Today’s guests are Morningstar’s Brian Moriarty and Jack Shannon. Brian is a principal, fixed-income strategies, for Morningstar. Before assuming his current role in 2015, Brian was a client solutions consultant for Morningstar Office, a practice and portfolio management system for independent financial advisors. Before joining Morningstar in 2013, he was a research assistant for DePaul University’s religious studies department. Brian holds a bachelor’s degree in political science from Michigan State University and a bachelor’s degree in Islamic world studies from DePaul University.

Jack Shannon is a principal, equity strategies, for Morningstar. He focuses on actively managed equity strategies and is the lead analyst for MFS and Artisan Partners, among other firms. Before joining Morningstar in 2020, Jack worked in commercial banking and was a consultant providing subject-matter expertise on complex financial litigation. Jack holds a bachelor’s degree in economics and history from James Madison University. He also holds a master’s of business administration in investments and corporate finance from the University of Notre Dame’s Mendoza College of Business.

• 00:02:06 What are Private Markets, and What Investment Opportunities Do They Provide?
• 00:03:13 Do Semiliquid Funds Provide Easier Access to Private Markets?
• 00:05:57 Applying Morningstar Processes to Evaluate Private Markets
• 00:09:50 Managing Liquidity in Private Market Investments
• 00:18:48 Valuation and Transparency: Putting Private Assets Under the Microscope
• 00:24:07 Payment in Kind as a Valuation Concern
• 00:28:02 Public vs. Private Markets: Understanding Risk, Language, and Infrastructure Differences
• 00:39:28 Building Methodology to Explain Private Asset Fees and Incentive Structures
• 00:44:22 What Morningstar Medalist Ratings Signal for Semiliquid Funds

Morningstar’s Guide to Public/Private Investing

Private Equity Funds Step Into the Spotlight

Private Credit Pricing: Are Prosecutors Opening Up Pandora’s Box?

If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.

Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.

If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.

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Our guest on the podcast today is Kathleen Rehl. Kathleen is an author, educator, speaker, and certified financial planner dedicated to empowering widows financially and guiding the professionals who support them. She operated her own planning firm for 18 years before shifting her focus to writing, teaching, and research. After her husband died, she transformed her personal grief into a mission, helping others navigate widowhood, legacy planning, and purposeful aging. She is the author of Moving Forward on Your Own: A Financial Guidebook for Widows.

• Learning widowhood from the inside (00:02:17)
• What changes when only one person is left to make decisions (00:04:13)
• Irreversible choices widows often face early on (00:05:16)
• Stress-testing for life without a spouse: Where will you live, and how will you live? (00:08:39)
• Why widows leave advisors—and how advisors can do better (00:16:03)
• Slowing down decisions to prevent emotional and financial harm (00:18:53)
• Continuing care retirement communities as a housing and risk management choice (00:25:55)
• “Refirement” instead of retirement, and building a lasting legacy (00:30:38)

Harry Margolis: How to Confront Aging Challenges Head-On

How to Tackle Estate Planning Basics in 7 Steps

3 Tricky Decisions for Every Retirement Plan

If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.

Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.

If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.

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Our guest on the podcast today is Don Phillips. Don is a managing director for Morningstar. He joined the company in 1986 as its first mutual fund analyst and soon became editor of the flagship print publication Morningstar Mutual Funds, establishing the editorial voice for which the company is best known. He helped to develop the Morningstar Style Box, the Morningstar Rating, and other distinctive proprietary Morningstar innovations that have become industry standards. Don has served in a variety of leadership roles at Morningstar, most recently head of global research, before paring back his schedule to take on a part-time nonmanagement role. He holds a bachelor’s degree from the University of Texas and a master’s degree from the University of Chicago.

• 00:01:57 Viewing Investing From 100,000 Feet Up
• 00:08:20 The Role of the Manager, From Salesmanship to Stewardship
• 00:11:18 What Indexing and AI Make Easier—and What They Risk
• 00:17:50 Private Credit and Private Equity Risks for Retail Investors
• 00:28:01 Finding the Unmet Needs in Asset Management
• 00:35:47 Fixed-Income Funds as the Industry’s Achilles’ Heel
• 00:43:42 The Value of a Liberal Arts Education and the Power of Storytelling

Morningstar’s Why

Don Phillips: We’re All in the Behavior Modification Business

Private Equity Funds Step Into the Spotlight

If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.

Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.

If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.

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Our guest on the podcast today is Adam Grossman. Adam’s the founder of Mayport, a fixed-fee wealth management firm. He’s also a regular contributor to Humble Dollar, the website founded by late financial writer Jonathan Clements. Before founding Mayport, Adam worked as an investment advisor or analyst at several firms, including Middleton & Company, Ballentine Partners, and MFS Investment Management. He also founded About Face Software, a social networking software firm. Adam received his undergraduate degree from Williams College and his MBA from MIT Sloan School of Management, and he’s also a CFA charterholder.

• Writing for Humble Dollar and Jonathan Clements (00:01:16)
• How Flat‑Fee Advice Beats AUM Pricing (00:05:15)
• Helping Investors Stay Calm in Market Stress (00:10:29)
• Simple Stock/Bond Portfolios Still Work (00:17:30)
• How to Protect Your Portfolio Before Retirement (00:22:58)
• Social Security Timing: Math Versus Emotions (00:27:20)
• How AI Is Changing Financial Advice (00:34:19)

Bill Bengen: ‘Inflation Is the Greatest Enemy of Retirees’

Jim O’Shaughnessy: Investing Lessons From a Lifelong Learner

Harry Margolis: How to Confront Aging Challenges Head-On

If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.

Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.

If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.

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Our guest on the podcast today is William Bengen. Bill has been a prolific researcher of retirement planning matters over his career, and he pioneered the exploration of safe withdrawal rates with his groundbreaking 1994 research that gave birth to what’s now called the 4% rule. His new book, A Richer Retirement: Supercharging the 4% Rule to Spend More and Enjoy More was published in August 2025. Bill is the former owner of Bengen Financial Services, an independent registered investment advisor that he launched in 1989 after his family sold the soda bottling business that he had helped manage. He received his Bachelor of Science degree in aeronautics and astronautics from MIT. Bill retired from his financial planning practice in 2013 but continues to conduct research on retirement planning and withdrawal rates.

• Why the 4% Rule Needed a Rethink
• Inflation as the Biggest Retirement Risk
• Different Approaches to Finding Your Withdrawal Rate
• Factoring in Longevity, Taxes, and Legacy
• Managing Your Asset Allocations, and Outsourcing the Rebalancing Process
• The 4% Rule Is Not for Everyone

Bill Bengen: Revisiting Safe Withdrawal Rates

How to Find Your Perfect Withdrawal Rate Strategy

How Much Should You Allocate to Safer Assets?

If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.

Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.

If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.

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Today’s guest on The Long View is Amit Wadhwaney, portfolio manager and co-founder at Moerus Capital Management. Amit has over 30 years of experience researching and analyzing investment opportunities in developed, emerging, and frontier markets worldwide. Prior to co-founding Moerus, Amit was a portfolio manager and partner at Third Avenue Management, where he worked alongside his Moerus co-founding partners. Amit founded the international business at Third Avenue and was the founding manager of the Third Avenue Global Value Fund, the Third Avenue Emerging Markets Fund, and the Third Avenue International Value Fund. Earlier in his career, Amit worked at MJ Whitman LLC, a New York-based broker/dealer. Prior to joining M.J. Whitman, Amit was a paper and forest products analyst at Bunting Warburg, a Canadian brokerage firm. He began his career at Domtar, a Canadian forest products company. Amit holds an MBA in finance from the University of Chicago. He also holds a BA with honors and an MA in economics from Concordia.

• Investing Versus the Business of Investing
• Why Macroeconomic Forecasting Often Fails Investors
• Survivability as the Core of Risk Management
• Why “Trouble” Creates Opportunity for Value Investors
• Exploring Value-Accretive Corporate Activity
• Is Today’s Market Setting Up a Value Comeback?

How the Iran War Is Shaping Markets

3 Well-Regarded Large-Value Funds for Investors Seeking Balanced Portfolios

The Value Stock Comeback Is Messy. Here’s Why Investors Shouldn’t Turn Away

If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.

Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.

If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.