The Long View

Latest Episodes:

Don Phillips: Encouraging Better Outcomes for Investors Jun 02, 2026

Show notes

Our guest on the podcast today is Don Phillips. Don is a managing director for Morningstar. He joined the company in 1986 as its first mutual fund analyst and soon became editor of the flagship print publication Morningstar Mutual Funds, establishing the editorial voice for which the company is best known. He helped to develop the Morningstar Style Box, the Morningstar Rating, and other distinctive proprietary Morningstar innovations that have become industry standards. Don has served in a variety of leadership roles at Morningstar, most recently head of global research, before paring back his schedule to take on a part-time nonmanagement role. He holds a bachelor’s degree from the University of Texas and a master’s degree from the University of Chicago.

Episode Highlights

00:00:00 Introduction

00:01:57 Viewing Investing From 100,000 Feet Up

00:08:20 The Role of the Manager, From Salesmanship to Stewardship

00:11:18 What Indexing and AI Make Easier—and What They Risk

00:17:50 Private Credit and Private Equity Risks for Retail Investors

00:28:01 Finding the Unmet Needs in Asset Management

00:35:47 Fixed-Income Funds as the Industry’s Achilles’ Heel

00:43:42 The Value of a Liberal Arts Education and the Power of Storytelling

More From Morningstar

Morningstar’s Why

Don Phillips: We’re All in the Behavior Modification Business

Private Equity Funds Step Into the Spotlight

If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.

Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.

If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.

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Adam Grossman: Asset Allocation Is an Investor’s Best Defense May 26, 2026

Show notes

Our guest on the podcast today is Adam Grossman. Adam’s the founder of Mayport, a fixed-fee wealth management firm. He’s also a regular contributor to Humble Dollar, the website founded by late financial writer Jonathan Clements. Before founding Mayport, Adam worked as an investment advisor or analyst at several firms, including Middleton & Company, Ballentine Partners, and MFS Investment Management. He also founded About Face Software, a social networking software firm. Adam received his undergraduate degree from Williams College and his MBA from MIT Sloan School of Management, and he’s also a CFA charterholder.

Episode Highlights

00:00:00 Introduction

00:01:16 Writing for Humble Dollar and Jonathan Clements

00:05:15 How Flat‑Fee Advice Beats AUM Pricing

00:10:29 Helping Investors Stay Calm in Market Stress

00:17:30 Simple Stock/Bond Portfolios Still Work

00:22:58 How to Protect Your Portfolio Before Retirement

00:27:20 Social Security Timing: Math Versus Emotions

00:34:19 How AI Is Changing Financial Advice

More From The Long View

Bill Bengen: ‘Inflation Is the Greatest Enemy of Retirees’

Jim O’Shaughnessy: Investing Lessons From a Lifelong Learner

Harry Margolis: How to Confront Aging Challenges Head-On

If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.

If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.

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Bill Bengen: ‘Inflation Is the Greatest Enemy of Retirees’ May 19, 2026

Show notes

Listen Now: Listen and subscribe to Morningstar’s The Long View from your mobile device: Apple Podcasts | Spotify

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. His new book, A Richer Retirement: Supercharging the 4% Rule to Spend More and Enjoy More was published in August 2025. 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.

Episode Highlights

Why the 4% Rule Needed a Rethink
Inflation as the Biggest Retirement Risk
Different Approaches to Finding Your Withdrawal Rate
Factoring in Longevity, Taxes, and Legacy
Managing Your Asset Allocations, and Outsourcing the Rebalancing Process
The 4% Rule Is Not for Everyone

More From Morningstar

Bill Bengen: Revisiting Safe Withdrawal Rates

How to Find Your Perfect Withdrawal Rate Strategy

How Much Should You Allocate to Safer Assets?

If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.

If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.

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Ben Carlson: Exploring Risk and Reward May 12, 2026

Show notes

Listen Now: Listen and subscribe to Morningstar’s The Long View from your mobile device: Apple Podcasts | Spotify

Today on the podcast, we welcome back Ben Carlson, who’s the author of a new book called Risk and Reward. Ben is the director of institutional asset management for Ritholtz Wealth Management. In addition, Ben’s a prolific creator of content. His blog is called A Wealth of Common Sense. He also co-hosts the podcast Animal Spirits with Michael Batnick. Ben is the author of four books about investing and money, and he’s a CFA charterholder.

Episode Highlights

00:00:00 Understanding Market History Is About Preparation, Not Prediction

00:02:00 Lessons From Japan’s Asset Bubble and Mean Reversion

00:06:54 The Different Ways Investors Respond to Crashes

00:08:36 The Automatic Investing Revolution Has Changed Behavior

00:15:22 Why Patience Is Harder to Come By in an On‑Demand World

00:19:32 The Importance of Education in Private Asset Investing

00:21:35 Inflation Psychology and How to Respond

00:28:15 Two Different Kinds of Bear Markets

00:35:40 Using Alpha to Deliver Better Aftertax Outcomes for Clients

More From Ben Carlson

Everything You Need To Know About Saving For Retirement

Don’t Fall For It: A Short History of Financial Scams

Invest Your Way to Financial Freedom

Risk and Reward

More From Morningstar

Ben Carlson: How Not to Get Scammed

What We’ve Learned From 150 Years of Stock Market Crashes

The 60/40 Portfolio: A 150-Year Markets Stress Test

If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.

