The Rational Reminder Podcast
A weekly reality check on sensible investing and financial decision-making, from three Canadians. Hosted by Benjamin Felix, Cameron Passmore, and Dan Bortolotti, Portfolio Managers at PWL Capital.
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Episode 371: Banks Sell Products, Not Advice
08/21/2025
Episode 371: Banks Sell Products, Not Advice
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, misaligned incentives, and poor client outcomes. From limited product shelves and high-fee mutual funds to representatives with minimal financial education, the findings expose systemic flaws in the bank advice model. The second half of the episode is a conversation with Connor and Taylor Hewson, who recently joined PWL Capital after operating their own multigenerational advisory firm. They reflect on the decision-making process, their practice’s evolution, and how joining PWL aligned with their mission to deliver better, evidence-based advice to clients. Their story illustrates the professionalization of financial advice in Canada and what’s possible when advisors choose client outcomes over product sales. Key Points From This Episode: (0:02:33) Introducing Connor and Taylor Hewson and their firm’s integration with PWL Capital. (0:03:55) Why Canadians’ loyalty to banks puts them at risk of poor financial advice. (0:06:22) Bank branch “advisors” often lack credentials and act as commissioned salespeople. (0:08:08) Overview of CBC’s 2024 investigation into bank sales practices. (0:10:11) The OSC and CIRO’s comprehensive 2024 survey of bank mutual fund reps. (0:11:47) One-third of bank reps agree their pay structure prioritizes sales over advice. (0:13:17) 35% of reps experience sales pressure “often” or “always.” (0:16:32) Almost half of bank reps believe clients would benefit from non-bank products. (0:18:52) A shocking 23% of reps couldn’t define “MER”—a key mutual fund concept. (0:21:03) Advisors often make the same poor investing choices as their clients. (0:23:55) Why credentials like CFP and CFA—and firms that support them—matter. (0:26:18) How PWL Capital’s structure addresses the problems with bank advice. (0:27:43) Taylor and Connor’s journey from family firm to joining PWL. (0:31:18) Why they shifted from resistance to excitement about the acquisition. (0:35:46) Letting go of the need to “do everything” and focusing on client relationships. (0:40:06) How clients reacted to the transition—and the surprising questions they asked. (0:42:40) What they’d tell other advisors considering a move to PWL. (0:44:41) Building the future of advice by creating a true apprenticeship model. (0:52:12) Why advice—not just products—should be the center of financial services. Links From Today’s Episode: Meet with PWL Capital: Rational Reminder on iTunes — . Rational Reminder Website — Rational Reminder on Instagram — Rational Reminder on X — Rational Reminder on TikTok — Rational Reminder on YouTube — Rational Reminder Email — Benjamin Felix — Benjamin on X — Benjamin on LinkedIn — Cameron Passmore — Cameron on X — Cameron on LinkedIn — Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)
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Episode 370: Dave Chilton (The Wealthy Barber): Timeless Financial Advice
08/14/2025
Episode 370: Dave Chilton (The Wealthy Barber): Timeless Financial Advice
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 what’s changed (and what hasn’t) in the personal finance landscape. From his views on insurance and home ownership to the psychology of spending, his entertaining yet practical approach makes complex ideas feel surprisingly accessible. We also explore the challenges of dollar-cost averaging, the role of financial advisors, and what it really costs to own a home. And yes, you’ll also hear how his mom helped launch Canada’s most successful cookbook series. Key Points From This Episode: (0:20) Introducing David Chilton and his impact on the PWL team (3:22) Why Dave believes the original Wealthy Barber still holds up (6:44) His enduring belief in term life insurance and investing the difference (8:08) What he got wrong: mutual funds, high fees, and underestimating behavioural traps (11:16) How the book’s success changed his life—and what stayed the same (13:32) The unexpected tipping point that drove its breakout popularity (15:13) Why he wrote The Wealthy Barber Returns after a long break (16:41) What excites him most about the new revision and who it’s for (18:29) His kids, Rob Carrick, and the housing crisis: why now was the time (20:13) Transitioning to videos and podcasts to reach modern audiences (22:41) The best part of being “The Wealthy Barber”—and what he’s learned from readers (25:34) The surprising volume of portfolios people send him—and why he still reviews them (27:12) What decades of portfolio analysis taught him about investor underperformance (32:50) On lump sum vs. dollar-cost averaging—and the role of psychology (37:52) Should you pay down debt or invest? Dave’s practical framework (39:49) What a good financial advisor should (and shouldn’t) do (43:08) The hidden costs of homeownership—and why people underestimate them (48:29) Misleading conclusions about wealth, university, and home ownership (50:40) The biggest home ownership mistakes people make (52:24) Writing the new Wealthy Barber at the same card table (53:25) Should you pay back the Home Buyer’s Plan early? Dave says no—and here’s why (55:52) Why small optimizations—like minimizing RRSP fees—can really add up (56:55) Spending rises with home size—and the real trap of lifestyle creep (57:05) The most important financial variable of all: saving (and not borrowing too much) Links From Today’s Episode: Meet with PWL Capital: Rational Reminder on iTunes — . Rational Reminder Website — Rational Reminder on Instagram — Rational Reminder on X — Rational Reminder on TikTok — Rational Reminder on YouTube — Rational Reminder Email — Benjamin Felix — Benjamin on X — Benjamin on LinkedIn — Dan Bortolotti — Dan Bortolotti on LinkedIn — Cameron Passmore — Cameron on X — Cameron on LinkedIn — Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)
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Episode 369: The Most Important Quotes in Investing
08/07/2025
Episode 369: The Most Important Quotes in Investing
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 psychological resilience, humility, and clear planning matter more than predictive genius. The quotes spark deep discussions on topics ranging from portfolio construction and risk perception to fees, fear, and investor behavior—each one contextualized with real-world examples. Key Points From This Episode: (0:04) Celebrating 7 years of the podcast and its growing impact across video and audio platforms. (1:33) Reflecting on PWL’s evolution and the value-aligned advisors looking to join. (8:00) Introducing the main topic: timeless investing quotes from the Rational Reminder community. (10:24) “Pay yourself first”: Why savings matter more than returns early on. (14:06) The flaws in one-size-fits-all savings rules like “save 10% of your income.” (15:07) “The investor’s worst enemy is himself”: Behavioral finance and investor psychology. (17:17) “This time is different”: Templeton’s warning against market narratives and FOMO. (20:31) “Have a philosophy you can stick with”: Why strategy persistence matters more than perfection. (23:59) ARK as a case study: Conviction versus performance-chasing. (26:38) Buffett on risk: Be ready for 50% drawdowns—even in diversified portfolios. (28:58) The global market portfolio: Sharpe and Fama’s starting point for asset allocation. (31:50) “Far more money is lost preparing for corrections”: Lynch on market timing mistakes. (35:18) Volatility is emotional, not just mathematical—especially in crises like COVID or 2008. (40:29) Charles Ellis: “Risk is not having the money when you need it.” (42:08) “Volatility is the price of admission”: Embracing risk to pursue long-term returns. (44:30) Ken Fisher: “Normal returns are extreme.” Why market behavior is rarely average. (47:16) “Risk is what’s left when you think you’ve thought of everything.” Planning for the unknown. (49:07) Life has a fat tail: LTCM and the perils of underestimating extreme events. (50:25) “Make sure you’re at the table, not on the menu”: Cochrane on avoiding bad financial products. (52:31) Bogle: “We get precisely what we don’t pay for.” Why low-cost beats high-fee. (55:13) Trading and over-monitoring: Why “doing less” often means better returns. (57:02) “It ain’t what you don’t know…”: Humility in the face of market uncertainty. (59:26) “Diversification is the only free lunch”: Reducing risk without reducing expected return. (1:00:35) Bogle: “Don’t look for the needle. Just buy the haystack.” (1:02:38) Focus on what you can control: Savings, costs, asset allocation—not market returns. Links From Today’s Episode: Meet with PWL Capital: Rational Reminder on iTunes — . Rational Reminder Website — Rational Reminder on Instagram — Rational Reminder on X — Rational Reminder on TikTok — Rational Reminder on YouTube — Rational Reminder Email — Benjamin Felix — Benjamin on X — Benjamin on LinkedIn — Dan Bortolotti — Dan Bortolotti on LinkedIn — Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)
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Episode 368: Jim Rowley & Andy Maack - Implementing Index Funds at Vanguard
07/31/2025
Episode 368: Jim Rowley & Andy Maack - Implementing Index Funds at Vanguard
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 active manager. They challenge the traditional labels of passive versus active and show how thoughtful implementation, securities lending, FX execution, and IPO participation can add real value for investors—even in low-cost index products. Key Points From This Episode: (0:04) Why Vanguard’s team was the ideal follow-up to Marco Sammon’s index research (1:55) Why index funds aren’t as simple as they seem: rebalancing, risk, and strategy (2:50) “Passive” is a misnomer: why index fund management involves active decisions (4:42) What excites Jim and Andy about index fund implementation (7:16) Risk-managed opportunities: how Vanguard adds value during secondary offerings (8:02) Debunking the active vs. passive label—think in terms of strategy characteristics (9:41) The subjective calls behind index construction and market definitions (12:00) The goal of a market-cap weighted index fund and how Vanguard tracks it (13:28) Why tracking error matters—and when it becomes a business risk (15:48) Indexing’s advantage: predictable relative performance for portfolio construction (16:15) The real complexity of daily index fund trading and execution strategy (17:16) Vanguard’s unique approach: PMs and traders are the same person in equities (18:52) The scale of VTI: how 24 global PMs manage trillions across time zones (20:48) Why Vanguard’s culture treats every trade like it’s client money (22:24) Andy’s story of building Vanguard’s FX desk and the hundreds of millions saved (24:04) Quant vs. human judgment in index implementation—why both matter (26:50) How fixed income index funds balance risk, liquidity, and security selection (27:46) Tools traders use to minimize price impact: algos, limits, and timing strategies (29:09) How index rebalancing impact has decreased thanks to market evolution (31:36) The hidden mechanics behind index inclusion/exclusion and price effects (33:40) Do index funds distort prices? Vanguard’s view on elasticity and ownership (35:55) Stock dispersion and the case for continued price discovery (38:09) Why using passive funds doesn’t mean being a passive investor (43:15) Jim’s research: how “passive” funds are actively deployed by advisors (50:43) How Vanguard handles IPOs, buybacks, and market composition shifts (54:45) Active corporate action management: cash mergers, elections, and strategy (55:27) Responding to Marco Sammon’s critiques on market timing and turnover (58:55) What would change if rebalancing were less frequent? (1:00:34) How securities lending and market advocacy add ongoing value (1:04:42) Should Vanguard launch a flexible, non-indexed total market fund? (1:06:26) Andy’s biggest concern: system risks and rebalance day challenges (1:07:08) Jim’s biggest concern: index funds aren’t a free pass—investors still need discipline (1:08:03) Defining success: alignment with investors and living a balanced life Links From Today’s Episode: Meet with PWL Capital: Rational Reminder on iTunes — . Rational Reminder Website — Rational Reminder on Instagram — Rational Reminder on X — Rational Reminder on TikTok — Rational Reminder on YouTube — Rational Reminder Email — Benjamin Felix — Benjamin on X — Benjamin on LinkedIn — Dan Bortolotti — Dan Bortolotti on LinkedIn — Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
