The Long View

Our guest this week is Brian Selmo. Brian is a portfolio manager and research director at First Pacific Advisors. Since 2013, he has comanaged the FPA Crescent Fund with Steve Romick and Mark Landecker, and in 2021, he became comanager of the FPA Global Equity ETF. Both strategies are highly regarded by Morningstar’s Manager Research Team. Before joining FPA in 2008, Brian worked as an analyst at Third Avenue Management and at Rothschild, and was founder and portfolio manager of Eagle Lake Capital. Brian holds a degree from Johns Hopkins. SHOW NOTES BACKGROUND Bio [https://fpa.com/about-us/team] LinkedIn [https://www.linkedin.com/in/brian-selmo-14ab3a123/] FPA [https://fpa.com/] FPA Crescent Fund [https://fpa.com/funds/overview/crescent] Steve Romick: ‘We Think Defensively’, [https://www.morningstar.com/retirement/steve-romick-we-think-defensively] The Long View podcast, Aug. 25, 2020. Morningstar Awards for Investing Excellence [https://newsroom.morningstar.com/newsroom/news-archive/press-release-details/2025/Morningstar-Hall-of-Fame-Fund-Manager-of-the-Year-Winners/default.aspx] REFERENCES In an Uncertain World: Tough Choices From Wall Street to Washington, [https://www.penguinrandomhouse.com/books/158625/in-an-uncertain-world-by-robert-e-rubin-and-jacob-weisberg/] by Robert E. Rubin and Jacob Weisberg

We’re taping this podcast at the Morningstar Investment Conference, where we’re delighted to be joined by Vanguard CEO Salim Ramji, who joined Vanguard just about a year ago. Prior to joining Vanguard, Salim was a senior leader at BlackRock, where his most recent position was as global head of iShares and index investing. Before that, he was a senior partner at McKinsey & Company. Salim started his career as a lawyer at Clifford Chance in London and Hong Kong. BACKGROUND Bio [https://corporate.vanguard.com/content/corporatesite/us/en/corp/who-we-are/sets-us-apart/our-management-team.html] Vanguard Announces Appointment of Salim Ramji as New CEO [https://corporate.vanguard.com/content/corporatesite/us/en/corp/who-we-are/pressroom/press-release-vanguard-announces-appointment-salim-ramji-new-ceo-05142024.html] A message From Salim Ramji [https://advisors.vanguard.com/insights/article/a-message-from-salim-ramji] TOPICS Vanguard Chooses an Outsider as Its New CEO [https://www.morningstar.com/funds/vanguard-chooses-an-outsider-its-new-ceo], by Daniel Sotiroff, Morningstar.com, May 14, 2024. Vanguard’s New CEO: The Story Everyone Is Missing [https://www.morningstar.com/funds/vanguards-new-ceo-story-everyone-is-missing-2], by Susan Dziubinski and Daniel Sotiroff, Morningstar.com, April 22, 2025. Ramji Discusses Vanguard at 50 With Wall Street Week [https://corporate.vanguard.com/content/corporatesite/us/en/corp/articles/ramji-discusses-vanguard-at-50-wall-street-week.html], May 22, 2025. 2025 Morningstar Investment Conference: How to Invest Today, [https://www.morningstar.com/markets/2025-morningstar-investment-conference-how-invest-today] Laura Lallos, Morningstar.com, June 27, 2025. Vanguard CEO on Outages, Expansion Plans and Culture [https://www.bloomberg.com/news/videos/2024-08-05/vanguard-ceo-on-outages-expansion-plans-and-culture-video], Bloomberg, Aug. 5, 2024. 2025 MIC: Vanguard CEO Salim Ramji on AI, Fees, and the Future of the Firm, [https://hedgefundalpha.com/conferences/2025-mic-vanguard-salim-ramji/] Hedge Fund Alpha, June 27, 2025. Vanguard Unveils Generative AI Client Summaries for Financial Advisors [https://corporate.vanguard.com/content/corporatesite/us/en/corp/who-we-are/pressroom/press-release-vanguard-unveils-generative-ai-client-summaries-for-financial-advisors-050525.html], Vanguard, May 5, 2025. Automated Investing With Digital Advisor [https://investor.vanguard.com/advice/robo-advisor] The Best Robo-Advisors of 2025 [https://www.morningstar.com/financial-advisors/best-robo-advisors], Dan Culloton, Morningstar.com, May 2, 2025. How Vanguard plans to play disruptor again, [https://www.ft.com/content/6f4bc545-62c8-4ed6-9a0c-c6e49cd0406e] by Brooke Masters, Financial Times, Feb. 11, 2025. Vanguard CEO Salim Ramji cools the jets on private assets, [https://citywire.com/pro-buyer/news/vanguard-ceo-salim-ramji-cools-the-jets-on-private-assets/a2468766] by Tania Mitra, Citywire, June 26, 2025. Vanguard CEO says its public-private efforts rooted in partnerships, not acquisitions [https://www.pionline.com/2025/06/26/vanguard-ceo-says-its-public-private-efforts-rooted-in-partnerships-not-acquisitions/], by Rob Kozlowski, Pensions & Investments, June 26, 2025. Vanguard sets sights on private markets (at the right price) [https://www.investmentmagazine.com.au/2025/03/vanguard-sets-sights-on-private-markets-at-the-right-price/], by Lachlan Maddock, Investment Magazine, March 5, 2025.

