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Squid Game: The Official Podcast


Squid Game is back—and this time, the knives are out. In the thrilling Season 3 premiere, Player 456 is spiraling and a brutal round of hide-and-seek forces players to kill or be killed. Hosts Phil Yu and Kiera Please break down Gi-hun’s descent into vengeance, Guard 011’s daring betrayal of the Game, and the shocking moment players are forced to choose between murdering their friends… or dying. Then, Carlos Juico and Gavin Ruta from the Jumpers Jump podcast join us to unpack their wild theories for the season. Plus, Phil and Kiera face off in a high-stakes round of “Hot Sweet Potato.” SPOILER ALERT! Make sure you watch Squid Game Season 3 Episode 1 before listening on. Play one last time. IG - @SquidGameNetflix X (f.k.a. Twitter) - @SquidGame Check out more from Phil Yu @angryasianman , Kiera Please @kieraplease and the Jumpers Jump podcast Listen to more from Netflix Podcasts . Squid Game: The Official Podcast is produced by Netflix and The Mash-Up Americans.…
Stay on Track Through Market Volatility—with Research, Not Reaction
Manage episode 483840276 series 3255164
Content provided by Morningstar. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Morningstar or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://ppacc.player.fm/legal.
When markets hit a rough patch—as they did in early April—investors often lose confidence. Emotions run high after paper losses, and that’s when many fall into the “ready, fire, aim” trap. Decisions become reactive, not disciplined. It’s common to see investors flee to cash or pivot to more conservative positions in an effort to feel safer. But more often than not, resisting that urge is the better path. In this episode of Simple, But Not Easy, we sit down with Morningstar’s Global Chief Research & Investment Officer, Dan Kemp, to explore how advisors can guide clients through uncertainty—not with bold predictions, but by remaining anchored to a clear investment philosophy.
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128 episodes
Manage episode 483840276 series 3255164
Content provided by Morningstar. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Morningstar or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://ppacc.player.fm/legal.
When markets hit a rough patch—as they did in early April—investors often lose confidence. Emotions run high after paper losses, and that’s when many fall into the “ready, fire, aim” trap. Decisions become reactive, not disciplined. It’s common to see investors flee to cash or pivot to more conservative positions in an effort to feel safer. But more often than not, resisting that urge is the better path. In this episode of Simple, But Not Easy, we sit down with Morningstar’s Global Chief Research & Investment Officer, Dan Kemp, to explore how advisors can guide clients through uncertainty—not with bold predictions, but by remaining anchored to a clear investment philosophy.
…
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128 episodes
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Simple, but Not Easy

1 Morningstar Wealth’s Midyear Outlook—Where Is Opportunity Knocking? 54:17
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In our midyear outlook, we break down some of the biggest factors driving markets in 2025 — tariffs, AI, and the potential for rate cuts — and attempt to help investors sift through the short-term noise while keeping a long-term perspective.
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1 International Stocks – A Portfolio’s Missing Piece? 36:19
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As of late May, the US ranks 39th out of 44 global stock markets—firmly in the bottom 15%. Meanwhile, international markets are gaining momentum, with 7 of the top 10 performing countries located in Europe. This performance gap appears to be supported by improving fundamentals, favorable currency trends, and rising earnings expectations across the region. Can it continue? In this episode of Simple, But Not Easy, host Nick VanDerSchie is joined by Morningstar’s Paul Tait and international equity portfolio manager Nabil Salem to explore why now may be the right time to take a fresh look at international diversification.…
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1 Stay on Track Through Market Volatility—with Research, Not Reaction 43:23
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When markets hit a rough patch—as they did in early April—investors often lose confidence. Emotions run high after paper losses, and that’s when many fall into the “ready, fire, aim” trap. Decisions become reactive, not disciplined. It’s common to see investors flee to cash or pivot to more conservative positions in an effort to feel safer. But more often than not, resisting that urge is the better path. In this episode of Simple, But Not Easy, we sit down with Morningstar’s Global Chief Research & Investment Officer, Dan Kemp, to explore how advisors can guide clients through uncertainty—not with bold predictions, but by remaining anchored to a clear investment philosophy.…
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1 The Public-Private Convergence: How Private Market Investing Is Becoming More Accessible 29:08
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We explore the growing convergence between public and private markets and what it means for today’s investors. As private market strategies become more accessible, advisors and their clients are gaining new tools to diversify portfolios and pursue long-term growth. We break down what’s driving this shift, the opportunities and risks involved, and how financial professionals can help investors navigate this evolving landscape.…
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1 Financial Advisors Take Back Time with AssetMark 43:25
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Time is a financial advisor’s most valuable asset. As industry tailwinds push the profession toward greater client-centricity—and as clients demand more from their advisors—many are recognizing the benefits of outsourcing investment management. By doing so, they can focus on what truly drives their business: being in front of clients and strengthening relationships.…
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1 2025 Outlook: Rotating Between Defense and Offense 38:28
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Morningstar Wealth's Chief Investment Officer, Philip Straehl, and Head of Investments, Ricky Williamson share insights on the key themes shaping the investment landscape for 2025 and beyond.
