The Long View

4d ago

Our guest on the podcast today is Lyle Fitterer, a senior portfolio manager and co-lead on the municipal bond sector for Baird Advisors. He has 36 years of experience managing bond portfolios. Prior to joining Baird in 2019, he served as the co-head of global fixed income and the head of the municipal fixed income team as Wells Fargo Asset Management. Lyle obtained his undergraduate degree in accounting from the University of North Dakota. He earned the chartered financial analyst designation in 1996 and is currently a member of the CFA Institute and the CFA Society of Milwaukee. Background Bio Baird Short-Term Municipal Bond Fund BTMIX Baird Strategic Municipal Bond Fund BSNIX Baird Quality Intermediate Municipal Bond Fund BMBIX Baird Core Intermediate Municipal Bond Fund BMNIX Baird Municipal Bond Fund BMQIX Muni-Bond Funds “ The New Allure of Muni Bond Funds. Two Pros Point the Way ,” by Debbie Carlson, barrons.com, Aug. 21, 2025. “ Fitterer: Muni Bond Market Offers Compelling Opportunities ,” Podcast with Chuck Jaffe, bairdassetmanagement.com, July 29, 2025. “ Muni Bonds Aren’t Just for Rich Folks ,” by Jeff Schlegel, fa-mag.com, Nov. 1, 2024. “ Muni Bonds Are Looking Better ,” by Elizabeth Foos, Morningstar.com, Oct. 28, 2025. Other Vanguard Tax-Exempt Bond Index Fund ETF Shares VTEB Vanguard Tax-Exempt Bond Index Fund Admiral Shares VTEAX “ In Wreckage of Muni Market Crash, Brave Investors Eye Bonds at 90% Yields ,” by Amanda Albright, advisorperspectives.com, March 25, 2020. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Dec 9

Our guest on the podcast today is Joy Loverde. Joy is the author of Who Will Take Care Of Me When I’m Old? and The Complete Eldercare Planner . She also gives keynotes and workshops on aging and eldercare to many different types of organizations. In addition, she serves as a consultant to senior housing providers, HR professionals, attorneys, financial planners, clergy, and other members of the eldercare industry. She has also been a family caregiver to family and friends. Background Bio Who Will Take Care of Me When I’m Old? Plan Now to Safeguard Your Health and Happiness in Old Age The Complete Eldercare Planner, Revised and Updated 4th Edition: Where to Start, Which Questions to Ask, and How to Find Help Eldercare “' Aging in Place Has a Shelf Life’: What This Eldercare Expert Wants You to Know ,” by Beth Pinsker, marketwatch.com, Oct. 28, 2023. “ Preparing Solo Agers to Receive Long-Term Care ,” by Joy Loverde, generations.asaging.org, June 21, 2023. “ How to Manage Sibling Conflict Over Care of Elderly Parents ,” by Elaine K. Howley, health.usnews.com, Feb. 5, 2025. “ Going Solo: How to Plan for Retirement When You’re on Your Own ,” by Diane Harris, nytimes.com, July 20, 2025. “ Create a Life of Independence and Connection in Later Years ,” seattletimes.com, June 30, 2025. Other My Mother’s Money: A Guide to Financial Caregiving , by Beth Pinsker “ Beth Pinsker: Lessons From ‘My Mother’s Money,’ ” The Long View podcast, Morningstar.com, Nov. 4, 2025. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Dec 2

Our guest on the podcast today is Mark Higgins. Mark serves as senior vice president for IFA Institutional, where he specializes in providing advisory services to institutional plans such as endowments, foundations, pension plans, defined-contribution plans, and various corporate plans. He’s the author of Investing in US Financial History: Understanding the Past to Forecast the Future . Mark graduated from Georgetown University, Phi Beta Kappa, and Magna Cum Laude with a bachelor’s degree in English and psychology. He received an MBA from the Darden School of Business at the University of Virginia. He is a CFA Charterholder and CFP professional. Mark, welcome to The Long View . Background Bio Investing in US Financial History: Understanding the Past to Forecast the Future Museum of American Finance Articles and Papers Discussed “ The Story of Hetty Green: America’s First Value Investor and Financial Grandmaster ,” by Mark Higgins, ssrn.com, March 11, 2022. “ Rediscovering an American Treasure: The True Value of Hetty Green’s Legacy ,” by Mark Higgins and Bethany Bengtson, researchgate.net, February 2025. “ Investors Can Temper Their Inflation Fears: Post-Covid Inflation Is Unlikely to Resemble the Great Inflation of 1968-1982 ,” by Mark Higgins, papers.ssrn.com, Aug. 15, 2021. “ The Phantom Menace: Inflated Expectations ,” by Mark Higgins, finhistory.substack.com, Sept. 26, 2023. “ Six Stages of Asset Bubbles: The Crypto Crash ,” by Mark Higgins, businesstimes.com, Jan. 24, 2023. Other “ Origins of the Great Inflation ,” by Allan Meltzer, fedinprint.org, 2005. “ The Anguish of Central Banking ,” Lecture by Arthur F. Burns, perjacobsson.org, Sept. 30, 1979. Charles E. Merrill “ A Rediscovered Masterpiece by Benjamin Graham ,” by Jason Zweig, jasonzweig.com, March 31, 2015. “ Portraits in Oversight: Ferdinand Pecora and the 1929 Stock Market Crash ,” levin-center.org. Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment , by David Swensen “ Private Equity Confronts Swollen Investment Backlogs With Dealmaking Stuck ,” by Maria Armental, wsj.com, June 2, 2025. “ The Future Ain’t What It Used to Be for These Funds ,” by Jason Zweig, wsj.com, June 6, 2025. The Great Inflation and Its Aftermath: The Past and Future of American Affluence , by Robert Samuelson The Big Board: A History of the New York Stock Market , by Robert Sobel Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Dec 1

