The Long View

Latest Episodes:

Meb Faber: 'To Be a Good Investor, You Have to Be a Good Loser' Sep 07, 2021

Show notes

Our guest this week is Meb Faber. He is co-founder and chief investment officer of Cambria Investment Management, which manages exchange-traded funds and separate accounts. In addition to his duties at Cambria, Faber is a prolific author who has written influential books on tactical allocation and endowment-styled investing, among other published works. He also hosts the popular Meb Faber Show podcast, is an active participant in financial Twitter, and is the architect of The Idea Farm, a web-based research resource he developed for investors. Faber is an experienced angel investor in small, private businesses as well as an investor in alternative assets like farmland and rare coins. He graduated from the University of Virginia with a dual major in engineering science and biology.

Background

Bio

Books

The Meb Faber Show podcast

Current Environment and Market Valuations

Triumph of the Optimists, by Elroy Dimson

"The Best way to Add Yield to Your Portfolio," by Meb Faber, mebfaber.com, July 6, 2017.

"Should a Robot Be Managing CalPERS Portfolio?" by Meb Faber, mebfaber.com, June 8, 2015.

"Should Harvard’s Endowment Be Managed by a Robot?" by Meb Faber, mebfaber.com, Sept. 29, 2016.

Jim Rogers

"I Don’t Feel Overweight," by Meb Faber, mebfaber.com, July 8, 2019.

"The Case for Global Investing," by Meb Faber, mebfaber.com, Jan. 10, 2020.

"Designing a Portfolio With Crypto, Cannabis, and Value in Mind," by Evie Liu, barrons.com, July 1, 2021.

"Stocks Are Allowed to Be Expensive Since Bonds Are Low…Right?" by Meb Faber, mebfaber.com, Jan. 6, 2021.

Twitter thread on contrarian investment beliefs

"Journey to 100x," by Meb Faber, mebfaber.com, July 1, 2021.

"Stock Market Valuations," by Meb Faber, mebfaber.com, March 21, 2020.

Shiller P/E Ratio

Research Affiliates

AAII Sentiment Survey

Galapagos: A Novel, by Kurt Vonnegut

Trend-Following

"A Quantitative Approach to Tactical Asset Allocation," by Meb Faber, papers.ssrn.com, Feb. 1, 2013.

"How Does a Market Get Cheap? The P in P/E," by Meb Faber, mebfaber.com, April 4, 2016.

"OPTO Sessions: Meb Faber on Spotting Market Bubbles," cmcmarkets.com, Aug. 28, 2020.

"The Biggest Valuation Spread in 40 Years?" by Meb Faber, mebfaber.com, Jan. 25, 2019.

"The Case for Global Investing," by Meb Faber, mebfaber.com, Jan. 10, 2020.

"Is Buying Stock at an All-Time High a Good Idea?" by Meb Faber, mebfaber.com, Nov. 4, 2019.

"You Would’ve Missed 961% in Gains Using The CAPE Ratio, and That’s a Good Thing," by Meb Faber, mebfaber.com, Jan. 6, 2019.

Global Asset Allocation, by Meb Faber

Dow Theory

"Diversify, Tilt, Relax--Meb Faber’s Case for Global Investing," by Aaron Neuwirth, efttrends.com, Jan. 14, 2020.

"FAQs on Share Buybacks for Lawmakers, Journalists, and Investors," by Meb Faber, mebfaber.com, Aug. 5, 2019.

Qualified Small Business Stock (QSBS)

AngelList

Unclaimed.org

The Coffee Can Portfolio," by James Kirby, csinvesting.org, Fall 1984.

Favorite Interviews

"Episode #39: Ed Thorp, Hedge Fund Manager, Author, & Professor, ‘If You Bet Too Much, You’ll Almost Certainly Be Ruined,’" The Meb Faber Show, mebfaber.com, Feb. 8, 2017.

"Episode #343: Dr. Nathan Myhrvold, Intellectual Ventures, ‘Pizza in the United States Is What Convinced the World That Pizza Was a Great Thing,’" The Meb Faber Show, mebfaber.com, Aug. 25, 2021.

