The Long Term Investor

You don't have time to sift through endless financial content. That's why I do it for you. Get my top 5 must-read articles every week in a quick, easy-to-digest email. Sign up for my newsletter.

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In this episode, Peter sits down with Vanguard's Kevin DiCiurcio to unpack how Vanguard thinks about long-term return forecasts—and why the percentiles in those tables are the part most investors misunderstand. They go behind the scenes of the Vanguard Capital Markets Model (VCMM), and translate what it's really saying into practical guidance for planning and portfolio decisions.

Listen now and learn:

► How Vanguard builds and governs its capital markets model—and what it's designed to do (and not do)

► A simple way to interpret percentiles without turning them into predictions

► What changes when you shift from a 10-year lens to a 30-year lens

► The key portfolio implications Kevin thinks long-term investors should be paying attention to

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

(00:00) Introduction

(02:16) What the Vanguard Capital Markets Model (VCMM) Is—and Why Return Assumptions Matter

(04:04) How Vanguard Wants Investors to Use VCMM: Expectations, Risk Trade-Offs, and Smarter Allocation Decisions

(09:27) How Vanguard Builds the Forecasts—and the Capital Market Assumption Approaches They Didn't Rely on Alone

(15:08) How to Read Percentiles, 10-Year vs 30-Year Forecasts, and What Vanguard Likes Most Right Now

(29:21) The Performance-Chasing Problem: When Investors Suddenly Want More International Again

(30:05) AI, Mega Trends, and Three Scenarios: Why Economic Upside Doesn't Guarantee Stock Market Upside

(34:31) Geopolitics and Markets: Why It's Not a Direct Forecast Input, But Still Shapes Long-Term Premia

(37:48) The 2026 Signposts: What Would Actually Change Vanguard's Conviction and Move the Outlook

(39:32) What Vanguard's Capital Markets Research Team Is Focused on Next—and Why Ranges Beat False Precision

Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this "post" (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Please see disclosures here.

You don't have time to sift through endless financial content. That's why I do it for you. Get my top 5 must-read articles every week in a quick, easy-to-digest email. Sign up for my newsletter.

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Ever wondered where your retirement plan's "probability of success" really comes from? In this episode, Peter pulls back the curtain on the assumptions inside Monte Carlo analysis—and explains why Plancorp anchors its projections to long-term base rates instead of short-term forecasts.

Listen now and learn:

► The three numbers that quietly drive most Monte Carlo projections

► The four common ways advisors choose capital market assumptions—and why they differ

► Why "more sophisticated" assumptions can sometimes create more error, not less

► How to think about your plan's probability of success without getting lost in the math

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this "post" (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Please see disclosures here.

Get an inside look at what's shaping my thinking. Bi-weekly, I share the top 5 investing and financial planning articles I'm reading—straight to your inbox. Sign up for my newsletter.

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Liz Ann Sonders, Chief Investment Strategist at Charles Schwab, joins me for a wide-ranging conversation about what actually matters for long-term investors heading into 2026. We get past the headline forecasts and into how a seasoned strategist interprets markets in real time—without falling into the traps that trip up most investors.

Listen now and learn:

► Why "forecasts" can be useful even when you're not making price targets—and how to use them the right way

► A clearer way to think about what really drove market returns in 2025 (and what many investors missed)

► What to pay attention to with the Fed in 2026, and what's mostly just noise

► A grounded framework for thinking about the U.S. dollar, national debt, and the long-term investor's edge

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

(03:00) Why Schwab Won't Do Year-End Targets

(08:23) How Liz Ann Builds an Outlook: cycles, quadrants, and "better or worse" vs. "good or bad" (13:33) 2025's Biggest Investor Lesson (16:48) The Magnificent Seven Misconception: contribution ≠ performance (21:05) The 2026 Outlook (26:09) The Federal Reserve, Rate Cuts, and a New Fed Chair: why the "C" in FOMC matters (31:39) The US Dollar and Reserve Currency Fears: "there's no replacement for it" (35:19) US National Debt: not a default story, but a long-term "wet blanket on growth"

(43:02) Long-Term Investing vs. Gambling: owning vs. hoping, and why "get in/get out" isn't a strategy

(47:22) How Liz Ann Sonders Invests Her Own Money (50:16) What's Different Now: post-COVID sentiment, the retail trader, and why psychology got harder (52:55) Where to Find Liz Ann's Research

Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this "post" (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Please see disclosures here.

You don't have time to sift through endless financial content. That's why I do it for you. Get my top 5 must-read articles every week in a quick, easy-to-digest email. Sign up for my newsletter.

