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

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 Economics’ New York office, having joined the firm in 2006 from the United Kingdom’s Treasury Ministry. He holds economics degrees from the University of London and the University of York.BackgroundBioChatham HouseWorld Economy, Globalization, and Elections“China, Inflation, Trade Wars—Your Frequently Asked Questions,” by Neil Shearing, capitaleconomics.com, March 4, 2024.“Maintaining Market Confidence Is Key to Managing ‘Snowballing’ Public Debt,” by Neil Shearing, capitaleconomics.com, April 8, 2024.“Pivoting Central Bankers Must Face Down the Ghost of Arthur Burns,” by Neil Shearing, capitaleconomics.com, Jan. 29, 2024.“Ignore the Straight-Line Forecasts. These Forces Will Shape the Global Economy to 2050,” by Neil Shearing, capitaleconomics.com, Feb. 26, 2024.“In the China Vs. US Size Stakes, It’s What You Measure That Counts,” by Neil Shearing, capitaleconomics.com, Jan. 15, 2024.“Trump Trade Wars, Stock Market Bubbles, Japan’s Market Comeback, and the World in 2050,” Capital Economics Weekly Briefing podcast, capitaleconomics.com, Feb. 15, 2024.“World Economy Is Fracturing, not Deglobalizing,” by Neal Shearing, chathamhouse.org, Feb. 8, 2023.“It’s All Connected—Why Investors Can’t Ignore the Global Economy’s Megatrends,” by Neil Shearing, capitaleconomics.com, Oct. 2, 2023.Artificial Intelligence“From Upbeat to Apocalyptic: Making Sense of the AI Headlines,” by Neil Shearing, capitaleconomics.com, Jan. 22, 2024.“How to Get a Handle on AI’s Many Implications for Economies and Markets,” by Neil Shearing, capitaleconomics.com, July 10, 2023.Other“Read My Lips: No New Tax Cuts,” by Paul Ashworth, capitaleconomics.com, Feb. 12, 2024.

Our guest on the podcast today is author and columnist, Matt Krantz. He is the personal finance and management editor at Investor’s 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.BackgroundBioInvestor’s Business DailyFundamental Analysis for Dummies, by Matt KrantzOnline Investing for Dummies, by Matt KrantzRetirement Planning for Dummies, by Matt KrantzWork at IBD“CANSLIM Explained: What It Is and How It Works,” by James Chen, Investopedia.com, April 2, 2024.Investors/Strategies“Feisty Rivals Take on Eli Lilly, Novo Nordisk on Weight Loss,” by Matt Krantz, investors.com, March 19, 2024.“How to Make Money on Nvidia—And Take Much Less Risk,” by Matt Krantz, investors.com, March 14, 2024.OtherHow to Make Money in Stocks: A Winning System in Good Times or Bad, by William O’NeilThe Four Pillars of Investing: Lessons for Building a Winning Portfolio, by William BernsteinThe Intelligent Asset Allocator: How to Build Your Portfolio to Maximize Returns and Minimize Risks, by William Bernstein“Bernstein: ‘I Don’t Think the System Needs Nudges. I Think the System Needs Dynamite,’” The Long View podcast, Morningstar.com, May 7, 2019.“Bill Bernstein: We’re Starting to See all of the Signs of a Bubble,” The Long View podcast, Morningstar.com, March 9, 2021.“Bill Bernstein: Revisiting ‘The Four Pillars of Investing,’” The Long View podcast, Morningstar.com, July 11, 2023.QuickenThinkorswim

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 bachelor’s degree in economics.BackgroundBioElm WealthThe Missing Billionaires: A Guide to Better Financial Decisions, by Victor Haghani and James WhiteInvestment Sizing and Expected Utility“The Most Costly Investment Mistake You Can Make Is Easy to Avoid,” by Victor Haghani and James White, Bloomberg.com, Feb. 14, 2024.“Bigger Is the Enemy of Better Investing,” by Victor Haghani and Richard Dewey, businesstimes.com, March 20, 2021.Robert K. Merton“Merton Model: Definition, History, Formula, What It Tells You,” by Will Kenton, Investopedia.com, Aug. 10, 2022.“Lifetime Portfolio Selection Under Uncertainty: The Continuous-Time Case,” by Robert C. Merton, jstor.org, August 1969.“How Much of a Good Thing Is Too Much?” by Victor Haghani, linkedin.com, Oct. 11, 2022.“To Realize, or Not to Realize,” by Victor Haghani and James White, elmwealth.com, Oct. 22, 2020.Lifetime and Retirement Spending“Spending Like You’ll Live Forever,” by Victor Haghani and James White, elmwealth.com, April 6, 2021.“Cut Your Losses Early; Let Your Profits Run,” by Victor Haghani, linkedin.com, Aug. 8, 2023.Puzzles“George Costanza At It Again: The Leveraged ETF Episode,” by Victor Haghani and James White, elmwealth.com, April 16, 2020.“Who Wants Protection Like This?” by Victor Haghani, linkedin.com, Nov. 14, 2022.Other“Vic’s TEDx Talk: Where Are All the Billionaires and Why Should We Care?” Elmwealth.com, March 8, 2013.Matt LevineMichael LewisThe St. Petersburg ParadoxHal Hershfield“Hal Hershfield: People Treat Their Future Self as if It’s Another Person,” The Long View podcast, Morningstar.com, Sept. 21, 2021.Stumbling on Happiness, by Daniel GilbertWhen Genius Failed: The Rise and Fall of Long-Term Capital Management, by Robert LowensteinInventing Money: The Story of Long-Term Capital Management and the Legends Behind It, by Nicholas Dunbar

