The Long View

Latest Episodes:

Christine Benz, David Blanchett, and Karsten Jeske: The State of Retirement Income Jun 14, 2022

Show notes

This week we’re pleased to bring you a special “State of Retirement Income” episode, which we recorded live at the annual Morningstar Investment Conference held recently in Chicago, Illinois. For this discussion, we turn the tables on Christine, who is part of an expert retirement planning panel that also includes David Blanchett, managing director and head of retirement research at PGIM DC Solutions, and Karsten Jeske, the founder of Early Retirement Now. Both were guests on past episodes of The Long View.

In this panel discussion, recorded before a live audience, we delve into a number of retirement-planning topics, including the impact of inflation on spending patterns; the implications of the recent selloff on asset allocation; sequence-of-returns risk; optimal Social Security-claiming practices; the role and importance of guaranteed income sources; and a lot more. Without further ado, please enjoy this special episode of The Long View.

Background

“Karsten Jeske: Cracking the Code on Retirement Spending Rates,” The Long View podcast, Morningstar.com, Oct. 14, 2020.

Karsten Jeske’s blog, Early Retirement Now

Karsten Jeske’s bio

David Blanchett’s bio

“David Blanchett: If You’re Retiring Now, You’re in a Pretty Rough Spot,” The Long View podcast, Morningstar.com, Sept. 18, 2019.

“Christine Benz and John Rekenthaler: How Much Can You Safely Spend in Retirement?” The Long View podcast, Morningstar.com, Dec. 21, 2021.

Inflation

“How Much Should You Worry About Inflation in Retirement?” by Christine Benz, Morningstar.com, March 26, 2021.

“Exploring the Retirement Consumption Puzzle,” by David Blanchett, financialplanningassociation.org, May 2014.

Safe Withdrawal Rates

The Trinity Study

“The Safe Withdrawal Rate Series—A Guide for First-Time Readers,” by Karsten Jeske, EarlyRetirementNow.com, Nov. 15, 2021.

“The State of Retirement Income: Safe Withdrawal Rates,” by Christine Benz, Jeffrey Ptak, and John Rekenthaler, Morningstar.com, November 2021.

“What’s a Safe Retirement Spending Rate for the Decades Ahead?” by Christine Benz and John Rekenthaler, Morningstar.com, Nov. 11, 2021.

“Drawdown From Financial Accounts in Retirement,” Vanguard Research by Thomas J. De Luca and Anna Madamba, vanguard.com, July 2021.

Retirement Portfolio Construction

“Cliff Asness: Value Stocks Still Look Like a Bargain,” The Long View podcast, Morningstar.com, May 31, 2022.

“Bonds May Be Down, But Some Annuity Payouts Are Up,” by David Blanchett, thinkadvisor.com, May 13, 2022.

“Inflation at 7%! Here’s Why I’m Not Running for the Hills (Yet)!” by Karsten Jeske, earlyretirementnow.com, Jan. 13, 2022.

“The Bucket Approach to Retirement Allocation,” by Christine Benz, Morningstar.com, Jan. 25, 2021.

Christine Benz’s model bucket portfolios

Harold Evensky

What Is a Monte Carlo Simulation?

Guaranteed Income and Social Security

“Guaranteed Income: A License to Spend,” by David Blanchett and Michael Finke, papers.ssrn.com, June 28, 2021.

Open Social Security

Other

“Laura Carstensen: ‘I’m Suggesting We Change the Way We Work,’” The Long View podcast, Morningstar.com, Sept. 14, 2021.

“Eight Centuries of Global Real Interest Rates, R-G, and the ‘Suprasecular’ Decline, 1311-2018,” by Paul Schmelzing, bankofengland.co.uk, January 2020.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Tom Idzorek: Exploring the Role of Human and Financial Capital in Retirement Planning Jun 07, 2022

Show notes

Tom Idzorek Show Notes

Our guest this week is Tom Idzorek. Tom is chief investment officer, retirement, for Morningstar Investment Management, which is Morningstar's affiliated asset-management arm. Previously, Tom was president of Morningstar Investment Management and before that was a leading researcher at Ibbotson Associates. Tom has collaborated on a number of influential academic studies on topics including asset allocation, the liquidity of stocks, and the role of popularity and security prices. Tom serves on the editorial board of the CFA Institute's Financial Analysts Journal. He received his bachelor's degree from Arizona State University and his MBA from Thunderbird School of Global Management. He is also a CFA charterholder.

