Jonathan Clements's Final Book Examined by Zweig and Bernstein
1h ago|4 min readStandard
Fazen Markets Editorial Desk
Collective editorial team · methodology
jonathan-clementsjason-zweig
Fazen Markets Editorial Desk
Collective editorial team · methodology
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Barry Ritholtz hosted a discussion with financial commentators Jason Zweig and William Bernstein on May 30, 2026, focusing on the life and final work of journalist Jonathan Clements. The conversation centered on Clements's posthumous book, "Money and Me," and his three-decade career. Clements authored over 1,400 columns for The Wall Street Journal and served as the director of financial education for Creative Planning. His work consistently emphasized low-cost index funds and long-term financial planning for individual investors.
Clements's death on May 1, 2024, prompted a re-evaluation of his prolific contributions to financial journalism. His final book serves as a capstone to a career dedicated to demystifying personal finance for a mainstream audience. The principles he championed, such as broad diversification and controlling investment costs, have gained significant traction among retail investors over the past decade.
The discussion arrives as a new generation of investors navigates complex market conditions, including persistent inflation and evolving monetary policy. Clements's foundational advice provides a stable anchor against short-term market volatility and speculative trends. His focus on the behavioral aspects of investing remains acutely relevant for managing portfolios in uncertain economic times.
Jonathan Clements authored five books on personal finance and investing over his career. His long-running column for The Wall Street Journal reached millions of readers during its tenure. The Vanguard Group, a frequent subject of his endorsements, now manages over $8.5 trillion in global assets, partly reflecting the adoption of passive investment strategies he advocated.
Clements's framework for retirement savings emphasized saving at least 15% of pre-tax income starting early in one's career. He often cited the historical average annual return of the S&P 500 of approximately 10% before inflation. His writing highlighted that the expense ratio on a typical index fund, often below 0.10%, is drastically lower than the 1% or more charged by many active funds.
| Metric | Clements's Typical Recommendation | Industry Average (Active Management) |
|---|---|---|
| Annual Savings Rate | 15% of income | Varies widely |
| Equity Fund Expense Ratio | < 0.10% | > 1.00% |
| Portfolio Turnover | Low (<10%) | High (>50%) |
Clements argued that these cost differentials could compound to hundreds of thousands of dollars in saved fees over an average investor's lifetime.
The widespread adoption of Clements's principles has structurally benefited asset managers specializing in low-cost passive products. Firms like Vanguard and BlackRock have seen massive inflows into their index funds and ETFs over the last 15 years. This trend has pressured active fund managers to justify their higher fees, leading to industry consolidation.
Financial technology companies that facilitate low-cost, automated investing align closely with Clements's philosophy. Platforms offering robo-advisory services have democratized access to portfolio construction methods he endorsed. The emphasis on financial literacy creates demand for educational content from publishers and media platforms.
A counter-argument suggests that the dominance of passive investing may reduce market efficiency by diminishing price discovery. However, Clements contended that for the majority of individual investors, the cost savings of passive strategies outweigh this theoretical concern. Current investor positioning shows continued strong flows into broad-market index funds, a trend Clements predicted and encouraged.
The posthumous release and promotion of "Money and Me" will test the enduring appeal of Clements's message. Key speaking engagements by Zweig and Bernstein throughout the second half of 2026 will gauge advisor and investor interest. The book's sales figures will serve as a proxy for the demand for traditional, principles-based financial guidance.
Future shifts in Securities and Exchange Commission regulations concerning fee disclosure could further validate Clements's long-standing focus on cost transparency. The Department of Labor's pending rules on fiduciary standards for retirement advice may also incorporate principles echoing his advocacy for client-first counseling.
Watch for asset flow data from the Investment Company Institute in the coming months to see if the trend toward low-cost indexing continues its acceleration. Any significant reversal in this trend would represent a notable departure from the financial philosophy Clements spent his career building.
Jonathan Clements was renowned for advising investors to "tune out the noise" and focus on factors within their control. He consistently emphasized saving diligently, investing in low-cost index funds, diversifying broadly, and maintaining a long-term perspective. He argued that successful investing is more about behavior management than picking winning stocks. This approach aimed to prevent investors from making emotionally-driven mistakes during market volatility.
Clements distinguished himself by avoiding market predictions and stock recommendations. Instead, his work focused on the intersection of personal finance and psychology, helping readers understand their own financial behaviors. He used his platform for consumer advocacy, particularly in highlighting the erosive effects of high investment fees. His writing style was accessible, using real-life scenarios to explain complex financial concepts without jargon.
"Money and Me" is viewed as a definitive summary of Clements's core philosophies, refined over a 34-year career. The book reportedly organizes his key insights into a cohesive framework for achieving financial security. Early indications suggest it contains reflections on how his views evolved, particularly on topics like retirement spending and the role of homeownership in a portfolio. It serves as his complete educational legacy for both new and experienced investors.
Jonathan Clements's work established a durable foundation for prudent personal investing focused on costs and behavior.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. CFD trading carries high risk of capital loss.
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