The Long View

Our guest on the podcast today is Anne Tergesen. Anne is a reporter covering retirement for The Wall Street Journal. Her stories often explore how retirement and preparing for retirement are changing today. She writes frequently on topics related to 401(k) plans and retirement savings, spending, and legislation. She also writes about employee benefits, longevity, and aging. Before joining the Journal, Anne worked for BusinessWeek magazine covering personal finance. Together with colleagues, she recently won a Front Page Award from the News Women’s Club of New York and was a finalist for Gerald Loeb Award. She was awarded a Knight-Bagehot Fellowship at Columbia University’s Graduate School of Journalism and won a Best of Knight-Bagehot Award in 2006. Anne started her career covering local news at The Philadelphia Inquirer. Background Bio [https://www.linkedin.com/in/annetergesen/] The Wall Street Journal [https://www.wsj.com/news/author/anne-tergesen?page=4] articles 401(k)s and Retirement “More Americans Are Treating Their 401(k)s Like Cash Machines [https://www.wsj.com/personal-finance/retirement/more-americans-are-treating-their-401-k-s-like-cash-machines-deaa3f8f?mod=hp_lead_pos8],” by Anne Tergesen, wsj.com, March 11, 2024. “6% of Your Paycheck Is Becoming the New Standard for 401(k) Saving [https://www.wsj.com/personal-finance/retirement/company-401k-contribution-plan-six-percent-paycheck-0eb25703],” by Anne Tergesen, wsj.com, June 28, 2024. “The 401(k) Investors Convinced That Target-Date Funds Miss the Mark [https://www.wsj.com/personal-finance/retirement/401k-savers-target-date-funds-alternatives-6e4e6f75],” by Anne Tergesen and Oyin Adedoyin, wsj.com, Aug. 3, 2024. “The 401(k) Rollover Mistake That Costs Retirement Savers Billions [https://www.wsj.com/personal-finance/retirement/the-401-k-rollover-mistake-that-costs-retirement-savers-billions-c7a19dfa],” by Anne Tergesen, wsj.com, July 22, 2024. “Is Your Company’s 401(k) Match Unfair? [https://www.wsj.com/personal-finance/retirement/is-your-companys-401-k-match-unfair-cb58b71b]” by Anne Tergesen, wsj.com, May 25, 2024. “Retire at 65? It’s More Like 62 [https://www.wsj.com/personal-finance/retirement/retire-at-65-its-more-like-62-d5f943c4],” by Anne Tergesen, wsj.com, April 25, 2024. “David John: Improving the Retirement System [https://www.morningstar.com/retirement/david-john-improving-retirement-system],” The Long View podcast, Morningstar.com, Sept. 27, 2022. Automatic: Changing the Way America Saves [https://www.amazon.com/Automatic-Changing-Way-America-Saves/dp/0815702787/ref=sr_1_1?crid=2TO1FSQX2A0BU&keywords=Automatic%3A+Changing+the+Way+America+Saves&qid=1664230599&sprefix=automatic+changing+the+way+america+saves%2Caps%2C195&sr=8-1], by William Gale, Mark Iwry, and David John “The Way We Retire Now [https://www.wsj.com/articles/how-americans-retire-now-b1860f49],” a Wall Street Journal Series by Anne Tergesen and Veronica Dagher. “Here’s What Retirement Looks Like in America in Six Charts [https://www.wsj.com/articles/retirement-charts-social-security-savings-health-efa1962b],” by Anne Tergesen, Veronica Dagher, and Rosie Ettenheim, wsj.com, March 31, 2023. “She’s a Retirement Authority—And Still Made Mistakes. Here’s What She’d Do Differently [https://www.wsj.com/personal-finance/retirement/shes-a-retirement-authorityand-still-made-mistakes-heres-what-shed-do-differently-f3ef1568],” by Anne Tergesen, wsj.com, Oct. 12, 2024. “Is There Really a Retirement-Savings Crisis? [https://www.wsj.com/articles/is-there-really-a-retirement-savings-crisis-1492999861]” by Anne Tergesen, wsj.com, April 23, 2017. Other Vanguard’s “How America Saves 2024” [https://institutional.vanguard.com/insights-and-research/report/how-america-saves.html] “The U-Shape of Happiness Across the Life Course: Expanding the Discussion [https://pmc.ncbi.nlm.nih.gov/articles/PMC7529452/],” by Nancy Galambos, Harvey Krahn, Matthew Johnson, and Margie Lachman, National Library of Medicine, July 1, 2021. Employee Benefit Research Institute [https://www.ebri.org/] David Blanchett [https://www.pgim.com/dc-solutions/biography/david-blanchett] “The Retirement Crisis: Perception Vs. Reality [https://www.pgim.com/article/retirement-crisis-perception-vs-reality],” by PGIM Global Communications, pgim.com, July 9, 2024. Laura Saunders [https://www.wsj.com/news/author/laura-saunders] Michael Kitces [https://www.kitces.com/about-michael/]

