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We look back at the top episodes of 2025. In a listener-requested episode, we look at the pros and cons of the US and Australian retirement systems.A message from Mark and ShaniFor the past five years, we've released a weekly podcast to arm you with the tools to invest successfully. We've always strived to provide independent, thoughtful analysis, backed by the work of hundreds of researchers and professionals at Morningstar.We've shared our journeys with you, and you've shared back. We've listened to what you're after and created a companion for your investing journey. Invest Your Way is a book that focuses on the investor, instead of the investments. It is a guide to successful investing, with actionable insights and practical applications.The book is now available! It is also available in Audiobook format from most sellers.Purchase from Amazon or Purchase from BooktopiaTo submit any questions or feedback, please email mark.lamonica1@morningstar.com or leave us a voicemail to feature on the podcast here.Audio Producer and mixer: William Ton. Hosted on Acast. See acast.com/privacy for more information.

This week, we're looking back at three discussions we held earlier this year on Investing Insights about exchange-traded funds that income investors might find attractive. Morningstar ETF specialists, Bryan Armour and Dan Sotiroff, talked about dividend, bond, and covered-call ETFs in 2025.Subscribe to Morningstar's ETFInvestor Newsletter.On this episode:00:00:00 Welcome00:01:33 Dividend investing can result in exposure to factors like value, quality, and low volatility. Can you briefly explain one, what is factor investing, and then where do dividend ETFs typically land?00:03:21 How do you find a dividend ETF that provides the optimal, or just rightamount, of factor exposure? And what should appear on our checklist? 00:04:40 Four dividend ETFs hold Morningstar's Medalist Rating of Gold. Let's start with the two dividend growth ETFs from Vanguard that hold these marks.00:05:17 Explain why Vanguard's top dividend income strategy also impressed Morningstar analysts.00:06:07 The final and fourth Gold-rated dividend ETF mixes both income and growth strategies. Talk about the one from Schwab.Bond ETFs are having a banner year. Why are investors turning to these investments?00:09:01 What makes a core bond ETF a solid portfolio building block?00:10:02What's the top idea that's received high marks from Morningstar?00:11:39We're shifting from the least risky to the next level up, core-plus. What do these bond ETFs typically offer that an index-tracking ETF does not?00:11:21 Can you tell us one intermediate core-plus bond ETF that's earned a Gold rating from Morningstar?00:11:56 Multisector bond ETFs take on a bit more risk than the previous two categories, and that comes with an expectation of more income. Should income investors skip the others and start here?00:13:11It'stime for the third top idea. What multisector bond ETF should folks consider?00:13:36 High-yield bond ETFs are the riskiest among the categories we're discussing today. What additional risks are investors taking on for the juicy yields?00:14:42 Morningstar does not currently rate any actively managed high-yield bond ETFs. Is there one that income investors should watch?00:16:41What's making covered-call ETFs so popular in 2025?00:17:09 Their yields lookvery high. What is driving them?00:18:31 What types of trade-offs are investors making?00:19:51 Which covered-call ETFs do Morningstar analysts consider a solid choice for investors, and why?  Watch more from Morningstar:Where to Invest in 2026 After This Year's Market Volatility LINKWhy Betting Against Nvidia in the AI Arms Race Could Be a MistakeHere's What Your Retirement Spending Rate Should Be in 2026 Follow Morningstar on social:Facebook https://www.facebook.com/MorningstarInc/X https://x.com/MorningstarIncInstagram https://www.instagram.com/morningstarinc/?hl=enLinkedIn https://www.linkedin.com/company/morningstar/posts/?feedView=all  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

It's surprisingly hard to know what something is really worth until someone actually tries to buy it—and that problem is front and center in private funds. Don and Tom unpack why private equity, private real estate, and other “alternative” investments often look calm and stable on paper, only to suffer brutal price drops once they finally trade in public markets. From a Wall Street Journal example of a private real estate fund losing roughly 40% overnight, to Morningstar's troubling enthusiasm for expensive, speculative new ETFs, the episode reinforces a core principle: prices discovered by real markets beat internal estimates every time. Along the way, listeners call in with real-world retirement questions, inherited IRA rules, portfolio simplification strategies, and a healthy dose of holiday banter. 0:04 What something is “worth” versus what someone will actually pay 1:06 Defining private funds and why valuation is murky 2:27 Private fund pricing versus real market pricing 3:56 BlueRock fund haircut: paper value meets reality 4:24 Market pricing, efficiency, and the wisdom of crowds 5:42 The myth of private investments being “less volatile” 6:27 Real estate as the perfect valuation example 7:39 Listener call: inherited IRA and annuity distribution rules 12:42 Holiday humor, crypto annuity joke, and Kentucky bourbon 16:01 Moving assets from Edward Jones, loads, and simplification 19:41 DIY portfolios versus advisor value 21:08 Morningstar's “Best and Worst New ETFs” critique 22:21 Why most new ETFs exist (and why you don't need them) 24:43 Shockingly high ETF expense ratios 26:27 Leveraged crypto ETFs and financial absurdity 27:37 Seasonal podcast plug and ratings gripe 28:44 Listener call: Boeing retirement and rollover planning 34:40 Holiday reflections, gratitude, and comfort over riches Learn more about your ad choices. Visit megaphone.fm/adchoices

This week on the podcast, I'm revisiting the best episodes of 2025 - reruns that are just as relevant today as when it first aired.  Here is today's best of 2025 episode…

OPEN HEAVENSMATALA LE LAGI MO LE ASO TOFI 25 TESEMA 2025(tusia e Pastor EA Adeboye) Manatu Autu: O le Fetu ao pupula (The Bright and Morning Star)Tauloto Tusi Paia: Faaaliga 22:16 “O a‘u o Iesu na ‘ou ‘auina atu la‘u agelu e molimau ‘iā te ‘outou i ia mea i ekalesia. O a‘u o le A‘a ma le fānau a Tavita, o le fetū ao pupula.”‭‭Faitauga - Tusi Paia: Mataio 2:1-12E tusa ma le 100 piliona fetu i le vanimonimo, ma e faaigoaina i latou uma e le Atua (Salamo 147:4). O loo taua foi i le Tusi Paia ia Kima ma Kisila o se faaputuga o fetu (Amosa 5:8) ma Oona (Faaaliga 8:11). I le faaputuga atoa o fetu, na tuuina atu e le Atua se galuega faapitoa i se tasi o i latou. E tatou te lē iloa le igoa o lea fetu, peitai e silafia e le Atua, ma e mautinoa na ia valaau i lea fetu i lona igoa ma tuuina atu iai le galuega e taitaia le au makoi ia Iesu. I le faitauga o le Tusi Paia o le asō, o le au makoi e lē taumate o i latou e suesue i fetu, na talanoa i se fetu na latou vaaia i le vanimonimo ma latou iloa ai o se fetu a se tupu. Na latou mulimuli i le fetu mai lo latou atunuu agai i Isaraelu, ma ao mulimuli pea iai, na taitaiina i latou e le fetu i le auala sa'o. Ana taofia lo latou mulimuli i le fetu, se manu e leiloa i le ala ma savalivali solo i le pogisa ma le fememeai. O tagata o loo fiafia i le kerisimasi e aunoa ma Iesu, e mafai ona faapea o loo savalivali solo i le pogisa. E latou te aai, feinu ma fiafia peitai o loo tumau i le pogisa. E lē tatau ona e tumau i le pogisa pe afai o loo e iai iina. Na afio mai Iesu o le malamalama o le lalolagi (Ioane 8:12) na faamalamalamaina soo se vaega o loo iai le pogisa i lou olaga. Ao tatou fiafia ma faamanuia lona fanau mai i le asō, o le taimi lelei lava lenei e tuuina atu ai lou ola ia te ia. O le taimi lava na o ese ai le au makoi mai Ierusalema ma toe faaauau la latou sailiga o le Tupu, na taitaia i latou e le fetu i le nofoaga tonu o loo iai Iesu (Mataio 2:9). Na faataunuuina le galuega a le fetu i le taitaia lea o le au makoi i le fetu ao pupula, o Iesu. O soo se tagata faatuatua e faatusa i le fetu lea, e valaauina ma faauuina e taitaia isi tagata ia Iesu. O lena fetu o loo talanoa pea iai tagata e oo mai i le asō aua na latou faataunuuina lo latou valaauina e taitaia le au makoi ia Iesu. A faaauau pea lou taitaiina o tagata e mulimuli ia Iesu, e te aoga pea i le galuega a le Atua. O lo tatou Alii o Iesu o le fetu ao pupula, ma e alagatatau ona e taitaia tagata ia te ia. Le au pele e, afai e lei tuuina lava lou ola ia Iesu, ia fai loa i le asō. O loo ia faatali ia te oe e te sau ia te ia aua e finagalo e faasaolotoina oe mai le faasaua o le pogisa ma le fememeai. Ia manuia le Kerisimasi! Savali i le ala, faaaoga upega tafailagi ma isi auala o loo avanoa ia te oe,  a talai atu ai le talalelei ia Iesu Keriso i le asō, i le suafa o Iesu, Amene. 