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1 Post-Election Recap: Diversification, Fundamental Analysis, and Valuations Will Likely Drive Future Success 25:04
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While presidential elections often create tension and leave many feeling on edge, the stock market didn’t share this level of apprehension. Remarkably, October was one of the least volatile months in history leading up to a presidential election. Although this might seem surprising, it’s not entirely unusual. Markets frequently display greater resilience than we might expect. However, it’s important to remember that volatility isn’t always synonymous with selloffs or down days. As Morningstar Wealth Chief Multi-Asset Strategist Dom Pappalardo recently explained during his podcast appearance on Simple, but Not Easy, market activity post-election highlights the varied forms volatility can take. In his role, Pappalardo focuses on helping clients understand how Morningstar's research efforts translate into actionable portfolio management decisions.…
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1 Strange Times in the US Housing Market – Breaking it All Down 33:36
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Some have called this the weirdest housing market in recent history due to the unusual mix of high interest rates and declining affordability. And yet, we still have record high home prices across the 20 largest housing markets in the country. This month, we're diving into the U.S. housing market, a topic very relevant to many investors given a house is often the largest single asset one owns. In this episode, we're excited to shed light on the US housing market, what makes it challenging, what makes it unusual, and what needs to change for it to improve. We're joined by Preston Caldwell, Morningstar's Chief US Economist and Brian Bernard, Director of Equity Research specializing in the industrial sector, which includes homebuilders.…
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1 Principles-Based Investing, Industry Trends, and Getting to Know Morningstar Wealth CIO, Philip Straehl 31:53
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Welcome back to Simple But Not Easy. We hope you had an enjoyable summer and are ready to finish the year on a high note. In today's episode, we're excited to dive deep into the world of investing, market strategies, and the future of wealth management. We'll start by getting to know Philip Straehl, Morningstar's new Chief Investment Officer of the Americas, as he shares insights from his career journey and a wealth of knowledge on the evolving market landscape. From there, we'll explore Morningstar's mission and investment philosophy, and importantly, what sets it apart in an ever-evolving financial world. Wealth management industry trends are also on the agenda, and we'll close with some investing themes that everyone should be thinking about.…
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A special live episode from the Morningstar Investment Conference. Two of Morningstar Wealth’s investment leaders—Matt Wacher and Ricky Williamson—joined the show to help us dig into what’s already happened this year and where we may be headed. The topics covered included: • The Fed and where rates may be headed • Further discussion on fixed-income • US stocks are off to another hot start this year. Can outperformance continue? • Every business is thinking about AI. How is it impacting markets? • And how should investors be preparing for a presidential election? And as always, we address the implications on client portfolios and help consider action items.…
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1 Lifetime Financial Advice: Enhanced Personalization by Considering Human Capital 31:32
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The evolution of financial advice in a few decades time has been nothing short of revolutionary. The industry's transformation has been driven by technological advancements, regulatory changes and evolving investor preferences. Traditional methods of in-person advice have been expanded to include digital platforms, providing investors with greater accessibility and customization. And we've all observed an evolution in financial planning journeys and an increase in the number of advisors making financial planning core to their value proposition. But we still have to ask, is there room for improvement?…
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1 Baby Boomers to Millennials: Working Across Generations to Help Them Achieve Financial Goals 41:08
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Much of the discussion around financial advice tends to be around asset allocation, product selection, and fund structures. These are all worthy conversations and topics we’ve enjoyed discussing previously on this show. But one topic that feels underexplored: how do advisors deliver financial advice to clients across generations? A retired client in their 70s needs a much different advice offering than a 40-year-old client in their prime work years. In this episode, we are diving into the fascinating intergenerational dynamics of financial advice.…
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The Magnificent Seven continue to capture the attention of advisors and investors, dominating U.S. equity performance over the last year. Will this trend continue throughout 2024? Will growth stocks continue to beat value? What about large versus small? And what is 2023's signal about where markets are headed this year? We're delighted to be joined by John Owens, Senior Portfolio Manager for Morningstar's Select Equity Strategies, and Paul Tait, Portfolio Specialist at Morningstar Wealth. Together, they help unpack the landscape for U.S. stocks in a digestible manner.…
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1 2024 Outlook: Economy, Inflation, Best Ideas, and AI 48:50
