The Long View

On the podcast this week, we welcome back Dave Sekera. Dave is the chief US market strategist for Morningstar Research Services. In his role, Dave publishes research and commentary on the state of the markets and economy and is a leading voice on Morningstar.com and our other platforms. Dave and Susan Dziubinski also do a weekly show for Morningstar.com called The Morning Filter. Before assuming his current role, Dave was a managing director for DBRS Morningstar. Prior to joining Morningstar in 2010, Dave worked in the alternative asset management field. He earned his bachelor’s degree in finance and decision sciences from Miami University and holds the Chartered Financial Analyst designation. You can follow him on X @Morningstar Markets. Dave, welcome back to The Long View. Background Bio [https://www.linkedin.com/in/davesekera/] The Morning Filter [https://www.youtube.com/playlist?list=PLdHNrgBvsSFTJVtTdMVTB6u1I2VqZQIid] Morningstar Wide Moat Focus [https://indexes.morningstar.com/indexes/details/morningstar-wide-moat-focus-FSUSA07Z10?currency=USD&variant=TR&tab=overview] Market Outlook: Healthcare, Tariffs, AI, and Inflation “2025 Market Outlook: Markets Are Priced to Perfection, but Will It Last? [https://www.morningstar.com/markets/2025-market-outlook-markets-are-priced-perfection-will-it-last]” by Dave Sekera, Morningstar.com, Jan. 10, 2025. “Don’t Panic: It’s Not 2022 All Over Again [https://www.morningstar.com/markets/dont-panic-its-not-2022-all-over-again],” by Dave Sekera, Morningstar.com, Aug. 5, 2024. “Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued [https://www.morningstar.com/stocks/healthcare-valuations-look-fair-overall-with-select-industries-still-undervalued],” by Karen Andersen, Morningstar.com, Oct. 3, 2024. “5 Stocks to Buy to Invest in AI With Less Risk [https://www.morningstar.com/markets/5-stocks-buy-invest-ai-with-less-risk],” The Morning Filter, Morningstar.com, Aug. 5, 2024. “Fed Rate Cut Shows the Main Battle Against Inflation Has Been Won [https://www.morningstar.com/economy/fed-rate-cut-shows-main-battle-against-inflation-has-been-won],” by Preston Caldwell, Morningstar.com, Sept. 18, 2024. “We Expect GDP Growth to Weaken Until Fed’s Rate Cuts Kick In [https://www.morningstar.com/economy/we-expect-gdp-growth-weaken-until-fed-starts-cutting-interest-rates],” by Preston Caldwell, Morningstar.com, Oct. 3, 2024. “US Stock Market Outlook: Tariffs Are 2025’s Wild Card [https://www.morningstar.com/markets/us-stock-market-outlook-tariffs-are-2025s-wildcard],” by Dave Sekera, Morningstar.com, Dec. 2, 2024. Other “Dave Sekera: Taking the Market’s Temperature [https://www.morningstar.com/podcasts/the-long-view/5cd86091-37a5-4c80-91b1-ab6d76ffb868],” The Long View podcast, Morningstar.com, July 18, 2023. CFA Society [https://www.cfasociety.org/home] CFA Society Chicago [https://www.cfachicago.org/] Stay Vigilant podcast [https://stayvigilant.substack.com/about]

Hi, and welcome to The Long View. I’m Christine Benz, director of personal finance and retirement planning for Morningstar. On the podcast today, we welcome back Jordan Grumet. Jordan’s latest book is called The Purpose Code: How to Unlock Meaning, Maximize Happiness, and Leave a Lasting Legacy. His previous book was called Taking Stock: A Hospice Doctor’s Advice on Financial Independence, Building Wealth, and Living a Regret-Free Life. Jordan is a hospice doctor, and he hosts the popular Earn & Invest podcast. He received his undergraduate degree from the University of Michigan and his medical degree from Northwestern University. Jordan, welcome back to The Long View. Background Bio [https://jordangrumet.com/about-me/] The Purpose Code: How to Unlock Meaning, Maximize Happiness, and Leave a Lasting Legacy [https://jordangrumet.com/books/] Taking Stock: A Hospice Doctor’s Advice on Financial Independence, Building Wealth, and Living a Regret-Free Life [https://jordangrumet.com/books/] Earn & Invest [https://www.earnandinvest.com/coaching] podcast Happiness Studies “High Income Improves Evaluation of Life but not Emotional Well-Being [https://www.pnas.org/doi/10.1073/pnas.1011492107],” by Daniel Kahneman and Angus Deaton, pnas.org, Sept. 7, 2010. “Experienced Well-Being Rises With Income, Even Above $75,000 per Year [https://www.pnas.org/doi/abs/10.1073/pnas.2016976118],” by Matthew Killingsworth, pnas.org, Jan. 18, 2021. “Income and Emotional Well-Being: A Conflict Resolved [https://www.pnas.org/doi/10.1073/pnas.2208661120],” by Matthew Killingsworth, Daniel Kahneman, and Barbara Mellers, pnas.org, March 1, 2023. Harvard Study of Adult Development [https://www.adultdevelopmentstudy.org/] Other How to Retire: 20 Lessons for a Happy, Successful, and Wealthy Retireme [https://linktr.ee/christine_benz]nt, by Christine Benz The Art of Subtraction: Doing More With Less [https://store.hbr.org/product/the-art-of-subtraction-doing-more-with-less/ROT267?srsltid=AfmBOoreIal7VBDmbsbSN8g-u0jKAO5O4JBitD7cbIb52zge9ZkRREa5], by Matthew May US Bureau of Labor Statistics’ American Time Use Survey [https://www.bls.gov/tus/] “The Free-Time Paradox in America [https://www.theatlantic.com/business/archive/2016/09/the-free-time-paradox-in-america/499826/],” by Derek Thompson, theatlantic.com, Sept. 13, 2016.