Hi, and welcome to The Long View. I'm Dan Lefkovitz, strategist for Morningstar Indexes. In this episode, we'll share some of our favorite clips from 2025 interviews with portfolio managers, economists, and investment researchers. It's a companion to Christine Benz's “Best Of” episode featuring highlights from conversations with financial planners, advisors, and retirement researchers. We'll begin with some prescient words from Hendrik du Toit, co-founder of global investment manager, Ninety One, who spoke to Christine Benz and me at the start of the year from Cape Town, South Africa. Hendrik talked about the appeal of emerging-markets investments, both debt and equity, asset classes that went on to have good years in 2025.“Hendrik du Toit: ‘Small Things Can Make a Big Difference,'” The Long View podcast, Morningstar.com, Jan. 21, 2025.“Cliff Asness: ‘The Problem Was Never Beta. The Problem Was Paying Alpha Fees for Beta,'” The Long View podcast, Morningstar.com, July 29, 2025.“Vincent Montemaggiore: ‘The Two Best Defenses Against Tariffs Are a High-Gross Profit Margin and Pricing Power,'” The Long View podcast, Morningstar.com, April 15, 2025.“Louis-Vincent Gave: ‘The Future Is Being Built Over There,'” The Long View podcast, Morningstar.com, Feb. 25, 2025.“Jason Zweig: Revisiting ‘The Intelligent Investor,'” The Long View podcast, Morningstar.com, May 27, 2025.“Mike Pyle: Looking for Uncorrelated Sources of Return,” The Long View podcast, Morningstar.com, Oct. 14, 2025.“Neal Shearing: The World Isn't Deglobalizing; It's Fracturing,” The Long View podcast, Morningstar.com, Aug. 26, 2025.“Sudarshan Murthy: ‘These Countries Are in Much Better Shape Than They Were 10 Years Back,'” The Long View podcast, Morningstar.com, March 25, 2025.“Joe Davis: How to Capitalize on ‘Megatrends,'” The Long View podcast, Morningstar.com, Sept. 2, 2025.“Callie Cox: A Student Teacher of Financial Markets,” The Long View podcast, Morningstar.com, Nov. 11, 2025.“Brian Selmo: ‘Winning by Not Losing,'” The Long View podcast, Morningstar.com, July 15, 2025.“Daniel Rasmussen: ‘Be Very Wary of Illiquid Asset Classes,'” The Long View podcast, Morningstar.com, May 6, 2025.“Eric Jacobson: The Entire Face of the Bond Market Has Changed,” The Long View podcast, Morningstar.com, Nov. 25, 2025.“Barry Ritholtz: ‘How Not to Invest,'” The Long View podcast, Morningstar.com, Oct. 7, 2025.“John Rekenthaler: ‘The House Is With You When You're Investing,'” The Long View podcast, Morningstar.com, Jan. 28, 2025. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Do you realize how truly magnificent you really are? In today's very special rebroadcast, we air Dr. Therman Evans's presentation at the Agape International Center of Truth's "Revelation of Spirit 2000 Conference." Dr. Therman Evans is the founder and CEO of Whole Life Associates, a graduate of Howard University undergraduate (BS) and medical school (MD), the former Vice President and Corporate Medical Director of Cigna Insurance and Healthcare Corporation, as well as the National Health Director and Washington Bureau Chief for Rev. Jesse Jackson's Operation Push. Additionally, he studied and achieved his B.A., M.A., and Ph.D. degrees in theology from the United Christian College of New York.  Dr. Evans was appointed in 1998 and formally installed as Pastor of Morning Star Community Christian Center (MSCCC ) in 1999. Today he talks about how to have Heaven on Earth. As the Senior Pastor, he has brought the message of "wholeness" in mind, body, and spirit to the dynamic and growing membership and ministries of the Morning Star congregation. He weaves his practice as a medical doctor with his wisdom as a preacher and gives a speech that glorifies the magnificence we are as human beings. (This is Part 1 of his inspirational speech.) Info: thermanevans.com.

Australia once had a deep pool of listed infrastructure, but names like Sydney Airport have been taken private, and the list keeps shrinking. Sean Aylmer speaks with Morningstar’s Lachlan Halloway about why infrastructure matters in a portfolio, what makes a true “moat” infrastructure asset, and why data centres aren’t the same as toll roads, airports or regulated utilities. This is Fear & Greed's summer series - all-new short episodes every day, with regular business news back from January 12. All information is general in nature. If you want to invest, we recommend you visit a financial advisor who can tailor investments to your needs.Support the show: http://fearandgreed.com.au/See omnystudio.com/listener for privacy information.

Australia once had a deep pool of listed infrastructure, but names like Sydney Airport have been taken private, and the list keeps shrinking. Sean Aylmer speaks with Morningstar’s Lachlan Halloway about why infrastructure matters in a portfolio, what makes a true “moat” infrastructure asset, and why data centres aren’t the same as toll roads, airports or regulated utilities. This is Fear & Greed's summer series - all-new short episodes every day, with regular business news back from January 12. All information is general in nature. If you want to invest, we recommend you visit a financial advisor who can tailor investments to your needs.Find out more: https://fearandgreed.com.au/See omnystudio.com/listener for privacy information.

Stuart Jeffries discusses with Ivan six things which should be better known. Stuart Jeffries was born in Wolverhampton in 1962. He was educated in Dudley, Oxford and London. Stuart started his journalistic career as a cub reporter at the Birmingham Post and Mail in 1985. He used to edit the Walsall Observer's children's page under the pseudonym Uncle Tom. Later he was the jazz critic of the Morning Star under the pseudonym Lew Lewis. In 1987, he moved to the Hampstead and Highgate Express, where he had many duties, chief among which was interviewing Hampstead lady novelists, which he liked a lot.  In 1990, he started work for the Guardian, working as subeditor, TV critic, Friday Review editor, Paris correspondent and feature writer. In 2010 he took voluntary redundancy and since then  has been a freelance journalist and author. His work has appeared in the Guardian, the Observer, The Spectator, the Financial Times, the Daily Telegraph, Prospect, the New Statesman. and the London Review of Books, among others. He is the author of Mrs Slocombe's Pussy (2000), Grand Hotel Abyss (2016), and Everything, All the Time, Everywhere (2021) and A Short History of Stupidity (2025), which is available at https://www.politybooks.com/bookdetail?book_slug=a-short-history-of-stupidity--9781509563494. Several Nazis tried at Nuremberg were judged geniuses according to IQ tests. IQ tests are terrible for establishing a person's stupidity or intelligence. Until 1975 hysterectomies were performed on black women in certain US states to stop them breeding morons. Stupidity has its uses - especially in the office. Donald Trump is more stupid than he thinks he is. What the prostate is. This podcast is powered by ZenCast.fm

Sam Bankman-Fried BioSnap a weekly updated Biography.Sam Bankman-Fried, the disgraced FTX founder serving 25 years in a California low-security prison, has emerged as an unlikely jailhouse lawyer, dishing out legal advice to high-profile inmates like former Honduran President Juan Orlando Hernandez, hip-hop mogul Sean Combs known as Diddy, and exiled Chinese entrepreneur Guo Wengui. Phemex News reported on December 20 that Bankman-Fried urged Hernandez to testify despite the risks, earning praise from Hernandezs wife even after the ex-president lost his drug trafficking trial, while The New York Times detailed on the same day how SBF slams overburdened federal defenders and fills the gap for fellow prisoners. This prison prowess could ripple into counter-terrorism finance debates and even sway crypto investor vibes amid pardon buzz. No public appearances or social media posts from SBF surfaced in recent days, as hes appealing his fraud conviction and eyeing a presidential pardon. Meanwhile, headlines swirled around his old inner circle, with SEC filings on December 19 via Morningstar and CoinDesk slapping final judgments on ex-girlfriend Caroline Ellison, FTX tech chief Gary Wang, and engineer Nishad Singh, banning them from public company roles for eight to 10 years over the 1.8 billion investor scam they enabled without admitting guilt. Business Insider spilled on December 16 that Ellison, after just 11 months of her two-year sentence, shifted to a New York halfway house ahead of a February 2026 release, staying mum unlike her chatty ex. Crypto chatter linked SBFs pardon hopes to LUNC and LUNA price spikes, per Phemex, but thats pure speculation with no confirmed business moves or fresh trials for the fallen crypto wunderkind. Behind bars, hes scripting his next act.Get the best deals https://amzn.to/3ODvOtaThis content was created in partnership and with the help of Artificial Intelligence AI

