The Long View

• David Booth: ‘Usually the Great Ideas Start Out as Small Ideas and Then You Build on Them’

  Our guest on the podcast today is David Booth. He’s the Chairman of Dimensional Fund Advisors, a firm he founded in 1981. David led Dimensional as CEO and later Co-CEO until 2017, when he stepped back from the daily management of the firm. David helped create one of the world’s first index funds in the 1970s and launched the first passively managed small-company strategy in the early 1980s. He received a bachelor’s degree in economics in 1968 and a master’s degree in business in 1969 from the University of Kansas. In 1971, he received an MBA from the University of Chicago. Over the years, David has been a benefactor to both schools, and the University of Chicago Booth School of Business is named in David’s honor. David, welcome to The Long View.BackgroundBioTune Out the NoiseDFA US Small CapDFA US Micro CapPapers Mentioned“Stocks, Bonds, Bills and Inflation: Year-by-Year Historical Returns (1926-1974),” by Roger Ibbotson and Rex Siquefield, The Journal of Business, January 1976.“The Cross-Section of Expected Stock Returns,” by Eugene Fama and Kenneth French, jstor.org, June 1992.“Why Investors Missed Out on 15% of Total Fund Returns,” by Jeffrey Ptak, Morningstar.com, Aug. 15, 2024.OtherErrol MorrisMerton MillerEugene FamaMac McQuownRex SinquefieldRobert MertonDan WheelerDaniel Kahneman“Everything You Need to Know About ‘MADOFF: The Monster of Wall Street,’” by Ingrid Ostby, netflix.com, Jan. 4, 2023.“DFA vs. Vanguard,” The Rational Reminder podcast, Episode 351, youtube.com.“PHOTOS: A Look Inside the Booth Estate,” Austin American-Statesman, Feb. 13, 2020.

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• Cullen Roche: What Tariffs Mean for Your Portfolio

  Today on the podcast we welcome back Cullen Roche. Cullen is the founder and chief investment officer of the Discipline Funds, which manages the Discipline Fund ETF. In addition, he heads up Orcam Group, a registered investment advisory firm he established in 2012. He’s authored several books, including Pragmatic Capitalism: What Every Investor Needs to Know About Money and Finance, and he has a new book coming out next year called Your Perfect Portfolio. Cullen started his career as an advisor at Merrill Lynch and worked at an event-driven hedge fund before starting his RIA firm. He received his bachelor’s degree in finance from Georgetown University’s McDonough School of Business. Cullen, welcome back to The Long View.BackgroundBioDiscipline FundsDiscipline Fund ETFPragmatic Capitalism: What Every Investor Needs to Know About Money and FinanceYour Perfect PortfolioTariffs and Recession“Let’s Talk About Tariffs,” by Cullen Roche, disciplinefunds.com, Feb. 3, 2025.“Weekend Reading—How Did We Get Here?” by Cullen Roche, disciplinefunds.com, April 4, 2025.“Three Things—Tariffs, Of Course,” by Cullen Roche, disciplinefunds.com, April 7, 2025.“American Economic Association 2021-2022 Universal Academic Questionnaire Summary Statistics,” by Charles E. Scott and John J. Siegfried, jstor.org.“Three Things—Is a Recession Coming?” by Cullen Roche, disciplinefunds.com, Feb. 8, 2025.Defined Duration Investing“What Is Defined Duration Investing?” by Cullen Roche, disciplinefunds.com, Feb. 21, 2023.“Defined Duration Investing,” by Cullen Roche, paper.ssrn.com, Aug. 8, 2022.The Fed and Global Investing“Three Things—State of the Markets,” by Cullen Roche, disciplinefunds.com, Feb. 22, 2025.“Why Is International Investing Working Again?” by Cullen Roche, disciplinefunds.com, March 26, 2025.“Three Things—Weekend Reading,” by Cullen Roche, disciplinefunds.com, April 19, 2025.Other“Cullen Roche: Macro Is About Understanding the World for What It Is,” The Long View podcast, Morningstar.com, Jan. 11, 2022.Milton Friedman“NY Empire State Index: Meaning, Benefits, Example,” by Adam Hayes, Investopedia.com, June 30, 2022.William Bernstein’s No-Brainer PortfolioMeb FaberThe Humble Investor, by Dan Rasmussen

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• Vincent Montemaggiore: ‘The Two Best Defenses Against Tariffs Are a High-Gross Profit Margin and Pricing Power’

  Our guest this week is Vincent Montemaggiore. Vince is a portfolio manager at Fidelity where he manages the Overseas Fund. The strategy is highly regarded by Morningstar’s manager research team. Prior to taking over Fidelity Overseas in 2012, Vince ran Fidelity Select Banking from June 2008. He joined Fidelity as an equity analyst in 2004. Vince has a bachelor’s from the University of Pennsylvania and an MBA from Columbia Business School. Vince, welcome to The Long View.BackgroundBioFidelity Series Overseas FSOSXGlobal Outlook“2025 Global Investing Outlook: Unsettling International Headlines Are Creating Opportunities for US Investors,” fidelity.com, Jan. 6, 2025.“Trump Tariffs and Investors: What They Mean for Inflation, Stocks, and the Economy,” fidelity.com, April 9, 2025.GRANOLAS Stocks Mentioned“Europe’s Magnificent 7 Stocks Are Profitable—And Cheaper,” by Jocelyn Jovene, morningstar.co.uk, Feb. 19, 2024.GSKRocheASMLNestleNovartisSAPAI and Companies MentionedRELXLSEG and Microsoft PartnershipOtherHitachiTokio MarineBill KennedySammy SimnegarJed Weiss

