The Long View

Latest Episodes:

Michael Mauboussin: Finding Easy Games Jan 25, 2022

Show notes

Our guest this week is Michael Mauboussin. Michael is the head of consilient research at Counterpoint Global. Before joining Counterpoint Global in January 2020, Michael was director of research at BlueMountain Capital Management and prior to that held research leadership roles at Credit Suisse and Legg Mason Capital Management. Michael is the author of three books including The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing and is also coauthor with Alfred Rappaport of Expectations Investing: Reading Stock Prices for Better Returns. He has been an adjunct professor of finance at Columbia Business School since 1993 and is on the faculty of the Heilbrunn Center for Graham & Dodd Investing. Michael is also chairman emeritus of the board of trustees of the Santa Fe Institute. He received his bachelor's degree from Georgetown University.

Background

Bio

The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing, by Michael Mauboussin

Expectations Investing: Reading Stock Prices for Better Returns, by Michael Mauboussin and Alfred Rappaport

More Than You Know: Finding Financial Wisdom in Unconventional Places, by Michael Mauboussin

Consilience

Consilience: The Unity of Knowledge, by Edward O. Wilson

“Charlie Munger’s System of Mental Models: How to Think Your Way to Success,” by Andrew McVagh, mymentalmodels.info.com, Aug. 7, 2018.

“Increasing Returns and the New World of Business,” by W. Brian Arthur, harvardbusinessreview.com, July-August 1996.

Santa Fe Institute

“Why Foxes Make Better Decisions Than Hedgehogs,” by Kevin Sookocheff, sookocheff.com, July 15, 2021.

Jonathan Baron, Professor, University of Pennsylvania

Active Fund Success

“Turn and Face the Strange: Overcoming Barriers to Change in Sports and Investing,” by Michael Mauboussin and Dan Callahan, morganstanley.com, Sept. 8, 2021.

“Dispersion and Alpha Conversion: How Dispersion Creates the Opportunity to Express Skill,” by Michael Mauboussin and Dan Callahan, morganstanley.com, April 14, 2020.

Fundamental Law of Active Management

“The ‘Paradox of Skill’ Adds to Active Management Woes,” by Christine Idzelis, institutionalinvestor.com, Sept. 17, 2020.

Triumph and Tragedy in Mudville: A Lifelong Passion for Baseball, by Stephen Jay Gould

“Looking for Easy Games in Bonds,” by Michael Mauboussin, bluemountaincapital.com, April 16, 2019.

“Do Individual Day Traders Make Money? Evidence From Taiwan,” by Brad Barber, Yi-Tsung Lee, Yu-Jane Liu, and Terrance Odean, Berkeley.edu, May 2004.

Expectations Investing

Creating Shareholder Value: A Guide for Managers and Investors, by Alfred Rappaport

“Market-Expected Return on Investment: Bridging Accounting and Valuation,” by Michael Mauboussin and Dan Callahan, morganstanely.com, April 14, 2021.

Security Analysis course taught by Michael Mauboussin at Columbia Business School

“The Math of Value and Growth: Growth, Return on Capital, and the Discount Rate,” by Michael Mauboussin and Dan Callahan, morganstanely.com, June 9, 2020.

“Public to Private Equity in the United States: A Long-Term Look,” by Michael Mauboussin and Dan Callahan, morganstanley.com, Aug. 4, 2020.

“How the Parting of Two Market Forces Helped Spur the Equity Rally,” by Michael Mauboussin, ft.com, Feb. 8, 2021.

Business Quality and Capital Allocation

“Thoughts on Cost of Capital and Buffet’s $1 Test--Part 1,” by John Huber, sabercapitalmgt.com, Oct. 30, 2017.

“Return on Invested Capital (ROIC)--Michael Mauboussin on Investment Concepts,” anthenarium.com.

“Michael Mauboussin on Capital Allocation and Value Creation,” anthenarium.com, Nov. 29, 2019.

“Chancellor: Tech Growth Comes at Irrational Price,” by Edward Chancellor, reuters.com, Sept. 9, 2021.

“Categorizing for Clarity: Cash Flow Statement Adjustments to Improve Insight,” by Michael Mauboussin and Dan Callahan, morganstanley.com, Oct. 6, 2021.