Send us a textWhat if your slouch is quietly taxing your brain, draining your energy and dulling your mood? We sit down with clinical nutritionist and chiropractic rehabilitation specialist Mark Morningstar to unpack how posture is controlled by the brain's “autopilot,” why long hours of sitting shift that autopilot into a slouch, and how small, realistic habits can rewire the system for lasting change. This is a practical, science-led tour of functional neurology, movement, and breath that anyone with a desk, a phone and a busy life can use.Mark explains the energy economics most of us overlook: holding yourself up against gravity is one of the body's biggest energy bills. When alignment collapses, the brain diverts even more energy to stay upright, leaving less for immune, digestive and hormonal balance. We talk through research on standing versus sitting, the surprising fat-loss implications of being on your feet, and why a short stand or stroll after meals raises energy expenditure and stabilises you through the afternoon.Then we get tactical. You will learn dual-tasking drills that teach the nervous system a new default—think book-on-head walks, gentle ball tosses while standing tall, and simple counting challenges that distract the conscious mind so your autopilot records better posture. We dig into belly breathing to restore the lumbar curve and expand lung capacity, plus wobble chair or exercise ball routines that “brush your teeth for your back” in five minutes. Along the way, Mark shares the mindset piece—spoken daily affirmations—that helps these micro-habits stick.If you spend hours at a screen, wrestle with “text neck,” or want more energy without adding another gym session, this conversation gives you clear steps that fit into real life. Subscribe to Barn to the Soul, share this episode with a friend who sits all day, and leave a quick review to tell us which habit you'll start today.Mark Morningstarhttps://nwprc.com/Music from #Uppbeat (free for Creators!):https://uppbeat.io/t/sky-toes/featherlightLicense code: ZTXJPK8BA5WMLKSF My new novel The Red Magus has recently been published in conjunction with the Unbound Press. An entralling mystical adventure set across time and space, where past and current lives converge. Find it on Amazon and Barnes & Noble. A call to action to help us keep spreading the spiritual ripple xxSupport the showBe a Compassion Crusader!Please like, share and subscribe!https://www.buzzsprout.com/1827829/supporters/newNatasha Joy Pricewww.dandeliontherapies.co.ukFacebook - Dandelion TherapiesInstagram - natashapriceauthor Books:- Freedom of the Soul - available on Amazon UK The Red Magus - available on Amazon and Barnes & Noble.

Scoliosis affects approximately 2-3 percent of thepopulation, representing an estimated six to nine million individuals in theUnited States. While scoliosis can develop during infancy or early childhood,the primary age of onset is between 10 and 15 years, affecting both gendersequally. However, females are eight times more likely than males to progress toa curve magnitude requiring treatment. Each year, scoliosis patients accountfor over 600,000 visits to private physician offices, with an estimated 30,000children requiring bracing and 38,000 undergoing spinal fusion surgery,according to the American Association of Neurological Surgeons.Dr. Mark Morningstar has dedicated his career toadvancing care for children with scoliosis and their families. He holds aDoctor of Chiropractic degree from Palmer College of Chiropractic and a PhD inHealth Services Management from Concordia University. Dr. Morningstar possessesthree board certifications: the American Clinical Board of Nutrition, theAmerican College of Spine Physicians, and the American Association ofIntegrative Medicine.With his extensive qualifications, Dr. Morningstar developedan integrated scoliosis management program recognized internationally. He hasauthored over 60 peer-reviewed publications and contributed innovativeexercises and equipment for scoliosis management. His work has receivednational recognition, including features on The Sister Wives.Over the past two decades, Dr. Morningstar has sought torefine scoliosis care by emphasizing the underlying condition rather thanfocusing solely on spinal curvature, minimizing discomfort and side effects,and ensuring pediatric patients maintain a high quality of life. As a foundingmember of the Society on Scoliosis Orthopedic and Rehabilitation Treatment(SOSORT)—established in 2005 in Milan, Italy—he collaborates with leadingprofessionals worldwide to advance non-surgical, exercise-based treatments suchas the ScoliSMART BootCamp.One of few chiropractic physicians triple board certified inchiropractic medicine, integrative medicine, and naturopathic medicine, Dr.Morningstar provides comprehensive strategies for managing complex spine andneurological disorders, including Scoliosis, Fibromyalgia/Chronic FatigueSyndrome, and Lyme disease.By integrating chiropractic rehabilitation, chiropracticneurology, functional medicine, kinesiotaping, and spinal orthoses, Dr.Morningstar has achieved notable outcomes in patient recovery and healing. Hehas multiple publications in peer-reviewed biomedical literature and iscurrently authoring books related to scoliosis and healthy living.For more information: https://scoliosispractice.com/Email: mmorningstar@backgenius.comhttps://www.backgenius.com/ 

We take a look at our top episodes of 2025. In this episode, we look at the ETFs that would go into a 3 ETF portfolio, using Morningstar's Manager Research Medalist ratings.A message from Mark and ShaniFor the past five years, we've released a weekly podcast to arm you with the tools to invest successfully. We've always strived to provide independent, thoughtful analysis, backed by the work of hundreds of researchers and professionals at Morningstar.We've shared our journeys with you, and you've shared back. We've listened to what you're after and created a companion for your investing journey. Invest Your Way is a book that focuses on the investor, instead of the investments. It is a guide to successful investing, with actionable insights and practical applications.The book is now available! It is also available in Audiobook format from most sellers.Purchase from Amazon or Purchase from BooktopiaTo submit any questions or feedback, please email mark.lamonica1@morningstar.com or leave us a voicemail to feature on the podcast here.Audio Producer and mixer: William Ton. Hosted on Acast. See acast.com/privacy for more information.

Bryan Sajjadi, a Capital Market Strategist at Fidelity Investments, shares how Fidelity's privately owned structure and long-term orientation influence the way investment decisions are made. He outlines how the firm's global research platform—spanning equities, fixed income, sectors, and quantitative analysis—is designed to challenge assumptions, share perspectives, and provide a fuller picture of risk and opportunity across market cycles. Rather than relying on a single style or viewpoint, Sajjadi emphasizes the value of combining multiple disciplines to navigate changing market environments. Sajjadi also discusses how Fidelity blends fundamental research with quantitative tools and emerging technologies to support portfolio decisions and risk awareness. He points to collaboration across asset classes, access to private markets, and long-standing company relationships as inputs that inform—not dictate—investment outcomes. Looking ahead, he frames the market outlook in practical terms, highlighting the need for selectivity, diversification, and flexibility as economic conditions evolve and dispersion across assets increases. Resources: Portfolio Construction | Fidelity Institutional Disclosures: Not FDIC Insured. May Lose Value. No Bank Guarantee. Not NCUA or NCUSIF insured. May lose value. No credit union guarantee. Unless otherwise expressly disclosed to you in writing, the information provided in this material is for educational purposes only. Any viewpoints expressed by Fidelity are not intended to be used as a primary basis for your investment decisions and are based on facts and circumstances at the point in time they are made and are not particular to you. Accordingly, nothing in this material constitutes impartial investment advice or advice in a fiduciary capacity, as defined or under the Employee Retirement Income Security Act of 1974 or the Internal Revenue Code of 1986, both as amended. Fidelity and its representatives may have a conflict of interest in the products or services mentioned in this material because they have a financial interest in the products or services and may receive compensation, directly or indirectly, in connection with the management, distribution, and/or servicing of these products or services, including Fidelity funds, certain third-party funds and products, and certain investment services. Before making any investment decisions, you should take into account all of the particular facts and circumstances of your or your client's individual situation and reach out to an investment professional, if applicable Information provided is general in nature. It is not intended to be, and should not be construed as, legal or tax advice. Fidelity does not provide legal or tax advice. Views expressed are as of the date indicated, based on the information available at that time, and may change based on market and other conditions. Unless otherwise noted, the opinions provided are those of the authors and not necessarily those of Fidelity Investments or its affiliates. Fidelity does not assume any duty to update any of the information. Fidelity Investments is an independent company, unaffiliated with IRIS Media Works, LLC. There is no form of legal partnership, agency affiliation, or similar relationship between IRIS Media Works, LLC. and Fidelity Investments, nor is such a relationship created or implied by the information herein. Fidelity Investments has not been involved with the preparation of the content supplied by IRIS Media Works, LLC. and does not guarantee, or assume any responsibility for, its content. Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Although the funds seek to beat the index, this is not guaranteed, and these funds may trail the index. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks. In general, the bond market, especially foreign markets, are volatile, and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Fixed income securities carry interest rate risk [As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.]. Fixed income securities also carry inflation risk, liquidity risk, call risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks, all of which may be magnified in emerging markets. Digital assets are speculative and highly volatile, and their market movements are very difficult to predict. Investors also face other risks, including significant and negative price swings, flash crashes, and fraud and cybersecurity risks. Digital assets may also be more susceptible to market manipulation than securities. They can become illiquid at any time and are for investors with a high-risk tolerance. Investors in digital assets could lose the entire value of their investment. Investing involves risk, including risk of loss. Investment decisions should be based on an individual's own goals, time horizon, and tolerance for risk. © Morningstar, Inc. All rights reserved. The information contained herein: [1] is proprietary to Morningstar and/or its affiliates; [2] may not be copied or distributed; [3] is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar is a registered trademark of Morningstar, Inc., and is not affiliated with Fidelity Investments. Fidelity Investments® & Pyramid Design is a registered service mark of FMR, LLC. Third-party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliated company. Before investing in any exchange traded fund, have your client consider its investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus, or a summary prospectus if available, containing this information. Have your client read it carefully. FIDELITY DISTRIBUTORS COMPANY LLC, 900 SALEM STREET, SMITHFIELD, RI 02917 1240462.1.0 Source

This Mind-Body Solution episode brings together Jared Morningstar and John Buchanan, part of The Mind-at-Large Project, for a deep, intimate exploration of meaning, spirituality, death, grief, psychedelics, religion, and the nature of mind and reality.

