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Ever wondered where your retirement plan's "probability of success" really comes from? In this episode, Peter pulls back the curtain on the assumptions inside Monte Carlo analysis—and explains why Plancorp anchors its projections to long-term base rates instead of short-term forecasts.

Listen now and learn:

► The three numbers that quietly drive most Monte Carlo projections

► The four common ways advisors choose capital market assumptions—and why they differ

► Why "more sophisticated" assumptions can sometimes create more error, not less

► How to think about your plan's probability of success without getting lost in the math

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this "post" (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Please see disclosures here.

Get an inside look at what's shaping my thinking. Bi-weekly, I share the top 5 investing and financial planning articles I'm reading—straight to your inbox. Sign up for my newsletter.

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Liz Ann Sonders, Chief Investment Strategist at Charles Schwab, joins me for a wide-ranging conversation about what actually matters for long-term investors heading into 2026. We get past the headline forecasts and into how a seasoned strategist interprets markets in real time—without falling into the traps that trip up most investors.

Listen now and learn:

► Why "forecasts" can be useful even when you're not making price targets—and how to use them the right way

► A clearer way to think about what really drove market returns in 2025 (and what many investors missed)

► What to pay attention to with the Fed in 2026, and what's mostly just noise

► A grounded framework for thinking about the U.S. dollar, national debt, and the long-term investor's edge

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

(03:00)  Why Schwab Won't Do Year-End Targets 

(08:23) How Liz Ann Builds an Outlook: cycles, quadrants, and "better or worse" vs. "good or bad"
(13:33) 2025's Biggest Investor Lesson
(16:48) The Magnificent Seven Misconception: contribution ≠ performance
(21:05) The 2026 Outlook
(26:09) The Federal Reserve, Rate Cuts, and a New Fed Chair: why the "C" in FOMC matters
(31:39) The US Dollar and Reserve Currency Fears: "there's no replacement for it"
(35:19) US National Debt: not a default story, but a long-term "wet blanket on growth" 

(43:02) Long-Term Investing vs. Gambling: owning vs. hoping, and why "get in/get out" isn't a strategy

(47:22) How Liz Ann Sonders Invests Her Own Money
(50:16) What's Different Now: post-COVID sentiment, the retail trader, and why psychology got harder
(52:55) Where to Find Liz Ann's Research 

Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this "post" (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Please see disclosures here.

Your finances have layers—investments, taxes, planning for the future. If you want a second set of eyes, Peter opened up a few spots for a quick, no-obligation call. Grab yours now.

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Equity compensation can turbocharge wealth—and taxes. Brooklyn Fi managing partner John Owens joins Peter to share a clear year-end playbook for RSUs, ISOs/NQSOs, and ESPPs, including how to avoid AMT surprises, right-size withholding, and unwind concentrated stock positions. 

Listen now and learn:

► A simple order of operations for year-end equity comp decisions

► RSU withholding pitfalls (and how to fix them before April) 

► ISO/AMT basics and why late-year exercises can backfire

► How to build a rules-based plan, use 10b5-1 mechanics, and when donor-advised funds make sense

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

(00:00) Introduction
(03:15) A hard-won lesson: when AMT grows larger than your stock (and what to do next)
(04:21) Don't start equity planning on December 15 (really)
(05:19) First move: build an inventory and triage the quick wins
(08:18) AMT 101 for ISO holders: the "parallel" tax you don't want to pay
(10:47) RSUs: why 22% withholding often sets up an April tax bill
(12:24) ESPPs: capture the discount, control concentration
(14:55) Designing a rules-based sell plan to unwind concentration risk
(18:11) The base rates on single stocks: why a diversification plan matters more than a "feel"
(20:42) 10b5-1 plans: automate good behavior and expand your ability to sell
(23:31) Charitable giving with concentrated stock: donor-advised funds and timing across 2025/2026
(26:11) Family gifting: UTMAs, kiddie tax, step-up in basis, and multi-generational choice
(27:28) The year-end document checklist most people miss
(29:17) When to hire help (and when not to)
(31:19) Biggest year-end mistakes to avoid

Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this "post" (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Please see disclosures here.