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In this Talking Shop episode, I sit down with Rubin Miller for an unscripted conversation about why market forecasts fail, how advisors actually set return assumptions, and where investors most often misunderstand risk. We move freely from prediction season and capital market assumptions to investor behavior, bonds, and cash—focusing less on what markets will do next and more on how to build a plan you can stick with when narratives get loud.

Listen and learn:

► Why short-term market predictions distract from what really drives long-term outcomes

► How ranges and probabilities lead to better financial plans than point forecasts

► What most investors get wrong about bonds, cash, and "playing it safe"

► Why the biggest investing mistakes come from narratives, not numbers

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

[02:00] – Market Forecasting and "Prediction Season": Why One-Year Outlooks Mislead

[03:10] – Financial Planning Return Assumptions: Using Ranges and Probabilities (Not Point Estimates)

[06:41] – Portfolio Construction Basics: Stocks Are Stocks, Bonds Are Tools

[15:56] – Setting Investor Expectations: What Forecasts Can and Can't Do

[21:01] – Behavioral Finance in Real Time: Volatility vs the Narrative Investors Fear

[23:45] – Market Timing Bias: "I Knew This Would Happen" and Why It's Dangerous

[29:39] – Risk Management: Probability vs Magnitude (How Investors Blow Up a Good Plan)

[32:21] – Bond Strategy: Building a Portfolio You Can Stick With (Not the Highest Return)

[38:30] – Cash Management: Ultra-Short Bond Funds, HYSAs, and the 2022 Hangover

Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this "post" (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Please see disclosures here.

You don't have time to sift through endless financial content. That's why I do it for you. Get my top 5 must-read articles every week in a quick, easy-to-digest email. Sign up for my newsletter.

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In this Talking Shop episode, I sit down with Ashby Daniels for an unscripted, behind-the-scenes conversation about investing, markets, and the behavioral mistakes that quietly derail long-term results. We move freely—from why simplicity keeps winning, to how investors misread risk, to what actually matters when markets feel noisy—without a single hot take in sight. If you've ever wondered how two investment professionals talk when there's no agenda and no sales pitch, this is it.

Listen now and learn:

► Why "beating the game" in investing rarely looks like working harder or knowing more

► How narratives—not numbers—drive most investor mistakes during market downturns

► What gets misunderstood about bonds, diversification, and "playing it safe"

► How experienced investors think differently about wealth, risk, and time

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

[04:15] – Nick Murray's Lasting Influence on Long-Term Investing and Market Thinking

[05:45] – Why Investing Education Should Be Short, Simple, and Actionable

[08:00] – Challenging Conventional Market Wisdom: Why Time Beats Tactics

[09:45] – The Dave & Buster's Investing Lesson: How to "Beat the Game"

[15:30] – Everybody Ought to Be Rich: The Power of Long-Term Stock Market Returns

[18:30] – The Market Portfolio Explained: Stocks, Bonds, and Investor Distractions

[21:15] – Market Corrections and Bear Markets: Why Trees Don't Grow to the Sky

[24:30] – All-Stock Portfolios and Risk: When Equities Make Sense

[29:45] – Investor Panic Isn't About Volatility—It's About Stories and Expectations

[32:45] – Bond Investing, "Safety," and the Hidden Risk to Purchasing Power

[35:45] – Private Equity, Gold, and Crypto: What Investors Get Wrong

[41:30] – The $100 Million Thought Experiment: Getting Wealthy vs Staying Wealthy

[46:00] – Why Timeless Investing Principles Still Win Over Time

Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this "post" (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Please see disclosures here.

Get updates for my new book: https://Theperfectportfoliobook.com

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Most people think "risk" means volatility. In this episode, I define risk the way long-term investors actually experience it: the risk of failing to fund your life. Then we turn that definition into a practical plan–choosing a stock/bond mix you can live with, deciding what goes in each sleeve, and rebalancing with rules instead of gut feel.

Listen now and learn:

► A clearer way to think about risk before you pick an allocation

► The two-part test that determines your stock/bond mix

► How cash fits (and where it doesn't) when you're building a long-term portfolio

► A simple rebalancing approach you can follow without overthinking it

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this "post" (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Please see disclosures here.

Get updates for my new book: https://Theperfectportfoliobook.com

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Bond ladders, bond funds, money markets—if those words have you second‑guessing your plan, this episode will clear the fog. Inspired by questions from my Perfect Portfolio book‑updates list, I explain why many "bond" debates are actually cash management problems in disguise—and how to build a simple system that helps you stay disciplined when markets get ugly.

