The Long View
Episodes
Christine Benz, David Blanchett, and Karsten Jeske: The State of Retirement Income
14 Jun 2022
Contributed by Lukas
This week we’re pleased to bring you a special “State of Retirement Income” episode, which we recorded live at the annual Morningstar Investment...
Tom Idzorek: Exploring the Role of Human and Financial Capital in Retirement Planning
07 Jun 2022
Contributed by Lukas
Tom Idzorek Show NotesOur guest this week is Tom Idzorek. Tom is chief investment officer, retirement, for Morningstar Investment Management, which is...
Cliff Asness: Value Stocks Still Look Like a Bargain
31 May 2022
Contributed by Lukas
Our guest this week is Cliff Asness. Cliff is a founder, managing principal, and chief investment officer at AQR Capital Management. Cliff writes ofte...
Eric Balchunas: Assessing Jack Bogle's Monumental Legacy
24 May 2022
Contributed by Lukas
Our guest this week is Eric Balchunas, who is a senior exchange-traded fund analyst for Bloomberg Intelligence, where he writes for and leads the fund...
Ric Edelman: On Crypto, Retirement Planning, the Advice Business, and More
17 May 2022
Contributed by Lukas
Our guest today is Ric Edelman, the founder of the Digital Assets Council of Financial Professionals, or DACFP, an organization he formed in 2018. DAC...
Brian Feroldi: Why Does the Stock Market Go Up?
10 May 2022
Contributed by Lukas
Our guest on the podcast today is Brian Feroldi. Brian is the author of a new book called Why Does the Stock Market Go Up? He is also a writer and con...
Jim Grant: 'Rising Interest Rates Are the Kryptonite of Financial Assets'
03 May 2022
Contributed by Lukas
Our guest this week is Jim Grant. Jim is the founder and editor of Grant's Interest Rate Observer, a twice-monthly newsletter on financial markets wit...
William Reichenstein: Avoiding Tax Headaches in Retirement
26 Apr 2022
Contributed by Lukas
Our guest on the podcast today is William Reichenstein. Dr. Reichenstein is an author and emeritus professor of finance at Baylor University. He is al...
Mary Childs: The Rise and Fall of the Bond King
19 Apr 2022
Contributed by Lukas
Our guest this week is Mary Childs. Mary is a cohost and correspondent for National Public Radio's Planet Money. Previously, she was a reporter at Bar...
Nick Maggiulli: 'The Biggest Lie in Personal Finance'
12 Apr 2022
Contributed by Lukas
Our guest on the podcast today is Nick Maggiulli. He is the author of a new book called "Just Keep Buying: Proven Ways to Save Money and Build Your We...
JL Collins: The Case for Simplicity
05 Apr 2022
Contributed by Lukas
Our guest on the podcast today is author and blogger JL Collins. He blogs about financial and other matters at JLCollinsnh.com. Collins' first book, T...
Dan Otter and Scott Dauenhauer: Why Retirement Savings Options for Educators Are So Bad
29 Mar 2022
Contributed by Lukas
Our guests on the podcast today are Dan Otter and Scott Dauenhauer. Together they run the website 403bwise, which is geared toward providing education...
Eric Schoenstein: The Case for Quality Stocks
22 Mar 2022
Contributed by Lukas
Our guest today is Eric Schoenstein. Eric is a managing director at Jensen Investment Management, where he serves as the firm’s chief investment off...
Terry Odean: Who's on the Other Side of the Trade?
15 Mar 2022
Contributed by Lukas
Our guest on the podcast today is Terrance Odean. Dr. Odean is the Rudd Family Foundation Professor of Finance at the Haas School of Business at the U...
Andrew Miller: ‘No Index Is Truly Passive’
08 Mar 2022
Contributed by Lukas
Our guest this week is Andrew Miller. Andrew is a partner at Creative Planning where he advises clients on financial planning and investment issues. P...
Clark Howard: Financial Well-Being Starts With Being a Smart Consumer
01 Mar 2022
Contributed by Lukas
Our guest on the podcast today is consumer advocate and personal finance expert Clark Howard. Clark has been hosting the nationally syndicated radio s...
Lori Lucas: Despite Pandemic, Retirement Confidence Soars
22 Feb 2022
Contributed by Lukas
Our guest on the podcast today is Lori Lucas, the president and CEO of the Employee Benefits Research Institute, or EBRI. EBRI aims to provide unbiase...