You need money for everything, but money isn't everything. That's why there are a number of non-
financial reasons you ought to embrace financial planning.

Listen now and learn:

• How blueprinting your life goes beyond a budget
  
  
• How financial planning can strengthen your bond with loved ones
  
  
• How a financial plan turns time from a fleeting resource into a strategic asset

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

The conversation continues with Derek Jess, Senior Wealth Manager and Shareholder at Plancorp, who returns to delve deeper into executive compensation planning strategies.

Listen now and learn:

• Key strategies for deferred compensation plans
• Advanced strategies for exercising stock options
• The important nuances of establishing a 10b5-1 plan

Be sure to also check out last week's episode with Derek about Equity Compensation Strategies: Everything You Need to Know.

[02:00] Advanced Deferred Compensation Planning Strategies

[11:35] Advanced Strategies for Exercising Stock Options

[16:20] Understanding AMT Planning for Incentive Stock Options 

[21:25] The Importance of Setting a 10b5-1 Plan

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Derek Jess, Senior Wealth Manager and Shareholder at Plancorp, shares his vast knowledge of integrating equity and executive compensation into comprehensive financial planning strategies.  

Listen now and learn:

• The essential considerations and tax implications for incorporating equity compensation into your financial plan

• Unique risks faced by employees with large company stock positions

• A systematic approach to managing company stock

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

[2:17] Understanding Deferred Compensation

[3:43] Equity Compensation and Vesting Schedules

[6:01] Restricted Stock vs. Stock Options

[9:21] Tax Implications of Stock Options

[14:05] Employee Stock Purchase Plans

[17:36] Concentrated Stock Positions and Risks

[21:05] Integrating Company Stock in Financial Planning

[33:06] A Systematic Approach to Managing Company Stock

Peter provides a data-driven analysis of what investing in stocks at an all-time high means for investors today. 

Listen now and learn:

• The significance of all-time highs in the stock market
• How current dynamics fit into the natural growth cycle of the market
• Insights into balancing risk and opportunities that lead to confident investment decisions

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Callie Cox, an acclaimed investment analyst, shares her expertise on navigating the complexities of the financial world in 2024. Tune in for an enlightening discussion that blends technical analysis with practical advice for both seasoned and aspiring investors.

Listen and learn:

• What sparked the year-end rally and what to expect in 2024

• Key insights from eToro's Retail Investor Survey

• What to expect from Big Tech in 2024

Detailed show notes and resources can be accessed at www.thelongterminvestor.com.

[1:30] Reflecting on the Fourth Quarter 2023 Rally 

[9:30] Market Leadership and Trends 

[15:10] The Surge in Money Market Fund Flows 

[19:20] The Case For Optimism in 2024 

[22:50] Insights from eToro's Retail Investor Survey

[29:15] Potential Impact of a Bitcoin ETF

This episode explores the groundbreaking approval of spot price bitcoin ETFs by the SEC. Understand the impact of this development on investors

Listen now and learn:

• How spot price bitcoin ETFs differ from previous bitcoin ETF products
• The nuances of popular bitcoin investment theses
• Important questions to ask prior to investing in bitcoin

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

This episode features a deep conversation with renowned author and coach Brad Stulberg, exploring the intricate dynamics of mastering change in both personal and professional spheres. 

Drawing from Stulberg's latest book, "Masters of Change: How to Excel When Everything is Changing – Including You," they delve into the science behind change and how individuals can navigate change effectively. 

Listen now and learn:

• How embracing change paves the path to true stability
• Way to achieve rugged flexibility
• Why core values play an essential role as anchors amidst change

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

[2:14] The Science of Change

[7:20] Rugged Flexibility and The Importance of Core Values

[16:00] How a Diversified Identity Reduces Fear and Increases Resilience 

[22:15] Tragic Optimism

[28:20] Reacting vs Responding to Change

In this episode, we explore setting financial goals that transcend mere numbers.