For this holiday week, we’re resurfacing one of our favorite episodes from 2025 so far. Author JL Collins talking about the new edition of his bestselling book, The Simple Path to Wealth. We hope that you’ll enjoy the episode, and we’ll be back with a brand-new one next week. In the meantime, happy Fourth of July. Hi, and welcome to The Long View. I’m Christine Benz, director of personal finance and retirement planning for Morningstar. Today on the podcast, we welcome back author and blogger JL Collins. JL’s first book, The Simple Path to Wealth: Your road map to financial independence and a rich, free life, was published in 2016 and has since sold more than 1 million copies. He has recently come out with a second edition of the book, which his daughter, Jess, collaborated on. In 2023, he published another book called Pathfinders: Extraordinary Stories of People Like You on the Quest for Financial Independence. BACKGROUND Bio [https://jlcollinsnh.com/about/] The Simple Path to Wealth (Revised & Expanded 2025 Edition): Your Road Map to Financial Independence and a Rich, Free Life [https://www.amazon.com/dp/B0DQJMVM59/ref=sspa_dk_detail_0?psc=1&pd_rd_i=B0DQJMVM59&pd_rd_w=ztyAu&content-id=amzn1.sym.8c2f9165-8e93-42a1-8313-73d3809141a2&pf_rd_p=8c2f9165-8e93-42a1-8313-73d3809141a2&pf_rd_r=C8SS7ST7EX78R8P6FF50&pd_rd_wg=DPas2&pd_rd_r=0e1f9697-d5d5-40a6-a909-8a79825f4d41&s=books&sp_csd=d2lkZ2V0TmFtZT1zcF9kZXRhaWw] Pathfinders: Extraordinary Stories of People Like You on the Quest for Financial Independence—And How to Join Them [https://www.amazon.com/Pathfinders-Extraordinary-Stories-Financial-Independence_And/dp/180409000X?crid=YS20KG2EQ26P&keywords=pathfinders+jl+collins&qid=1699277858&sprefix=pathfinders%2Caps%2C102&sr=8-1&linkCode=li3&tag=jlcollinsnh-20&linkId=adaa3502402fe7ec8a91ff148b96cbb6&language=en_US&ref_=as_li_ss_il] THE SIMPLE PATH TO WEALTH, 4% RULE, INFLATION, AND STOCKS “Case Study #1: Putting the Simple Path to Wealth Into Action [https://jlcollinsnh.com/2012/09/17/putting-the-simple-path-to-wealth-into-action/],” by JL Collins, jlcollinsnh.com, July 10, 2023. “Things Important, and Unimportant [https://jlcollinsnh.com/2023/02/28/things-important-and-unimportant/],” by JL Collins, jlcollinsnh.com, March 1, 2023. “Stocks—Part XIII: The 4% Rule, Withdrawal Rates and How Much Can I Spend Anyway? [https://jlcollinsnh.com/2012/12/07/stocks-part-xiii-withdrawal-rates-how-much-can-i-spend-anyway/]” by JL Collins, jlcollinsnh.com, Oct. 15, 2023. “Déjà Vu All Over Again, [https://jlcollinsnh.com/2025/04/07/deja-vu-all-over-again/]” by JL Collins, jlcollinshh.com, April 18, 2025. “Stocks—Part IV: The Big Ugly Event, Deflation and a Bit on Inflation [https://jlcollinsnh.com/2012/04/29/stocks-part-iv-the-big-ugly-event/],” by JL Collins, jlcollinsnh.com, Nov. 16, 2023. “Stocks—Part XXII: Stepping Away From REITs [https://jlcollinsnh.com/2014/05/27/stocks-part-xxii-stepping-away-from-reits/],” by JL Collins, jlcollinsnh.com, May 12, 2025. “Stocks—Part XXVII: Why I Don’t Like Dollar Cost Averaging [https://jlcollinsnh.com/2014/11/12/stocks-part-xxvii-why-i-dont-like-dollar-cost-averaging/],” by JL Collins, jlcollinshn.com, Jan. 8, 2024. “Stocks—Part III: Most People Lose Money in the Market [https://jlcollinsnh.com/2012/04/25/stocks-part-iii-most-people-lose-money-in-the-market/],” by JL Collins, jlcollinsnh.com, Nov. 16, 2023. “Time Machine and the Future Returns for Stocks [https://jlcollinsnh.com/2017/07/26/time-machine-and-the-future-returns-for-stocks/],” by JL Collins, jlcollinsnh.com, July 10, 2023. DEBT PAYDOWN “Chainsaws and Credit Cards [https://jlcollinsnh.com/2021/08/30/chainsaws-and-credit-cards/],” by JL Collins, jlcollinsnh.com, March 30, 2023. “Stocks—Part XXVIII: Debt – The Unacceptable Burden [https://jlcollinsnh.com/2015/03/26/stocks-part-xxviii-debt-the-unacceptable-burden/],” by JL Collins, jlcollinsnh.com, May 12, 2025. OTHER “JL Collins: The Case for Simplicity [https://www.morningstar.com/podcasts/the-long-view/8e4f37b9-ef54-4817-8143-5d09634ecd98],” The Long View podcast, Morningstar.com, April 5, 2022. “JL Collins: Spotlighting the Many Paths to Financial Independence [https://www.morningstar.com/podcasts/the-long-view/c784ee7a-c079-41d4-8e0f-ddb8b5c0cb93],” The Long View podcast, Morningstar.com, Oct. 31, 2023. Vanguard Total Stock Market Index VTSAX [https://www.morningstar.com/funds/xnas/vtsax/quote] Bill Bengen [https://www.linkedin.com/in/william-bengen-21b159196/] Mr. Money Mustache [https://www.mrmoneymustache.com/]

Our guest on the podcast today is Eric Simonson. Eric is CEO of Abundo Wealth, an advice-only financial planning firm he founded in 2019. In addition, he heads up the Advice-Only Network, which is a platform dedicated to helping consumers find advice-only financial planners. Before starting Abundo, Eric was a financial advisor and managing director of Ameriprise Financial. He’s a certified financial planner and received bachelor’s degrees in finance and English from the University of Minnesota. Eric, welcome to The Long View. BACKGROUND Bio [https://www.linkedin.com/in/flatfeefinancialplanner/] Abundo Wealth [https://www.abundowealth.com/] Advice-Only Network [https://adviceonlynetwork.com/] PHILOSOPHY, FINANCIAL ADVICE, AND FIRE “Our Investment Philosophy [https://www.abundowealth.com/blog/our-investment-philosophy],” by Eric Simonson, abundowealth.com, Aug. 2, 2022. “What Is a Flat Fee Financial Advisor? [https://www.abundowealth.com/blog/what-is-a-flat-fee-financial-advisor]” by Eric Simonson, abundowealth.com, May 8, 2022. “Investments Are a Small Part of Financial Advice [https://www.abundowealth.com/blog/investments-are-a-small-part-of-financial-advice],” by Jeremy Zuke, abundowealth.com, Jan. 13, 2025. “When Do You Need a Financial Advisor? [https://www.abundowealth.com/blog/when-do-you-need-a-financial-advisor]” by Lori Bodenhamer, abundowealth.com, June 22, 2022. “What If You Can’t Retire Yet? [https://www.abundowealth.com/blog/what-if-you-cant-retire-yet]” by Chris Mamula, abundowealth.com, Feb. 26, 2023. “The Value of International Diversification [https://www.abundowealth.com/blog/the-value-of-international-diversification],” by Jeremy Zuke, abundowealth.com, July 7, 2024. “DIY Investing: Managing Your Own Investment Accounts Is Easier Than You Think [https://www.abundowealth.com/blog/diy-investing:-managing-your-own-investment-accounts-is-easier-than-you-think],” by Lori Bodenhamer, abundowealth.com, July 20, 2022. TRAVEL HACKS “How to Travel and Still Meet Your Financial Goals [https://www.abundowealth.com/blog/how-to-travel-and-still-meet-your-financial-goals],” by Eric Simonson, abundowealth.com, Aug. 1, 2022. “How to (Properly) Use Your Credit Card Points When Booking Travel [https://www.abundowealth.com/blog/how-to-properly-use-your-credit-card-points-when-booking-travel],” by Andrew Dressel, abundowealth.com, Aug. 24, 2022. OTHER RightCapital [https://www.rightcapital.com/]