Background

Bio

Asset Allocation and Managed Accounts

Active Portfolio Management: A Quantitative Approach for Producing Superior Returns and Controlling Risk, by Richard Grinold and Ronald Kahn

“Stop Guessing: Using Participant Data to Select the Optimal QDIA,” by Thomas Idzorek, David Blanchett, and Daniel Bruns, Morningstar.com, Jan. 30, 2018.

ByAllAccounts

Modern Portfolio Theory

Academic Research

“Liquidity Style of Mutual Funds,” by Thomas Idzorek, James Xiong, and Roger Ibbotson, papers.ssrn.com, Feb. 10, 2012.

“The Popularity Asset Pricing Model,” by Thomas Idzorek, Paul Kaplan, and Roger Ibbotson, papers.ssrn.com, Oct. 25, 2021.

“Forming ESG-Oriented Portfolios: A Popularity Approach,” by Thomas Idzorek and Paul Kaplan, papers.ssrn.com, May 20, 2022.

“Popularity: A Bridge Between Classical and Behavioral Finance,” by Roger Ibbotson, Thomas Idzorek, Paul Kaplan, and James Xiong, papers.ssrn.com, Dec. 10, 2018.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Cliff Asness: Value Stocks Still Look Like a Bargain May 31, 2022

Show notes

Our guest this week is Cliff Asness. Cliff is a founder, managing principal, and chief investment officer at AQR Capital Management. Cliff writes often about investing and financial matters on AQR’s website and has been a prolific researcher throughout his career, with his contributions appearing in many of the leading scholarly journals, including the Journal of Portfolio Management, Financial Analyst Journal, the Journal of Finance, and the Journal of Financial Economics. This work has earned him accolades, including the James R. Vertin Award, which the CFA Institute bestows on those who produced a body of research notable for its relevance in enduring value to investment professionals. Before cofounding AQR, Cliff was a managing director and director of quantitative research for the asset-management division of Goldman Sachs. He earned dual bachelor’s degrees, one in economics from the Wharton School and another in engineering from the Moore School of Electrical Engineering at the University of Pennsylvania, as well as an MBA and Ph.D. in finance from the University of Chicago. We recorded this episode live and in person at the annual Morningstar Investment Conference, which was recently held in Chicago.

Background

Bio

@CliffordAsness

Return Environment

Antti Ilmanen

Investing Amid Low Expected Returns: Making the Most When Markets Offer the Least, by Antti Ilmanen

“Demystifying Illiquid Assets: Expected Returns for Private Equity,” by Antti Ilmanen, Swati Chandra, and Nicholas McQuinn, aqr.com, Jan. 31, 2019.

“The Illiquidity Discount?” by Cliff Asness, aqr.com, Dec. 19, 2019.

“Why Not 100% Equities,” by Clifford Asness, aqr.com, Dec. 1, 1996.

“Leverage Aversion and Risk Parity,” by Clifford S. Asness, Andrea Frazzini, Lasse H. Pedersen, aqr.com, January/February 2012.

“An Update to Cliff Asness’s Study on the Benefits of a Levered 60/40,” by Jeremy Schwartz, wisdomtree.com, May 20, 2021.

“Are Value Stocks Cheap for a Fundamental Reason?” by Cliff Asness, aqr.com, Aug. 30, 2021.

“The Long Run Is Lying to You,” by Cliff Asness, aqr.com, March 4, 2021.

“Quant Legend Cliff Asness Is Back to Defending Value Again,” by Justina Lee, Bloomberg.com, July 15, 2021.

“Still Crazy After All This YTD,” by Cliff Asness, aqr.com, May 9, 2022.

“Everything and More,” by Cliff Asness, aqr.com, April 4, 2022.

“Bonds Are Frickin’ Expensive,” by Cliff Asness, aqr.com, Aug. 13, 2019.

“Should Taxable Investors Shun Dividends?” by Ronen Israel, Joseph Liberman, Nathan Sosner, Lixin Wang, The Journal of Wealth Management, Winter 2019.

ESG

“Cliff Asness Says ESG Is Here to Stay Amid Growing Interest,” by Isabelle Lee and Silla Brush, Bloomberg.com, May 17, 2022.

