The Long View

Our guest on the podcast today is Jim O’Shaughnessy. Jim founded O’Shaughnessy Asset Management, a quantitative investment management firm in 1993. Franklin Templeton acquired the firm in 2021. Jim is also an author of several books, including Invest Like the Best and What Works on Wall Street. His latest book, Two Thoughts: A Timeless Collection of Infinite Wisdom, is a compilation of quotations from famous artists, writers and thinkers. Jim also hosts his own podcast called Infinite Loops. In addition, Jim is the founder and CEO of O’Shaughnessy Ventures, which provides financial backing and other support to individuals and projects.
Episode Highlights
00:00:00 Building a New Way to Analyze the Stock Market
00:07:18 How Stock Brokers Sold Stories Before Quants
00:12:19 Stock Price vs. Narrative and How Quants Avoid Stock Investing Pitfalls
00:20:05 Long-Term Investing, Bonds, and Keeping Emotions Out of Your Portfolio
00:29:50 Pre-Seed Investments, Finding the Right Founders, and Valuations Today
00:40:08 The Making of Two Thoughts: A Timeless Collection of Infinite Wisdom
00:47:29 Voices on the Infinite Loops Podcast
00:53:12 “Statis is Death” and Lifelong Learning
More From The Long View
Nick Maggiulli: Climbing the Wealth Ladder
Lawrence Lam: ‘The Types of Companies That Attract Me Are Founder-Led and Profitable’
More From Morningstar
How to Determine What a Stock Is Worth
How to Build a Portfolio to Reach Your Financial Goals
5 Ways Emotions Sabotage Your Investment Success
FOMO Can Lead to Lower Returns. Don’t Fall For It
If you have a comment or a guest idea, please email us at [email protected].
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 Sara Devereux. Sara is the Chief Investment Officer of Vanguard Capital Management and Global Head of Fixed Income. She oversees the investment professionals responsible for portfolio management, trading, and research for Vanguard’s internally managed fixed-income funds and ETFs, including actively managed bond and money market portfolios and bond index portfolios. Before joining Vanguard in 2019, Sara was a partner at Goldman Sachs, where she spent over 20 years in mortgage-backed securities and structured products trading and sales. Earlier in her career, she worked at HSBC, in risk management advisory and interest rate derivative structuring. She started her career as an actuary at AXA Equitable Life Insurance. Barron has named Sara to its annual list of the 100 Most Influential Women in US Finance every year since 2022.
Episode Highlights
00:00:00 Vanguard’s Investing Philosophy and New Innovations
00:06:20 Active Fixed-Income Strategy and the Alpha Waterfall
00:13:34 ETF’s Explosion, Active Management, and Private Credit Risk
00:23:10 How Technology Is Reshaping the Bond Market
00:29:51 Bond Market Performance 2025, Bonds as Ballasts, and Term Premiums
00:37:27 Bond Market Risks in 2026
00:42:51 Shifting Policy Crosswinds, Cracks in Credit, and AI Capex Risks
00:50:18 Technical Signals to Watch in 2026
Books Mentioned
Stay the Course: The Story of Vanguard and the Index Revolution
More From Morningstar
Vanguard’s Sara Devereux: Why It’s a ‘Terrific Environment’ for Bond Income
Salim Ramji: The Industry Uses Complexity As a Mask to Charge More
Morningstar’s Guide to Fixed-Income Investing
If you have a comment or a guest idea, please email us at [email protected].
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 Sally Balch Hurme. Sally is the author of Checklist for My Family: A Guide to My History, Financial Plans and Final Wishes, as well as several other books. She worked at AARP for 23 years and has written more than 20 law review articles on topics related to elder law. She has also served on the boards of the National Guardianship Association and the Center for Guardianship Certification, where she helped develop standards for guardians and reform guardianship policies and procedures. Before moving to AARP, she was a partner in a private law firm and held several other legal roles. She also served as an adjunct professor at the George Washington University Law School, teaching elder law for eight years. She received her BA from Tulane University and her JD cum laude from the Washington College of Law at American University.
Episode Highlights
00:00:00 Working at the American Bar Association, AARP, and as a Caregiver
00:06:15 How to Get Started in Eldercare Planning
00:08:15 Final Wishes, Finding Your Roots, and Key Documents
00:26:31 Designated Beneficiaries and Medication Tracking
00:33:38 Home Deeds and The Power in Power of Attorney
00:39:48 Cleaning Up Digital Assets
 