Listen now and learn:

► How to tell—quickly—whether you're making a portfolio decision or a cash decision

► The "comfort trade" most investors accept with bond ladders (often without realizing it)

► A simple bucket framework for protecting near‑term spending without over‑hoarding cash

► The one practical maintenance habit that keeps your plan from falling apart during downturns

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this "post" (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Please see disclosures here.

Get updates for my new book: https://Theperfectportfoliobook.com

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Index funds are often pitched as the no-brainer choice for long-term investors—but are they the only rules worth following? In this episode, I use one of my favorite analogies to explain how indexing and factor investing evolved, how they differ, and how to decide which mix fits your goals and behavior.

Listen now and learn:

► Why indexing became the "radar gun" of investing—and what it actually guarantees you

► The key trade-offs baked into market-cap-weighted index funds that most investors never think about

► What "factors" like value, size, profitability, and momentum really are (in plain English)

► A simple framework to know whether you should stick with plain indexing or consider adding factor tilts

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this "post" (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Please see disclosures here.

You don't have time to sift through endless financial content. That's why I do it for you. Get my top 5 must-read articles every week in a quick, easy-to-digest email. Sign up for my newsletter.

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Most of us feel like we "own the market" with a U.S. stock index and a core bond fund. But the real global market portfolio — the value of every investable asset in the world — looks very different. And once you see that full picture, it changes how you think about international stocks, alternatives, and how far you may be drifting from the true market mix.

In this episode, I break down what the world portfolio actually holds today, how it's shifted over time, and how to use it as a guide for building a simple, durable portfolio.

Listen now and learn:

► What's really inside the global market portfolio and how big each slice actually is ► Why stocks and bonds still dominate despite all the attention on alternatives ► Why a clean 60/40 mix can often beat the "own-everything" approach on a risk-adjusted basis ► How the U.S. became such an outsized share of global markets and what that means for diversification ► A simple framework for deciding when to add assets like real estate, gold, private markets, or crypto

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this "post" (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Please see disclosures here.

You don't have time to sift through endless financial content. That's why I do it for you. Get my top 5 must-read articles every week in a quick, easy-to-digest email. Sign up for my newsletter.

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Dimensional Fund Advisors' Marlena Lee joins Peter to unpack the SEC's share class exemptive relief—the change that lets one portfolio be offered as both a mutual fund and an ETF.

Listen now and learn:

► Why one portfolio offered as both an ETF and a mutual fund is a game changer for investors

► How the cash-vs-basket plumbing drives taxes and who ends up with capital gains distributions

► Simple rules of thumb for choosing ETF or mutual fund when fees and tax efficiency are similar

► What to watch as managers add ETF share classes

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

(00:00) Introduction (03:18) Why "share class exemptive relief" matters (and why investors should care) (05:37) How mutual funds and ETFs handle your money—and why that changes your taxes (10:26) Why the SEC's "exemptive relief" is a big deal: one portfolio, two doors—and better tax control (16:59) ETF vs. Mutual Fund: When Costs and Taxes Converge, Let Trading Style Decide (23:30) Not every fund should add an ETF share class—and why scale and long track records matter (33:34) SMAs vs. funds: when direct ownership adds real value

Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this "post" (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Please see disclosures here.

Get an inside look at what's shaping my thinking. Bi-weekly, I share the top 5 investing and financial planning articles I'm reading—straight to your inbox. Sign up for my newsletter.

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In this rebroadcast, Peter sits in the guest chair to explain why he rarely recommends private markets—and the specific situations where they do belong. He lays out a clear filter built around liquidity, purpose, access, and behavior so you can decide whether private investments fit in your plan.

Listen now and learn:

► A simple decision framework for alternative investments

► Why Peter is more concerned with implementing a bad idea than missing out on a good one

► What makes venture capital investing hard for most investors

► The implications of more "democratized" alternative investment products

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this "post" (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Please see disclosures here.

Your finances have layers—investments, taxes, planning for the future. If you want a second set of eyes, Peter opened up a few spots for a quick, no-obligation call. Grab yours now.

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Equity compensation can turbocharge wealth—and taxes. Brooklyn Fi managing partner John Owens joins Peter to share a clear year-end playbook for RSUs, ISOs/NQSOs, and ESPPs, including how to avoid AMT surprises, right-size withholding, and unwind concentrated stock positions.