Listen now and learn:

• Why most money goals aren't aligned with holistic wealth
• How to set meaningful financial goals
• Ways to align your spending with those goals

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

This is the sixth episode of the Investing By Age series.

The episode originally aired in July of 2022 in a six-part series. Although this is a replay, the content shared is just as relevant today and important to consider for your finances.

As you retire and transition from saving to spending, there are several unique planning opportunities and challenges that arise.

Listen now and learn:

• How to simplify your investments

• Strategies for minimizing your total lifetime tax bill

• Different ways to navigate healthcare costs

To listen to the entire 6-part series this episode aired with, visit www.TheLongTermInvestor.com and listen to:

• EP.56: Investing in Your 20s

• EP.57: Investing in Your 30s

• EP.58: Investing in Your 40s

• EP.59: Investing in Your 50s

• EP.60: Investing in Your 60s

• EP.61: Investing in Retirement

You'll also find all the show notes, free resources, and links mentioned in this episode.

This is the fifth episode of the Investing By Age series.

The episode originally aired in July of 2022 in a six-part series. Although this is a replay, the content shared is just as relevant today and important to consider for your finances.

In your 60s, retirement is approaching quickly. The decisions you make in the few years leading up to retirement and the first few years of retirement are potentially the most impactful financial decisions of your lifetime.

Listen now and learn:

• How to prepare for market downturns before retirement

• A simple strategy for projecting future expenses

• Where to download a comprehensive retirement readiness checklist

To listen to the entire 6-part series this episode aired with, visit www.TheLongTermInvestor.com and listen to:

• EP.56: Investing in Your 20s

• EP.57: Investing in Your 30s

• EP.58: Investing in Your 40s

• EP.59: Investing in Your 50s

• EP.60: Investing in Your 60s

• EP.61: Investing in Retirement

You'll also find all the show notes, free resources, and links mentioned in this episode.

Want a peek behind the scenes? Get my top 5 must-read financial articles that keep me ahead on innovative planning and investment strategies—exclusive, curated, and straight to your inbox bi-weekly when you sign up for my newsletter.

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Gold just cleared $4,000 an ounce while stocks hover near highs—a rare split-screen of optimism and caution. In this episode, I break down what's actually pushing gold up, stress-test its "safe haven" reputation, and evaluate whether it truly protects against inflation. We'll finish with a simple, rules-based way to decide if gold deserves a small place in a long-term portfolio—or none at all.

Key takeaways:

► What's driving gold now: the role of central-bank buying, macro uncertainty, interest rates, and the dollar.

► Why "safe haven" isn't a free pass: what history says about mean reversion, drawdowns, and volatility.

► Inflation reality check: how stocks and real estate have delivered positive real returns when inflation is >4%—and why gold hasn't—plus when TIPS are the right hedge for specific future expenses.

► A practical allocation framework: when 0%, a small sleeve, or a strict 0–5% target makes sense—and how to set rebalancing rules so you can stick with the plan.

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this "post" (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Please see disclosures here.

This is the fourth episode of the Investing By Age series.

The episode originally aired in July of 2022 in a six-part series. Although this is a replay, the content shared is just as relevant today and important to consider for your finances. 

Your 50s are the time you have the highest earnings and ability to save, so it's time to make the most of it.

Listen now and learn:

• How to take advantage of your peak earning years

• Ways to eliminate unnecessary investment risks

• Why you may need to update your retirement goals

• Two important reasons to rethink your asset allocation in your 50's

To listen to the entire 6-part series this episode aired with, visit www.TheLongTermInvestor.com and listen to:

• EP.56: Investing in Your 20s

• EP.57: Investing in Your 30s

• EP.58: Investing in Your 40s

• EP.59: Investing in Your 50s

• EP.60: Investing in Your 60s

• EP.61: Investing in Retirement

You'll also find all the show notes, free resources, and links mentioned in this episode.