Our guest on the podcast today is Phil Moeller. He’s the primary author of the Get What’s Yours series of consumer guidebooks, including a newly revised edition of Get What’s Yours for Medicare: Maximize Your Coverage, Minimize Your Costs. In addition, the series includes Get What’s Yours: The Revised Secrets to Maxing Out Your Social Security and Get What’s Yours for Health Care: How to Get the Best Care at the Right Price. Phil wrote the “Ask Phil” Medicare column for the PBS NewsHour website, Making Sense, reported on aging healthcare and retirement for Money magazine, and wrote “The Best Life” feature on aging and retirement for US News & World Report. He began his career as a newspaper business reporter and editor, and has worked for The Baltimore Sun, The Charlotte Observer, The Chicago Sun Times, The Hartford Business Journal, and The Louisville Courier Journal. He later founded the insure.com consumer website and also worked as a communications executive for a large insurance company. Background Bio [https://www.simonandschuster.com/authors/Philip-Moeller/446847247] GetWhatsYours.org [https://getwhatsyours.org./] Insure.com [https://www.insure.com/] Books: Get What’s Yours for Medicare: Maximize Your Coverage [https://www.simonandschuster.com/books/Get-Whats-Yours-for-Medicare-Revised-and-Updated/Philip-Moeller/The-Get-Whats-Yours-Series/9781668031919] Get What’s Yours: The Revised Secrets to Maxing Out Your Social Security [https://www.simonandschuster.com/books/Get-Whats-Yours-Revised-Updated/Laurence-J-Kotlikoff/The-Get-Whats-Yours-Series/9781501144769] Get What’s Yours for Health Care: How to Get the Best Care at the Right Price [https://www.simonandschuster.com/books/Get-Whats-Yours-for-Health-Care/Philip-Moeller/The-Get-Whats-Yours-Series/9781982134259] Parts of Medicare Explained “Phil Moeller: What’s New for Medicare—and More—in 2024? [https://www.uhc.com/news-articles/medicare-articles/medicare-2024]” by Phil Moeller, uhc.com, Jan. 10, 2024. “Phil Moeller: Filling the Coverage Gaps in Medicare [https://www.uhc.com/news-articles/medicare-articles/medicare-coverage-gaps],” by Phil Moeller, uhc.com, Sept. 25, 2024. Get Started With Medicare [https://www.medicare.gov/basics/get-started-with-medicare] What Part A Covers [https://www.medicare.gov/providers-services/original-medicare/part-a] What Part B Covers [https://www.medicare.gov/providers-services/original-medicare/part-b] Medicare Advantage Plans [https://www.medicare.gov/health-drug-plans/health-plans/your-health-plan-options] What Medicare Part D Drug Plans Cover [https://www.medicare.gov/drug-coverage-part-d/what-medicare-part-d-drug-plans-cover] Compare Medigap Plan Benefits [https://www.medicare.gov/health-drug-plans/medigap/basics/compare-plan-benefits] Working Past 65 [https://www.medicare.gov/basics/get-started-with-medicare/medicare-basics/working-past-65] Private Insurance “Learning to Love Insurance Brokers (Within Limits!) [https://philmoeller.substack.com/p/learning-to-love-insurance-brokers],” by Phil Moeller, substack.com, April 22, 2024. “Medicare Moment by Phil Moeller: Moving From Employer Health Insurance to Medicare [https://www.uhc.com/news-articles/medicare-articles/employer-to-medicare],” Video by Phil Moeller, uhc.com, Nov. 21, 2022. Other “Washington State Establishes a Long-Term Care Program [https://crr.bc.edu/washington-state-establishes-a-long-term-care-program/],” by Alicia H. Munnell, Center for Retirement Research at Boston College, crr.bc.edu, Aug. 13, 2024. Medicare Plan Finder [https://www.medicare.gov/plan-compare/#/?year=2025&lang=en] Medicare & You [https://www.medicare.gov/medicare-and-you] KFF [https://www.kff.org/]