Listen now and learn:

► A simple order of operations for year-end equity comp decisions

► RSU withholding pitfalls (and how to fix them before April)

► ISO/AMT basics and why late-year exercises can backfire

► How to build a rules-based plan, use 10b5-1 mechanics, and when donor-advised funds make sense

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

(00:00) Introduction (03:15) A hard-won lesson: when AMT grows larger than your stock (and what to do next) (04:21) Don't start equity planning on December 15 (really) (05:19) First move: build an inventory and triage the quick wins (08:18) AMT 101 for ISO holders: the "parallel" tax you don't want to pay (10:47) RSUs: why 22% withholding often sets up an April tax bill (12:24) ESPPs: capture the discount, control concentration (14:55) Designing a rules-based sell plan to unwind concentration risk (18:11) The base rates on single stocks: why a diversification plan matters more than a "feel" (20:42) 10b5-1 plans: automate good behavior and expand your ability to sell (23:31) Charitable giving with concentrated stock: donor-advised funds and timing across 2025/2026 (26:11) Family gifting: UTMAs, kiddie tax, step-up in basis, and multi-generational choice (27:28) The year-end document checklist most people miss (29:17) When to hire help (and when not to) (31:19) Biggest year-end mistakes to avoid

Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this "post" (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Please see disclosures here.

Want a peek behind the scenes? Get my top 5 must-read financial articles that keep me ahead on innovative planning and investment strategies—exclusive, curated, and straight to your inbox bi-weekly when you sign up for my newsletter.

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Gold just cleared $4,000 an ounce while stocks hover near highs—a rare split-screen of optimism and caution. In this episode, I break down what's actually pushing gold up, stress-test its "safe haven" reputation, and evaluate whether it truly protects against inflation. We'll finish with a simple, rules-based way to decide if gold deserves a small place in a long-term portfolio—or none at all.

Key takeaways:

► What's driving gold now: the role of central-bank buying, macro uncertainty, interest rates, and the dollar.

► Why "safe haven" isn't a free pass: what history says about mean reversion, drawdowns, and volatility.

► Inflation reality check: how stocks and real estate have delivered positive real returns when inflation is >4%—and why gold hasn't—plus when TIPS are the right hedge for specific future expenses.

► A practical allocation framework: when 0%, a small sleeve, or a strict 0–5% target makes sense—and how to set rebalancing rules so you can stick with the plan.

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this "post" (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Please see disclosures here.

Most financial mistakes happen because people don't see the full picture. My Net Worth Worksheet helps you track everything in one place—so you stay informed. Get it now.

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Money talks fall apart when couples keep score. In this episode, Heather and Doug Boneparth show how fairness—not 50/50—actually works in real life, and how power shows up through invisible labor, access, and decision rights. You'll hear practical ways to reset the dynamic so conversations feel collaborative instead of adversarial.

Listen now and learn:

► A fairness framework to replace 50/50 splits and tit-for-tat bean counting

► How to surface invisible labor and shift from "tell me what to do" to true task ownership

► The anatomy of a money date (time/place, start with wins, then goals → cash flow → net worth)

► Reconciling different risk appetites by agreeing on shared capacity, timelines, and one step outside each comfort zone

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

(00:00) Introduction

(02:45) Fairness vs. Equality in Couples' Finances

(11:24) Resentment Red Flags in Relationships

(13:47) Invisible Labor to Task Ownership

(18:26) Financial Transparency for Couples

(21:49) Money Dates That Don't Derail

(26:48) Different Risk Tolerances in a Relationship

(31:00) Co-Authoring Money Together

(33:32) Lightning Round for Couples

Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this "post" (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Please see disclosures here.

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Markets have hit record levels dozens of times this year, and the headlines are filled with uncertainty. It's no wonder investors are asking whether now is the time to take some chips off the table. In this episode, I share what I told USA Today when they asked me the same question — and explain why new highs don't necessarily mean markets are due for a fall.

Listen now and learn:

► Why all-time highs are a normal part of long-term market cycles, not a warning sign.

► The behavioral traps that make investors most tempted to move to cash.

► How today's earnings growth and fundamentals are supporting market valuations.

► Practical ways to stay disciplined — and invested — when markets feel uncertain.

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this "post" (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Please see disclosures here.

Please rate and review The Long-Term investor in your favorite podcast app.

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Author and illustrator Carl Richards joins the show to discuss his new book Your Money and the real conversations we should be having about finances. If you've ever wondered how to stop worrying about money and start using it intentionally, this conversation will leave you thinking differently about every dollar you spend.

Listen now and learn:

► Why most people avoid the money conversations that matter most

► How to align your use of capital with what's genuinely important to you

► The power of micro actions and why small steps compound into lasting change.