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The topics we're discussing today align with the recent release of Morningstar Wealth's 2024 Market Outlook. A recession seemed to be the consensus view entering the year, but markets love to fool the masses, and a stock market rally followed. However, the rally was not evenly distributed. Bonds, for example, remain in a multi-year drawdown, and many investors are questioning their role in a portfolio. With this as the backdrop, what actions make sense to support clients? In today's episode, we're delighted to have Morningstar Wealth's CIO of the Americas, Marta Norton, and Chief U.S. Economist, Preston Caldwell with us to dig into the outlook, share their perspectives, and, as always, be sure to address the implications on client portfolios and any suggested actions to take…
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1 AI's Role in the Future of Wealth Management, Featuring the AI Character "Morningstar Mo" 42:56
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A lot has already been said about the potential of artificial intelligence, or AI, but how are people actually engaging with it? And how should investors think about their AI exposure in a portfolio? Morningstar has invested heavily in generative AI, with Morningstar Mo taking the stage at our investment conference, and in a first, we're delighted to be joined by a special guest: Mo the AI character. We’ll also be joined by Adley Bowden, Head of Individual Investor and Grady Burkett, Portfolio Manager of the Hare strategy. This marks the start of a new season of Simple But Not Easy, with Nick VanDerSchie taking the mic from Jonathan Linstra, whom we thank for his fabulous insights. Together, let's turn AI speculation into real-world application.…
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1 The Cutting Edge of Advisor Technology: Ezra Group's Craig Izkowitz 32:30
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Financial technology is going through a new wave of change, with artificial intelligence – or AI – taking the world by storm. But the wealth tech space is already incredibly complex, with literally hundreds of tech providers battling for market share across the advisor workflow. So, what does Ezra Group, a prominent WealthTech consultant, have to say about this? How can we get ahead of this change? We're delighted to be joined by Craig Iskowitz, Founder of Ezra Group. Together, we’ll dig into his latest technology predictions, covering AI, integration opportunities, fractional outsourcing, and more. A key takeaway: "Meet once a year with your team and talk about your technology."…
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1 BlackRock's Liz Koehler on Financial Advice, Using Models, and Raising the Bar 28:03
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The need for great financial advice continues to grow, with a landscape we haven’t witnessed in 15 years. So, what does BlackRock, the world’s largest asset manager, have to say about this? What might we expect from here? In this episode, we’ll dig into the latest advice trends, covering the use of models, behavioral application, and evolving investors’ needs. We're delighted to be joined by Liz Koehler, Managing Director and Head of Advisor Engagement from BlackRock.…
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1 Game-Changing Advisor Trends, With Cerulli and SMArtX 40:57
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We look at innovations and megatrends that financial advisors should watch for. We start with the big problems that financial professionals are attempting to solve, then discuss prevalent trends in product and technology that support better client outcomes. This is a practical discussion with an eye on the future, where we seek to arm you with everything you might need to stay ahead. In this episode, we are joined by Evan Rapoport, Founder and CEO of SMArtX, along with Matt Apkarian, Associate Director, Product Development at Cerulli Associates.…
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1 30,000-Foot View of Financial Advisor Challenges, Including Data and New Regulations 39:10
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The complexity of operating a successful financial advice practice continues to grow and significant challenges still exist in operating an effective practice. So, in this episode, we take a 30,000-foot view of financial advisor challenges and dig into the importance of data and regulations in overcoming these challenges. Whether it is growing or defending your practice, we share expert opinions on how to navigate it. In this episode, we are joined by Nick VanDerSchie, Head of Strategy and Execution at Morningstar Wealth, and Brian Costello, our Head of Data Aggregation Strategy and Governance.…
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1 What Actions Add Value in This Environment? 37:46
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Warren Buffet readily admits “I make many mistakes” when referencing his own investment portfolio. This begs the question, where does that leave the rest of us? We know that today's market uncertainty can surface the best and worst of our investing behaviors. For financial advisors, what are some of the behavioral pitfalls to avoid for clients? And what opportunities can you seize? We're joined by two experts to help us dig into these important questions - Michael Laughlin, Head of Portfolio Specialists, and Samantha Lamas, Senior Behavioral Researcher at Morningstar.…
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1 2023 Outlook: Inflation, Recession, Valuations, and Retirement 33:49
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What are the positive client messages we can share leading into 2023? With inflation and a recession on everyone’s minds, what actions make sense to support clients? The topics we’re discussing today align with the recent release of Morningstar Investment Management’s 2023 outlook titled “the positives of investing in this environment”. In today’s episode, I’m delighted to have Marta Norton and Philip Straehl with us to dig into the outlook, share their perspective, and as always, be sure to address the implications on client portfolios and any suggested actions to be taken.…