Jill Schlesinger: 'What Are You Going to Do With Your Life?'
15 Feb 2022
Contributed by Lukas
Our guest on the podcast today is Jill Schlesinger. Jill is a business analyst for CBS News and comments on the economy, investing, and personal finan...
Jeremy Grantham: The U.S. Market Is in a Super Bubble
08 Feb 2022
Contributed by Lukas
Our guest this week is Jeremy Grantham. Jeremy is the long-term investment strategist at his namesake firm, Grantham, Mayo, Van Otterloo & Co., or GMO...
Andrew Lo: Finding the Perfect Portfolio--a 'Never-Ending Journey'
01 Feb 2022
Contributed by Lukas
Our guest this week is Dr. Andrew Lo. Dr. Lo is the Charles E. & Susan T. Harris Professor, a professor of finance, and the director of the Laboratory...
Michael Mauboussin: Finding Easy Games
25 Jan 2022
Contributed by Lukas
Our guest this week is Michael Mauboussin. Michael is the head of consilient research at Counterpoint Global. Before joining Counterpoint Global in Ja...
Paula Pant: A Different Path to Financial Independence
18 Jan 2022
Contributed by Lukas
Our guest on the podcast today is Paula Pant, host of the popular Afford Anything podcast. She is also the founder of affordanything.com, a personal f...
Cullen Roche: Macro Is About Understanding the World for What It Is
11 Jan 2022
Contributed by Lukas
Our guest today is Cullen Roche. Cullen is the founder and chief investment officer of the Discipline Funds. In addition, Cullen heads up Orcam Group,...
Best of The Long View: Investing
04 Jan 2022
Contributed by Lukas
On this week’s episode, we’ll feature some of our favorite clips from interviews we’ve done with investment managers, writers, and thinkers ove...
Best of the Long View: Financial Planning and Retirement
28 Dec 2021
Contributed by Lukas
On this week’s episode, we’ll feature some of our favorite clips from interviews we’ve done with financial planners, advisors, and retirement re...
Christine Benz and John Rekenthaler: How Much Can You Safely Spend in Retirement?
21 Dec 2021
Contributed by Lukas
On this week's special episode, we'll be chatting about a recent study on retirement withdrawal rates that Christine and I authored with our colleague...
Bill Bengen: Revisiting Safe Withdrawal Rates
14 Dec 2021
Contributed by Lukas
Our guest on the podcast today is William Bengen. Bill has been a prolific researcher of retirement planning matters over his career, and he pioneered...
Dan Egan: Noisy Successes and Silent Failures
07 Dec 2021
Contributed by Lukas
Our guest on the podcast today is Dan Egan. Egan is the director of behavioral finance and investing at Betterment, and he has researched behavioral f...
Ramit Sethi: How Can Couples Make Peace Over Money?
30 Nov 2021
Contributed by Lukas
Our guest on the podcast this week is personal finance expert and author, Ramit Sethi. His first book I Will Teach You to Be Rich, published in 2009, ...
Phil Huber: Finding an Edge in Alternative Investments
23 Nov 2021
Contributed by Lukas
Our guest this week is Phil Huber. He is chief investment officer at Savant Wealth Management, a fee-only registered investment advisor. Previously, H...
Robin Wigglesworth: The Rise of Index Investing and the 'Renegades' Who Ushered It In
16 Nov 2021
Contributed by Lukas
Our guest this week is Robin Wigglesworth. Robin is the Financial Times' global finance correspondent based in Oslo, Norway. He covers investing in ma...
Charles Rotblut: 'It's the Dot-Com Bubble All Over Again'
09 Nov 2021
Contributed by Lukas
Our guest on the podcast today is Charles Rotblut. Charles is vice president at the American Association of Individual Investors, and he's also editor...
Bob Seawright: 'There Is No Such Thing as a Passive Investor'
02 Nov 2021
Contributed by Lukas
Our guest this week is Bob Seawright. Bob is chief investment and information officer at Madison Avenue Securities, a Registered Investment Advisorand...
Fritz Gilbert: Early Retirement Made Simple
27 Oct 2021
Contributed by Lukas
Our guest on the podcast today is author and blogger Fritz Gilbert. Fritz spent more than 30 years in corporate America, before retiring at age 55. He...