Other and Recommended Reading

Aswath Damodaran, Professor of Finance, Stern School of Business

The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness, by Morgan Housel

The Warren Buffett Way, by Robert Hagstrom

Warren Buffett: Inside the Ultimate Money Mind, by Robert Hagstrom

Richer, Wiser, Happier: How the World’s Greatest Inventors Win in Markets and Life, by William Green

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Paula Pant: A Different Path to Financial Independence Jan 18, 2022

Show notes

Our guest on the podcast today is Paula Pant, host of the popular Afford Anything podcast. She is also the founder of affordanything.com, a personal finance website. Paula is a frequent public speaker and is a leading voice in the “Financial Independence, Retire Early” movement, better known as FIRE. She is a graduate of the Honors Program at the University of Colorado at Boulder.

Background

Bio

Afford Anything

Afford Anything podcast

FIRE

“Why the FIRE Movement Is Misunderstood,” by Paula Pant, affordanything.com, Oct. 17, 2018.

The Millionaire Next Door: The Surprising Secrets of America’s Wealthy, by Thomas Stanley and William Danko

“Tanja Hester: The Pandemic Will Stoke Interest in Early Retirement,” The Long View podcast, Morningstar.com, June 3, 2020.

“The Great Resignation: Why More Americans Are Quitting Their Jobs Than Ever Before,” by Bill Whitaker, cbsnews.com, Jan. 9, 2022.

“Ask Paula: FIRE Vs. FOMO—How Do You Balance Between These?” Afford Anything podcast, affordanything.com, Jan. 11, 2022.

“The FIRE Take on Wall St. Bets, GameStop, and Meme Stonks,” by Paula Pant, affordanything.com, Jan. 29, 2021.

Mindful Spending

“Your Money Should Make Buckets of Excess Money,” by Paula Pant, affordanything.com, Feb. 25, 2011.

“Ramit Sethi: How Can Couples Make Peace Over Money?” The Long View podcast, Morningstar.com, Nov. 30, 2021.

Advice and Investing

“Income Producing Properties With Paula Pant of Afford Anything,” Martinis and Your Money podcast, martinisandyourmoney.com, Sept. 10, 2021.

“Ask Paula: How to Make Smarter Real Estate Decisions,” Afford Anything podcast, affordanything.com, Oct. 4, 2021.

“Why Index Funds Are a Good Investment--With Paula Pant,” Marriage, Kids, and Money podcast, marriagekidsandmoney.com, Oct. 5, 2020.

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Cullen Roche: Macro Is About Understanding the World for What It Is Jan 11, 2022

Show notes

Our guest today is Cullen Roche. Cullen is the founder and chief investment officer of the Discipline Funds. In addition, Cullen heads up Orcam Group, a registered investment advisory firm he established in 2012. Cullen also authors the popular blog "Pragmatic Capitalism," where he writes about a range of macroeconomic and investing topics. He is active on social media, including Twitter, where you can find him at @cullenroche. Cullen started his career as an advisor at Merrill Lynch and did a stint 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..

Background

Bio

Pragmatic Capitalism Blog

Pragmatic Capitalism: What Every Investor Needs to Know About Money and Finance, by Cullen Roche

Macroeconomics and Financial Planning/Advice

“Three Things I Think I Think—Macro Thoughts,” by Cullen Roche, pragcap.com, Aug. 3, 2021.

The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness, by Morgan Housel

“The Most Important Investment Factor—Behavior,” by Cullen Roche, pragcap.com, April 6, 2018.

“What Is the Value of Financial Advice?” by Cullen Roche, pragcap.com, Sept. 18, 2019.

“Understanding Quantitative Easing,” by Cullen Roche, papers.ssrn.com, Feb. 10, 2014.

“2 Reasons the Surging Deficit Worries Me,” by Cullen Roche, pragcap.com, Sept. 26, 2018.

Economic Cycle and Fiscal Picture

@jasonzweigwsj

“Three Things I Think I Think: Cycles, Hunting Biden and Life,” by Cullen Roche, pragcap.com, Oct. 15, 2020.

“Three Things I Think I Think: Housing Bubble 2.0, Passive Investing and Hyperinflation,” by Cullen Roche, pragcap.com, April 8, 2021.

