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 Morgan Housel.
Stay until the end, where I also share my perspective on “What does it mean to be a long-term investor?”
Listen Now
Show Notes
What does it mean to be a long-term investor? And how might that answer change if you asked some of the top thinkers in the financial industry?
That’s exactly what I did.
In this episode, you’ll hear what my past guests—from Ben Carlson and William Bernstein to Carl Richards and Hal Hershfield—believe being a long-term investor is all about.
My goal is to get you thinking about what it means to be a long-term investor, but also highlight past guest interviews you may have missed. Don’t forget to stay until the end, I’ll also give you my personal take on what it means to be a long-term investor.
Let’s get into it by order of publishing…
Ben Carlson
Full episode here: EP. 77: When Spreadsheets and Reality Collide
Ben is the co-host of my favorite investing podcast, Animal Spirits, and author of the book and blog A Wealth of Common Sense. In this episode, we talked about instances when spreadsheets and financial theory don’t align with human emotions and reality.
If you go back and listen to that episode, you’ll learn:
- Why investors fail to earn the market return
- The importance of avoiding bad investments
- How personal finance best practices aren’t always the optimal choice for you
Taylor Schulte
Full episode here: EP.79: IRMAA Fees in Retirement & How to Avoid Them
Up next is Taylor Schulte, host of the Stay Wealthy podcast. Taylor specializes in assisting people nearing or in retirement, so I had asked him to nerd out with me on the ins and outs of IRMAA charges. We cover:
- How IRMAA works
- Strategies for retirees to avoid IRMAA
- How to plan for IRMAA while you’re still working
Burton Malkiel
Full episode here: EP.82: A Random Walk Down Wall Street
My next guest episode was none other than Dr. Burton Malkiel, author of A Random Walk Down Wall Street. Burt joined the show to talk about the 50th anniversary of this investing classic. If you go back to listen to this investment legend, you’ll hear him talk about:
- The two biggest mistakes investors make
- Lessons from market bubbles of the past
- Practical ideas for achieving investment success
Phil Huber and Rubin Miller
Full episode here: EP.84: CIO Roundtable
I love talking shop with colleagues from around the country and wanted to give you a peek into those conversations, so this next guest episode featured two of my favorite Chief Investment Officers, Phil Huber and Rubin Miller. If you go back and listen to our conversation, you’ll hear us talking about:
- Our thoughts on the big storylines of 2022 (since this aired January 25, 2023)
- How we develop return assumptions for financial planning models
- Things people misunderstand about the role of a Chief Investment Officer
Dasarte Yarnway
Full episode here: EP.86: Improving Diversity & Inclusion in Financial Planning
Next up, we have Dasarte Yarnway, founder of Yarnway Wealth Management, Head of Community at Altruist, and Co-Founder of Onyx Advisor Network. In this episode, Dasarte shares his personal story and motivations for working to change the landscape of the financial services industry one client and one advisor at a time. When you go back and listen to our conversation, you’ll learn about:
- Changes in financial services over the last decade
- The importance of diversity in financial services and how to increase it
- The most important thing an advisor can do for business owners and entrepreneurs
Robin Powell
Full episode here: EP.88: Evidence-Based Investing
Robin Powell is an award-winning journalist and campaigner for positive change in global investing, advocating better investor education and greater transparency. I invited Robin to the show to discuss:
- What evidence-based investing is all about
- The importance of developing a financial plan prior to choosing investments
- The differences in the adoption of evidence-based investing outside the U.S.
Brian King
Full episode here: EP.90: Planning Opportunities from SECURE 2.0 Act
The SECURE 2.0 Act passed at the end of 2022 included over 100 changes to the rules governing retirement savings. That’s why I asked Plancorp’s Chief Planning Officer, Brian King, to talk through the most important opportunities resulting from the legislation. In this episode, you’ll learn:
- The impact of SECURE 2.0 on people nearing or in retirement
- How new provisions make it easier for workers to balance current needs with future goals
- The biggest planning opportunities from SECURE 2.0 Act
Jeremy Schwartz
Full episode here: EP.92 Stocks for The Long Run
Jeremy Schwartz, Global Chief Investment Officer at WisdomTree, joins me in Episode 92 to talk about the sixth edition of Stocks For The Long Run, which he co-authored with Professor Jeremy Siegel. In our conversation, we talk about:
- Why you should want to own stocks right now
- Why fundamental indexing is better than indexing
- How to manage cash in the current yield environment
Jamie Catherwood
Full episode here: EP.94: A History of Investment Vehicles From 1774-2023
This was the first of a few episodes in which I simply forgot to ask my guest for their thoughts on being a long-term investor, but I didn’t want to miss the opportunity to highlight Jamie Catherwood’s absolute master class on the history of investment vehicles. In this episode, Jamie shares:
- The importance of understanding financial history
- Lessons from past bubbles
- How investment vehicles have evolved over time
Rick Ferri
Full episode here: EP.96: The Three Components for Successful Investing
My next guest you’ll hear from is Rick Ferri, host of the Bogleheads on Investing podcast. In Episode 96, Rick talks about:
- The importance of having a clearly defined investment philosophy
- The four stages of an investor’s philosophical journey
- The key ingredient to keeping a great investment plan intact
Mike Piper
Full episode here: EP.98: Financial Steps to Take After the Death of a Spouse
The prolific author of personal finance and retirement books, Mike Piper, joined me in Episode 98 to talk about his latest book titled Financial Steps to Take After the Death of a Spouse. In this episode, he explains:
- 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
Carl Richards
Full episode here: EP.100: What Real Financial Advice Means
For Episode 100, I was joined by Carl Richards who is well known for his trademark sketches and the ability to make complex financial concepts easy to understand. I asked Carl to talk about some of my favorite sketches as well as:
- How investors fall victim to the behavior gap
- What it means to do real financial planning
- The best way to avoid “The Big Mistake”
Michael Kitces
Full episode here: EP.102: AI and the Evolution of Financial Advice
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, I completely forgot to ask Michael for his thoughts about being a long-term investor. Still, I strongly encourage you to check out Episode 102 where Michael explains:
- The evolution of financial advice from the 1960s to the present
- Ways consumers benefit from financial advisors moving up the value chain
- How AI might impact the financial advice profession
Ashby Daniels
Full episode here: EP.104: Challenging Conventional Wisdom
Fortunately, I didn’t miss the opportunity to ask my next guest this question. In Episode 104, I’m joined by Ashby Daniels, author of Money Visuals, to discuss the problem with conventional wisdom and how that feeds into what investors get wrong. Listen and learn:
- What investors get wrong
- A new way to think about risk
- How to define investment success
Polina Pompliano
Full episode here: EP.106: Lessons from the World’s Most Successful People
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.
