The Long View

Sara Devereux: Bonds Are Still Ballast

Today’s guest on The Long View is Sara Devereaux [https://www.linkedin.com/in/sara-devereux-516610a]. Sara is the Chief Investment Officer of Vanguard Capital Management and Global Head of Fixed Income [https://corporate.vanguard.com/content/corporatesite/us/en/corp/what-we-think/bios.html#tabs-16582f12f6-item-2706a0ed13-tab]. She oversees the investment professionals responsible for portfolio management, trading, and research for Vanguard’s internally managed fixed-income funds and ETFs, including actively managed bond and money market portfolios and bond index portfolios. Before joining Vanguard in 2019, Sara was a partner at Goldman Sachs, where she spent over 20 years in mortgage-backed securities and structured products trading and sales. Earlier in her career, she worked at HSBC, in risk management advisory and interest rate derivative structuring. She started her career as an actuary at AXA Equitable Life Insurance. Barron has named Sara to its annual list of the 100 Most Influential Women in US Finance [https://www.barrons.com/women-in-finance?gaa_at=eafs&gaa_n=AWEtsqelfQ4tpNwUCI_hBUli6Sj_f_wpK-2wN1Smfiy8SBhAXD3J1rkPxWtSXFGPcB4%3D&gaa_ts=698a2b71&gaa_sig=gmuq4SFptGb4gS_M3dvG4bzKPQnBwtFHdAkAtHh3SoeewrMipli4_MxXY-SS-q7wC5eUXAk-6-GXudFhn0nzMg%3D%3D] every year since 2022 [https://www.barrons.com/women-in-finance/2022?gaa_at=eafs&gaa_n=AWEtsqc9S5f-dY5HLmn6unSJIxOz5YBXNDTTKmMQB5aqUkvpB3EWXNV3LnOElPAq3G8%3D&gaa_ts=698a2b4f&gaa_sig=nwCxfc43jv-PpVP7ZPH_hFLdW7Dmf0rIdiYGe0MoOJU1B8P0MB22y8adSISlNM6gB3kWhoJS7sm57EbzZebYDQ%3D%3D]. EPISODE HIGHLIGHTS 00:00:00 Vanguard’s Investing Philosophy and New Innovations 00:06:20 Active Fixed-Income Strategy and the Alpha Waterfall 00:13:34 ETF’s Explosion, Active Management, and Private Credit Risk 00:23:10 How Technology Is Reshaping the Bond Market 00:29:51 Bond Market Performance 2025, Bonds as Ballasts, and Term Premiums 00:37:27 Bond Market Risks in 2026 00:42:51 Shifting Policy Crosswinds, Cracks in Credit, and AI Capex Risks 00:50:18 Technical Signals to Watch in 2026 BOOKS MENTIONED Stay the Course: The Story of Vanguard and the Index Revolution [https://www.wiley.com/en-us/Stay+the+Course%3A+The+Story+of+Vanguard+and+the+Index+Revolution-p-9781119404309] MORE FROM MORNINGSTAR Vanguard’s Sara Devereux: Why It’s a ‘Terrific Environment’ for Bond Income [https://www.morningstar.com/markets/vanguards-sara-devereux-why-its-terrific-environment-bond-income] Salim Ramji: The Industry Uses Complexity As a Mask to Charge More [https://www.morningstar.com/podcasts/the-long-view/1bdada96-5893-45e1-969f-6ba3440902b3] Morningstar’s Guide to Fixed-Income Investing [https://www.morningstar.com/bonds/morningstars-guide-fixed-income-investing] If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com [TheLongView@Morningstar.com]. Follow Christine Benz (@christine_benz [https://x.com/christine_benz]) and Ben Johnson (@MstarBenJohnson [https://x.com/MstarBenJohnson]) on X, and Christine Benz [https://www.linkedin.com/in/christine-benz-b83b523], Amy Arnott [https://www.linkedin.com/in/amy-c-arnott-cfa-6a1a7331], and Ben Johnson [https://www.linkedin.com/in/ben-johnson-cfa-5a288175] on LinkedIn. Visit Morningstar.com [https://www.morningstar.com/] for new research and insights from Christine [https://www.morningstar.com/authors/30/christine-benz], Ben [https://www.morningstar.com/people/ben-johnson], and Amy. [https://www.morningstar.com/people/amy-c-arnott] Subscribe to Christine’s weekly newsletter, Improving Your Finances [https://www.morningstar.com/newsletters/improving-your-finances]. If you want more Morningstar podcasts, check out The Morning Filter [https://www.morningstar.com/podcasts/the-morning-filter] and Investing Insights [https://www.morningstar.com/podcasts/investing-insights]. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com [https://pcm.adswizz.com] for information about our collection and use of personal data for advertising.

