Please stay tuned for important disclosure information at the conclusion of this episode.

Hi, and welcome to the Longview. I'm Amy Arnott, portfolio strategist for Morning Star.

And I'm Christine Ben's director of personal finance and retirement planning for Morning Star.

Our guest on the podcast today is Andy Reid. Andy is head of behavioral economics research in Vanguard's Investment Strategy Group.

He leads a global team of behavioral scientists who study how investors think, feel, and

make decisions, focusing on insights and strategies that help investors make better choices.

His research blends psychology and economics

to explore how investors' portfolios and decisions are shaped by emotion and cognition,

behavioral biases and risk preferences, as well as choice architecture and regulatory policy.

Before joining Vanguard, Andy was a vice president at Fidelity, where he established a

behavioral economics practice. Previously, he was an associate research scientist at Columbia

University and a postdoctoral scholar at Stanford University. Andy earned a BA in history and

psychology from Swarthmore College and an

MA and a PhD in developmental psychology from Cornell University. Andy, welcome to the Longview.

Thanks so much for having me. Well, thank you so much for joining us. We wanted to start by talking a bit about your background.

You studied psychology and history as an undergrad and went on to get a PhD in developmental psychology.

When did you first start getting interested in behavioral economics?

Oh, that's an excellent question.

Certainly more than 20 years ago.

So I had the good fortune as an undergrad of studying with Barry Schwartz.

And he was teaching a course on judgment of decision making,

and it was sort of behavioral economics by another name.

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