Episodes

  • David Bach: ‘Start Enjoying Your Life Sooner’

    David Bach: ‘Start Enjoying Your Life Sooner’
    Mar 3 2026
    Our guest on the podcast today is David Bach. David is the author of 12 national bestselling books, including The Latte Factor; Smart Women Finish Rich; Start Late, Finish Rich; and The Automatic Millionaire. He just released the 20th anniversary edition of The Automatic Millionaire. David was a longtime contributor to NBC’s Today show and a featured guest on the Oprah Winfrey Show. He also produced and hosted two public television specials, Smart Women Finish Rich and The Automatic Millionaire. David started his career at Morgan Stanley where he was a senior vice president and partner of The Bach Group. Episode Highlights 00:00:00 Moving Abroad, Early Retirement, and the Shifting Media Landscape 00:11:46 The Importance of Sabbaticals and Health Expectancy 00:19:39 Saving to Spending, New Tax on IRA Withdrawals, and Long-Term Effect of Deficits 00:34:39 Key Updates to The Automatic Millionaire and Automatic Contributions 00:37:59 Why Everyone Needs Access to Being an Investor 00:42:02 How to Start Investing Young and How to Catch Up Later in Life 00:47:26 How Inflation Affects Retirement Goals and The Benefits of Homeownership More From Morningstar 6 Lessons From My 6-Week Mini-Retirement The Best Strategies for Consistent Retirement Spending 7 Steps to Estimating Your In-Retirement Cash Flow Needs If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances. If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
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    58 mins
  • Hilary Wiek: Perspective on Private Markets

    Hilary Wiek: Perspective on Private Markets
    Feb 24 2026
    Today’s guest on The Long View is Hilary Wiek. Hilary is a principal analyst at PitchBook, where she leads PitchBook’s coverage of fund strategies and performance, publishing primary research on the alternative space. Hilary also leads PitchBook’s coverage of the ESG and impact investing space. Hilary has over 20 years of experience in asset owner, manager, and advisory roles. Prior to joining PitchBook, she was the director of investments at the Saint Paul & Minnesota Foundations, where she handled portfolio management, impact and ESG investment, investment due diligence and monitoring, and investment operations. Before that, she worked in senior positions at Segal Rogerscasey, the South Carolina Retirement Systems Investment Commission, Buckingham Financial Group, Dayton Power & Light, and KeyCorp. Wiek received a master’s degree in finance and economics from Case Western Reserve University and a bachelor’s degree in business leadership and finance from the University of Puget Sound. She is based in PitchBook’s Seattle office. PitchBook is a Morningstar company. Episode Highlights 00:00:00 Background in the Private Markets and Joining PitchBook 00:04:49 Drivers of Private Market Slowdown in 2026 and Pockets of Outperformance 00:14:15 Key Lessons for Investing in Private Market Funds 00:18:12 Private Market Fees, Hidden Volatility, and Valuations 00:20:38 Evergreen Investment Growth, Interval Funds, and Questions Investors Should Ask 00:32:26 Is It Worth It to Invest in Private Markets? 00:36:50 ESG, Impacting Investing, and Key Themes for 2026 00:41:05 Private Market Exposure in 401(k)s PitchBook Reports Discussed Benchmarking and Returns: Why Are There So Many Numbers? Evergreen Funds: We Have Questions The Evergreen Evolution The New Face of Private Markets in Your 401(k) US Evergreen Fund Landscape 2025 Impact Investing Update If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances. If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
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    50 mins
  • Jim O’Shaughnessy: Investing Lessons From a Lifelong Learner

    Jim O’Shaughnessy: Investing Lessons From a Lifelong Learner
    Feb 17 2026

    Our guest on the podcast today is Jim O’Shaughnessy. Jim founded O’Shaughnessy Asset Management, a quantitative investment management firm in 1993. Franklin Templeton acquired the firm in 2021. Jim is also an author of several books, including Invest Like the Best and What Works on Wall Street. His latest book, Two Thoughts: A Timeless Collection of Infinite Wisdom, is a compilation of quotations from famous artists, writers and thinkers. Jim also hosts his own podcast called Infinite Loops. In addition, Jim is the founder and CEO of O’Shaughnessy Ventures, which provides financial backing and other support to individuals and projects.

