating from Morningstar, and she comanages a number of other strategies, including Pimco High Yield and two ETFs. She serves on various committees at Pimco, and she was honored early in her career as a Rising Talent by Morningstarâs Manager Research team. Prior to joining Pimco, Sonali was a senior credit trader at J.P. Morgan. She has a bachelorâs in economics from Princeton.
Background
Bio
âThe Top Female Portfolio Managers to Invest With Now,â by Megan Pacholok and Amrutha Alladi, Morningstar.com, March 6, 2023.
Pimco Access Income Fund
Pimco Dynamic Income Opportunities Fund
Pimco Enhanced Low Duration Active ETF
Pimco Multisector Bond Active ETF
Pimco Credit Opportunities Bond Fund
Pimco Diversified Income Fund
Pimco High Yield Fund
Pimco High Yield Spectrum Fund
Pimco Low Duration Credit Fund
Macro Views and Asset-Class Reflections
âPrime Time for Bonds,â by Erin Browne, Geraldine Sundstrom, and Emmanuel E. Sharef, pimco.com, Nov. 14, 2023.
âWhy Fixed Income Is Looking âRather Attractiveâ Given Potential Recession Risks,â Video interview, finance.yahoo.com, July 20, 2023.
âThe Power of Flexibility in Multi-Sector Credit,â Video, pimco.com, July 2023.
âInflation: âThereâs Certainly a Pathway Towards a Soft Landing,â Portfolio Manager Says,â Video interview, finance.yahoo.com, June 7, 2022.
âBond Market: Strategist Details Where to Find the âSweet Spotâ in Fixed Income,â Video interview, finance.yahoo.com, Jan. 4, 2023.
âFed âLikely to Pauseâ Following 25 Basis Point Rate Hike, Portfolio Manager Says,â Video interview, finance.yahoo.com, May 4, 2023.
âSpotting Opportunities in the High Yield Ratings Migration,â by Sonali Pier and Sabeen Firozali, pimco.com, Jan. 24, 2022.
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Our guest on the podcast today is Marc Freedman. He is the co-CEO and founder of Encore.org, which is now known as CoGenerate and is geared toward helping people pursue meaningful work later in life. Freedman is also the author of How to Live Forever: The Enduring Power of Connecting the Generations. He co-founded Experience Corps to mobilize people over 50 to improve the school performance and prospects of low-income elementary school students in 22 U.S. cities. Freedman also spearheaded the creation of the Encore Fellowships program, a one-year fellowship helping individuals translate their midlife skills into second acts focused on social impact, and the Purpose Prize, an annual $100,000 prize for social entrepreneurs in the second half of life. Freedman received his bachelorâs degree from Swarthmore College and his Master of Business Administration from the Yale School of Management.
Background
Bio
CoGenerate
Experience Corps
How to Live Forever: The Enduring Power of Connecting the Generations, by Marc Freedman
Age Diversity
âOvercoming Age Segregation,â by Marc Freedman and Trent Stamp, Stanford Social Innovation Review, March 15, 2021.
âWill 2023 Be the Year That We Begin to Make the Most of Age Diversity in the Workplace?â by Ramona Schindelheim, WorkingNation, Dec. 27, 2022.
âHarnessing the Power of Age Diversity,â by Alene Dawson, John Templeton Foundation, Oct. 31, 2023.
âAmerica Is Arguably the Most Age-Diverse Society in Human HistoryâItâs High Time to Prepare for Our Increasingly Multigenerational Workforce,â by Ramona Shindelheim, WorkingNation, Dec. 10, 2023.
Encore Careers
âEncore Career: What It Is, How It Works, Prevalence,â by Julia Kagan, Investopedia, Jan. 16, 2022.
Encore: Finding Work That Matters in the Second Half of Life, by Marc Freedman
âThe Case for Putting Seniors in Charge of Universal Pre-K | Opinion,â by Marc Freedman and Carol Larson, Newsweek, Nov. 29, 2021.
The Purpose Prize
Work/Life Across Generations
âKerry Hannon: Remote Work Trend Benefits Older Workers,â The Long View podcast, Morningstar, Oct. 20, 2020.
âIs America Ready to Unleash a Multigenerational Force for Good?â A National Opinion Survey From Encore.org With NORC at the University of Chicago.
Other
âThe Globe: How BMW Is Diffusing the Demographic Time Bomb,â by Christoph Loch, Fabian J. Sting, Nikolaus Bauer, and Helmut Mauermann, Harvard Business Review, March 2010.