“Shorting Counts,” by Cliff Asness, aqr.com, Feb. 23, 2022.

“Shorting Your Way to a Greener Tomorrow,” by Cliff Asness, aqr.com, Sept. 7, 2021.

“Virtue Is Its Own Reward: Or, One Man’s Ceiling Is Another Man’s Floor,” by Cliff Asness, aqr.com, May 8, 2017.

Taxes

“Now There’s Nothing Certain But Death,” by Cliff Asness, aqr.com, Jan. 15, 2021.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Eric Balchunas: Assessing Jack Bogle's Monumental Legacy May 24, 2022

Show notes

Our guest this week is Eric Balchunas, who is a senior exchange-traded fund analyst for Bloomberg Intelligence, where he writes for and leads the fund research team. Balchunas is a fixture in financial media. He hosts the TV show Bloomberg ETF IQ and the podcast Trillions and is also a mainstay of social media under his popular Twitter account @EricBalchunas. Balchunas is also an accomplished author, his latest book being The Bogle Effect: How John Bogle and Vanguard Turned Wall Street Inside Out and Saved Investors Trillions, which we devote this episode to discussing. He earned his bachelor's degree in journalism and environmental economics from Rutgers University.

Background

Bio

Twitter: @EricBalchunas

The Bogle Effect: How John Bogle and Vanguard Turned Wall Street Inside Out and Saved Investors Trillions

Vanguard: The Early Years

"Inside 'The Bogle Effect'," Trillions podcast, Bloomberg.com, April 27, 2022.

"Investor Jack Bogle Founded His Legendary Company Based on His Princeton Senior Thesis," by Veronika Kero, cnbc.com, Jan. 17, 2019.

"How the Index Fund Was Born," by John C. Bogle, The Wall Street Journal, Sept. 3, 2011.

"Challenge to Judgment," by Paul A. Samuelson, The Journal of Portfolio Management, Fall 1974.

"Q&A With Jack Bogle: "We're in the Middle of a Revolution'," by Michael Regan, Bloomberg.com, Nov. 23, 2016.

"Investing Legend Jack Bogle Says There's a Big Problem With Index Funds," by Sergei Klebnikov, money.com, Nov. 30, 2018.

Bogle's Books

Stay the Course: The Story of Vanguard and the Index Revolution, by John C. Bogle

The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns, by John C. Bogle

Enough: True Measures of Money, Business, and Life, by John C. Bogle

Character Counts: The Creation and Building of The Vanguard Group, by John C. Bogle

Other

"Sheryl Garrett: 'The Industry Thought I Was Nuts'," The Long View podcast, Morningstar.com, July 17, 2019.

"Michael Kitces: The Model Has to Change Again," The Long View podcast, Morningstar.com, June 5, 2019.

"Rick Ferri: 'There Are No Average Investors'," The Long View podcast, Morningstar.com, July 3, 2019.

"Gus Sauter: Efficient Markets Are a Good Thing," The Long View podcast, Morningstar.com, Dec. 4, 2019.

"Jack Brennan: Price Pressure in the Advice Business 'Is Inevitable'," The Long View podcast, Morningstar.com, June 23, 2021.

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

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Ric Edelman: On Crypto, Retirement Planning, the Advice Business, and More May 17, 2022

Show notes

Our guest today is Ric Edelman, the founder of the Digital Assets Council of Financial Professionals, or DACFP, an organization he formed in 2018. DACFP aims to advance financial professionals' knowledge of blockchain and digital assets. Prior to forming DACFP, Edelman and his wife Jean founded Edelman Financial Services, which grew to become one of the largest Registered Investment Advisors in the United States before it acquired Financial Engines to form Edelman Financial Engines in 2018. Edelman is a fixture in financial media where he is known for his radio show and frequent print and television appearances and has authored numerous books, including his latest, The Truth About Crypto: A Practical, Easy-to-Understand Guide to Bitcoin, Blockchain, NFTs, and Other Digital Assets. Edelman began his career as a journalist after graduating from Rowan University with a degree in communications.