This is the third episode of the Investing By Age series.

The episode originally aired in July of 2022 in a six-part series. Although this is a replay, the content shared is just as relevant today and important to consider for your finances. 

As you move into your peak earning years, it's all about making smart decisions right now. 

Listen now and learn:

• How to optimize your retirement savings

• Ideas for strategically investing for education costs

• 5 estate planning documents you need to get

To listen to the entire 6-part series this episode aired with, visit www.TheLongTermInvestor.com and listen to:

• EP.56: Investing in Your 20s

• EP.57: Investing in Your 30s

• EP.58: Investing in Your 40s

• EP.59: Investing in Your 50s

• EP.60: Investing in Your 60s

• EP.61: Investing in Retirement

You'll also find all the show notes, free resources, and links mentioned in this episode.

This is the second episode of the Investing by Age series.

The episode originally aired in July of 2022 in a six-part series. Although this is a replay, the content shared is just as relevant today and important to consider for your finances. 

Your 30s are the time to begin building lasting wealth to meet life's growing demands.  

Listen now and learn:

• Best practices for consolidating your investments

• How to prioritize paying down debt vs investing goals

• The 3 essential components to protecting you against the unexpected

To listen to the entire 6-part series this episode aired with, visit www.TheLongTermInvestor.com and listen to:

• EP.56: Investing in Your 20s

• EP.57: Investing in Your 30s

• EP.58: Investing in Your 40s

• EP.59: Investing in Your 50s

• EP.60: Investing in Your 60s

• EP.61: Investing in Retirement

You'll also find all the show notes, free resources, and links mentioned in this episode.

This is the first episode in the Investing by Age series. 

The episode originally aired in July of 2022 in a six-part series. Although this is a replay, the content shared is just as relevant today and important to consider for your finances.  

The financial decisions you make in your 20s are arguably more impactful than any other time in your life because of the time your decisions have to compound.  

Listen now and learn:

• Why it's important to start investing now

• The essential elements to investing in your 20s

• The most important thing to avoid in your investments

To listen to the entire 6-part series this episode aired with, visit www.TheLongTermInvestor.com and listen to:

• EP.56: Investing in Your 20s

• EP.57: Investing in Your 30s

• EP.58: Investing in Your 40s

• EP.59: Investing in Your 50s

• EP.60: Investing in Your 60s

• EP.61: Investing in Retirement

You'll also find all the show notes, free resources, and links mentioned in this episode.

What does it mean to be a long-term investor? In this special mash up episode, all the show's guests from the past year weigh in.

Listen now to hear from Ben Carlson, Taylor Schulte, Burton Malkiel, Phil Huber, Rubin Miller, Dasarte Yarnway, Robin Powell, Brian King, Jeremy Schwartz, Rick Ferri, Mike Piper, Carl Richards, Ashby Daniels, Polina Pompliano, Mathieu Pellerin, John Jennings, Cait Howerton, Tyler Olson, Jesse Cramer, Meir Statman, Susan Jones, Hal Hershfield, William Bernstein, and Peter Lazaroff.

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Recorded in front of a live audience for the CFA Society of Detroit's Annual Luncheon, Morgan Housel shares key insights from his new book Same As Ever.

Morgan Housel is a partner at the Collaborative Fund. His first book, The Psychology of Money, has sold over four million copies and has been translated into 53 languages.

Listen now and learn:

• Why people get so focused on predictions

• How optimism and pessimism are needed for success

• The importance of stories in a world overflowing with data

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

William Bernstein, author of The Four Pillars of Investing, joins the show to talk about the most recent edition of his highly influential work.

Listen now and learn:

• What are the four pillars of investing
• The history of risk and common traits of a bubble
• Potentially attractive segments of the market

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Just as you'd scrutinize a potential new car's specs or a house's foundation, your investments deserve the same diligence. The Form ADV Part 2 offers a panoramic view into the inner workings of an advisory firm, from its business practices to the individuals pulling the strings behind the curtains. 

