Hi and welcome to The Long View. I’m Christine Benz, director of personal finance and retirement planning for Morningstar. On this week’s episode, we will feature some of our favorite clips from interviews we have done with financial planners, advisors, and retirement researchers over the past year. It’s a counterpart to a previously released “Best Of” episode that was all about investing. As usual, we delved into the topic of psychology and money, and the importance of tuning out the noise if you’re a long-term investor.

“JL Collins: The (Still) Simple Path to Wealth,” The Long View podcast, Morningstar.com, July 1, 2025.

“Charley Ellis: Indexing Is a Marvelous Gift,” The Long View podcast, Morningstar.com, Aug. 5, 2025.

“Larry Jacobson: ‘The Good Things in Our Life Are What Get in the Way of Great Things,’” The Long View podcast, Morningstar.com, Sept. 16, 2025.

“Dan Haylett: ‘The Retirement You Didn’t See Coming,’” The Long View podcast, Morningstar.com, Nov. 18, 2025.

“Kerry Hannon: What Gen Xers Need to Know About Their Retirement Plans,” The Long View podcast, Morningstar.com, Sept. 30, 2025.

“Carl Richards: The Case for ‘Deeply Human’ Financial Advice,” The Long View podcast, Morningstar.com, Oct. 21, 2025.

“Dana Anspach and Fritz Gilbert: ‘This Is What a Joyful Retirement Could Feel Like,’” The Long View podcast, Morningstar.com, Sept. 23, 2025.

“Barry Ritholtz: ‘How Not to Invest,’” The Long View podcast, Morningstar.com, Oct. 7, 2025.

“Nick Maggiulli: Climbing the Wealth Ladder,” The Long View podcast, Morningstar.com, July 22, 2025.

“Doug and Heather Boneparth: How Couples Can Find Financial Harmony,” The Long View podcast, Morningstar.com, Oct. 28, 2025.

“Ramit Sethi: ‘We Have to Make Money Fun and Connective,’” The Long View podcast, Morningstar.com, March 4, 2025.

“Beth Pinsker: Lessons From ‘My Mother’s Money,’” The Long View podcast, Morningstar.com, Nov. 4, 2025.

“Jean Chatzky: What Women Need to Do Differently With Their Money,” The Long View podcast, Morningstar.com, April 8, 2025.

“Sahil Bloom: ‘Curiosity Is the Fountain of Youth,’” The Long View podcast, Morningstar.com, Feb. 4, 2025.

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Hi, and welcome to The Long View. I’m Dan Lefkovitz, strategist for Morningstar Indexes. In this episode, we’ll share some of our favorite clips from 2025 interviews with portfolio managers, economists, and investment researchers. It’s a companion to Christine Benz’s “Best Of” episode featuring highlights from conversations with financial planners, advisors, and retirement researchers. We’ll begin with some prescient words from Hendrik du Toit, co-founder of global investment manager, Ninety One, who spoke to Christine Benz and me at the start of the year from Cape Town, South Africa. Hendrik talked about the appeal of emerging-markets investments, both debt and equity, asset classes that went on to have good years in 2025.

“Hendrik du Toit: ‘Small Things Can Make a Big Difference,’” The Long View podcast, Morningstar.com, Jan. 21, 2025.

“Cliff Asness: ‘The Problem Was Never Beta. The Problem Was Paying Alpha Fees for Beta,’” The Long View podcast, Morningstar.com, July 29, 2025.

“Vincent Montemaggiore: ‘The Two Best Defenses Against Tariffs Are a High-Gross Profit Margin and Pricing Power,’” The Long View podcast, Morningstar.com, April 15, 2025.

“Louis-Vincent Gave: ‘The Future Is Being Built Over There,’” The Long View podcast, Morningstar.com, Feb. 25, 2025.

“Jason Zweig: Revisiting ‘The Intelligent Investor,’” The Long View podcast, Morningstar.com, May 27, 2025.

“Mike Pyle: Looking for Uncorrelated Sources of Return,” The Long View podcast, Morningstar.com, Oct. 14, 2025.

“Neal Shearing: The World Isn’t Deglobalizing; It’s Fracturing,” The Long View podcast, Morningstar.com, Aug. 26, 2025.

“Sudarshan Murthy: ‘These Countries Are in Much Better Shape Than They Were 10 Years Back,’” The Long View podcast, Morningstar.com, March 25, 2025.

“Joe Davis: How to Capitalize on ‘Megatrends,’” The Long View podcast, Morningstar.com, Sept. 2, 2025.

“Callie Cox: A Student Teacher of Financial Markets,” The Long View podcast, Morningstar.com, Nov. 11, 2025.

“Brian Selmo: ‘Winning by Not Losing,’” The Long View podcast, Morningstar.com, July 15, 2025.

“Daniel Rasmussen: ‘Be Very Wary of Illiquid Asset Classes,’” The Long View podcast, Morningstar.com, May 6, 2025.

“Eric Jacobson: The Entire Face of the Bond Market Has Changed,” The Long View podcast, Morningstar.com, Nov. 25, 2025.

“Barry Ritholtz: ‘How Not to Invest,’” The Long View podcast, Morningstar.com, Oct. 7, 2025.

“John Rekenthaler: ‘The House Is With You When You’re Investing,’” The Long View podcast, Morningstar.com, Jan. 28, 2025.

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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.

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

“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.

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.

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