Background

Bio

Digital Assets Council of Financial Professionals (DACFP)

DACFP Course on Blockchain and Digital Assets℠

Edelman Financial Engines

The Truth About Crypto: A Practical, Easy-to-Understand Guide to Bitcoin, Blockchain, NFTs, and Other Digital Assets, by Ric Edelman

The Truth About Your Future With Ric Edelman

Other books by Ric Edelman

Cryptocurrency

"Crypto Attitudes Around the World," by Ric Edelman, dacfp.com, April 25, 2022.

"Ric Edelman Expects the SEC Will Approve a Bitcoin ETF," by Bernice Napach, benefitspro.com, July 2, 2021.

"A Bitcoin ETF Could Be a Game-Changer for Advisors. Not Everyone's Buying It," by Avi Salzman, Barron's, Oct. 19, 2021.

"Ric Edelman's '22 Predictions for 2022," by Brian Anderson, 401kspecialistmag.com, Dec. 29, 2021.

"Here's the Best Time to Buy Bitcoin, According to Yale Data,” by Ali Montag, cnbc.com, Aug. 8, 2018.

"Cryptoassets: The Guide to Bitcoin, Blockchain, and Cryptocurrency for Investment Professionals," by Matt Hougan and David Lawant, CFA Institute, 2021.

The Future of Advice

"What's Coming Next in This Technological and Investment Revolution," YouTube, April 13, 2022.

Milken Institute

Stanford Center on Longevity

"Laura Carstensen: 'I'm Suggesting We Change the Way We Work,'" The Long View podcast, Morningstar.com, Sept. 14, 2021.

Retirement

"Ric Edelman on the Future of Retirement," YouTube, Nov. 1, 2021.

"U.S. Is Facing 'a Real Retirement Crisis,' Top Investor Says—His Plan for Doubling Savings and Reducing Income Inequality," by Lizzy Gurdus, cnbc.com, June 22, 2021.

"More Americans Could Outlive Their Savings. How Advisors Can Protect Them," by Amey Stone, Barron's, July 21, 2021.

Other

"This Chart Perfectly Sums Up Why It’s Important to Have a Diverse Investment Portfolio," by Kathleen Elkins, cnbc.com, Jan. 12, 2021.

Richard Thaler

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Brian Feroldi: Why Does the Stock Market Go Up? May 10, 2022

Show notes

Our guest on the podcast today is Brian Feroldi. Brian is the author of a new book called Why Does the Stock Market Go Up? He is also a writer and contributor to the Motley Fool, where he focuses on the technology and healthcare industries. In addition, Brian has a big presence on YouTube. The videos on his YouTube channel have hundreds of thousands of views. He received his bachelor's degree from the University of Connecticut and his MBA from the University of Rhode Island.

Background

Bio

Brian Feroldi—Spread Financial Wellness YouTube channel

Why Does the Stock Market Go Up? Everything You Should Have Been Taught About Investing in School, But Weren’t

Individual Stock Investing

“10 Investing Lessons for Stock Market Beginners,” by Brian Feroldi, youtube.com, July 15, 2021.

“The Hardest Part About Picking Stocks for New Investors,” video with Brian Feroldi and Brian Withers, fool.com, Feb. 10, 2021.

“Opinion: ‘Time in the Stock Market Is More Important Than Timing the Market’ and More Critical Money and Investing Lessons I Wish My Younger Self Had Understood,” by Brian Feroldi, marketwatch.com, May 5, 2022.

Peter Lynch

“Brian Feroldi’s Stock Investing Checklist: A Step by Step Guide,” by Brian Feroldi, youtube.com, June 18, 2021.

Antifragile: Things That Gain From Disorder, by Nassim Taleb

“Good Reasons to Ignore Valuation,” by Brian Feroldi, MicroCap Leadership Summit 2021, microcapclub.com, Oct. 6, 2021.

“Interview With Tom Engle: Investing Legend,” with Chris Reining, chrisreining.com.

“GameStop: Squeezed to the Max|Brian Feroldi|EP 293,” choosefi.com, Feb. 4, 2021.

“The 5 Biggest Investing Mistakes I’ve Ever Made,” by Brian Feroldi, yahoo.com, Sept. 23, 2018.