Sally Balch Hurme: Getting Your Affairs in Order as You Get Older

Our guest on the podcast today is Sally Balch Hurme [https://www.linkedin.com/in/sally-hurme-4a9a19]. Sally is the author of Checklist for My Family: A Guide to My History, Financial Plans and Final Wishes [https://www.americanbar.org/products/inv/book/421855729/], as well as several other books. She worked at AARP for 23 years and has written more than 20 law review articles on topics related to elder law. She has also served on the boards of the National Guardianship Association and the Center for Guardianship Certification, where she helped develop standards for guardians and reform guardianship policies and procedures. Before moving to AARP, she was a partner in a private law firm and held several other legal roles. She also served as an adjunct professor at the George Washington University Law School, teaching elder law for eight years. She received her BA from Tulane University and her JD cum laude from the Washington College of Law at American University. EPISODE HIGHLIGHTS 00:00:00 Working at the American Bar Association, AARP, and as a Caregiver 00:06:15 How to Get Started in Eldercare Planning 00:08:15 Final Wishes, Finding Your Roots, and Key Documents 00:26:31 Designated Beneficiaries and Medication Tracking 00:33:38 Home Deeds and The Power in Power of Attorney 00:39:48 Cleaning Up Digital Assets   SALLY HURME BOOKS Checklist for My Family: A Guide to My History, Financial Plans and Final Wishes [https://www.americanbar.org/products/inv/book/421855729/] The ABA/AARP Checklist for Family Caregivers: A Guide to Making It Manageable [https://www.aarp.org/entertainment/books/bookstore/home-family-caregiving/ebook-checklist-caregivers/] MORE FROM MORNINGSTAR Beth Pinsker: Lessons From ‘My Mother’s Money’ [https://www.morningstar.com/podcasts/the-long-view/9cfc4054-3c5e-425a-9d79-7d3c65b9f505] Inherited IRAs: What to Know About Taxes, RMDs, and More [https://www.morningstar.com/personal-finance/inherited-iras-what-know-about-taxes-rmds-more] How to Tackle Estate-Planning Basics in 7 Steps [https://www.morningstar.com/personal-finance/how-tackle-estate-planning-basics] If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com [TheLongView@Morningstar.com]. Follow Christine Benz (@christine_benz [https://x.com/christine_benz]) and Ben Johnson (@MstarBenJohnson [https://x.com/MstarBenJohnson]) on X, and Christine Benz [https://www.linkedin.com/in/christine-benz-b83b523], Amy Arnott [https://www.linkedin.com/in/amy-c-arnott-cfa-6a1a7331], and Ben Johnson [https://www.linkedin.com/in/ben-johnson-cfa-5a288175] on LinkedIn. Visit Morningstar.com [https://www.morningstar.com/] for new research and insights from Christine [https://www.morningstar.com/authors/30/christine-benz], Ben [https://www.morningstar.com/people/ben-johnson], and Amy. [https://www.morningstar.com/people/amy-c-arnott] Subscribe to Christine’s weekly newsletter, Improving Your Finances [https://www.morningstar.com/newsletters/improving-your-finances]. If you want more Morningstar podcasts, check out The Morning Filter [https://www.morningstar.com/podcasts/the-morning-filter] and Investing Insights [https://www.morningstar.com/podcasts/investing-insights]. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com [https://pcm.adswizz.com] for information about our collection and use of personal data for advertising.