Zachary Karabell: Brown Brothers Harriman Is the Story of American Capitalism
19 Oct 2021
Contributed by Lukas
Our guest on the podcast today is author Zachary Karabell. He’s written numerous books about global history, economics, and politics. His latest is ...
Dhananjay Phadnis: 'ESG Investing Is Still at a Very Early Stage in Asia'
12 Oct 2021
Contributed by Lukas
Our guest this week is the Dhananjay Phadnis. DJ is the manager of the Fidelity Sustainable Asian Equity strategy, which he has run since 2013. DJ joi...
Tadas Viskanta: Luck Plays a Big Role in Investing
05 Oct 2021
Contributed by Lukas
Our guest on the podcast today is Tadas Viskanta. Tadas is the director of investor education at Ritholtz Wealth Management. He's also the founder and...
Lynnette Khalfani-Cox: 'There's a Huge Wealth Gap in America'
28 Sep 2021
Contributed by Lukas
Our guest on the podcast today is Lynnette Khalfani-Cox. She's a personal finance expert, speaker, and author of 15 money-management books, including ...
Hal Hershfield: People Treat Their Future Self as if It’s Another Person
21 Sep 2021
Contributed by Lukas
Our guest on the podcast today is Professor Hal Hershfield. Dr. Hershfield is Professor of Marketing, Behavioral Decision Making, and Psychology at UC...
Laura Carstensen: 'I'm Suggesting We Change the Way We Work'
14 Sep 2021
Contributed by Lukas
Our guest on the podcast today is Laura Carstensen. She is professor of psychology at Stanford University, where she is the Fairleigh S. Dickinson Pro...
Meb Faber: 'To Be a Good Investor, You Have to Be a Good Loser'
07 Sep 2021
Contributed by Lukas
Our guest this week is Meb Faber. He is co-founder and chief investment officer of Cambria Investment Management, which manages exchange-traded funds ...
Daniel Crosby: 'If You're Excited About It, It's Probably a Bad Idea'
31 Aug 2021
Contributed by Lukas
Our guest on the podcast today is psychologist and author Dr. Daniel Crosby. Daniel is the chief behavioral officer at Orion Advisor Solutions. Daniel...
Michael Falk: 'Retirement Planning Can Be Done More Simply'
24 Aug 2021
Contributed by Lukas
Our guest on the podcast today is Michael Falk. Falk is a partner at the Focus Consulting Group, where he specializes in helping investment and wealth...
Rick Bookstaber: Avoiding Complexity Is 'Risk 101'
17 Aug 2021
Contributed by Lukas
Our guest this week is Rick Bookstaber. Rick is the head of risk of Fabric, a startup he founded to provide risk-management software to individual i...
Sarah Newcomb: 'I Love Rules of Thumb'
10 Aug 2021
Contributed by Lukas
Our guest on the podcast today is Sarah Newcomb, director of behavioral science at Morningstar. In her role she works to integrate the findings of her...
Martin Lau: Now Is a Better Time to Buy China
03 Aug 2021
Contributed by Lukas
Our guest this week is Martin Lau. Martin is a managing partner of FSSA Investment Managers, part of First Sentier Investors. He's been at the firm si...
Carl Richards: It Should Be OK to Relax Out Loud
27 Jul 2021
Contributed by Lukas
Our guest on the podcast this week is Carl Richards. Carl is a Certified Financial Planner and a Financial Advisor Communication Expert. His new ventu...
Manisha Thakor: Beware of 'Junk Personal Finance'
20 Jul 2021
Contributed by Lukas
Our guest on the podcast today is author and financial educator, Manisha Thakor. Manisha is founder of MoneyZen, a financial education consultancy. Sh...
David Herro: 'We Are Not at All Afraid to Vary From an Index'
13 Jul 2021
Contributed by Lukas
Our guest this week is David Herro. David is chief investment officer of international equities at Harris Associates and serves as deputy chairman and...
Leif Dahleen: Finding Financial Independence
06 Jul 2021
Contributed by Lukas
Our guest on the podcast today is Leif Dahleen, who heads up the popular Physician on FIRE blog. Leif retired from his career as an anesthesiologist a...
