The Long View

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. BACKGROUND Bio [https://www.linkedin.com/in/cullenroche/] Discipline Funds [https://www.morningstar.com/asset-management-companies/discipline-funds-BN00000N2B] Discipline Fund ETF [https://www.morningstar.com/etfs/bats/dscf/quote] Pragmatic Capitalism: What Every Investor Needs to Know About Money and Finance [https://www.amazon.com/Pragmatic-Capitalism-Every-Investor-Finance/dp/1137279311] Your Perfect Portfolio [https://www.panmacmillan.com/authors/cullen-roche/your-perfect-portfolio/9781804091920] TARIFFS AND RECESSION “Let’s Talk About Tariffs [https://disciplinefunds.com/2025/02/03/lets-talk-about-tariffs/],” by Cullen Roche, disciplinefunds.com, Feb. 3, 2025. “Weekend Reading—How Did We Get Here? [https://disciplinefunds.com/2025/04/04/weekend-reading-how-did-we-get-here/]” by Cullen Roche, disciplinefunds.com, April 4, 2025. “Three Things—Tariffs, Of Course [https://disciplinefunds.com/2025/04/07/three-things-tariffs-of-course/],” by Cullen Roche, disciplinefunds.com, April 7, 2025. “American Economic Association 2021-2022 Universal Academic Questionnaire Summary Statistics [https://www.jstor.org/stable/27174475],” by Charles E. Scott and John J. Siegfried, jstor.org. “Three Things—Is a Recession Coming? [https://disciplinefunds.com/2025/02/28/three-things-is-a-recession-coming/]” by Cullen Roche, disciplinefunds.com, Feb. 8, 2025. DEFINED DURATION INVESTING “What Is Defined Duration Investing? [https://disciplinefunds.com/2023/02/21/what-is-all-duration-investing/]” by Cullen Roche, disciplinefunds.com, Feb. 21, 2023. “Defined Duration Investing [https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4185202#:~:text=This%20%E2%80%9CDefined%20Duration%E2%80%9D%20approach%20enhances,more%20predictable%20financial%20planning%20process.],” by Cullen Roche, paper.ssrn.com, Aug. 8, 2022. THE FED AND GLOBAL INVESTING “Three Things—State of the Markets [https://disciplinefunds.com/2025/02/22/three-things-state-of-the-markets/],” by Cullen Roche, disciplinefunds.com, Feb. 22, 2025. “Why Is International Investing Working Again? [https://disciplinefunds.com/2025/03/26/why-is-international-investing-working-again/]” by Cullen Roche, disciplinefunds.com, March 26, 2025. “Three Things—Weekend Reading [https://disciplinefunds.com/2025/04/19/three-things-weekend-reading-15/],” by Cullen Roche, disciplinefunds.com, April 19, 2025. OTHER “Cullen Roche: Macro Is About Understanding the World for What It Is [https://www.morningstar.com/podcasts/the-long-view/8b39ee33-b426-4b0c-94dc-3e7b5e5864bb],” The Long View podcast, Morningstar.com, Jan. 11, 2022. Milton Friedman [https://en.wikipedia.org/wiki/Milton_Friedman] “NY Empire State Index: Meaning, Benefits, Example [https://www.investopedia.com/terms/n/nyempirestateindex.asp],” by Adam Hayes, Investopedia.com, June 30, 2022. William Bernstein’s No-Brainer Portfolio [https://portfoliocharts.com/portfolios/no-brainer-portfolio/] Meb Faber [https://mebfaber.com/about/] The Humble Investor [https://www.linkedin.com/posts/rasmussen16_the-humble-investor-is-out-today-activity-7292517459360661505-l2Jz/], 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. BACKGROUND Bio [https://www.linkedin.com/in/vincent-montemaggiore-b485195/] Fidelity Series Overseas FSOSX [https://www.morningstar.com/funds/xnas/fsosx/analysis] GLOBAL OUTLOOK “2025 Global Investing Outlook: Unsettling International Headlines Are Creating Opportunities for US Investors [https://www.fidelity.com/learning-center/trading-investing/international-stocks-outlook],” fidelity.com, Jan. 