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Episode 367: AMA #8 + Insurance Needs Analysis with Louai Bibi
07/24/2025
Episode 367: AMA #8 + Insurance Needs Analysis with Louai Bibi
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 present-value lens. Louai contributes in-the-trenches experience, highlighting how client goals (estate vs. living net worth) and asset allocation can significantly influence what makes sense. In the second half, Louai delivers a comprehensive walkthrough of how PWL approaches life, disability, and critical illness insurance planning—not as salespeople, but as fiduciaries. You’ll hear why the right coverage isn’t one-size-fits-all, how survivor models are used to project financial impacts, and why the smallest, cheapest policy can still make a life-changing difference. Key Points From This Episode: (0:00:04) Introduction and full-circle moment: Louai Bibi joins the show. (0:01:48) Reflections on the first PWL employee summit and One Digital integration. (0:06:30) Upcoming Rational Reminder meetups in Victoria and Vancouver. (0:07:40) Steve’s question: Should he be melting down his growing RRSP? (0:09:15) Ben outlines a detailed client case where early withdrawals had minimal benefit. (0:12:10) Key takeaway: Present value of taxes matters more than total lifetime taxes. (0:13:50) Melissa’s advice: Model your specific situation, not just follow YouTube tips. (0:15:56) Louai adds: The impact on future investment growth and taxable account drag. (0:17:28) Systematically reviewing RRSP strategies annually in November. (0:21:12) Taxes and portfolio construction: Home country bias, withholding tax, and more. (0:22:11) The importance of tax diversification—lessons from the capital gains inclusion saga. (0:23:11) RESP withdrawals and CRA’s definition of “reasonable” expenses. (0:25:41) Fiduciary standards in Canada: Why sweeping change is unlikely. (0:26:29) Most influential ideas from 300+ episodes: Market beliefs, information overload, and Die With Zero. (0:34:36) Time, meaning, and memories: A shift in life perspective through the podcast. (0:38:47) Louai’s top 3 lessons: Unified philosophy, consumption smoothing, and homeownership myths. (0:42:21) Deep dive: How PWL approaches life, disability, and critical illness insurance. (0:45:00) Life insurance: Survivor modeling, planning trade-offs, and permanent vs. term. (0:51:32) Disability insurance: Hidden risks in group coverage and income replacement importance. (0:56:36) Critical illness insurance: A real story about an inexpensive policy that changed a life. (1:00:07) Ben’s experience with testicular cancer and hindsight on CI coverage. (1:01:45) Teaser: A new disclaimer for reading podcast reviews. (1:02:08) After-show: MobLand, The Sopranos, and the nostalgia of Animal Kingdom. Links From Today’s Episode: Meet with PWL Capital: Rational Reminder on iTunes — . Rational Reminder Website — Rational Reminder on Instagram — Rational Reminder on X — Rational Reminder on TikTok — Rational Reminder on YouTube — Rational Reminder Email — Benjamin Felix — Benjamin on X — Benjamin on LinkedIn — Cameron Passmore — Cameron on X — Cameron on LinkedIn — Louai Bibi — Louai Bibi on LinkedIn - Louai Bibi on X - Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
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Episode 366 - Avoiding Investment Scams
07/17/2025
Episode 366 - Avoiding Investment Scams
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 scammers prey on optimism, credibility, and fear of missing out. Key Points From This Episode: (0:04) Why the Rational Reminder podcast builds connections—and unintended consequences of trust (1:58) The hidden value of the podcast’s reach: referrals and relationships that can’t be measured (4:03) How a last-minute topic pivot turned into an urgent discussion on scams (5:24) Why investment scams are more sophisticated—and dangerous—than ever (6:16) AI voice clones and impersonation: How deepfakes make scams harder to spot (9:26) Why specific scam education works better than general warnings (12:29) Source credibility: Why scammers use trusted names to win trust fast (15:23) Ben’s firsthand story of infiltrating a fake “Ben Felix” WhatsApp trading group (19:57) Pump-and-dump in real time: How Ben tracked a fraudulent stock scam (23:39) The email scam that used Ben’s name to pitch “secret” investments (25:08) YouTube comment scams: the “fake advisor” trap and pig butchering explained (31:15) How scammers use financial jargon that sounds smart—but means nothing (34:52) The classic red flag: promises of guaranteed, high returns with zero risk (41:23) Financial planning hot takes: unconventional views from the Rational Reminder Community (49:44) Upcoming road trips and community meetups for Rational Reminder listeners Papers From Today’s Episode: Links From Today’s Episode: Meet with PWL Capital: Rational Reminder on iTunes — . Rational Reminder Website — Rational Reminder on Instagram — Rational Reminder on X — Rational Reminder on TikTok — Rational Reminder on YouTube — Rational Reminder Email — Benjamin Felix — Benjamin on X — Benjamin on LinkedIn — Cameron Passmore — Cameron on X — Cameron on LinkedIn —
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Episode 365 – Rob Carrick's Eight Lessons Learned in 27 Years of Covering Personal Finance
07/10/2025
Episode 365 – Rob Carrick's Eight Lessons Learned in 27 Years of Covering Personal Finance
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 and the rise of DIY investing to the dangers of overestimating stock returns and underestimating inflation’s bite—Rob shares practical, timeless wisdom for every generation of investor. We also hear Rob’s frank thoughts on how the financial industry fails seniors, why Canadians stick with the big banks despite better options, and what stay the course really means when markets inevitably crash again. Key Points From This Episode: (0:00:04) Rob Carrick returns for his third appearance, marking his retirement from The Globe and Mail (0:06:39) Why it’s harder than ever to be good with money in the social media age (0:08:19) How longer lifespans are reshaping traditional retirement timelines (0:09:51) The evolution of financial advice: from mutual fund sales to real planning (0:11:45) How regulation, ETFs, and self-interest changed the advisory industry (0:12:45) The rise of DIY investing in Canada: from brokers to discount online platforms (0:14:51) Why some investors still struggle to embrace ETFs (0:17:11) The flip side of frictionless DIY investing—when simplicity fuels speculation (0:18:19) How realistic are today’s stock return expectations? (0:20:03) The true challenge isn’t average returns—it’s enduring the volatility (0:24:01) Why staying the course should really mean buying the dip (0:26:04) The generational reality check: how boomers bought homes and why today’s young people can’t (0:29:03) How advisors can adjust advice for younger clients facing new headwinds (0:31:39) Should 25-year-olds give up or go all in? Rob’s advice for young investors (0:35:29) The myth of home-run investing and why steady, boring investing works (0:37:04) Why inflation has done more damage than any stock market crash (0:39:50) How the financial industry ignores seniors—and what needs to change (0:43:32) Canadians’ blind loyalty to big banks and why you should try an alternative (0:46:29) How Rob will define success in retirement—and his parting advice for listeners Links From Today’s Episode: Meet with PWL Capital: Rational Reminder on iTunes — . Rational Reminder Website — Rational Reminder on Instagram — Rational Reminder on X — Rational Reminder on TikTok — Rational Reminder on YouTube — Rational Reminder Email — Benjamin Felix — Benjamin on X — Benjamin on LinkedIn — Dan Bortolotti — Dan Bortolotti on LinkedIn — Cameron Passmore — Cameron on X — Cameron on LinkedIn — Episode 108: William Bernstein -
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Episode 364 – Martijn Cremers: Is the Conventional Wisdom on Active Management Wrong?
07/03/2025
Episode 364 – Martijn Cremers: Is the Conventional Wisdom on Active Management Wrong?
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. Together, we explore how empirical support for passive superiority has softened in recent decades, the overlooked structural flaws in performance benchmarks, and how closet indexing quietly undermines the active management space. Martijn outlines the three pillars of active success—skill, conviction, and opportunity—and makes a compelling case for patient, high active share strategies that persist over time. Key Points From This Episode: (0:01:24) Introduction to Martijn Cremers and his influential work on Active Share (0:04:15) Breaking down the “conventional wisdom” on active management post-Carhart (0:07:19) Why passive benchmarks like Fama-French factors may create misleading comparisons (0:09:38) Reviewing persistence of outperformance in high active share funds (0:12:40) Evaluating Sharpe’s arithmetic and how market evolution challenges zero-sum assumptions (0:15:58) The long-term decline of active funds and the influence of concentrated indexes (0:18:30) The paradox of skill, ETFs with high active share, and the survival of active managers (0:21:18) Revisiting active management in underexplored asset classes: bonds, small caps, emerging markets (0:23:20) The definition and calculation of Active Share (0:25:01) Active Share vs. Tracking Error: complementary tools, not substitutes (0:27:22) What level of active share signals closet indexing? Why 60–70% is the key threshold (0:30:49) Performance persistence and why combining high Active Share with patience matters (0:34:05) The concept of the “active fee” and how much you’re really paying for stock selection (0:36:51) Why fund size and team changes can erode active share (0:38:17) Three pillars of successful active management: skill, conviction, and opportunity (0:40:13) The challenge of being a patient manager in an impatient world (0:42:25) How Active Share was received by academics and practitioners (0:44:18) Responding to critics: the 2016 FAJ paper “Deactivating Active Share” (0:46:56) Why dispersion in high active share funds can enhance portfolio diversification (0:49:21) Who should pursue high active share strategies—and who shouldn’t (0:51:40) Active share in fixed income: Why passive bond funds are often far from passive (0:53:51) Key structural differences between equity and bond indexing (0:55:25) Why bond index funds have high active share and hidden tracking error (0:57:36) Why positive skewness (a key argument for equity indexing) doesn’t apply to bonds (0:59:22) Performance of active bond funds: modest but consistent outperformance (1:00:02) Why active bond funds remain popular: liquidity, trading frictions, and benchmark limitations Links From Today’s Episode: Meet with PWL Capital: Rational Reminder on iTunes — . Rational Reminder Website — Rational Reminder on Instagram — Rational Reminder on X — Rational Reminder on TikTok — Rational Reminder on YouTube — Rational Reminder Email — Benjamin Felix — Benjamin on X — Benjamin on LinkedIn — Dan Bortolotti — Dan Bortolotti on LinkedIn — Cameron Passmore — Cameron on X — Cameron on LinkedIn — Episode 316: Andrew Chen - Episode 212: Ralph S.J. Koijen - Episode 220: Jonathan Berk & Jules Van Binsbergen - Episode 346: Hendrick Bessembinder - Papers From Today’s Episode:
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Episode 363 - The (Underappreciated) Risk of Individual Stocks
06/26/2025
Episode 363 - The (Underappreciated) Risk of Individual Stocks