Today on the podcast, we welcome back Jonathan Clements. Jonathan was one of our first guests when we launched this podcast, and today marks his third appearance. He’s the founder and editor of HumbleDollar, and he has written or edited several books about money and investing, including My Money Journey and How to Think About Money. Earlier in his career, Jonathan spent almost 20 years at The Wall Street Journal, where he was the newspaper’s personal finance columnist and six years at Citigroup, where he was director of financial education for the bank’s US Wealth Management arm. This past June, Jonathan shared his devastating recent cancer diagnosis, and he’s been writing candidly about the experience on HumbleDollar. We’ll link to those posts in the show notes. I wanted to conduct today’s interview solo because Jonathan’s work has been hugely influential to me personally, and he also wrote the foreword to my forthcoming book. I couldn’t be more grateful. Background Bio [https://humbledollar.com/about/jonathan-clements/] HumbleDollar [https://humbledollar.com/about/] “Jonathan Clements: ‘It’s in Wall Street’s Interest to Make Everyday Investors Think That They Are Stupid,’ [https://www.morningstar.com/podcasts/the-long-view/577861e2-3ff2-4e95-bcab-6c793dad8f00]” The Long View podcast, Morningstar.com, July 31, 2019. “Jonathan Clements: ‘Humility Is a Hallmark of People Who Are Financially Successful,’ [https://www.morningstar.com/podcasts/the-long-view/21b9c9ea-ec70-43b9-9ca8-3e8f5b7dc0fe]” The Long View podcast, Morningstar.com, Dec. 26, 2023. Books My Money Journal: How 30 People Found Financial Freedom—And You Can Too [https://humbledollar.com/book/my-money-journey/] From Here to Financial Happiness: Enrich Your Life in Just 77 Days [https://humbledollar.com/book/from-here-to-financial-happiness/] How to Think About Money [https://humbledollar.com/book/how-to-think-about-money/] Articles “Turned Upside Down [https://humbledollar.com/2024/10/turned-upside-down/],” by Jonathan Clements, humbledollar.com, Oct. 5, 2024. “Never Quite Enough [https://humbledollar.com/2024/09/never-quite-enough/],” by Jonathan Clements, humbledollar.com, Sept. 21, 2024. “Opinion: Living Was Easy. Dying Is Harder [https://www.washingtonpost.com/opinions/2024/08/28/thoughts-on-dying-stage-four-cancer/],” by Jonathan Clements, washingtonpost.com, Aug. 28, 2024. Other How to Retire: 20 Lessons for a Happy, Successful, and Wealthy Retirement [https://www.amazon.com/How-Retire-lessons-successful-retirement/dp/1804090697/ref=tmm_pap_swatch_0?_encoding=UTF8&dib_tag=se&dib=eyJ2IjoiMSJ9.W0GBsXl4MKBIp1wIkyVVtIzCnYZV26XGk8yDelMZBmS0vGv3H7Fw-PSQAnLoTiG_zvK4aRL7r-OYRA5VgEAXDxzBn9D_2truSUvOKuK9rYfGcgKpUxYtfjmIqGYftD3pYUlyH335KGwA-RXOqo_ZA9AHfwBh6LoFZHDqdpdzAFVVFsP_DN2935PxPZtlQKTYin4GWFtwS_E3usLqc1W4AHKX9ommP708C57LQXR1pn0.JVqVK9WmdhzHxp-5UIS3wkPPeA2_0G1NLyBLEfXFDMI&qid=1728672975&sr=8-1], by Christine Benz, Forward by Jonathan Clements EGFR Exon 20 Insertion Mutation and Lung Cancer [https://www.lung.org/lung-health-diseases/lung-disease-lookup/lung-cancer/symptoms-diagnosis/biomarker-testing/egfr/egfr-exon-20-insertion-mutation] “FDA Approves Amivantamab-vmjw for EGFR Exon 20 Insertion-Mutated Non-Small Cell Lung Cancer Indications [https://www.fda.gov/drugs/resources-information-approved-drugs/fda-approves-amivantamab-vmjw-egfr-exon-20-insertion-mutated-non-small-cell-lung-cancer-indications],” fda.gov, March 1, 2024. “Jonathan Guyton: What the Crisis Means for Retirement Planning [https://www.morningstar.com/podcasts/the-long-view/75c80d1e-b116-4860-b238-7731b6e54b32],” The Long View podcast, Morningstar.com, June 17, 2020. “Bill Bernstein: Revisiting the Four Pillars of Investing [https://www.morningstar.com/podcasts/the-long-view/0c4bf183-6e2d-4de8-a6c9-5bc84bbb7906],” The Long View podcast, Morningstar.com, July 11, 2023. “Jason Zweig: Temperament Is Everything for Most Investors [https://www.morningstar.com/portfolios/jason-zweig-temperament-is-everything-most-investors],” The Long View podcast, Morningstar.com, June 29, 2021.