Hi, and welcome to The Long View. I’m Christine Benz, director of personal finance and retirement planning for Morningstar. On this week’s episode, we’ll feature some of our favorite clips from interviews we’ve done with financial planners, advisors, and retirement researchers over the past year. It’s a counterpart to a previously released “best of” episode that was all about investing. “Daniel Crosby: Can Money Really Buy Happiness? [https://www.morningstar.com/podcasts/the-long-view/598895e8-a855-4a9a-8d8a-a9fa7f18d22e]” The Long View podcast, Morningstar.com, Dec. 17, 2024. “Scott Rick: Are You a Tightwad or a Spendthrift? [https://www.morningstar.com/podcasts/the-long-view/64a1f7f2-3dfb-4401-92a8-441681a14021]” The Long View podcast, Morningstar.com, June 18, 2024. “Anne Lester: You’re Bad at Savings and It’s Not Your Fault [https://www.morningstar.com/podcasts/the-long-view/ca59d5dc-f492-48de-8827-db406cd41276],” The Long View podcast, Morningstar.com, March 12, 2024. “Mark Berg: How to Help Kids Financially Without Ruining Them [https://www.morningstar.com/podcasts/the-long-view/4056b2c5-46b9-44e3-b23f-340a769869b6],” The Long View podcast, Morningstar.com, Nov. 19, 2024. “Marc Freedman: The Case for Encore Careers [https://www.morningstar.com/podcasts/the-long-view/1423718a-328f-4e44-8c79-eb36476d37e5],” The Long View podcast, Morningstar.com, Feb. 20, 2024. “Howard Gleckman: We Pretend This Isn’t a Problem [https://www.morningstar.com/podcasts/the-long-view/20b45013-f02a-4f2d-9b2e-de35357c6330],” The Long View podcast, Morningstar.com, Jan. 16, 2024. “Roger Young: Visualizing Retirement Is So Important [https://www.morningstar.com/podcasts/the-long-view/47fac9fa-f4ca-4ccf-bc94-13062ae715e7],” The Long View podcast, Morningstar.com, Feb. 13, 2024. “Jamila Souffrant: ‘What Type of Life Do You Actually Want to Live?’ [https://www.morningstar.com/podcasts/the-long-view/5376ecd7-c1cc-4226-a953-5ee313551cfb]” The Long View podcast, Morningstar.com, May 28, 2024. “Jackie Cummings Koski: Late Starters Can Still Find FIRE [https://www.morningstar.com/podcasts/the-long-view/b8be2cd1-4d29-411d-974f-3a7b83fdcce7],” The Long View podcast, Morningstar.com, Aug. 20, 2024. “Meir Statman: ‘The Biggest Risks in Life Are Not in the Stock Market,’ [https://www.morningstar.com/podcasts/the-long-view/f77b0571-f8c9-4710-b27e-81b359ae4746]” The Long View podcast, Morningstar.com. “Christine Benz: How to Retire [https://www.morningstar.com/podcasts/the-long-view/3c6152fc-7c68-4e99-bbac-268b280a2eff],” The Long View podcast, Morningstar.com, Sept. 17, 2024. “Brad Klontz: What’s Your Money Script? [https://www.morningstar.com/podcasts/the-long-view/238c2e1c-9734-4f8a-91b1-33e65d65d33e]” The Long View podcast, Morningstar.com, Dec. 10, 2024. “Anne Tergesen: What Retirement Looks Like Today [https://www.morningstar.com/podcasts/the-long-view/7afc107e-6ff3-4899-bfbc-d9f7f44aa1ad],” The Long View podcast, Morningstar.com, Oct. 29, 2024. “Jonathan Clements: ‘Life Is Full of Small Pleasures,’ [https://www.morningstar.com/podcasts/the-long-view/7c6ad205-5452-43d2-ae87-8140815dc288]” The Long View podcast, Morningstar.com, Oct. 15, 2024.