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 why diversification remains the only “free lunch” in investing. Whether you're holding onto a single stock for tax reasons, overconfidence, or just inertia, this episode is a must-listen reality check on portfolio risk. They also share thoughts on advisor adoption of indexing, the slow shift in Canada, and how a Rational Reminder YouTube video sparked debate between stock pickers and indexers in the comments section. For anyone navigating concentrated positions—voluntarily or otherwise—this episode is packed with data-driven insight and real-world takeaways. Key Points From This Episode: (0:00) Welcome to Episode 363: catching up in person and the value of working together in-office. (1:07) Why advisors are slow to adopt indexing—and how culture, compensation, and inertia play a role. (2:58) Demand is rising: indexing awareness among young advisors and investors continues to grow. (4:08) Main topic: The hidden risks of individual stock concentration. (5:40) The Nortel example: taxes, timing, and the illusion of "free" stock. (6:51) Individual stocks are far riskier than most people realize—especially recent winners. (9:09) Most investors hold between 3–7 stocks. Why that’s a problem. (11:29) Portfolio concentration = fugu prepared by an amateur chef. (12:45) Diversification reduces risk without reducing expected return. (14:04) JP Morgan’s “Agony & Ecstasy” report: 44% of stocks suffer catastrophic losses. (16:26) Why investors overweight the chance of a big win and underweight the risk of losses. (17:07) The reality of skewed returns: a few big winners, many losers. (24:35) The 2023 study on concentrated stock positions: recent top performers underperform the most. (28:40) How many stocks do you need for real diversification? Way more than 20–30. (32:00) Wealth dispersion and the long-term consequences of concentration. (35:24) Why even 100-stock portfolios only beat the market 47.5% of the time. (36:55) Taxes, control, and psychological hurdles make diversifying even harder. (38:14) Diversification depends on your preference for risk and skewness—but beware the odds. (39:08) Behind the scenes: Ben’s research process and content development workflow. (43:14) Ben’s guest appearance on Morningstar’s The Long View. (44:00) Meetups, t-shirt scarcity, and what’s next for PWL outreach. Links From Today’s Episode: Meet with PWL Capital: Rational Reminder on iTunes — . Rational Reminder Website — Rational Reminder on Instagram — Rational Reminder on X — Rational Reminder on TikTok — Rational Reminder on YouTube — Rational Reminder Email — Benjamin Felix — Benjamin on X — Benjamin on LinkedIn — Cameron Passmore — Cameron on X — Cameron on LinkedIn — ` Episode 346: Hendrik Bessembinder - Papers From Today’s Episode: ‘The Agony & The Ecstasy’ - ‘Why Index Works’ - ‘Underperformance of Concentrated Stock Positions’ - ‘How Many Stocks Should You Own?’ - ‘Fund Concentration: A Magnifier of Manager Skill’ -
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Episode 362 – AMA #7
06/19/2025
Episode 362 – AMA #7
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 middle” of investing and why consistency may be the greatest alpha. Other standout segments include a sharp critique of bank-sold structured notes, an evidence-based takedown of trend following, and a fascinating discussion on the long-term impact of demographic shifts and index investing. Throughout, Ben and Dan blend technical insight with practical wisdom and academic research, delivering a thoughtful and entertaining conversation for both DIY investors and those working with advisors. Key Points From This Episode: (0:01:07) What the latest data says about safe withdrawal rates, especially for early retirees with 100% equity exposure. (0:08:45) How variable vs. fixed withdrawals affect outcomes—and the trade-offs retirees must consider. (0:17:01) The behavioral risks of the “boring middle” and how automation or advice helps investors stay disciplined. (0:26:13) Reflections on market crashes—why hindsight downplays the emotional reality of volatility. (0:33:27) Commission conflicts: Why bank advisors push structured notes and the incentives behind them. (0:44:22) Education vs. malice: Are bad financial advisors untrained, conflicted, or both? (0:49:08) Are structured notes ever justified? (Spoiler: very rarely.) (0:56:44) Trend following: Legitimate strategy or fancy market timing? Examining the live track records. (1:02:52) Diversifying your life like a portfolio: Applying the PERMA model to personal growth. (1:10:18) The one use of leverage that actually makes sense—and why most others don’t. (1:14:20) Will aging demographics crash ETF markets? What the data and theory suggest. (1:19:02) Why even complex macro trends don’t justify deviating from a simple, low-cost investment plan. Links From Today’s Episode: Meet with PWL Capital: Rational Reminder on iTunes — . Rational Reminder Website — Rational Reminder on Instagram — Rational Reminder on X — Rational Reminder on TikTok — Rational Reminder on YouTube — Rational Reminder Email — Benjamin Felix — Benjamin on X — Benjamin on LinkedIn — Dan Bortolotti — Dan Bortolotti on LinkedIn — Episode 261: Felix Fattinger - https://rationalreminder.ca/podcast/261 Episode 314: Valentin Haddad - Episode 302: Michael Green - https://rationalreminder.ca/podcast/302 Episode 222: Cassie Holmes - Episode 278: Juhani Linnainmaa - Episode 212: Ralph S.J. Koijen - Episode 322: Marco Sammon —
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Episode 361: Alex Edmans - Finding "The Truth" in Economics, Finance, and Life
06/12/2025
Episode 361: Alex Edmans - Finding "The Truth" in Economics, Finance, and Life
Today, Ben plays lone host for the first time as we welcome Alex Edmans to the show. Alex is a Professor of Finance at London Business School as well as an accomplished speaker, author, investment banker, and financial advisor. To start, Alex describes his involvement in the formation of a new law in the UK before defining ‘misinformation’ and where confirmation bias fits in. Then, we assess the impact severity of confirmation bias, biased search versus biased interpretation, the role of generative AI in confirmation bias, and the levels of susceptibility within confirmation bias. We also explore the role of black-and-white thinking in concealing the truth, Alex’s Ladder of Misinference as seen in May Contain Lies, the 10,000-hour rule and other famous statements of misinformation, and how the idea of a narrative may influence how people interpret and misinterpret facts. We end with how to guard against the plague of data mining in research, data as evidence and what this implies for evidence in financial economics, and Alex shares helpful advice for determining truth in any circumstance. Key Points From This Episode: (0:03:27) Alex Edmans walks us through the erroneous evidence that influenced a new UK law. (0:07:13) Misinformation; living in a post-truth world; and where confirmation bias fits in. (0:12:06) The severity of confirmation bias, and biased search versus biased interpretation. (0:18:19) Unpacking generative AI and the susceptibility thresholds of confirmation bias. (0:21:25) How black-and-white thinking makes the truth more elusive. (0:25:40) Understanding Alex’s Ladder of Misinference as seen in May Contain Lies. (0:28:17) Debunking the 10,000-hour rule and other enduring statements of misinformation. (0:38:10) The second step on the Ladder of Misinference: Why facts are not data. (0:42:42) How the idea of a narrative influences how people interpret or misinterpret facts. (0:44:25) Why data is not evidence, and examining the plague of data mining in research. (0:48:36) Guarding against data mining and the consequences of investing with misinformation. (0:53:01) When data is evidence, and what this says about evidence in financial economics. (0:55:49) Why evidence may not be proof. (0:59:14) Practical advice for seeking the truth for important decisions and in everyday life. Links From Today’s Episode: Meet with PWL Capital — Rational Reminder on iTunes — . Rational Reminder Website — Rational Reminder on Instagram — Rational Reminder on X — Rational Reminder on TikTok — Rational Reminder on YouTube — Rational Reminder Email — Benjamin Felix — Benjamin on X — Benjamin on LinkedIn — Alex Edmans — Alex Edmans on LinkedIn — Alex Edmans on X — London Business School — Fulbright Fellows | MIT — Atkins — ‘Matthew Walker's “Why We Sleep” Is Riddled with Scientific and Factual Errors’ — ‘Grit: The Power of Passion and Perseverance | Angela Lee Duckworth | TED’ — Books From Today’s Episode: May Contain Lies — Grow the Pie — Outliers — Why We Sleep — Start with Why — Grit — Papers From Today’s Episode: ‘CEO-Employees Pay Ratio, Employees’ Productivity and Firm Performance: Evidence from UK’ — ‘A Theory of Fair CEO Pay’ —
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Episode 360 – Gerard O'Reilly: The Components of Net Returns
06/05/2025
Episode 360 – Gerard O'Reilly: The Components of Net Returns
What if “just buying the market” isn’t the end of the story? In this episode, we are joined by Gerard O’Reilly, Co-CEO and Co-CIO of Dimensional Fund Advisors, for a deep dive into what really drives net investment returns. Gerard returns to the Rational Reminder podcast to explain the key principles that differentiate Dimensional’s approach from traditional indexing—and why implementation, flexibility, and detail matter so much more than investors might think. We explore the concept of hidden costs in index investing, how index reconstitution and trading frictions erode returns, and the nuanced decisions that shape a market portfolio: defining the market, excluding low-returning stocks, optimizing tax efficiency, and more. Gerard breaks down how Dimensional’s rules-based, evidence-backed process improves outcomes through smart exclusions (like IPOs and high asset-growth firms), precise trading, securities lending, and better handling of corporate actions. From the dangers of chasing low fees to the surprising benefits of thoughtful execution, this conversation is a masterclass in next-level investing. Key Points From This Episode: (0:01:07) Why Gerard was invited back: Dimensional’s approach to hidden costs and net returns. (0:02:38) Looking beyond “index good, fees bad”—why investors should dig deeper. (0:04:21) Gerard’s background: From Caltech rocket scientist to Dimensional co-CEO. (0:06:22) How Dimensional differs from market-cap weighted index funds. (0:08:42) Four components of net returns: Two increase returns, two decrease them. (0:12:45) Defining the market: Free float, liquidity thresholds, and dynamic inclusion. (0:17:52) How small-cap index definitions can create return differentials as high as 10%. (0:22:03) What securities Dimensional excludes—and why: low-profitability growth, high asset growth, IPOs, and REITs. (0:29:26) Why IPOs are excluded for 6–12 months and the mechanics behind inclusion. (0:33:16) Why Dimensional’s exclusions aren’t like traditional active management. (0:35:09) The “Great British Bake-Off” analogy: baking better portfolios with the same ingredients. (0:38:13) How securities lending boosts returns—and how Dimensional does it better. (0:42:09) Managing corporate actions (like M&A) to reduce cash drag. (0:45:18) How Dimensional deals with buybacks and new share issuance. (0:47:29) Momentum, short-term reversals, and securities lending fees as trading signals. (0:50:36) Why Dimensional may lend out stocks that have negative momentum. (0:52:42) How trading costs affect net returns and Dimensional’s execution edge. (0:56:06) Hidden costs of indexing: Index fund rebalancing and price impact. (1:03:19) Why focusing solely on fees is misleading—and what “value for service” really means. (1:06:18) DFUS: A case study of Dimensional’s market series outperforming index funds. (1:08:44) How Dimensional builds portfolios with intentional tilts toward higher expected returns. (1:12:35) What excites Gerard: Expanding access, ETF innovations, and global growth. Links From Today’s Episode: Meet with PWL Capital: Rational Reminder on iTunes — . Rational Reminder Website — Rational Reminder on Instagram — Rational Reminder on X — Rational Reminder on TikTok — Rational Reminder on YouTube — Rational Reminder Email — Benjamin Felix — Benjamin on X — Benjamin on LinkedIn — Cameron Passmore — Cameron on X — Cameron on LinkedIn — Gerard O’Reilly — Dimensional Fund Advisors: Episode 322: Marco Sammon — Episode 198: Gerard O’Reilly —
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Episode 359 - The Most Controversial Topics in Personal Finance
05/29/2025
Episode 359 - The Most Controversial Topics in Personal Finance
