Our guest on the podcast today is Don Phillips. Don is a managing director for Morningstar. He joined the company in 1986 as its first mutual fund analyst and soon became editor of the flagship print publication Morningstar Mutual Funds, establishing the editorial voice for which the company is best known. He helped to develop the Morningstar Style Box, the Morningstar Rating, and other distinctive proprietary Morningstar innovations that have become industry standards. Don has served in a variety of leadership roles at Morningstar, most recently head of global research, before paring back his schedule to take on a part-time nonmanagement role. He holds a bachelor’s degree from the University of Texas and a master’s degree from the University of Chicago.

• 00:01:57 Viewing Investing From 100,000 Feet Up
• 00:08:20 The Role of the Manager, From Salesmanship to Stewardship
• 00:11:18 What Indexing and AI Make Easier—and What They Risk
• 00:17:50 Private Credit and Private Equity Risks for Retail Investors
• 00:28:01 Finding the Unmet Needs in Asset Management
• 00:35:47 Fixed-Income Funds as the Industry’s Achilles’ Heel
• 00:43:42 The Value of a Liberal Arts Education and the Power of Storytelling

Morningstar’s Why

Don Phillips: We’re All in the Behavior Modification Business

Private Equity Funds Step Into the Spotlight

If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.

Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.

If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.

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Our guest on the podcast today is Adam Grossman. Adam’s the founder of Mayport, a fixed-fee wealth management firm. He’s also a regular contributor to Humble Dollar, the website founded by late financial writer Jonathan Clements. Before founding Mayport, Adam worked as an investment advisor or analyst at several firms, including Middleton & Company, Ballentine Partners, and MFS Investment Management. He also founded About Face Software, a social networking software firm. Adam received his undergraduate degree from Williams College and his MBA from MIT Sloan School of Management, and he’s also a CFA charterholder.

• Writing for Humble Dollar and Jonathan Clements (00:01:16)
• How Flat‑Fee Advice Beats AUM Pricing (00:05:15)
• Helping Investors Stay Calm in Market Stress (00:10:29)
• Simple Stock/Bond Portfolios Still Work (00:17:30)
• How to Protect Your Portfolio Before Retirement (00:22:58)
• Social Security Timing: Math Versus Emotions (00:27:20)
• How AI Is Changing Financial Advice (00:34:19)

Bill Bengen: ‘Inflation Is the Greatest Enemy of Retirees’

Jim O’Shaughnessy: Investing Lessons From a Lifelong Learner

Harry Margolis: How to Confront Aging Challenges Head-On

If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.

Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.

If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.

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Our guest on the podcast today is William Bengen. Bill has been a prolific researcher of retirement planning matters over his career, and he pioneered the exploration of safe withdrawal rates with his groundbreaking 1994 research that gave birth to what’s now called the 4% rule. His new book, A Richer Retirement: Supercharging the 4% Rule to Spend More and Enjoy More was published in August 2025. Bill is the former owner of Bengen Financial Services, an independent registered investment advisor that he launched in 1989 after his family sold the soda bottling business that he had helped manage. He received his Bachelor of Science degree in aeronautics and astronautics from MIT. Bill retired from his financial planning practice in 2013 but continues to conduct research on retirement planning and withdrawal rates.

• Why the 4% Rule Needed a Rethink
• Inflation as the Biggest Retirement Risk
• Different Approaches to Finding Your Withdrawal Rate
• Factoring in Longevity, Taxes, and Legacy
• Managing Your Asset Allocations, and Outsourcing the Rebalancing Process
• The 4% Rule Is Not for Everyone

Bill Bengen: Revisiting Safe Withdrawal Rates

How to Find Your Perfect Withdrawal Rate Strategy

How Much Should You Allocate to Safer Assets?

If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.

Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.

If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.

