The Long Term Investor

You don't have time to sift through endless financial content. That's why I do it for you. Get exclusive webinars, downloads, and my top 5 must-read articles in a quick, easy-to-digest email. Sign up for my newsletter.

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It's been a frustrating stretch for bond investors, but the same rise in interest rates that hurt bond prices has also improved the outlook for future returns. In this episode of The Long Term Investor, I explain what's driving higher yields, how they've changed the opportunity in fixed income, and why the way you build your bond portfolio m...

Get your copy of The Perfect Portfolio: A Proven Guide to Smart Investing for Long-Term Success

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Having more money doesn't automatically make financial decisions easier. Morgan Housel, author of *The Psychology of Money*, joins me for a live conversation about building wealth, spending well, and knowing when you have enough. We also explore his views on AI, government debt, and the future of financial advice.

Listen now and learn:

► Why even highly intelligent investors make costly money mistakes

► When the habits that built your wealth...

Get your copy of The Perfect Portfolio here

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If you've saved enough to retire, why keep taking investment risk? Peter Lazaroff explores the questions worth asking before making your portfolio more conservative and how to decide whether a change would actually improve your life.

Listen now and learn:

► What having "enough" means for your investment decisions

► How market timing can disguise itself as sensible financial planning

► What past downturns can reveal about the risk you're willing to take

► When a more conse...

Use this link to purchase my new book: The Perfect Portfolio

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Recorded on the floor of the New York Stock Exchange, this conversation with Robin Wigglesworth, author of A Fabulous Debt, connects centuries of financial history to today's biggest questions about AI, interest rates, and government debt.

Listen now and learn:

► What the railroad boom can teach investors about today's AI frenzy

► Why the "safe" part of a portfolio can be at the center of a financial crisis

► How to think about rising interest rates w...

A good investment can still be a bad addition to your portfolio. In this special rebroadcast from The Plancorp Perspective, Ranie Verby puts me in the guest chair to discuss how goals, behavior, evidence, and process shape the investments you should—or shouldn't—own. We also explore why seemingly sophisticated choices can fail in real life and what it actually means for a portfolio to succeed.

Listen now and learn:

► The crucial difference between evaluating an investment and evaluating its role in your portfolio

► Why smart, well-informed investors can be especially vulnerab...

Get your copy of The Perfect Portfolio here

"The Perfect Portfolio gives investors of all stripes a useful, dynamic framework to guide them toward long-term success." ―Matt Mendelsohn, Chief Investment Officer, Yale University

"Peter Lazaroff has spent years helping clients reach their financial goals, and his experience and empathy shine through in this wise book." ―Christine Benz, Director of Personal Finance, Morningstar

"The Perfect Portfolio reflects a career devoted to helping individuals understand and execute on what is distinctly "perfect" for them." ―Brian Portnoy, Author, How I Invest My...

Order The Perfect Portfolio here

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Every new investment comes with a compelling story. In this episode, Peter shares a four-question process for deciding what truly deserves a place in your portfolio—and explains why a sound decision can still feel wrong for years. 

Listen now and learn:

► How to put a higher evidence bar between you and the next hot investment

► What separates meaningful diversification from simply owning more stuff

► When complexity earns its place—and when it creates more ways to make a mistake

Get behind-the-scenes stories and access to subscriber-only webinars when you sign up for updates about my new book, The Perfect Portfolio: www.theperfectportfoliobook.com 

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U.S. Treasurys anchor the global financial system—but what does "risk-free" actually mean when federal debt and interest costs keep climbing? Mary Childs, host of Mary in America and author of The Bond King, joins me to examine the hidden machinery behind the Treasury market and what could put its stability to the test. We also explore how Mary identifies genuine expertise and why some parts of life may not...

Get behind-the-scenes stories and access to subscriber-only webinars when you sign up for updates about my new book, The Perfect Portfolio: www.theperfectportfoliobook.com 

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Simple investing is usually the right starting point. But after you build meaningful wealth, concentrated positions, large taxable gains, and estate-planning decisions can create problems a basic portfolio may not solve. In this episode, Peter explains how to decide when added complexity deserves a closer look—and when it does not.

Listen now and learn:

► Why simplicity can become a blind spot for successful invest...

Leave a review of the show and get a free copy of David Booth's new book! Just reply to my email after signing up at www.peterlazaroff.com/newsletter 

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Index funds made sensible investing available to almost everyone. But they didn't make it easy to stay calm. Dimensional founder David Booth joins me to explain why—and discuss his new book, Stay Calm.

