The Long View

Our guest this week is Charlie Dreifus. Charlie is portfolio manager of the Royce Special Equity Funds, highly regarded by Morningstar’s Manager Research team. Charlie was named Fund Manager of the Year by Morningstar in 2008 for his work on the Small-Cap Value US Equity Strategy, which he began running in 1998 after portfolio management stints at Lazard and Oppenheimer. Charlie’s investment career began in 1968. He holds degrees from City College of New York and Baruch College.BackgroundBioRoyce Small-Cap Special Equity InvestmentSteven McBoyle, co-portfolio managerSmall-Cap Value“Small-Cap Funds Are More Promising Than They Have Been in Years. Here Are the Ones to Buy,” by Lewis Braham, Barrons.com, Oct. 11, 2023.“Why Value Veteran Charlie Dreifus Balks at Banks and Favors the Rust Belt,” by John Coumarianos, citywire.com, April 21, 2022.OtherChuck RoyceAbraham Briloff“A Conversation With Investing Legend Charlie Dreifus,” Interview with Russ Kinnel, Morningstar.com, Aug. 14, 2020.Public Company Accounting Oversight BoardTim Hipskind“Irving Kahn, Oldest Active Wall Street Investor, Dies at 109,” by Sam Roberts, nytimes.com, Feb. 26, 2015.

Our guest on the podcast today is Anne Tergesen. Anne is a reporter covering retirement for The Wall Street Journal. Her stories often explore how retirement and preparing for retirement are changing today. She writes frequently on topics related to 401(k) plans and retirement savings, spending, and legislation. She also writes about employee benefits, longevity, and aging. Before joining the Journal, Anne worked for BusinessWeek magazine covering personal finance. Together with colleagues, she recently won a Front Page Award from the News Women’s Club of New York and was a finalist for Gerald Loeb Award. She was awarded a Knight-Bagehot Fellowship at Columbia University’s Graduate School of Journalism and won a Best of Knight-Bagehot Award in 2006. Anne started her career covering local news at The Philadelphia Inquirer.BackgroundBioThe Wall Street Journal articles401(k)s and Retirement“More Americans Are Treating Their 401(k)s Like Cash Machines,” by Anne Tergesen, wsj.com, March 11, 2024.“6% of Your Paycheck Is Becoming the New Standard for 401(k) Saving,” by Anne Tergesen, wsj.com, June 28, 2024.“The 401(k) Investors Convinced That Target-Date Funds Miss the Mark,” by Anne Tergesen and Oyin Adedoyin, wsj.com, Aug. 3, 2024.“The 401(k) Rollover Mistake That Costs Retirement Savers Billions,” by Anne Tergesen, wsj.com, July 22, 2024.“Is Your Company’s 401(k) Match Unfair?” by Anne Tergesen, wsj.com, May 25, 2024.“Retire at 65? It’s More Like 62,” by Anne Tergesen, wsj.com, April 25, 2024.“David John: Improving the Retirement System,” The Long View podcast, Morningstar.com, Sept. 27, 2022.Automatic: Changing the Way America Saves, by William Gale, Mark Iwry, and David John“The Way We Retire Now,” a Wall Street Journal Series by Anne Tergesen and Veronica Dagher.“Here’s What Retirement Looks Like in America in Six Charts,” by Anne Tergesen, Veronica Dagher, and Rosie Ettenheim, wsj.com, March 31, 2023.“She’s a Retirement Authority—And Still Made Mistakes. Here’s What She’d Do Differently,” by Anne Tergesen, wsj.com, Oct. 12, 2024.“Is There Really a Retirement-Savings Crisis?” by Anne Tergesen, wsj.com, April 23, 2017.OtherVanguard’s “How America Saves 2024”“The U-Shape of Happiness Across the Life Course: Expanding the Discussion,” by Nancy Galambos, Harvey Krahn, Matthew Johnson, and Margie Lachman, National Library of Medicine, July 1, 2021.Employee Benefit Research InstituteDavid Blanchett“The Retirement Crisis: Perception Vs. Reality,” by PGIM Global Communications, pgim.com, July 9, 2024.Laura SaundersMichael Kitces