Listen now and learn:

• Where to find this important document
• Key points to examine carefully
• How to make well-informed decisions regarding financial relationships

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Hal Hershfield is a Professor of Marketing, Behavioral Decision Making, and Psychology at UCLA's Anderson School of Management. His research, which sits at the intersection of psychology and economics, examines the ways we can improve our long-term decisions. 

Listen now and learn:

• How our identities change over time
• Why our future self feels like a complete stranger
• Ways to make good long-term decisions easier on your current self

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Dive into the world of evidence-based investing, where empirical research informs portfolio strategies. meets portfolio construction. This episode unravels the science behind applying successful investing strategies and avoiding mistakes that can hinder your financial growth.

Listen now and learn:

• Foundational principles behind evidence-based investing
• Insights into optimizing your portfolio for long-term
• Ways to avoid the typical pitfalls of individual and professional investors

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Most financial mistakes happen because people don't see the full picture. My Net Worth Worksheet helps you track everything in one place—so you stay informed. Get it now.

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Money talks fall apart when couples keep score. In this episode, Heather and Doug Boneparth show how fairness—not 50/50—actually works in real life, and how power shows up through invisible labor, access, and decision rights. You'll hear practical ways to reset the dynamic so conversations feel collaborative instead of adversarial.

Listen now and learn:

► A fairness framework to replace 50/50 splits and tit-for-tat bean counting

► How to surface invisible labor and shift from "tell me what to do" to true task ownership

► The anatomy of a money date (time/place, start with wins, then goals → cash flow → net worth)

► Reconciling different risk appetites by agreeing on shared capacity, timelines, and one step outside each comfort zone

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

(00:00) Introduction

(02:45) Fairness vs. Equality in Couples' Finances 

(11:24) Resentment Red Flags in Relationships 

(13:47) Invisible Labor to Task Ownership 

(18:26) Financial Transparency for Couples 

(21:49) Money Dates That Don't Derail 

(26:48) Different Risk Tolerances in a Relationship 

(31:00) Co-Authoring Money Together 

(33:32) Lightning Round for Couples

Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this "post" (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Please see disclosures here.

The time for year-end tax and estate planning is now, and this year it's particularly important to get started as certain provisions from the Tax Cuts and Jobs Act will end soon. Plancorp's Susan Jones, JD, CFP joins the show to explain these important planning opportunities that deserve your attention before the end of the year.

Listen now and learn:

• The role tax projections play in long-term financial planning
• Multi-year planning opportunities for retirees, people with stock options, and business owners
• Potential impact of changing tax laws on the horizon

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Live from Future Proof, the world's largest wealth festival, Meir Statman talks about the evolution of behavioral finance and how the latest generation of behavioral finance focuses on holistic well-being.

Listen now and learn:

• The three generations of behavioral finance

• The difference between "errors" and "wants"

• The tradeoffs between a financially optimal and behaviorally optimal portfolio

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Concentrated stock positions typically emerge through employee compensation, inheritance, or a singularly successful investment. But in all cases, a large individual stock position introduces unnecessary risk to your portfolio.

Listen now and learn:

• Why investors tend to avoid diversifying concentrated stock positions 
• Four ways to diversify concentrated stock positions
• How SMAs supercharge tax loss harvesting efforts to offset capital gains
• When more advanced strategies such as exchange funds or option collars are best

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

When you plan to invest a large amount of money, you probably want to know when it's best to invest that cash. Should you invest it all at once or dollar cost average over time?

Listen now and learn:

• Historical probabilities of positive market returns
• How markets perform after reaching all-time highs
• Eye-opening results from a multi-decade study on market timing

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Jesse Cramer, author of The Best Interest, joins the show to share his in-depth research into the astounding math behind car ownership.