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Daniel Crosby: 'If You're Excited About It, It's Probably a Bad Idea' Aug 31, 2021

Show notes

Our guest on the podcast today is psychologist and author Dr. Daniel Crosby. Daniel is the chief behavioral officer at Orion Advisor Solutions. Daniel has written numerous books on behavioral finance, including The Behavioral Investor, The Laws of Wealth: Psychology and The Secret to Investor Success, and You're Not That Great. Daniel also hosts his own podcast called Standard Deviations. He received his Bachelor of Science and doctorate at Brigham Young University.

Background

Bio

The Behavioral Investor, by Daniel Crosby

The Laws of Wealth: Psychology and the Secret to Investor Success, by Dr. Daniel Crosby

You’re Not That Great, by Daniel Crosby, Ph.D.

Standard Deviations podcast

Orion Advisor Solutions

Current Environment

“3 Tips to Handle Financial Peer Pressure With Ease,” ally.com, Aug. 18, 2021.

“Loneliness and Social Isolation as Risk Factors for Mortality: A Meta-Analytic Review,” by Julianne Holt-Lunstad and Timothy Smith, scholarsarchive.byu.edu, 2015.

“Episode #337: Professor Richard Thaler, University of Chicago, ‘When Somebody Would Fire Us, It Was Almost Always at Exactly the Wrong Time,’” The Meb Faber Show podcast, mebfaber.com, Aug. 4, 2021.

“Help Wanted: How Investor Behavior Is Rewriting the Job Description of Financial Professionals,” Natixis Global Survey of Individual Investors, fa-mag.com, 2016.

Orion Advisor Technology

Betterment

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

Pandemic

“The Strange Psychology of COVID-19 and Investor Behavior,” by Daniel Crosby, Kiplinger.com, Aug. 11, 2020.

“Daniel Crosby: Investing Rules for Uncertain Times,” by Daniel Crosby, investec.com, June 4, 2020.

“When It Rains,” by Daniel Crosby, blog.brinkercapital.com, 2020.

“How COVID-19 Will Impact the Future of Investor Behavior,” by Daniel Crosby, blog.brinkercapital.com, 2020.

Behavioral Finance and Investing

“Daniel Crosby on the Three E’s of Behavioral Investing,” financialplanningassociation.org, August 2021.

“The BIG List of Behavioral Nudges,” by Daniel Crosby, blog.brinkercapital.com, 2019.

“Robert Shiller: 'Wild West' Mentality Is Gripping Housing, Stocks and Crypto,” by Stephanie Landsman, cnbc.com, May 24, 2021.

“Dr. Daniel Crosby’s Three Drivers of Human Behavior,” E-book by Daniel Crosby, orionadvisortech.com.

“The Formula for Happiness: Wanting What You Have,” by Daniel Crosby, blog.brinkercapital.com, 2019.

“Can Money Buy Happiness? Sort Of,” by Daniel Crosby, linkedin.com, July 19, 2016.

“What Is the PERMA Model?” corporatefinanceinstitute.com.

Denise Shull

Daniel Kahneman

Standard Deviations Podcast

“Christine Benz--Goals Based Approaches to Retirement,” Standard Deviations podcast with Daniel Crosby, standarddeviationspod.com, April 11, 2019.

“Morgan Housel--The Psychology of Money,” Standard Deviations podcast with Daniel Crosby, standarddeviationspod.com, Sept. 4, 2019.

“Jim O’Shaughnessy--What Works on Wall Street,” Standard Deviations podcast with Daniel Crosby, podcasts.apple.com, Aug. 14, 2019.

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Michael Falk: 'Retirement Planning Can Be Done More Simply' Aug 24, 2021

Show notes

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

Background

Bio

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

Get to Work … On OUR Future, by Michael Falk

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

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

Retirement and Target-Date Funds

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

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

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

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

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

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

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

Investments and Asset Allocation

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

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

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

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

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

Herfindahl-Hirschman Index

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

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

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

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

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Rick Bookstaber: Avoiding Complexity Is 'Risk 101' Aug 17, 2021

Show notes

Our guest this week is Rick Bookstaber. Rick is the head of risk of Fabric, a startup he founded to provide risk-management software to individual investors through the financial advisors who serve them. Prior to founding Fabric, Rick held a number of senior risk-management roles, most recently as chief risk officer at the University of California system, and before that at various hedge funds and banks, including Bridgewater, FrontPoint Partners, Morgan Stanley, and Salomon Brothers. He also served in the Obama administration, where his work included stints with the Financial Stability Oversight Council and at the SEC on the Volcker Rule and other regulations. Rick has authored several books, including A Demon of Our Own Design, which was published in 2007, as well as The End of Theory, which was published in 2017. Rick received his bachelor’s in economics at Brigham Young University and earned a doctorate in economics from MIT.