Sally Hurme Books
Checklist for My Family: A Guide to My History, Financial Plans and Final Wishes
The ABA/AARP Checklist for Family Caregivers: A Guide to Making It Manageable
More From Morningstar
Beth Pinsker: Lessons From ‘My Mother’s Money’
Inherited IRAs: What to Know About Taxes, RMDs, and More
How to Tackle Estate-Planning Basics in 7 Steps
If you have a comment or a guest idea, please email us at [email protected].
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 Leyla Kunimoto. Leyla is the founder and editor of Accredited Investor Insights, a newsletter that helps investors navigate private markets. She writes about private equity, private credit, and real estate, focusing on the practical realities of evaluating alternative investments from the limited partner perspective. Leyla began investing in public markets in 2001 and expanded into private markets in 2020, with current holdings spanning public equities, real estate, and alternatives. She started her career in finance and management consulting after graduating from the University of Washington. She also worked in advisory services at a Big Four accounting firm.
Background
Leyla Kunimoto
Accredited Investor Insights
Private Equity, Private Credit, and Private Real Estate
“Inside the Black Box: What First Brands Teaches Us About CLO Risk,” by Leyla Kunimoto, AccreditedInsight.com, Oct. 2, 2025
“Jamie Dimon Says Private Credit Is Dangerous—and He Wants JPMorgan to Get In on It," by Alexander Saeedy, WSJ.com, July 13, 2025
“PIK Is Whispering. Are You Listening?” by Leyla Kunimoto, AccreditedInsight.com, June 12, 2025.
“Private Credit Interval Fund,” by Leyla Kunimoto, AccreditedInsight.com, Aug. 24, 2025.
“Non-Traded BDC Meets Mr. Market,” by Leyla Kunimoto, AccreditedInsight.com, Nov. 20, 2025
“The Problem With PME,” by Leyla Kunimoto, AccreditedInsight.com, Oct. 9, 2025.
“Private Equity 101: What Every LP Should Know,” by Leyla Kunimoto, AccreditedInsight.com, July 31, 2025.
“Private Markets in 2026: What Changes, What Sticks,” by Leyla Kunimoto, AccreditedInsight.com, Dec. 28, 2025.
“It’s NAV … Until You Want Liquidity,” by Leyla Kunimoto, AccreditedInsight.com, Jan. 8, 2026.
“Why Vanguard, Champion of Low-Fee Investing, Joined the ‘Private Markets’ Craze,” by Matt Wirz and Anne Tergesen, WSJ.com, July 2, 2025
“The Golden Doodle of Private Markets: Evergreen Secondaries” by Leyla Kunimoto, AccreditedInsight.com, Oct. 30, 2025.
Books Mentioned
Rich Dad Poor Dad: What The Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!, by Robert Kiyosaki
The Intelligent Investor: The Definitive Book on Value Investing, by Benjamin Graham
Mastering The Market Cycle: Getting the Odds on Your Side, by Howard Marks

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Our guests on the podcast today are Cody Garrett and Sean Mullaney. They’re both advice-only financial planners, and they’re the co-authors of a new book called Tax Planning To and Through Early Retirement. Cody is a certified financial planner and the founder of Measure Twice Money, where he helped DIY investors make informed decisions aligned with their values. He also leads Measure Twice Planners, which is an educational community for financial planners. Sean Mullaney is a certified public accountant and head of Mullaney Financial & Tax. He also writes the blog, FITaxGuy.com, which is focused on the intersection between financial independence and taxes.
Background
Sean Mullaney
Cody Garrett
Measure Twice Money
Measure Twice Financial
Measure Twice Planners
Mullaney Financial & Tax
FITaxGuy.com
Tax Planning and Early Retirement
Tax Planning To and Through Early Retirement, by Cody Garrett and Sean Mullaney
“The Backdoor Roth IRA After an Excess Contribution to a Roth IRA,” Sean Mullaney, FITaxGuy.com, Dec 16, 2025
“Why I Don’t Worry Much About Sequence of Returns Risk,” Sean Mullaney, FITaxGuy.com, Jun 10, 2025
“The Tax Planning World Has Changed,” by Sean Mullaney, FITaxGuy.com, Sep. 22, 2025
“Bogleheads on Investing® with Cody Garrett, CFP®, and Sean Mullaney, CPA on tax planning to and through retirement: Episode 89″ by Bogleheads on Investing® podcast, BogleCenter.net, Dec. 7, 2025
“Managing Taxes in Retirement with Sean Mullaney,” by the White Coat Investor Podcast, WhiteCoatInvestor.com, Nov 20, 2025.
Die With Zero: Getting All You Can from Your Money and Your Life―A Revolutionary Approach to Maximizing Life Experiences Over Accumulating Wealth, by Bill Perkins
“Reframing Risk In Retirement As “Over- And Under-Spending” To Better Communicate Decisions To Clients, And Finding “Best Guess” Spending Level,” by Michael Kitces, Kitces.com, Apr. 24 2024.
More on Early Retirement and FIRE
“My Baptism by FIRE: Lessons on Financial Independence,” by Christine Benz, Morningstar.com, May 29, 2025.
“Aiming to ‘Die with Zero’? Here Are the Implications for Portfolio Construction and Retirement Spending,” by Jess Bebel, Morningstar.com, Apri. 6, 2025
"Derek Tharp: An Alternative Approach to Calculating In-Retirement Withdrawals," The Long View podcast, Morningstar.com, Feb. 21, 2023

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