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Direct indexing is becoming a key addition to financial advisors’ toolkits. It provides the ability to tailor an index, like removing a stock or even industry, which can bring the fun back to investing and help with after-tax outcomes. In 2022, Morningstar launched a direct indexing offering for financial advisors and joined the ‘fun’. So, what’s all the fuss about? What are the salient points you need to know? Who’s it right for? And what are the thorny issues to weigh? We're joined by Sheryl Rowling, Editorial Director, and Andy Kunzweiler, Portfolio Manager for Morningstar’s direct indexing proposition.…
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1 “Advisors Will Want to Run a More Profitable, Growing, Scalable Practice” - Daniel Needham to Financial Advisors 37:58
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Across the globe, the financial advice community continues to navigate a significant period of change. The need for financial advice has only increased, intensifying the demands placed on advisors and their most valuable commodity - their time spent with clients. Morningstar's Wealth group has also evolved by providing an integrated suite of offerings to equip advisors as they seek to empower investor success. This environment of increasing global demand for advice, and the evolution of new and improved capabilities available to advisors can be summarized in one word - opportunity.…
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1 Latest Research on Stagflation & Market Impacts 30:52
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Stagflation is now on the radar for financial advisors and the investors they serve. At the same time, our latest research shows that investor sentiment is plummeting. With this in mind, we are delighted to have two of our most senior researchers who will help us unpack the news headlines, where we are joined by Philip Straehl, Morningstar’s Global Head of Research for Investment Management, and Tyler Dann, our Head of Research for the Americas.…
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1 Investing in Today's Volatile Markets: New Season, 100th Episode 41:17
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Investors can become confused in today’s challenging climate, and understandably so. It can be difficult for advisors and investors of all types and sizes. In this new season of Simple but Not Easy, we welcome Jonathan Linstra as your new host, along with two of Morningstar’s investment chiefs, Dan Kemp and Marta Norton, who offer straight talk to help navigate this difficult environment. They also shed light on investment lessons and what they look for. We hope you enjoy the episode, from the team at Morningstar Wealth.…
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1 Episode 100 Coming Next: But First, Listen To Our Most Downloaded Episode So Far 1:03:17
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Stay tuned for our 100th episode up next! We are reinvigorating the podcast going forward, seeking to equip financial advisors with ideas to remove friction and help clients achieve goals. But before we do, we'd also like to thank everyone who contributed to the first 100 episodes, delivering value for our listeners through both calm and stormy waters. To that end, in this episode we showcase the most downloaded so far, which still has special relevance today - investing amidst uncertainty. It covers inflation, interest rates, and context on how to navigate it all.…
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1 Behavioral Science & Tips in Volatile Markets 25:32
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"The most important quality for an investor is temperament, not intellect". Investing is therefore a matter of good behavior. So what behaviors give advisors and their investors an edge? What behaviors are destructive? In this episode, which recycles evergreen behavioral messages and cites specific studies, Sarah Newcomb, director of financial psychology at Morningstar, Inc., and Ryan Murphy, global head of behavioral insights, discuss all things relating to behavioral science. They cover emotions brought on by market loss, how they can affect decisions, cognitive biases to watch out for and ways investors can make better decisions using behavioral science.…
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1 Getting Personal: Getting to Know How Advisors Get to Know Their Clients (Episode 13 Rebroadcast) 36:42
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Getting personal might elicit nervousness, but why does it seem so antithetical to investing? We explore personalization and customization in financial practices: if you’re an investor, how well does your financial advisor know you? And advisors, how much time have you taken to get to know your clients? The conversation, which features Matthew Radgowski and Marta Norton as well as Head of Decision Sciences Ryan Murphy, explores Morningstar's belief that getting personal can be good for investors AND advisors—but it may be more complicated than you think.…
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1 What Does Good Forecasting Look Like—and Why Are Weather Forecasters So Good at It? (Episode 65 Rebroadcast) 26:12
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Good decisions are often built on good forecasts. But forecasting is hard, in part because it requires us to be aware of both what we know and what we don’t—or even can’t—know. Morningstar Investment Management Global Chief Investment Officer Dan Kemp and Global Head of Decision Sciences Ryan Murphy discuss what good forecasting looks like.…
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1 Our Insights on the Berkshire Hathaway Annual Shareholder Meeting 55:41
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We present our thoughts on the recent Berkshire Hathaway conclave. Mr. Buffett and Mr. Munger discussed their firm’s ups and downs and weighed in on such topics as their latest investment activity, inflation, cryptocurrency, and what makes their company unique. And we feature the views of Head of U.S. Equity Strategies Michael Corty and Senior Portfolio Manager John Owens, who bring years of experience to the table when giving their points of view on what Buffett and Munger had to say.…
