Our guest this week is Brian Selmo. Brian is a portfolio manager and research director at First Pacific Advisors. Since 2013, he has comanaged the FPA Crescent Fund with Steve Romick and Mark Landecker, and in 2021, he became comanager of the FPA Global Equity ETF. Both strategies are highly regarded by Morningstar’s Manager Research Team. Before joining FPA in 2008, Brian worked as an analyst at Third Avenue Management and at Rothschild, and was founder and portfolio manager of Eagle Lake Capital. Brian holds a degree from Johns Hopkins. Show Notes Background Bio LinkedIn FPA FPA Crescent Fund Steve Romick: ‘We Think Defensively’, The Long View podcast, Aug. 25, 2020. Morningstar Awards for Investing Excellence References In an Uncertain World: Tough Choices From Wall Street to Washington, by Robert E. Rubin and Jacob Weisberg…

We’re taping this podcast at the Morningstar Investment Conference, where we’re delighted to be joined by Vanguard CEO Salim Ramji, who joined Vanguard just about a year ago. Prior to joining Vanguard, Salim was a senior leader at BlackRock, where his most recent position was as global head of iShares and index investing. Before that, he was a senior partner at McKinsey & Company. Salim started his career as a lawyer at Clifford Chance in London and Hong Kong. Background Bio Vanguard Announces Appointment of Salim Ramji as New CEO A message From Salim Ramji Topics Vanguard Chooses an Outsider as Its New CEO , by Daniel Sotiroff, Morningstar.com, May 14, 2024. Vanguard’s New CEO: The Story Everyone Is Missing , by Susan Dziubinski and Daniel Sotiroff, Morningstar.com, April 22, 2025. Ramji Discusses Vanguard at 50 With Wall Street Week , May 22, 2025. 2025 Morningstar Investment Conference: How to Invest Today, Laura Lallos, Morningstar.com, June 27, 2025. Vanguard CEO on Outages, Expansion Plans and Culture , Bloomberg , Aug. 5, 2024. 2025 MIC: Vanguard CEO Salim Ramji on AI, Fees, and the Future of the Firm, Hedge Fund Alpha, June 27, 2025. Vanguard Unveils Generative AI Client Summaries for Financial Advisors , Vanguard, May 5, 2025. Automated Investing With Digital Advisor The Best Robo-Advisors of 2025 , Dan Culloton, Morningstar.com, May 2, 2025. How Vanguard plans to play disruptor again, by Brooke Masters, Financial Times, Feb. 11, 2025. Vanguard CEO Salim Ramji cools the jets on private assets, by Tania Mitra, Citywire, June 26, 2025. Vanguard CEO says its public-private efforts rooted in partnerships, not acquisitions , by Rob Kozlowski, Pensions & Investments, June 26, 2025. Vanguard sets sights on private markets (at the right price) , by Lachlan Maddock, Investment Magazine , March 5, 2025.…

