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Hosted by the Chief Investment Officer at Plancorp and author of “Making Money Simple,” Peter Lazaroff distills complex financial matters into easily digestible lessons.
If you’re ready to get a clear plan for your investments and personal finances, you’re in the right place.
Copyright: © Copyright Peter Lazaroff
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Vanguard's Advisor's Alpha framework just turned 25—and few people know its impact better than Fran Kinniry, the study's original architect. In this episode, we explore how Advisor's Alpha reshaped the value of financial advice, why its lessons are more relevant than ever, and what it means for investors today.
Listen now and learn:
► The hidden costs that quietly erode portfolio returns
► Why after-tax wealth matters more than pre-tax gains
► How advisors act as "behavioral circuit breakers" in volatile markets
► The overlooked complexity of turning a portfolio into retirement income
Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.
(02:30) The Origins of Advisor's Alpha
(05:00) Three Transformative Shifts in Financial Advice
(15:00) Investment Selection and Market Cap Awareness
(22:00) The Complexity of Retirement Income Planning
(26:00) Total Return vs. Income-Only Investing
(29:00) Why Professional Financial Advice Still Matters
(33:00) Closing Thoughts
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)
Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.
The commentary in this "post" (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client.
References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.
Please see disclosures here.
Get updates for my new book: https://Theperfectportfoliobook.com
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Recently, I joined Jesse Cramer on The Best Interest Podcast for a conversation on volatility, investor behavior, and how to avoid overreacting to headlines. We unpack why market noise can distort long-term plans and what to do when your risk tolerance feels misaligned with your portfolio.
Listen now to learn:
► Why volatility is a feature—not a bug—of long-term investing ► What to do if market drops reveal your portfolio isn't right for you ► How global diversification helps even when it feels like a drag ► How narratives—not just numbers—drive poor investing decisions
Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.
Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.
The commentary in this "post" (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client.
References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.
Please see disclosures here.
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Get updates for my new book: https://Theperfectportfoliobook.com
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Dan Rasmussen, author of The Humble Investor, joins me to unpack the overlooked superpower of humility in investing. We discuss why market forecasts often go wrong, how overconfidence fuels financial mistakes, and where conventional wisdom can lead investors astray. Dan also reveals the hidden risks in popular private market strategies.
Listen now and learn:
► Why humility can help investors navigate market volatility.
► The misunderstood truth behind value investing.
► The risks investors overlook in emerging markets.
► What most people get wrong about private equity and private credit.
Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.
(02:46) Why We Misread the Future: Forecasting, Volatility, and the Illusion of Precision
(09:06) How Humility Improves Investment Models and Decision-Making
(13:39) The Real Reason Value Investing Works—And When It Doesn't
(19:25) Why Value Investing Struggled in the U.S. But Not Abroad
(24:29) The Case for Geographic Diversification and Caution on Emerging Markets
(30:46) The Risks of Overallocating to Private Equity
(36:14) The Danger Behind Private Credit's Appeal
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)
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Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.
The commentary in this "post" (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client.
References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.
Please see disclosures here. Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
See exactly how I invest my own money. I break down my asset allocation, cash reserves, and why I keep my portfolio simple. Download the guide now.
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I recently joined the 20/20 Money podcast to explore Opportunity Zones—investment vehicles known for their attractive tax benefits, but often misunderstood risks. As we dissect several real-world scenarios, I share a concept from my upcoming book, The Perfect Portfolio, that offers listeners a practical tool to evaluate any tax-driven investment decision.
Listen now to learn:
► How Opportunity Zones work—and why their tax benefits come with high risk
► Why implementing a bad investment idea is often worse than missing out on a good one
► A practical example illustrating when a tax-driven investment opportunity makes sense (and when it doesn't)
► A sneak preview of a key decision-making concept from The Perfect Portfolio
Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)
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Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.
The commentary in this "post" (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client.
References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.
Please see disclosures here.
Most financial mistakes happen because people don't see the full picture. My Net Worth Worksheet helps you track everything in one place—so you stay informed. Get it now.
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In this episode, Nick Maggiulli, author of the acclaimed finance blog Of Dollars and Data, joins me to unpack his groundbreaking new book, The Wealth Ladder. We dive into fresh insights on how your financial strategy should evolve as you climb from one wealth level to the next. Nick reveals eye-opening rules and practical frameworks to help you spend, save, and invest smarter, no matter your current financial position.
Listen now and learn:
► A powerful, easy-to-apply rule that can simplify everyday spending decisions.
► How to clearly identify your current wealth level—and what actions might help you reach the next one.
► Surprising data insights about asset allocation at different stages of wealth.
► Why income, rather than budgeting alone, can be the most influential driver of financial progress.
Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.