Leyla Kunimoto: Why Investors in Private Markets Need a Louder Voice

Our guest on the podcast today is Leyla Kunimoto. Leyla is the founder and editor of Accredited Investor Insights [https://www.accreditedinsight.com/], a newsletter that helps investors navigate private markets. She writes about private equity, private credit, and real estate, focusing on the practical realities of evaluating alternative investments from the limited partner perspective. Leyla began investing in public markets in 2001 and expanded into private markets in 2020, with current holdings spanning public equities, real estate, and alternatives. She started her career in finance and management consulting after graduating from the University of Washington. She also worked in advisory services at a Big Four accounting firm. BACKGROUND Leyla Kunimoto [https://www.linkedin.com/in/lkunimoto] Accredited Investor Insights [https://www.accreditedinsight.com/] PRIVATE EQUITY, PRIVATE CREDIT, AND PRIVATE REAL ESTATE “Inside the Black Box: What First Brands Teaches Us About CLO Risk [https://www.accreditedinsight.com/p/inside-the-black-box-what-first-brands?r=ibymp&utm_campaign=post&utm_medium=web],” by Leyla Kunimoto, AccreditedInsight.com, Oct. 2, 2025 “Jamie Dimon Says Private Credit Is Dangerous—and He Wants JPMorgan to Get In on It [https://www.wsj.com/finance/banking/jamie-dimon-private-credit-dangerous-jpmorgan-d339f333?mod=Searchresults_pos7&page=1&gaa_at=eafs&gaa_n=AWEtsqclI6K3I8rVJFj2SWtMDOUO0aQKyCIycXkHlu1CSaYnTusMufjisBau6kX9sU8%3D&gaa_ts=69714ea7&gaa_sig=HHqu9bJ58XobrluHEqQzHQfcV4KOHCsk1T4ioUT5_Y60pvxQPCXkGaYPuJaSjj4M3fo77cv-AKv20AekdIZb4w%3D%3D]," by Alexander Saeedy, WSJ.com, July 13, 2025 “PIK Is Whispering. Are You Listening? [https://www.accreditedinsight.com/p/pik-interest-in-private-credit-flexibility]” by Leyla Kunimoto, AccreditedInsight.com, June 12, 2025. “Private Credit Interval Fund [https://www.accreditedinsight.com/p/private-credit-interval-fund],” by Leyla Kunimoto, AccreditedInsight.com, Aug. 24, 2025. “Non-Traded BDC Meets Mr. Market [https://www.accreditedinsight.com/p/non-traded-bdc-meets-mr-market?utm_source=substack&utm_medium=email&utm_content=share],” by Leyla Kunimoto, AccreditedInsight.com, Nov. 20, 2025 “The Problem With PME [https://www.accreditedinsight.com/p/the-problem-with-pme],” by Leyla Kunimoto, AccreditedInsight.com, Oct. 9, 2025. “Private Equity 101: What Every LP Should Know [https://www.accreditedinsight.com/p/private-equity-101-what-every-lp],” by Leyla Kunimoto, AccreditedInsight.com, July 31, 2025. “Private Markets in 2026: What Changes, What Sticks [https://www.accreditedinsight.com/p/private-markets-in-2026-what-changes],” by Leyla Kunimoto, AccreditedInsight.com, Dec. 28, 2025. “It’s NAV … Until You Want Liquidity [https://www.accreditedinsight.com/p/its-nav-until-you-want-liquidity],” by Leyla Kunimoto, AccreditedInsight.com, Jan. 8, 2026. “Why Vanguard, Champion of Low-Fee Investing, Joined the ‘Private Markets’ Craze [https://www.wsj.com/finance/investing/why-vanguard-champion-of-low-fee-investing-joined-the-private-markets-craze-b12a04e3?mod=Searchresults_pos1&page=1&gaa_at=eafs&gaa_n=AWEtsqcm8ahPP2h0CuNYkW_gtcxTKtcq1xZIZ1afz0MMcKKBhhbF_2xJCVByyMoBBhc%3D&gaa_ts=69715490&gaa_sig=xpmzXFFYtWQSoWlPBZ5oTepbf0bt2oT_IqvjMLDU2MIr-hsdLRTAihmWIU4w_ZOmoN8ydc0YHrWS_shZef-4YA%3D%3D],” by Matt Wirz and Anne Tergesen, WSJ.com, July 2, 2025 “The Golden Doodle of Private Markets: Evergreen Secondaries [https://www.accreditedinsight.com/p/the-golden-doodle-of-private-markets]” by Leyla Kunimoto, AccreditedInsight.com, Oct. 30, 2025. BOOKS MENTIONED Rich Dad Poor Dad: What The Rich Teach Their Kids About Money That the Poor and Middle Class Do Not! [https://www.amazon.com/Rich-Dad-Poor-Teach-Middle/dp/1612680011], by Robert Kiyosaki The Intelligent Investor: The Definitive Book on Value Investing [https://www.harpercollins.com/products/the-intelligent-investor-rev-ed-benjamin-graham?variant=41354844733474], by Benjamin Graham Mastering The Market Cycle: Getting the Odds on Your Side [https://www.harpercollins.com/products/mastering-the-market-cycle-howard-marks?variant=40828356591650], by Howard Marks Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com [https://pcm.adswizz.com] for information about our collection and use of personal data for advertising.