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.BackgroundBioCreative PlanningPathway Financial EducationBooksMoney, Simplified, by Peter MalloukThe 5 Mistakes Every Investor Makes and How to Avoid Them: Getting Investing Right, by Peter MalloukThe Path: Accelerating Your Journey to Financial Freedom, by Peter Mallouk, with Tony RobbinsPodcastsDown the Middle, with Peter Mallouk and Jonathan ClementsSignal or Noise? with Charlie Bilello and Peter MalloukCreative Planning“What to Expect in the Year Ahead,” by Peter Mallouk and Jonathan Clements, creativeplanning.com, Dec. 29, 2023.“Creative Planning Closes on Acquisition of Goldman Sachs Personal Financial Management,” by Diana Britton, wealthmanagement.com, Nov. 3, 2023.“Peter Mallouk: The No. 1 Thing to Look for in Investments Now,” by Dinah Wisenberg Brin, thinkadvisor.com, Feb. 27, 2023.“Tax-Loss Harvesting: What It Is and Why It Matters,” by Taylor Harroun, creativeplanning.com, Oct. 4, 2023.“The Media Has a Fiduciary Responsibility, But It’s Not to You,” by Peter Mallouk, creativeplanning.com, March 15, 2024.Other“How Financial Planners Actually Do Financial Planning (2023),” by Dan Inveen, Michael Kitces, and Meghaan Lurtz, kitces.com, 2023.

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.BackgroundBioPassive Investing and ETFs“Index Funds Have Officially Won,” by John Rekenthaler, Morningstar.com, Feb. 13, 2024.“Active Funds Fell Short of Passive Peers in 2023,” by Bryan Armour, Morningstar.com, March 12, 2024.“It’s Official: Passive Funds Overtake Active Funds,” by Adam Sabban, Morningstar.com, Jan. 17, 2024.“ETFs vs. Mutual Funds: The Benefits That Really Matter,” by Bryan Armour, Morningstar.com, Feb. 6, 2024.“2023 Model Portfolio Landscape,” Morningstar.com.“Markets Are ‘Fundamentally Broken’ Due to Passive Investing, Says David Einhorn,” by William Watts, marketwatch.com, Feb. 9, 2024.“How Fund Fees Are the Best Predictor of Returns,” by Russ Kinnel, Morningstar.com, Jan. 12, 2026.“Cage Match: Traditional Index Funds vs. ETFs,” by Christine Benz and Margaret Giles, Morningstar.com, Oct. 20, 2023.“Global Fund Flows: 2023 in Review,” Morningstar.com, Feb. 6, 2024.“A Closer Look at Vanguard’s Newest Core Bond ETFs,” by Dan Sotiroff, Morningstar.com, Feb. 12, 2024.“3 New ETFs That Stand Out From the Pack,” by Ryan Jackson, Morningstar.com, Aug. 30, 2023.“Converting Mutual Funds to ETFs: What to Make of the Trend,” by Daniel Sotiroff, Morningstar.com, April 11, 2023.“How to Choose a Great Dividend ETF,” by Dan Sotiroff, Morningstar.com, May 17, 2023.“The Best and Worst New ETFs of 2023,” by Bryan Armour, Morningstar.com, Dec. 19, 2023.Bitcoin and Covered-Call ETFs“Spot Bitcoin ETFs Are Here. Should You Invest?” by Bryan Armour, Morningstar.com, Jan. 11, 2024.“Grayscale’s Victory Over the SEC Doesn’t Mean a Spot Bitcoin ETF—for Now,” by Bryan Armour, Morningstar.com, Aug. 30, 2023.“Should You Buy a Covered-Call ETF?” Video interview with Bryan Armour and Ruth Saldanha, Morningstar.com, June 14, 2023.Securities MentionediShares ESG Aware ETF ESGUiShares MSCI USA Quality Factor ETF QUALARK Innovation ETF ARKKGrayscale Bitcoin Trust (BTC) GBTCJPMorgan Equity Premium Income ETF JEPIGlobal X Nasdaq 100 Covered Call ETF QYLDVanguard’s High Dividend Yield ETF VYMBlackRock Flexible Income ETF BINCSchwab High Yield Bond ETF SCYBT. Rowe Price Capital Appreciation Equity ETF TCAF2x Bitcoin Strategy ETF BITXYieldMax AI Option Income Strategy ETF AIYYOther“The ETF Rule: What It Is and Why It Matters,” by Irene Huhulea, Investopedia.com, Jan. 25, 2024.