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We’ve got the same thing on our mind as the rest of the market—uncertainty. What’s going to happen? Why? When? And what should we do about it? Well, in this episode, taken from a recently recorded webinar, we do our best to address those concerns. We also hope to allay some of the associated fears. To do so, we’ll hear from Tyler Dann, our Head of Research in the Americas; Ricky Williamson, a Portfolio Manager and our Head of U.S. Outcome-Based Strategies; and Paul Arnold, Co-Head of Asset Allocation Strategies.…
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1 Is Dollar-Cost Averaging Irrational? Compared to What? (Episode 30 Rebroadcast) 31:07
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Terry Hawkins, sales manager at Morningstar Investment Management and Paul Kaplan, research director for Morningstar Canada, discuss dollar-cost averaging, or the practice of investing slowly over time instead of in one lump sum. Research by Kaplan and others show that dollar-cost averaging might be expected to underperform a lump-sum approach. But what if it's what gets an investor into the markets?…
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1 Dump the Dow: Why What You Pay Attention to Matters (Episode 14 Rebroadcast) 28:21
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In this episode, John Owens and Ryan Murphy talk about why price-weighted indexes like the Dow Jones Industrial Average can be distracting to investors. John, who's a senior equity portfolio manager at Morningstar Investment Management, explains why investors should disregard single-day Dow point drops, and also any short-term performance. Ryan, who's head of decision science at Morningstar Investment Management, shares some recent research that shows someone's risk perspective can be affected by what they pay attention to. Together, our guests discuss how discipline and nudges can help investors ignore the noise and stay focused on their financial goals.…
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1 Demonstrating ESG Commitments for Advisors and Investors (Episode 74 Rebroadcast) 37:51
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In this rebroadcast of an episode from 2021, Paul Arnold and Dan Kemp discuss how advisors can better understand why ESG is important to a client—whether it’s the expression of one’s values or something else. We also look at how advisors might think about matching each client with a portfolio that addresses their unique ESG preferences and needs.…
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1 Fear of the Unknown: Inflation and Rising Rates 53:11
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“The oldest and strongest emotion of mankind is fear,” author H.P. Lovecraft once wrote. “And the oldest and strongest kind of fear is fear of the unknown.” Fear of the unknown is no stranger to the investment world these days. We’re living in scary times. And the investors who aren’t feeling jumpy right now tend to fall into one of two categories: those who have a plan—and those who haven’t a clue. Let's talk about how to manage your fear of the unknown when it comes to inflation and rising rates—and why doing so can help you avoid making the wrong moves at the wrong time.…
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1 Key Investing and Behavioral Messages for Advisor-Client Meetings (Episode 51 Rebroadcast) 38:42
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In this rebroadcast of an episode from 2020, we explore why advisors might change the focus of annual meetings to progress updates with Ryan Murphy, head of decision sciences at Morningstar Investment Management. And Daniel Needham, president, shares his thoughts on how to keep investors focused on the long term.…
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1 Risk, Downside Protection, and the Goal Mindset 1:01:49
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Short-term worries versus long-term goals—which are guiding your investment decisions? If you’ve done your homework and you’ve given careful consideration to achieving the financial results you want, that question is easier to answer—even if it remains nerve-wracking to stay the course. Here in early 2022, we’re awash in short-term concerns once again. Between inflation, rising interest rates, and more, it’s easy to question the faith you had when the outlook was brighter. So, with that in mind for this episode, we’re focusing on how to keep your worries at bay and your eye on the ball.…
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1 Overconfident? Cognitively Rigid? How Investors Can Make Better Decisions by Dealing With Emotions and Biases (Episode 50 Rebroadcast) 28:19
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"[W]e can’t avoid the reality that we’re experiencing and probably will continue to experience stress, uncertainty, and change. But the question is, how do we cope?" — Sarah Newcomb Given recent market volatility, we thought it might be helpful to revisit this episode from July 13, 2020, which features two experts on investor behavior and decision-making. Sarah Newcomb, director of behavioral science at Morningstar, Inc., discusses emotions brought on by market loss, talks about how they can affect decisions, and offers some ways to cope. Ryan Murphy, head of decision sciences at Morningstar Investment Management, discusses cognitive biases to watch out for and ways investors can make better decisions.…
Rising Interest Rates. New COVID-19 variants. Inflationary pressures. Those and other factors are on the minds of investors as we head into 2022. Will the new year be one of prosperity, or is it time to fortify your defenses? The truth is that it’s nearly impossible to know. And that’s why we at Morningstar follow a mantra of, ”Don’t predict—prepare.” In this episode, we ring in 2022 with our take on how to best prepare for what’s to come, no matter how handy you may or may not be with a crystal ball. In fact, we note that if you address the future properly, you don’t need to play soothsayer at all. It’s not about prognostication. It’s about preparation. And at the end of the hour, we hope you’ll have a clearer idea of how to be better prepared.…