Background

Bio

Fabric

A Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation, by Rick Bookstaber

The End of Theory: Financial Crises, the Failure of Economics, and the Sweep of Human Interaction, by Rick Bookstaber

Risk Management Macro

“7 Risks That Are Creating a New Market Paradigm,” by Rick Bookstaber, barrons.com, June 17, 2021.

“Agent-Based Models for Financial Crises,” by Rick Bookstaber, bookstaber.com, Aug. 30, 2017.

“Can Global Capitalism Survive in its Current Form?” by Rick Bookstaber, Age of Economics on youtube.com, March 6, 2021.

“Bill Bernstein: We’re Starting to See All of the Signs of a Bubble,” The Long View Podcast, Morningstar.com, March 10, 2021.

“A More Realistic Look at Risk,” by Amanda White, top1000funds.com, Oct. 6, 2017.

“Can High Liquidity + Low Volatility = High Risk?” by Rick Bookstaber, rick.bookstaber.com, Aug. 23, 2007.

“Our Low Risk (Low Volatility) World,” by Rick Bookstaber, rick.bookstaber.com, Nov. 4, 2017.

“Building Forward-Looking Scenarios: Why You’re Doing It Wrong,” by Rick Bookstaber, Alicia Karspeck, and Govinda Quish, risk.net, Aug. 3, 2021.

Investments

“How to Make Risk Management Work for Advisers,” by Rick Bookstaber, investmentnews.com, June 24, 2021.

Aladdin (BlackRock)

“MSCI’s Principles of Sustainable Investing,” msci.com.

Organization and Culture

“Adaptability Versus Optimization: The Cockroach Approach,” by Alex Barrow, macro-ops.com, Aug. 28, 2019.

“Opinion: A Chief Risk Officer Offers the Simplest Way to Fight Back Against Stock-Market Memes,” by Rick Bookstaber, marketwatch.com, July 10, 2021.

“This Is the Way Facebook Ends (and Maybe Apple and Google),” by Rick Bookstaber, rick.bookstaber.com, Jan. 28, 2018.

“Facebook and the Awakening of our Private Selves,” by Rick Bookstaber, rick.bookstaber.com, April 1, 2018.

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Sarah Newcomb: 'I Love Rules of Thumb' Aug 10, 2021

Show notes

Our guest on the podcast today is Sarah Newcomb, director of behavioral science at Morningstar. In her role she works to integrate the findings of her research into Morningstar financial management applications and tools. Before joining Morningstar in 2015, Sarah earned her doctorate in behavioral economics from the University of Maine, where her work focused on the psychological barriers to sound personal money management. She's the author of Loaded: Money, Psychology, and How to Get Ahead Without Leaving Your Values Behind. Sarah also holds a bachelor’s degree in mathematics from Salem State University, a master's degree in financial economics from the University of Maine, and a master’s certification in personal financial planning from Bentley University.

Background

Bio

Loaded: Money, Psychology, and How to Get Ahead Without Leaving Your Values Behind, by Sarah Newcomb

Financial Education

“Smart Shortcuts for the Good-Enough Investor,” by Sarah Newcomb, Morningstar.com, Sept. 3, 2019.

“Can a Rule of Thumb Be a Shortcut to Financial Well-Being?” by Samantha Lamas, Morningstar.com, Jan. 25, 2021.

“Keeping it Simple: Financial Literacy and Rules of Thumb,” by Greg Fischer, Alejandro Drexler, and Antoinette Schoar, findevgateway.org, July 1, 2010.

“Making the Science Practical: Behavioral Interventions in Practice,” by Sarah Newcomb and Benjamin Cummings, researchgate.net, January 2019.

“A Simple Plan for Financial Independence,” by Sarah Newcomb, Morningstar.com, Oct. 15, 2019.

“The Complicated Art of Making Things Simple,” by Sarah Newcomb and Samantha Lamas, fa-mag.com, May/June 2017.

“Sarah Newcomb: Understanding a Client’s Money Mindset in Order to Maximize Their Well-Being,” The Human Side of Money podcast with Brendan Frazier, audible.com, March 17, 2021.