Theme of this week's readings: The Bright and Morning Star

Our Deepest Thirst - Part IIFile Size: 71477 kbFile Type: mp3Download File [...]

Our guest on the podcast today is Lyle Fitterer, a senior portfolio manager and co-lead on the municipal bond sector for Baird Advisors. He has 36 years of experience managing bond portfolios. Prior to joining Baird in 2019, he served as the co-head of global fixed income and the head of the municipal fixed income team as Wells Fargo Asset Management. Lyle obtained his undergraduate degree in accounting from the University of North Dakota. He earned the chartered financial analyst designation in 1996 and is currently a member of the CFA Institute and the CFA Society of Milwaukee.BackgroundBioBaird Short-Term Municipal Bond Fund BTMIXBaird Strategic Municipal Bond Fund BSNIXBaird Quality Intermediate Municipal Bond Fund BMBIXBaird Core Intermediate Municipal Bond Fund BMNIXBaird Municipal Bond Fund BMQIXMuni-Bond Funds“The New Allure of Muni Bond Funds. Two Pros Point the Way,” by Debbie Carlson, barrons.com, Aug. 21, 2025.“Fitterer: Muni Bond Market Offers Compelling Opportunities,” Podcast with Chuck Jaffe, bairdassetmanagement.com, July 29, 2025.“Muni Bonds Aren't Just for Rich Folks,” by Jeff Schlegel, fa-mag.com, Nov. 1, 2024.“Muni Bonds Are Looking Better,” by Elizabeth Foos, Morningstar.com, Oct. 28, 2025.OtherVanguard Tax-Exempt Bond Index Fund ETF Shares VTEBVanguard Tax-Exempt Bond Index Fund Admiral Shares VTEAX“In Wreckage of Muni Market Crash, Brave Investors Eye Bonds at 90% Yields,” by Amanda Albright, advisorperspectives.com, March 25, 2020. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this episode of Behind The Numbers With Dave Bookbinder, I'm joined by Kristof Gleich, President and Chief Investment Officer at Harbor Capital Advisors, for a deep dive into the human capital factor and its impact on business value and investment performance. Kristof explains how Harbor's partnership with Irrational Capital led to the development of the HAPI ETFs and walks through the seven subfactors that make up the human capital score: organizational effectiveness, innovation, direct management, alignment, engagement, emotional connection, and extrinsic rewards. We get into the data behind the factor, including the use of large-scale employee sentiment surveys and proprietary analytics, the index construction process that identifies the top 150 companies, and the annual reconstitution methodology. Kristof also shares performance insights – from Morningstar recognition to how HAPI has compared with the S&P 500. We also talk about why this factor has the potential to generate real alpha and how investors, private equity firms, and valuation professionals are beginning to incorporate human capital metrics into underwriting and deal analysis. If you're interested in how people truly drive enterprise value, how human capital data can shape portfolios, and what this means for investors, advisors, and dealmakers, this episode offers practical, data-driven insights you can use. About Our Guest: Kristof Gleich is the president and CIO of Harbor Capital Advisors, Inc. Kristof oversees all Investment, Distribution & Marketing and Executive Office functions at Harbor. He provides insight while helping lead Harbor's strategic growth plan. Prior to joining Harbor, Kristof was a managing director and global head of manager selection at JP Morgan Chase & Co. He received a B.S. in Physics from University of Bristol. Kristof is a CFA® charterholder and is FINRA Series 7 and 63 licensed. About the Host: Dave Bookbinder is known as an expert in business valuation and he is the person that business owners and entrepreneurs reach out to when they need to know what their most important assets are worth. Known as a collaborative adviser, Dave has served thousands of client companies of all sizes and industries.  Dave is the author of two #1 best-selling books about the impact of human capital (PEOPLE!) on the valuation of a business enterprise called The NEW ROI: Return On Individuals & The NEW ROI: Going Behind The Numbers.  He's on a mission to change the conversation about how the accounting world recognizes the value of people's contributions to a business enterprise, and to quantify what every CEO on the planet claims: “Our people are this company's most valuable asset.” Dave's book, A Valuation Toolbox for Business Owners and Their Advisors: Things Every Business Owner Should Know, was recognized as a top new release in Business and Valuation and is designed to provide practical insights and tools to help understand what really drives business value, how to prepare for an exit, and just make better decisions. He's also the host of the highly rated Behind The Numbers With Dave Bookbinder business podcast which is enjoyed in more than 100 countries.

In this episode I chat with Todd Wenning, a seasoned investment professional with experience at Ensemble Capital, Morningstar, and the Motley Fool about some of the most critical aspects of successful investing: moats, management, and buying companies at the right price. We based this conversation on this Venn diagram that Todd published on X (Twitter) in 2017. For those eager to dive deeper into Todd's investment philosophy and to discover hidden gems in the market, visit Flyover Stocks.Here's a link to the blog post: https://www.sharesforbeginners.com/blog/todd-wenning-flyover-stocks

A.I. and iPhone sales will be Apple's (AAPL) focus for 2026, according to today's Watch List panel. CFRA's Angelo Zino talks about how A.I. can advance the Mag 7 company's hardware, which he says includes a potential foldable phone. Sales in China is another focus Angelo believes needs more attention. Morningstar's William Kerwin agrees, making the case that Apple will need its bottom line to make advancements in tech. ======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Mama, we, too, are called to be seekers of the Morning Star! As His light rises in our hearts, may we stay watchful for His leading, courageous to follow where He shines, and ready to offer our best in joyful worship and service.“…the star they had seen when it rose went ahead of them until it stopped over the place where the child was. When they saw the star, they were overjoyed.” -Matthew 2:9b (NIV)From the patriarchs to the prophets, from shepherds to wise men, this Advent journey traces the radiant thread of promise woven through some of Scripture's most luminous figures. Join us for Day 7 of this journey Beneath the Starry Night.

Matthew 2:1-12 | Rev. Blake Arnoult Matthew: The Gospel to the Church

Maximisers spend a lot of time researching and thinking about the best choice to make. Satisficers settle for the best option that they can see with modest criteria. Mark and Shani run through how to determine what type of investor you are and what this means for you.You can find Christine's article, 'The case for a 'good enough' portfolio' here.A message from Mark and ShaniFor the past five years, we've released a weekly podcast to arm you with the tools to invest successfully. We've always strived to provide independent, thoughtful analysis, backed by the work of hundreds of researchers and professionals at Morningstar.We've shared our journeys with you, and you've shared back. We've listened to what you're after and created a companion for your investing journey. Invest Your Way is a book that focuses on the investor, instead of the investments. It is a guide to successful investing, with actionable insights and practical applications.The book is now available! It is also available in Audiobook format from most sellers.Purchase from Amazon or Purchase from BooktopiaTo submit any questions or feedback, please email mark.lamonica1@morningstar.com or leave us a voicemail to feature on the podcast here.Audio Producer and mixer: William Ton. Hosted on Acast. See acast.com/privacy for more information.

