The Long View

Today’s guest on The Long View is Pat Dorsey. Pat is the founder of Dorsey Asset Management, a boutique asset manager serving institutional clients. From 2000 to 2011, Pat was the director of equity research for Morningstar, where he led the growth of Morningstar’s equity research group from 20 to 90 analysts. Pat was instrumental in the development of Morningstar’s economic moat ratings, as well as the methodology behind Morningstar’s framework for analyzing competitive advantage. Pat is also the author of two books, The Five Rules for Successful Stock Investing, and The Little Book That Builds Wealth. Pat holds a master’s degree in political science from Northwestern University and a bachelor’s degree in government from Wesleyan University. Pat is a CFA charterholder.

Episode Highlights

00:00:00 Defining Economic Moats and Moat Source Mistakes

00:05:34 Shifting Landscape for Returns on Invested Capital as a Metric

00:07:52 Inevitable vs. Noninevitable Moats

00:09:36 Moat Durability, Network Effects, and Lessons From PayPal

00:13:46 Management Quality, Founders, and Pricing Discipline

00:24:02 High-Quality Companies, “Too Hard” Bucket, and AI Uncertainty

00:29:29 Premortem, Behavioral Edge, and Opportunity Cost

More From Morningstar

AI Isn’t an Economic Moat Killer, but It Will Disrupt Industries

Lawrence Lam: ‘The Types of Companies That Attract Me Are Founder-Led and Profitable’

How to Measure a Company’s Competitive Advantage

If you have a comment or a guest idea, please email us at [email protected].

Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.

If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.

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Our guest on the podcast today is Bill Yount. Bill is a practicing emergency physician. He’s also co-host of a podcast called Catching Up to Fi, where he and Jackie Cummings Koski discuss pursuing financial independence later in life. Bill received his bachelor’s degree from Duke University, his doctor of medicine degree from the University of North Carolina at Chapel Hill, and completed his residency in emergency medicine at Northwestern University.

Episode Highlights

00:00:00 From a Scarcity Mindset to the Hedonic Treadmill

00:10:04 The Wake-Up Call: Burnout, Lawsuits, and Turning 50

00:11:05 Finding FIRE Late: Catching Up to Financial Independence

00:13:44 Budgeting, Downsizing, and Boosting Savings Rates

00:20:56 Landmarks on the Way to Financial Independence

00:25:50 Life Planning, Risk Parity, and Calibrating Safe Withdrawals

00:34:51 Achieving FI and Knowing When It’s Time to Retire

00:43:44 Building Generational Wealth, Giving Early, and Advice to Late Starters

More From Morningstar

My Baptism by FIRE: Lessons on Financial Independence

The Best Retirement Strategies for Leaving Money Behind

Cliff Asness: ‘The Problem Was Never Beta. The Problem Was Paying Alpha Fees for Beta’

If you have a comment or a guest idea, please email us at [email protected].

Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.

If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.

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Our guest on the podcast today is Emily Guy Birken. Emily’s the author of The Five Years Before You Retire. She also co-authored Stacked: Your Super-Serious Guide to Modern Money Management, with Joe Saul-Sehy. Other books include End Financial Stress Now, Making Social Security Work for You and Choose Your Retirement: Find The Right Path to Your New Adventure. Emily received her master’s degree in education from the Ohio State University and her undergraduate degree in English from Kenyon College.

Episode Highlights

00:00:00 Emily Guy Birken’s Path to Money and Retirement Writing

00:04:26 Why the Five Years Before Retirement Are Crucial and How Much Is “Enough” Savings

00:10:31 How Expectations Can Shape Happiness in Retirement

00:13:14 Key Moves for Preretirees to Cover Retirement Savings Shortfalls

00:15:58 Social Security: Benefits of Delaying and Advice for Young Workers

00:27:06 Budgets in Retirement and Irregular Expenses on a Fixed Income

00:33:14 Why Long‑Term‑Care Insurance Rarely Pays Off Today

00:36:10 Pre-Medicare Health Insurance Options

00:40:17 Early Mortgage Payoff vs. Investing in Retirement

00:42:26 How Writing About Retirement Changed Guy Birken’s Own Planning

More From Morningstar

5 Things to Do Today If You Want to Retire in 5 Years

Dan Haylett: ‘The Retirement You Didn’t See Coming’

The Best Strategies for Consistent Retirement Spending

If you have a comment or a guest idea, please email us at [email protected].

Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.

If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.

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Our guests on the podcast today are Jamie Hopkins and Bonnie Treichel, who are co-authors of a new book, Your Retirement Sketchbook. Jamie is the CEO of Bryn Mawr Trust Advisors, Chief Wealth Officer of WSFS Bank, and founder of the FinServ Foundation. He’s a professor of practice at Creighton University and the American College of Financial Services. He’s also a contributor to Forbes and has been elected to the Fellows of the American Bar Foundation. Bonnie is the founder and Chief Solutions Officer of Endeavor Retirement, a consulting firm dedicated to solving problems for plan sponsors, advisors, and service providers in the retirement plan industry. She also serves as treasurer for the FinServ Foundation.

Episode Highlights

00:00:00 The FinServ Foundation and Your Retirement Sketchbook

00:10:06 Understanding “Rewirement,” Mindset Shifts, and Behavioral Biases in Retirement

00:18:15 Why In‑Plan Annuities Are Emerging Inside 401(k) Plans

00:20:57 Retirement Bucket, Private Assets, and Reducing Sequence‑of‑Returns Risk

00:31:21 Risks to Social Security Benefits

00:33:17 Advisor-Client Dynamics in Retirement Planning

00:38:03 Retirement Planning Books and Podcasts

Retirement Resources Mentioned

Your Retirement Sketchbook

Retirement Planning Guidebook

Safety-First Retirement Planning

Ikigai: The Japanese Secret to a Long and Happy Life

Retiring Minds Podcast

More From Morningstar

Retirement Withdrawal Sequencing Rules of the Road

Here’s How You Can Spend More During Retirement

Jamie Hopkins: A Framework for Financial Freedom

If you have a comment or a guest idea, please email us at [email protected].

Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.

If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.

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Our guest on the podcast today is David Bach. David is the author of 12 national bestselling books, including The Latte Factor; Smart Women Finish Rich; Start Late, Finish Rich; and The Automatic Millionaire. He just released the 20th anniversary edition of The Automatic Millionaire. David was a longtime contributor to NBC’s Today show and a featured guest on the Oprah Winfrey Show. He also produced and hosted two public television specials, Smart Women Finish Rich and The Automatic Millionaire. David started his career at Morgan Stanley where he was a senior vice president and partner of The Bach Group.

Episode Highlights

00:00:00 Moving Abroad, Early Retirement, and the Shifting Media Landscape

00:11:46 The Importance of Sabbaticals and Health Expectancy

00:19:39 Saving to Spending, New Tax on IRA Withdrawals, and Long-Term Effect of Deficits

00:34:39 Key Updates to The Automatic Millionaire and Automatic Contributions

00:37:59 Why Everyone Needs Access to Being an Investor

00:42:02 How to Start Investing Young and How to Catch Up Later in Life

00:47:26 How Inflation Affects Retirement Goals and The Benefits of Homeownership

More From Morningstar

6 Lessons From My 6-Week Mini-Retirement

The Best Strategies for Consistent Retirement Spending

7 Steps to Estimating Your In-Retirement Cash Flow Needs

If you have a comment or a guest idea, please email us at [email protected].

Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.

If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.