Episode 371: Banks Sell Products, Not Advice
The Rational Reminder Podcast
In this episode, Ben Felix and Cameron Passmore take a critical look at the Canadian banking system’s mutual fund advice model. A newly released study by the Ontario Securities Commission (OSC) and the Canadian Investment Regulatory Organization (CIRO) confirms what many already suspected: Canadian bank branches aren't in the business of giving impartial advice—they're selling financial products. Ben breaks down the implications of this study, which surveyed nearly 3,000 bank-affiliated mutual fund representatives, uncovering troubling statistics about sales pressure, lack of credentials,...
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Episode 370: Dave Chilton (The Wealthy Barber): Timeless Financial Advice
The Rational Reminder Podcast
What if the most impactful financial advice isn’t about picking the right investment—but about understanding human behaviour, simplifying your life, and laughing along the way? In this episode of the Rational Reminder podcast, we’re joined by none other than David Chilton, author of the legendary personal finance book The Wealthy Barber. David shares insights from decades of experience helping Canadians improve their financial well-being through simplicity, frugality, and clarity. We dig into the enduring lessons of his 1989 classic, why the new edition took even longer to write, and...
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Episode 369: The Most Important Quotes in Investing
The Rational Reminder Podcast
In this episode of the Rational Reminder Podcast, Ben Felix and Dan Bortolotti celebrate the show’s 7th anniversary with a conversation centered around timeless investing wisdom. Drawing from a vibrant thread in the Rational Reminder community, they unpack dozens of quotes that distill decades of financial insight into actionable mantras. What begins as a curated list of one-liners quickly evolves into a masterclass on the behavioral and practical realities of long-term investing. From “pay yourself first” to “diversification is the only free lunch,” Ben and Dan explore how...
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Episode 368: Jim Rowley & Andy Maack - Implementing Index Funds at Vanguard
The Rational Reminder Podcast
What if index funds weren’t as “passive” as you think? In this episode of the Rational Reminder, we are joined by Jim Rowley, Global Head of Investment Implementation Research, and Andy Mack, Head of US Equity Portfolio Management at Vanguard. These two experts offer a rare, behind-the-scenes look into what it really takes to run some of the world’s largest index funds—and it’s far from “set it and forget it.” From real-time trading decisions to managing $7 trillion globally, Jim and Andy walk us through how Vanguard implements index strategies with a precision that rivals any...
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Episode 367: AMA #8 + Insurance Needs Analysis with Louai Bibi
The Rational Reminder Podcast
What if early RRSP withdrawals aren’t always the tax-smart move they’re made out to be? In this special AMA edition of the Rational Reminder podcast, Ben and Cameron are joined by PWL Financial Planner Louai Bibi for a wide-ranging discussion on RRSP decumulation strategies, insurance planning, and the practical complexities that real clients face when theory meets reality. Ben walks through a listener’s case study and shares insights from colleague Melissa on why early RRSP withdrawals (a.k.a. “meltdown” strategies) are not always beneficial—especially when viewed through a...
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Episode 366 - Avoiding Investment Scams
The Rational Reminder Podcast
What happens when your favourite financial educator’s identity is hijacked by scammers? In this episode, Ben and Cameron pull back the curtain on a disturbing but increasingly common reality: sophisticated scammers using Ben’s name, voice, and online content to steal from unsuspecting investors. Ben breaks down exactly how these scams work—everything from fake WhatsApp investment groups and cloned emails to AI-generated voice notes and “pig butchering” scams that promise guaranteed returns. You’ll hear about pump-and-dump operations, shady PDFs full of financial nonsense, and how...
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Episode 365 – Rob Carrick's Eight Lessons Learned in 27 Years of Covering Personal Finance
The Rational Reminder Podcast
In this episode, we welcome back Rob Carrick—one of Canada’s most trusted personal finance journalists—for his third appearance on the Rational Reminder podcast. Rob recently retired after an incredible 27-year career at The Globe and Mail, where he shaped how millions of Canadians think about investing, advice, and their money habits. Rob joins Ben, Cameron, and Dan to reflect on the biggest lessons from his decades-long career, the state of Canadian financial advice today, and why young Canadians face headwinds unlike any previous generation. From the shift from mutual funds to ETFs...