A holiday-flavored Friday Q&A that covers a lot of ground without selling a single candy cane. Don answers listener questions on Medicare vs. Medicare Advantage (and the IRMAA buzzsaw), how to safely reposition an elderly parent's taxable account, whether to ditch target-date funds for a DIY equity portfolio, how to think about international small-cap ETFs, why teaching kids to pick stocks is a terrible idea, and what to expect when a “free portfolio review” comes from a company whose name literally includes the word annuity. Skeptical, practical, and very on-brand. 0:17 Corny holiday Q&A musical intro and setup 0:33 Friday Q&A format, how questions get on the show, and holiday vibe 2:00 Medicare vs. Medicare Advantage, IRMAA penalties, and why private insurers are exhausting 3:37 Why capital gains can make Medicare shockingly expensive 4:15 The profit motive problem with Medicare Advantage plans 4:37 Question transition and listener call-in reminder 5:43 Managing an 82-year-old's taxable account: safety vs. yield 6:18 Why bond funds like BND diversify interest-rate risk better than savings accounts 7:15 CD ladders: how they work and why discipline matters 7:39 Treasury funds vs. total bond funds for capital preservation 7:47 Closing thoughts on preservation-focused portfolios 8:52 Target-date funds vs. DIY 401(k) portfolios 9:20 Glide paths, rebalancing, and what target-date funds do well 10:35 100% equity risk, volatility, and why down markets help accumulators 10:53 Choosing between AVDV and AVES (international small value vs. emerging markets) 11:47 Why the correct answer is often “both” 12:33 Teaching high school students about investing 13:52 Why stock-picking education reinforces a dangerous myth 14:28 Luck vs. skill and the evidence against beating the market 15:39 Index funds, market efficiency, and investor behavior 16:49 Morningstar vs. other research tools 17:18 Empower's “free portfolio review” and what might be coming next 18:06 Portfolio concentration concerns and tech exposure 19:33 Humor break and annuity skepticism 20:55 What Empower actually is and what that implies 21:16 Empower as an RIA and how to treat their recommendations 21:52 Getting a second opinion from a fee-only advisor 22:58 Thanks, holiday wrap-up, and call for more questions Learn more about your ad choices. Visit megaphone.fm/adchoices

A shift in mindset can help investors cope with market uncertainty.2025 was a case study in the futility of trying to predict the market. Wall Street had lofty expectations for stocks entering the year. Then the tariff shock in April rattled the markets and many firms lowered their annual stock forecasts in response. They later raised them—after stock prices rebounded. With the new year on the horizon, Morningstar's 2026 Global Outlook report is offering investors tactics to weather whatever the future may hold.Morningstar strategists and an analyst will discuss key challenges facing investors in 2026 in our series. Dan Kemp, the chief research and investment officer with Morningstar Investment Management Europe, is one of the major driving forces behind the report.We're going to dig into research analyzing the AI arms race and its worldwide buildout. A team of Morningstar researchers have investigated the spending and the risks. Morningstar Research Services' senior equity analyst Brian Colello was part of the effort. Brian also covers Nvidia. He discusses the AI king's outlook, competition, and stock.AI Arms Race: How Tech's Capital Surge Will Reshape the Investment Landscape in 2026 On this episode:00:36:00 Welcome00:01:48 We typically talk about your Markets Brief column, but today we're focusing on “Morningstar's 2026 Global Investment Outlook.” The theme is “preparing for what comes next.” What will investors looking for ways to cope with uncertainty find in this in-depth report? 00:02:35 What makes Morningstar's outlook different from other companies? 00:03:21You've written about how a few ideas from the global investment report resonated with you. What are they, and why? 00:05:01 As we wrap up our conversation, what's a lesson from 2025 that you want investors to take into 2026?00:07:13 Big Tech companies are spending hundreds of billions of dollars on the global construction boom. Where'sthe money going, and how does this spending compare to other sectors like energy? 00:08:20 This massive buildout comes with execution and cost risks. What's at stake if hyperscalers underestimate these challenges? 00:09:54 How is AI affecting sector valuations? How does it compare to the tech bubble in the late 1990s? 00:12:18 Morningstar believes many investors are already heavily exposed to AI due to Big Tech's size in broad stock indexes. How can folks counteract that? 00:14:31Let's pivot to the AI industry leader, Nvidia. The chipmaker's stock took a big hit when DeepSeek arrived in January. Nvidia became the world's first $5 trillion company in October. What are your thoughts about the year Nvidia is having? 00:17:20 Rival chipmaker Moore Threads recently made its market debut in China. What would it mean for Nvidia if China comes out with more advanced chips? 00:20:12 Interest is growing in Alphabet's AI chips. Can Nvidia fend off competition from one of its customers?00:23:30 What is your outlook for Nvidia and other chipmaker stocks? And which do you think is undervalued? 00:26:18What's the takeaway for investors regarding Nvidia and the AI arms race?  Watch more from Morningstar:Here's What Your Retirement Spending Rate Should Be in 2026How ETFs Help You Cut Your Tax BillTax-Loss Harvesting Isn't Just for Downturns. Here's Why Follow Morningstar on social:Facebook https://www.facebook.com/MorningstarInc/X https://x.com/MorningstarIncInstagram https://www.instagram.com/morningstarinc/?hl=enLinkedIn https://www.linkedin.com/company/morningstar/posts/?feedView=all  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Philipp Nicolai is the author and composer of what has been called the “King of Chorales” (“Wake, Awake, for Night is Flying”) and the “Queen of Chorales.” The Queen of Chorales, “How Lovely Shines the Morning Star” (TLH 343) is the hymn we are studying this week. It is an excellent hymn which teaches the love of Christ, and especially of our salvation in Him.  Nilolai's seven original German stanzas of “How Lovely Shines the Morning Star” are an acrostic tribute to his friend and former student in Waldeck. The first letters of those seven verses are W,E,G,V,H,Z,W, which stands for “Willhelm Ernst, Graf vnd Herr zu Waldeck” (William Ernest, count and lord in Waldeck). Nicolai has wonderfully captured the Christian faith in this hymn as he shows Christ's love for His Bride, the Church. He constantly makes both obvious and hidden allusions to the Lord's Supper, which is Christ's way of feeding and preserving all of us. Ultimately our greatest joy is in Christ, the First and Last, who will transport us to His happy home where we will be with Him forever in the greatest joy. Until that day, we look for His returning with deep and eager yearning.  Oh Christian, rejoice in the salvation that is yours through Christ, your Morning Star. Sing praise to your Bridegroom, who feeds and nourishes your faith through Word and Sacrament. Proclaim the His praises, this weekend and throughout your life!

AI-Titel bleiben unter Druck – der Tech-Abverkauf geht in den dritten Tag. Oracle fällt erneut über 2 %, nachdem schwache Umsätze bereits am Donnerstag zweistellige Verluste ausgelöst hatten. Auch Broadcom rutscht trotz starker Zahlen fast 9 % ab – ebenso Micron und CoreWeave mit weiteren Abschlägen. Der Markt rotiert sichtbar raus aus AI und Big Tech, während Dow und S&P 500 neue Rekorde markieren. Die Nasdaq dagegen bleibt im Minus – belastet von Zweifeln an der Tragfähigkeit der milliardenschweren AI-Investitionen. Morningstar senkt Oracles Fair Value auf 286 Dollar, sieht die Aktie aber trotz Gegenwinds als unterbewertet. Abonniere den Podcast, um keine Folge zu verpassen! ____ Folge uns, um auf dem Laufenden zu bleiben: • X: http://fal.cn/SQtwitter • LinkedIn: http://fal.cn/SQlinkedin • Instagram: http://fal.cn/SQInstagram