For the first time as a host combination, Ben, Dan, and Cameron sit down to discuss the most controversial topics in personal finance. We begin with identity and how it informs decision-making. Then, we revisit the renting versus buying debate, why this remains a highly controversial topic, the ins and outs of income investing, and understating the fervor of dividend investing. We also unpack FIRE as a branch of self-help; how it informs happiness; and how personality influences one’s approach to the FIRE principle. To end, we closely examine Bill Bengen’s 4% rule, and the Aftershow encourages us to maintain high podcasting standards while revealing what you can look forward to in our latest Rational Reminder t-shirt release. Key Points From This Episode: (0:01:25) Cameron’s positive LinkedIn experience regarding insurance. (0:08:10) How identity informs decision-making. (0:15:24) Why renting versus buying a home remains a controversial topic. (0:27:50) Income investing, covered calls, and the fervor of dividend investing. (0:46:34) FIRE: Financial independence, retire early. (0:54:36) Unpacking FIRE as a branch of self-help, and the role of FIRE in happiness. (1:07:07) How personality and identity inform one’s approach to FIRE. (1:10:34) Addressing the 4% rule. (1:14:16) The Aftershow: Setting and keeping high standards, and Rational Reminder t-shirts. Links From Today’s Episode: Meet with PWL Capital — Rational Reminder on iTunes — . Rational Reminder Website — Rational Reminder on Instagram — Rational Reminder on X — Rational Reminder on TikTok — Rational Reminder on YouTube — Rational Reminder Email — Rational Reminder Merchandise — Benjamin Felix — Benjamin on X — Benjamin on LinkedIn — Cameron Passmore — Cameron on X — Cameron on LinkedIn — Dan Bortolotti on LinkedIn — Episode 358: Eli Beracha: An Academic Perspective on Renting vs. Owning a Home — Episode 214: Jay Van Bavel: Shared Identities and Decision Making — Episode 260: Prof. James Choi: Practical Finance — Episode 273: Professor Samuel Hartzmark: Asset Pricing, Behavioural Finance, and Sustainability Rankings — Episode 95: Scott Rieckens (Playing with FIRE): Finding Financial Education, Perspective, and Freedom — Episode 258: Prof. Meir Statman: Financial Decisions for Normal People — Bonus Episode - Prof. Meir Statman: A Wealth of Well-Being — Episode 230: Prof. Robert Frank: Success, Luck, and Luxury — Episode 135: William Bengen: The 5% Rule for Retirement Spending — Episode 164: Comprehensive Overview: The 4% Rule — Episode 357: AMA #6 — Morgan Housel — ‘Renting vs. Buying a Home: What People Get Wrong’ — MobLand — Ray Donovan — Animal Kingdom — Books From Today’s Episode: Rich Dad Poor Dad — Self Help, Inc.: Makeover Culture in American Life — Papers From Today’s Episode: 'Motivated Numeracy and Enlightened Self-Government' - ‘Nevertheless, They Persist: Cross-country differences in homeownership behavior’ — ‘Rent or Buy? Inflation Experiences and Homeownership within and across Countries’ — ‘Dividend Policy, Growth, and the Valuation of Shares’ — ‘Chapter 3 - Behavioral Household Finance*’ — ‘Common Risk Factors in the Returns on Stocks and Bonds’ — ‘The Dividend Disconnect’ — ‘A Devil's Bargain: When Generating Income Undermines Investment Returns’ — ‘The Financialization of Anti-Capitalism? The Case of the “Financial Independence Retire Early” Community’ — ‘High Income Improves Evaluation of Life But Not Emotional Well-Being’ — ‘Income And Emotional Well-Being: A Conflict Resolved’ —
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Episode 358 – Dr. Eli Beracha: Renting versus Buying a Home
05/22/2025
Episode 358 – Dr. Eli Beracha: Renting versus Buying a Home
Dr. Eli Beracha has recently been recognized by The Journal of Real Estate Literature as the world’s third best in research productivity, and today, we are honoured to be joined by this top industry expert to bring more clarity to the renting versus buying debate. We use Dr. Beracha’s ‘Lessons from Over 30 Years of Buy Versus Rent Decisions: Is the American Dream Always Wise?’ and ‘Housing Ownership Decision-Making in the Framework of Household Portfolio Choice’ papers as the basis for most of today’s conversation, beginning with why owning a home is deeply rooted in the perception of the American dream. Then, we discover how to measure the true price of home ownership, how the American dream and other psychological factors influence one’s decision-making, how hard assets perform compared to stocks and bonds, and why renting comes out ahead of buying nine times out of ten. We also learn why owning is for the inherently wealthy, the ins and outs of Dr. Beracha’s rent versus buy index, the rate of property appreciation versus stock appreciation, and how renting influences saving habits compared to owning a home. To end, we dive deeper into the risk-adjusted wealth accumulation of home ownership versus renting, and Dr. Beracha compares the efficiency of the real estate market to the stock market while detailing everything to take into account to be fully-equipped to make your decision to rent or buy. Key Points From This Episode: (0:00:00) Why Dr. Eli Beracha is one of the world’s best to discuss renting vs buying a home. (0:05:32) Understanding why owning a home is deeply entrenched in the American dream. (0:06:10) The various aspects to consider when measuring the price of home ownership. (0:07:57) Weather Dr. Beracha agrees with the adage “renting is throwing money away.” (0:09:36) What the price of a home should represent, and how psychology influences decisions. (0:16:48) Unpacking Dr. Beracha’s 2012 paper subtitled, ‘Is the American Dream Always Wise?’ (0:19:51) Hard assets versus stocks and bonds, and why renting pips buying most of the time. (0:26:00) Why many still choose to own a home despite long-term financial discrepancies. (0:30:53) The ins and outs of Dr. Beracha’s rent versus buy index. (0:39:46) Why homeowners are usually wealthier than renters even though renting is “cheaper.” (0:42:03) Property appreciation, stock appreciation, and the renter’s savings rate. (0:47:41) How home ownership influences saving habits compared to renting. (0:49:46) The risk-adjusted wealth accumulation of home ownership versus renting. (0:58:40) Dr. Beracha compares the efficiency of the real estate market to the stock market. (1:03:22) Everything you need to take into account to make your decision to rent or buy. Links From Today’s Episode: Meet with PWL Capital — Rational Reminder on iTunes — . Rational Reminder Website — Rational Reminder on Instagram — Rational Reminder on X — Rational Reminder on TikTok — Rational Reminder on YouTube — Rational Reminder Email — Benjamin Felix — Benjamin on X — Benjamin on LinkedIn — Dan Bortolotti on LinkedIn — Episode 325: Addressing 200+ Comments on Renting vs. Owning a Home — Episode 196: Sebastien Betermier: Hedging, Sentiment, and the Cross-Section of Equity Premia — Dr. Eli Beracha — Dr. Eli Beracha on LinkedIn — Dr. Eli Beracha on Instagram — Tibor and Sheila Hollo School of Real Estate | FIU — KBIS Capital — Journal of Real Estate Literature — Papers From Today’s Episode: ‘Lessons from Over 30 Years of Buy Versus Rent Decisions: Is the American Dream Always Wise?’ — ‘Housing Ownership Decision-Making in the Framework of Household Portfolio Choice’ — ‘Findings from a Cross-Sectional Housing Risk-Factor Model’ —
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Episode 357 – AMA #6
05/15/2025
Episode 357 – AMA #6
Cameron joins Ben for his first AMA as we bring you the sixth edition of our Listener Questions and Investing Lessons mini-series. Diving right in, Ben and Cameron share their stance on the multi-host format of the Rational Reminder podcast before walking us through the new PWL Retirement Planning Tool. Then, we unpack our venture with OneDigital, recent changes at PWL Capital, how we make each episode of this show, and how we allocate our time across podcast and business responsibilities. We also examine our protocol regarding guests, why Cameron and Ben would never gamble with their own money, how the human condition prevents the full comprehension of investing as a principle, and smart money moves to make under current market conditions. To end, we discuss the effects of a capital gains tax increase, common mistakes to avoid in managing personal finances, programs and technologies for financial advisors, and the After Show, which ends with an important discussion on testicular cancer. Key Points From This Episode: (0:00:00) How Ben and Cameron feel about the multi-host format of this podcast. (0:01:12) The new PWL Retirement Planning Tool, developed by Braden Warwick. (0:03:13) Joining OneDigital and other PWL changes from the past four months. (0:09:05) Behind the scenes: Making a Rational Reminder podcast episode. (0:12:38) Allocating time for research, preparation, creating content, and business. (0:17:27) How guests inform our approach to research and preparation. (0:19:29) The reasons why we’re not risk-averse but have no appetite for gambling. (0:24:26) Why investing has been largely solved, except for the human aspect. (0:30:13) The most “rational” investing practices under current market conditions. (0:34:25) How to approach a capital gains tax increase, and why banks do what they do. (0:38:03) The most costly mistakes when it comes to managing personal finances. (0:40:12) Why we don't offer advice-only planning for DIY investors. (0:44:07) Financial app tips and tricks and programs and technologies to be aware of. (0:48:23) The After Show: Alternate personalities, noise filtering, and testicular cancer. Links From Today’s Episode: Meet with PWL Capital — Rational Reminder on iTunes — . Rational Reminder Website — Rational Reminder on Instagram — Rational Reminder on X — Rational Reminder on TikTok — Rational Reminder on YouTube — Rational Reminder Email — Benjamin Felix — Benjamin on X — Benjamin on LinkedIn — Cameron Passmore — Cameron on X — Cameron on LinkedIn — Braden Warwick on LinkedIn — PWL Capital Retirement Planning Tool — OneDigital — Episode 341: PWL's Next Chapter — Episode 355: Do Index Funds Incur Adverse Selection Costs? — Episode 200: Prof. Eugene Fama — Episode 100: Prof. Kenneth French: Expect the Unexpected — Episode 93: Cliff Asness from AQR: The Impact of Stories, Behaviour and Risk — Episode 270: What Happened to All the Billionaires? with Victor Haghani and James White — Episode 11: Robb Engen: Simple vs. Complex — Episode 203: S*** (Misguided) Financial Advisors Say — The Money Scope Podcast — Financial Advisor Success Ep 433: When You 10X Your Advisory Firm to over $20M of Revenue…And Want to 10X Again, with Cameron Passmore — The Podcast Consultant — The Long View — Eli Beracha on LinkedIn — CIBC Mutual Funds — Microsoft Excel — Python — Monte Carlo — ChatGPT — Papers From Today’s Episode: ‘The Arithmetic of Active Management’ — ‘Lifetime Portfolio Selection under Uncertainty: The Continuous-Time Case’ —
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Episode 356 – Abby Davisson: How to Make Decisions About Money and Love
05/08/2025
Episode 356 – Abby Davisson: How to Make Decisions About Money and Love
How do we make the most important decisions in life with intention rather than impulse? In this episode, we are joined by Abby Davisson to unpack her practical framework for better decision-making. Abby is a Yale and Stanford alumnus, a former executive at Gap Inc., and the co-author of Money and Love. She is also the founder of the Money and Love Institute, which is dedicated to helping individuals and professionals navigate life’s most significant decisions. In today’s conversation, Abby unpacks her practical, research-backed “5Cs Framework” for decision-making and demonstrates how it can guide all the decisions couples need to make through life. We explore the idea of financial transparency, progressive pooling of finances, equitable division of housework, deciding when to outsource help, and navigating career pauses or transitions. Abby also shares how she applied the framework in her own life and offers an honest perspective for individuals navigating change. Join us to learn how to approach choices and the “life stuff” that doesn’t always show up in spreadsheets with Abby Davisson. Tune in now! Key Points From This Episode: (0:04:16) Myra Strober’s Work and Family course and how it led to writing Money and Love. (0:07:21) The drivers of poor decisions and the five Cs in Abby’s decision-making framework. (0:11:15) Discover the four big topics every couple should discuss and how to approach them. (0:15:09) Learn the fundamentals of how couples should handle and combine money. (0:17:49) Why division of housework is vital, how to approach it, and the role of gender norms. (0:21:49) Outsourcing tasks and the impacts of not taking the division of housework seriously. (0:24:27) How to decide where to live as a couple, and whether to rent or buy a house. (0:29:08) A real-life example of how to apply to 5C Framework for decision-making. (0:33:34) Navigating career ambitions, division of childcare, and stay-at-home parenting. (0:37:16) Hear how the 5C Framework helps deal with separation and family dynamics. (0:40:31) Ways the concept of retirement has changed and why families should discuss it. (0:44:12) Find out how involved adult children should be in their parents' retirement planning. (0:47:02) Advice for finding the right life partner and how to stress-test a relationship. (0:52:05) What to consider before getting married and having children, and why. (0:55:37) Abby’s biggest lessons from writing the book and her definition of success. Links From Today’s Episode: Meet with PWL Capital: Rational Reminder on iTunes — . Rational Reminder Website — Rational Reminder on Instagram — Rational Reminder on X — Rational Reminder on TikTok — Rational Reminder on YouTube — Rational Reminder Email — Benjamin Felix — Benjamin on X — Benjamin on LinkedIn — Cameron Passmore — Cameron on X — Cameron on LinkedIn — Abby Davisson — Abby Davisson — Money and Love Institute — Newsletter — Gap Inc. — on LinkedIn — Eve Rodsky — Carefull — Baba Shiv — Books From Today’s Episode: Money and Love —
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Episode 355 – Do Index Funds Incur Adverse Selection Costs?