Jason Zweig: Temperament Is Everything for Most Investors
29 Jun 2021
Contributed by Lukas
Our guest on the podcast this week is The Wall Street Journal columnist and author Jason Zweig. Jason became a personal finance columnist for The Wal...
Jack Brennan: Price Pressure in the Advice Business Is 'Inevitable'
23 Jun 2021
Contributed by Lukas
Our guest on the podcast today is former Vanguard CEO, Jack Brennan. Jack is the author of a new book, More Straight Talk on Investing, which he cowro...
Sonal Desai: Navigating Historically Low Yields and Stretched Valuations
16 Jun 2021
Contributed by Lukas
Our guest this week is Sonal Desai. Sonal is executive vice president and chief investment officer of the Franklin Templeton Fixed Income Group. In ad...
Eduardo Repetto: ETFs Are Winning the Battle
09 Jun 2021
Contributed by Lukas
Our guest this week is Eduardo Repetto. Eduardo is chief investment officer of Avantis Investors, where he is responsible for overseeing the research,...
Market X-Ray: Wheels Up on Travel Stocks
07 Jun 2021
Contributed by Lukas
In this bonus episode of “The Long View,” we hear from three Morningstar equity analysts who cover airlines, cruise lines, and Airbnb. Welcome...
Alan Moore: What Millennial Investors Want
02 Jun 2021
Contributed by Lukas
Our guest on the podcast today is Alan Moore. With Michael Kitces, Alan cofounded XY Planning Network, a support network for advisors looking to serve...
Andrew Biggs: Create a Thrift Savings Plan for the Masses
26 May 2021
Contributed by Lukas
We’ve been exploring the state of retirement in the United States on The Long View. Last week, we talked with progressive labor economist Teresa Ghi...
Teresa Ghilarducci: To Fix Retirement, Expand Social Security
19 May 2021
Contributed by Lukas
Over the next two weeks, we'll be taking a closer look at the state of retirement security in the United States, and we'll be featuring two very diffe...
Patrick O'Shaughnessy: 'Custom Indexing Unlocks a Lot of Benefits'
12 May 2021
Contributed by Lukas
Our guest this week is Patrick O’Shaughnessy. Patrick is the CEO of O’Shaughnessy Asset Management. He also is a portfolio manager at the firm. Pr...
Kerry Pechter: How Annuities Fit Into the Retirement Income Puzzle
05 May 2021
Contributed by Lukas
Our guest on the podcast today is Kerry Pechter. He is the editor and publisher of Retirement Income Journal, which he launched in 2009 to provide unc...
Mike Piper: Delaying Social Security Not Always a Good Deal
28 Apr 2021
Contributed by Lukas
Our guest on the podcast today is Mike Piper. He is the author of several personal finance books, including Social Security Made Simple, Taxes Made Si...
Jason Hsu: China Is 'the Last Great Remaining Alpha Reservoir'
21 Apr 2021
Contributed by Lukas
Our guest this week is Jason Hsu. Jason is founder and chairman of Rayliant Global Advisors, a quantitative asset manager based in Hong Kong. Jason al...
Joe Davis: 'We Will See China-Like Growth for a Time in the United States'
14 Apr 2021
Contributed by Lukas
Our guest on the podcast today is Joe Davis, global chief economist at Vanguard. Joe also heads up Vanguard's Investment Strategy Group, a team that c...
John Rogers, Jr.: 'Be Willing to Talk About These Uncomfortable Issues'
07 Apr 2021
Contributed by Lukas
Our guest this week is John Rogers, Jr. John is chairman, co-CEO, and chief investment officer of Ariel Investments, the firm he founded in 1983. John...
Paul Merriman: ‘This Is Not Just a Problem with Retail Amateur Investors’
31 Mar 2021
Contributed by Lukas
Our guest on the podcast today is financial educator and author Paul Merriman. He founded Merriman, a fee-only investment advisory firm, in 1983. He r...
Ted Seides: 'How Do You Learn to Listen?'
24 Mar 2021
Contributed by Lukas
Our guest this week is Ted Seides. Ted hosts the popular “Capital Allocators” podcast, where each week he interviews leaders in the investing and ...
Bill Schultheis: Long-Term Investors Are 'Silent Majority'
17 Mar 2021
Contributed by Lukas
Our guest on the podcast today is financial advisor and author Bill Schultheis. His latest book is "The Coffeehouse Investor's Ground Rules: Save, Inv...