For this holiday week, we’re resurfacing one of our favorite episodes from 2025 so far. Author JL Collins talking about the new edition of his bestselling book, The Simple Path to Wealth . We hope that you’ll enjoy the episode, and we’ll be back with a brand-new one next week. In the meantime, happy Fourth of July. 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 author and blogger JL Collins. JL’s first book, The Simple Path to Wealth: Your road map to financial independence and a rich, free life , was published in 2016 and has since sold more than 1 million copies. He has recently come out with a second edition of the book, which his daughter, Jess, collaborated on. In 2023, he published another book called Pathfinders: Extraordinary Stories of People Like You on the Quest for Financial Independence . Background Bio The Simple Path to Wealth (Revised & Expanded 2025 Edition): Your Road Map to Financial Independence and a Rich, Free Life Pathfinders: Extraordinary Stories of People Like You on the Quest for Financial Independence—And How to Join Them The Simple Path to Wealth, 4% Rule, Inflation, and Stocks “ Case Study #1: Putting the Simple Path to Wealth Into Action ,” by JL Collins, jlcollinsnh.com, July 10, 2023. “ Things Important, and Unimportant ,” by JL Collins, jlcollinsnh.com, March 1, 2023. “ Stocks—Part XIII: The 4% Rule, Withdrawal Rates and How Much Can I Spend Anyway? ” by JL Collins, jlcollinsnh.com, Oct. 15, 2023. “ Déjà Vu All Over Again, ” by JL Collins, jlcollinshh.com, April 18, 2025. “ Stocks—Part IV: The Big Ugly Event, Deflation and a Bit on Inflation ,” by JL Collins, jlcollinsnh.com, Nov. 16, 2023. “ Stocks—Part XXII: Stepping Away From REITs ,” by JL Collins, jlcollinsnh.com, May 12, 2025. “ Stocks—Part XXVII: Why I Don’t Like Dollar Cost Averaging ,” by JL Collins, jlcollinshn.com, Jan. 8, 2024. “ Stocks—Part III: Most People Lose Money in the Market ,” by JL Collins, jlcollinsnh.com, Nov. 16, 2023. “ Time Machine and the Future Returns for Stocks ,” by JL Collins, jlcollinsnh.com, July 10, 2023. Debt Paydown “ Chainsaws and Credit Cards ,” by JL Collins, jlcollinsnh.com, March 30, 2023. “ Stocks—Part XXVIII: Debt – The Unacceptable Burden ,” by JL Collins, jlcollinsnh.com, May 12, 2025. Other “ JL Collins: The Case for Simplicity ,” The Long View podcast, Morningstar.com, April 5, 2022. “ JL Collins: Spotlighting the Many Paths to Financial Independence ,” The Long View podcast, Morningstar.com, Oct. 31, 2023. Vanguard Total Stock Market Index VTSAX Bill Bengen Mr. Money Mustache…

Our guest on the podcast today is Eric Simonson. Eric is CEO of Abundo Wealth, an advice-only financial planning firm he founded in 2019. In addition, he heads up the Advice-Only Network, which is a platform dedicated to helping consumers find advice-only financial planners. Before starting Abundo, Eric was a financial advisor and managing director of Ameriprise Financial. He’s a certified financial planner and received bachelor’s degrees in finance and English from the University of Minnesota. Eric, welcome to The Long View . Background Bio Abundo Wealth Advice-Only Network Philosophy, Financial Advice, and FIRE “ Our Investment Philosophy ,” by Eric Simonson, abundowealth.com, Aug. 2, 2022. “ What Is a Flat Fee Financial Advisor? ” by Eric Simonson, abundowealth.com, May 8, 2022. “ Investments Are a Small Part of Financial Advice ,” by Jeremy Zuke, abundowealth.com, Jan. 13, 2025. “ When Do You Need a Financial Advisor? ” by Lori Bodenhamer, abundowealth.com, June 22, 2022. “ What If You Can’t Retire Yet? ” by Chris Mamula, abundowealth.com, Feb. 26, 2023. “ The Value of International Diversification ,” by Jeremy Zuke, abundowealth.com, July 7, 2024. “ DIY Investing: Managing Your Own Investment Accounts Is Easier Than You Think ,” by Lori Bodenhamer, abundowealth.com, July 20, 2022. Travel Hacks “ How to Travel and Still Meet Your Financial Goals ,” by Eric Simonson, abundowealth.com, Aug. 1, 2022. “ How to (Properly) Use Your Credit Card Points When Booking Travel ,” by Andrew Dressel, abundowealth.com, Aug. 24, 2022. Other RightCapital…