Met goede omzet- en winstcijfers tóch onderuitgaan op de beurs. Het overkomt wel meer bedrijven en deze week was het de beurt aan Oracle. De koers ging zo'n 10 procent onderuit, terwijl er echt geen grote zorgen zijn, of het moet zijn dat de zorgen bij beleggers over de 'AI-bubbel' toenemen. Bij Han Dieperink van Aureus Vermogensbeheer is daarvan geen sprake. "Ik lees dat er zorgen zijn over de schuldenlast bij Oracle, maar dat is echt overdreven. Een schuld van 6 procent is voor een bedrijf als Oracle prima te dragen. Wim Zwanenburg van Stroeve Lemberger is het met hem eens. "Die cijfers van Oracle vielen mij hartstikke mee eerlijk gezegd. Allen de softwareontwikkeling viel een beetje tegen." Het algemene beurssentiment is ook nog steeds best goed, de experts verwachten een lichte maar gestage stijging voor de komende periode en de fundamentals zijn eigenlijk nog steeds prima. De winsten van de meeste grote bedrijven laten nog steeds groei zien en de vooruitzichten zijn ook nog steeds positief. Verder in de podcast aandacht onder andere voor de definitieve verhuizing en naamsverandering van Aegon en de overnamestrijd rond mediagigant Warner Bros. Natuurlijk bespreken we ook de luisteraarsvragen en geven de experts hun tip. Voor Wim is dat een algemene tip over een specifieke sector, Han tipt een Amerikaanse financiële instelling. Geniet van de podcast! Let op: alleen het eerste deel is vrij te beluisteren. Wil je de hele podcast (luisteraarsvragen en tips) horen, wordt dan Premium lid van BeursTalk. Dat kost slechts 9,95 per maand, 99 euro voor een heel jaar. Abonneren kan hier! VanEck ETF’s (advertorial) Deze week is ook weer het tweewekelijks gesprek te beluisteren met Martijn Rozemuller, ceo van VanEckETF’s, de partner van BeursTalk. Deze week is het laatste gesprek van dit jaar, dus we blikken terug en we kijken vooruit naar 2026. Tot slot zetten we nog twee ETF's in het zonnetje die het in de maand november erg goed deden. Terugkijkend op 2025 is Martijns conclusie dat het een heel goed jaar was. Dat geldt niet alleen voor de gestegen koersen die het vermogen onder beheer hebben laten stijgen, maar zeker ook voor de instroom in ETF's, die eveneens is toegenomen. Wat het jaar voor Martijn extra glans geeft, is dat VanEck zelfs harder is gegroeid dan de markt. Voor 2026 heeft Martijn zeker oog voor de risico's, maar de sterke trends die het succes van 2025 bepaalden, houden waarschijnlijk aan in het komend jaar. AI was natuurlijk de grote smaakmaker, maar Martijn vindt wel dat AI de groeibelofte in 2026 zal moeten waarmaken. Hoewel Martijn niet veel opheeft met ranglijsten, is toch aardig dat twee ETF's van VanEck in november in de top-10 van Morningstar. Het gaat, niet verrassend, om de VanEck Gold Miners UCITS ETF en de VanEck Junior Gold Miners UCITS ETF. Ook de trend in goud, denkt Martijn, zal in 2026 aanhouden. Geniet van de podcast! De gepresenteerde informatie door VanEck Asset Management B.V. en de aan haar verbonden en gelieerde bedrijven (samen "VanEck") is enkel bedoeld voor informatie en advertentie doeleinden aan Nederlandse beleggers die Nederlands belastingplichtig zijn en vormt geen juridisch, fiscaal of beleggingsadvies. VanEck Asset Management B.V. is een UCITS-beheerder. Loop geen onnodig risico. Lees de Essentiële Beleggersinformatie of het Essentiële-informatiedocument. Meer informatie? https://www.vaneck.com/nl/nl/See omnystudio.com/listener for privacy information.

Our guest on the podcast today is Joy Loverde. Joy is the author of Who Will Take Care Of Me When I'm Old? and The Complete Eldercare Planner. She also gives keynotes and workshops on aging and eldercare to many different types of organizations. In addition, she serves as a consultant to senior housing providers, HR professionals, attorneys, financial planners, clergy, and other members of the eldercare industry. She has also been a family caregiver to family and friends.BackgroundBioWho Will Take Care of Me When I'm Old? Plan Now to Safeguard Your Health and Happiness in Old AgeThe Complete Eldercare Planner, Revised and Updated 4th Edition: Where to Start, Which Questions to Ask, and How to Find HelpEldercare“'Aging in Place Has a Shelf Life': What This Eldercare Expert Wants You to Know,” by Beth Pinsker, marketwatch.com, Oct. 28, 2023.“Preparing Solo Agers to Receive Long-Term Care,” by Joy Loverde, generations.asaging.org, June 21, 2023.“How to Manage Sibling Conflict Over Care of Elderly Parents,” by Elaine K. Howley, health.usnews.com, Feb. 5, 2025.“Going Solo: How to Plan for Retirement When You're on Your Own,” by Diane Harris, nytimes.com, July 20, 2025.“Create a Life of Independence and Connection in Later Years,” seattletimes.com, June 30, 2025.OtherMy Mother's Money: A Guide to Financial Caregiving, by Beth Pinsker“Beth Pinsker: Lessons From ‘My Mother's Money,'” The Long View podcast, Morningstar.com, Nov. 4, 2025. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

On today's Bible Answer Man broadcast (12/08/25), Hank comments on the fact that there are many stars, but only one Superstar. He spoke, and the universe leapt into existence. The morning stars together proclaimed His holy birth. He is the root and offspring of David, the bright and Morning Star. It's no wonder that the prophecies concerning Him outnumber all the others. Only Jesus of Nazareth—the unique Superstar—could emerge through the doorway of Old Testament prophecy.Hank also answers the following questions:Can a pastor be divorced according to 1 Timothy 3:2? David - MO (3:31)Were there incestuous relations between Adam and Eve's children? Annette - St. Louis, MO (5:58)What arguments would you give to prove that Jesus knew He was God? Josh - Nashville, TN (8:05)Does Isaiah 9:6 teach modalism? Is Jesus the Father as well as the Son? Vick - MO (15:59)How should we respond to people who mock us for believing in God? Dan - Bentonville, AR (19:18)Since Jesus knew what would happen before it happened, how do we reconcile this with Him saying, “My God, my God, why have you forsaken me?” Tiffany - Windsor, IL (23:10)

Another State Street retail property sells at a big discount. Crain's reporter Rachel Herzog discusses the Loop retail corridor with host Amy Guth.Plus: Blue Cross parent CEO got a hefty raise in 2024 despite 54% income drop; CME data center outage caused by human error, Cyrus One says; Morningstar to revamp analysis of mutual funds; and Smith family of Northern Trust and ITW gives record-breaking donation to Rush cancer center. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

This week, we're getting into the Christmas spirit… dividend investor style.

Linktree: ⁠https://linktr.ee/Analytic⁠Join The Normandy For Additional Bonus Audio And Visual Content For All Things Nme+! Join Here: ⁠https://ow.ly/msoH50WCu0K⁠Dive into Segment of Notorious Mass Effect with Analytic Dreamz for the complete ultra-compact breakdown of Hazbin Hotel Season 2—soundtrack, story, critical reception, sales, and Season 3 setup.Analytic Dreamz unpacks the explosive 20-track soundtrack (Nov 19, 2025, Atlantic/A24) by Sam Haft & Andrew Underberg: pop-jazz-rock anthems featuring Erika Henningsen, Christian Borle, Alex Brightman, Jessica Vosk, Jeremy Jordan, Darren Criss, and more. Fan faves like "Gravity" (Vosk/Brightman vocal powerhouse), "VOX POPULI" (Jordan/Borle media satire), and "Losin' Streak" (Blake Roman bop) drive 125M+ global streams in 2 weeks (70% Spotify/Apple), outpacing S1 by 30%. Debut #70 Billboard 200 (13K units), Week 2 #8 Top 10 breakthrough; 35K+ TikTok/IG creates fuel 15% weekly growth; physicals (5 vinyls, CD, cassette) sold out via merch bundles.Story arc (Oct 29–Nov 19, 8 eps on Prime Video): Charlie rebuilds post-Extermination, battles Vox's Heaven-infiltrating weapon & Vees' smear campaign. Alastor breaks Vox deal; Angel Dust's hypnosis betrayal leads to Husk uncertainty & Vees return; Heaven/Hell unite vs. explosion. Emotional peaks: Lilith's call to Charlie. Critics rave (ScreenRant: "outdoes S1 emotional resonance"; Radio Times: "fluid soundtrack"; Album of the Year 78/100; ComicBook.com: Heaven/Hell insights)—despite minor rushed fusions.S3 tease: Haft's "different vibe" with fan duets (Alastor/Charlie, Lucifer/Lute), non-singers debut, Lilith focus, Morningstar arcs; music done, 2026 window. Full tracklist, stats verified—Hazbin's raunchier, deeper musical Hellaverse evolution. Notorious Mass Effect, powered by Analytic Dreamz.Support this podcast at — https://redcircle.com/analytic-dreamz-notorious-mass-effect/donationsPrivacy & Opt-Out: https://redcircle.com/privacy

It's our annual Christmas gifts episode! We run through some gifts that you can give to your favourite investor, and we take part in our annual tradition of getting each other a gift. A message from Mark and ShaniFor the past five years, we've released a weekly podcast to arm you with the tools to invest successfully. We've always strived to provide independent, thoughtful analysis, backed by the work of hundreds of researchers and professionals at Morningstar.We've shared our journeys with you, and you've shared back. We've listened to what you're after and created a companion for your investing journey. Invest Your Way is a book that focuses on the investor, instead of the investments. It is a guide to successful investing, with actionable insights and practical applications.The book is now available! It is also available in Audiobook format from most sellers.Purchase from Amazon or Purchase from BooktopiaTo submit any questions or feedback, please email mark.lamonica1@morningstar.com or leave us a voicemail to feature on the podcast here.Audio Producer and mixer: William Ton. Hosted on Acast. See acast.com/privacy for more information.