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Episode 364 – Martijn Cremers: Is the Conventional Wisdom on Active Management Wrong?
The Rational Reminder Podcast
In this episode, we’re joined by Martijn Cremers, Dean of the Mendoza College of Business at the University of Notre Dame and co-author of the groundbreaking 2009 paper that introduced the concept of Active Share. Martijn brings fresh nuance to the long-standing debate over active versus passive management, challenging decades of conventional wisdom built on the foundational 1997 Carhart paper. With his comprehensive research, Martijn argues that dismissing active management may be overly simplistic—especially in less efficient markets like bonds, small-cap equities, or emerging markets....
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Episode 363 - The (Underappreciated) Risk of Individual Stocks
The Rational Reminder Podcast
What if holding just a few “winning” stocks is riskier than it seems? In this episode, Ben and Cameron explore the hidden dangers of concentrated portfolios and unpack the data that makes a strong case for diversification. Drawing from research by Hendrik Bessembinder, J.P. Morgan, and others, Ben lays out the harsh reality behind individual stock returns: the odds are stacked against long-term success. From skewed return distributions and catastrophic losses to behavioral traps like the endowment effect and familiarity bias, this conversation breaks down why most stock pickers lose—and...
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Episode 362 – AMA #7
The Rational Reminder Podcast
What if the hardest part of investing isn’t building a portfolio—but sticking to it? In this AMA edition of the Rational Reminder podcast, Ben Felix and Dan Bortolotti tackle listener questions ranging from sustainable retirement withdrawals to the dangers of structured products, with plenty of philosophical insights on risk, behavior, and financial planning. The episode opens with a deep dive into the 4% rule, exploring how time horizon, asset allocation, and global data can shift the definition of “safe.” They also explore the behavioral challenges of the “boring...
info_outlineThe fifth installment of our Ask Me Anything sessions begins with the inevitable volatility of the stock market as we urge investors to remain calm amidst recent US stock declines. Similarly, we unpack the historical resilience of stock markets and offer advice for dealing with market crashes before discussing why bonds are not the best strategy for boosting returns. We examine the proposed Alberta Pension Plan, the Rational Reminder Podcast guests whose impact still ripples across PWL, how to be a PWL-style advisor, and we revisit the DFA versus Vanguard debate. We also explain why spending rules aren’t for us at PWL, the relationship between the amount to withdraw and the stock/bond allocation, and alternatives for short-term horizon investing, saving, and equities. To end, we hear feedback from Atti Ilmanen as well as reviews from listeners, but before all that, Mark McGrath shares bittersweet news! Stay tuned for an episode full of reflection, strategy, and insight.
Key Points From This Episode:
(0:01:13) The inevitability of market volatility and the historical resilience of stock markets.
(0:13:04) How to approach a volatile market and advice for dealing with a market crash.
(0:18:06) Why bonds are not a return-enhancing strategy.
(0:21:04) A brief examination of the proposed Alberta Pension Plan.
(0:25:02) Impactful guests who have influenced how we work at PWL Capital.
(0:33:25) How to be a PWL-style advisor.
(0:35:37) Weighing Dimensional funds (DFA) against Vanguard and others.
(0:41:57) Why spending rules aren’t really our thing.
(0:44:56) The relationship between the amount to withdraw and the stock/bond allocation.
(0:49:50) Exploring alternatives for short-term horizon investing, saving, and equities.
(0:57:00) An important announcement from Mark!
(1:02:51) The Aftershow: feedback from Antti Ilmanen, listener reviews, and final thoughts.
Links From Today’s Episode:
Meet with PWL Capital — https://calendly.com/d/3vm-t2j-h3p
Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582.
