The Long View podcast

Michael Falk: 'Retirement Planning Can Be Done More Simply'

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50:45
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Our guest on the podcast today is Michael Falk. Falk is a partner at the Focus Consulting Group, where he specializes in helping investment and wealth management firms with investment decision-making, strategic planning, and succession. Previously, he was a chief strategist at Global Macro LP and a chief investment officer in charge of manager due diligence and asset allocation for a multi-billion-dollar advisory practice. Falk has authored or coauthored several books, including Let's All Learn How to Fish To Sustain Long-Term Economic GrowthGet to Work on OUR Futureand Money, Meaning, and Mindsets. He is a frequent public speaker and is also a CFA charterholder.

Background

Bio

Let's All Learn How to Fish … To Sustain Long-Term Economic Growth, by Michael Falk

Get to Work … On OUR Future, by Michael Falk

Money, Meaning, and Mindsets: Radical Reform for the Investment Industry, by Michael Falk

"Jason Zweig: Temperament Is Everything for Most Investors," The Long View podcast, Morningstar.com, June 29, 2021.

Retirement and Target-Date Funds

"Psychological Safety & Career Risk in the Investment Management Industry," by Michael Falk and Bob Schmidt, Brandes Institute, February 2020.

Enough About the Assets, Already!" by Michael Falk, Retirement InSight and Trends, 2014.

"Falk: Immunize Your Retirement Portfolio Before Optimizing," Morningstar.com, June 30, 2014.

"Off With Your (Rules of) Thumbs!" by Michael Falk, Retirement InSight and Trends, 2015.

"Target Date Fund Warning," by Terry Savage, terrysavage.com, July 6, 2021.

"Is Retirement Past Its Prime? The Economic & Behavioral Realities of Retirement," by Michael Falk, Retirement InSight and Trends, 2014.

"A Popular Retirement Rule of Thumb Isn't Wrong, but It Could Be Disruptive for Retirees," by Stephanie Yang, yahoo.com, July 9, 2014.

Investments and Asset Allocation

"Michael Falk: Emotional Intelligence as Investment Alpha," Standard Deviations With Dr. Daniel Crosby, Aug. 17, 2021.

"Still Learning to Fish: Three Years On," by Michael Falk, CFA Institute, Jan. 23, 2020.

"Everything You Need to Know About Investing," by Michael Falk, Investments & Wealth Monitor, November/December 2020.

"Taking Investment Teams From Good to Great," by Michael Falk, CFA Institute, Oct. 4, 2018.

"Michael Falk: I'll Never Buy Bonds Again, and You Shouldn't Either," Money Life With Chuck Jaffe, Dec. 31, 2020.

Herfindahl-Hirschman Index

"Crypto Dreamin'? The Good, the Bad, and the Ugly," by Michael Falk, CFA Institute, June 16, 2020.

"Green Carrots and Sticks: Incentivizing Climate Solutions," by Michael Falk and Joachim Klement, CFA Institute, June 23, 2021.

"An Alternative to the 60/40 Portfolio," by Ben Carlson, A Wealth of Common Sense, March 5, 2015.

"Michael Falk: How a Money Mind Deals With a Terminal Diagnosis," Money Life With Chuck Jaffe, Feb. 26, 2020.

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    50:45

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    Rick Bookstaber: Avoiding Complexity Is 'Risk 101'

    52:15

     Our guest this week is Rick Bookstaber. Rick is the head of risk of Fabric, a startup he founded to provide risk-management software to individual investors through the financial advisors who serve them. Prior to founding Fabric, Rick held a number of senior risk-management roles, most recently as chief risk officer at the University of California system, and before that at various hedge funds and banks, including Bridgewater, FrontPoint Partners, Morgan Stanley, and Salomon Brothers. He also served in the Obama administration, where his work included stints with the Financial Stability Oversight Council and at the SEC on the Volcker Rule and other regulations. Rick has authored several books, including A Demon of Our Own Design, which was published in 2007, as well as The End of Theory, which was published in 2017. Rick received his bachelor’s in economics at Brigham Young University and earned a doctorate in economics from MIT.BackgroundBioFabricA Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation, by Rick BookstaberThe End of Theory: Financial Crises, the Failure of Economics, and the Sweep of Human Interaction, by Rick BookstaberRisk Management Macro “7 Risks That Are Creating a New Market Paradigm,” by Rick Bookstaber, barrons.com, June 17, 2021.“Agent-Based Models for Financial Crises,” by Rick Bookstaber, bookstaber.com, Aug. 30, 2017.“Can Global Capitalism Survive in its Current Form?” by Rick Bookstaber, Age of Economics on youtube.com, March 6, 2021.“Bill Bernstein: We’re Starting to See All of the Signs of a Bubble,” The Long View Podcast, Morningstar.com, March 10, 2021.“A More Realistic Look at Risk,” by Amanda White, top1000funds.com, Oct. 6, 2017. “Can High Liquidity + Low Volatility = High Risk?” by Rick Bookstaber, rick.bookstaber.com, Aug. 23, 2007.“Our Low Risk (Low Volatility) World,” by Rick Bookstaber, rick.bookstaber.com, Nov. 4, 2017.“Building Forward-Looking Scenarios: Why You’re Doing It Wrong,” by Rick Bookstaber, Alicia Karspeck, and Govinda Quish, risk.net, Aug. 3, 2021.Investments“How to Make Risk Management Work for Advisers,” by Rick Bookstaber, investmentnews.com, June 24, 2021.Aladdin (BlackRock)“MSCI’s Principles of Sustainable Investing,” msci.com.Organization and Culture“Adaptability Versus Optimization: The Cockroach Approach,” by Alex Barrow, macro-ops.com, Aug. 28, 2019.“Opinion: A Chief Risk Officer Offers the Simplest Way to Fight Back Against Stock-Market Memes,” by Rick Bookstaber, marketwatch.com, July 10, 2021.“This Is the Way Facebook Ends (and Maybe Apple and Google),” by Rick Bookstaber, rick.bookstaber.com, Jan. 28, 2018.“Facebook and the Awakening of our Private Selves,” by Rick Bookstaber, rick.bookstaber.com, April 1, 2018.

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