From Strength to Strength, by Arthur Brooks
Maggie Kuhn
Harvard Advanced Leadership Initiative
Encore Fellowships
David Galenson
Troops to Teachers
Modern Elder Academy
Live to 100: Secrets of the Blue Zones
âDr. Anita Mukherjee: Exploring the Link Between Wealth, Longevity, and Quality of Life,â The Long View podcast, Morningstar, Oct. 10, 2023.
Now Teach
Michael Gurven
The Encore Career Handbook, by Marci Alboher
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Our guest on the podcast today is Roger Young. Roger is thought leadership director at T. Rowe Price, where he and his team conduct research on retirement planning and financial planning matters. Roger has been with T. Rowe Price since 2017. Prior to that, he was a financial advisor at Wells Fargo Advisors, and heâs also held a number of corporate finance roles. Roger earned an M.S. in manufacturing and operations systems from Carnegie Mellon University, an M.S. in operations research and statistics from the University of Maryland, and a B.B.A. in accounting from Loyola University, Maryland. He is a Certified Financial Planner professional.
Background
Bio
Thought Leadership Projects
âHow Coordinating Beneficiary Designations Can Increase Your After-Tax Legacy,â by Roger Young, troweprice.com, Oct. 12, 2023.
âIs Financial Advice Worth Paying For? Investors Share Their Perspectives,â by Roger Young, troweprice.com, Oct. 25, 2023.
Retirement: Financial Considerations
â2024 U.S. Retirement Market Outlook,â troweprice.com.
âHow to Make Sure You Wonât Outlive Your Retirement Savings,â by Jasmin Suknanan, cnbc.com, July 30, 2023.
âHow to Determine the Amount of Income You Will Need at Retirement,â by Roger Young, troweprice.com, Feb. 1, 2023.
âA Closer Look at RMDs and the New SECURE 2.0 Rules,â by Roger Young, troweprice.com, July 24, 2023.
âSpenders vs. Savers: How to Determine Your Retirement Spending Personality,â troweprice.com, Dec. 7, 2023.
âHow to Make Your Retirement Account Withdrawals Work Best for You,â by Roger Young, troweprice.com, Aug. 7, 2023.
âHelpful Options to Take Into Consideration for Your 401(k) at Retirement,â by Roger Young and Judith Ward, troweprice.com, Feb. 6, 2024.
âA Closer Look at RMDs and the New SECURE 2.0 Rules,â by Roger Young, troweprice.com, July 24, 2023.
âHow Catch-Up Contributions Help You Reach Your Retirement Savings Goal,â by Roger Young, troweprice.com, Sept. 12, 2023.
Retirement: Nonfinancial Considerations
âBeyond Retirement Savings: How to Achieve the Post-Career Life You Want,â by Roger Young, troweprice.com, Sept. 26, 2023.
â4 Things to Do in the Decade Leading Up to Retirement,â by Roger Young and Judith Ward, troweprice.com, April 10, 2023.
ââUnretiringâ: Why Recent Retirees Want to Go Back to Work,â by Judith Ward, troweprice.com, Sept. 18, 2023.
â5 Important Factors to Consider When Planning for Retirement,â T. Rowe Price, forbes.com, Dec. 19, 2022.
âNeed to Boost Your Retirement Savings? Spend Less to Save More,â by Lindsay Theodore, troweprice.com, Jan. 23, 2024.
Other
âThe State of Retirement Income 2023,â by Amy Arnott, John Rekenthaler, and Christine Benz, Morningstar.com, November 2023.
Retire, Inc.
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Our guest this week is Justin Leverenz, who is the team leader and senior portfolio manager for the emerging-markets equity team at Invesco. Leverenz joined Invesco when it combined with OppenheimerFunds in 2019. He started managing the strategy now known as Invesco Developing Markets in May 2007, having joined Oppenheimer as a research analyst in 2004. Before that, he was the director of Pan-Asian technology research for Goldman Sachs. Leverenz has worked in Taiwan and Scotland. He is a fluent Mandarin speaker, and he holds bachelorâs and masterâs degrees from the University of California.
Background
Bio
Invesco Developing Markets
Market View
âMexico: A Few Reasons Why Weâre Bullish on This Neglected Developing Market,â by Justin Leverenz, Invesco, March 17, 2023.
âThe Case for Mexican Equities,â by Justin Leverenz, LinkedIn, April 6, 2023.
Emerging Markets
âFAQ: Our Active Approach to Emerging Markets,â by Justin Leverenz, Invesco, June 12, 2023.
âThe Case for Emerging Markets,â by Justin Leverenz, LinkedIn, May 2, 2023.