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Today’s guest on The Long View is Amit Wadhwaney, portfolio manager and co-founder at Moerus Capital Management. Amit has over 30 years of experience researching and analyzing investment opportunities in developed, emerging, and frontier markets worldwide. Prior to co-founding Moerus, Amit was a portfolio manager and partner at Third Avenue Management, where he worked alongside his Moerus co-founding partners. Amit founded the international business at Third Avenue and was the founding manager of the Third Avenue Global Value Fund, the Third Avenue Emerging Markets Fund, and the Third Avenue International Value Fund. Earlier in his career, Amit worked at MJ Whitman LLC, a New York-based broker/dealer. Prior to joining M.J. Whitman, Amit was a paper and forest products analyst at Bunting Warburg, a Canadian brokerage firm. He began his career at Domtar, a Canadian forest products company. Amit holds an MBA in finance from the University of Chicago. He also holds a BA with honors and an MA in economics from Concordia.

• Investing Versus the Business of Investing
• Why Macroeconomic Forecasting Often Fails Investors
• Survivability as the Core of Risk Management
• Why “Trouble” Creates Opportunity for Value Investors
• Exploring Value-Accretive Corporate Activity
• Is Today’s Market Setting Up a Value Comeback?

How the Iran War Is Shaping Markets

3 Well-Regarded Large-Value Funds for Investors Seeking Balanced Portfolios

The Value Stock Comeback Is Messy. Here’s Why Investors Shouldn’t Turn Away

If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.

Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.

If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.

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Today’s guest on The Long View is Michael Gates. Gates is the head of model portfolio solutions for the Americas and the lead portfolio manager for target-allocation models at BlackRock. BlackRock’s target-allocation models have been adopted by a large and growing contingent of advisors in the US. Four of the model families within BlackRock’s target-allocation suite have been awarded Morningstar Medalist Ratings of Gold. In 2025, Morningstar’s manager research team nominated Gates for a Morningstar Award for Investing Excellence in the Outstanding Allocation Portfolio Manager category. Gates’ time at BlackRock dates to 1999, including his years with Barclays Global Investors, which merged with BlackRock in 2009. Before founding the model portfolio solutions group, Gates conducted quantitative trading research for equities in BlackRock’s global trading group. At Barclays Global Investors, Gates led the development and implementation of the firm’s quantitative approach in fixed-income and alternative asset investing. Gates earned a master’s degree in economics and a bachelor’s degree with honors from the University of California, Davis. He is a CFA charterholder.

00:00:00 What Are Model Portfolios and How Do They Work?

00:08:19 How Tax-Loss Harvesting and Other Offerings Reshape Model Design

00:15:50 AI‑Driven Productivity and the Market Outlook

00:17:57 Rebalancing With Risk in Mind

00:24:56 Building AI Exposure Into Equity Models

00:35:39 Thematic Investing and Active vs. Passive Investing

00:42:07 How Technology May Shape Portfolios’ Future

Alpha Isn’t Dead. You’ve Just Been Measuring It Wrong

Tax-Efficient Model Portfolios for Retirees and Retirement Savers

Can AI Chatbots Build a Retirement Portfolio? We Tested Them

If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.

Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.

If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.

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Our guest on the podcast today is Harry Margolis. Harry has been representing seniors, individuals with special needs, and their families since he started ElderLaw Services, the predecessor of Margolis Bloom & D’Agostino in June 1987. His firm helps clients pay for long-term care, manage the incapacity of a family member, and plan for safe and productive futures for their children and grandchildren. Harry served as editor of the ElderLaw Report, a monthly newsletter for attorneys, for three decades. He has been selected as a fellow of both the National Academy of Elder Law Attorneys and the American College of Trust and Estate Council. He has founded two websites and answers consumer questions online at www.askharry.info. In addition, Harry writes about eldercare issues on his Substack, Risking Old Age in America, also known as okayboomer.substack.com, and has a podcast with the same name.

00:00:00 Margolis’ Path to Elder Law

00:04:15 Aging Clients, Estate Planning, and Long-Term Care

00:08:29 Aging In Place and Medicare Misconceptions

00:15:45 Estate Planning Paperwork and DIY Planners

00:21:26 Power of Attorney Mistakes, Living Wills, and Healthcare Coordination

00:27:06 Caregiving, Money Conversations, and Common Financial Mistakes

00:31:51 Benefits of NORCs

00:34:07 Special Needs Planning: Housing, Trusts, and Expectations

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

Joy Loverde: Planning Ahead for Care Needs as You Get Older

Beth Pinsker: Lessons From ‘My Mother’s Money’

If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.

Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.

If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.