“Encouraging Action Through Design and Testing,” by Sarah Newcomb, slideshare.net, April 29, 2015.

“Don’t Give Up on Financial Literacy Efforts,” investmentnews.com, Feb. 8, 2020.

“Money Doesn’t Buy Happiness, but Power Might,” by Sarah Newcomb, medium.com, Jan. 13, 2017.

“Coaching Clients to Teach Their Kids About Investing,” by Sarah Newcomb, investmentnews.com, Jan. 21, 2020.

“How to Start Teaching Your Kids About Money,” by Sarah Newcomb and Samantha Lamas, Morningstar.com, Aug. 4, 2018.

“What Is Mad Money?” by Keonhee Kim, Morningstar.com, April 6, 2021.

“John Lynch: Rethinking Financial Education,” The Long View Podcast, Morningstar.com, Dec. 11, 2019.

“Overcoming Clients’ Behavioral Biases Using Nudges, Smart Heuristics, and Behavioral Coaching,” by Michael Kitces, kitces.com, March 24, 2021.

“Separating ‘Needs’ From ‘Wants’ Could Be Harming Your Financial Planning,” by Bill Keen, keenwealthadvisors.com, June 2, 2021.

Financial Wellness and Tools

“5 Financial Signs to Check Your Financial Independence,” by Sarah Newcomb, Morningstar.com, Jan. 16, 2020.

“What Makes People Happy?” by Carla Fried, nny360.com, April 15, 2021.

“Neighbors of Lottery Winners Are More Likely to Go Bankrupt,” by Leslie Albrecht, marketwatch.com, Oct. 21, 2018.

“An Innovative Way to Face Retirement,” by Emily Brandon, money.usnews.com, Jan. 14, 2103.

Hal Hershfield

“Is Instagram Making You Poor?” by Sarah Newcomb, psychologytoday.com, Oct. 18, 2018.

“How Stories Drive Financial Behavior--and What to Do About It,” by Sarah Newcomb, Morningstar.com, Sept. 14, 2020.

Pandemic

“Year in Review: Pandemic Edition,” by Sarah Newcomb, investmentnews.com, Dec. 3, 2020.

“Sick of Uncertainty? Read This,” by Sarah Newcomb, morningstar.com, Nov. 3, 2020.

“It’s the End of the World as We Know It,” by Sarah Newcomb, investmentnews.com, Oct. 8, 2020.

Behavioral Finance

Daniel Kahneman

Richard Thaler

Gerd Gigerenzer

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Martin Lau: Now Is a Better Time to Buy China Aug 03, 2021

Show notes

Our guest this week is Martin Lau. Martin is a managing partner of FSSA Investment Managers, part of First Sentier Investors. He's been at the firm since 2002 and is the lead fund manager of various FSSA strategies, including the FSSA Asian Equity Plus Fund, the FSSA China Growth Fund, and the FSSA Hong Kong Growth Fund. Martin has been in the investment business for nearly three decades and is based in Hong Kong. Morningstar's analysts have recognized Martin's achievements on a number of occasions, most recently in 2020, when they named the FSSA Hong Kong Growth Fund the winner of the Best Hong Kong Equity Fund Award. Martin earned a Bachelor of Arts degree from Cambridge University, as well as master’s degree in engineering from Cambridge. Martin is a CFA charterholder.

Background

Bio FSSA Investment Managers

Morningstar Global Fund Report: FSSA Asian Equity Plus Fund Class I

FSSA China Growth Fund Class I

FSSA Hong Kong Growth Fund

Portfolio Management and Investing in China

“Some Chinese Stocks Are Starting to Look Like Bargains. Where to Look,” by Reshma Kapadia, barrons.com, July 12, 2021.

“Tencent’s Margins Are Going Down, and That’s Great News for Shareholders,” by Billy Duberstein, themotleyfool.com, May 23, 2021.

“Chinese Internet Stocks Are Riding on China’s Rising Self-Reliance and Policy Changes,” seekingalpha.com, June 13, 2021.

“Didi Global Considers Going Private to Placate China and Compensate Investors,” by Jing Yang, wsj.com, July 29, 2021.

“Factbox: From Education to Bitcoin, China’s Season of Regulatory Crackdown,” reuters.com, July 27, 2021.

“China’s New Rules Raise Risks for Private K-12 Education Companies,” fitchratings.com, June 17, 2021.

