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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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.

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

“'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.

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.

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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

1. Dividend Stock Performance: 2025 Recap
2. What the Buyback Boom Means for Dividend Investors
3. 3 Ways to Spot a Dividend Cut Early
4. 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

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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.

Bio

“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.

“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

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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.

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.

“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.

Michael Finke

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