Today on The Long View, we’re featuring an episode from another Morningstar podcast, The Morning Filter , which you can subscribe to on Apple podcasts or wherever you get your podcasts. In this special episode of The Morning Filter podcast, co-host Susan Dziubinski sits down with Morningstar columnist Dan Lefkovitz to take a deep dive into dividend stock investing today. They discuss what’s caused U.S. dividend stocks to lag this year while international dividend stocks have outperformed. Tune in to find out why the stock buyback boom is bad news for dividend seekers and what metrics investors should look at if they want to avoid dividend cuts. They name drop a few undervalued stocks that Morningstar thinks have stable dividends, cover why dividend growth stock investing is underappreciated, and close with a discussion about whether dividend stocks are poised to outperform in 2026. Episode Highlights Dividend Stock Performance: 2025 Recap What the Buyback Boom Means for Dividend Investors 3 Ways to Spot a Dividend Cut Early Dividend Growth Stocks: Why Bother? Read about topics from this episode . Stock Buybacks Are Booming in 2025. That’s Bad News for Dividend Investors The Surprising Truth About Dividend Growth Stocks Not All Dividend Stocks Are Safe. Here’s How to Avoid Dividend Traps Why International Dividend Stocks Have Pulled Ahead Got a question for Dave? Send it to themorningfilter@morningstar.com . Follow Dave on social media. Dave Sekera on X: @MstarMarkets Dave Sekera on LinkedIn: https://www.linkedin.com/in/davesekera Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Nov 25

Our guest this week is our colleague, Eric Jacobson. Eric is a senior principal for fixed-income strategies on Morningstar’s Manager Research team. He focuses on a variety of taxable, tax-exempt, and nontraditional managed strategies. He covers some of the key asset managers, he publishes thought leadership, and he is a member of the Morningstar Medalist Ratings Committee. Eric joined Morningstar in 1995 as a closed-end fund analyst and also had a stint on Morningstar Indexes, where he helped launch our original Bond Benchmark Suite. Before Morningstar, Eric worked at Kemper Financial Services. He is also a proud graduate of the University of Wisconsin-Madison. Show Notes Background Bio Bond Market and Semiliquid Funds “ Why the Bond Market Is Fertile Ground for Active Management ,” by Eric Jacobson, Morningstar.com, Aug. 28, 2025. “ 6 Critical Lessons for Bond Investors ,” by Eric Jacobson, Morningstar.com, Dec. 26, 2023. “ How to Measure Your Fund’s Liquidity Risk ,” by Brian Moriarty, Morningstar.com, Oct. 21, 2025. “ New Ratings Reveal Challenges for Semiliquid Funds ,” by Bryan Armour, Morningstar.com, Nov. 12, 2025. Other “ Eurozone Debt Crisis: Causes, Consequences, and Solutions (2008-2012) ,” by Daniel Liberto, Investopedia.com, Sept. 29, 2025. “ Automotive Industry Crisis of the 2000s ,” by Kerry Skemp, ebsco.com. “ When It Comes to Bonds, Don’t Be a Hero ,” by Christine Benz, morningstar.com, Oct. 6, 2025. Bill Gross Dan Fuss Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Nov 18