Listen now and learn:

• How to evaluate the impact of time owned vs miles driven
• When purchasing a used car is smarter than buying a new car
• How leasing compares to owning from a cost perspective

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

The Federal Reserve recently unveiled a new payments system called FedNow that would replace the United State's antiquated system created more than 50 years ago. But like anything else, change can cause anxiety and there is a lot of false information floating around making matters worse. 

Listen now and learn:

• The basics of the FedNow system 
• How FedNow is different from digital currency
• Why Fed should be viewed as a good thing for everyone

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

In the second episode of a series about student loan debt, I'm joined by Tyler Olson, who provides financial advice and education for early and mid-career physicians. 

Listen now and learn:

• How to choose the right repayment plan
• When to refinance vs consolidate loans
• Differences in debt snow and debt avalanche approaches 

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Cait Howerton, CFP® shares her deep expertise in student loans and provides a broad overview on strategies for paying them off. 

Listen now and learn:

• Challenges high-earning professionals with student loans face
• Strategies for managing student debt during low and high earning years
• How to manage lifestyle creep

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

John Jennings, author of The Uncertainty Solution joins the show to explain how to invest with confidence in inherently uncertain and unpredictable markets.

Listen now and learn:

• How humans react to uncertainty
• The difference between the economy and the stock market
• The role of skill and luck in investing outcomes

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Building the perfect portfolio doesn't matter one bit if it doesn't align with your willingness and ability to take risk. Evaluating your own risk tolerance is difficult for individuals because of the emotions that are intertwined with investing. 

Listen now and learn:

• The difference between ability and willingness to take risk
• Factors that drive an investor's risk tolerance
• How to choose the right asset allocation based on your risk tolerance

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

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Markets have hit record levels dozens of times this year, and the headlines are filled with uncertainty. It's no wonder investors are asking whether now is the time to take some chips off the table. In this episode, I share what I told USA Today when they asked me the same question — and explain why new highs don't necessarily mean markets are due for a fall. 

Listen now and learn:

► Why all-time highs are a normal part of long-term market cycles, not a warning sign.

► The behavioral traps that make investors most tempted to move to cash.

► How today's earnings growth and fundamentals are supporting market valuations. 

► Practical ways to stay disciplined — and invested — when markets feel uncertain.

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this "post" (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Please see disclosures here.

How does the choice of using index funds or core funds with an emphasis on value, size, and profitability impact your retirement savings? 

Mathieu Pellerin, Senior Researcher and Vice President at Dimensional Fund Advisors, shares his recently published research on the impact of factor investing on retirement outcomes. 

Listen now and learn:

• How a core portfolio differs from an index portfolio

• The impact of investment strategy on accumulation, decumulation, and bequest outcomes

• When short-term ends and long-term begins

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

The primary purpose of bonds is to reduce the overall volatility of the portfolio, but as we saw in 2022, that doesn't mean they can't lose money.

In fact, 2022 was the worst year for bonds in US history. And now that we're in a new period of higher interest rates on money market funds, CDs, and short-term Treasury bills, I've noticed an increasing number of people wondering whether they should hold cash instead of bonds.

Listen now and learn:

• How reinvestment risk impacts yield 

• Why investment goals drive your choice of cash vs bonds

• Where diversification can help boost yield

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Jill Schlesinger, host of Jill on Money and award-winning business analyst for CBS News, joins the show to talk about her latest book: The Great Money Reset.

Listen now and learn:

• What it means to do a great money reset
• How great money reset experiences differ by age
• Timely financial steps to build the life you really want

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

The United States is an exceptional place to invest and they've historically delivered higher returns than international stocks. 

That begs the question: Does it make sense to own international stocks? Are US stocks enough for your portfolio?

Listen now and learn:

• The primary driver of recent US stock outperformance

• Why factor investing in a global manner tells a different story

• How International stocks perform during periods of low returns for US stocks

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Polina Pompliano is the author of HIDDEN GENIUS: The Secret Ways of Thinking That Power the World's Most Successful People. She is also the founder of The Profile, a media organization that studies successful people and companies.