05/01/2025
Episode 355 – Do Index Funds Incur Adverse Selection Costs?
Marco Sammon joins Ben and Dan to unpack his latest paper, ‘Index Rebalancing and Stock Market Composition’, beginning with how Marco’s work (co-written by John Shim) compares to the Nobel Prize-winner Bill Sharpe’s paper, ‘Arithmetic of Active Management.’ We investigate the missing links in Sharpe’s logic before defining “the market” and ascertaining the main objectives of index funds. Then, we dive deeper into the mechanics of Marco’s paper, index and market tracking errors, why delayed rebalancing is more beneficial than instant rebalancing, and the role of technology in the modern tracking error obsession. We also assess the passive-active spectrum of index funds in portfolio management and learn how investors should choose their optimal excess return. To end, Marco shares practical applications for improving performance benchmarked against traditional indexes, and The Aftershow is all about bridging the gap between PWL Capital and you, our listeners. Key Points From This Episode: (0:00:00) Key takeaways from Marco Sammon’s latest paper and how it compares to Bill Sharpe’s ‘Arithmetic of Active Management.’ (0:08:10) Marco describes what’s missing from the ‘Arithmetic of Active Management’ logic. (0:09:11) Defining ‘the market’, the main objective of an index fund, and how index funds track the market. (0:15:57) The mechanics of Marco’s paper, ‘Index Rebalancing and Stock Market Composition.’ (0:18:38) Factor exposure, index and market tracking errors, and how often index funds trade. (0:26:28) Rebalancing less frequently; why delayed does better than instant rebalancing. (0:31:59) The tech run-up and lazy rebalancing, and the modern tracking error obsession. (0:36:51) Assessing the passive-active spectrum of index funds in portfolio management. (0:41:02) Exploring how investors should decide on their optimal excess return. (0:45:14) How the rising index fund ownership of stocks impacts the implicit cost of indexing (0:46:58) Practical ways to improve performance benchmarked against traditional indexes. (0:52:30) The Aftershow: Canadian finances, more airtime for Cameron, and PWL – OneDigital. Links From Today’s Episode: Meet with PWL Capital — Rational Reminder on iTunes — . Rational Reminder Website — Rational Reminder on Instagram — Rational Reminder on X — Rational Reminder on TikTok — Rational Reminder on YouTube — Rational Reminder Email — Benjamin Felix — Benjamin on X — Benjamin on LinkedIn — Dan Bortolotti on LinkedIn — Episode 322: Prof. Marco Sammon: How are Passive Investors Affecting the Stock Market? — Episode 200: Prof. Eugene Fama — Episode 268: Itzhak Ben-David: ETFs, Investor Behavior, and Hedge Fund Fees — Episode 112: Michael Kitces: Retirement Research and the Business of Financial Advice — Marco Sammon — Marco Sammon on LinkedIn — Marco Sammon on X — Marco Sammon | Harvard Business School — Marco Sammon Email — John Shim on LinkedIn — Vanguard — Sheridan Titman on LinkedIn — Alex Chinko — Erik Stafford | Harvard Business School — Itzhak (Zahi) Ben-David on LinkedIn — Bill Ackman on X — ‘Millennium Loses $900 Million on Strategy Roiled by Market Chaos’ — Bogleheads — The Money Scope Podcast Episode 8: Canadian Investment Accounts — The Wealthy Barber Podcast — Financial Advisor Success Podcast — Financial Advisor Success Podcast Episode 433: When You 10X Your Advisory Firm To Over $20M Of Revenue…And Want To 10X Again, With Cameron Passmore — OneDigital — The Longview Podcast: Ben Felix Papers From Today’s Episode: ‘The Arithmetic of Active Management’ — ‘Index Rebalancing and Stock Market Composition: Do Index Funds Incur Adverse Selection Costs?’ — ‘Luck versus Skill in the Cross-Section of Mutual Fund Returns’ — ‘The Passive-Ownership Share Is Double What You Think It Is’ — ‘Long-Term Returns on the Original S&P 500 Companies’ — ‘The Price of Immediacy’ — ‘Competition for Attention in the ETF Space’ — ‘Passive in Name Only: Delegated Management and “Index” Investing’ — Jeremy Stein — “Unanchored” Strategy
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Episode 354 - Jason Pereira: Expert Financial Planning
04/24/2025
Episode 354 - Jason Pereira: Expert Financial Planning
Beyond the sales pitches, acronyms, and product talk, what does it mean to be a financial planner? In this episode of the Rational Reminder Podcast, we sit down with long-time industry leader and advocate Jason Pereira. Jason is a Canadian financial planner with over 20 years of experience, dual CFP certification (Canada and US), and a passion for professionalizing the field. In our conversation, Jason shares details about his client-centred investment philosophy, explains why fiduciary duty is foundational, and unpacks the complexities of index fund adoption in Canada. We also delve into the barriers to transparent, evidence-based advice, the true role of a financial planner, the impact of the Fintech revolution, and the pros and cons of mortality pooling. He also challenges common myths surrounding financial planning, shares best practices for vetting financial advisors, and explains why the industry is long overdue for a transformation. Join us for career insights, cautionary tales, and forward-looking ideas that challenge the conventional thinking of what financial planning is, with Jason Pereira! Key Points From This Episode: (0:05:13) Jason’s core investment philosophy and perspective on factor-based indexing. (0:07:15) Environmental, Social, and Governance (ESG) trends and client conversations. (0:12:36) What fiduciary duty means, why it matters, and why some institutions fight against it. (0:18:09) Unpack the complexities of why Canada is behind the US in index fund adoption. (0:20:52) Learn about the true role and common misconceptions of a financial planner. (0:24:30) Explore how technology and the rise of generative AI are changing financial planning. (0:31:55) How advisors can maintain strong personal relationships with clients in a digital world. (0:37:00) Find out what a high-quality financial plan looks like and what it covers. (0:39:44) His favourite financial planning-related argument to get into on the internet. (0:41:20) Uncover how mortality and annuities should influence financial planning. (0:48:06) Permanent life insurance explained: best use cases and when to avoid. (0:50:48) Jason shares his nerdiest and most broadly applicable financial planning advice. (0:53:29) He explains the best practices for estimating a client’s life expectancy. (0:56:48) A breakdown of financial planner designations and how to vet a financial planner. (1:03:59) Hear about his expert witness work and the costs of bad advice. (1:08:55) Discover why Jason chooses to fight against financial misinformation online. (1:11:18) The origins and vision of FPAC and Jason’s definition of success. Links From Today’s Episode: Meet with PWL Capital: Rational Reminder on iTunes — . Rational Reminder Website — Rational Reminder on Instagram — Rational Reminder on X — Rational Reminder on TikTok — Rational Reminder on YouTube — Rational Reminder Email — Benjamin Felix — Benjamin on X — Benjamin on LinkedIn — Cameron Passmore — Cameron on X — Cameron on LinkedIn — ` Jason Pereira — Jason Pereira on Facebook — Jason Pereira on X — Jason Pereira on LinkedIn — Jason Pereira on YouTube — The Fintech Impact Podcast — Conquest Planning — Replit — FP Canada — Financial Planning Association of Canada (FPAC) — Episode 188: Prof. Ayelet Fishbach — Episode 236: Harold Geller — Papers From Today’s Episode: ‘Current Practices for Risk Profiling in Canada and Review of Global Best Practices’ — ‘Financial Risk Tolerance: A Psychometric Review’ —
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Episode 353 – AMA #5
04/17/2025
Episode 353 – AMA #5
The 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 — Rational Reminder on iTunes — . Rational Reminder Website — Rational Reminder on Instagram — Rational Reminder on X — Rational Reminder on TikTok — Rational Reminder on YouTube — Rational Reminder Email — Benjamin Felix — Benjamin on X — Benjamin on LinkedIn — Dan Bortolotti on LinkedIn — Mark McGrath on LinkedIn — Mark McGrath on X — Episode 248: Prof. William Goetzmann: Learning from Financial Market History — Episode 100: Prof. Kenneth French: Expect the Unexpected — Episode 352: Jessica Moorhouse: Everything But Money — Episode 316: Andrew Chen: "Is everything I was taught about cross-sectional asset pricing wrong?!" — Episode 224: Prof. Scott Cederburg: Long-Horizon Losses in Stocks, Bonds, and Bills — Episode 284: Prof. Scott Cederburg: Challenging the Status Quo on Lifecycle Asset Allocation — Episode 350: Scott Cederburg: A Critical Assessment of Lifecycle Investment Advice — Episode 89: Wade Pfau: Safety-First: A Sensible Approach to Retirement Income Planning — Episode 289: Retiring Retirement Income Myths with the Retirement Income Dream Team — Episode 122: Prof. Moshe Milevsky: Solving the Retirement Equation — Episode 59: Alexandra Macqueen: Financial Economics and Annuities: Rational Planning for Retirement — Episode 283: When Volatility is Risk, and Introducing The Money Scope Podcast — Episode 351: DFA vs. Vanguard — Episode 254: David Blanchett: Regret Optimized Portfolios, and Optimal Retirement Income — Episode 152: Evaluating Systematic Equity Strategies — Episode 347: The Case for Index Funds — Episode 281: Lifecycle Asset Allocation, and Retiring Successfully with Justin King — Episode 315: An Update from Avantis with Eduardo Repetto — Alberta Pension Plan — Financial Planning Association of Canada — Hook — Antti Ilmanen | AQR — Books From Today’s Episode: The Great Depression: A Diary — Narrative Economics: How Stories Go Viral and Drive — Papers From Today’s Episode: ‘Negative Bubbles: What Happens after a Crash’ — ‘Beyond the Status Quo: A Critical Assessment of Lifecycle Investment Advice’ — ‘Financially Sound Households Use Financial Planners, Not Transactional Advisers’ — ‘Finding and Funding a Good Life’ —
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Episode 352 – Jessica Moorhouse: Everything But Money
04/10/2025
Episode 352 – Jessica Moorhouse: Everything But Money
What if the key to financial success isn’t just a better budget, but a better understanding of your relationship with money? In this episode of the Rational Reminder Podcast, Ben and Dan sit down with Jessica Moorhouse to delve into the ins and outs of personal finance. Jessica is a money expert, Accredited Financial Counsellor Canada®, speaker, and bestselling author of Everything but Money. She is also the host of the More Money Podcast, one of Canada’s leading personal finance shows. During today’s conversation, Jessica unpacks the difference between a financial planner and a counsellor and why empathy is the missing piece in personal finance. Find out how different emotions and early memories of money can influence our perspective on personal finance, hear why understanding your relationship with money is so important, and learn about common financial behaviours to avoid. Jessica also delves into the value of understanding past traumas, the power of intergenerational money experiences, and whether mental health or a financial foundation is more important. Tune in now! Key Points From This Episode: (0:02:50) Uncover the difference between a financial counsellor and a financial planner. (0:05:55) Her approach to working with clients and meeting their non-financial needs. (0:09:15) Find out what is missing in personal finance and why it is essential. (0:11:39) How shame impacts financial decision-making and common sources of shame. (0:14:50) Ways relative financial well-being and privilege shape our perspective of money. (0:19:46) Hear how to overcome financial shame and how it differs from feelings of guilt. (0:22:35) Rational versus irrational guilt and how fear affects financial decisions. (0:25:46) Learn about jealousy and envy as well as their impact on personal finance. (0:27:31) Early money memories and pragmatic money exercises to help frame your mindset. (0:36:54) Explore the power of understanding your money story for better financial decisions. (0:39:04) Unpack the common money habits to break and examples of toxic behaviours. (0:43:34) The interconnection between trauma and money and why it is important. (0:48:01) Jessica shares how learning about trauma informed her counselling approach. (0:53:05) Navigating mental health challenges and intergenerational money experiences. (0:58:11) Discover why spending money will not lead to long-term happiness. (1:02:33) Tips to begin rewriting your money story and Jessica's definition of success. Links From Today’s Episode: Meet with PWL Capital: Rational Reminder on iTunes — . Rational Reminder Website — Rational Reminder on Instagram — Rational Reminder on X — Rational Reminder on TikTok — Rational Reminder on YouTube — Rational Reminder Email — Benjamin Felix — Benjamin on X — Benjamin on LinkedIn — Dan Bortolotti on LinkedIn — Canadian Couch Potato — Jessica Moorhouse — Jessica Moorhouse on LinkedIn — Jessica Moorhouse on YouTube — Jessica Moorhouse on TikTok — Jessica Moorhouse on Facebook — Jessica Moorhouse on Instagram — More Money Podcast — Everything but Money —