Bill Bernstein: We're Starting to See all of the Signs of a Bubble
10 Mar 2021
Contributed by Lukas
Our guest this week is noted author and advisor, William Bernstein. Bill’s background and entree to finance is unique--a neurologist by training, Bi...
Meg Bartelt: 'More Money Does Not Make You Happier'
03 Mar 2021
Contributed by Lukas
Our guest on the podcast today is financial advisor Meg Bartelt. She started Flow Financial Planning, a fee-only practice, geared toward providing fin...
Hamish Douglass: On the Hunt for Super-Compounding Stocks
24 Feb 2021
Contributed by Lukas
Our guest this week is Hamish Douglass. He is the co-founder, chairman, and chief investment officer of Magellan Financial Group, a roughly $80 billio...
Russel Kinnel: 'Fear and Greed Are the Enemy of Good Investing'
17 Feb 2021
Contributed by Lukas
Our guest today is Russ Kinnel. Russ is director of manager research for Morningstar Research Services and the longtime editor of the Morningstar F...
NYT's Ron Lieber on What and How to Pay for College
10 Feb 2021
Contributed by Lukas
Our guest on the podcast today is The New York Times financial columnist and author Ron Lieber. His latest book is called The Price You Pay for Colleg...
David Giroux: 'What Are the Market Inefficiencies We Can Exploit?'
03 Feb 2021
Contributed by Lukas
BackgroundBioT. Rowe Price Capital Appreciation“Morningstar Announces 2012 Fund Manager of the Year Award Winners,” by Scott Burns, Morningstar.co...
Gerard O’Reilly: Control for the Unexpected, Focus on the Expected
27 Jan 2021
Contributed by Lukas
Our guest this week is Gerard O'Reilly. Gerard is co-CEO and chief investment officer of Dimensional Fund Advisors, an asset manager headquartered in ...
George Kinder: A Financial Plan Needs To Be a Life Plan
20 Jan 2021
Contributed by Lukas
Our guest on the podcast today is George Kinder. He founded the Kinder Life Institute, which trains financial professionals in the field of what's cal...
Steve Chen: 'How Do You Deliver Lifetime Income?'
13 Jan 2021
Contributed by Lukas
Our guest on the podcast today is Steve Chen. Steve is the founder and CEO of NewRetirement.com, which he describes as a TurboTax for financial planni...
Liz Ann Sonders: 'We Could See Some Inflation Scares'
06 Jan 2021
Contributed by Lukas
Our guest on the podcast is Liz Ann Sonders, who is senior vice president and chief investment strategist at Charles Schwab. In her role, Sonders is r...
Best of the Long View 2020: The Pandemic and Investing
30 Dec 2020
Contributed by Lukas
Hear some of favorite clips from conversations we had in 2020 with portfolio managers and investors in this week's episode.Here are the complete episo...
Best of the Long View 2020: Financial Planning and Retirement
23 Dec 2020
Contributed by Lukas
On this week’s episode we’ll feature some of our favorite clips from interviews we’ve done on the topics of financial planning and retirement re...
Jean Chatzky: 'Financial Stress Is a Big Topic in Need of More Oxygen'
16 Dec 2020
Contributed by Lukas
Our guest on the podcast today is personal finance expert, Jean Chatzky. She is the CEO of HerMoney.com and host of the podcast "HerMoney with Jean Ch...
Simon Hallett: What Football Can Teach Investors About Franchise Value and People Management
09 Dec 2020
Contributed by Lukas
Our guest today is Simon Hallett. He is the co-chief investment officer at Harding Loevner, an investment boutique that manages more than $70 billion ...
Michael Jantzi: Making 'Informed Choices' in Sustainable Investing
02 Dec 2020
Contributed by Lukas
Our guest on the podcast is Michael Jantzi. Michael is the chief executive officer of Sustainalytics, a Morningstar affiliate that specializes in ES...
Adley Bowden: Key Trends and Developments in Private Markets
25 Nov 2020
Contributed by Lukas
Our guest this week is Adley Bowden. Adley is the vice president of market analysis at PitchBook, which is a Morningstar affiliate. In his role, Adley...
Larry Swedroe: 'The Pool of Victims' Is Expanding
18 Nov 2020
Contributed by Lukas
Our guest this week is noted author and researcher Larry Swedroe. Larry is chief research officer at financial advisory firm Buckingham Wealth Partner...