    Episode Highlights

    00:00:00 Building a New Way to Analyze the Stock Market

    00:07:18 How Stock Brokers Sold Stories Before Quants

    00:12:19 Stock Price vs. Narrative and How Quants Avoid Stock Investing Pitfalls

    00:20:05 Long-Term Investing, Bonds, and Keeping Emotions Out of Your Portfolio

    00:29:50 Pre-Seed Investments, Finding the Right Founders, and Valuations Today

    00:40:08 The Making of Two Thoughts: A Timeless Collection of Infinite Wisdom

    00:47:29 Voices on the Infinite Loops Podcast

    00:53:12 “Statis is Death” and Lifelong Learning

    More From The Long View

    Nick Maggiulli: Climbing the Wealth Ladder

    Lawrence Lam: ‘The Types of Companies That Attract Me Are Founder-Led and Profitable’

    More From Morningstar

    How to Determine What a Stock Is Worth

    How to Build a Portfolio to Reach Your Financial Goals

    5 Ways Emotions Sabotage Your Investment Success

    FOMO Can Lead to Lower Returns. Don’t Fall For It

    If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.

    Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.

    If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.


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    1 hr and 2 mins
  • Sara Devereux: Bonds Are Still Ballast

    Sara Devereux: Bonds Are Still Ballast
    Feb 10 2026
    Today’s guest on The Long View is Sara Devereux. Sara is the Chief Investment Officer of Vanguard Capital Management and Global Head of Fixed Income. She oversees the investment professionals responsible for portfolio management, trading, and research for Vanguard’s internally managed fixed-income funds and ETFs, including actively managed bond and money market portfolios and bond index portfolios. Before joining Vanguard in 2019, Sara was a partner at Goldman Sachs, where she spent over 20 years in mortgage-backed securities and structured products trading and sales. Earlier in her career, she worked at HSBC, in risk management advisory and interest rate derivative structuring. She started her career as an actuary at AXA Equitable Life Insurance. Barron has named Sara to its annual list of the 100 Most Influential Women in US Finance every year since 2022.Episode Highlights00:00:00 Vanguard’s Investing Philosophy and New Innovations00:06:20 Active Fixed-Income Strategy and the Alpha Waterfall00:13:34 ETF’s Explosion, Active Management, and Private Credit Risk00:23:10 How Technology Is Reshaping the Bond Market00:29:51 Bond Market Performance 2025, Bonds as Ballasts, and Term Premiums00:37:27 Bond Market Risks in 202600:42:51 Shifting Policy Crosswinds, Cracks in Credit, and AI Capex Risks00:50:18 Technical Signals to Watch in 2026Books MentionedStay the Course: The Story of Vanguard and the Index RevolutionMore From MorningstarVanguard’s Sara Devereux: Why It’s a ‘Terrific Environment’ for Bond IncomeSalim Ramji: The Industry Uses Complexity As a Mask to Charge MoreMorningstar’s Guide to Fixed-Income InvestingIf you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
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    56 mins
  • Sally Balch Hurme: Getting Your Affairs in Order as You Get Older

    Sally Balch Hurme: Getting Your Affairs in Order as You Get Older
    Feb 3 2026

    Our guest on the podcast today is Sally Balch Hurme. Sally is the author of Checklist for My Family: A Guide to My History, Financial Plans and Final Wishes, as well as several other books. She worked at AARP for 23 years and has written more than 20 law review articles on topics related to elder law. She has also served on the boards of the National Guardianship Association and the Center for Guardianship Certification, where she helped develop standards for guardians and reform guardianship policies and procedures. Before moving to AARP, she was a partner in a private law firm and held several other legal roles. She also served as an adjunct professor at the George Washington University Law School, teaching elder law for eight years. She received her BA from Tulane University and her JD cum laude from the Washington College of Law at American University.