“Should House Prices Be in the CPI?” by Cullen Roche, pragcap.com, Aug. 24, 2021.

“Understanding Government Liabilities,” by Cullen Roche, pragcap.com, March 28, 2021.

Inflation and Interest Rates

“Let’s Talk About Inflation,” by Cullen Roche, pragcap.com, May 12, 2021.

“Is Hyperinflation Coming?” by Cullen Roche, pragcap.com, Oct. 25, 2021.

“Three Things I Think I Think—Myths That Never Die,” by Cullen Roche, pragcap.com, Oct. 5, 2021.

“Government Bond Markets Aren’t ‘Free’ Markets,” by Cullen Roche, pragcap.com, Oct. 8, 2020.

“What if It’s all Going to Zero?” by Cullen Roche, pragcap.com, Nov. 9, 2021.

“Why Stocks and Bonds Are the Core of any Portfolio,” by Cullen Roche, pragcap.com, March 16, 2021.

Discipline Fund ETF

“Introducing the Discipline Fund ETF,” by Cullen Roche, pragcap.com, Sept. 21, 2021.

“John Bogle: How to Create Perfect Asset Allocation,” video interview, youtube.com, June 24, 2018.

Discipline Fund ETF Overview

Wesley Gray

“What Is Discipline-Based Investing?” by Cullen Roche, pragcap.com, Jan. 1, 2019.

Target-Date Funds

“The Zoom Climb Glide Path & Why the Age in Bonds Rule Is Wrong,” by Cullen Roche, pragcap.com, Sept. 30, 2021.

“The Portfolio Size Effect and Using a Bond Tent to Navigate the Retirement Danger Zone,” by Michael Kitces, kitces.com, Oct. 5, 2016.

“Three Things I Think I Think—Dangerous & Terrible Stuff,” by Cullen Roche, pragcap.com, Sept. 29, 2021.

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Best of The Long View: Investing Jan 04, 2022

Show notes

On this week’s episode, we’ll feature some of our favorite clips from interviews we’ve done with investment managers, writers, and thinkers over the past year.

Here are the complete episodes that are referenced in this week’s episode.

“David Giroux: What Are the Market Inefficiencies We Can Exploit?” The Long View podcast, Feb. 2, 2021.

“Hamish Douglass: On the Hunt for Super-Compounding Stocks,” The Long View podcast, Feb. 23, 2021.

“John Rogers, Jr.: ‘Be Willing to Talk about These Uncomfortable Issues’,” The Long View podcast, Apr. 6, 2021.

“William Bernstein: ‘We’re Starting to See All of the Signs of a Bubble’,” The Long View podcast, Mar. 9, 2021.

“Jason Hsu: China Is ‘the Last Great Remaining Alpha Reservoir’,” The Long View podcast, Apr. 20, 2021.

“Jason Zweig: Temperament Is Everything for Most Investors,” The Long View podcast, June 29, 2021.

“David Herro: ‘We Are Not at All Afraid to Vary from an Index’,” The Long View podcast, July 13, 2021.

“Robin Wigglesworth: The Rise of Indexing and the ‘Renegades’ Who Ushered It In,” The Long View podcast, Nov. 16, 2021.

“Bob Seawright: There Is No Such Thing As a Passive Investor,” The Long View podcast, Nov. 2, 2021.

“Meb Faber: ‘To Be a Good Investor, You Have to Be a Good Loser',” The Long View podcast, Sept. 7, 2021.

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Best of the Long View: Financial Planning and Retirement Dec 28, 2021

Show notes

On this week’s episode, we’ll feature some of our favorite clips from interviews we’ve done with financial planners, advisors, and retirement researchers over the past year.

Here are the complete episodes that are referenced in this week’s episode.

"Daniel Crosby: ‘If You’re Excited About It, It’s Probably a Bad Idea,' " The Long View podcast, Aug. 31, 2021.

"Manisha Thakor: Beware of ‘Junk Personal Finance,' " The Long View podcast, July 20, 2021.

"Daniel Egan: Noisy Successes and Silent Failures,” The Long View podcast, Dec. 7, 2021.

"Lynnette Khalfani-Cox: ‘There’s a Huge Wealth Gap in America,’ ” The Long View podcast, Sept. 28, 2021.