6, 2025. “Trump Tariffs and Investors: What They Mean for Inflation, Stocks, and the Economy [https://www.fidelity.com/learning-center/trading-investing/whats-happening-with-tariffs-now],” fidelity.com, April 9, 2025. GRANOLAS STOCKS MENTIONED “Europe’s Magnificent 7 Stocks Are Profitable—And Cheaper [https://www.morningstar.co.uk/uk/news/246388/europes-magnificent-7-stocks-are-profitable---and-cheaper.aspx],” by Jocelyn Jovene, morningstar.co.uk, Feb. 19, 2024. GSK [https://www.morningstar.com/stocks/xnys/gsk/quote] Roche [https://www.morningstar.com/stocks/xswx/rog/quote] ASML [https://www.morningstar.com/stocks/xnas/asml/quote] Nestle [https://www.morningstar.com/stocks/xswx/nesn/quote] Novartis [https://www.morningstar.com/stocks/xnys/nvs/quote] SAP [https://www.morningstar.com/stocks/xnys/sap/quote] AI AND COMPANIES MENTIONED RELX [https://www.relx.com/] LSEG and Microsoft Partnership [https://www.lseg.com/en/microsoft-partnership] OTHER Hitachi [https://www.morningstar.com/stocks/pinx/hthiy/quote] Tokio Marine [https://www.morningstar.com/stocks/pinx/tkomy/quote] Bill Kennedy [https://institutional.fidelity.com/app/funds/managerinformation/406/2143.html] Sammy Simnegar [https://institutional.fidelity.com/app/funds/managerinformation/1066/291.html] Jed Weiss [https://institutional.fidelity.com/app/funds/managerinformation/517/1481.html]

Today on the podcast, we welcome back Jean Chatzky. Jean is the CEO of HerMoney.com and host of the podcast, HerMoney with Jean Chatzky. She has served as the financial editor of NBC Today for 25 years and is the financial ambassador for AARP. She appears frequently on CNN, MSNBC, and was a recurring guest on The Oprah Winfrey Show. She has written several New York Times bestselling books. Her latest is Women with Money: The Judgment-Free Guide to Creating the Joyful, Less Stressed, Purposeful (and, Yes, Rich) Life You Deserve. Jean also appears in my book How to Retire, where she talks about retirement planning considerations for women. BACKGROUND Bio [https://www.linkedin.com/in/jeanchatzky/] HerMoney podcast [https://hermoney.com/t/podcasts/] FinanceFixx [https://portal.financefixx.com/coastal/s/] Women With Money: The Judgment-Free Guide to Creating the Joyful, Less Stressed, Purposeful (and, Yes, Rich) Life You Deserve [https://jeanchatzky.com/books/], by Jean Chatzky Opportunity Knocks [https://www.opportunityknocks.net/about/] AARP [https://www.aarp.org/benefits-discounts/members-only-access/info-2022/closing-the-savings-gap-audio-series.html] WOMEN IN INVESTING AND FINANCIAL ADVISORS “How to Choose a Financial Advisor [https://www.linkedin.com/posts/jeanchatzky_choosing-your-financial-advisor-is-a-big-activity-7273055104386138112-VBnP/],” video post by Jean Chatzky, Linkedin.com. “Jean Chatzky on Women in Investing: Are You Taking Control of Your Money? [https://www.forbes.com/sites/melissahouston/2022/04/21/jean-chatzky-on-women-and-investing-are-you-taking-control-of-your-money/]” by Melissa Houston, forbes.com, April 21, 2022. ANNUITIES, LONG-TERM CARE, FIRE “The High Costs of Senior Caregiving [https://www.kiplinger.com/personal-finance/the-high-costs-of-senior-caregiving],” by Ella Vincent, Kiplinger.com, Aug. 3, 2023. “Long-Term Care Insurance Rate Increase Creates Big Headache [https://www.aarp.org/money/personal-finance/long-term-care-insurance-rate-hikes/],” by Jean Chatzky, aarp.com, Feb. 7, 2023. “Are Annuities a Good Investment? What They Are and Why Women Should Consider Them [https://hermoney.com/invest/retirement/are-annuities-a-good-investment-podcast-433/],” HerMoney