Other

ChooseFI

Afford Anything

All the Hacks

Invest Like the Best with Patrick O’Shaughnessy

Rule Breaker Investing

Bankless

The Tim Ferriss Show

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Jim Grant: 'Rising Interest Rates Are the Kryptonite of Financial Assets' May 03, 2022

Show notes

Our guest this week is Jim Grant. Jim is the founder and editor of Grant's Interest Rate Observer, a twice-monthly newsletter on financial markets with a focus on bonds. He is the author of numerous books and has made frequent appearances in the financial press where his views on markets and the macroeconomy are much sought after. Before founding Grant's Interest Rate Observer, Jim did stints as a journalist, first as a reporter at The Baltimore Sun, and later at Barron's. He received his bachelor's degree from Indiana University and his master's in international relations from Columbia University.

Background

Bio

Grant’s Interest Rate Observer

The Forgotten Depression: 1921: The Crash That Cured Itself

Mr. Market Miscalculates: The Bubble Years and Beyond

Money of the Mind

Bagehot: The Life and Times of the Greatest Victorian

Inflation and Interest Rates

“Jim Grant: The Fed Cannot Control Inflation,” by Robert Huebscher, advisorperspectives.com, May 4, 2021.

“Jim Grant: The Trouble With Treasuries,” by James Grant, barrons.com, Oct. 11, 2019.

“The High Cost of Low Interest Rates,” by James Grant, wsj.com, April 1, 2020.

“Happy Birthday, Federal Reserve! Have Some Punch (Before the Bowl Gets Taken Away),” by Paul Vigna, wsj.com, Dec. 23, 2013.

“The Inflation Headshake,” by Eric Cinnamond, palmvalleycapital.com, March 9, 2022.

Horizon Kinetics Inflation Beneficiaries ETF

Murray Stahl bio

“Jim Grant: The Endgame for the Bull Market in Bonds,” by James Grant, barrons.com, Sept. 13, 2019.

“Jim Grant: Low Interest Rates Forever? Don’t Get Used to That Idea,” by James Grant, barrons.com, June 7, 2019.

“James Grant: Bitcoin and Other Bubbles,” Wealthtrack podcast, youtube.com, Feb. 26, 2021.

Policymaking

“Jim Grant: The Big Flaw in Ph.D-conomics,” by James Grant, barrons.com, July 19, 2019.

What Is the Taylor Rule?

A History of Interest Rates, by Sidney Homer

Recession and Macroeconomic Forecast

“The Difficult Art of Conjuring Up Yield From Mortgage-Backed Securities,” by James Grant, barrons.com, March 15, 2019.

“The Fed Is Well Behind the Curve: Jim Grant,” cnbc.com interview, youtube.com, Feb. 25, 2022.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

William Reichenstein: Avoiding Tax Headaches in Retirement Apr 26, 2022

Show notes

Our guest on the podcast today is William Reichenstein. Dr. Reichenstein is an author and emeritus professor of finance at Baylor University. He is also head of research for Social Security Solutions and Retiree, Inc., where he and William Meyer have developed software to facilitate tax-efficient Social Security and asset-drawdown strategies for retirees. His recent books include Income Strategies and Social Security Strategies with William Meyer. A fourth edition of that book will be forthcoming soon. He has also published more than 200 articles in various financial journals. He earned his B.A. in economics from St. Edward's University and his Ph.D. from the University of Notre Dame. He is also a CFA charterholder.

Background

Bio

Social Security Solutions

Income Solver

Income Strategies: How to Create a Tax-Efficient Withdrawal Strategy to Generate Retirement Income, by William Reichenstein

Social Security Strategies: How to Optimize Retirement Benefits, by William Reichenstein and William Meyer

Tax-Efficient Withdrawal Strategies

“Pay Attention to Marginal Tax Rates and Not Tax Brackets,” by William Reichenstein, advisorperspectives.com, Sept. 28, 2021.

“Tax Considerations for Relatively Wealthy Households,” by William Reichenstein, Journal of Financial Planning, December 2021.

“How Social Security Coordination Can Add Value to a Tax-Efficient Withdrawal Strategy,” by William Reichenstein and William Meyer, jor.pm-research.com, Fall 2021.

“Saving in Roth Accounts and Making Roth Conversions Before Retirement in Today’s Low Tax Rates,” by William Reichenstein, financialplanningassociation.org, July 2020.

“Investment Implications of the Rising and Falling Pattern of Marginal Tax Rates for Retirees,” by William Reichenstein and William Meyer, jor.pm-research.com, Summer 2020.