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Episode 351 – DFA vs Vanguard
04/03/2025
Episode 351 – DFA vs Vanguard
Dimensional Fund Advisors (DFA) and Vanguard have intersecting histories rooted in the development of the first-ever index fund. Vanguard's market-cap weighted index funds have been nothing short of revolutionary and they became synonymous with sensible investing for many good reasons, but Dimensional took implementing the ideas from academic finance a few steps further, leading to their own deserved acclaim. In today’s episode, Ben and Dan analyze over 30 years of history between DFA and Vanguard, from their founding and relationship to their rise as global leaders in asset management. We discover how their approaches to foundational finance theory differ, whether diversification is mostly semantics, and how DFA and Vanguard compare to one another over 25 years of matched US-domiciled mutual funds. We also discuss which approach is easier to implement, essential insights for fund advisors, DFA’s downsides despite its long-term outperformance of the Vanguard 500, and an uplifting cancer update from Ben in today’s After Show. For practical investment takeaways, tune in today! Key Points From This Episode: (0:01:14) Unpacking DFA and Vanguard’s history and relationship. (0:03:10) Mac McQuown and the birth of index funds at Wells Fargo in 1964. (0:07:48) How DFA and Vanguard became global leaders in asset management. (0:10:43) Understanding DFA and Vanguard’s approach to foundational finance theory. (0:19:34) The semantics of diversification. (0:22:22) Comparing 25 years of matched Dimensional and Vanguard US mutual funds. (0:33:36) Which fund advisor’s approach is easier for others to implement and why. (0:39:30) How DFA has outperformed Vanguard in the long run (with downsides to consider). (0:43:09) Recapping today’s conversation: what every fund advisor needs to know. (0:46:41) The After Show: Ben’s cancer update, Dan as co-host, and listener reviews. Links From Today’s Episode: Meet with PWL Capital — Rational Reminder on iTunes — Rational Reminder Website — Rational Reminder on Instagram — Rational Reminder on X — Rational Reminder on TikTok — Rational Reminder on YouTube — Rational Reminder Email — Benjamin Felix — Benjamin on X — Benjamin on LinkedIn — Dan Bortolotti on LinkedIn — Canadian Couch Potato — Dimensional — Vanguard — ‘Remembering John “Mac” McQuown, Whose Curiosity Drove a Life of Innovation’ — ‘Episode 182: John “Mac” McQuown: The Data Will Sort That Out’ — Wells Fargo — ‘Episode 131: David Booth: The First Index Fund, Competing Fiercely, and Keeping it Simple’ — William F. Sharpe | Stanford University — ‘Episode 316 - Andrew Chen: "Is everything I was taught about cross-sectional asset pricing wrong?!"’ — Marco Salmon on LinkedIn — Books From Today’s Episode: The Incredible Shrinking Alpha — Papers From Today’s Episode: ‘The relationship between return and market value of common stocks’ — ‘Market Efficiency’ — ‘The Cross-Section of Expected Stock Returns’ — ‘A Five-Factor Asset Pricing Model’ — ‘The Performance of Mutual Funds in the Period 1945-1964’ — ‘The Death of Diversification Has Been Greatly Exaggerated’ —
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Episode 350: Scott Cederburg: A Critical Assessment of Lifecycle Investment Advice
03/27/2025
Episode 350: Scott Cederburg: A Critical Assessment of Lifecycle Investment Advice
Our conversations with Professor Scott Cederburg from Eller College of Management have led to the most heated debates among our listeners! Today, Prof. Cederburg returns to discuss the changes he’s made to his paper that was the foundation of previous conversations - ‘Beyond the Status Quo: A Critical Assessment of Lifecycle Investment Advice’. We begin with the data setup and headline findings of the paper before Prof. Cederburg defines “domestic” and “international” as they appear in his paper, why the block bootstrap approach is vital to his work, how and why the results of his paper differ from the status quo, and the evaluation metrics he uses to compare different investment strategies. Then, we explore his optimal base portfolio, the strategy he uses to derive it, how it performs in simulated worst-case scenarios, and how it changes when ditching the bootstrap approach or changing strategies from constant spending to proportional spending. To end, we learn of the importance of including the US in international stock portfolios, how it changes when the US is viewed as special above others, the correlation between labor income and domestic stock returns, and how the reviews of academics and practitioners have changed since the first iteration of the paper until this latest edition. Key Points From This Episode: (0:00:00) What to look forward to in today’s conversation with Prof. Scott Cederburg (0:04:49) The data setup and headline findings from his paper, ‘Beyond the Status Quo.’ (0:07:01) Defining “domestic” and “international” as they appear in Prof. Cederburg’s paper. (0:08:34) Why the bootstrap approach is necessary for his work. (0:12:17) How and why the results of his paper differ from the status quo. (0:15:11) Unpacking the evaluation metrics he uses to compare different investment strategies. (0:16:05) Exploring his optimal base case portfolio and strategy, and how it performs in worst-case simulations. (0:23:05) How the optimal allocation changes when households vary their portfolio weights. (0:27:13) What to consider when ditching the block bootstrap in time-varying optimal portfolios. (0:29:46) Constant spending versus proportional spending: How the optimal portfolio changes. (0:30:49) Examining the sequence of returns risk. (0:42:14) The importance of including the US market in international stock portfolios. (0:43:40) Why the US is treated the same as any other domestic country in the paper, and how the data changes if it’s viewed as special. (0:51:40) The extent of the relationship between labor income and domestic stock returns. (0:53:01) How leverage affects optimal portfolio results. (1:05:20) Assessing how sensitive the paper’s results are to risk aversion. (1:06:35) How academics and practitioners have responded to this paper across all iterations. Links From Today’s Episode: Meet with PWL Capital — Rational Reminder on iTunes — . Rational Reminder Website — Rational Reminder on Instagram — Rational Reminder on X — Rational Reminder on TikTok — Rational Reminder on YouTube — Rational Reminder Email — Benjamin Felix — Benjamin on X — Benjamin on LinkedIn — Cameron Passmore — Cameron on X — Cameron on LinkedIn — Mark McGrath on LinkedIn — Mark McGrath on X — Professor Scott Cederburg — Professor Scott Cederburg on LinkedIn — Professor Scott Cederburg on Google Scholar — Eller College of Management — Episode 224: Prof. Scott Cederburg: Long-Horizon Losses in Stocks, Bonds, and Bills — Episode 284: Prof. Scott Cederburg: Challenging the Status Quo on Lifecycle Asset Allocation — Vanguard — ‘The Portfolio Size Effect and Using a Bond Tent to Navigate the Retirement Danger Zone’ — Papers From Today’s Episode: ‘Beyond the Status Quo: A Critical Assessment of Lifecycle Investment Advice’ — ‘Is The United States a Lucky Survivor: A Hierarchical Bayesian Approach’ — ‘Risk-Free Interest Rates’ —
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Episode 349 – AMA #4
03/20/2025
Episode 349 – AMA #4
In this episode, Ben, Dan, and Mark tackle another Ask Me Anything (AMA) session, covering a wide range of investing and financial planning topics. They begin with a highly requested debate on factor investing versus market cap-weighted portfolios and unpack the theory, research, and practical considerations behind both strategies. Ben explains why he prefers factor tilts when managing client portfolios, while Dan shares his perspective on why a simple market cap-weighted approach is more practical and sustainable. Then, they delve into the drivers of investor behaviour, common mistakes investors make, and powerful strategies to help investors overcome biases and improve their decision-making abilities. They also discuss the role of bonds in a portfolio, whether international bonds offer additional benefits, key retirement planning strategies, and the impact of sequence-of-returns risk. Join the conversation to discover how large corporations manage cash reserves, unpack the SPIVA Canada 2024 report findings, and explore the continued struggles of active management. Tune in now! Key Points From This Episode: (0:01:06) Ben explains why market cap weighting is a valid strategy but prefers factor tilting. (0:06:58) Dan shares why he prefers market cap weighting approaches over factor tilting. (0:13:45) Hear how client expectations shape their investment approaches. (0:18:12) How to overcome the psychological challenges of investing and reframe your mindset. (0:22:02) The role of bonds and fixed income in a portfolio and sequence of withdrawal risk. (0:36:19) Recommendations for factor ETFs and the home biases associated with them. (0:39:48) Unpack the 4% rule for retirement planning and amortization-based withdrawals. (0:47:47) Expected returns for a “millennial” portfolio and why 10% annualized is unrealistic. (0:52:38) Find out if PWL would ever open a branch in the US and about their US partnerships. (0:53:20) Explore how corporate cash management differs from typical household investing. (0:55:59) Uncover the value of bonds and the common misconceptions surrounding them. (1:00:40) Learn about the pros and cons of investing in stocks and ETFs. (1:09:13) Aftershow: the SPIVA Canada 2024 report, activate management struggles, updates, and more. Links From Today’s Episode: Meet with PWL Capital: Rational Reminder on iTunes — . Rational Reminder Website — Rational Reminder on Instagram — Rational Reminder on X — Rational Reminder on TikTok — Rational Reminder on YouTube — Rational Reminder Email — Benjamin Felix — Benjamin on X — Benjamin on LinkedIn — Mark McGrath on LinkedIn — Mark McGrath on X — Dan Bortolotti — Dan Bortolotti on LinkedIn — Canadian Couch Potato Blog — Canadian Couch Potato Podcast — Dimensional (DFA) vs. Vanguard — Episode 93: Cliff Asness from AQR — Episode 135: William Bengen — Episode 297: Do Stocks Return 10-12% On Average? — Episode 340: Ben Mathew — Episode 343: How to Choose an Asset Allocation — Credit Suisse Data — SPIVA® Canada Year-End 2024 — The Wealthy Barber Podcast — Books From Today’s Episode: Wealthier —
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Episode 348 - Andrew Barclay (StatCan): Measuring Inflation
03/13/2025
Episode 348 - Andrew Barclay (StatCan): Measuring Inflation