Today on the podcast, we’re delighted to welcome back Jeremy Grantham. Jeremy is the long-term investment strategist at his namesake firm, Grantham, Mayo, Van Otterloo & Co., or GMO, which he cofounded in 1977. He serves on GMO’s Asset Allocation Committee and board of directors. Prior to GMO, Jeremy was cofounder of Batterymarch Financial Management and before that was an economist at Royal Dutch Shell. He earned his undergraduate degree from the University of Sheffield and his MBA from Harvard University. Jeremy is a member of the Academy of Arts and Sciences, holds a CBE from the UK, and is a recipient of the Carnegie Medal of Philanthropy. In 1997, he and his family started the Grantham Foundation for the protection of the environment, which supports research and action to address climate change. Background Bio [https://en.wikipedia.org/wiki/Jeremy_Grantham] GMO [https://www.gmo.com/americas/about-gmo/] Grantham Foundation [https://www.granthamfoundation.org/about/] GMO Quality III [https://www.morningstar.com/funds/xnas/gqetx/quote] GMO US Quality ETF [https://www.morningstar.com/etfs/arcx/qlty/quote] “Jeremy Grantham: The US Market Is in a Super Bubble [https://www.morningstar.com/retirement/jeremy-grantham-us-market-is-super-bubble],” The Long View podcast, Morningstar.com, Feb. 8, 2022. Bubbles and the Market “The Great Paradox of the US Market [https://www.gmo.com/americas/research-library/the-great-paradox-of-the-u.s.-market_viewpoints],” by Jeremy Grantham, gmo.com, March 11, 2024. “AI Craze Stokes ‘Bubble Within a Bubble,’ Says GMO’s Jeremy Grantham [https://www.marketwatch.com/story/ai-craze-stokes-bubble-within-a-bubble-says-gmos-jeremy-grantham-24404ef9],” by Christine Idzelis, marketwatch.com, March 11, 2024. “Entering the Superbubble’s Final Act [https://www.gmo.com/americas/research-library/entering-the-superbubbles-final-act_viewpoints/],” by Jeremy Grantham, gmo.com, Aug. 31, 2022. “Jeremy Grantham Says the AI Bubble Will Burst and Take the Stock Market Down With It. Here Are His 14 Best Quotes From an Event This Week [https://markets.businessinsider.com/news/stocks/jeremy-grantham-stocks-real-estate-ai-bubble-fed-economy-quotes-2024-2],” by Theron Mohamed, markets.businessinsider.com, Feb. 18, 2024. “China Turmoil Poses a Risk to the Magnificent 7, Jeremy Grantham’s GMO Says [https://markets.businessinsider.com/news/stocks/tech-stocks-magnificent-7-china-taiwan-conflict-risk-semiconductors-ai-2024-2#:~:text=In%20a%20letter%20to%20investors,Platforms%2C%20Alphabet%2C%20and%20Microsoft.],” by Yuheng Zhan, markets.businessinsider.com, Feb. 9, 2024. The Environment and Sustainability “Sustainability or Bust: The Sheer Impossibility of Eternal Compound Growth [https://www.gmo.com/americas/research-library/sustainability-or-bust_viewpoints/],” by Jeremy Grantham, gmo.com, March 18, 2024. “GMO Horizons [https://www.gmo.com/americas/research-library/gmo-horizons_events/],” by Jeremy Grantham, gmo.com, Feb. 27, 2024. “Pollution, Population, and Purpose [https://www.gmo.com/americas/research-library/pollution-population-and-purpose_inthenews/],” The Great Simplification podcast with Nate Hagens and Jeremy Grantham, gmo.com, Feb. 15, 2024. “Jeremy Grantham Assesses Long-Term Threats Through an Investor Lens [https://www.cruxinvestor.com/posts/jeremy-grantham-assesses-long-term-threats-through-an-investor-lens],” by William Hughes, cruxinvestor.com, Dec. 31, 2023.