(02:00) Understanding the Wealth Ladder and Its Origin
(04:21) Introducing the 0.01% Rule: A Game-Changer for Spending Decisions
(06:14) Explaining the Six Levels of the Wealth Ladder
(11:30) Considering Liquid vs. Total Net Worth for Practical Spending
(13:13) Why Focusing on Income is Crucial in Personal Finance
(17:19) Insights from the Financial Makeup of Different Wealth Levels
(21:01) What Actually Helps Climb the Wealth Ladder
(24:03) The Relationship Between Money and Happiness
Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.
The commentary in this "post" (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client.
References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.
Please see disclosures here.
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Sign up here to receive Peter's quarterly market webinar.
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In this episode, we explore one of 2025's most surprising financial trends: the significant decline of the U.S. dollar and the remarkable outperformance of international equities. Join host Peter Lazaroff as he breaks down exactly why the dollar weakened, how currency fluctuations directly impact your investment returns, and what this means for your long-term investment strategy.
Listen now and learn:
►Understand how currency movements impact your portfolio
► Learn why analyst predictions about the dollar missed the mark
► Discover the economic trends influencing currency values in 2025
► Identify opportunities to diversify your investment portfolio
Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.
Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.
The commentary in this "post" (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client.
References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.
Please see disclosures here.
Access my recorded quarterly webinar by signing up for my newsletter. Get an inside look at what's shaping my thinking, plus see what I've been reading about investing and financial planning.
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In this midyear update, Peter reviews the key trends shaping markets, politics, and the global economy in 2025. He covers market volatility sparked by tariff announcements, explains why international stocks are leading the charge this year, and provides a deep dive into opportunities within corporate and municipal bond markets.
Listen to learn:
► Why U.S. markets experienced dramatic swings—and what it means for investors.
► How international diversification has benefited portfolios in 2025.
► Key insights into corporate and municipal bonds in a shifting economic landscape.
► Actionable takeaways to help you stay disciplined and focused on your long-term investment plan.
Tune in to better understand the forces influencing your investments and how to confidently navigate the second half of 2025.
Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.
Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.
The commentary in this "post" (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client.
References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.
Please see disclosures here.
Help vote on book cover concepts, sign up now: https://Theperfectportfoliobook.com
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What can the past teach us about today's ever-changing, volatile market?
In this episode, Peter shares five timeless investing lessons drawn from market history—insights that are just as relevant today as ever. Adapted from a chapter in his upcoming book, The Perfect Portfolio, these lessons offer a clear, grounded perspective to help investors navigate uncertainty with greater confidence.
Listen now and learn:
► Why market cycles of boom and bust repeat (and how to recognize them)
► What history teaches us about chasing overpriced assets
► Why short-term volatility is the cost of long-term growth
Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.
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Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.
The commentary in this "post" (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client.
References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.
Please see disclosures here.
Get updates for my new book: https://Theperfectportfoliobook.com
In this engaging episode, Barry Ritholtz—author of the influential Big Picture blog, host of the renowned Masters in Business podcast, and author of the new book How Not to Invest—shares invaluable insights into making smarter investment decisions. Barry challenges common financial myths, explores why we're drawn to faulty financial forecasts, and highlights red flags in popular financial advice.
Listen now and learn:
► The pitfalls of relying on financial predictions and forecasts.
► How sensational headlines distort investor perceptions
► The importance of humility and skepticism in interpreting advice from financial celebrities and billionaires
► Practical strategies for identifying and mitigating emotional behavioral biases in investing
Don't miss Barry's engaging anecdotes and actionable advice designed to help you avoid common investing pitfalls. Detailed show notes and resources are available at www.thelongterminvestor.com.
(02:50) Developing an Investment Philosophy
(04:40) Why We Gravitate Towards Financial Predictions
(10:15) Warning Signs of Harmful Financial Advice
(13:00) Interpreting Advice from Billionaires
(18:30) The Power of Saying "I Don't Know"
(24:45) Inversion as an Investment Strategy
(28:50) Practical Ways to Control Emotional Investing
(35:40) Denominator Blindness in Investing
(41:30) When to Seek Professional Advice
Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.
The commentary in this "post" (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client.
References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.
Please see disclosures here.
Get updates for my new book: https://Theperfectportfoliobook.com
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Is there such a thing as a perfect portfolio?
In this short solo episode, Peter Lazaroff shares exciting news—his next book, The Perfect Portfolio, is coming in late 2026. Peter offers a behind-the-scenes look at what inspired the book, how it builds on timeless investing lessons, and why it's designed to help you build a strategy you can actually stick with.
Get early access to exclusive content, excerpts, and updates at ThePerfectPortfolioBook.com.
Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.
Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.
The commentary in this "post" (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client.
References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.
Please see disclosures here.
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