Listen now and learn:

► The surprising disconnect between index funds and investor behavior

► What an early leveraged-index experiment taught David about investing in the real...

You don't have time to sift through endless financial content. That's why I do it for you. Get exclusive downloads and my top 5 must-read articles in a quick, easy-to-digest email. Sign up for my newsletter.

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Making smart financial choices is easier when the rules are clear. But what happens after you've saved consistently, invested well, and built meaningful wealth—yet several reasonable paths remain? This episode explores how financial planning changes when the checklist runs out and judgment takes over.

Listen now and learn:

► Why knowing your net worth...

Your future deserves more than guesswork. Use our calculator to see the potential value of professional planning.

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Smart investors can build low-cost, diversified portfolios—and still make costly mistakes. Vanguard senior portfolio strategist Liz Muirhead joins me to examine where investors get tripped up and why the most valuable parts of investment management are often the hardest to see.

Listen now and learn:

► What investors commonly overlook when comparing individual bonds and bond funds

► Why indexing, factor investing, and stock picking test discipline in different ways

...

Your future deserves more than guesswork. Use Plancorp's calculator to see the potential value of professional planning and get an idea of your annual advisory cost.

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Get updates for my new book here: https://Theperfectportfoliobook.com 

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Financial advisor fees look simple until you ask what the fee actually buys. This episode  compares hourly, flat-fee, and AUM pricing—and explains why the number alone tells you surprisingly little. Learn how to evaluate cost, service, conflicts, and accountability before choosing an advisor.

Listen now and learn:

►...

Get updates for my new book here: https://Theperfectportfoliobook.com 

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Most conversations about building wealth focus on earning more, saving more, or investing better. But what if the hardest financial decisions have less to do with your portfolio and more to do with how you spend your time? In this episode, I sit down with Jack Raines, author of Young Money, to discuss the surprising trade-offs between money, opportunity, career, and living a life you'll actually look back on with satisfaction.

Listen now and learn:

► Why one of the...

Get updates for my new book here: https://Theperfectportfoliobook.com 

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The S&P 500 may be the market benchmark everyone knows, but it probably isn't the right yardstick for your portfolio. In this episode, I explain how mismatched comparisons create unnecessary regret—and how a better benchmarking process can help you evaluate performance without abandoning a strategy that is working.

Listen now and learn:

► Why hindsight bias can make reasonable investment decisions look like obvious mistakes

► When the S&P 500 is an appropriate benchmark—and when it can...

You don't have time to sift through endless financial content. That's why I do it for you. Get exclusive downloads and my top 5 must-read articles in a quick, easy-to-digest email. Sign up for my newsletter.

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Dr. Elizabeth Dunn is one of the world's leading researchers on happiness, and her work has fundamentally shaped how I think about spending, investing, and financial planning. In this conversation, we explore why the mathematically optimal decision isn't always the happiness-optimal one—and how better choices around money can improve your life while often benefiting the world around you as...

To get exclusive access to my quarterly webinar, sign up for my newsletter here. 

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Markets have been stronger than many investors expected in 2026, but the story beneath the surface is more complicated than the headline returns suggest. 

Listen now and learn:

► Why U.S. stocks have held up despite geopolitical shocks, energy concerns, and higher bond yields

► How the AI buildout is influencing earnings growth—and why expectations matter from here

► What developed international and emerging markets are adding to the 2026 market story

► How lo...

Get updates for my new book here: https://Theperfectportfoliobook.com 

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Haley Sacks, better known as Mrs. Dow Jones, joins The Long Term Investor to discuss how to stop feeling intimidated by money and start building real financial confidence. We talk about her new book, Future Rich Person, and why building wealth is not about deprivation, looking rich, or chasing shortcuts—it is about taking action with your money.

Listen now and learn:

► Why money shame keeps so many people stuck

► How to spend better without giving up what you love...

Get updates for my new book here: https://Theperfectportfoliobook.com 

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After every major market move, investors are tempted to say, "I knew that was going to happen." In this episode, we explore hindsight bias: the mental shortcut that makes the past look more predictable than it really was, and why that can be dangerous for your portfolio. 

Listen now and learn:

► Why past market events often look clearer in hindsight than they felt in real time

► How the "I knew it" trap can lead investors toward overcon...

Hiring a financial advisor is a big decision. My "How to Interview a Financial Advisor" worksheet gives you the tools to navigate the process and choose an advisor who fits your goals. Download it for free.

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In this episode, I'm joined by Cameron Passmore, co-host of The Rational Reminder and a leader at PWL Capital, to discuss whether financial advice can scale without getting worse. We explore why the portfolio problem may be easier to solve than the advice-business problem, and what advisors need to do once low-cost, evidence-based investing becomes the starting point r...