âWhy a Huge Emerging-Markets Fund Is Reopening to New Investors,â by Gregg Wolper, Morningstar, Feb. 16, 2023.
âWhat Is Going on With Chinese Equities?â by Justin Leverenz, LinkedIn, July 28, 2023.
âWhy Hasnât Fed Tightening Led to an EM Crisis?â by Justin Leverenz, LinkedIn, June 23, 2023.
âInvescoâs Justin LeverenzâPutting Emerging Markets Challenges Into Perspective,â WealthDFM, May 26, 2022.
Growth Themes
âElectric Vehicles and Renewable Power Fuel Emerging Market Investment Opportunities,â by Justin Leverenz, LinkedIn, Nov. 15, 2023.
âWestern Spirits Companies Turning to China and India to Fuel Growth,â by Justin Leverenz, Invesco, May 22, 2023.
âChinese Health Care Companies: A Growing Force for Global Innovation,â by Justin Leverenz, LinkedIn, March 16, 2021.
âHumans vs. Machines: Who Has the Edge in Emerging Markets?â by Justin Leverenz, Invesco, April 3, 2023.
Funds/Companies Mentioned
Yum China
H World
ZTO
Tencent
NetEase
Grupo Mexico
Pinduoduo
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Our guests this week are Joel Fried and Al Mordecai of Primecap Management. Primecap is the longtime manager of several Vanguard funds, including Vanguard Primecap, as well as the Primecap Odyssey family of funds. This year, Vanguard Primecap will celebrate its 40th anniversary as a mutual fund. Over its life, Vanguard Primecap has handily topped the broad U.S. stock markets and relevant growth indexes, and Primecapâs other funds have also racked up impressive results. Morningstar has recognized Primecap for its successful record in shareholder-friendly practices on several occasions, most recently in the 2022 Morningstar Awards for Investing Excellence, when our analysts named the firm as the winner in the Exemplary Stewardship category. Before that, Primecap was a two-time winner of Morningstarâs annual Manager of the Year award.
Background
Joel Fried bio
Al Mordecai bio
Primecap Management
âU.S. Morningstar Awards for Investing Excellence: The Winners,â by Sarah Bush, Morningstar.com, April 20, 2022.
âMorningstar Awards for Investing Excellence: Exemplary Stewardship Nominees,â by Gabriel Denis, Morningstar.com, March 14, 2023.
Funds and Companies Mentioned
Primecap Odyssey Stock
Primecap Odyssey Growth
Primecap Odyssey Aggressive Growth
Vanguard Capital Opportunity
American Funds AMCAP
Adobe
Eli Lilly
Splunk
Alibaba
Baidu
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Our guest this week on The Long View is Jody Jonsson. Jody is a 33-year veteran of Capital Group, a Los Angeles-based investment manager, where she is vice chair. Since 2005, Jody has been a portfolio manager on American Funds New Perspective, a global equity strategy, for which she has been honored with various Morningstar awards over the years. She serves on the management committee and the target-date solutions committee for Capital and was an equity analyst for many years after getting degrees from Princeton and Stanford.
Background
Bio
Capital Group
American Funds New Perspective
Investment Company Institute
Global Investing
âNew Reality for Investors: 5 Big Trends Changing Markets,â by Jody Jonsson, capitalgroup.com, Nov. 2, 2022.
âMultinational Companies Can Thrive in Tough Times,â by Jody Jonsson, capitalgroup.com, March 2, 2023.
âOutlook: Long-Term Perspective on Markets and Economies,â Jody Jonsson, capitalgroup.com, 2023 edition.
âEmerging Markets: Positive Signs Even as China Slows,â by F. Chapman Taylor, Lisa Thompson, Brad Freer, and Kent Chan, capitalgroup.com, Oct. 18, 2023.
Markets, Artificial Intelligence, and ETFs
âThe Changing Face of Trade: Idea-Driven Companies Come to the Fore,â Capital Ideas, Investment Insights from Capital Group, capitalgroup.com, Nov. 7, 2023.
âMagnificent Seven: What Do You Need to Believe?â by David Polak, capitalgroup.com, Jan. 9, 2024.
âAI: What It Means for Investors,â by Mark Casey, Richmond Wolf, and Drew Macklis, capitalgroup.com, April 13, 2023.
âAI and the New Megacycle for Tech,â by Julien Gaertner, Drew Macklis, and Mihir Mehta, capitalgroup.com, July 25, 2023.
âThe World in 2030: Investing for the Next Decade,â by Martin Romo and Jody Jonsson, capitalgroup.com, Feb. 19, 2021.