► A simple mindset shift that can transform financial stress into confidence and clarity

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

(02:23) The Conversations We Avoid About Money

(04:16) Why Facts Don't Fix Feelings

(06:00) Simplifying on the Far Side of Complexity

(10:13) Aligning Your Use of Capital with What's Important

(14:31)Financial Planning Is About Being Less Wrong Tomorrow

(18:22) The Illusion of Certainty and the End of History

(23:55) The "Presenting Problem" and What Clients Really Value

(27:42) How to Start Better Money Conversations at Home

(35:36) Micro Actions: Tiny Habits That Compound

(38:59) The Worry List: Nothing Is Helped by Worry

(41:22) Practicing Gratitude and Redefining "Enough"

Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this "post" (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Please see disclosures here.

Wondering if you're making the right financial moves? Let's build a strategy you can rely on. Schedule a call with Peter to get professional guidance.

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Many investors want to diversify out of a few appreciated stocks but can't stomach the tax bill that comes with selling. In this episode, Peter Lazaroff explains how Section 351 exchanges give investors a smarter, tax-efficient way to move from concentrated stock positions into diversified ETFs–without triggering immediate capital gains.

Listen now and learn:

► What a 351 exchange is and how it works

► Who's a good candidate–and who isn't

► Questions to ask an advisor before pursuing one

Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this "post" (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Please see disclosures here.

William Bernstein, author of The Four Pillars of Investing, joins the show to talk about the most recent edition of his highly influential work.

Listen now and learn:

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Just as you'd scrutinize a potential new car's specs or a house's foundation, your investments deserve the same diligence. The Form ADV Part 2 offers a panoramic view into the inner workings of an advisory firm, from its business practices to the individuals pulling the strings behind the curtains.

Listen now and learn:

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Hal Hershfield is a Professor of Marketing, Behavioral Decision Making, and Psychology at UCLA's Anderson School of Management. His research, which sits at the intersection of psychology and economics, examines the ways we can improve our long-term decisions.

Listen now and learn:

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Dive into the world of evidence-based investing, where empirical research informs portfolio strategies. meets portfolio construction. This episode unravels the science behind applying successful investing strategies and avoiding mistakes that can hinder your financial growth.

Listen now and learn:

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

The time for year-end tax and estate planning is now, and this year it's particularly important to get started as certain provisions from the Tax Cuts and Jobs Act will end soon. Plancorp's Susan Jones, JD, CFP joins the show to explain these important planning opportunities that deserve your attention before the end of the year.

Listen now and learn:

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Live from Future Proof, the world's largest wealth festival, Meir Statman talks about the evolution of behavioral finance and how the latest generation of behavioral finance focuses on holistic well-being.

Listen now and learn:

The three generations of behavioral finance

The difference between "errors" and "wants"

The tradeoffs between a financially optimal and behaviorally optimal portfolio

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Concentrated stock positions typically emerge through employee compensation, inheritance, or a singularly successful investment. But in all cases, a large individual stock position introduces unnecessary risk to your portfolio.

Listen now and learn:

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

When you plan to invest a large amount of money, you probably want to know when it's best to invest that cash. Should you invest it all at once or dollar cost average over time?

Listen now and learn:

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Jesse Cramer, author of The Best Interest, joins the show to share his in-depth research into the astounding math behind car ownership.

Listen now and learn:

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

The Federal Reserve recently unveiled a new payments system called FedNow that would replace the United State's antiquated system created more than 50 years ago. But like anything else, change can cause anxiety and there is a lot of false information floating around making matters worse.

Listen now and learn:

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

In the second episode of a series about student loan debt, I'm joined by Tyler Olson, who provides financial advice and education for early and mid-career physicians.

Listen now and learn:

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Cait Howerton, CFP® shares her deep expertise in student loans and provides a broad overview on strategies for paying them off.

Listen now and learn:

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

John Jennings, author of The Uncertainty Solution joins the show to explain how to invest with confidence in inherently uncertain and unpredictable markets.

Listen now and learn:

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Building the perfect portfolio doesn't matter one bit if it doesn't align with your willingness and ability to take risk. Evaluating your own risk tolerance is difficult for individuals because of the emotions that are intertwined with investing.

Listen now and learn:

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

How does the choice of using index funds or core funds with an emphasis on value, size, and profitability impact your retirement savings?

Mathieu Pellerin, Senior Researcher and Vice President at Dimensional Fund Advisors, shares his recently published research on the impact of factor investing on retirement outcomes.

Listen now and learn:

How a core portfolio differs from an index portfolio

The impact of investment strategy on accumulation, decumulation, and bequest outcomes

When short-term ends and long-term begins

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

The primary purpose of bonds is to reduce the overall volatility of the portfolio, but as we saw in 2022, that doesn't mean they can't lose money.