Most retirees want to spend as much as they can without having to worry about running out of money. Morningstar's State of Retirement Income research analyzes retirement spending strategies to determine the highest safe starting withdrawal rate for new retirees in 2026. Christine Benz, Morningstar's director of personal finance and retirement planning and co-host of The Long View podcast, breaks down the research and shares some ideas about how you can boost your retirement spending.What's a Safe Retirement Withdrawal Rate for 2026?On this episode:00:00:00 Welcome00:00:46 Each year, you and your colleagues producethis really comprehensive research about retirement income. And as part of that research, you try toidentify what a safe withdrawal rate will be for the year ahead. 00:01:59 What is that safe withdrawal percentage, and how did you arrive at that conclusion?00:02:41 The 4% rule often comes up in the conversation around retirement spending. How does that compare to your base case?00:03:30 I know there are some misperceptions about your retirement income research and what that safe withdrawal percentage means. What are they? 00:03:28 So, how should retirees use this research?00:04:51 The safe starting withdrawal rate that you found in your base case might feel a little low for some retirees. Are there other strategies that retirees can use to boost their spending?00:07:02 So, flexible strategies are best suited for retirees that are focused on maximizing their spending. 00:08:52 What kind of retiree would benefit from a more rigid strategy, like the fixed inflation-adjusted spending approach that you use in your base case?00:09:26 How does asset allocation come into play? Would a stock-heavy portfolio support a higher withdrawal rate in retirement?00:10:36 So far, we've focused on portfolio income strategies, but you also looked at nonportfolio income sources like annuities and Social Security. What did you find?00:13:34 It seems like there's some more nuance to the suggestion of delaying Social Security. Can you talk about that? 00:14:50 How about annuities? Can you discuss some of the key considerations that income-centric retirees should bear in mind?00:16:07 Studies have found that retirees don't actually spend the same amount over the course of their retirement. What does actual retirement spending tend to look like, and how might that affect a retiree's plans?00:17:59Let's talk about some scenarios that can throw off a retiree's plan. One might be a market downturn early in retirement. What kind of impact could that have on spending? 00:18:56 Another scenario might be retiring earlier than expected. What kind of implications would that have for safe withdrawals?00:20:26 What is one final takeaway from the research that you want retirees to come away with?  Watch more from Morningstar:How ETFs Help You Cut Your Tax BillTax-Loss Harvesting Isn't Just for Downturns. Here's WhyBond ETFs Are Surging in Popularity in 2025. Here Are 5 of the Best Follow Morningstar on social:Facebook https://www.facebook.com/MorningstarInc/X https://x.com/MorningstarIncInstagram https://www.instagram.com/morningstarinc/?hl=enLinkedIn https://www.linkedin.com/company/morningstar/posts/?feedView=all Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Morningstar's 2026 Investment Outlook is live, offering clear context on the forces that will shape the year ahead and beyond. If there's one takeaway for investors, it's this: Preparation beats prediction. Markets will keep shifting—tariffs, the Fed, geopolitics, and the rapid buildout of AI infrastructure—and trying to forecast every twist isn't a strategy. Building resilient portfolios is. That's why our outlook avoids bold predictions and instead focuses on rational, evidence-based decision-making across the issues that matter most to advisors and their clients. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

This episode digs into the unwelcome December surprise of capital-gains distributions, especially from actively managed mutual funds. Don and Tom break down Morningstar's latest list of high-distribution offenders, spotlighting the astonishing 83% capital-gains payout from the Royce Midcap Total Return Fund. They compare the tax drag, costs, turnover, and long-term underperformance of these funds against index funds and ETFs, and explain why tax-efficient investing matters far more than most people realize. Listener questions cover overly complex portfolios, Edward Jones stock positions, odd-lot tender offers, and whether large-cap blue-chip stocks remove the need for bonds. The episode closes with a reminder that detailed portfolio triage is best handled in one-on-one meetings. 0:04 Capital-gains season returns and why high fund returns can still hurt 0:29 Don & Tom on weather, wardrobe, and warming up in Florida 1:30 December capital-gains distributions and why they happen 2:07 Morningstar's warning: active funds with big capital-gains payouts 3:06 Vanguard, T. Rowe Price, and American Funds distribution levels 4:09 The biggest offender: Royce Midcap Total Return Fund 5:41 Why 35 funds will distribute more than 10% of assets 5:52 The stunning number: Royce's 83% capital-gains distribution 6:52 Why big outflows and poor performance drive big taxable events 7:21 Royce's turnover, tiny size, high costs, and weak long-term returns 8:47 Why it's critical to hold active funds only in tax-advantaged accounts 10:07 ETFs vs mutual funds: tax efficiency and turnover differences 11:42 Comparing Royce to Avantis AVGE on fees, turnover, and performance 12:16 How AVGE tracks its index vs Royce's massive underperformance 13:33 When selling an active fund before a distribution may or may not help 14:05 Listener question: overly detailed allocation request — why it needs a meeting 16:29 Why some questions require one-on-one analysis 18:20 Why Appella's free meetings exist (and what they're not) 20:35 Odd-lot tender offers explained 22:14 Listener: selling Edward Jones stock holdings and leaving EJ 23:42 Why small, young investors should clean up taxable accounts early 24:24 The long decline of commission-based brokerage 25:26 Bothell check-in: blue-chip stocks vs bonds 27:18 Historical returns: 98 years of total market vs small-cap value 28:49 Why bonds exist in a portfolio despite low recent returns 29:30 Closing thoughts on discipline, diversification, and realism Learn more about your ad choices. Visit megaphone.fm/adchoices

In this conversation, Etinosa and Diane discuss the intricacies of decision-making in business relationships, focusing on how pricing strategies can influence client engagement. Etinosa emphasizes the importance of framing decisions in a way that leads clients to consider options rather than simply agreeing to work together. The dialogue highlights the shift from a binary decision to a more nuanced discussion about service packages and their value. Etinosa is a behavioral economist and CEO of Decision Alpha, a pricing strategy firm that helps businesses achieve sustainable growth through smarter, psychology-driven pricing. With over a decade of experience across global financial institutions and startups, her work helps businesses replace guesswork and anxiety with confidence and profitability. Etinosa's insights have been featured in MarketWatch and Morningstar. Be sure to check out her behavioural pricing playbook. If you are a small business owner or salesperson who struggles with getting the sales results you are looking for, get your copy of Succeed Without Selling today. Learn the importance of Always Be Curious. Accelerate Your Business Growth is proud to be included on the list of the 45 Best Business Growth Podcasts. We are also honored to be selected by FeedSpot as one of the Top 10 Growth Hacking Podcasts, Top 25 Evergreen Podcasts and Top 50 Business Growth Podcasts on the web. Each episode of this podcast provides insights and education around topics that are important to you as a business owner or leader. The content comes from people who are experts in their fields and who are interested in helping you be more successful. Whether it's sales challenges, leadership issues, hiring and talent struggles, marketing, seo, branding, time management, customer service, communication, podcasting, social media, cashflow, or publishing, the best and the brightest join the host, Diane Helbig, for a casual conversation. Discover programs, webinars, services, books, and other podcasts you can tap into for fresh ideas. Be sure to subscribe so you never miss an episode and visit Helbig Enterprises to explore the many ways Diane can help you improve your business outcomes and results. Learn more about your ad choices. Visit megaphone.fm/adchoices

Morningstar's Dan Romanoff considers the revenue from Salesforce's (CRM) Agentforce important for future prospects. One concern he has moving forward: how much companies actually seek use cases for enterprise A.I. Keith Kirkpatrick echoes that sentiment and labels it as the reason Agentforce sales weren't as large as some investors were hoping for. ======== Schwab Network ========Empowering every investor and trader, every market day.Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6DSubscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

A boost to the copper price and weaker US jobs data improving rate cut sentiment has helped lift the Australian share market, despite stronger than expected household spending data dampening hopes of future interest rate cuts locally. In fact, markets are increasingly pricing-in rate hikes in 2026. For more on this, Stephanie Youssef spoke with Morningstar chief investment officer Matt Wacher. Plus, ASFA CEO Mary Delahunty on the superannuation peak body's latest Retirement Standard.

