Today on the podcast, we’re welcoming Barry Ritholtz. He’s co-founder, chairman, and chief investment officer of Ritholtz Wealth Management, a firm that was launched in 2013. He’s the creator and host of Masters in Business, one of the earliest finance-related podcasts. He also regularly posts on The Big Picture, where he’s been covering everything investing related since 2003. He is the author of Bailout Nation, and his latest book, How Not to Invest: The Ideas, Numbers, and Behaviors That Destroy Wealth—and How to Avoid Them, has just been published.

Barry Ritholtz LinkedIn

Ritholtz Wealth Management

Bailout Nation: How Greed and Easy Money Corrupted Wall Street and Shook the World Economy, with New Post-Crisis Update

How Not to Invest: The ideas, numbers, and behavior that destroy wealth—and how to avoid them

Masters in Business podcast

The Big Picture

“Masters in Business - Ray Dalio Full Show,” Masters in Business podcast, Nov. 30, 2018

“An Interview With Ken Feinberg: Masters in Business,” Masters in Business podcast, Oct. 9, 2015

“MiB: Charley Ellis on Rethinking Investing,” Masters in Business podcast, Feb. 21, 2025

“Why Fear Is an Investor’s Worst Enemy” by Samantha Lamas from the 2017 Morningstar ETF Conference, Morningstar.com, Sept. 12, 2017

“Rabbithole: What Do People Get Wrong About Money?” The Big Picture, March 10, 2025

“It’s Been 40 Years Since Our Cover Story Declared ‘The Death of Equities,’ ” by Peter Coy, Bloomberg, Aug. 13, 2019

Readings

Winning the Loser’s Game: Timeless Strategies for Successful Investing, Eighth Edition, by Charles D. Ellis

Expert Political Judgment: How Good Is It? How Can We Know?, by Philip E. Tetlock

Four Thousand Weeks: Time Management for Mortals, by Oliver Burkeman

Principles, by Ray Dalio

Our guest on the podcast today is author and retirement coach, Larry Jacobson. Larry is the author of a book called Your Ideal Retirement Workbook, A Step-by-Step Guide to Retiring With Purpose and Fulfillment, which coaches its readers on the steps to take to find purpose and identity in retirement. He embarked on a career as a retirement coach after stepping away from corporate life, and he sold his business in order to sail around the world.

LarryJacobson.com

Your Ideal Retirement Workbook: A Step-by-Step Guide to Retiring With Purpose and Fulfillment

YourIdealRetirementWorkbook.com

The Boy Behind the Gate: How His Dream of Sailing Around the World Became a Six-Year Odyssey of Adventure, Fear, Discovery, and Love

TED Talks episodes

Sail Into Retirement

OwntheStage.com

BuoyTraining.com

Retirement Coaches Association

Transitions, by William Bridges

Maslow’s Hierarchy of Needs

Our guest on the podcast today is Scott Bondurant. Scott is the founder and chief investment officer of Bondurant Investment Advisory, a registered investment advisor based in the Chicago suburbs. He is also an adjunct professor at Northwestern University, where he teaches an undergraduate course on the history of investing. He recently published a white paper about the importance of incorporating mean reversion in financial planning and portfolio construction, which we’ll be discussing in this podcast. Scott has a BA from Stanford University and an MBA from Duke University’s Fuqua School of Business. He started his career at Kidder Peabody and also worked for Paine Webber and Morgan Stanley before becoming a managing director for UBS.

Bio

Bondurant Investment Advisory

“Hidden in Plain Sight: The Dramatic Impact on Financial Planning and Portfolio Construction When Mean Reversion Is Incorporated in Risk and Return Expectations,” by Scott Bondurant, papers.ssrn.com, Nov. 25, 2024.

“Understanding ‘Mean Reversion’ Can Make or Break Retirement,” by Scott Bondurant, rethinking65.com, June 13, 2024.

“Mean Reversion: Unlocking a Foundational Investing Principle,” sbondinvest.com, Feb. 8, 2024.

Fair Disclosure, Regulation FD

“Charley Ellis: Indexing Is a Marvelous Gift,” The Long View podcast, morningstar.com, Aug. 5, 2025.

Devil Take the Hindmost: A History of Financial Speculation, by Edward Chancellor

Stocks for the Long Run: The Definitive Guide to Financial Market Returns & Long-Term Investment Strategies, by Jeremy Siegel

“Anomalies: The Equity Premium Puzzle,” by Jeremy Siegel and Richard Thaler, The Journal of Economic Perspectives, Winter, 1997.

“Do Stock Prices Move Too Much to Be Justified by Subsequent Changes in Dividends?” by Robert Shiller, papers.ssrn.com, April 12, 2004.