Is the government manipulating inflation data? Why do so many people feel like their personal costs are rising faster than official inflation numbers suggest? In this episode of the Rational Reminder Podcast, we dive deep into one of the most debated and misunderstood economic topics: inflation. Today, we are joined by Andrew Barclay, an economist and senior analyst in the Consumer Price Division at Statistics Canada, to discuss everything you need to know about inflation and the Consumer Price Index (CPI). Statistics Canada is Canada’s national statistical agency dedicated to producing accurate, relevant, and timely data to help Canadians better understand their country. In our conversation, we unpack how inflation and the CPI are calculated and why it is so important. We explore the controversy around CPI calculations and the influence of inflation on government benefits, tax brackets, and the overall economy. Andrew also addresses scepticism and conspiracy theories about government inflation reporting, uncovers drivers of the perception gap, and explains how Statistics Canada ensures the accuracy and integrity of its data. Join us to hear the real story behind CPI and inflation with Andrew Barclay! Key Points From This Episode: (0:00:00) Background about Andrew and what inspired today's topic. (0:05:33) Find out why measuring inflation is important and how the CPI is calculated. (0:10:08) What goes into the CPI basket and how frequently the contents are updated. (0:12:42) How consumer choices impact inflation and how 'shrinkflation' is accounted for. (0:15:43) Learn how quality adjustments are accounted for in the CPI and why they matter. (0:19:01) Scepticism surrounding quality adjustments and how the CPI adapts to crises. (0:25:21) The role of grocery price tracking and why Canada uses a single CPI measure. (0:28:08) Explore the idea of personal inflation and why it is usually different to the CPI. (0:31:10) The difference between home prices and housing costs and how they are calculated. (0:35:41) Hear how Statistics Canada's approach for housing compares to other methodologies. (0:41:15) Perceived inflation versus actual inflation and drivers of the inflation perception gap. (0:51:58) Statistics Canada's method of dealing with the perception gap and ensuring quality. (0:55:51) Uncover the most criticized indexes and how Statistics Canada includes feedback. (1:01:52) Andrew's message for those who do not trust the CPI and his definition of success. Links From Today’s Episode: Meet with PWL Capital: Rational Reminder on iTunes — . Rational Reminder Website — Rational Reminder on Instagram — Rational Reminder on X — Rational Reminder on TikTok — Rational Reminder on YouTube — Rational Reminder Email — Benjamin Felix — Benjamin on X — Benjamin on LinkedIn — Mark McGrath on LinkedIn — Mark McGrath on X — Andrew Barclay on LinkedIn — Statistics Canada — Canadian System of National Accounts | 'Catalogue of products' — Bank of Canada — Canadian Real Estate Association (CREA) — Episode 323: Renting Versus Buying a Home in Canada 2005-2024 — Surveys of Consumers | University of Michigan — Statistics Canada | The Daily — Books From Today’s Episode: The Courage to Be Disliked — Papers From Today’s Episode: 'The naked eye versus the CPI: How does our perception of inflation stack up against the data?' —
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Episode 347 - The Case for Index Funds
03/06/2025
Episode 347 - The Case for Index Funds
Are index funds the best investment strategy for most investors? In this episode of Rational Reminder, Benjamin Felix, Dan Bortolotti, and Mark McGrath explore why low-cost index funds should be the primary investment strategy for most people. They explain how index funds evolved from a niche concept to a widely accepted strategy and outline their six key benefits. Learn about the fees associated with index funds, why index funds outperform most actively managed funds, and how to avoid the risks of picking individual stocks. They also explore academic research on long-term mutual fund performance, the persistence (or lack thereof) in active management, and the dangers of alternative indexing schemes. Discover how behaviour impacts investment decisions and why a globally diversified portfolio is crucial. Finally, in the aftershow, Ben shares an update regarding his health and listener feedback from the Rational Reminder community. Join the conversation and uncover why index funds are the best investment strategy and how to leverage them effectively to maximize your portfolio for long-term gains. Tune in now! Key Points From This Episode: (0:01:58) Outline of today's topic and why index funds should be everyone's main investment strategy. (0:05:10) Index fund fundamentals, market cap weighting, and why not all ETFs are index funds. (0:10:03) Learn about the transition of index funds into mainstream finance and their low-fee advantages. (0:13:30) Linking fees to index performance and why lower fees gives them an advantage over managed funds. (0:19:50) The general awareness about index funds and what impact the lack of diversification has on actively managed funds. (0:26:35) Explore critical research comparing the returns on investment between index funds and actively managed funds. (0:33:32) Unpack why the size of the active management industry matters and common misconceptions surrounding the long-term returns of mutual funds. (0:42:26) Discover why some fund managers do well and how sector-specific performance influences stock returns. (0:48:28) Unpack why average returns are better than beating the market and what makes index funds tax efficient. (0:51:08) Find out what makes index funds easy to use and how this results in higher returns in the long term. (0:55:25) How index funds are consistent with foundational finance theory and why thematic ETFs and sector-specific index funds should be avoided. (1:05:40) The aftershow: Ben shares a personal health update, Rational Reminder news, and a request for listener AMA questions. Links From Today’s Episode: Meet with PWL Capital: Rational Reminder on iTunes — . Rational Reminder Website — Rational Reminder on Instagram — Rational Reminder on X — Rational Reminder on TikTok — Rational Reminder on YouTube — Rational Reminder Email — Benjamin Felix — Benjamin on X — Benjamin on LinkedIn — Mark McGrath on LinkedIn — Mark McGrath on X — Dan Bortolotti — Dan Bortolotti on LinkedIn — Canadian Couch Potato Blog — Canadian Couch Potato Podcast — Episode 54: Dr. David Blitzer — Episode 124: Prof. Lubos Pastor — Episode 133: Adriana Robertson — Episode 220: Jonathan Berk and Jules van Binsbergen — Episode 244: Charles D. Ellis — Episode 268: Itzhak Ben-David — Episode 302: Michael Green — Episode 346: Hendrik Bessembinder — Coffeezilla — Coffeezilla: Investing for Idiots — YCharts — Papers From Today’s Episode: 'The Arithmetic of Active Management' — 'Sharpening Sharpe’s Arithmetic' — 'Mutual Fund Flows and Performance in Rational Markets' — 'Why Indexing Works' — 'Long-Term Shareholder Returns: Evidence from 64,000 Global Stocks' — 'The Performance of Mutual Funds in the Period 1945-1964' — 'On Persistence in Mutual Fund Performance' — 'Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk' — 'Passive in name only: Delegated management and index investing' —
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Episode 346 - Hendrik Bessembinder: Why It's So Hard to Beat the Market
02/27/2025
Episode 346 - Hendrik Bessembinder: Why It's So Hard to Beat the Market
Did you know that just a handful of stocks drive nearly all of the stock market’s long-term gains? In this episode, we sit down with Hendrik Bessembinder to discuss his groundbreaking research on why most stocks fail to outperform Treasury bills and how a small fraction of stocks generate the most long-term market returns. Hendrik is a Professor in the Department of Finance at Arizona State University whose research focuses on market design, trading, and long-term investment performance across stock, foreign exchange, fixed income, futures, and energy markets. In addition to his academic contributions, Professor Bessembinder has over 25 years of consulting experience, advising major firms, financial markets, and government agencies. In our conversation, we delve into the findings of his research and find out how a small fraction of stocks generate the majority of long-term returns. We explore why traditional investment strategies often overlook the impact of skewness, the impacts of broad diversification and passive investing, and why active fund managers struggle to beat the market. Discover why chasing past returns can lead to costly mistakes, his latest research on 'sustainable returns', what type of industries have the highest stock returns, common investing mistakes, and more. Join us to uncover the surprising realities of stock market returns and how you can build a portfolio that stands the test of time with Professor Hendrik Bessembinder. Key Points From This Episode: (0:03:54) Explore Hendrik’s research on long-term stock returns and how most returns come from a small group of stocks. (0:08:30) Learn how company size interacts with the skewness in stock returns and what it means for individual investors. (0:11:39) Considering fundamentals in stock returns and the implications of skewness for measuring portfolio performance. (0:15:42) Unpack how he used bootstrap simulations in his paper and the performance of stock returns versus Treasury bills. (0:19:01) Find out the proportion of US firms responsible for dollar wealth creation and why diversification is essential for long-term stock returns. (0:25:23) Navigating volatility in the market and why it is difficult to identify skilled managers in time to leverage the market. (0:28:00) Compare the performance of US stocks versus global stocks and what is driving their performance. (0:32:04) What the findings of his research means for financial planners and individual investors. (0:35:35) Uncover which US firms generated the highest returns and what type of industries these companies are in. (0:42:07) Hear about the long-term performance of US mutual funds and how investor behaviour contributes to it. (0:49:54) How passive investing and index funds have reduced the contributions of actively managed mutual funds and the lessons for investors. (0:55:48) Discover Professor Bessembinder's broader research interests and his definition of success. Links From Today’s Episode: Meet with PWL Capital: Rational Reminder on iTunes — . Rational Reminder Website — Rational Reminder on Instagram — Rational Reminder on X — Rational Reminder on TikTok — Rational Reminder on YouTube — Rational Reminder Email — Benjamin Felix — Benjamin on X — Benjamin on LinkedIn — Mark McGrath on LinkedIn — Mark McGrath on X — Professor Hendrik Bessembinder — Arizona State University — KRIS — Professor Hendrik Bessembinder papers on SSRN — SPIVA — Episode 322: Professor Marco Sammon — Episode 124: Professor Lubos Pastor — Papers From Today’s Episode: 'Do Stocks Outperform Treasury Bills?' — 'Extending Portfolio Theory to Compound Returns' — 'Luck versus Skill in the Cross-Section of Mutual Fund Returns' — 'Measuring Skill in the Mutual Fund Industry' — 'Long-Term Shareholder Returns: Evidence from 64,000 Global Stocks' — 'Which U.S. Stocks Generated the Highest Long-Term Returns?' — 'How Should Investors’ Long-Term Returns Be Measured?' —
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Episode 345 - AMA #3
02/20/2025
Episode 345 - AMA #3