âMeet the Suite: Exploring the Potential Benefits of Capital Groupâs ETF Lineup,â capitalgroup.com, Oct. 2, 2023.
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Our guest on the podcast today is Howard Gleckman. He is the author of a book called Caring for Our Parents and an expert on the topic of aging and caregiving. Howard is also a senior fellow at the Urban Institute where he is affiliated with the Tax Policy Center and the Program on Retirement Policy. He also writes a tax and budget policy blog called TaxVox, which is available at Forbes.com. Before joining the Urban Institute, he was a senior correspondent in the Washington Bureau of Businessweek.
Background
Bio
Urban Institute
TaxVox blog
Caring For Our Parents, by Howard Gleckman
Long-Term Care and Cognitive Decline
âIs Long-Term Care a Predictable Need, or an Unexpected One?â by Howard Gleckman, Forbes.com, April 15, 2022.
âThe U.S. Needs to Help Seniors and Their Families Navigate Long-Term Care,â by Howard Gleckman, Forbes.com, Oct. 11, 2022.
âThe Quiet Struggles With Those Living Alone With Memory Loss,â by Howard Gleckman, Forbes.com, July 18, 2023.
âWhich States Provide the Bestâand WorstâLong-Term Care Services?â by Howard Gleckman, howardgleckman.com, Oct. 2, 2023.
âWhy Are Care Delivery Models for People With Dementia Developing so Slowly?â by Howard Gleckman, howardgleckman.com, June 27, 2023.
âFDA Has Approved the Anti-Alzheimerâs Drug, Leqembi. What You Need to Know,â by Howard Gleckman, howardgleckman.com, July 6, 2023.
âExperts Raise Questions About the Safety of Anti-Alzheimerâs Drug Leqembi,â by Howard Gleckman, howardgleckman.com, April 25, 2023.
âAging in Place Is all the Rage, But Itâs Not Easy,â by Howard Gleckman, Forbes.com, March 21, 2022.
Cost of Care
âMedicaid Will Pay for a Common Alzheimerâs Test But It May Not Be Reliable,â by Howard Gleckman, howardgleckman.com, Jan. 9, 2024.
âWhy Medicare Is Right to Negotiate Drug Prices,â by Howard Gleckman, howardgleckman.com, Aug. 30, 2023.
âThe Biggest Barrier to New Anti-Alzheimerâs Drugs May Be Cost, Not Medicare Rules,â by Howard Gleckman, howardgleckman.com, June 14, 2023.
âThe War Over Whether Medicare Should Pay for new Anti-Alzheimerâs Drugs,â by Howard Gleckman, howardgleckman.com, May 17, 2023.
âThe U.S. Predicts Big Increases in Skilled Nursing and Long-Term Care Costs,â by Howard Gleckman, howardgleckman.com, April 14, 2023.
âShould You Enroll in a Medicare Advantage Plan?â by Howard Gleckman, howardgleckman.com, Nov. 1, 2022.
Government and Policy
âCMSâ New Transparency Rule Can Help âWeed Out a Few Bad Actorsâ but Wonât Impact Deals Much, Other Factors at Play,â by Shelby Grebbin, skillednursingnews.com, Dec. 6, 2023.
âForbesâ Gleckman: Bidenâs PE Ownership Scrutiny Is âTwo Beats Behind,ââ by Amy Stulick, skillednursingnews.com, April 28, 2022.
âWho Really Owns Nursing Homes, and How the Feds Are About to Learn More,â by Howard Gleckman, howardgleckman.com, Nov. 27, 2023.
âShould State Long-Term Care Insurance Funds Invest in Stocks?â by Howard Gleckman, howardgleckman.com, June 22, 2023.
Caregivers
âForget National Caregivers Month. Think About What Family Caregivers Need,â by Howard Gleckman, howardgleckman.com, Nov. 7, 2023.
âFor the First Time, Traditional Medicare Will Pay to Support Family Caregivers,â by Howard Gleckman, howardgleckman.com, Aug. 23, 2023.
Other
Lotsa Helping Hands
Medicare.gov
Five-Star Quality Rating System
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On this weekâs episode, weâll feature some of our favorite clips from interviews weâve done with portfolio managers and other investment specialists over the past year. Itâs the companion to last weekâs âBest Ofâ episode, in which Christine compiled some of her favorite moments from conversations weâve had with financial planners, advisors, and retirement researchers.
âBill Bernstein: Revisiting the Four Pillars of Investing,â The Long View podcast, Morningstar.com, July 11, 2023.
âDavid Giroux: âI Want to Look Forward, Not Backward,ââ The Long View podcast, Morningstar.com, Oct. 3, 2023.