Rational Reminder Website — https://rationalreminder.ca/
Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/
Rational Reminder on X — https://x.com/RationalRemind
Rational Reminder on TikTok — www.tiktok.com/@rationalreminder
Rational Reminder on YouTube — https://www.youtube.com/channel/
Rational Reminder Email — [email protected]
Benjamin Felix — https://pwlcapital.com/our-team/
Benjamin on X — https://x.com/benjaminwfelix
Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/
Dan Bortolotti on LinkedIn — https://www.linkedin.com/in/dan-bortolotti-8a482310/
Mark McGrath on LinkedIn — https://www.linkedin.com/in/markmcgrathcfp/
Mark McGrath on X — https://x.com/MarkMcGrathCFP
Episode 248: Prof. William Goetzmann: Learning from Financial Market History — https://rationalreminder.ca/podcast/248
Episode 100: Prof. Kenneth French: Expect the Unexpected — https://rationalreminder.ca/podcast/100
Episode 352: Jessica Moorhouse: Everything But Money — https://rationalreminder.ca/podcast/352
Episode 316: Andrew Chen: "Is everything I was taught about cross-sectional asset pricing wrong?!" — https://rationalreminder.ca/podcast/316
Episode 224: Prof. Scott Cederburg: Long-Horizon Losses in Stocks, Bonds, and Bills — https://rationalreminder.ca/podcast/224
Episode 284: Prof. Scott Cederburg: Challenging the Status Quo on Lifecycle Asset Allocation — https://rationalreminder.ca/podcast/284
Episode 350: Scott Cederburg: A Critical Assessment of Lifecycle Investment Advice — https://rationalreminder.ca/podcast/350
Episode 89: Wade Pfau: Safety-First: A Sensible Approach to Retirement Income Planning — https://rationalreminder.ca/podcast/89
Episode 289: Retiring Retirement Income Myths with the Retirement Income Dream Team — https://rationalreminder.ca/podcast/289
Episode 122: Prof. Moshe Milevsky: Solving the Retirement Equation — https://rationalreminder.ca/podcast/122
Episode 59: Alexandra Macqueen: Financial Economics and Annuities: Rational Planning for Retirement — https://rationalreminder.ca/podcast/59
Episode 283: When Volatility is Risk, and Introducing The Money Scope Podcast — https://rationalreminder.ca/podcast/283
Episode 351: DFA vs. Vanguard — https://rationalreminder.ca/podcast/351
Episode 254: David Blanchett: Regret Optimized Portfolios, and Optimal Retirement Income — https://rationalreminder.ca/podcast/254
Episode 152: Evaluating Systematic Equity Strategies — https://rationalreminder.ca/podcast/152
Episode 347: The Case for Index Funds — https://rationalreminder.ca/podcast/347
Episode 281: Lifecycle Asset Allocation, and Retiring Successfully with Justin King — https://rationalreminder.ca/podcast/281
Episode 315: An Update from Avantis with Eduardo Repetto — https://rationalreminder.ca/podcast/315
Alberta Pension Plan — https://www.albertapensionplan.ca/
Financial Planning Association of Canada — https://www.fpassociation.ca/
Hook — https://www.imdb.com/title/tt0102057/
Antti Ilmanen | AQR — https://www.aqr.com/About-Us/OurFirm/Antti-Ilmanen
Books From Today’s Episode:
The Great Depression: A Diary — https://www.amazon.com/dp/1586489011
Narrative Economics: How Stories Go Viral and Drive — https://www.amazon.com/dp/0691182299
Papers From Today’s Episode:
‘Negative Bubbles: What Happens after a Crash’ — https://ssrn.com/abstract=3038658
‘Beyond the Status Quo: A Critical Assessment of Lifecycle Investment Advice’ — https://ssrn.com/abstract=4590406
‘Financially Sound Households Use Financial Planners, Not Transactional Advisers’ — https://www.financialplanningassociation.org/sites/default/files/2023-01/APR19%20Blanchett.pdf
‘Finding and Funding a Good Life’ — https://pwlcapital.com/finding-and-funding-a-good-life/