In fact, 2022 was the worst year for bonds in US history. And now that we're in a new period of higher interest rates on money market funds, CDs, and short-term Treasury bills, I've noticed an increasing number of people wondering whether they should hold cash instead of bonds.

Listen now and learn:

How reinvestment risk impacts yield

Why investment goals drive your choice of cash vs bonds

Where diversification can help boost yield

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Jill Schlesinger, host of Jill on Money and award-winning business analyst for CBS News, joins the show to talk about her latest book: The Great Money Reset. Listen now and learn:

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

The United States is an exceptional place to invest and they've historically delivered higher returns than international stocks.

That begs the question: Does it make sense to own international stocks? Are US stocks enough for your portfolio?

Listen now and learn:

The primary driver of recent US stock outperformance

Why factor investing in a global manner tells a different story

How International stocks perform during periods of low returns for US stocks

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Polina Pompliano is the author of HIDDEN GENIUS: The Secret Ways of Thinking That Power the World's Most Successful People. She is also the founder of The Profile, a media organization that studies successful people and companies.

Listen now and learn:

Why mental models are more important than life hacks

How to problem solve in a crisis

The difference between systems-based and outcomes-based thinking

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Retail investors are often curious about various aspects of AI, especially regarding its potential impact on the financial markets and investment opportunities. Some common questions asked by retail investors about AI include:

Listen now and learn:

Whether you're investing in companies at the forefront of AI

Questions to ask about your existing holdings

How AI can and can't be incorporated into portfolio construction

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

The problem with conventional wisdom is that it represents the masses, but there's a whole host of things that conventional wisdom gets wrong. By default, that feeds into what investors get

Listen now and learn:

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

There isn't a better retirement savings account than a Health Savings Account (HSA).

Listen now and learn:

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Michael Kitces is one of the industry's leading experts on all things financial advice and financial planning. In this live episode recorded at Wealth Management EDGE, Michael explains the evolution of financial advice and how AI might impact the profession going forward. Listen now and learn:

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Plancorp's CEO, Chris Kerckhoff, joins the show for a live recording at the Wealth Management EDGE Conference.

Listen now and learn:

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

In this episode, I'm joined by Carl Richards, a Certified Financial Planner (CFP®) and creator of the Sketch Guy column, appearing weekly in The New York Times since 2010. Listen now and learn:

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Using index funds in your stock portfolio has historically been a wise choice, but bond indexes have some inherent disadvantages that make them a less obvious choice.

Listen now and learn:

How bond indexing differs from stock indexing

The different types of active bond management

How to choose a fund that's right for you

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

The death of a spouse is one of the most emotionally challenging times of a person's life. In this financially driven conversation, Mike Piper explains the financial steps to take for a surviving spouse.

Listen now and learn:

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Bond funds are superior to individual bonds for four distinct reasons.

Listen now and learn:

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Rick Ferri, host of the Bogleheads on Investing podcast, joins the show to talk about the three components of successful investing.

Listen now and learn:

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

As consumers, we've come to expect customization and personalization with most things these days, whether it's our coffee order, streaming preferences, or insurance policies…So why should our investments be any different?

With direct indexing, investors can create custom portfolios based on their specific goals, values, and preferences.

Listen now and learn:

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

This week, financial history expert Jamie Catherwood of Investor Amnesia joins the show to share the history of innovation in investment vehicles and how it impacts investors today. Listen now and learn:

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

The daily news cycle is of very little importance when it comes to long-term investing, but the failure of Silicon Valley Bank is the type of news item that catches the attention of even the most disciplined investor.

Listen now and learn:

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

In this episode, I'm joined by Jeremy Schwartz, Global Chief Investment Officer at WisdomTree.

Prior to joining WisdomTree in 2005, Jeremy was a head research assistant for Professor Jeremy Siegel and, in 2022, became Professor Siegel's co-author on the sixth edition of the book Stocks for the Long Run.

Listen now and learn:

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Being more than a year into the current bear market, it's natural to wonder when it will end. In this episode, Peter shares his thoughts on where we are in the market cycle and how to invest going forward.

Listen now and learn:

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

The SECURE 2.0 Act passed at the end of 2022 includes 100 changes to the rules governing retirement savings. In this episode, I'm joined by Plancorp's Chief Planning Officer, Brian King, to talk through the most important opportunities resulting from the legislation.

Listen now and learn:

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Creating a budget and sticking to it is difficult for most people because the process is time consuming and restrictive. Traditional budgeting forces you to make every decision as if you live in a spreadsheet. But guess what? You don't live in a spreadsheet.