Our guest on the podcast today is Dan Haylett, who’s the author of a new book called The Retirement You Didn’t See Coming . Dan is a financial planner and head of growth for TFP Financial Planning based in the UK. Dan focuses on financial planning, retirement planning, and life planning for people over age 50. He also hosts a podcast called Humans vs. Retirement that is centered on the behavioral aspects of retirement. Prior to joining TFP, Dan occupied several positions in the asset management industry. Dan, welcome back to The Long View . Background Bio Humans vs. Retirement podcast The Retirement You Didn’t See Coming: The Guide to the Human Side of Retirement Nobody Warns You About TFP Financial Planning “ Dan Haylett: Retirement Planning = Life Planning ,” The Long View podcast, Morningstar.com, Dec. 5, 2023. Retirement and Happiness “ Can You Afford to Retire?—3 Questions to Ask Yourself! ” Humans vs. Retirement video, youtube.com, June 2025. “ The Fragile Decade: Retirement’s Danger Zone ,” by Dan Haylett, humansvsretirement.com, June 30, 2025. “ Your Brain Has Two Sides. Retirement Needs Both ,” by Dan Haylett, linkedin.com, October 2025. “ A Plan for Your First 12 Months in Retirement ,” Humans vs. Retirement video, youtube.com, 2024. “ Few and Deep: The Retirement Lens That Changes Everything ,” by Dan Haylett, humansvsretirement.com, Sept. 9, 2025. “ Why Retirement Can Feel More Like a Void Than a Victory ,” by Dan Haylett, humansvsretirement.com, March 28, 2025. “ The Best Things in Retirement Aren’t Things at All ,” by Dan Haylett, humansvsretirement.com, Feb. 6, 2025. “ Don’t Let the Fear of the Future Steal Your Retirement Joy ,” by Dan Haylett, humansvsretirement.com, Jan. 14, 2025. “ Longevity and Brevity: The Two BIGGEST Risks in Retirement ,” by Dan Haylett, humansvsretirement.com, Sept. 3, 2024. Other Michael Finke Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Nov 11

Today’s guest on The Long View is Callie Cox. Callie is the chief market strategist at Ritholtz Wealth Management, where she helps the firm’s clients make sense of markets and suss out signal in the noise. Callie’s clear, relatable approach to market commentary blends deep macroeconomic market insights with an understanding of investor behavior. Before joining Ritholtz Wealth Management in 2024, Callie was an investment analyst at eToro and previously worked in research roles at Ally, LPL Financial, and First Citizens Bank. She began her career as a reporter at Bloomberg, covering the stock and options markets after graduating from the University of North Carolina with a journalism degree. Background Bio OptimistiCallie Ritholtz Wealth Management Job Markets and AI “ A Millennial’s Guide to Gen Z’s Career Apocalypse ,” by Callie Cox, businessinsider.com, Oct. 27, 2025. “ The Wealth Effect ,” by Callie Cox, optimisticallie.com, Nov. 10, 2025. “ Governments Are People, My Friend ,” by Callie Cox, optimisticallie.com, Feb. 18, 2025. “ Big Tech’s AI Spending Spree ,” by Callie Cox, optimisticallie.com, Oct. 27, 2025. “ Humans > Robots ,” by Callie Cox, optimisticallie.com, Aug. 4, 2025. “ AI vs. Tariffs ,” by Callie Cox, optimisticallie.com, May 19, 2025. Investing “ How to Invest Without Going Insane ,” by Callie Cox, optimisticallie.com, Nov. 3, 2025. “ Why You Should Invest Right Now ,” by Callie Cox, optimisticallie.com, Sept. 15, 2025. “ The Seven Rules of Stock Market Bubbles ,” by Callie Cox, optimisticallie.com, July 28, 2025. Other The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness , by Morgan Housel Jim Paulsen David Kelly Howard Marks Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Nov 4

Our guest on the podcast today is Beth Pinsker. She’s a certified financial planner and the author of a new book called My Mother’s Money: A Guide to Financial Caregiving . Beth is also a veteran financial journalist. She’s currently a financial planning columnist at MarketWatch and has also worked at Reuters, Fidelity, and Walletpop.com. Prior to covering personal finance, she was a film critic and entertainment business reporter, writing for Entertainment Weekly , The Dallas Morning News , and many other publications. Beth received her bachelor’s degree in English from Harvard. Background Bio My Mother’s Money: A Guide to Financial Caregiving Financial Caregiving and Long-Term-Care Insurance “ I Thought My Mom Had Done all the Right Estate Planning Before She Died, but I Missed Some Important Things ,” by Beth Pinsker, marketwatch.com, July 29, 2023. “ How Much Long-Term-Care Insurance Do I Need? ” by Beth Pinsker, marketwatch.com, June 25, 2024. “ 5 Things I Learned From Managing My Mother’s Money ,” by Beth Pinsker, aarp.org, Oct. 2, 2025. Power of Attorney, Estate Planning, and Financial Scams “ ‘It Broke Me’: Everyone Says You Need Power of Attorney, but Nobody Tells You How Hard It Is to Use ,” by Beth Pinsker, marketwatch.com, July 29, 2023. “ Many of Us Come to Estate Planning Too Late. Here’s What Finally Pushed Me to Do It ,” by Beth Pinsker, marketwatch.com, June 15, 2025. “ My Relative, 80, Was About to Be Scammed Out of $40,000. Here’s How I Stopped It ,” by Beth Pinsker, marketwatch.com, Aug. 6, 2025. Other “ What Should Be in Your ‘Death’ File, ” by Beth Pinsker, reuters.com, Aug. 1, 2014. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.