Our guest on the podcast today is David Booth. He’s the Chairman of Dimensional Fund Advisors, a firm he founded in 1981. David led Dimensional as CEO and later Co-CEO until 2017, when he stepped back from the daily management of the firm. David helped create one of the world’s first index funds in the 1970s and launched the first passively managed small-company strategy in the early 1980s. He received a bachelor’s degree in economics in 1968 and a master’s degree in business in 1969 from the University of Kansas. In 1971, he received an MBA from the University of Chicago. Over the years, David has been a benefactor to both schools, and the University of Chicago Booth School of Business is named in David’s honor. David, welcome to The Long View.

Bio

Tune Out the Noise

DFA US Small Cap

DFA US Micro Cap

“Stocks, Bonds, Bills and Inflation: Year-by-Year Historical Returns (1926-1974),” by Roger Ibbotson and Rex Siquefield, The Journal of Business, January 1976.

“The Cross-Section of Expected Stock Returns,” by Eugene Fama and Kenneth French, jstor.org, June 1992.

“Why Investors Missed Out on 15% of Total Fund Returns,” by Jeffrey Ptak, Morningstar.com, Aug. 15, 2024.

Errol Morris

Merton Miller

Eugene Fama

Mac McQuown

Rex Sinquefield

Robert Merton

Dan Wheeler

Daniel Kahneman

“Everything You Need to Know About ‘MADOFF: The Monster of Wall Street,’” by Ingrid Ostby, netflix.com, Jan. 4, 2023.

“DFA vs. Vanguard,” The Rational Reminder podcast, Episode 351, youtube.com.

“PHOTOS: A Look Inside the Booth Estate,” Austin American-Statesman, Feb. 13, 2020.

Today on the podcast we welcome back Cullen Roche. Cullen is the founder and chief investment officer of the Discipline Funds, which manages the Discipline Fund ETF. In addition, he heads up Orcam Group, a registered investment advisory firm he established in 2012. He’s authored several books, including Pragmatic Capitalism: What Every Investor Needs to Know About Money and Finance, and he has a new book coming out next year called Your Perfect Portfolio. Cullen started his career as an advisor at Merrill Lynch and worked at an event-driven hedge fund before starting his RIA firm. He received his bachelor’s degree in finance from Georgetown University’s McDonough School of Business. Cullen, welcome back to The Long View.

Bio

Discipline Funds

Discipline Fund ETF

Pragmatic Capitalism: What Every Investor Needs to Know About Money and Finance

Your Perfect Portfolio

“Let’s Talk About Tariffs,” by Cullen Roche, disciplinefunds.com, Feb. 3, 2025.

“Weekend Reading—How Did We Get Here?” by Cullen Roche, disciplinefunds.com, April 4, 2025.

“Three Things—Tariffs, Of Course,” by Cullen Roche, disciplinefunds.com, April 7, 2025.

“American Economic Association 2021-2022 Universal Academic Questionnaire Summary Statistics,” by Charles E. Scott and John J. Siegfried, jstor.org.

“Three Things—Is a Recession Coming?” by Cullen Roche, disciplinefunds.com, Feb. 8, 2025.

“What Is Defined Duration Investing?” by Cullen Roche, disciplinefunds.com, Feb. 21, 2023.

“Defined Duration Investing,” by Cullen Roche, paper.ssrn.com, Aug. 8, 2022.

“Three Things—State of the Markets,” by Cullen Roche, disciplinefunds.com, Feb. 22, 2025.

“Why Is International Investing Working Again?” by Cullen Roche, disciplinefunds.com, March 26, 2025.

“Three Things—Weekend Reading,” by Cullen Roche, disciplinefunds.com, April 19, 2025.

“Cullen Roche: Macro Is About Understanding the World for What It Is,” The Long View podcast, Morningstar.com, Jan. 11, 2022.

Milton Friedman

“NY Empire State Index: Meaning, Benefits, Example,” by Adam Hayes, Investopedia.com, June 30, 2022.

William Bernstein’s No-Brainer Portfolio

Meb Faber

The Humble Investor, by Dan Rasmussen

Our guest this week is Vincent Montemaggiore. Vince is a portfolio manager at Fidelity where he manages the Overseas Fund. The strategy is highly regarded by Morningstar’s manager research team. Prior to taking over Fidelity Overseas in 2012, Vince ran Fidelity Select Banking from June 2008. He joined Fidelity as an equity analyst in 2004. Vince has a bachelor’s from the University of Pennsylvania and an MBA from Columbia Business School. Vince, welcome to The Long View.

Bio

Fidelity Series Overseas FSOSX

“2025 Global Investing Outlook: Unsettling International Headlines Are Creating Opportunities for US Investors,” fidelity.com, Jan. 6, 2025.

“Trump Tariffs and Investors: What They Mean for Inflation, Stocks, and the Economy,” fidelity.com, April 9, 2025.

“Europe’s Magnificent 7 Stocks Are Profitable—And Cheaper,” by Jocelyn Jovene, morningstar.co.uk, Feb. 19, 2024.

GSK

Roche

ASML

Nestle

Novartis

SAP

RELX

LSEG and Microsoft Partnership

Hitachi

Tokio Marine

Bill Kennedy

Sammy Simnegar

Jed Weiss