Nebo Wealth

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 Joe Davis, global chief economist at Vanguard and global head of the firm’s Investment Strategy Group. He chairs the firm’s Strategic Asset Allocation Committee, which governs multi-asset class investment solutions. And he is a member of the senior portfolio management team of Vanguard’s Fixed Income Group. Joe is the author of a new book called Coming Into View: How AI and Other Megatrends Will Shape Your Investments. Joe earned his B.A. from St. Joseph’s University and his master’s and Ph.D. in economics at Duke University.

Bio

Coming Into View: How AI and Other Megatrends Will Shape Your Investments

“Tariffs and Market Volatility: Perspectives for Investors,” by Joe Davis, vanguard.com, April 7, 2025.

“Vanguard Warns of 9% Treasury Bond Yields if Deficits Keep Ballooning,” by Sam Bourgi, investorsobserver.com, June 17, 2025.

“US Equity Outperformance,” video commentary by Joe Davis, vanguard.com, Feb. 4, 2025.

“America Needs an AI Boom to Grow Out of Our Debt Problem. There Is No Guarantee,” by Joe Davis, barrons.com, May 23, 2025.

“AI’s Impact on Productivity and the Workforce,” by Joe Davis, vanguard.com, March 4, 2025.

“Active Investing? Don’t Overlook Value in the Age of AI,” by Joe Davis, vanguard.com, Feb. 20, 2025.

“Megatrends and the US Economy, 1890-2040,” by Joe Davis, Lukas Brandl-Cheng, and Kevin Khang, papers.ssrn.com, June 10, 2024.

“Joe Davis: ‘We Will See China-Like Growth for a Time in the United States,’” The Long View podcast, Morningstar.com, April 14, 2021.

Our guest this week is Neil Shearing. Neil is Group Chief Economist at Capital Economics and the author of a new book, The Fractured Age: How the Return of Geopolitics Will Splinter the Global Economy. In addition to managing a team of economists and serving as a voice in the investment community, Neil is an associate fellow at Chatham House, an international affairs think tank. He joined Capital Economics in 2006 from the United Kingdom’s Treasury Ministry. He holds economics degrees from the University of London and the University of York.

Bio

The Fractured Age: How the Return of Geopolitics Will Splinter the Global Economy

Chatham House

“Neil Shearing: What You Might Be Missing About the Current Economy,” The Long View podcast, Morningstar.com, April 16, 2024.

“America or China? As the Global Economy Fractures, the World Will Have to Choose,” by Neil Shearing, capitaleconomics.com, Aug. 14, 2025.

“Trump, Institutions, and the Deafening Silence of the Markets,” by Neil Shearing, capitaleconomics.com, Aug. 6, 2025.

“Chinese Overcapacity Is a Disinflationary Gift and a Geopolitical Threat,” by Neil Shearing, capitaleconomics.com, July 21, 2025.

“Fiscal Stability Is Now as Much About People as Policy,” by Neil Shearing, capitaleconomics.com, July 14, 2025.

“This Trade War Is the Symptom—Global Fracturing Is the Cause,” by Neil Shearing, capitaleconomics.com, July 7, 2025.

“’Tariff Man’ Returns, US-China Diverging Price Risks—and Is AI Triggering a Jobs Bloodbath?” The Weekly Briefing podcast, capitaleconomics.com, July 11, 2025.

“Chip Choke: What Happens if China Throttles Taiwan’s Economy,” by Neil Shearing, afr.com, April 26, 2025.

Huawei

Smoot-Hawley Tariff Act

BIS Triennial Central Bank Survey

“America’s Biggest Rare-Earth Producer Makes a Play to End China’s Dominance,” by Jon Emont, wsj.com, July 15, 2025.

Hi, and welcome to The Long View. I’m Dan Lefkovitz, strategist for Morningstar Indexes. Our guest this week is Lawrence Lam. Lawrence is managing director and founder of Lumenary Investment Management based in Melbourne, Australia, a firm that specializes in founder-led companies globally. Lawrence is also the author of a new book called The Founder Effect. Lawrence has also been an investment banker, a derivatives consultant, and a financial regulator. He holds degrees from the University of Melbourne and is a lifetime basketball player.

Bio

Lumenary Investment Management

The Founder Effect

“Four Signs a Founder-Led Company Isn’t Worth the Hype,” by Lawrence Lam, afr.com, May 2, 2025.

“Lessons From the Rise and Fall of Founder-Led Companies,” by Lawrence Lam, firstlinks.com, March 26, 2025.

“Yvon Chouinard: The Founder of Patagonia,” by Charlie King, sustainabilitymag.com, Oct. 4, 2024.

FUCHS

Fortinet

Hermes

Uniqlo

Reply

Flight Centre

Chemist Warehouse

Le Specs

“Chemist Warehouse Founder Reveals His Success Secrets,” by Lawrence Lam, Morningstar.com.au, May 30, 2023.

“Social Loafing in Psychology: Definition, Examples & Theory,” by Riley Hoffman, simplypsychology.org, Sept. 7, 2023.

Arista