Hi, and welcome to The Long View. I’m Dan Lefkovitz, strategist for Morningstar Indexes. In this episode, we’ll share some of our favorite clips from 2024 interviews with portfolio managers, economists, and investment thinkers. It’s the companion to Christine Benz’s “Best of Episode” featuring highlights from conversations with financial planners, advisors, and retirement researchers. “Joel Fried and Al Mordecai: Upholding the Culture at Primecap Management [https://www.morningstar.com/podcasts/the-long-view/03d0879d-2fe7-46fb-92c5-7b173b1efa3a],” The Long View podcast, Morningstar.com, Jan. 30, 2024. “JB Taylor: Small Caps Haven’t Been This Cheap in 25 Years [https://www.morningstar.com/podcasts/the-long-view/fe3441aa-7468-4684-b752-caaf83a36acb],” The Long View podcast, Morningstar.com, March 5, 2024. “Jody Jonsson: The Case for a Global Portfolio [https://www.morningstar.com/podcasts/the-long-view/bcc67667-1924-457c-aa7c-8d155591e442],” The Long View podcast, Morningstar.com, Jan. 23, 2024. “Bryan Armour: Is Index Investing’s Superpower Unstoppable? [https://www.morningstar.com/podcasts/the-long-view/33f24f7a-8a96-40f5-8188-606e7009fd82]” The Long View podcast, Morningstar.com, March 19, 2024. “Sonali Pier: Don’t Rent Yield [https://www.morningstar.com/podcasts/the-long-view/9717323b-8127-4346-91c9-903328f64d16],” The Long View podcast, Morningstar.com, Feb. 27, 2024. “Neil Shearing: What the Consensus Is Missing About the Current Economy [https://www.morningstar.com/podcasts/the-long-view/564b06af-7352-43f5-8f03-a408b3d626be],” The Long View podcast, Morningstar.com, April 16, 2024. “Omar Aguilar and Sébastien Page: Market Outlook for 2024 and Beyond [https://www.morningstar.com/podcasts/the-long-view/3d16c58a-0a86-4f1c-9e94-7374b9085ba4],” The Long View podcast, Morningstar.com, Aug. 27, 2024. “Carl Tannenbaum: Settling Into ‘Soft-Landing Territory,’ [https://www.morningstar.com/podcasts/the-long-view/c4738fb4-d2d5-49c2-92c8-527eea9f11f3]” The Long View podcast, Morningstar.com, July 30, 2024. “David Herro and Rajiv Jain: Should US Investors Renew Their Passports? [https://www.morningstar.com/podcasts/the-long-view/09671353-a015-4843-a918-9a729e340097]” The Long View podcast, Morningstar.com, July 9, 2024. “Carl Vine: The Japan Earnings Story Has Legs [https://www.morningstar.com/podcasts/the-long-view/1d7eb0e0-b038-4b1c-94c3-d1fbfdde6d94],” The Long View podcast, Morningstar.com, April 30, 2024. “Justin Leverenz: Emerging Markets Are ‘Incredibly Attractive,’ [https://www.morningstar.com/podcasts/the-long-view/feaf867c-85f3-4d28-85a6-d8e78b179fe0]” The Long View podcast, Morningstar.com, Feb. 6, 2024. “Ankur Crawford: ‘When Software Begins to Write Software, Innovation Is Exponential,’ [https://www.morningstar.com/personal-finance/ankur-crawford-when-software-begins-write-software-innovation-is-exponential]” The Long View podcast, Morningstar.com, Sept. 24, 2024. “Jeremy Grantham: The Bigger the New Idea, the More the Market Becomes Overpriced [https://www.morningstar.com/podcasts/the-long-view/4ee6b4db-4174-425c-b58e-856d9aa7e576],” The Long View podcast, Morningstar.com, Oct. 8, 2024. “Dan Ivascyn: The Outlook for Bonds Amid a Covid ‘Aftershock Global Economy,’ [https://www.morningstar.com/podcasts/the-long-view/9fd53f0e-b179-4e32-a205-0ab7e1b88eea]” The Long View podcast, Morningstar.com, May 21, 2024.