Get updates for my new book here: https://Theperfectportfoliobook.com 

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When investors hear "SpaceX IPO," some wonder how to get access before shares begin trading, while others worry about what mega-IPOs could do to the funds they already own. This episode breaks down why IPO day gets too much attention—and why the more important story may unfold over time.

Listen now and learn:

► Why the IPO price and the price most investors can actually get are two very different things

► What index rule changes around mega-IPO...

Get updates for my new book here: https://Theperfectportfoliobook.com 

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In this episode, I'm joined by Hendrik "Hank" Bessembinder to discuss why the stock market has created enormous long-term wealth even though most individual stocks have failed to beat Treasury bills. We explore what this means for diversification, stock picking, financial planning, sequence risk, and the way investors should think about long-term returns.

Listen now and learn:

► Why most individual stocks lose money even though the overall stock market has created massive wealth

► How a small number of extrem...

Get updates for my new book here: https://Theperfectportfoliobook.com 

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In this episode, we look at why intelligence, information, and confidence are not enough to protect investors from bias — and why a sound process matters more than feeling certain. I'll also preview one of the core ideas from my upcoming book, The Perfect Portfolio, and share how to follow along as the book comes together.

Listen now and learn:

► Why intelligence does not automatically protect investors from biased thinking

► How more information can sometimes create co...

Get updates for my new book here: https://Theperfectportfoliobook.com 

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In this episode, I'm joined by Phillip "Felipe" Toews, author of The Behavioral Portfolio, to discuss why good investing is about more than selecting the right mix of stocks and bonds.

Listen now and learn:

► How client pressures can push advisors into poor investment decisions

► Why traditional portfolios can be harder to stick with than many realize

► How valuations should influence expectations 

► Strategies for making better decisions during market stress

Visit www.Th...

Not sure if your investments are set up for long-term success? Let's review your strategy and make sure you're on the right track. Book a call with Peter now.

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Most investors have been taught that investing is basically solved: own a few low-cost funds, keep fees down, and move on. In this episode, I explain why that idea is only partly true — and why real investment management can become far more important as wealth, tax complexity, and life complexity grow.

Listen now and learn:

► Why so many smart inves...

You don't have time to sift through endless financial content. That's why I do it for you. Get exclusive downloads and my top 5 must-read articles in a quick, easy-to-digest email. Sign up for my newsletter.

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I'm joined by Ben Carlson, author of Risk and Reward and the popular blog A Wealth of Common Sense, for a conversation about why investing is never as easy as it looks on paper. We talk about risk, behavior, inflation, market timing, and what it really takes to build a portfolio you can stick with when the headlines get l...

Get an inside look at what's shaping my thinking. Bi-weekly, I share the top 5 investing and financial planning articles I'm reading—straight to your inbox. Sign up for my newsletter.

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You've maxed out your 401(k), IRA, and HSA. Now what? In this episode, I explain how to think about flexibility, taxes, cash reserves, kids, debt, and lifestyle decisions once the obvious retirement-account playbook is exhausted.

Listen now and learn:
► Why a taxable brokerage account is often the best next home for long-term excess savings
► How asset location and after-tax implementation matter...

You don't have time to sift through endless financial content. That's why I do it for you. Get exclusive downloads and my top 5 must-read articles in a quick, easy-to-digest email. Sign up for my newsletter.

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In this episode, I sit down with Eric and Kali Roberge to talk about one of the hardest balancing acts in family finance: how to help your kids financially without losing sight of your own goals. 

Listen now and learn:

► Why saving for your kids should not come at the expense of your own retirement

FREE DOWNLOAD: Can I Make a 529-to-Roth IRA Transfer? 

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529 plans are one of the best tools available for education savings, but many parents still hesitate to use them because they worry about saving too much. In this episode, I explain how 529 plans work, what the new 529-to-Roth IRA rollover rules actually do, and why custodial accounts may deserve more attention as a flexible companion strategy.

Listen now and learn:

► Why 529 plans remain such a powerful way to save for education

► How the new Roth IRA rollover rules h...

You don't have time to sift through endless financial content. That's why I do it for you. Get exclusive downloads and my top 5 must-read articles in a quick, easy-to-digest email. Sign up for my newsletter.

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Trump Accounts are getting a lot of attention as a new way to save for a child, but new does not always mean better. In this episode, I break down how Trump Accounts work, how they compare to custodial accounts and 529 plans, and what parents and grandparents should actually care about before opening one.

Listen now and l...