    Episode Highlights

    00:00:00 Working at the American Bar Association, AARP, and as a Caregiver

    00:06:15 How to Get Started in Eldercare Planning

    00:08:15 Final Wishes, Finding Your Roots, and Key Documents

    00:26:31 Designated Beneficiaries and Medication Tracking

    00:33:38 Home Deeds and The Power in Power of Attorney

    00:39:48 Cleaning Up Digital Assets

    Sally Hurme Books

    Checklist for My Family: A Guide to My History, Financial Plans and Final Wishes

    The ABA/AARP Checklist for Family Caregivers: A Guide to Making It Manageable

    More From Morningstar

    Beth Pinsker: Lessons From ‘My Mother’s Money’

    Inherited IRAs: What to Know About Taxes, RMDs, and More

    How to Tackle Estate-Planning Basics in 7 Steps

    If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.

    Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.

    If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.


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    51 mins
  • Leyla Kunimoto: Why Investors in Private Markets Need a Louder Voice

    Leyla Kunimoto: Why Investors in Private Markets Need a Louder Voice
    Jan 27 2026
    Our guest on the podcast today is Leyla Kunimoto. Leyla is the founder and editor of Accredited Investor Insights, a newsletter that helps investors navigate private markets. She writes about private equity, private credit, and real estate, focusing on the practical realities of evaluating alternative investments from the limited partner perspective. Leyla began investing in public markets in 2001 and expanded into private markets in 2020, with current holdings spanning public equities, real estate, and alternatives. She started her career in finance and management consulting after graduating from the University of Washington. She also worked in advisory services at a Big Four accounting firm.BackgroundLeyla KunimotoAccredited Investor InsightsPrivate Equity, Private Credit, and Private Real Estate“Inside the Black Box: What First Brands Teaches Us About CLO Risk,” by Leyla Kunimoto, AccreditedInsight.com, Oct. 2, 2025“Jamie Dimon Says Private Credit Is Dangerous—and He Wants JPMorgan to Get In on It," by Alexander Saeedy, WSJ.com, July 13, 2025“PIK Is Whispering. Are You Listening?” by Leyla Kunimoto, AccreditedInsight.com, June 12, 2025.“Private Credit Interval Fund,” by Leyla Kunimoto, AccreditedInsight.com, Aug. 24, 2025.“Non-Traded BDC Meets Mr. Market,” by Leyla Kunimoto, AccreditedInsight.com, Nov. 20, 2025“The Problem With PME,” by Leyla Kunimoto, AccreditedInsight.com, Oct. 9, 2025.“Private Equity 101: What Every LP Should Know,” by Leyla Kunimoto, AccreditedInsight.com, July 31, 2025.“Private Markets in 2026: What Changes, What Sticks,” by Leyla Kunimoto, AccreditedInsight.com, Dec. 28, 2025.“It’s NAV … Until You Want Liquidity,” by Leyla Kunimoto, AccreditedInsight.com, Jan. 8, 2026.“Why Vanguard, Champion of Low-Fee Investing, Joined the ‘Private Markets’ Craze,” by Matt Wirz and Anne Tergesen, WSJ.com, July 2, 2025“The Golden Doodle of Private Markets: Evergreen Secondaries” by Leyla Kunimoto, AccreditedInsight.com, Oct. 30, 2025.Books MentionedRich Dad Poor Dad: What The Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!, by Robert KiyosakiThe Intelligent Investor: The Definitive Book on Value Investing, by Benjamin GrahamMastering The Market Cycle: Getting the Odds on Your Side, by Howard Marks Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
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    53 mins
  • Cody Garrett and Sean Mullaney: ‘For Most Americans, You’re Going to Pay Less Tax in Retirement’

    Cody Garrett and Sean Mullaney: ‘For Most Americans, You’re Going to Pay Less Tax in Retirement’
    Jan 20 2026

    Our guests on the podcast today are Cody Garrett and Sean Mullaney. They’re both advice-only financial planners, and they’re the co-authors of a new book called Tax Planning To and Through Early Retirement. Cody is a certified financial planner and the founder of Measure Twice Money, where he helped DIY investors make informed decisions aligned with their values. He also leads Measure Twice Planners, which is an educational community for financial planners. Sean Mullaney is a certified public accountant and head of Mullaney Financial & Tax. He also writes the blog, FITaxGuy.com, which is focused on the intersection between financial independence and taxes.