Our guest on the podcast today is Rosanne Corcoran. Rosanne is the Director of Content Strategy for Daughterhood.org, which is focused on creating community and providing resources to family caregivers. Rosanne also hosts a wonderful podcast called Daughterhood, the Podcast . In addition, she facilitates support groups and meetings for caregivers and has experience as a family caregiver herself. Background Bio Daughterhood.org Daughterhood the Podcast: For Caregivers Anne Tumlinson Medicare/Caregiving “ 5 Common Misconceptions About Medicaid ,” daughterhood.org blog. “ 4 Tips to Make You Smarter About Your Parents’ Medicare ,” daughterhood.org blog. “ 3 Medicare Benefits You MUST Know About ,” daughterhood.org blog. “ AARP Research Insights on Caregiving ,” aarp.org, March 27, 2025. “ Caregiving Statistics: Work and Caregiving ,” by Family Caregiver Alliance, caregiver.org. Favorite Podcast Guests “ End of Life Care & Caregiver Burden With Jessica Zitter, MD, MPH ,” Daughterhood the Podcast: For Caregivers , daughterhood.org, Feb. 11, 2021. “ Challenging Behaviors in Dementia and the Reasons Why With Judy Cornish, Founder of the Dawn Method ,” Daughterhood the Podcast: For Caregivers , daughterhood.org, Aug. 12, 2021. “ The Final Days of Hospice and What to Expect With Barbara Karnes ,” Daughterhood the Podcast: For Caregivers , daughterhood.org, Feb. 8, 2024. “ Finding Meaning in Caregiving With Dr. Allison Applebaum ,” Daughterhood the Podcast: For Caregivers , daughterhood.org, March 14, 2024. “ Empathy in Caregiving With PK Beville ,” Daughterhood the Podcast: For Caregivers , daughterhood.org, June 10, 2021. “ A Conversation With Leeza Gibbons ,” Daughterhood the Podcast: For Caregivers , daughterhood.org, Jan. 14, 2021. “ 2025 Policy Changes for Family Caregivers ,” Daughterhood the Podcast: For Caregivers , daughterhood.org, Feb. 25, 2025. Other National Alliance for Caregiving Aging Life Care Association “ Howard Gleckman: We Pretend This Isn’t a Problem ,” The Long View podcast, Morningstar.com, Jan. 16, 2024. How to Retire: 20 Lessons for a Happy, Successful, and Wealthy Retirement , by Christine Benz “ Jean Chatzky: What Women Need to Do Differently With Their Money ,” The Long View podcast, Morningstar.com, April 8, 2025. Five Wishes Leeza’s Care Connection…

Today on The Long View, we’re featuring an episode from another Morningstar podcast, The Morning Filter , which you can subscribe to on Apple podcasts or wherever you get your podcasts. Every Monday, Susan Dziubinski sits down with Morningstar Chief US Market Strategist Dave Sekera to discuss one thing that’s on his radar this week, one new piece of Morningstar research, and a few stock picks or pans for the week ahead. On this week’s episode, Dave and Susan discuss the likelihood of the Federal Reserve cutting interest rates soon and which company earnings to watch for in the week ahead. They also talk about Adobe’s results, takeaways from Apple’s WWDC event , and other stocks in the news. And they welcome special guest Damien Conover , Morningstar director of US equity research, who covers which sectors and industries are most vulnerable to tariffs . Episode highlights: Why Good Inflation Numbers Won’t Spur the Fed to Act Which Stocks in the News Look Attractive? Tariffs & Trade-Deal Stock Picks Stocks That Are Rallying & Have More Room to Run Read about topics from this episode . Learn more about Morningstar’s approach to stock investing: Morningstar’s Guide to Investing in Stocks Read Dave’s latest stock market outlook: June 2025 US Stock Market Outlook: Has the Storm Passed? Find out which sectors and industries would be hurt most by tariffs, according to Morningstar: Tariffs Would Likely Hit These US Stock Sectors the Hardest Follow Dave on social media. Dave Sekera on X: @MstarMarkets Dave Sekera on LinkedIn: https://www.linkedin.com/in/davesekera…

Hi, and welcome to The Long View . I’m Dan Lefkovitz, strategist for Morningstar Indexes. Our guest this week is Dr. Paul Ashworth. Paul serves as Chief North America Economist at Capital Economics. He joined the London-based research firm in 2001 from the National Institute of Economic and Social Research after taking degrees in economics and mathematics at Strathclyde and Warwick in the United Kingdom and completing a Ph.D. in monetary policy. In 2010, Paul was named Wall Street Journal Forecaster of the Year. Background Bio Capital Economics “ Ashworth Tops Economy Survey ,” by Justin Lahart, wsj.com, Feb. 7, 2011. Tariffs, Trade, and Inflation “ Trump Tariffs Get to Stay in Place for Now. What Happens Next? ” by Peter Hoskins and Yang Tian, bbc.com, May 30, 2025. “ Economists Welcome U.S.-U.K. Agreement for Signal Rather Than Substance ,” by Harriet Torry, wsj.com, May 8, 2025. “ This Economist Thinks the Tariff Pause Could Be Permanent ,” by Hannah Erin Lang, wsj.com, April 9, 2025. “ Consumer Sentiment Darkens Further With Inflation Worries Rising ,” by Chao Deng, wsj.com, May 16, 2025. Other “ Why Trump Decided Not to Try to Fire Jerome Powell ,” by Brian Schwartz, Josh Dawsey, and Nick Timiraos, wsj.com, April 23, 2025. “ The Weekly Briefing: AI’s Productivity Boom, Central Bank Rhetoric vs Reality, Recession Risk and More ,” A Capital Economics podcast, Sept. 22, 2023.…