Get updates for my new book: https://Theperfectportfoliobook.com 

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Anu Ganti joins The Long Term Investor to break down the newest SPIVA U.S. Scorecard and what it says about the long-running active versus index debate. This conversation goes beyond the headline numbers to explore why beating the market remains so difficult, why finding the managers who can keep doing it is even harder, and what investors should understand before choosing any index-based fund.

Listen now and learn:

► What the latest SPIVA U.S. Scorecard revealed about active mana...

Get updates for my new book: https://Theperfectportfoliobook.com 

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Sam Ro returns to The Long Term Investor to help make sense of the headlines, valuations, and market narratives that so often distract investors from what matters most. This conversation is a timely reminder that while the story changes every week, the long-term drivers of returns—especially earnings and business fundamentals—still do most of the heavy lifting.

Listen now and learn:

► Why earnings remain the most important long-term driver of stock prices

► What elevated valuations do and do not...

Get updates for my new book: https://Theperfectportfoliobook.com 

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Brad Stulberg returns to The Long Term Investor to share a more grounded, more human definition of excellence—one rooted not in perfection or status, but in meaningful work, clear values, and deep satisfaction. This conversation is full of practical wisdom for anyone trying to do great work, stay focused in a distracted world, and build a life that feels both ambitious and fulfilling.

Listen now and learn:

► Why excellence is not the same as perfectionism, obsession, or winn...

Not sure if you're financially ready to retire? Let's create a strategy to give you confidence. Book a call with Peter now.

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This is the third and final episode in our ETF series, and it seeks to answer a common question that comes up with 351 exchanges: How do you decide which ETF is the right one when it doesn't have a track record? In this episode, I explain what a 351 exchange is in plain English and share a practical framework to use before making a commitment before a fund is live.

ETFs look simple on the surface—you buy a ticker and move on. But behind every ETF is a set of mechanics that explains how shares get created, why prices usually stay close to what the fund owns, and when trading costs and tax outcomes can surprise you. In Part 2 of this three-episode series, I break down the ETF "plumbing" in plain English so you can use ETFs more confidently and avoid common mistakes.

Listen now and learn:

► What authorized participants actually do—and why they matter to everyday ETF investors

► How the...

This is Part 1 of a three-episode series on ETFs—and how their behind-the-scenes mechanics ultimately make 351 exchanges possible. When a new ETF shows up in your brokerage account, it can feel like it appeared out of thin air. In reality, launching an ETF is more like launching a regulated business: sponsors test demand, build infrastructure, line up seed capital, and then hope the fund survives long enough to reach scale.

Listen now and learn:
► The real "go/no-go" questions sponsors ask before they ever file paperwork

► Why some ETFs take off quickly while o...

Wondering if you're making the right financial moves? Let's build a strategy you can rely on. Schedule a call with Peter to get professional guidance.

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SpaceX could be one of the most anticipated IPOs since Facebook—and whether it happens this year or years from now, the same IPO dynamics will show up the moment the headlines hit. In this episode, I use explain how IPOs actually work, why the "IPO price" isn't the price most investors can buy, and what tends to happen once trading begins. The goal isn't to talk you out of...

Your finances have layers—investments, taxes, planning for the future. If you want a second set of eyes, Peter opened up a few spots for a quick, no-obligation call. Grab yours now.

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If you ever hire help, how do you tell whether you're getting a high-quality advisor? Ranie Verby, Plancorp's Director of Practice Management, joins the show to explain what "financial advisor" can really mean, how to spot a true fiduciary at an RIA, and why the best advice shows up when life gets messy, not when markets are calm.

Listen now an...

You don't have time to sift through endless financial content. That's why I do it for you. Get my top 5 must-read articles every week in a quick, easy-to-digest email. Sign up for my newsletter.

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AI is turning into a real capital cycle, with trillions of dollars of infrastructure and investment flowing into the buildout. That economic story matters, but it doesn't automatically translate into easy stock-market winners. In this episode, I walk through a simple way to think about AI exposure inside a long-term portfolio without letting a powerful narrative push you into a concentrated...

You don't have time to sift through endless financial content. That's why I do it for you. Get my top 5 must-read articles every week in a quick, easy-to-digest email. Sign up for my newsletter.

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In this episode, Peter sits down with Vanguard's Kevin DiCiurcio to unpack how Vanguard thinks about long-term return forecasts—and why the percentiles in those tables are the part most investors misunderstand. They go behind the scenes of the Vanguard Capital Markets Model (VCMM), and translate what it's really saying into practical guidance for planning and portfolio decisions.

Li...