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  55:17
• Jean Chatzky: What Women Need to Do Differently With Their Money

  Today on the podcast, we welcome back Jean Chatzky. Jean is the CEO of HerMoney.com and host of the podcast, HerMoney with Jean Chatzky. She has served as the financial editor of NBC Today for 25 years and is the financial ambassador for AARP. She appears frequently on CNN, MSNBC, and was a recurring guest on The Oprah Winfrey Show. She has written several New York Times bestselling books. Her latest is Women with Money: The Judgment-Free Guide to Creating the Joyful, Less Stressed, Purposeful (and, Yes, Rich) Life You Deserve. Jean also appears in my book How to Retire, where she talks about retirement planning considerations for women.BackgroundBioHerMoney podcastFinanceFixxWomen With Money: The Judgment-Free Guide to Creating the Joyful, Less Stressed, Purposeful (and, Yes, Rich) Life You Deserve, by Jean ChatzkyOpportunity KnocksAARPWomen in Investing and Financial Advisors“How to Choose a Financial Advisor,” video post by Jean Chatzky, Linkedin.com.“Jean Chatzky on Women in Investing: Are You Taking Control of Your Money?” by Melissa Houston, forbes.com, April 21, 2022.Annuities, Long-Term Care, FIRE“The High Costs of Senior Caregiving,” by Ella Vincent, Kiplinger.com, Aug. 3, 2023.“Long-Term Care Insurance Rate Increase Creates Big Headache,” by Jean Chatzky, aarp.com, Feb. 7, 2023.“Are Annuities a Good Investment? What They Are and Why Women Should Consider Them,” HerMoney With Jean Chatzky, episode 433, hermoney.com, July 24, 2024.“How to Retire Early Without Hating Your Life,” HerMoney With Jean Chatzky, episode 459, hermoney.com, Jan. 22, 2025.Other“Jean Chatzky: ‘Financial Stress Is a Big Topic in Need of More Oxygen,’” The Long View podcast, Morningstar.com, Dec. 15, 2020.How to Retire: 20 Lessons for a Happy, Successful, and Wealthy Retirement, by Christine BenzKaren FinermanMichael KitcesAlliance for Lifetime IncomeJean Chatzky The Today Show archives

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  50:13
• Dr. Jay Zigmont: Handling Your Finances When You Don’t Have Kids

  Our guest on the podcast today is Dr. Jay Zigmont. He’s the author of a new book called The Childfree Guide to Life and Money, and he’s also the founder and CEO of Childfree Wealth, a financial planning firm dedicated to helping people without kids. Dr. Jay is a certified financial planner, and he also has his MBA, as well as his PhD in Adult Learning from the University of Connecticut. He hosts the Childfree Wealth podcast, and he previously published another book called Portraits of Childfree Wealth. Dr. Jay, welcome to The Long View.BackgroundBioChildfree WealthChildfree Wealth podcastThe Childfree Guide to Life and Money: Make Your Finances Simple So Your Life Without Kids Can Be Amazing, by Jay ZigmontPortraits of Childfree Wealth: 26 stories about how being Childfree impacts your life, wealth and finances, by Jay ZigmontBeing Childfree“Census Bureau: Older Childless Women Make More Money, In Better Health Than Male Counterparts,” by Carlie Porterfield, forbes.com, Aug. 31, 2021.“11% of Older Americans (55+) Are Childfree,” by Jay Zigmont, childfreewealth.com, Aug. 28, 2022.“Among Unmarried Adults, Women Without Children Have as Much Wealth as Single Men,” by Richard Fry, pewresearch.org, Nov. 4, 2024.“Choosing the FILE Lifestyle—Financial Independence, Live Early,” by Jay Zigmont, childfreewealth.com, Aug. 28, 2022.“FILE vs FIRE—Finding What Is Right For You,” by Jay Zigmont, childfreewealth.com, Aug. 28, 2022.Die With ZeroDie With Zero: Getting All You Can From Your Money and Your Life, by Bill Perkins“How Do I Embrace the Die With Zero Approach?” by Jay Zigmont, childfreewealth.com, April 30, 2024.“Not Having Children ‘Breaks’ Traditional Financial Planning, says CFP—8 Money Rules for Childfree People,” by Ryan Ermey, cnbc.com, Dec. 5, 2023.Long-Term Care and Estate Planning“How Much Does Assisted Living Cost in 2023?” by Sam DiSalvo, finance.yahoo.com, March 30, 2023.“Long-Term Care for Childfree Individuals,” by Jay Zigmont, childfreewealth.com, Nov. 23, 2023.“Who Will Take Care of Me?” by Jay Zigmont, childfreewealth.com, Dec. 12, 2023.“Get Your Paperwork Right, Now!—Wills, Beneficiaries, Living Wills, POAs and More,” by Jay Zigmont, childfreewealth.com, Aug. 28, 2022.Other“New Report: Being Childfree May Not Make You Rich, But It May Make You Happy,” by Jay Zigmont, childfreewealth.com, Oct. 6, 2022.“The Gardener and the Rose,” by Jay Zigmont, childfreewealth.com, Aug. 28, 2022.The Purpose Code: How to Unlock Meaning, Maximize Happiness, and Leave a Lasting Legacy, by Jordan Grumet“Jordan Grumet: The Purpose Code,” The Long View podcast, Morningstar.com, Jan. 7, 2025.

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