Today on The Long View, we're featuring an episode from another Morningstar podcast, The Morning Filter, which you can subscribe to on Apple podcasts or wherever you get your podcasts. In this special episode of The Morning Filter podcast, co-host Susan Dziubinski sits down with Morningstar columnist Dan Lefkovitz to take a deep dive into dividend stock investing today. They discuss what's caused U.S. dividend stocks to lag this year while international dividend stocks have outperformed. Tune in to find out why the stock buyback boom is bad news for dividend seekers and what metrics investors should look at if they want to avoid dividend cuts.They name drop a few undervalued stocks that Morningstar thinks have stable dividends, cover why dividend growth stock investing is underappreciated, and close with a discussion about whether dividend stocks are poised to outperform in 2026. Episode Highlights Dividend Stock Performance: 2025 RecapWhat the Buyback Boom Means for Dividend Investors3 Ways to Spot a Dividend Cut EarlyDividend Growth Stocks: Why Bother? Read about topics from this episode. Stock Buybacks Are Booming in 2025. That's Bad News for Dividend InvestorsThe Surprising Truth About Dividend Growth StocksNot All Dividend Stocks Are Safe. Here's How to Avoid Dividend TrapsWhy International Dividend Stocks Have Pulled Ahead Got a question for Dave? Send it to themorningfilter@morningstar.com. Follow Dave on social media.Dave Sekera on X: @MstarMarketsDave Sekera on LinkedIn: https://www.linkedin.com/in/davesekera Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Retirement technology is rapidly transforming the way advisors and plan sponsors deliver planning advice. In this episode of the 401(k) Specialist Podcast, Editor-in-Chief Brian Anderson sits down with Michael Allen, Morningstar Retirement's Global Head of Retirement Technology, to explore how innovation is making retirement advice more personalized, scalable, and impactful.Allen shares insights on how Morningstar turns ideas into digital solutions, the technologies most likely to redefine the participant experience—like AI, predictive analytics, and behavioral nudges—and how innovation stays grounded in what participants really need.Key Insights:AI boosts personalization in retirement planningMichael Allen shares how AI lets Morningstar offer dynamic, personalized advice. Instead of long forms, participants now engage in simple, human-like conversations.Innovation solves real user pain pointsMorningstar's tools, like “AI Insights,” were built to fix specific issues—such as time-consuming reporting—by highlighting key data instantly.Advice at scale with human oversightMorningstar combines AI with trusted forecasting tools. The goal: deliver tailored advice while letting advisors focus on what humans do best.

In our guest episode today, we host Matt Wacher, Chief Investment Officer, APAC at Morningstar Investment Management (MIM). We run through where MIM sees opportunities, what they consider overvalued and how investors should approach markets.A message from Mark and ShaniFor the past five years, we've released a weekly podcast to arm you with the tools to invest successfully. We've always strived to provide independent, thoughtful analysis, backed by the work of hundreds of researchers and professionals at Morningstar.We've shared our journeys with you, and you've shared back. We've listened to what you're after and created a companion for your investing journey. Invest Your Way is a book that focuses on the investor, instead of the investments. It is a guide to successful investing, with actionable insights and practical applications.The book is now available! It is also available in Audiobook format from most sellers.Purchase from Amazon or Purchase from BooktopiaTo submit any questions or feedback, please email mark.lamonica1@morningstar.com or leave us a voicemail to feature on the podcast here.Audio Producer and mixer: William Ton. Hosted on Acast. See acast.com/privacy for more information.

Exchange-traded funds can help you cut your tax bill. All funds must distribute capital gains from the stocks and bonds that they sell throughout the year. The gains can leave you stuck with unwanted taxes. ETFs and mutual funds differ when it comes to tax efficiency. It starts with how the investments are traded and how the transactions are treated. The differences can result in ETF investors owing less than mutual fund investors or nothing at all because ETFs can minimize their capital gain distributions. Bryan Armour, Morningstar's director of ETF and passive strategies research for North America, explains how ETFs beat mutual funds at the tax game.ETFs vs. Mutual Funds: The Benefits That Really Matter On this episode:00:00:00 Welcome00:01:01 ETFs are more tax-friendly than their mutual fund rivals. Why is that?00:02:17 How does the way ETFs are traded limit the tax drag that affects mutual funds?00:03:23 ETF investors will eventually pay a tax bill. Why is it important to control when that happens?00:04:04We talked about tax drag. What about cash drag? How are ETFs winning here?00:04:51An ETF's underlying strategy can sharpen or dull the edge it has over a mutual fund when it comes to capital gains. Which ETF strategies have held the biggest advantage over the past few years?00:05:40Can you talk about the tax issues involving international stocks when managing gains in an ETF?00:06:55And what about taxable-bond ETFs versus mutual funds?00:07:37 Some ETFs do not benefit from tax efficiency. Which investments are those, and why don't they?00:08:24High-turnover strategies, where there's a lot of buying and selling, can result in a big tax bill for investors. What have you found when you compared two momentum strategies?00:08:58How can outflows leave loyal investors with a big tax bill?00:09:49Active ETFs' popularity is soaring. How tax-friendly are these investments versus their passive peers and mutual funds?00:10:52 Which ETFs belong in taxable accounts and tax-advantaged accounts like an IRA or 401(k) to maximize tax efficiency?00:11:55What if someone listening or watching just realized they should work on their asset location? What should they do?00:12:54What's the takeaway for using ETFs to cut tax bills? Watch more from Morningstar:Tax-Loss Harvesting Isn't Just for Downturns. Here's Why Bond ETFs Are Surging in Popularity in 2025. Here Are 5 of the BestInvestors Still Need to Mind the Gap in Their Funds' Returns Follow Morningstar on social:Facebook https://www.facebook.com/MorningstarInc/X https://x.com/MorningstarIncInstagram https://www.instagram.com/morningstarinc/?hl=enLinkedIn https://www.linkedin.com/company/morningstar/posts/?feedView=all Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Recorded from our new home on Bainbridge Island and released on Thanksgiving, this episode is equal parts gratitude and practical investing help. I open with my annual tradition of writing a fresh Thanksgiving list—people, communities, and institutions that have shaped my life and this work. I'm especially thankful for you, the DIY investors who keep showing up to learn, ask thoughtful questions, and hopefully staying the course.I also share appreciation for the resources that support disciplined investing—Morningstar, the Bogleheads community, and the American Association of Individual Investors (AAII). After a recent AAII presentation (over 150 attendees), we ran out of time for a live Q&A. I promised to respond to every legitimate question, so this episode kicks off a multi-part series answering them in depth.Here are the first 12 AAII questions covered in today's episode:(9:42) What alterations in portfolio construction do you recommend in transition from accumulation to distribution in order to maximize diversification of uncorrelated assets, safe withdrawal rates, and spending? ⁠Table h2a (21:21) I'm a huge fan of your U.S. two-fund portfolio. Why is diversification between large-cap growth and small-cap value so important, while diversification between VTSAX and AVUS (within the same asset class) is not? Should we diversify fund selection within the same asset class? Table K2b(26:49) Have you considered creating a quilt chart for the Ultimate Buy-and-Hold portfolios with a 70/30 U.S./international split? Table K1a and H2a and H2b(32:04) You appear to have avoided any mention of mid-cap. Should we be ignoring mid-cap funds?(33:35) What do you think about adding alternative investments to the portfolio (for example, managed futures)?(38:39) Are your recommendations for everyone, or does the game change when you have a pension for life?(43:07) I was fighting with the Zoom link and arrived 25 minutes into the presentation. Will a video recording be available to participants?(44:08) What would you expect the difference between the S&P 500 cap-weighted index (VFINX)and the S&P 500 equal-weighted index (VADAX)  to be?(49:53) The four-fund portfolios are equal-weighted across their asset classes, which results in a value tilt overall. Why weigh them equally?(54:35) One might think that adding international large-cap growth and international small-cap value to the two-fund approach would improve results. Does international allocation mainly reduce volatility/drawdown length, or also increase returns?  H2a and H2b(56:26) Can you buy DFA and Avantis funds at Charles Schwab?(58:40) What should you do if you have a lump sum to invest today, but current market highs make entry uncomfortable? https://awealthofcommonsense.com/2025/11/do-we-need-a-long-bear-market/

Our guest this week is our colleague, Eric Jacobson. Eric is a senior principal for fixed-income strategies on Morningstar's Manager Research team. He focuses on a variety of taxable, tax-exempt, and nontraditional managed strategies. He covers some of the key asset managers, he publishes thought leadership, and he is a member of the Morningstar Medalist Ratings Committee. Eric joined Morningstar in 1995 as a closed-end fund analyst and also had a stint on Morningstar Indexes, where he helped launch our original Bond Benchmark Suite. Before Morningstar, Eric worked at Kemper Financial Services. He is also a proud graduate of the University of Wisconsin-Madison.Show NotesBackgroundBioBond Market and Semiliquid Funds“Why the Bond Market Is Fertile Ground for Active Management,” by Eric Jacobson, Morningstar.com, Aug. 28, 2025.“6 Critical Lessons for Bond Investors,” by Eric Jacobson, Morningstar.com, Dec. 26, 2023.“How to Measure Your Fund's Liquidity Risk,” by Brian Moriarty, Morningstar.com, Oct. 21, 2025.“New Ratings Reveal Challenges for Semiliquid Funds,” by Bryan Armour, Morningstar.com, Nov. 12, 2025.Other“Eurozone Debt Crisis: Causes, Consequences, and Solutions (2008-2012),” by Daniel Liberto, Investopedia.com, Sept. 29, 2025.“Automotive Industry Crisis of the 2000s,” by Kerry Skemp, ebsco.com.“When It Comes to Bonds, Don't Be a Hero,” by Christine Benz, morningstar.com, Oct. 6, 2025.Bill GrossDan Fuss Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.