Our guest on the podcast today is Anne Lester. She’s 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 Americans’ economic security with the Ray Lillywhite Award. She earned a master’s 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.BackgroundBioYour Best Financial Life: Save Smart Now for the Future You Want, by Anne LesterMillennials, Money, and Investing“Don’t Make These 6 Money Mistakes in Your 30s, Says Former JPMorgan Retirement Expert,” by Anne Lester, cnbc.com, Jan. 4, 2022.“Fake Rich? Affluent Millennials Are More Likely to Exaggerate to Appear Wealthy. Here’s What Experts Say They Should Do Instead,” by Lorie Konish, cnbc.com, Jan. 25, 2024.“A Spender’s Guide to Surviving Financial Mistakes With Anne Lester,” Earn & Invest podcast, earnandinvest.com.“The Worst Money Advice on the Internet,” by Stephanie Hallett, businessinsider.com, June 2, 2022.“Setting Aside $20 a Day Could Help You Save $1 Million for Retirement —If You Start Early,” by Cheyenne DeVon, cnbc.com, Jan. 5, 2024.Target-Date Funds and Retirement Savings System“Retirement Experts Identify Possible Fixes to the Retirement Savings Gap,” by Paul Mulholland, planadviser.com, Oct. 3, 2022.“Quit Your Job? Here’s What to Do With Your 401(k),” by Jeanne Sahadi, cnn.com, Jan. 6, 2022.“Ladies, How Much Is Really Enough for Retirement?” hermoney.com, June 23, 2022.Other“Brigitte Madrian: ‘Inertia Can Actually Be a Helpful Thing,’” The Long View podcast, Morningstar.com, April 22, 2020.

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 firm’s global research team, and he serves on the firm’s board of directors. JB joined Wasatch as an analyst in 1996 after graduating from Stanford.BackgroundBioWasatch Core Growth FundSmall-Cap Funds“A New Era for Small-Caps?” Wasatchglobal.com, Nov. 28, 2023.“After a Rough Year, Do Small-Caps Deserve a Closer Look?” Wasatchglobal.com, Jan. 13, 2023.“Market Scout—'Value’ Funds in a Growth Shop,” Wasatchglobal.com, Oct. 6, 2023.Investing Globally“Market Scout—On-the-Ground Research in India and China,” Wasatchglobal.com, July 7, 2023.“India: A View From the Ground,” Wasatchglobal.com, July 6, 2023.“China: A View From the Ground,” Wasatchglobal.com, June 27, 2023.OtherThe Ensign GroupO’Reilly Auto PartsCopart

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 Morningstar’s Manager Research team. Prior to joining Pimco, Sonali was a senior credit trader at J.P. Morgan. She has a bachelor’s in economics from Princeton.BackgroundBio“The Top Female Portfolio Managers to Invest With Now,” by Megan Pacholok and Amrutha Alladi, Morningstar.com, March 6, 2023.Pimco Access Income FundPimco Dynamic Income Opportunities FundPimco Enhanced Low Duration Active ETFPimco Multisector Bond Active ETFPimco Credit Opportunities Bond FundPimco Diversified Income FundPimco High Yield FundPimco High Yield Spectrum FundPimco Low Duration Credit FundMacro Views and Asset-Class Reflections“Prime Time for Bonds,” by Erin Browne, Geraldine Sundstrom, and Emmanuel E. Sharef, pimco.com, Nov. 14, 2023.“Why Fixed Income Is Looking ‘Rather Attractive’ Given Potential Recession Risks,” Video interview, finance.yahoo.com, July 20, 2023.“The Power of Flexibility in Multi-Sector Credit,” Video, pimco.com, July 2023.“Inflation: ‘There’s Certainly a Pathway Towards a Soft Landing,’ Portfolio Manager Says,” Video interview, finance.yahoo.com, June 7, 2022.“Bond Market: Strategist Details Where to Find the ‘Sweet Spot’ in Fixed Income,” Video interview, finance.yahoo.com, Jan. 4, 2023.“Fed ‘Likely to Pause’ Following 25 Basis Point Rate Hike, Portfolio Manager Says,” Video interview, finance.yahoo.com, May 4, 2023.“Spotting Opportunities in the High Yield Ratings Migration,” by Sonali Pier and Sabeen Firozali, pimco.com, Jan. 24, 2022.