- 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
Jill Schlesinger
Full episode here: EP.108: The Great Money Reset
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. We talk about:
- What it means to do a great money reset
- The differences between money reset experiences by age
- Timely financial steps to build the life you really want
Mathieu Pelleri
Full episode here: EP.110: Index vs Factor Investing and the Impact on 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. We discuss:
- 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
John Jennings
Full episode here: EP.112: The Uncertainty Solution
John Jennings, author of The Uncertainty Solution, joined the show to explain how to invest with confidence in inherently uncertain and unpredictable markets. We talk about:
- How humans react to uncertainty
- The difference between the economy and the stock market
- The role of skill and luck in investing outcomes
Cait Howerton
Full episode here: EP.113: Strategies for Tackling Massive Student Loans
Cait Howerton, CFP® shares her deep expertise in student loans and provides a broad overview on strategies for paying them off. Check out Cait’s perspective on:
- Challenges high-earning professionals with student loans face
- Strategies for managing student debt during low and high-earning years
- How to manage lifestyle creep
Tyler Olson
Full episode here: EP.114: How to Strategically Pay Down Your Student Debt
In a second episode about student loan debt, I’m joined by Tyler Olson, who provides financial advice and education for early and mid-career physicians. In this episode, he talks about:
- How to choose the right repayment plan
- When refinancing or consolidating loans is an effective strategy
- Differences in debt snowball and debt avalanche approach
Jesse Cramer
Full episode here: EP.116: The Astounding Math Behind Car Ownership
Jessie Cramer unpacks his incredibly detailed cost analysis of car ownership. Our conversation touches everything you could want to know about buying a car, including:
- 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
Meir Statman
Full episode here: EP.119: The Evolution of Behavioral Finance [LIVE]
Live from Future Proof, the world’s largest wealth festival, the legendary Meir Statman talks about the evolution of behavioral finance and how the latest generation of behavioral finance focuses on holistic well-being. Check out his perspective on:
- The three generations of behavioral finance
- The difference between “errors” and “wants”
- The tradeoffs between a financially optimal and behaviorally optimal portfolio
Susan Jones
Full episode here: EP.120: Crucial Year-End Tax and Estate Planning Strategies
Susan Jones, a Senior Wealth Manager and Shareholder at Plancorp, joined the show to talk about year end tax and estate planning. Not only did we talk about ways to reduce your tax liability in the current year, but we also focused on:
- 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
Hal Hershfield
Full episode here: EP.122: Connecting With Your Future Self to Make Better Decisions
Hal Hershfield, Professor of Marketing, Behavioral Decision Making, and Psychology at UCLA’s Anderson School of Management, joins the show to discuss his book: Your Future Self: How to Make Tomorrow Better Today. Our discussion touches on a variety of topics, including:
- 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
William Bernstein
Full episode here: EP.124: The Four Pillars of Investing
William Bernstein, author of The Four Pillars of Investing, joins the show to talk about the most recent edition of his highly influential work. We talk about:
- What are the four pillars of investing
- The history of risk and common traits of a bubble
- Potentially attractive segments of the market
Morgan Housel
Full episode here: EP.125: Why Recessions Are So Hard To Predict
If you want to understand the world around us that is constantly changing, you must start by understanding what always stays the same. And that is the focal point of my conversation with best-selling author Morgan Housel.
- Why people get so focused on predictions
- How optimism and pessimism is needed for success
- The importance of stories in a world overflowing with data
Peter Lazaroff
I spend about five minutes at the end of this episode explaining what it means to me to be a long-term investor, but I think it boils down to two things:
- having a long-term horizon and
- being an optimist.
As with any podcast, there are some nuances to those points, so I’d encourage you to listen to the audio version.
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About the Podcast
Long-term investing made simple. Most people enter the markets without understanding how to grow their wealth over the long term or clearly hit their financial goals. The Long Term Investor shows you how to proactively minimize taxes, hedge against rising inflation, and ride the waves of volatility with confidence.
Hosted by the advisor, Chief Investment Officer of Plancorp, and author of “Making Money Simple,” Peter Lazaroff shares practical advice on how to make smart investment decisions your future self with thank you for. A go-to source for top media outlets like CNBC, the Wall Street Journal, and CNN Money, Peter unpacks the clear, strategic, and calculated approach he uses to decisively manage over 5.5 billion in investments for clients at Plancorp.
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