Listen now and learn:

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Robin Powell is an award-winning journalist and campaigner for positive change in global investing, advocating better investor education, and greater transparency.

Listen now and learn:

● what evidence-based investing is all about

● The importance of developing a financial plan prior to choosing investments

● The differences in the adoption of evidence-based investing outside the U.S.

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Measuring the success of your portfolio is important for several reasons, but most people don't know how to properly measure the success of their portfolios.

Listen now and learn:

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Upon starting his independent advisor journey in 2015, Dasarte Yarnway quickly learned that underrepresented clients and advisors alike were overlooked and underserved.

Due to the grave statistics associated with this reality, he sought out to change the landscape of the financial services industry one client and one advisor at a time.

Listen now and learn about:

Changes in financial services over the last decade

The importance of diversity in financial services and how to increase it

The most important thing an advisor can do for business owners and entrepreneurs

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Now that yields are high enough to warrant our attention, what is the right way to measure yield?

Listen now and learn:

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

I love talking shop with colleagues from around the country and wanted to give you a peek into those conversations, so this week I invited two of my favorite Chief Investment Officers, Phil Huber and Rubin Miller.

Listen now and learn:

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

How can two people with the same income, financial experiences, or education have very different levels of financial wellbeing? It's simple: a sense of wellness doesn't come from numbers alone. It's all about the sense of security and freedom of choice each individual feels, both in the present and future.

Listen now and learn:

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Dr. Burton Malkiel, author of A Random Walk Down Wall Street, joins the show to talk about the 50th anniversary of his investment classic.

Listen now and learn:

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

The start of a new year is one of the best inflection points for your finances.

There are really nice tax planning, investment, and capital allocation opportunities right now. If this year you are considering seeking professional help with your finances, this top "rewind" episode from 2022 is for you.

By the end of this episode, you'll understand how to structure your search for an advisor, research if they are trustworthy, and complete a structured interview with anyone you are considering hiring.

Listen now to learn:

To listen to the entire 3-part series this episode aired with, visit www.TheLongTermInvestor.com and listen to:

You'll also find all the show notes, free resources, and links mentioned in this episode.

Markets are down, inflation is high, and many are expecting a recession.

Are you ready?

In this "rewind" episode, I revisit a popular episode that is now more relevant than ever. By the end of this episode, I hope to help you answer an important question: "When is it time to seek professional help with your finances?"

Listen now to learn:

To listen to the entire 3-part series this episode aired with, visit www.TheLongTermInvestor.com and listen to:

You'll also find all the show notes, free resources, and links mentioned in this episode.

Successful retirement savers often find themselves in a high tax bracket during retirement (pensions, social security, RMDs, etc.). One of the downsides, in addition to a higher tax bill, is getting hit with Medicare IRMAA.

Listen now and learn:

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

After age 72, a Required Minimum Distribution (or RMD) must be withdrawn from your traditional IRAs and 401(k)s each year—whether you need it or not. Failing to take an RMD could result in a tax penalty worth up to 50% of the amount you should have taken.

Listen now and learn about seven strategies to minimize the RMD tax liability.

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

When it comes to maximizing wealth, there is usually going to be a mathematically optimal solution, but that solution doesn't always align with our human emotions.

Ben Carlson, co-host of Animal Spirits and author of A Wealth of Common Sense, joins me to talk about the variety of instances where spreadsheets and theory don't align with human emotions and reality.

Listen now and learn:

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Is the 60/40 portfolio dead?

Both stock and bond markets are down this year, which has led to the traditional framework of the 60/40 portfolio being called into question across a variety of media outlets.

Listen now and learn:

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Giving to charity is relatively straightforward, but there are many ways to maximize your gift and tax benefit with just a little planning.

In this episode, Plancorp's Sara Gelsheimer shares her deep knowledge of charitable giving strategies.

Listen now and learn:

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

—---------------------------------------

Although the popularity of index investing has exploded in the past decade, actively managed funds still make up the majority of investor assets.

Listen now and learn:

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

There is overwhelming evidence showing traditional active management is a losing strategy, but investors of all kinds still use it.

In this week's episode, I'm joined by Dr. Andrew Berkin, author of The Incredible Shrinking Alpha: How to Be a Successful Investor Without Picking Winners.

Listen now and learn:

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

The collective knowledge of financial markets is one of the reasons it is extremely difficult for active managers to consistently outperform the market.

Listen now and learn:

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Bob Seawright, author of The Better Letter, joins to share insights on making behavioral finance actionable.