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Environmental, social, and governance. More commonly called ESG, it used to be seen in many parts of the investment world as a niche specialty that was mostly about virtue—something that was nice to do. But now there’s been no question that it’s something we need to do, particularly coming out of Glasgow’s United Nations Climate Change Conference, known as COP26. Nearly 500 financial-services firms from around the world agreed to align $130 trillion with the goals specified by the Paris Agreement, with the objective of limiting global warming to 1.5 degrees Celsius. In this special short episode, we hear from Global Chief Investment Officer Dan Kemp on the ramifications of COP26 and the outlook for ESG for investment advisors and their clients in the coming year.…
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Inflation. It's showing up in headlines and in conversations between everyone from political pundits to investment professionals and clients. It’s no different for us here at Morningstar, and most of what we’re hearing boils down to two key questions: what are our views on inflation, moving forward, and what are we doing to prepare for the potential threat of a continuing rise? In this episode, the conversation revolves around what’s driving inflation in the short and long term, ways we can try to protect investors from it, and how our Real Return portfolio series aims to provide returns that beat inflation.…
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1 Sizing up Risks and Opportunities in Chinese Equities 28:05
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China is a key talking point in the investment community today, as a regulatory crackdown has spooked markets. Chinese regulators have targeted specific sectors such as technology, education and real estate as part of a crackdown aimed at aligning the Chinese private sectors with its long-term policy agenda. In today’s episode, we will take a closer look at recent events in China and discuss both risks and potential opportunities in Chinese stocks today.…
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1 The Potential Impact of Corporate Tax Hikes on Equities 38:04
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Changes in the corporate tax rate can have large, one-time effects on a company’s financial statements. Michael Budzinski, Senior Investment Analyst and Portfolio Manager, shares recent Morningstar Investment Management LLC research around corporate tax rate changes.
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ESG investing, which focusses on an investment’s environmental, social, and governance impact or risk, has grown immensely in recent years, attracting significant inflows. But what happens to ESG investing during a market downturn? Are ESG considerations left by the wayside as investors focus on financial market risks? Ryan Murphy, Head of Decision Sciences for Morningstar Investment Management, discusses his research on the behavioral sustainability stress test.…
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With stocks reaching new highs and companies borrowing at historically low rates, broad markets offer limited upside. So how should investors position their portfolios in face of that?
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1 Pairing Portfolios With an Investor's Goals 27:15
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In this panel discussion, portfolio managers from Morningstar Investment Management discuss how to match portfolios with key investor characteristics. The panel is moderated by Marta Norton, CIO for the Americas, and looks at five investor profiles.
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1 Daniel Needham: How Changes in Active Management May Create Opportunities for Investors 35:50
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1 Theories, Crowds, Bubbles, & Bees: Daniel Needham on Contrarian Investing (Ep. 27 Rebroadcast) 42:43
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Why might contrarian investing outperform, and how might an investor know when it's time to head in the opposite direction from the crowd? Daniel Needham, president and global chief investment officer at Morningstar Investment Management, explores why markets are frequently efficient and what makes them become inefficient; explains how contrarians can act like a thermostat for markets; and explains how bees can be better decision-makers than humans at times. He also shares a checklist his team uses to help them make rational decisions that go against the crowd.…
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1 Thinking in Bets (and About Biases): A Deep Dive into Using Behavioral Science Techniques in Investing (Ep. 6 Rebroadcast) 26:59
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Advisors and investors are hearing more and more about behavioral science and behavioral economics, essentially how our humanity gets in the way of rationality, and what we can do to improve our decision-making. But what about investment managers themselves? Are they naturally more rational? How can a portfolio manager avoid making behavioral errors? Dan Kemp, chief investment officer for EMEA at Morningstar Investment Management joins host Drew Carter to discuss who is susceptible to behavioral biases and Annie Duke's book, "Thinking in Bets."…
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1 20 Years of 'Tipping': What Investors Can Learn From Gladwell's Classic Book (Ep. 34 Rebroadcast) 55:29
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While we're off for the holidays, please enjoy this rerun of Episode 34. In "The Tipping Point," author Malcolm Gladwell looks at how ideas can spread like viruses. Citing psychological studies and using many examples, Gladwell shows how people, environments, and changes in an idea itself can lead to explosive growth in popularity. In this episode, Jarred Watts considers how the ideas in this book, which turned 20 years old in February, apply to investing. Watts is a client portfolio manager at Morningstar Investment Management.…
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Simple, but Not Easy

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Simple, but Not Easy

Slides for today's episode are found here or by emailing simple@morningstar.com .