“A Comparison of the Tax Efficiency of Decumulation Strategies,” by Greg Geisler, Bill Harden, and David Hulse, financialplanningassociation.org, March 2021.

“Advice for Married Couples When One Spouse Will Die Years(s) Before the Other Spouse,” by William Reichenstein and William Meyer, financialplanningassociation.org, January 2021.

“Using Roth Conversions to Add Value to Higher-Income Retirees’ Financial Portfolios,” by William Reichenstein and William Meyer, financialplanningassociation.org, February 2020.

“The Asset-Location Decision and Related Topics,” by William Reichenstein, advisorperspectives.com, June 1, 2020.

“Basic Truths About Asset Allocation: A Consensus View Among the Experts,” by William Reichenstein, aaii.com, July 2019.

Social Security, Medicare, and Taxes

“How to Prepare for a No-to-Low 2021 Social Security COLA,” by William Reichenstein, thestreet.com, July 27, 2020.

“The Relationship Between Wealth and Delaying Social Security Benefits,” by William Reichenstein, aaii.com, June 2020.

“Social Security Claiming Strategies for Singles and Their Implications for Couples,” by William Reichenstein and William Meyer, financialplanningassociation.org, May 2021.

“A Top Social Security Expert Blasts Biden’s Reform Plan,” by Jane Wollman Rusoff, thinkadvisor.com, June 2, 2020.

“Understanding the Tax Torpedo and Its Implications for Various Retirees,” by William Reichenstein and William Meyer, financialplanningorganization.org, July 2018.

“How Retirees Can Avoid the ‘Tax Torpedo’,” by Mark Miller, Morningstar.com, Feb. 9, 2022.

“Minimizing the Damage of the Tax Torpedo,” by William Reichenstein, financialplanningorganization.org, September 2021.

“Medicare and Tax Planning for Higher-Income Households,” by William Reichenstein and William Meyer, jwm.pm-research.com, Winter 2019.

“How Retirees Can Avoid Higher Medicare Premiums,” by William Reichenstein, wsj.com, June 14, 2018.

Retirement Income/Other

“There Is No Perfect Way to Protect Your Investments Against Inflation,” by Anne Tergesen, goodwordnews.com, Feb. 14, 2022.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Mary Childs: The Rise and Fall of the Bond King Apr 19, 2022

Show notes

Our guest this week is Mary Childs. Mary is a cohost and correspondent for National Public Radio's Planet Money. Previously, she was a reporter at Barron's magazine and before that, a reporter at the Financial Times and Bloomberg News. She received her bachelor's degree in business journalism from Washington & Lee University. Mary is the author of a new biography about the iconic Pimco bond fund manager, Bill Gross. It's called the The Bond King: How One Man Made a Market, Built an Empire, and Lost It All. We spent this episode delving into the book with Mary's help.

Background

Bio

Planet Money podcast

The Bond King: How One Man Made a Market, Built an Empire, and Lost It All, by Mary Childs

Pimco Total Return Analyst Report

Early Life and Career

Beat the Dealer, by Ed Thorpe

“The Strange Billionaire Who Revolutionized the Bond Market,” by Greg Rosalsky, npr.org, March 15, 2022.

“Bill Gross Made the Bond Market What It Is Today,” by Mary Childs, barrons.com, Feb. 8, 2019.

Psychology and Motivations

Jeffrey Gundlach

“Gross Friendly to Fannie and Freddie,” by Bloomberg News, investmentnews.com, Oct. 31, 2011.

“Pimco Shook Hands With the Fed—and Made a Killing,” by Reuters, cnbc.com, Sept. 27, 2013.

“Special Report—The Twilight of the Bond King,” by Jennifer Ablan and Matthew Goldstein, reuters.com, Feb. 9, 2012.

“Announcing the Morningstar Fund Managers of the Decade,” by Karen Dolan, Morningstar.com, Jan. 12, 2010.

“Fall of the Bond King: How Gross Lost Empire as Pimco Cracked,” by Mary Childs, Bloomberg.com, Dec. 2, 2014.

“Inside the Showdown Atop Pimco, the World’s Biggest Bond Firm,” by Gregory Zuckerman and Kirsten Grind, wsj.com, Feb. 24, 2014.