With Jean Chatzky, episode 433, hermoney.com, July 24, 2024. “How to Retire Early Without Hating Your Life [https://hermoney.com/invest/retirement/how-to-retire-early-without-hating-your-life-podcast-459/],” HerMoney With Jean Chatzky, episode 459, hermoney.com, Jan. 22, 2025. OTHER “Jean Chatzky: ‘Financial Stress Is a Big Topic in Need of More Oxygen,’ [https://www.morningstar.com/financial-advisors/jean-chatzky-financial-stress-is-big-topic-need-more-oxygen]” The Long View podcast, Morningstar.com, Dec. 15, 2020. How to Retire: 20 Lessons for a Happy, Successful, and Wealthy Retirement [https://www.amazon.com/How-Retire-lessons-successful-retirement/dp/1804090697], by Christine Benz Karen Finerman [https://www.cnbc.com/karen-finerman/] Michael Kitces [https://www.kitces.com/] Alliance for Lifetime Income [https://www.protectedincome.org/] Jean Chatzky The Today Show archives [https://jeanchatzky.com/category/nbc-todayshow/]

Our guest on the podcast today is Dr. Jay Zigmont. He’s the author of a new book called The Childfree Guide to Life and Money, and he’s also the founder and CEO of Childfree Wealth, a financial planning firm dedicated to helping people without kids. Dr. Jay is a certified financial planner, and he also has his MBA, as well as his PhD in Adult Learning from the University of Connecticut. He hosts the Childfree Wealth podcast, and he previously published another book called Portraits of Childfree Wealth. Dr. Jay, welcome to The Long View. BACKGROUND Bio [https://www.linkedin.com/in/jayzigmont/] Childfree Wealth [https://childfreewealth.com/] Childfree Wealth podcast [https://childfreewealth.com/podcasts/] The Childfree Guide to Life and Money: Make Your Finances Simple So Your Life Without Kids Can Be Amazing [https://childfreewealth.com/childfree-guide/], by Jay Zigmont Portraits of Childfree Wealth: 26 stories about how being Childfree impacts your life, wealth and finances [https://www.amazon.com/Portraits-Childfree-Wealth-Jay-Zigmont/dp/1945050020], by Jay Zigmont BEING CHILDFREE “Census Bureau: Older Childless Women Make More Money, In Better Health Than Male Counterparts [https://www.forbes.com/sites/carlieporterfield/2021/08/31/census-bureau-older-childless-women-make-more-money-in-better-health-than-male-counterparts/],” by Carlie Porterfield, forbes.com, Aug. 31, 2021. “11% of Older Americans (55+) Are Childfree [https://childfreewealth.com/resources/11-of-older-americans-55-are-childfree/],” by Jay Zigmont, childfreewealth.com, Aug. 28, 2022. “Among Unmarried Adults, Women Without Children Have as Much Wealth as Single Men [https://www.pewresearch.org/short-reads/2024/11/04/among-unmarried-adults-women-without-children-have-as-much-wealth-as-single-men/],” by Richard Fry, pewresearch.org, Nov. 4, 2024. “Choosing the FILE Lifestyle—Financial Independence, Live Early [https://childfreewealth.com/resources/file-lifestyle/],” by Jay Zigmont, childfreewealth.com, Aug. 28, 2022. “FILE vs FIRE—Finding What Is Right For You [https://childfreewealth.com/resources/file-vs-fire/],” by Jay Zigmont, childfreewealth.com, Aug. 28, 2022. DIE WITH ZERO Die With Zero: Getting All You Can From Your Money and Your Life [https://www.amazon.com/Die-Zero-Getting-Your-Money/dp/0358567092], by Bill Perkins “How Do I Embrace the Die With Zero Approach? [https://childfreeacademy.com/blog/die-with-zero]” by Jay Zigmont, childfreewealth.com, April 30, 2024. “Not Having Children ‘Breaks’ Traditional Financial Planning, says CFP—8 Money Rules for Childfree People [https://www.cnbc.com/2023/12/05/money-rules-for-childfree-people-according-to-a-cfp.html],” by Ryan Ermey, cnbc.com, Dec. 5, 2023. LONG-TERM CARE AND ESTATE PLANNING “How Much Does Assisted Living Cost in 2023? [https://finance.yahoo.com/news/much-does-assisted-living-cost-210015573.html]” by Sam DiSalvo, finance.yahoo.com, March 30, 2023. “Long-Term Care for Childfree Individuals [https://childfreewealth.com/resources/long-term-care-childfree/],” by Jay Zigmont, childfreewealth.com, Nov. 23, 2023. “Who Will Take Care of Me? [https://childfreewealth.com/resources/take-care-of-me/]” by Jay Zigmont, childfreewealth.com, Dec. 12, 2023. “Get Your Paperwork Right, Now!—Wills, Beneficiaries, Living Wills, POAs and More [https://childfreewealth.com/resources/get-your-paperwork-right-now-wills-beneficiaries-living-wills-poas-and-more/],” by Jay Zigmont, childfreewealth.com, Aug. 28, 2022. OTHER “New Report: Being Childfree May Not Make You Rich, But It May Make You Happy [https://childfreewealth.com/resources/report-childfree-finances-happy/],” by Jay Zigmont, childfreewealth.com, Oct. 6, 2022. “The Gardener and the Rose [https://childfreewealth.com/resources/gardener-rose/#:~:text=For%20a%20Rose%20to%20bloom,I%2C%20we%20are%20both%20PhDs.],” by Jay Zigmont, childfreewealth.com, Aug. 28, 2022. The Purpose Code: How to Unlock Meaning, Maximize Happiness, and Leave a Lasting Legacy [https://jordangrumet.com/books/], by Jordan Grumet “Jordan Grumet: The Purpose Code [https://www.morningstar.com/podcasts/the-long-view/36803ba8-6004-4640-af83-630448dc9ab3],” The Long View podcast, Morningstar.com, Jan. 7, 2025.

Our guest this week is Sudarshan Murthy from GQG Partners. Sudarshan is a co-portfolio manager on all GQG investment strategies, which include global equities, US equities, and emerging markets. Before joining GQG in 2016, Sudarshan worked as an Asian equities analyst for Matthews International, and he was also a sell-side researcher at Sanford Bernstein. Before his investment career, Sudarshan worked in IT services at Infosys Technologies and in banking. He holds degrees from the National Institute of Technology in India, the Indian Institute of Management, and the Wharton School of the University of Pennsylvania. BACKGROUND GQG Partners [https://gqg.com/] LinkedIn bio [https://www.linkedin.com/in/sudarshan-murthy-cfa-6a0226/] EMERGING MARKETS “Turning Tides in Emerging Markets: India, Indonesia, and Brazil are making waves,” [https://gqg.com/insights/turning-tides-in-emerging-markets/] GQG Research, Feb. 18, 2025. “GQG’s $19 Billion Fund Says Chinese Stock Rally Is ‘Confusing,’ ” [https://www.bloomberg.com/news/articles/2024-03-01/gqg-s-19-billion-fund-says-chinese-stock-rally-is-confusing?embedded-checkout=true] by Ishika Mookerjee, Bloomberg, March 1, 2024 “India has moved from red tape to red carpet”: PM Modi in virtual address at G20 meet, [https://www.financialexpress.com/business/defence-india-has-moved-from-red-tape-to-red-carpet-pm-modi-in-virtual-address-at-g20-meet-3220977/] Financial Express, Aug. 24, 2023 “Navigating the Herd Mentality in Indian Markets,” [https://gqg.com/insights/navigating-the-herd-mentality-in-indian-markets/] GQG Research, Nov. 15, 2024 CURRENT EVENTS “Sudarshan Murthy speaks with Gabriel Mellqvist from EFN Ekonomikanalen about elections,” [https://www.instagram.com/gqgpartners/reel/DCHQG7svnpL/] GQG Partners Instagram, Nov. 8, 2024. “What are the potential impacts of the new US administration’s tariff policies?” [https://www.facebook.com/GQGPartnersLLC/videos/9394195877297048/?rdid=PUpoZllb3fcfvTrC#] GQG Facebook video, Jan. 9, 2025.