To access the slides discussed in this episode, click here or email us at simple@morningstar.com .
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1 Value Investing: Intelligent Investing Aims to Get More Than You Pay For (Ep. 16 Rebroadcast) 39:56
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From all of us at Simple but Not Easy and Morningstar Investment Management, Happy Thanksgiving! If you’re in a mood to give thanks—or just want to hear others do so—you might check out Episodes 23 and 24, in which a passel of our guests share what they were thankful for this time last year, or something they’d be thankful to see in the future. Or, here we rebroadcast Episode 16, a conversation with Daniel Needham about value investing and why we take a valuation-driven investing approach. We were reminded of this episode after reading a recent article in the Financial Times by one of our favorite market commentators, Michael Mauboussin. In this episode, Needham, president and global chief investment officer at Morningstar Investment Management, shares his views on value investing and the way his team uses a valuation-driven approach to multi-asset investing. As Charlie Munger has famously said, “All intelligent investment is value investment because why would you want to buy something which wasn’t worth as much as you were paying for it, and who wouldn’t like buying something for less than it’s worth?" Needham describes how we aim to do this in an asset allocation and portfolio construction context.…
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1 What Does Good Forecasting Look Like? (And Why Are Weather Forecasters So Good at It?) 26:12
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Good decisions are often built on good forecasts. But forecasting is hard, in part because it requires us to be aware of both what we know and what we don’t—or even can’t—know. Dan Kemp and Ryan Murphy discuss what good forecasting looks like. Dan is CIO for EMEA at Morningstar Investment Management Europe Ltd., an FCA-regulated firm. Ryan is head of decision sciences at Morningstar Investment Management LLC.…
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1 How Should Investors Interpret the U.S. Election Returns? 27:29
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Click here to download the slides for this episode, or email us at simple@morningstar.com .
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1 The Election, the Economy, and the Road to Recovery 41:47
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Click here to download the slides for this episode, or send us an email at simple@morningstar.com .
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1 Our Investment Convictions: Why We’re Staying Off the Sidelines 48:34
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For the slides referenced in this episode, please click here or email us at simple@morningstar.com .
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1 Risk in 2020: How to Help Investors Succeed 24:44
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Slides referred to in this episode are available here , or by emailing us at simple@morningstar.com .
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1 Will Growth Stocks Outperform Value Forever? 40:36
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To download the slides discussed in this episode, tap here or email us at simple@morningstar.com .
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As more of the US reopens and people begin to return to their normal routines we’ve seen a disconnect between supply and demand, and many are worried that price increases are here to stay. Alfonzo Bruno, associate portfolio manager, shares insights around the current state of inflation, how to interpret updated guidance from the Fed, and how he anticipates inflation pressures around supply chains to ease in a post-pandemic market.…
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1 Global Energy Stocks: In Structural Decline or a Buying Opportunity? 30:14
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Other than the strong recovery this year, the energy sector has been avoided by many investors. Whether environmental concerns of an increasing number of ESG-focused investors or worries about the secular decline in oil revenues as the world transitions to renewal energy sources, energy stocks have been among the least popular investments out there. Philip Straehl, global head of research at Morningstar Investment Management, welcomes James Foot, Head of Research, Asia Pacific from Morningstar Investment Management Australia, to dive deep into why they think certain energy stocks may offer attractive long-term returns.…
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1 Our Reactions: 2021 Berkshire Hathaway Annual Meeting 53:25
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Our Select Equity portfolio managers share five key takeaways from the 2021 Berkshire Hathaway Annual Meeting. Portfolio specialist Jeff Wagner sits down with Mike Corty, Morningstar Investment Management’s Head of our Select Equity Portfolios team and the portfolio manager of our Tortoise portfolio, as well as senior portfolio manager John Owens, who manages Select Equity portfolios, All-Cap Equity and Small/Mid-Cap Equity.…
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1 Our Investment Convictions: Searching for Select Opportunities 33:16
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After the late-2020 rally continued into 2021, Philip Straehl and Edward Fane assess the aggregate reward-for-risk picture in world markets and share their views on select asset class opportunities. Philip is the Chicago-based global head of research at Morningstar Investment Management LLC. Ed, based in London, is head of research for Europe, the Middle East, and Africa at Morningstar Investment Management Europe, Ltd., which is an FCA-regulated firm.…
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1 Will Consolidation Destroy Personalization for Financial Advisors? 30:40
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Slides for this episode are available here , or by emailing us at simple@morningstar.com .