As we continue to answer your questions from our most recent AMA, Ben, Mark, and Dan begin today’s episode with Bitcoin and how its value as an investment has changed over the years. Then, after briefly explaining how to find short clips of this podcast online, we discuss why many companies choose not to list directly on the TXS, how to implement factor investing without factor EFTS, the best way to invest if you could only make one EFT investment in your lifetime, and, and understanding buffered EFTs and market-linked GICs. We also cover expected returns in a corrupt market, return stacking for individuals, academia versus real-world applications, and why stock valuations will never be the same as they were in the past. To end, we look at lump sum investing versus dollar-cost averaging, what to remember regarding asset allocation, how we rebalance portfolios here at PWL Capital, and we wish Ben well as he awaits his diagnosis. Key Points From This Episode: (0:03:30) Unpacking the value of Bitcoin as an investment; past, present, and future. (0:09:58) Why we don’t use YouTube Shorts anymore and how to find our bite-sized clips. (0:10:29) Understanding why many companies refrain from directly listing on the TXS. (0:11:29) An interlude on how we take care of our bodies. (0:14:22) Implementing factor investing without factor ETFs, and Manulife’s multifactor ETFs. (0:19:21) What we would do if we could only invest in one ETF until retirement. (0:22:23) Buffered EFTs and market-linked GICs. (0:26:15) Market efficiency and expected returns in a low transparency/high corruption market. (0:29:50) Whether return stacking is a good idea for individuals, and unpacking leverage. (0:40:44) Balancing proven business philosophies with academic thinking. (0:47:39) The Shiller PE Ratio; why stock valuations are permanently higher than in the past. (0:54:58) Lump sum investing versus dollar-cost averaging. (1:00:09) Asset allocation and how to know which assets to sell first. (1:04:57) How PWL Capital rebalances client portfolios – an operational perspective. (1:10:42) The after show: Testicular cancer and heartwarming reviews. Links From Today’s Episode: Meet with PWL Capital — Rational Reminder on iTunes — . Rational Reminder Website — Rational Reminder on Instagram — Rational Reminder on X — Rational Reminder on TikTok — Rational Reminder on YouTube — Rational Reminder Email — Benjamin Felix — Benjamin on X — Benjamin on LinkedIn — Cameron Passmore — Cameron on X — Cameron on LinkedIn — Mark McGrath on LinkedIn — Mark McGrath on X — Dan Bortolotti on LinkedIn — ‘Episode 80: A Planning Checklist, Portfolio Concentration, and Leverage’ — ‘Episode 343: How to Choose an Asset Allocation’ — ‘Episode 234: Prof. Robert C. Merton: ICAPM, Retirement, and Models in Finance’ — ‘Episode 335: What About Warren Buffett?’ — ‘Episode 202: Antti Ilmanen: The Building Blocks of Long-Run Returns’ — ‘Episode 262: Prof. Francisco Gomes: Consumption and Portfolio Choice over the Life Cycle’ — ‘Dan Bortolotti: Index Investing, ETFs and Financial Planning’ — Manulife Investment Management — Dimensional Fund Advisors — Scott Cederburg on LinkedIn — Corey Hoffstein on LinkedIn — We Study Billionaires — Hendrik Bessembinder | ASU Search — Shiller PE Ratio — ‘What if You Only Invested at Market Peaks?’ — Books From Today’s Episode: The Only Guide You'll Ever Need for the Right Financial Plan — Papers From Today’s Episode: ‘Beyond the Status Quo: A Critical Assessment of Lifecycle Investment Advice’ — ‘Why Not 100% Equities’ — ‘A Conversation with Benjamin Graham’ — ‘Forecasting Stock Returns: What signals matter, and what do they say now?’ — ‘Dollar Cost Averaging vs. Lump Sum Investing’ —
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Episode 344 - Michael Mauboussin: The One Job of an Equity Investor
02/13/2025
Episode 344 - Michael Mauboussin: The One Job of an Equity Investor
What if the key to successful investing is about understanding how market expectations, intangible assets, and even your own biases shape the outcome? In this episode, Cameron sits down with Michael Mauboussin, a renowned expert in investment strategies and behavioural finance, to explore how the evolving dynamics of investing influence valuation, investor decision-making, and market efficiency. Michael is the head of Consilient Research at Counterpoint Global, part of Morgan Stanley Investment Management, and an adjunct professor at Columbia Business School, where he teaches courses on investing and decision-making. His work focuses on behavioural biases, skill versus luck, complex adaptive systems, and valuation. In our conversation, we discuss the core principles of equity investing, unpack the evolution of intangible assets, and explore how market dynamics are influenced by index funds. You’ll learn about capital allocation strategies, the shifting landscape of private equity, accounting challenges with intangibles, and how traditional investment frameworks are being redefined. Michael also provides insight into the "free dividend" fallacy, the importance of understanding the basic unit of analysis, the paradox of skill in active management, and more. Join us to learn about market and investing fundamentals to improve your strategy with Michael Mauboussin. Tune in now! Key Points From This Episode: (0:03:08) What the primary job of an equity investor is and the origin of stock returns. (0:05:37) Why dividends are less critical to total shareholder return unless fully reinvested. (0:08:43) Dissect the behaviour of investors in dividend stocks and the "free dividend fallacy." (0:10:01) Value versus growth classifications and how intangible assets impact valuations. (0:16:39) Learn about the potential advantages for companies investing in intangible assets. (0:20:20) How to determine a company's position in the competitive advantage life cycle. (0:24:42) The phase that offers the highest returns and what to consider about newer industries. (0:26:18) Explore the tradeoffs of intangible-intensive companies and the impact on base rates. (0:29:22) Pitfalls of valuation multiples and the implications for systematic value investors. (0:32:25) Relevance of market metrics and how index funds have affected alpha opportunities. (0:38:14) Effects of rising indexed assets and what to consider about market concentration. (0:45:01) Discover the historical link between market concentration and future returns. (0:46:31) How active managers benefit markets and misconceptions about skilled managers. (0:48:46) The value of active managers and advice for structuring investment portfolios. (0:52:44) Unpack the shift from public to private equities and why it happened. (0:55:40) Insights into the benefits of private over public equities for investors. (0:58:00) Ways intangible assets influenced the rise of private equity. (0:59:27) What the market says about future returns and using public equity for diversification. Links From Today’s Episode: Meet with PWL Capital: Rational Reminder on iTunes — . Rational Reminder Website — Rational Reminder on Instagram — Rational Reminder on X — Rational Reminder on TikTok — Rational Reminder on YouTube — Rational Reminder Email — Benjamin Felix — Benjamin on X — Benjamin on LinkedIn — Cameron Passmore — Cameron on X — Cameron on LinkedIn — Michael Mauboussin — Michael Mauboussin on LinkedIn — Michael Mauboussin on X — Columbia Business School — Morgan Stanley | Counterpoint Global — The Heilbrunn Center for Graham and Dodd Investing — Episode 332: Randolph Cohen and Michael Green — Books From Today’s Episode: The Success Equation — More Than You Know — Expectations Investing — Think Twice — Creating Shareholder Value — Capitalism Without Capital — The New Goliaths — Security Analysis — — Papers From Today’s Episode: 'The Dividend Disconnect' — 'Trading Stages in the Company Life Cycle' —
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Episode 343 - How to Choose an Asset Allocation
02/06/2025
Episode 343 - How to Choose an Asset Allocation
Choosing an asset allocation is a crucial investment decision, as it determines expected returns and risk exposure. During this episode, we uncover what this means, exploring topics such as why risk may not always be the best assessment method. We unpack the three factors that John Grable’s risk profiling framework considers: behavioural loss tolerance, the ability to take risk (which assesses the financial capacity to withstand losses without affecting lifestyle), and the need to take risk. Many investors sabotage their returns by selling after losses and buying after gains, and we discuss the reasons behind this. We also explore why stocks tend to become less risky over long horizons, while bonds can be vulnerable to inflation and interest rate changes, before explaining why investors should focus on compensated risks. In the aftershow, we address listener comments on absolute returns, XEQT, why we have made certain sponsorship decisions, and more. To gain a deeper understanding of risk and avoid common pitfalls that can undermine your returns, tune in today! Key Points From This Episode: (0:05:10) The critical importance of choosing an asset allocation and understanding risk. (0:08:35) How behavioural loss tolerance impacts asset allocation. (0:18:42) Psychological theory on risk tolerance and willingness to engage in financial behavior. (0:30:48) Assessing your need to take risks. (0:39:24) Why market volatility is not where the true risks lie. (0:47:42) Private credit, other portfolio alternatives, and GICs. (0:53:03) The aftershow: demystifying the AMA controversy. (1:00:20) Absolute returns, XEQT, and sponsorship on the Rational Reminder. (1:12:05) An update on Ben’s health and what he has learned from this experience. Links From Today’s Episode: Meet with PWL Capital: Rational Reminder on iTunes — . Rational Reminder Website — Rational Reminder on Instagram — Rational Reminder on X — Rational Reminder on TikTok — Rational Reminder on YouTube — Rational Reminder Email — Benjamin Felix — Benjamin on X — Benjamin on LinkedIn — Cameron Passmore — Cameron on X — Cameron on LinkedIn — Mark McGrath on LinkedIn — Mark McGrath on X — Dan Bortolotti — Dan Bortolotti on LinkedIn — Canadian Couch Potato Blog — Canadian Couch Potato Podcast — Papers From Today’s Episode: 'The Grable and Lytton risk-tolerance scale: a 15-year retrospective’ —
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Episode 342 - Matthew Ringgenberg: When Do Anomaly Returns Happen?
01/30/2025
Episode 342 - Matthew Ringgenberg: When Do Anomaly Returns Happen?
Today we are joined by the Professor of Finance at the University of Utah, Matt Ringgenberg to discuss everything related to anomaly returns. Matt’s research – mainly centred on the actions of short sellers – has been published in all the major journals including the Journal of Finance, the Journal of Financial Economics, and the Review of Financial Studies. We begin with the definition of an asset pricing anomaly before learning about the anomalies that Matt’s research is primarily focused on. Then, we unpack anomaly returns and how they relate to anomaly signal information, what causes anomalies, the risk versus mispricing debate, and the barriers to accessing financial data that allow anomalies to persist. We also weigh Matt’s research against its anomaly-denying counterparts, assess anomaly behaviour before and after publicly available signal information, explore models that help to predict future anomalies, and learn more about the economic mechanism underlying asset pricing anomalies. To end, we dive into Matt’s paper, ‘The Loan Fee Anomaly’ and explore the relationship between cross-sectional predictors and market returns, and Matt explains why long-term happiness is the only true marker of success. Key Points From This Episode: (0:05:07) Matt Ringgenberg defines an asset pricing anomaly and describes the anomalies his research is focused on. (0:06:27) When anomaly returns appear relative to the release of anomaly signal information. (0:07:57) How the annual forming of portfolios in June affects anomaly returns. (0:08:50) The cause of anomalies, and the risk versus mispricing debate on anomaly returns. (0:10:35) Unpacking the barriers to accessing financial data that allow anomalies to persist. (0:13:41) How Matt’s rebalancing approach could affect anomaly-denying research. (0:14:37) Applying his work to valuation-based anomalies and to investors capturing anomaly returns in live-traded portfolios. (0:16:04) How anomalies behave before anomaly signal information is publicly available. (0:17:48) Exploring the models that can be used to predict future anomaly signals. (0:19:05) How anomaly premiums traded on predicted signals compare to trades on actual information release dates. (0:19:37) Understanding the economic mechanism underlying asset pricing anomalies. (0:24:38) Dissecting one of Matt’s short-selling papers, ‘The Loan Fee Anomaly’. (0:32:51) The relationship between cross-sectional predictors and market returns. (0:39:11) What Matt hopes to pass on to his students in his Introduction to Investments course. (0:40:48) How Matthew Ringgenberg defines success. Links From Today’s Episode: Meet with PWL Capital: Rational Reminder on iTunes — . Rational Reminder Website — Rational Reminder on Instagram — Rational Reminder on X — Rational Reminder on TikTok — Rational Reminder on YouTube — Rational Reminder Email — Benjamin Felix — Benjamin on X — Benjamin on LinkedIn — Cameron Passmore — Cameron on X — Cameron on LinkedIn — Mark McGrath on LinkedIn — Mark McGrath on X — Matthew Ringgenberg on Google Scholar — Matthew Ringgenberg on LinkedIn — Matthew Ringgenberg on X — University of Utah — Davidson Heath on LinkedIn — Management Science — Journal of Financial and Quantitative Analysis — Morningstar Direct — YCharts — Andre Chen — David Booth | Dimensional Fund Advisors — Papers From Today’s Episode: ‘A Conversation with Benjamin Graham’ — ‘The Loan Fee Anomaly: A Short Seller's Best Ideas’ — ‘Do Cross-Sectional Predictors Contain Systematic Information?’ —
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