If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.

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Amit Wadhwaney: ’Buying Cheap Has a Number of Attractions’ May 05, 2026

Show notes

Today’s guest on The Long View is Amit Wadhwaney, portfolio manager and co-founder at Moerus Capital Management. Amit has over 30 years of experience researching and analyzing investment opportunities in developed, emerging, and frontier markets worldwide. Prior to co-founding Moerus, Amit was a portfolio manager and partner at Third Avenue Management, where he worked alongside his Moerus co-founding partners. Amit founded the international business at Third Avenue and was the founding manager of the Third Avenue Global Value Fund, the Third Avenue Emerging Markets Fund, and the Third Avenue International Value Fund. Earlier in his career, Amit worked at MJ Whitman LLC, a New York-based broker/dealer. Prior to joining M.J. Whitman, Amit was a paper and forest products analyst at Bunting Warburg, a Canadian brokerage firm. He began his career at Domtar, a Canadian forest products company. Amit holds an MBA in finance from the University of Chicago. He also holds a BA with honors and an MA in economics from Concordia.

Episode Highlights

00:00:00 Introduction

00:02:05 Investing Versus the Business of Investing

00:09:48 Why Macroeconomic Forecasting Often Fails Investors

00:10:36 Survivability as the Core of Risk Management

00:16:58 Why “Trouble” Creates Opportunity for Value Investors

00:32:04 Exploring Value-Accretive Corporate Activity

00:47:23 Is Today’s Market Setting Up a Value Comeback?

More From Morningstar

How the Iran War Is Shaping Markets

3 Well-Regarded Large-Value Funds for Investors Seeking Balanced Portfolios

The Value Stock Comeback Is Messy. Here’s Why Investors Shouldn’t Turn Away

If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.

If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.

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Claudia Sahm: Thinking Through Scenarios in a Whiplash Economy Apr 28, 2026

Show notes

Our guest on the podcast today is Claudia Sahm. Claudia is chief economist at New Century Advisors, the founder of Sahm Consulting, and a regular contributor at Bloomberg Opinion. She has policy and research expertise in macroeconomics, consumer spending, and household finance. She created the Sahm rule, an automatic trigger for stimulus payments in recessions. Previously, she was a section chief at the Federal Reserve, where she oversaw the Survey of Household Economics and Decisionmaking. Before that, she worked for 10 years on the staff’s macroeconomic forecast. She was a senior economist at the Council of Economic Advisers. She holds a Ph.D. in economics from the University of Michigan and a bachelor’s degree in economics, political science, and German from Denison University.

Episode Highlights

00:00:00 Lessons From the Fed During the Global Financial Crisis

00:04:56 Making Sense of Fed-Speak

00:09:29 The “Whiplash Economy” and Understanding Risk

00:14:21 Rising Gas Prices, Geopolitical Uncertainty, and Consumer Sentiment

00:18:03 Interest Rates, AI, and Fed Leadership Changes

00:29:48 Undoing the Effects of Trump’s Tariffs

00:33:34 The Sahm Rule and Recession Risk Today

00:43:56 Costs of Underfunding US Economic Data

00:49:57 “Economics Is a Disgrace”

More From Morningstar

Risk, Not Volatility, Is the Real Enemy for Investors

Michael Gates: Why More Advisors Are Migrating to Model Portfolios

Q2 Market Outlook: Why a Stock Barbell Strategy Is Ideal for Today’s Market

If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.

If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.

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

Michael Gates: Why More Advisors Are Migrating to Model Portfolios Apr 21, 2026

Show notes

Today’s guest on The Long View is Michael Gates. Gates is the head of model portfolio solutions for the Americas and the lead portfolio manager for target-allocation models at BlackRock. BlackRock’s target-allocation models have been adopted by a large and growing contingent of advisors in the US. Four of the model families within BlackRock’s target-allocation suite have been awarded Morningstar Medalist Ratings of Gold. In 2025, Morningstar’s manager research team nominated Gates for a Morningstar Award for Investing Excellence in the Outstanding Allocation Portfolio Manager category. Gates’ time at BlackRock dates to 1999, including his years with Barclays Global Investors, which merged with BlackRock in 2009. Before founding the model portfolio solutions group, Gates conducted quantitative trading research for equities in BlackRock’s global trading group. At Barclays Global Investors, Gates led the development and implementation of the firm’s quantitative approach in fixed-income and alternative asset investing. Gates earned a master’s degree in economics and a bachelor’s degree with honors from the University of California, Davis. He is a CFA charterholder.

Episode Highlights

00:00:00 What Are Model Portfolios and How Do They Work?