“Pimco Dissidents Challenge Bill Gross in ‘Happy Kingdom,’” by Mary Childs, Bloomberg.com, July 8, 2014.

“Gross: Economy Can’t Survive Much Higher Rates,” keynote presentation at the Morningstar Investment Conference, Morningstar.com, June 25, 2014.

Gross’ Departure From Pimco

Mohamed El-Erian

“Exclusive: Pimco’s Gross Declares El-Erian Is ‘Trying to Undermine Me,’” by Jennifer Ablan, reuters.com, March 6, 2014.

“5 Years Later: Pimco Total Return,” by John Rekenthaler, Morningstar.com, June 26, 2018.

“Pimco in the Post-Gross Era,” by Eric Jacobson, Morningstar.com, Dec. 26, 2017.

“Gross Loses Pimco Power Struggle With ‘Stunning’ Exit,” by Mary Childs and Alexis Leondis, Bloomberg.com, Sept. 26, 2014.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Nick Maggiulli: 'The Biggest Lie in Personal Finance' Apr 12, 2022

Show notes

Our guest on the podcast today is Nick Maggiulli. He is the author of a new book called "Just Keep Buying: Proven Ways to Save Money and Build Your Wealth." He is also the author of OfDollarsAndData.com, a blog focused on the intersection of data and personal finance. In addition, he is COO and data scientist for Ritholtz Wealth Management. He graduated from Stanford University with a degree in economics.

Background

Bio

Of Dollars And Data

Just Keep Buying: Proven Ways to Save Money and Build Your Wealth

Personal Finance

What Is a Data Scientist?

“Go Big, Then Stop,” by Nick Maggiulli, ofdollarsanddata.com, July 27, 2021.

“The Biggest Lie in Personal Finance,” by Nick Maggiulli, ofdollarsanddata.com, Feb. 4, 2020.

“The 9 Best Income Producing Assets to Grow Your Wealth,” by Nick Maggiulli, ofdollarsanddata.com, Sept. 15, 2020.

“Just 5 Years Can Change Your Life,” by Nick Maggiulli, ofdollarsanddata.com, Dec. 28, 2021.

“We Begin our Lives as Growth Stocks, but end our Lives as Value Stocks,” by Nick Maggiulli, ofdollarsanddata.com, Nov. 24, 2020.

“How to Spend Money,” by Nick Maggiulli, ofdollarsanddata.com, Dec. 3, 2019.

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

Investing and Markets

“Dollar-Cost Averaging vs. Lump Sum: The Definitive Guide,” by Nick Maggiulli, ofdollarsanddata.com, Feb. 25, 2020.

“How Often Does Dollar-Cost Averaging Fail?” by Nick Maggiulli, ofdollarsanddata.com, June 29, 2021.

“We Are All Investors Now,” by Nick Maggiulli, ofdollarsanddata.com, July 20, 2021.

“The Yield Curve Just Inverted…Now What?” by Nick Maggiulli, ofdollarsanddata.com, April 5, 2022.

“How to Save for a Big Purchase,” by Nick Maggiulli, ofdollarsanddata.com, Nov. 17, 2020.

“In Defense of Global Stocks,” by Nick Maggiulli, ofdollarsanddata.com, July 6, 2021.

“Why Investing Like Your Neighbors Isn’t as Dumb as It Seems,” by Nick Maggiulli, ofdollarsanddata.com, Feb. 1, 2022.

“Why You Shouldn’t Pick Individual Stocks,” by Nick Maggiulli, ofdollarsanddata.com, April 6, 2021.

“Why Market-timing Can Be So Appealing,” by Nick Maggiulli, ofdollarsanddata.com, Jan. 28, 2020.

“When Does Market-timing Work?” by Nick Maggiulli, ofdollarsanddata.com, May 7, 2019.

“Ask Yourself Why,” by Nick Maggiulli, ofdollarsanddata.com, March 28, 2018.

Other

Kyla Scanlon

Jack Raines

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our TOPPODCAST Picks

Follow Us

Stay Connected

Background

Vanguard: The Early Years

Bogle's Books

Other

Background

Cryptocurrency

The Future of Advice

Retirement

Other

Background

Tax-Efficient Withdrawal Strategies

Social Security, Medicare, and Taxes

Retirement Income/Other

Related Podcasts

Links

Stay Connected