Ramit Sethi: 'What Is Your Rich Life?'
11 Nov 2020
Contributed by Lukas
Our guest on the podcast today is personal finance expert and author Ramit Sethi. Ramit's first book I Will Teach You To Be Rich, published in 2009, w...
Tim Maurer: Personal Finance Is More Personal Than It Is Finance
04 Nov 2020
Contributed by Lukas
Our guest on the podcast today is financial advisor and author Tim Maurer, the director of advisor development for Buckingham Wealth Partners. He coau...
Peter Hayes: Surveying the Municipal Bond Landscape
28 Oct 2020
Contributed by Lukas
Our guest this week is Peter Hayes. Peter is a managing director at BlackRock where he heads the firm's municipal income group and sits on its global ...
Kerry Hannon: Remote Work Trend Benefits Older Workers
21 Oct 2020
Contributed by Lukas
Our guest on the podcast is author and retirement expert Kerry Hannon. Hannon has written 14 books thus far. Her latest is called Great Pajama Jobs: Y...
Karsten Jeske: Cracking the Code on Retirement Spending Rates
14 Oct 2020
Contributed by Lukas
Our guest on the podcast today is Karsten Jeske, the founder of the website EarlyRetirementNow and a thoughtful and technically proficient member of t...
Lazetta Rainey Braxton: Financial Planning for 'The Rest of Us'
07 Oct 2020
Contributed by Lukas
Our guest on the podcast today is financial advisor Lazetta Rainey Braxton. Lazetta is the co-founder and co-CEO of 2050 Wealth Partners, a virtual fi...
Brian Portnoy: Balancing Returns with Simplicity, Financial Independence, and Peace of Mind
30 Sep 2020
Contributed by Lukas
Our guest on the podcast today is author Brian Portnoy. Brian has written two books on the field of behavioral finance, The Investor's Paradox and The...
Michael Reckmeyer and Matthew Hand: How to Protect Downside Amid Lofty Valuations and Paltry Yields
23 Sep 2020
Contributed by Lukas
Our guests this week are Michael Reckmeyer and Matthew Hand. Mike and Matt are managing directors at Wellington Management, where they oversee a numbe...
Karen Andersen: The Race for a COVID-19 Vaccine
16 Sep 2020
Contributed by Lukas
Our guest this week is Karen Andersen, a healthcare strategist on Morningstar's equity research team. She has written a number of influential commenta...
Steve Vernon: 'Older Workers Become Targets' in Tough Economic Environments
09 Sep 2020
Contributed by Lukas
Our guest on the podcast is retirement specialist and author Steve Vernon. Vernon is president of Rest-of-Life Communications and a research scholar a...
Jim Dahle: 'Income Is Not Wealth'
02 Sep 2020
Contributed by Lukas
Our guest on the podcast today is Jim Dahle, also known as The White Coat Investor. A practicing board-certified emergency physician, Jim also focuses...
Steve Romick: 'We Think Defensively'
26 Aug 2020
Contributed by Lukas
Our guest this week is Steve Romick. Steve is a portfolio manager at First Pacific Advisors, or, as it's probably better known, FPA. Steve comanages s...
Ed Slott: Act Now on Historically Low Tax Rates
19 Aug 2020
Contributed by Lukas
Our guest on the podcast is retirement and tax expert, Ed Slott. He is president and founder of Ed Slott and Company, which provides retirement and ta...
Pramod Atluri: 'When This Storm Hit, It Hit Fast, and It Hit Hard'
11 Aug 2020
Contributed by Lukas
Our guest on the podcast is Pramod Atluri. He is a fixed-income portfolio manager at Capital Group. Atluri began in the investment business more than ...
Burton Malkiel: 'I Am Not a Big Fan of ESG Investing'
05 Aug 2020
Contributed by Lukas
Our guest this week is Dr. Burton Malkiel. Dr. Malkiel is the Chemical Bank chairman's professor of economics at Princeton University. And he's also a...
Ben Inker: 'The Portfolio We're Running Today Is Abnormal Even for Us'
29 Jul 2020
Contributed by Lukas
Our guest on the podcast is Ben Inker. Ben is GMO's head of asset allocation. In that capacity, he leads GMO's asset-allocation team and is a member o...