Our guest on the podcast today is Rosanne Corcoran. Rosanne is the Director of Content Strategy for Daughterhood.org, which is focused on creating community and providing resources to family caregivers. Rosanne also hosts a wonderful podcast called Daughterhood, the Podcast. In addition, she facilitates support groups and meetings for caregivers and has experience as a family caregiver herself. BACKGROUND Bio [https://www.linkedin.com/in/rosanne-corcoran/] Daughterhood.org [https://daughterhood.org/why-daughterhood/] Daughterhood the Podcast: For Caregivers [https://daughterhood.org/podcast/] Anne Tumlinson [https://www.linkedin.com/in/anne-tumlinson-3601b14/] MEDICARE/CAREGIVING “5 Common Misconceptions About Medicaid [https://daughterhood.org/blog/5-common-misconceptions-about-medicaid/],” daughterhood.org blog. “4 Tips to Make You Smarter About Your Parents’ Medicare [https://daughterhood.org/blog/4-tips-to-make-you-smarter-about-your-parents-medicare/],” daughterhood.org blog. “3 Medicare Benefits You MUST Know About [https://daughterhood.org/blog/3-medicare-benefits-you-must-know-about/],” daughterhood.org blog. “AARP Research Insights on Caregiving [https://www.aarp.org/pri/topics/ltss/family-caregiving/aarp-research-insights-caregiving/],” aarp.org, March 27, 2025. “Caregiving Statistics: Work and Caregiving [https://www.caregiver.org/resource/caregiver-statistics-work-and-caregiving/],” by Family Caregiver Alliance, caregiver.org. FAVORITE PODCAST GUESTS “End of Life Care & Caregiver Burden With Jessica Zitter, MD, MPH [https://pod.co/daughterhood-the-podcast-for-caregivers/episode-18-end-of-life-care-caregiver-burden-with-jessica-zitter-md-mph],” Daughterhood the Podcast: For Caregivers, daughterhood.org, Feb. 11, 2021. “Challenging Behaviors in Dementia and the Reasons Why With Judy Cornish, Founder of the Dawn Method [https://pod.co/daughterhood-the-podcast-for-caregivers/challenging-behaviors-in-dementia-and-the-reasons-why-with-judy-cornish-founder-of-the-dawn-method],” Daughterhood the Podcast: For Caregivers, daughterhood.org, Aug. 12, 2021. “The Final Days of Hospice and What to Expect With Barbara Karnes [https://pod.co/daughterhood-the-podcast-for-caregivers/the-final-days-of-hospice-and-what-to-expect-with-barbara-karnes],” Daughterhood the Podcast: For Caregivers, daughterhood.org, Feb. 8, 2024. “Finding Meaning in Caregiving With Dr. Allison Applebaum [https://pod.co/daughterhood-the-podcast-for-caregivers/finding-meaning-in-caregiving-with-dr-allison-applebaum],” Daughterhood the Podcast: For Caregivers, daughterhood.org, March 14, 2024. “Empathy in Caregiving With PK Beville [https://pod.co/daughterhood-the-podcast-for-caregivers/episode-22-empathy-in-caregiving-with-pk-beville],” Daughterhood the Podcast: For Caregivers, daughterhood.org, June 10, 2021. “A Conversation With Leeza Gibbons [https://pod.co/daughterhood-the-podcast-for-caregivers/episode-17-a-conversation-with-leeza-gibbons],” Daughterhood the Podcast: For Caregivers, daughterhood.org, Jan. 14, 2021. “2025 Policy Changes for Family Caregivers [https://pod.co/daughterhood-the-podcast-for-caregivers/2025-policy-changes-for-family-caregivers],” Daughterhood the Podcast: For Caregivers, daughterhood.org, Feb. 25, 2025. OTHER National Alliance for Caregiving [https://nationalhealthcouncil.org/member/national-alliance-for-caregiving/] Aging Life Care Association [https://www.aginglifecare.org/] “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. How to Retire: 20 Lessons for a Happy, Successful, and Wealthy Retirement [https://linktr.ee/christine_benz], by Christine Benz “Jean Chatzky: What Women Need to Do Differently With Their Money [https://www.morningstar.com/personal-finance/jean-chatzky-what-women-need-do-differently-with-their-money],” The Long View podcast, Morningstar.com, April 8, 2025. Five Wishes [https://www.fivewishes.org/] Leeza’s Care Connection [https://leezascareconnection.org/home]