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Investments in HCM funds involve risk, including possible loss of principle. There is no assurance that the funds will achieve their investment objectives. Investors should carefully consider the investment objectives,

risks, charges, and expenses of the HCM funds. This and other important information about the funds

are contained in the prospectus, which can be obtained at www.howardcmfunds.com or by calling

77062-4-969-8464.

The prospectus should be read carefully before investing.

H-CM funds are distributed by Northern Lights Distributors, LLC.

Member Finra, SIPC, Northern Lights Distributors, LLC, and Howard Capital Management, Inc.

are not affiliated.

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

Hi, and welcome to the Longview. I'm Jeff Battack, Chief Ratings Officer for Morningstar Research Services.

On this week's episode, we'll feature some of our favorite clips from interviews we've done with portfolio managers and other investment specialists over the past year.

It's the companion to last week's best of episode in which Christine compiled some of her

favorite moments from conversations we've had with financial planners, advisors, and retirement

researchers.

Earlier this year, we welcomed author and financial historian William Bernstein back to the

Longview.

This was Bill's third appearance on the podcast, the occasion this time being the publication

of an updated edition of his popular book, The Four Pillars of Investing.

During the conversation, we asked Bill about a concept he touches on in the book, the

distinction he draws between shallow risk and deep risk and how investors should

manage those risks.

...