Cody Garrett and Sean Mullaney: ‘For Most Americans, You’re Going to Pay Less Tax in Retirement’

Our guests on the podcast today are Cody Garrett and Sean Mullaney. They’re both advice-only financial planners, and they’re the co-authors of a new book called Tax Planning To and Through Early Retirement [https://www.measuretwicemoney.com/book]. Cody is a certified financial planner and the founder of Measure Twice Money, where he helped DIY investors make informed decisions aligned with their values. He also leads Measure Twice Planners, which is an educational community for financial planners. Sean Mullaney is a certified public accountant and head of Mullaney Financial & Tax [https://www.mullaneyfinancial.com/]. He also writes the blog, FITaxGuy.com [https://fitaxguy.com/], which is focused on the intersection between financial independence and taxes. BACKGROUND Sean Mullaney [https://fitaxguy.com/about-me/] Cody Garrett [https://measuretwicefinancial.com/meet-cody/] Measure Twice Money [https://www.measuretwicemoney.com/] Measure Twice Financial [https://measuretwicefinancial.com/] Measure Twice Planners [https://www.measuretwiceplanners.com/] Mullaney Financial & Tax [https://www.mullaneyfinancial.com/] FITaxGuy.com [https://fitaxguy.com/] TAX PLANNING AND EARLY RETIREMENT Tax Planning To and Through Early Retirement [https://www.measuretwicemoney.com/book], by Cody Garrett and Sean Mullaney “The Backdoor Roth IRA After an Excess Contribution to a Roth IRA [https://fitaxguy.com/the-backdoor-roth-ira-after-an-excess-contribution-to-a-roth-ira/],” Sean Mullaney, FITaxGuy.com, Dec 16, 2025 “Why I Don’t Worry Much About Sequence of Returns Risk [https://fitaxguy.com/why-i-dont-worry-much-about-sequence-of-returns-risk/],” Sean Mullaney, FITaxGuy.com, Jun 10, 2025 “The Tax Planning World Has Changed [https://fitaxguy.com/the-tax-planning-world-has-changed/],” by Sean Mullaney, FITaxGuy.com, Sep. 22, 2025 “Bogleheads on Investing® with Cody Garrett, CFP®, and Sean Mullaney, CPA on tax planning to and through retirement: Episode 89 [https://boglecenter.net/bogleheads-on-investing-with-sean-mullany-cody-garrett/]″ by Bogleheads on Investing® podcast, BogleCenter.net, Dec. 7, 2025 “Managing Taxes in Retirement with Sean Mullaney [https://www.whitecoatinvestor.com/managing-taxes-in-retirement-with-sean-mullaney-446/],” by the White Coat Investor Podcast, WhiteCoatInvestor.com, Nov 20, 2025. Die With Zero: Getting All You Can from Your Money and Your Life―A Revolutionary Approach to Maximizing Life Experiences Over Accumulating Wealth [https://www.amazon.com/Die-Zero-Getting-Your-Money/dp/0358567092], by Bill Perkins “Reframing Risk In Retirement As “Over- And Under-Spending” To Better Communicate Decisions To Clients, And Finding “Best Guess” Spending Level [https://www.kitces.com/blog/retirement-income-risk-monte-carlo-probability-sucess-over-under-spend/],” by Michael Kitces, Kitces.com, Apr. 24 2024. MORE ON EARLY RETIREMENT AND FIRE “My Baptism by FIRE: Lessons on Financial Independence [https://www.morningstar.com/personal-finance/my-baptism-by-fire-lessons-financial-independence],” by Christine Benz, Morningstar.com, May 29, 2025. “Aiming to ‘Die with Zero’? Here Are the Implications for Portfolio Construction and Retirement Spending [https://www.morningstar.com/personal-finance/aiming-die-with-zero-here-are-implications-portfolio-construction-retirement-spending],” by Jess Bebel, Morningstar.com, Apri. 6, 2025 "Derek Tharp: An Alternative Approach to Calculating In-Retirement Withdrawals [https://www.morningstar.com/podcasts/the-long-view/7cd60dd0-f951-4365-8b34-944eca906894]," The Long View podcast, Morningstar.com, Feb. 21, 2023 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com [https://pcm.adswizz.com] for information about our collection and use of personal data for advertising.