Listen now and learn:

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

One of my favorite concepts when thinking about financial markets is complex adaptive systems, a concept that may sound overwhelming but is very easy to understand when thinking about piles of sand.

Listen now and learn:

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

This episode features Steve Liberatore, Nuveen's Head of ESG/Impact for Global Fixed Income.

Listen now and learn:

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

You may think that a Wealth Manager and Financial Advisor are the same thing, but a closer look at the distinctions reveals some important differences.

Listen now and learn:

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

As sustainable investing has gotten more popular, the industry and the media has largely erased the original meanings of the terms we used to rely on to help us differentiate between the different types.

Sam Adams, co-founder of Vert Asset Management and co-author of Your Essential Guide to Sustainable Investing, joins the show to explain everything you need to know.

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If you've made the commitment to invest in yourself by assembling a professional team around you, it's worth taking the time to ask: are you getting the full value for the price you're paying? And are there competencies your advisor might be missing?

Here are some questions that can make sure your financial advisor is not only someone you can fully trust but also someone who's doing the most for you.

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2022 has been a challenging time for global investors. Gargi Pal Chaudhuri, Head of iShares Investment Strategy and Markets Coverage, joins to share insight on everything that's been happening and what to look out for in the future.

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Now that interest rates have risen, investors need to know where it's best to look for yield.

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Successful investing is all about minimizing mistakes. Perhaps the most common mistake among people who take a natural interest in investing is owning individual stocks.

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Eduardo Repetto, CIO of Avantis Investors, discusses a variety of concepts related investing for higher expected returns.

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As you retire and transition from saving to spending, there are several unique planning opportunities and challenges that arise.

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In your 60s, retirement is approaching quickly. The decisions you make in the few years leading up to retirement and the first few years in retirement are potentially the most impactful financial decisions of your lifetime.

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Your 50s are the time you have the highest earnings and ability to save, so it's time to make the most of it.

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This is the third episode of the Investing By Age series.

As you move into your peak earning years, it's all about making smart decisions right now.

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This is the second episode of the Investing by Age series.

Your 30s are the time to begin building lasting wealth to meet life's growing demands.

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This is the first episode in the Investing by Age series.

The financial decisions you make in your 20s are arguably more impactful than any other time in your life because of the time your decisions have to compound.

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Why does the stock market go up? Author and finance commentator, Brian Feroldi, joins the show to answer the most common questions everyday people have about the stock market.

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How much do you need to retire?

People are living longer. Healthcare costs are rising. And we have no idea what Social Security will look like in the future. So it's no surprise that even the best savers have uncertainty around whether they are doing enough.

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Nicole Boyson has been a professor at Northeastern University since 2004 where she teaches and conducts research in areas such as investments and corporate finance. She joins us today to discuss her research on fiduciaries and brokers, particularly on financial advisors and potential conflicts of interest.

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Peter addresses a listener's question about making 529 withdrawals while the stock market is down.

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In this episode, I'm joined by Dr. Preston Cherry, Head of Financial Planning and Assistant Professor of Finance at University of Wisconsin Green Bay. He is also the president of Financial Therapy Association and host of the Life Money Balance podcast.

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Reading is one of life's greatest hacks.

Nonfiction offers you the ability to learn about any topic from the best and brightest minds in the world. Fiction provides hours upon hours of entertainment for less than the cost of a monthly subscription to Netflix.

Unfortunately, most people don't read much, but here are six easy ways to increase the number of books you read.

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Mary Child's is the cohost and correspondent for NPR's Planet Money, but this episode focuses on her new book covering iconic bond fund manager, Bill Gross.

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The S&P 500 is flirting with bear market territory (defined as a 20% decline from the high) as investors grapple with several variables including multi-decade high inflation, aggressive monetary policy tightening, and persistent global supply chain issues. Listen now and learn:

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Dr. Daniel Crosby, a psychologist and behavioral finance expert joins the show to talk about the things we get wrong and how to get them right.

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Keeping documents orderly and well-secured has long been an important part of financial management, and it's worth investing a little time to get your financial life in order if it's far from it right now.

Much of what it takes to implement better recordkeeping comes down to finding the appropriate balance between access and security.

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In these uncertain times, the basics matter more than ever. Joe Saul-Sehy and his co-author Emily Guy Birken take the basics and make them fun in their new book Stacked: Your Super-Serious Guide to Modern Money Management.

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A widely watched aspect of the yield curve has been making headlines recently. I want to help you better understand what everyone is talking about and how it impacts your investments.

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This episode features Nick Maggiulli, author of the new book Just Keep Buying and popular blog Of Dollars and Data.

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