"Sarah Newcomb: ‘I Love Rules of Thumb,’ ” The Long View podcast, Aug. 10, 2021.

"Hal Hershfield: People Treat Their Future Self As If It’s Another Person,” The Long View podcast, Sept. 21, 2021.

“Ramit Sethi: How Can Couples Make Peace Over Money?” The Long View podcast, Nov. 30, 2021.

“Fritz Gilbert: Early Retirement Made Simple,” The Long View podcast, Oct. 26, 2021.

“Mike Piper: Delaying Social Security Not Always a Great Deal,” The Long View podcast, April 27, 2021.

“Bill Bengen: Revisiting Safe Withdrawal Rates,” The Long View podcast, Dec. 14, 2021.

“Teresa Ghilarducci: To Fix Retirement, Expand Social Security,” The Long View podcast, May 18, 2021.

“Andrew Biggs: Create a Thrift Savings Plan for the Masses,” The Long View podcast, May 25, 2021.

“Meg Bartelt: ‘More Money Does Not Make You Happier,’ ” The Long View podcast, March 2, 2021.

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

“Carl Richards: It Should Be OK to Relax Out Loud,” The Long View podcast, July 27, 2021.

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Christine Benz and John Rekenthaler: How Much Can You Safely Spend in Retirement? Dec 21, 2021

Show notes

On this week's special episode, we'll be chatting about a recent study on retirement withdrawal rates that Christine and I authored with our colleague John Rekenthaler, who joins us for this conversation.

As listeners probably know, this is an especially challenging time for retirees trying to figure out how much they can safely withdraw in retirement given lofty stock valuations, paltry bond yields, and uncertain inflation. With that in mind, the study assessed potential retirement withdrawal rates, projecting what spending rate would be successful over an assumed 30-year retirement horizon after taking the market outlook into consideration. In this episode, I'll be asking Christine and John about the study and key takeaways, including the finding that withdrawal rates will likely have to be lower going forward than they've been in the past. For reference, you can find a link to the study in the show notes to this episode.

Morningstar Retirement Research

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

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

Other Retirement Research Referenced

“Determining Withdrawal Rates Using Historical Data,” by William P. Bengen, Journal of Financial Planning, October 1994.

“Decision Rules and Maximum Initial Withdrawal Rates,” by Jonathan Guyton and William Klinger, Journal of Financial Planning, March 1, 2006.

“Asset Valuations and Safe Portfolio Withdrawal Rates,” by David Blanchett, Michael S. Finke, and Wade D. Pfau, July 2013.

“Exploring the Retirement Consumption Puzzle,” by David Blanchett, Journal of Financial Planning, May 2014.

“Experts Forecast Stock and Bond Returns: 2021 Edition,” by Christine Benz, Morningstar.com, Jan. 20, 2021.

“Bill Bengen: Revisiting Safe Withdrawal Rates,” The Long View podcast, Morningstar.com, Dec. 14, 2021.

“Wade Pfau: The 4% Rule Is No Longer Safe,” The Long View podcast, Morningstar.com, April 29, 2020.

“Michael Finke: Here’s What Makes Retirees Happy,” The Long View podcast, Morningstar.com, Oct. 2, 2019.

“Jonathan Guyton: What the Crisis Means for Retirement Planning,” The Long View podcast, Morningstar.com, June 17, 2020.

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

10-Year Breakeven Inflation Rate, Federal Reserve Bank of St. Louis

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Bill Bengen: Revisiting Safe Withdrawal Rates Dec 14, 2021

Show notes

Our guest on the podcast today is William Bengen. Bill has been a prolific researcher of retirement planning matters over his career, and he pioneered the exploration of safe withdrawal rates with his groundbreaking 1994 research that gave birth to what's now called the 4% rule. Bill is the former owner of Bengen Financial Services, an independent Registered Investment Advisor that he launched in 1989, after his family sold the soda-bottling business that he had helped manage. He received his Bachelor of Science degree in aeronautics and astronautics from MIT. Bill retired from his financial planning practice in 2013 but continues to conduct research on retirement planning and withdrawal rates. We're excited to have him here today.

Background

Bio

In-Retirement Withdrawal Rates and Asset Allocation

“The Originator of ‘the 4% Rule’ Thinks It’s Off the Mark. He Says It Now Could Be Up to 4.5%,” by Neal Templin, barrons.com, Jan. 23, 2021.