“Tap Into the World’s Fastest Growing Markets by Investing Into High Quality Companies Driving Sustainable Growth Outcomes,” by Martin Lau, fssaim.com.

Companies Mentioned in This Episode

Industrial and Commercial Bank of China

ENN Energy Holdings Limited

Nike

ANTA Sports

Fila

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Carl Richards: It Should Be OK to Relax Out Loud Jul 27, 2021

Show notes

Our guest on the podcast this week is Carl Richards. Carl is a Certified Financial Planner and a Financial Advisor Communication Expert. His new venture is called The Society of Advice, which he describes as a global gathering of real financial advisors. Carl created the Sketch Guy column in The New York Times. And he is also author of two books: The One-Page Financial Plan: A Simple Way to Be Smart About Your Money and The Behavior Gap: Simple Ways to Stop Doing Dumb Things With Money. In addition, he hosts the Behavior Gap Radio podcast and also cohosts a podcast with financial planning guru Michael Kitces, called Kitces & Carl.

Background

Bio

The Society of Advice videos

“Carl Richards: ‘Let’s Focus on Being a Little Less Wrong Tomorrow’,” The Long View podcast, Morningstar.com, May 13, 2020.

Behavior Gap

The Behavior Gap: Simple Ways to Stop Doing Dumb Things With Money by Carl Richards

The One-Page Financial Plan: A Simple Way to Be Smart About Your Money by Carl Richards

How I Invest My Money: Finance Experts Reveal How They Save, Spend, and Invest, edited by Joshua Brown and Brian Portnoy and illustrated by Carl Richards.

Sketch Guy

Kitces & Carl Podcast

Real Financial Planning

“Learning to Deal With the Imposter Syndrome,” by Carl Richards, behaviorgap.com, Oct. 26, 2015.

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

“Should You Buy Bitcoin? Ask a Different Question First,” by Carl Richards, nytimes.com, Jan. 5, 2018.

“The Single Most Valuable Asset Is Trust,” by Carl Richards, behaviorgap.com.

“The Value of an Advisor,” by Carl Richards, behaviorgap.com.

Financial Planning Process

Start With Why: How Great Leaders Inspire Everyone to Take Action, by Simon Sinek.

Bill Bachrach

George Kinder

Dan Sullivan, Strategic Coach

RescueTime

“Carl Richards on How to Simplify Your Appointment Process and Build Trust by Asking Better Questions,” Podcast with Brad Johnson, Aug. 19, 2019.

The Private Client Lawyer Now and in the Future, by Russ Alan Prince.

Money Decisions

“How Do You Define Enough?” by Carl Richards, behaviorgap.com.

“How Much Is Enough?” by Carl Richards, behaviorgap.com.

“Time Off Is a Prerequisite for Good Work (Not a Reward for It): An Interview With New York Times Columnist Carl Richards,” by Jory MacKay, blog.rescuetime.com, June 7, 2018.

“Sure… #CrushIt. Then Get Some Rest,” by Carl Richards, behaviorgap.com.

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Manisha Thakor: Beware of 'Junk Personal Finance' Jul 20, 2021

Show notes

Our guest on the podcast today is author and financial educator, Manisha Thakor. Manisha is founder of MoneyZen, a financial education consultancy. She's also the coauthor of two books with Sharon Kedar: On My Own Two Feet, published in 2007 and updated in 2013, and Get Financially Naked, which came out in 2009. Prior to founding MoneyZen, Manisha was vice president of financial well-being at Brighton Jones. Before that she was director of wealth strategies for women at Buckingham Strategic Wealth. Earlier in her career, Manisha held positions at several investment management firms, including Fayez Sarofim, Sands Capital Management, and Atalanta/Sosnoff Capital. Manisha is a chartered financial analyst and a certified financial planner. She received her bachelor's degree in American Studies from Wellesley College and her MBA from Harvard Business School.

Background

Bio

MoneyZen

On My Own Two Feet: A Modern Girl’s Guide to Personal Finance, by Manisha Thakor and Sharon Kedar.

Get Financially Naked: How to Talk Money With Your Honey, by Manisha Thakor and Sharon Kedar.

Women in Investing/Financial Planning

“The White House Report on Women: 3 Surprising Insights,” by Manisha Thakor, moneyzen.com, March 8, 2011.

