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Hi, and welcome to The Longview. I'm Christine Ben's Director of Personal Finance and Retirement Planning for Morningstar.

And I'm Jeff Battack, Chief Ratings Officer for Morning Star Research Services.

On this week's episode, we'll feature some of our favorite clips from interviews we've done with financial planners, advisors, and retirement researchers over the past year.

In next week's episode, we'll include some of our favorite excerpts

from our interviews with portfolio managers and other investment specialists.

One of the most disconcerting aspects of this past year

was the specter of stocks and bonds going down simultaneously.

We asked author and Ritt Holtz chief operating officer, Nick Mishuli,

to share his thoughts. I can't remember the exact number. I think it's something like negative.

That's like the long-term correlation between stocks and bonds. So it's negative, which means when

stocks go down, bonds generally go up. But it's not negative one. So it's not like every time

stocks drop bonds go up. It is negative and it's slightly negative. But So it's not like every time stocks drop bonds go up.

It is negative and it's slightly negative.

But because of that, it means there are going to be periods like this period now where stocks and bonds decline together.

I mean, let's just say that bonds and stocks had zero correlation, that would just mean

like stocks fall and like that doesn't, you have no idea what's going to happen to bonds.

...