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 bachelor’s degree from Swarthmore College and his Master of Business Administration from the Yale School of Management.BackgroundBioCoGenerateExperience CorpsHow to Live Forever: The Enduring Power of Connecting the Generations, by Marc FreedmanAge Diversity“Overcoming Age Segregation,” by Marc Freedman and Trent Stamp, Stanford Social Innovation Review, March 15, 2021.“Will 2023 Be the Year That We Begin to Make the Most of Age Diversity in the Workplace?” by Ramona Schindelheim, WorkingNation, Dec. 27, 2022.“Harnessing the Power of Age Diversity,” by Alene Dawson, John Templeton Foundation, Oct. 31, 2023.“America Is Arguably the Most Age-Diverse Society in Human History—It’s High Time to Prepare for Our Increasingly Multigenerational Workforce,” by Ramona Shindelheim, WorkingNation, Dec. 10, 2023.Encore Careers“Encore Career: What It Is, How It Works, Prevalence,” by Julia Kagan, Investopedia, Jan. 16, 2022.Encore: Finding Work That Matters in the Second Half of Life, by Marc Freedman“The Case for Putting Seniors in Charge of Universal Pre-K | Opinion,” by Marc Freedman and Carol Larson, Newsweek, Nov. 29, 2021.The Purpose PrizeWork/Life Across Generations“Kerry Hannon: Remote Work Trend Benefits Older Workers,” The Long View podcast, Morningstar, Oct. 20, 2020.“Is America Ready to Unleash a Multigenerational Force for Good?” A National Opinion Survey From Encore.org With NORC at the University of Chicago.Other“The Globe: How BMW Is Diffusing the Demographic Time Bomb,” by Christoph Loch, Fabian J. Sting, Nikolaus Bauer, and Helmut Mauermann, Harvard Business Review, March 2010.From Strength to Strength, by Arthur BrooksMaggie KuhnHarvard Advanced Leadership InitiativeEncore FellowshipsDavid GalensonTroops to TeachersModern Elder AcademyLive to 100: Secrets of the Blue Zones“Dr. Anita Mukherjee: Exploring the Link Between Wealth, Longevity, and Quality of Life,” The Long View podcast, Morningstar, Oct. 10, 2023.Now TeachMichael GurvenThe Encore Career Handbook, by Marci Alboher

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 he’s 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.BackgroundBioThought Leadership Projects“How Coordinating Beneficiary Designations Can Increase Your After-Tax Legacy,” by Roger Young, troweprice.com, Oct. 12, 2023.“Is Financial Advice Worth Paying For? Investors Share Their Perspectives,” by Roger Young, troweprice.com, Oct. 25, 2023.Retirement: Financial Considerations“2024 U.S. Retirement Market Outlook,” troweprice.com.“How to Make Sure You Won’t Outlive Your Retirement Savings,” by Jasmin Suknanan, cnbc.com, July 30, 2023.“How to Determine the Amount of Income You Will Need at Retirement,” by Roger Young, troweprice.com, Feb. 1, 2023.“A Closer Look at RMDs and the New SECURE 2.0 Rules,” by Roger Young, troweprice.com, July 24, 2023.“Spenders vs. Savers: How to Determine Your Retirement Spending Personality,” troweprice.com, Dec. 7, 2023.“How to Make Your Retirement Account Withdrawals Work Best for You,” by Roger Young, troweprice.com, Aug. 7, 2023.“Helpful Options to Take Into Consideration for Your 401(k) at Retirement,” by Roger Young and Judith Ward, troweprice.com, Feb. 6, 2024.“A Closer Look at RMDs and the New SECURE 2.0 Rules,” by Roger Young, troweprice.com, July 24, 2023.“How Catch-Up Contributions Help You Reach Your Retirement Savings Goal,” by Roger Young, troweprice.com, Sept. 12, 2023.Retirement: Nonfinancial Considerations“Beyond Retirement Savings: How to Achieve the Post-Career Life You Want,” by Roger Young, troweprice.com, Sept. 26, 2023.“4 Things to Do in the Decade Leading Up to Retirement,” by Roger Young and Judith Ward, troweprice.com, April 10, 2023.“‘Unretiring’: Why Recent Retirees Want to Go Back to Work,” by Judith Ward, troweprice.com, Sept. 18, 2023.“5 Important Factors to Consider When Planning for Retirement,” T. Rowe Price, forbes.com, Dec. 19, 2022.“Need to Boost Your Retirement Savings? Spend Less to Save More,” by Lindsay Theodore, troweprice.com, Jan. 23, 2024.Other“The State of Retirement Income 2023,” by Amy Arnott, John Rekenthaler, and Christine Benz, Morningstar.com, November 2023.Retire, Inc.