Our guest on the podcast today is Ben Felix. Ben is chief investment officer for PWL Capital, a Canadian wealth management firm. He also co-hosts the Rational Reminder podcast and is the host of a YouTube channel that covers finance and investing-related topics. He joined PWL Capital in 2013 after completing a degree in mechanical engineering as well as an MBA. He is a CFA charter holder and a CFP professional. Ben, welcome to The Long View . Background Bio PWL Capital Rational Reminder podcast Canadian Market and Home-Country Bias “ The Passive vs. Active Fund Monitor ,” by Raymond Kerzerho, pwlcapital.com, Winter 2024. “ Passive Beats Active Again in 2024 ,” by James Parkyn, capitaltopics.com, April 30, 2025. “ Canadians Reducing Home Bias, Eh? Vanguard Research Finds That Investors Are Increasingly Going Global ,” vanguard.ca, June 2024. Rational Reminder Podcast “ Episode 169: Prof. John Cochrane: (Modern) Modern Portfolio Theory ,” Rational Reminder Podcast, Sept. 30, 2021. “ Understanding Crypto 14: Prof. John Cochrane: Money, (Fiscal) Inflation, and Political Freedom ,” Rational Reminder Podcast, Sept. 2, 2022. “ Episode 284: Prof. Scott Cederburg: Challenging the Status Quo on Lifecycle Asset Allocation ,” Rational Reminder Podcast, Dec. 21, 2023. “ Episode 350: Scott Cederburg: A Critical Assessment of Lifecycle Investment Advice ,” Rational Reminder Podcast, March 27, 2025. “ Episode 316: Andrew Chen: ‘Is Everything I Was Taught About Cross-Sectional Asset Pricing Wrong?!’ ” Rational Reminder Podcast, Aug. 1, 2024. “ Episode 102: Dr. Brian Portnoy: Underwriting a Meaningful Life ,” Rational Reminder Podcast , June 11, 2020. “ Episode 171: Prof. Campbell R. Harvey: The Past and Future of Finance ,” Rational Reminder Podcast, Oct. 14, 2021. Other “ The Misguided Beliefs of Financial Advisors ,” by Juhani T. Linnainmaa, Brian Melzer, and Alessandro Previtero, Journal of Finance , March 22, 2021. Rational Reminder Community “ OneDigital Expands Into Canada With Investment in PWL Capital, Expanding Wealth Management Services Across Borders ,” OneDigital.com, Jan. 23, 2025. “ Beyond the Status Quo: A Critical Assessment of Lifecycle Investment Advice ,” by Scott Cederburg, Aizhan Anarkulova, and Michael S. O’Doherty, papers.ssrn.com, March 5, 2025. The Fiscal Theory of the Price Level , by John Cochrane…