Andy Reed: Inertia Is the Most Powerful Force in Behavioral Finance

BACKGROUND Bio [https://corporate.vanguard.com/content/corporatesite/us/en/corp/what-we-think/bios.html?drawer=2#tabs-16582f12f6-item-d259b634a5-tab] ARTICLES AND PAPERS DISCUSSED “The Theory Behind the Age-Related Positivity Effect [https://pmc.ncbi.nlm.nih.gov/articles/PMC3459016/],” Andrew Reed and Laura Carstensen, NIH.gov, Sept. 27, 2012. “Investing Without Blind Spots [https://corporate.vanguard.com/content/corporatesite/us/en/corp/articles/better-vantage-episode-six.html],” Better Vantage podcast, Nov. 12, 2025. “Out of Sight, Out of Market: The IRA Cash Drag [https://corporate.vanguard.com/content/corporatesite/us/en/corp/articles/out-sight-out-market-ira-cash-drag.html],” by Andy Reed et al., Vanguard.com, Sept. 5, 2024. “Advisors and Investors Split on Inflation, Bond Views [https://corporate.vanguard.com/content/corporatesite/us/en/corp/articles/advisors-investors-split-on-inflation-bond-views.html],” by Xiao Xu and Andy Reed, Vanguard.com, Sept. 12, 2025. “Stress, Debt, and the Power of Planning [https://corporate.vanguard.com/content/corporatesite/us/en/corp/articles/stress-debt-power-planning.html],” by Anna Madamba and Andy Reed, Vanguard.com, April 9, 2025 “Improving Retirement Outcomes by Default: The Case for an IRA QDIA [https://corporate.vanguard.com/content/dam/corp/public-policy/policy-research/improving_retirement_outcomes_by_default_the_case_for_an_ira_qdia.pdf],” by Andy Reed, et al., Vanguard.com, July 2024. "Maximizing versus Satisficing: Happiness Is a Matter of Choice [https://pubmed.ncbi.nlm.nih.gov/12416921/]," by Barry Schwartz, Andrew Ward, et al., NIH.gov, November 2002. “The Ostrich Effect: Selective Attention to Information [https://www.cmu.edu/dietrich/sds/docs/loewenstein/OstrichEffect.pdf],” George Loewenstein and Duane Seppi, CMU.edu, Feb. 11, 2009. “Inside the Minds of Equity Income Fund Investors [https://corporate.vanguard.com/content/corporatesite/us/en/corp/articles/inside-minds-equity-income-fund-investors.html],” Sharon Hill and Paulo Costa, Vanguard.com, Aug. 26, 2025. “Trading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors [https://faculty.haas.berkeley.edu/odean/papers%20current%20versions/individual_investor_performance_final.pdf],” Brad Barber and Terrance Odean, Berkeley.edu, April 2000. BOOKS DISCUSSED The Paradox of Choice: Why More Is Less [https://works.swarthmore.edu/fac-psychology/198/], by Barry Schwartz Nudge: Improving Decisions About Health, Wealth, and Happiness [https://www.penguinrandomhouse.com/books/690485/nudge-by-richard-h-thaler-and-cass-r-sunstein/], by Richard Thaler and Cass Sunstein The Elements of Choice: Why the Way We Decide Matters [https://www.penguinrandomhouse.com/books/610230/the-elements-of-choice-by-eric-j-johnson/], by Eric Johnson OTHER “Was Bogle’s Princeton Thesis Eerily Prescient? [https://www.morningstar.com/funds/was-bogles-princeton-thesis-eerily-prescient]” by Jess Bebel, Morningstar.com, May 27, 2022. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com [https://pcm.adswizz.com] for information about our collection and use of personal data for advertising.