“Women Are Quitting: How We Can Curb the ‘She-Cession’ and Support Working Women,” by Margie Warrell, forbes.com, Jan. 26, 2021.

“The 5 Most Common Mistakes Investors Make,” by Manisha Thakor, moneyzen.com, Oct. 7, 2013.

“Growing Up Comfortable With Money,” by Candice Helfand-Rogers, thestoryexchange.org, June 5, 2014.

Financial Wellness in Younger Generations and Couples

“The Worst Financial Advice to Give to a College Grad,” by Manisha Thakor, wsj.com, June 18, 2015.

“Gen X & Gen Y--Dialing Financial 911,” by Manisha Thakor, moneyzen.com, Sept. 29, 2010.

“Priceless Financial Advice For Recent Graduates,” by Manisha Thakor, feminist.com.

“The Math Behind a Pricey College Degree,” by Manisha Thakor, wsj.com, April 16, 2014.

“Don’t Buy a Property Before Saying ‘I Do’,” by Manisha Thakor, wsj.com, Feb. 12, 2014.

All Your Worth: The Ultimate Lifetime Money Plan, by Elizabeth Warren and Amelia Warren Tyagi.

“What is the 50/20/30 Budget Rule?” by Eric Whiteside, Investopedia.com, Oct. 29, 2020.

“The Beauty of a Budget,” by Manisha Thakor, moneyzen.com, March 18, 2013.

“The Quiet Wisdom of Saving,” by Manisha Thakor, moneyzen.com, Dec. 8, 2011.

“Manisha Thakor on Managing Money in Uncertain Times,” by Kathleen Harris, thecru.com, April 10, 2020.

“Teresa Ghilarducci: To Fix Retirement, Expand Social Security,” The Long View Podcast, Morningstar.com, May 19, 2021.

Your Money or Your Life: 9 Steps to Transforming Your Relationship With Money and Achieving Financial Independence, by Vicki Robin and Joe Dominguez.

“The Marriage of Love & Money: How to Protect Yourself From Financial Heartbreak,” by Manisha Thakor, moneyzen, May 6, 2013.

“How to Become a Financially Compatible Couple,” by Manisha Thakor, wsj.com, Feb. 13, 2015.

Financial Advice

“Finding the Right Advisor: It’s Complicated,” by Jim Pavia, cnbc.com, Jan. 15, 2015.

“Reboot Your Finances: A 3-Part Workshop for Women,” with Manisha Thakor, eomega.org.

Ellevest

Betterment

XY Planning Network

Mental Health

“Slow Down to Do More: ‘Enjoy Life’ With Manisha Thakor,” by Ben Ari, thriveglobal.com, April 24, 2020.

“Walking the Tightrope Between Workaholism and Mental Health,” mmlafleur.com, April 5, 2019.

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David Herro: 'We Are Not at All Afraid to Vary From an Index' Jul 13, 2021

Show notes

Our guest this week is David Herro. David is chief investment officer of international equities at Harris Associates and serves as deputy chairman and portfolio manager for a number of Oakmark funds, including Oakmark International. Prior to joining Harris Associates, David managed international portfolios for the State of Wisconsin Investment Board and the Principal Financial Group. Morningstar's analysts named David International-Stock Fund Manager of the Decade for 2000 to 2009 and International-Stock Fund Manager of the Year for 2016. He holds a bachelor's degree from the University of Wisconsin-Platteville and a master's from the University of Wisconsin-Milwaukee.

Background

Bio

Oakmark Funds

Oakmark Global Investor

Oakmark Global Select Investor

Oakmark International Investor

Oakmark International Small Cap Investor

Macro

“Market-Beating Money Manager David Herro Says It’s Time to ‘Gently’ Buy Some Stocks,” by Jesse Pound, cnbc.com, March 16, 2020.

“The Next Generation of Would-Be Buffetts--and the Stocks They’re Buying Now,” by Reshma Kapadia, barrons.com, May 21, 2021.

“Oakmark Global Fund: Second Quarter 2021,” by David Herro, Clyde McGregor, Tony Coniaris, and Jason Long, oakmark.com, July 8, 2021.

“Oakmark Global Select Fund: Second Quarter 2021,” by David Herro, William Nygren, Tony Coniaris, and Eric Liu, oakmark.com, July 8, 2021.

“Oakmark International Fund: Second Quarter 2021,” by David Herro and Michael Manelli, oakmark.com, July 8, 2021.