Listen now and learn:

• Why mental models are more important than life hacks

• How to problem solve in a crisis

• The difference between systems-based and outcomes-based thinking

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Retail investors are often curious about various aspects of AI, especially regarding its potential impact on the financial markets and investment opportunities. Some common questions asked by retail investors about AI include:

Listen now and learn:

• Whether you're investing in companies at the forefront of AI

• Questions to ask about your existing holdings

• How AI can and can't be incorporated into portfolio construction

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

The problem with conventional wisdom is that it represents the masses, but there's a whole host of things that conventional wisdom gets wrong. By default, that feeds into what investors get 

Listen now and learn:

• What investors get wrong
• A new way to think about risk
• How to define investment success

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

There isn't a better retirement savings account than a Health Savings Account (HSA).

Listen now and learn:

• How HSAs actually work
• Ways to HSAs to supercharge your retirement savings
• Advanced planning strategies that leverage an HSA's flexibility

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Michael Kitces is one of the industry's leading experts on all things financial advice and financial planning. In this live episode recorded at Wealth Management EDGE, Michael explains the evolution of financial advice and how AI might impact the profession going forward.

Listen now and learn:

• The evolution of financial advice from the 1960s to present
  
• Ways consumers benefit from financial advisors moving up the value chain
  
• How AI might impact the financial advice profession

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Plancorp's CEO, Chris Kerckhoff, joins the show for a live recording at the Wealth Management EDGE Conference.

Listen now and learn:

• Why the debt ceiling was originally created
• The three most likely scenarios in today's debt ceiling standoff
• How to think about investing 

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Please rate and review The Long-Term investor in your favorite podcast app.

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Author and illustrator Carl Richards joins the show to discuss his new book Your Money and the real conversations we should be having about finances. If you've ever wondered how to stop worrying about money and start using it intentionally, this conversation will leave you thinking differently about every dollar you spend.

Listen now and learn:

► Why most people avoid the money conversations that matter most

► How to align your use of capital with what's genuinely important to you

► The power of micro actions and why small steps compound into lasting change. 

► A simple mindset shift that can transform financial stress into confidence and clarity

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

(02:23) The Conversations We Avoid About Money

(04:16) Why Facts Don't Fix Feelings 

(06:00) Simplifying on the Far Side of Complexity

(10:13) Aligning Your Use of Capital with What's Important 

(14:31)Financial Planning Is About Being Less Wrong Tomorrow 

(18:22) The Illusion of Certainty and the End of History 

(23:55) The "Presenting Problem" and What Clients Really Value 

(27:42) How to Start Better Money Conversations at Home 

(35:36) Micro Actions: Tiny Habits That Compound 

(38:59) The Worry List: Nothing Is Helped by Worry 

(41:22) Practicing Gratitude and Redefining "Enough" 

Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this "post" (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Please see disclosures here.

In this episode, I'm joined by Carl Richards, a Certified Financial Planner (CFP®) and creator of the Sketch Guy column, appearing weekly in The New York Times since 2010.

Listen now and learn:

• How investors fall victim to the behavior gap
• What it means to do real financial planning
• The best way to avoid "The Big Mistake"

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

Using index funds in your stock portfolio has historically been a wise choice, but bond indexes have some inherent disadvantages that make them a less obvious choice.

Listen now and learn:

• How bond indexing differs from stock indexing

• The different types of active bond management

• How to choose a fund that's right for you

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

The death of a spouse is one of the most emotionally challenging times of a person's life. In this financially driven conversation, Mike Piper explains the financial steps to take for a surviving spouse.

Listen now and learn:

• What married couples can do to make it easier on a surviving spouse in the future
• Financial planning techniques a surviving spouse can use to maximize their wealth and minimize taxes
• When it makes sense to disclaim an inheritance

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.