On this week’s episode, we’re pleased to welcome back returning guest, Jason Zweig. Jason writes the “Intelligent Investor” column in The Wall Street Journal and has published a number of popular and critically acclaimed books on investing and finance, including Your Money and Your Brain and The Devil’s Financial Dictionary . In his most recent project, Jason published an update of Ben Graham’s classic book, The Intelligent Investor . And we’ve devoted a portion of today’s episode to delving into Graham and the Intelligent Investor with Jason. Please note that we recorded this interview on April 8, 2025. Background Bio Your Money and Your Brain: How the New Science of Neuroeconomics Can Help Make Your Rich The Devil’s Financial Dictionary Tariffs and TIPS “ Trump Just Shredded the Economic Playbook. Here Are Your Next Investing Moves ,” by Jason Zweig, wsj.com, April 4, 2025. “ The Mistake You’re Making in Today’s Stock Market—Without Even Knowing It ,” by Jason Zweig, wsj.com, April 25, 2025. “ Four Questions You Should Ask to Combat the Market Chaos ,” by Jason Zweig, wsj.com, April 10, 2025. “ Inflation Isn’t Going Away? Some Tips on How to Buy TIPS ,” by Jason Zweig, wsj.com, Feb. 14, 2025. The Intelligent Investor The Intelligent Investor: The Definitive Book on Value Investing, by Benjamin Graham The Intelligent Investor Third Edition: The Definition on Value Investing , by Benjamin Graham and updated with new commentary by Jason Zweig. Jonathan Clements “ The WSJ’s Jonathan Clements Wants to Leave a Living Legacy ,” by Jason Zweig, wsj.com, May 8, 2025. “ Jonathan Clements: ‘Humility Is a Hallmark of People Who Are Financially Successful,’ ” The Long View podcast, Morningstar.com, Dec. 26, 2023. “ Jonathan Clements: ‘Life Is Full of Small Pleasures,’ ” The Long View podcast, Morningstar.com, Oct. 15, 2024. Private Markets “ Private Markets Seem Out of Reach for Individual Investors. BlackRock Thinks It Has an Answer, ” by Jason Zweig, wsj.com, Sept. 12, 2024. “ You’re Invited to Wall Street’s Private Party. Say You’re Busy ,” by Jason Zweig, wsj.com, Dec. 20, 2024. “ Don’t Buy Into This Easy Fix for Stock-Market Craziness ,” by Jason Zweig, wsj.com, April 18, 2025. Other “ SEC, States Investigate Firm Holding Couple’s $763,094 Retirement Fund ,” by Jason Zweig, wsj.com, Dec. 4, 2024. “ David Swensen’s Coda ,” Yale News , news.yale.edu, Oct. 22, 2021.…

Hi, and welcome to The Long View . I’m Dan Lefkovitz, strategist for Morningstar Indexes. Our guest this week is Arunma Oteh, currently of the University of Oxford Saïd Business School. Arunma is a former treasurer of the World Bank and also served in various leadership roles in the African Development Bank. In 2010, she became Director General of Nigeria Securities and Exchange Commission, and she led that apex regulator for several years following the global financial crisis. She writes about the experience in the recently published book All Hands on Deck: Unleash Prosperity Through World Class Capital Markets . Arunma is a graduate of the University of Nigeria, UNN Nsukka, and Harvard Business School. Background Bio All Hands on Deck: Unleash Prosperity Through World Class Capital Markets Nigeria’s “Iron Lady” “ Nigeria’s Iron Lady Takes on Fraudsters ,” by Caroline Duffield, bbc.com, July 1, 2010. “ Changing the World One Bond at a Time ,” Rita Stankeviciute and Kathleen Manahan, worldbank.org, July 18, 2018. “ Nigeria SEC Boss, Arunma Oteh, Fights Back ,” YouTube video, March 15, 2012. Other Securities and Exchange Commission, Nigeria Nigerian Exchange Group NGX FMDQ Group “ A Tale of 2 Exchanges: As FMDQ Thrives NGX Plays Catch Up ,” by Bala Augie, moneycentral.com, Oct. 2, 2021.…

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 . Background 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 Forecasting “ 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. Value Investing “ 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. Private Credit and High Yield “ 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 “ 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.…

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 . Background Bio Tune Out the Noise DFA US Small Cap DFA US Micro Cap Papers Mentioned “ 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. Other 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.…

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 . Background Bio Discipline Funds Discipline Fund ETF Pragmatic Capitalism: What Every Investor Needs to Know About Money and Finance Your Perfect Portfolio Tariffs and Recession “ 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. Defined Duration Investing “ 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. The Fed and Global Investing “ 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. Other “ 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…

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 . Background Bio Fidelity Series Overseas FSOSX Global Outlook “ 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. GRANOLAS Stocks Mentioned “ Europe’s Magnificent 7 Stocks Are Profitable—And Cheaper ,” by Jocelyn Jovene, morningstar.co.uk, Feb. 19, 2024. GSK Roche ASML Nestle Novartis SAP AI and Companies Mentioned RELX LSEG and Microsoft Partnership Other Hitachi Tokio Marine Bill Kennedy Sammy Simnegar Jed Weiss…

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. Background 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 Women in Investing and Financial Advisors “ 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. Annuities, Long-Term Care, FIRE “ 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. Other “ 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…