Today on the podcast, we welcome back Dr. Daniel Crosby. Daniel is the author of a new book called The Soul of Wealth: 50 Reflections on Money and Meaning. Daniel is the chief behavioral officer at Orion Advisor Solutions. In addition to The Soul of Money, Daniel has written several other books on behavioral finance, including The Behavioral Investor, The Laws of Wealth: Psychology and the Secret to Investor Success, and You’re Not That Great. Daniel also hosts his own podcast called Standard Deviations. He received his Bachelor of Science degree and PhD in Psychology, both from Brigham Young University. Background Bio [https://orion.com/thought-leader/daniel-crosby] “Daniel Crosby: ‘If You’re Excited About It, It’s Probably a Bad Idea,’ [https://www.morningstar.com/podcasts/the-long-view/18a31efd-ef1c-4855-b6a0-9843f26c6b5a]” The Long View podcast, Morningstar.com, Aug. 31, 2021. Books: The Soul of Wealth: 50 Reflections on Money and Meaning [https://www.amazon.com/Soul-Wealth-reflections-money-meaning/dp/1804090441/?_encoding=UTF8&pd_rd_w=wzxL9&content-id=amzn1.sym.bc3ba8d1-5076-4ab7-9ba8-a5c6211e002d&pf_rd_p=bc3ba8d1-5076-4ab7-9ba8-a5c6211e002d&pf_rd_r=130-0983607-8019703&pd_rd_wg=KNaqd&pd_rd_r=9c4df00f-aa34-426f-a390-a3bf8898cb9a&ref_=aufs_ap_sc_dsk] The Behavioral Investor: The Art and Science of Investment Management [https://www.amazon.com/Behavioral-Investor-Daniel-Crosby/dp/9388423623/ref=pd_bxgy_thbs_d_sccl_2/130-0983607-8019703?pd_rd_w=qm1e3&content-id=amzn1.sym.53b72ea0-a439-4b9d-9319-7c2ee5c88973&pf_rd_p=53b72ea0-a439-4b9d-9319-7c2ee5c88973&pf_rd_r=EZ7HBF3QMZ461R3FX6EM&pd_rd_wg=8rEtM&pd_rd_r=7eda82e8-b00c-4575-949c-98766728069f&pd_rd_i=9388423623&psc=1] The Laws of Wealth: Psychology and the Secret to Investing Success [https://www.amazon.com/Laws-Wealth-paperback-Psychology-investing/dp/0857197835/ref=pd_bxgy_thbs_d_sccl_1/130-0983607-8019703?pd_rd_w=ln1rx&content-id=amzn1.sym.53b72ea0-a439-4b9d-9319-7c2ee5c88973&pf_rd_p=53b72ea0-a439-4b9d-9319-7c2ee5c88973&pf_rd_r=1QVJ2008R51ESCWXEZMV&pd_rd_wg=PRPfD&pd_rd_r=984c16ef-c55c-41b8-adb5-6c5ac9ccbaa2&pd_rd_i=0857197835&psc=1] You’re Not That Great [https://www.amazon.com/Youre-That-Great-Daniel-Crosby-ebook/dp/B00A6DDBFW/ref=sr_1_1?crid=2YO0UIVJ9VHUM&dib=eyJ2IjoiMSJ9.7fq9BcChXw8t5b0XQgBFZcJ9UtRTue5yCkobwDZbSDo.6QBKeDkV9DwdKtDEhlUATnUh3WrSB59jyU4oiaOLd10&dib_tag=se&keywords=You%27re+not+that+great+daniel+crosby&qid=1734385603&s=books&sprefix=you%27re+not+that+great+daniel+crosby%2Cstripbooks%2C147&sr=1-1] Standard Deviations [https://orion.com/podcast/standard-deviations] podcast Money and Happiness “High Income Improves Evaluation of Life but Not Emotional Well-Being [https://www.pnas.org/doi/10.1073/pnas.1011492107],” by Daniel Kahneman and Angus Deaton, Psychological and Cognitive Sciences, Aug. 4, 2010. “Income and Emotional Well-Being: A Conflict Resolved [https://www.pnas.org/doi/epdf/10.1073/pnas.2208661120],” by Daniel Kahneman, Matthew Killingsworth, and Barbara Mellers, Psychological and Cognitive Sciences, Nov. 29, 2022. Other The Creative Act: A Way of Being [https://www.penguinrandomhouse.com/books/717356/the-creative-act-by-rick-rubin/], by Rick Rubin “Michael Finke: Here’s What Makes Retirees Happy [https://www.morningstar.com/retirement/michael-finke-heres-what-makes-retirees-happy],” The Long View podcast, Morningstar.com, Oct. 2, 2019. Martin Seligman [https://www.pursuit-of-happiness.org/history-of-happiness/martin-seligman-psychology/] Daniel Crosby on X [https://x.com/danielcrosby/status/1534584565431296001]