âBill Nygren: The State of Value Investing Today,â The Long View podcast, Morningstar.com, Aug. 15, 2023.
âMichael Santoli: Decoding âan Indecisive Market,ââ The Long View podcast, Morningstar.com, Sept. 26, 2023.
âRick Rieder: Explaining the âPolyurethaneâ U.S. Economy,â The Long View podcast, Morningstar.com, Aug. 22, 2023.
âJeffrey Kleintop: What to Make of âthe Cardboard Box Recession,ââ The Long View podcast, Morningstar.com, Oct. 17, 2023.
âKatie Nixon: Bringing a Blurry Market Into Focus,â The Long View podcast, Morningstar.com, Aug. 29, 2023.
âMartin Lau: Revisiting the Case for Investing in Chinese Stocks,â The Long View podcast, Morningstar.com, Sept. 19, 2023.
âJeremy Schwartz: Why Stocks Are Good Inflation Hedges,â The Long View podcast, Morningstar.com, June 13, 2023.
âJoel Tillinghast: The Art of Investing,â The Long View podcast, Morningstar.com, May 30, 2023.
âAswath Damodaran: A Valuation Expertâs Take on Inflation, Stock Buybacks, ESG, and More,â The Long View podcast, Morningstar.com, May 16, 2023.
âLiz Ann Sonders: Navigating a New âTemperamental Eraâ in Markets,â The Long View podcast, Morningstar.com, May 2, 2023.
âJames Choi: How to Improve the Way We Present and Make Investment Choices,â The Long View podcast, Morningstar.com, April 4, 2023.
âLubos Pastor: âJudging Fund Managers by the Company They Keep,ââ The Long View podcast, Morningstar.com, March 7, 2023.
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On this weekâs episode, weâll feature some of our favorite clips from interviews weâve done with financial planners, advisors, and retirement researchers over the past year. In next weekâs episode, weâll include some of our favorite excerpts from our interviews with portfolio managers and other investment specialists.
The Best-Of Show Notes
âTiffany Aliche: Helping People âMove Past the Shameâ of Money Missteps,â The Long View podcast, Morningstar.com, Nov. 21, 2023.
âScott Burns: The Case for a Simple Retirement Plan,â The Long View podcast, Morningstar.com, Nov. 7, 2023.
âJL Collins: The Many Paths to Financial Independence,â The Long View podcast, Morningstar.com, Oct. 31, 2023.
âJill Schlesinger: âThe Great Money Reset,ââ The Long View podcast, Morningstar.com, April 18, 2023.
âRamit Sethi: Investing Shouldnât Be Your Identity,â The Long View podcast, Morningstar.com, June 6, 2023.
âKatie Gatti Tassin: âOpenness Has Been a Bit of a Secret Sauce,ââ The Long View podcast, Morningstar.com, Jan. 31, 2023.
âManisha Thakor: Finding Your Enough,â The Long View podcast, Morningstar.com, Aug. 8, 2023.
âMichael Kitces: How Higher Yields Affect Asset Allocation and Retirement Planning,â The Long View podcast, Morningstar.com, May 9, 2023.
âWilliam Bernstein: Revisiting âThe Four Pillars of Investing,ââ The Long View podcast, Morningstar.com, July 11, 2023.
âJonathan Clements: âHumility Is a Hallmark of People Who Are Financially Successful,ââ The Long View podcast, Morningstar.com, April 25, 2023.
âRobert Powell: âHow Do I Generate Income?ââ The Long View podcast, Morningstar.com, March 14, 2023.
âKelli Hueler: Confronting the âNext Big Riskâ for Retirement,â The Long View podcast, Morningstar.com, Sept. 12, 2023.
âJohn Rekenthaler and Amy Arnott: Whatâs a Safe Retirement Spending Rate Today?â The Long View podcast, Morningstar.com, Nov. 14, 2023.
âDerek Tharp: An Alternative Approach to Calculating In-Retirement Withdrawals,â The Long View podcast, Morningstar.com, Feb. 21, 2023.
âDan Haylett: Retirement Planning = Life Planning,â The Long View podcast, Morningstar.com, Dec. 5, 2023.
âMike Piper: Financial Considerations for People Who Have Enough,â The Long View podcast, Morningstar.com, May 23, 2023.
âMark Miller: Rebooting Retirement,â The Long View podcast, Morningstar.com, Jan. 10, 2023.
âEric Weigel and Fritz Gilbert: Uncovering Blind Spots in Retirement Planning,â The Long View podcast, Morningstar.com, June 27, 2023.
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