Our guest this week is Jack Nelson. Jack is lead manager of the Stewart Investors’ Global Emerging Markets Leaders Sustainability strategy, which is highly regarded by Morningstar’s manager research team. Jack joined Stewart in Edinburgh, Scotland, in 2011 after obtaining an MA from Oxford. Background Bio [https://www.linkedin.com/in/jack-nelson-10a577120/?originalSubdomain=uk] Stewart Investors [https://www.stewartinvestors.com/us/en/institutional/about-us.html] Emerging Markets “Global Emerging Markets Sustainability Strategies Update [https://www.stewartinvestors.com/us/en/institutional/insights/global-emerging-markets-sustainability-update.html],” Q&A With Jack Nelson, stewartinvestors.com, April 2023. “Finding Resilient Businesses in Emerging Markets Is Key to Long-Term Success [https://www.trustnet.com/News/13348970/finding-resilient-businesses-in-emerging-markets-is-key-to-long-term-success/],” by Jack Nelson, trustnet.com, Dec. 15, 2022. “Stewart Investors’ Global Emerging Markets Sustainability Strategy Marks 15-Year Anniversary With Benchmark-Beating Returns [https://www.prnewswire.com/news-releases/stewart-investors-global-emerging-markets-sustainability-strategy-marks-15-year-anniversary-with-benchmark-beating-returns-302138250.html],” prnewswire.com, May 7, 2024. “Go Beyond the Data to Find Quality Sustainable Investments in Emerging Markets [https://www.investordaily.com.au/analysis/55479-go-beyond-the-data-to-find-quality-sustainable-investments-in-emerging-markets],” by Jack Nelson, investordaily.com, July 16, 2024. “Stewart Investors Launches EMs ex-China Sustainability Fund [https://portfolio-adviser.com/stewart-investors-launches-ems-ex-china-sustainability-fund/],” by Natalie Kenway, portfolio-adviser.com, July 11. 2024. Artificial Intelligence “Am I Invested in AI? [https://www.stewartinvestors.com/hk/en/retail/insights/am-i-invested-in-AI.html]” stewartinvestors.com, Aug. 4, 2024. “A + I Equals More Than NVDA [https://www.stewartinvestors.com/us/en/institutional/insights/ai-equals-more-than-nvda.html],” stewartinvestors.com, March 27, 2024. Other The Rise and Fall of American Growth: The US Standard of Living Since the Civil War [https://press.princeton.edu/books/paperback/9780691175805/the-rise-and-fall-of-american-growth?srsltid=AfmBOoqJSXGQuLL2NNUjzFdogiul2LjDIOD3PQhh5Yw0kJOBpxSShrTT], by Robert Gordon Inovance [https://www.inovance.eu/company/about-inovance] Yifeng Pharmacy Chain Co Ltd [https://markets.ft.com/data/equities/tearsheet/profile?s=603939:SHH#:~:text=Yifeng%20Pharmacy%20Chain%20Co%20Ltd%20is%20a%20China%2Dbased%20company,health%2Drelated%20household%20convenience%20products.] Samsung Electronics [https://www.samsung.com/us/about-us/our-business/] “Unilever’s India Unit to Rebrand ‘Fair & Lovely’ to ‘Grow & Lovely,’ [https://www.reuters.com/article/business/unilevers-india-unit-to-rebrand-fair-lovely-cream-to-glow-lovely-idUSKBN2431PN/]” reuters.com, July 2, 2020. Principles for Responsible Investing [https://collaborate.unpri.org/] Delta Electronics [https://www.deltaww.com/en-US/index]