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1 We're Temporarily Moving to a Biweekly Cadence 1:03
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We'll have a new episode next week, then every other week for a temporary period. Thanks for listening!
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1 Dividend Stocks: How Coronavirus, Value/Growth, and Interest Rates Have Affected Income 20:08
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Stocks have generally roared back from their pandemic lows about a year ago. But what about income? Many dividends were cut when COVID-19 shuttered businesses and kept us at home. What’s the outlook for dividend investors now that stock prices have rebounded? George Metrou, portfolio manager for the Dividend Select Equity Portfolios at Morningstar Investment Management, shares his thoughts on managing through the pandemic, and on the current landscape and his outlook for dividend-paying stocks.…
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1 Is Dollar-Cost Averaging Irrational? Compared to What? (Ep. 30 Rebroadcast) 31:22
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While we're off for spring break, we're reprising this episode featuring Terry Hawkins, sales manager at Morningstar Investment Management and Paul Kaplan, research director for Morningstar Canada. They discuss dollar-cost averaging, or the practice of investing slowly over time instead of in one lump sum. Research by Kaplan and others show that dollar-cost averaging might be expected to underperform a lump-sum approach. But what if it's what gets an investor into the markets?…
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1 To Annuitize or Not? (Episode 35 Rebroadcast) 26:39
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While we're off for spring break, we're revisiting this episode that considers whether and when retirees should buy annuities to insure a steady stream of income, based on David Blanchett's research at the time of original airing. Few products are as polarizing among financial advisors than annuities, but certainly they have a place in the retirement picture for some individuals. In this episode, we look at Blanchett's research, which may help advisors decide when a client should annuitize or not, as well as a way savers can self-annuitize. Blanchett is head of retirement research at Morningstar Investment Management.…
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1 Rules as Tools: Using Heuristics to Help Empower Financial Success 27:34
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Click here to download the slides for this episode, or email us at simple@morningstar.com .
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1 South Korean Stocks: Has the Luster Faded After a Strong Finish to 2020? 30:06
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In this episode, Gareth Lyons and Nabil Salem discuss the somewhat unusual South Korean stock market--unusual in that, this tech-dominated market remained attractively priced until recently. Lyons and Salem review the recent valuation history of this market, analyze drivers of outperformance in 2020, and summarize their current views on South Korea as an asset allocation opportunity. Gary Lyons is a portfolio manager on the Asset Allocation team at Morningstar Investment Management LLC, as well as co-lead on active-passive portfolios. And Nabil Salem is an Associate Portfolio Manager on the Asset Allocation team, as well as the global asset class lead for emerging markets stocks at Morningstar Investment Management.…
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1 Demonstrating ESG Commitments for Advisors and Investors 37:51
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Slides for this episode may be found here or by emailing simple@morningstar.com .
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1 GameStop, Reddit, & Robinhood vs. Investing for the Long Run 34:29
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Read more from Morningstar Investment Management at mp.morningstar.com , including John Owens' article on the subject of this episode here . And find articles from David Whiston, Steve Wendel, and many more at morningstar.com .
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1 From 'the Ibbotson Chart' to Popularity: Lessons Learned From 5 Decades of Asset Allocation 36:52
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To read articles, watch videos, and learn more about Morningstar Investment Management, go to mp.morningstar.com .
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1 Our Investment Convictions: Finding Balance After a Significant Q4 Rebound 42:46
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2020 was roller coaster of a year for investment markets, with the US stock market surging early, crashing in March with news of the pandemic and related shutdowns, then rebounding quickly and continuing to rally—especially in the fourth quarter—to end the year up about 20%, depending on the index you look at. So where does this leave asset class valuations? Philip Straehl and Edward Fane explore the global aggregate reward for risk picture, then discuss their current outlooks on major asset classes. Philip, based in Chicago, is global head of research at Morningstar Investment Management LLC, and Ed, based in London, is head of research for Europe, the Middle East, and Africa at Morningstar Investment Management Europe, Ltd., which is an FCA-regulated firm.…
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