00:08:19 How Tax-Loss Harvesting and Other Offerings Reshape Model Design

00:15:50 AI‑Driven Productivity and the Market Outlook

00:17:57 Rebalancing With Risk in Mind

00:24:56 Building AI Exposure Into Equity Models

00:35:39 Thematic Investing and Active vs. Passive Investing

00:42:07 How Technology May Shape Portfolios’ Future

More From Morningstar

Alpha Isn’t Dead. You’ve Just Been Measuring It Wrong

Tax-Efficient Model Portfolios for Retirees and Retirement Savers

Can AI Chatbots Build a Retirement Portfolio? We Tested Them

If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.

If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.

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

Harry Margolis: How to Confront Aging Challenges Head-On Apr 14, 2026

Show notes

Our guest on the podcast today is Harry Margolis. Harry has been representing seniors, individuals with special needs, and their families since he started ElderLaw Services, the predecessor of Margolis Bloom & D’Agostino in June 1987. His firm helps clients pay for long-term care, manage the incapacity of a family member, and plan for safe and productive futures for their children and grandchildren. Harry served as editor of the ElderLaw Report, a monthly newsletter for attorneys, for three decades. He has been selected as a fellow of both the National Academy of Elder Law Attorneys and the American College of Trust and Estate Council. He has founded two websites and answers consumer questions online at www.askharry.info. In addition, Harry writes about eldercare issues on his Substack, Risking Old Age in America, also known as okayboomer.substack.com, and has a podcast with the same name.

Episode Highlights

00:00:00 Margolis’ Path to Elder Law

00:04:15 Aging Clients, Estate Planning, and Long-Term Care

00:08:29 Aging In Place and Medicare Misconceptions

00:15:45 Estate Planning Paperwork and DIY Planners

00:21:26 Power of Attorney Mistakes, Living Wills, and Healthcare Coordination

00:27:06 Caregiving, Money Conversations, and Common Financial Mistakes

00:31:51 Benefits of NORCs

00:34:07 Special Needs Planning: Housing, Trusts, and Expectations

More From The Long View

Sally Balch Hurme: Getting Your Affairs in Order as You Get Older

Joy Loverde: Planning Ahead for Care Needs as You Get Older

Beth Pinsker: Lessons From ‘My Mother’s Money’

If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.

If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.

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

Wade Pfau: Higher Bond Yields Are a Plus for Retirees Apr 07, 2026

Show notes

Our guest on the podcast today is retirement researcher Wade Pfau. Wade is the founder of Retirement Researcher, an educational resource on retirement planning for individuals and financial advisors. He’s co-founder of the Retirement Income Style Awareness Tool and a co-host of the Retire With Style podcast. He’s a professor of practice at the American College of Financial Services and a research fellow with the Limra Retirement Income Institute. And he’s also a principal and director of retirement research for McLean Asset Management. Wade has written several books, including his most recent, a third edition of his Retirement Planning Guidebook. He holds a doctorate in economics and a master’s degree from Princeton University and Bachelor of Arts and Bachelor of Science degrees from the University of Iowa. He’s also a chartered financial analyst.

Episode Highlights

00:00:00 Updates to the Retirement Planning Guidebook

00:00:29 Do Retirees Today Have a Stronger Starting Spending Rate?

00:04:03 Asset Allocation, Annuities, and Target-Date Funds

00:08:11 Retirement Income Styles

00:15:07 Non-US Safe Withdrawal Rates and Flexible Spending Strategies

00:23:55 Probability of Success and Estimating Longevity

00:27:47 Underspending, Organic Income, and Mortgage Payoff

00:35:46 Exploring the Retirement Risk Zone

00:39:20 Equity Glide Paths, Sequence Risk, and Delaying Social Security

00:46:43 Annuities: Private Equity Concerns and Due Diligence

More Retirement Research From Wade Pfau

Exploring the Retirement Risk Zone

Reducing Retirement Risk with a Rising Equity Glide Path

More From Morningstar

What’s Your Retirement Income Style?

8 Reasons You Might Need to Tweak Your Portfolio

Wade Pfau: The Risks of Retirement Today

If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.

If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.

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

Pat Dorsey: Economic Moats and More Mar 31, 2026

Show notes

Today’s guest on The Long View is Pat Dorsey. Pat is the founder of Dorsey Asset Management, a boutique asset manager serving institutional clients. From 2000 to 2011, Pat was the director of equity research for Morningstar, where he led the growth of Morningstar’s equity research group from 20 to 90 analysts. Pat was instrumental in the development of Morningstar’s economic moat ratings, as well as the methodology behind Morningstar’s framework for analyzing competitive advantage. Pat is also the author of two books, The Five Rules for Successful Stock Investing, and The Little Book That Builds Wealth. Pat holds a master’s degree in political science from Northwestern University and a bachelor’s degree in government from Wesleyan University. Pat is a CFA charterholder.

Episode Highlights

00:00:00 Defining Economic Moats and Moat Source Mistakes

00:05:34 Shifting Landscape for Returns on Invested Capital as a Metric

00:07:52 Inevitable vs. Noninevitable Moats

00:09:36 Moat Durability, Network Effects, and Lessons From PayPal

00:13:46 Management Quality, Founders, and Pricing Discipline

00:24:02 High-Quality Companies, “Too Hard” Bucket, and AI Uncertainty

00:29:29 Premortem, Behavioral Edge, and Opportunity Cost

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