“The Planner’s Toolkit for Managing Retirement Withdrawal Plans,” by William Bengen, financialplanningassociation.org, April 2021.

“Resolving the Paradox--Is the Safe Withdrawal Rate Sometimes Too Safe?” by Michael Kitces, kitces.com, May 2008.

“Bill Bengen Revisits the 4% Rule Using Schiller’s CAPE Ratio, Michael Kitces’s Research,” by Bill Bengen, fa-mag.com, Dec. 17, 2020.

“Can We Raise Our Safe Withdrawal Rate When Inflation Is Low?” earlyretirementnow.com, Oct. 26, 2020.

“Economic Outlook: Still Rising,” by Preston Caldwell, Morningstar.com, Oct. 3, 2021.

“Jonathon Guyton: What the Crisis Means for Retirement Planning,” The Long View Podcast, Morningstar.com, June 17, 2020.

“Determining Withdrawal Rates Using Historical Data,” by William Bengen, retailinvestor.org.

“The Rules of Retirement Spending Are Changing,” by Anne Tergesen, wsj.com, Nov. 26, 2021.

“Choosing the Highest Safe Withdrawal Rate at Retirement,” by William Bengen, fa-mag.com, Oct. 1, 2020.

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Dan Egan: Noisy Successes and Silent Failures Dec 07, 2021

Show notes

Our guest on the podcast today is Dan Egan. Egan is the director of behavioral finance and investing at Betterment, and he has researched behavioral finance topics extensively over his career. Prior to joining Betterment, he was a behavioral finance specialist for Barclays Wealth. He received his bachelor's degree in economics from Boston University and his Master of Science degree in decision science from the London School of Economics.

Background

Bio

Research

Frictions and 'Free'

"Closing the Behavior Gap," Betterment.com, Dec. 11, 2018.

"'Most People Don’t Want to Be Called Average,' Says Betterment's Dan Egan, Who Designs Financial Tools for Them Anyway," by Andrea Riquier, MarketWatch, June 16, 2020.

"How Checking Performance Might Hurt Your Performance," by Dan Egan, Betterment.com, May 20, 2019.

"The Myth of the Panicky Individual Investor," by Dan Egan, dpegan.com, March 14, 2020.

"Memestonks: What's Different About This Market," by Dan Egan, Betterment.com, Jan. 29, 2021.

"5 Red Flags to Look out for in Your Favorite Investing App," by Liz Knueven, Insider, Feb. 17, 2021.

"Low Cost Is Better Than Free," by Dan Egan, dpegan.com, March 23, 2021.

"Are Commission-Free Investing Apps Encouraging Reckless Behavior?" by Robert Farrington, Forbes, Dec. 3, 2019.

Betterment

"Using Investment Goals at Betterment," by Dan Egan, Betterment.com, July 27, 2021.

"How Much to Save: Our Advice Guides You Toward Your Goals," by Dan Egan, Betterment.com, Jan. 24, 2019.

“Betterment's 401(k) Investment Approach," by Dan Egan, Betterment.com, Feb. 2, 2021.

"Q&A: What's the Future of Investing?" Betterment.com, Feb. 17, 2021.

"When It Comes to ESG, Investors Want Specifics—and They Should," by Elizabeth Thompson, Spark Network, Feb. 4, 2021.

"'Robo' Advisers Betterment, Wealthfront Get in on Socially Responsible Investing," by Anne Tergesen, The Wall Street Journal, July 19, 2017.

Retirement

"Lifestyle Creep: The Biggest Threat to Financial Planning," by Dan Egan, Betterment.com, Feb. 28, 2019.

"Tiny Changes Can Help You Achieve Savings Goals for Retirement," by Anne Tergesen, The Wall Street Journal, Dec. 28, 2020.

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Ramit Sethi: How Can Couples Make Peace Over Money? Nov 30, 2021

Show notes

Our guest on the podcast this week is personal finance expert and author, Ramit Sethi. His first book I Will Teach You to Be Rich, published in 2009, was a best-seller. A second edition of the book came out in 2019. Ramit is the founder of IWillTeachYouToBeRich.com, and he is also the host of a new podcast called, I Will Teach You to Be Rich, which features in-depth conversations with couples about money.