Our guest on the podcast today is Phil Moeller. He’s the primary author of the Get What’s Yours series of consumer guidebooks, including a newly revised edition of Get What’s Yours for Medicare: Maximize Your Coverage, Minimize Your Costs. In addition, the series includes Get What’s Yours: The Revised Secrets to Maxing Out Your Social Security and Get What’s Yours for Health Care: How to Get the Best Care at the Right Price. Phil wrote the “Ask Phil” Medicare column for the PBS NewsHour website, Making Sense, reported on aging healthcare and retirement for Money magazine, and wrote “The Best Life” feature on aging and retirement for US News & World Report. He began his career as a newspaper business reporter and editor, and has worked for The Baltimore Sun, The Charlotte Observer, The Chicago Sun Times, The Hartford Business Journal, and The Louisville Courier Journal. He later founded the insure.com consumer website and also worked as a communications executive for a large insurance company.BackgroundBioGetWhatsYours.orgInsure.comBooks: Get What’s Yours for Medicare: Maximize Your CoverageGet What’s Yours: The Revised Secrets to Maxing Out Your Social SecurityGet What’s Yours for Health Care: How to Get the Best Care at the Right PriceParts of Medicare Explained“Phil Moeller: What’s New for Medicare—and More—in 2024?” by Phil Moeller, uhc.com, Jan. 10, 2024.“Phil Moeller: Filling the Coverage Gaps in Medicare,” by Phil Moeller, uhc.com, Sept. 25, 2024.Get Started With MedicareWhat Part A CoversWhat Part B CoversMedicare Advantage PlansWhat Medicare Part D Drug Plans CoverCompare Medigap Plan BenefitsWorking Past 65Private Insurance“Learning to Love Insurance Brokers (Within Limits!),” by Phil Moeller, substack.com, April 22, 2024.“Medicare Moment by Phil Moeller: Moving From Employer Health Insurance to Medicare,” Video by Phil Moeller, uhc.com, Nov. 21, 2022.Other“Washington State Establishes a Long-Term Care Program,” by Alicia H. Munnell, Center for Retirement Research at Boston College, crr.bc.edu, Aug. 13, 2024.Medicare Plan FinderMedicare & YouKFF

Today on the podcast, we welcome back Jonathan Clements. Jonathan was one of our first guests when we launched this podcast, and today marks his third appearance. He’s the founder and editor of HumbleDollar, and he has written or edited several books about money and investing, including My Money Journey and How to Think About Money. Earlier in his career, Jonathan spent almost 20 years at The Wall Street Journal, where he was the newspaper’s personal finance columnist and six years at Citigroup, where he was director of financial education for the bank’s US Wealth Management arm. This past June, Jonathan shared his devastating recent cancer diagnosis, and he’s been writing candidly about the experience on HumbleDollar. We’ll link to those posts in the show notes. I wanted to conduct today’s interview solo because Jonathan’s work has been hugely influential to me personally, and he also wrote the foreword to my forthcoming book. I couldn’t be more grateful.BackgroundBioHumbleDollar“Jonathan Clements: ‘It’s in Wall Street’s Interest to Make Everyday Investors Think That They Are Stupid,’” The Long View podcast, Morningstar.com, July 31, 2019.“Jonathan Clements: ‘Humility Is a Hallmark of People Who Are Financially Successful,’” The Long View podcast, Morningstar.com, Dec. 26, 2023.BooksMy Money Journal: How 30 People Found Financial Freedom—And You Can TooFrom Here to Financial Happiness: Enrich Your Life in Just 77 DaysHow to Think About MoneyArticles“Turned Upside Down,” by Jonathan Clements, humbledollar.com, Oct. 5, 2024.“Never Quite Enough,” by Jonathan Clements, humbledollar.com, Sept. 21, 2024.“Opinion: Living Was Easy. Dying Is Harder,” by Jonathan Clements, washingtonpost.com, Aug. 28, 2024.OtherHow to Retire: 20 Lessons for a Happy, Successful, and Wealthy Retirement, by Christine Benz, Forward by Jonathan ClementsEGFR Exon 20 Insertion Mutation and Lung Cancer“FDA Approves Amivantamab-vmjw for EGFR Exon 20 Insertion-Mutated Non-Small Cell Lung Cancer Indications,” fda.gov, March 1, 2024.“Jonathan Guyton: What the Crisis Means for Retirement Planning,” The Long View podcast, Morningstar.com, June 17, 2020.“Bill Bernstein: Revisiting the Four Pillars of Investing,” The Long View podcast, Morningstar.com, July 11, 2023.“Jason Zweig: Temperament Is Everything for Most Investors,” The Long View podcast, Morningstar.com, June 29, 2021.