“Oakmark International Small Cap Fund: Second Quarter 2021,” by David Herro, Michael Manelli, and Justin Hance, oakmark.com, July 8, 2021.

Financials

“The Case for European Financials,” by David Herro, Jason Long, and Justin Hance, oakmark.com, March 24, 2020.

“Investor Insight: David Herro,” Value Investor, Oct. 30, 2020.

“David Herro Comments on Glencore,” by Sydnee Gatewood, gurufocus.com, July 9, 2020.

“David Herro on CNBC’s ‘Closing Bell,’” oakmark.com, Jan. 1, 2021.

“David Herro on ‘Squawk on the Street,’” oakmark.com, June 24, 2021.

“Herro Holding Credit Suisse Slumps Amid Archegos Fallout,” by John Coumarianos, citywireusa.com, March 30, 2021.

“Major Credit Suisse Investor Mulling Exit?” by Katharina Bart, finews.com, April 1, 2021.

“Credit Suisse Investors Target Board Over Archegos, Greensill Failures,” by Margot Patrick, wsj.com, April 26, 2021.

ESG

“Danone Announces Appointment of New CEO; No Changes to Thesis and Fair Value Estimate,” by Ioannis Pontikis, Morningstar.com, May 18, 2021.

“Manager Adopts Climate Measures After Investor Pressure,” Bloomberg.com, April 7, 2020.

Naspers

Prosus

Exor

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Leif Dahleen: Finding Financial Independence Jul 06, 2021

Show notes

Our guest on the podcast today is Leif Dahleen, who heads up the popular Physician on FIRE blog. Leif retired from his career as an anesthesiologist at age 43. Since that time, he has been blogging about his own financial independence, retire early journey, sharing early retirement and investing guidance with other professionals who might also wish to retire early. He attended the University of Minnesota for his undergraduate and medical school education, completed an internship at Gundersen Lutheran in La Crosse, Wisconsin, and finished his residency at the University of Florida.

Background

Bio

Physician on FIRE

Early Retirement Lifestyle and Financial Considerations

“Ramit Sethi: ‘What Is Your Rich Life?’” The Long View Podcast, Morningstar.com, Nov. 10, 2020.

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

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

“Chris Mamula: What Young Retirees Need to Know,” The Long View podcast, Morningstar.com, Jan. 15, 2020.

Afford Anything

The White Coat Investor

“Choose FI Over Fire,” by Leif Dahleen, physicianonfire.com.

“The Most Important Factor in Retirement Withdrawal Plans,” by Leif Dahleen, physicianonfire.com.

“How Early Retirement Prepared Us for the Pandemic,” by Leif Dahleen, thephysicianphilosopher.com.

“How to Get Wealthy Investing in a Bear Market,” by Leif Dahleen, physicianonfire.com.

“Asset Location and Making Your Money Last in Early Retirement,” by Leif Dahleen, physicianonfire.com.

“Prices Are Rising. Should We Be Worried About Inflation?” by Leif Dahleen, physicianonfire.com

“Social Security & Early Retirement 2021: Know Your Bend Points!” by Leif Dahleen, physicianonfire.com.

“5 Reasons Why You Shouldn’t Ignore Social Security in Your Retirement Calculations,” whitecoatinvestor.com, March 30, 2021.

Real Estate and Passive Income Sources

“12 Passive Income Ideas for 2020 and Beyond,” by Leif Dahleen, physicianonfire.com.

“My 5 Current and 3 Future Passive Income Streams,” by Leif Dahleen, physicianonfire.com.

Taxes

“Taxes on a Million Dollars of Earned Income,” by Leif Dahleen, physicianonfire.com.

“Top 10 Ways to Lower Your Taxes,” by Leif Dahleen, physicianonfire.com.

TurboTax

Charitable Giving

“Pros and Cons of Donor-Advised Funds,” by Amy Arnott, Morningstar.com, May 17, 2021.

“Giving Faceoff: Charitable Remainder Trust (CRT) Versus Donor Advised Fund (DAF),” by Leif Dahleen, physicianonfire.com.

“A Gift on Giving Tuesday: $100 to 100 of Your Favorite Charities,” by Leif Dahleen, physicianonfire.com.

“DAF Giving Tutorial From Fidelity and Vanguard Charitable,” by Leif Dahleen, physicianonfire.com.

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