Background

Bio

I Will Teach You to Be Rich, Second Edition: No Guilt. No Excuses. No BS. Just a Six-Week Program That Works, by Ramit Sethi

I Will Teach You to Be Rich Podcast

IWillTeachYoutoBeRich.com

In-Depth Conversations With Couples

“Ramit Sethi Launches Groundbreaking Podcast,” Yahoo.money.com, Aug. 4, 2021.

“Conscious Spending Plan: How to Budget by Looking Into the Future,” by Kara Copple, Iwillteachyoutoberich.com, Nov. 23, 2020.

“Is Renting a Waste of Money? Ramit Sethi Explains,” by Ramit Sethi, Iwillteachyoutoberich.com, Sept. 22, 2021.

“Episode 17: I Think He Should Pay for Everything Because He’s the Man,” I Will Teach You to Be Rich Podcast, Iwillteachyoutoberich.com, Nov. 9, 2021.

“Episode 18: He’s the Man & He Should Pay. We Can’t Go on Like This Anymore,” I Will Teach You to Be Rich Podcast, Iwillteachyoutoberich.com, Nov. 16, 2021.

“Episode 14: I Hide My Spending From My Husband,” I Will Teach You to Be Rich Podcast, Iwillteachyoutoberich.com, Oct. 19, 2021.

“Episode 16: We’re Worth $8 Million but I Comparison Shop for Strawberries,” I Will Teach You to Be Rich Podcast, Iwillteachyoutoberich.com, Nov. 2, 2021.

“Money Dials: The Reason You Spend the Way You Do According to Ramit Sethi,” by Ramit Sethi, Iwillteachyoutoberich.com, Oct. 22, 2021.

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Phil Huber: Finding an Edge in Alternative Investments Nov 23, 2021

Show notes

Our guest this week is Phil Huber. He is chief investment officer at Savant Wealth Management, a fee-only registered investment advisor. Previously, Huber worked for Huber Financial Advisors, which Savant acquired in 2020. Huber is active in the financial blogosphere with his blog bps and pieces.com. He has a bachelor's degree in finance from the Kelley School of Business at Indiana University and has earned both the Certified Financial Planner and Chartered Financial Analyst designations. Huber is also the author of a new book, The Allocator's Edge: A Modern Guide to Alternative Investments and the Future of Diversification.

Background

Bio

Savant Wealth Management

Bps and pieces

The Allocator's Edge: A Modern Guide to Alternative Investments and the Future of Diversification

Trade Allocations and the Case for Alternatives

"Evidence-Based Investing: Application and Monitoring," by Phil Huber, savantwealth.com, March 22, 2021.

"In Defense of Complexity," by Phil Huber, bpsandpieces.com, March 16, 2019.

"The Four C's of Investment Costs," by Phil Huber, bpsandpieces.com, Nov. 3, 2021.

"Inflation: Temporary or Here to Stay?" by Daniel G. Noonan, savantwealth.com, Sept. 15, 2021.

"Ask Meaningful Questions: Bonds and Alternatives," by Phil Huber, savantwealth.com, March 21, 2021.

“The Elements of Diversification," by Phil Huber, bpsandpieces.com, Nov. 19, 2018.

Retirees

"Three Tips for Evidence-Based Retirement Plans," by Isaac Presley, cordantwealth.com, Nov. 29, 2017.

Practice and Behavioral

"Diversification Means Always Having to Say You're Sorry," by Brian Portnoy, forbes.com, March 9, 2015.

Liquid Alts

"Liquid Alts Revival?" by Phil Huber, bpsandpieces.com, April 7, 2021.

"Inside the Morningstar Style Box for Alternatives," by Jason Kephart, Morningstar.com, Oct. 30, 2017.

Indexing and ETFs

"Patrick O'Shaughnessy: 'Custom Indexing Unlocks a Lot of Benefits'," The Long View, Morningstar.com, May 12, 2021.

Canvas

"For a While, Bond Funds Were an Exception to the Indexing Rule," by Carla Fried, nytimes.com, Jan. 11, 2019.

"Around the ETF World in 80 Hours," by Phil Huber, bpsandpieces.com, Feb. 14, 2020.

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