    Background

    Sean Mullaney

    Cody Garrett

    Measure Twice Money

    Measure Twice Financial

    Measure Twice Planners

    Mullaney Financial & Tax

    FITaxGuy.com

    Tax Planning and Early Retirement

    Tax Planning To and Through Early Retirement, by Cody Garrett and Sean Mullaney

    “The Backdoor Roth IRA After an Excess Contribution to a Roth IRA,” Sean Mullaney, FITaxGuy.com, Dec 16, 2025

    “Why I Don’t Worry Much About Sequence of Returns Risk,” Sean Mullaney, FITaxGuy.com, Jun 10, 2025

    “The Tax Planning World Has Changed,” by Sean Mullaney, FITaxGuy.com, Sep. 22, 2025

    “Bogleheads on Investing® with Cody Garrett, CFP®, and Sean Mullaney, CPA on tax planning to and through retirement: Episode 89″ by Bogleheads on Investing® podcast, BogleCenter.net, Dec. 7, 2025

    “Managing Taxes in Retirement with Sean Mullaney,” by the White Coat Investor Podcast, WhiteCoatInvestor.com, Nov 20, 2025.

    Die With Zero: Getting All You Can from Your Money and Your Life―A Revolutionary Approach to Maximizing Life Experiences Over Accumulating Wealth, by Bill Perkins

    “Reframing Risk In Retirement As “Over- And Under-Spending” To Better Communicate Decisions To Clients, And Finding “Best Guess” Spending Level,” by Michael Kitces, Kitces.com, Apr. 24 2024.

    More on Early Retirement and FIRE

    “My Baptism by FIRE: Lessons on Financial Independence,” by Christine Benz, Morningstar.com, May 29, 2025.

    “Aiming to ‘Die with Zero’? Here Are the Implications for Portfolio Construction and Retirement Spending,” by Jess Bebel, Morningstar.com, Apri. 6, 2025

    "Derek Tharp: An Alternative Approach to Calculating In-Retirement Withdrawals," The Long View podcast, Morningstar.com, Feb. 21, 2023


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    56 mins
  • Andy Reed: Inertia Is the Most Powerful Force in Behavioral Finance

    Andy Reed: Inertia Is the Most Powerful Force in Behavioral Finance
    Jan 13 2026
    Background

    Bio

    Articles and Papers Discussed

    “The Theory Behind the Age-Related Positivity Effect,” Andrew Reed and Laura Carstensen, NIH.gov, Sept. 27, 2012.

    “Investing Without Blind Spots,” Better Vantage podcast, Nov. 12, 2025.

    “Out of Sight, Out of Market: The IRA Cash Drag,” by Andy Reed et al., Vanguard.com, Sept. 5, 2024.

    “Advisors and Investors Split on Inflation, Bond Views,” by Xiao Xu and Andy Reed, Vanguard.com, Sept. 12, 2025.

    “Stress, Debt, and the Power of Planning,” by Anna Madamba and Andy Reed, Vanguard.com, April 9, 2025

    “Improving Retirement Outcomes by Default: The Case for an IRA QDIA,” by Andy Reed, et al., Vanguard.com, July 2024.

    "Maximizing versus Satisficing: Happiness Is a Matter of Choice," by Barry Schwartz, Andrew Ward, et al., NIH.gov, November 2002.

    “The Ostrich Effect: Selective Attention to Information,” George Loewenstein and Duane Seppi, CMU.edu, Feb. 11, 2009.

    “Inside the Minds of Equity Income Fund Investors,” Sharon Hill and Paulo Costa, Vanguard.com, Aug. 26, 2025.

    “Trading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors,” Brad Barber and Terrance Odean, Berkeley.edu, April 2000.

    Books Discussed

    The Paradox of Choice: Why More Is Less, by Barry Schwartz

    Nudge: Improving Decisions About Health, Wealth, and Happiness, by Richard Thaler and Cass Sunstein

    The Elements of Choice: Why the Way We Decide Matters, by Eric Johnson

    Other

    “Was Bogle’s Princeton Thesis Eerily Prescient?” by Jess Bebel, Morningstar.com, May 27, 2022.


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    57 mins