The Rational Reminder Podcast

The Rational Reminder Podcast

Benjamin Felix, Cameron Passmore, Mark McGrath, and Dan Bortolotti

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, and Mark McGrath, Associate Portfolio Manager at PWL Capital.

Episode 345 - AMA #3

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 buffere

Feb 20, • 1:14:09

Episode 344 - Michael Mauboussin: The One Job of an Equity Investor

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

Feb 13, • 1:04:31

Episode 343 - How to Choose an Asset Allocation

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. Man

Feb 6, • 1:16:20

Episode 342 - Matthew Ringgenberg: When Do Anomaly Returns Happen?

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.

Jan 30, • 41:55

Episode 341 - PWL’s Next Chapter

Episode 341 - PWL’s Next Chapter

PWL Capital is undergoing an exciting change that will help the company bring a greater positive impact to the Canadian Wealth Management space and serve more clients effectively. In this episode, Ben Felix and Cameron Passmore welcome Mike Sullivan, co-founder of OneDigital, to share the inside story behind PWL Capital's recent decision to join forces with OneDigital. With nearly 25 years of experience in growth through acquisitions, Mike explains how their unique culture and strategic vision l

Jan 23, • 1:03:03

Episode 340 - Ben Mathew: The Lifecycle Model vs. Safe Withdrawal Rates (SWR)

Episode 340 - Ben Mathew: The Lifecycle Model vs. Safe Withdrawal Rates (SWR)

What drives the best financial planning decisions? In this episode, Ben Felix and Mark McGrath sit down with Ben Mathew, a PhD in economics from the University of Chicago and author of Economics: The Remarkable Story of How the Economy Works. The discussion explores the lifecycle model of economics, a powerful yet underutilized framework for financial planning, and contrasts it with traditional approaches like safe withdrawal rates (SWR). Ben Mathew shares insights into the lifecycle model, its

Jan 16, • 1:22:51

Episode 339 - 2024 Year-End AMA Pt 2

Episode 339 - 2024 Year-End AMA Pt 2

In our second episode of 2025, Ben, Mark, and Dan continue to work through the listener questions we received in our 2024 AMA. We begin with home country biases and how to continue to grow your money from an already diversified portfolio before comparing the benefits of stock trading strategies and EFT portfolio strategies. Then, we discuss the impact of volatile blockchains on the wider securities market, whether you need to adjust your investment strategy when new tariffs are imposed, the ins

Jan 9, • 1:24:38

Episode 338 - Peter Mladina: Factor Betas and ICAPM in Practice

Episode 338 - Peter Mladina: Factor Betas and ICAPM in Practice

In today’s episode, we unpack how rigorous research translates into actionable strategies for wealth management. Ben and Mark are joined by Peter Mladina, Executive Director of Portfolio Research at Northern Trust Wealth Management and professor at UCLA. With an impressive body of published work and practical innovations like his goals-based asset allocation software, Peter offers a unique perspective on bridging the gap between theory and practice. The conversation delves into foundational topi

Jan 2, • 1:08:47

Episode 337 - 2024 Year-End AMA

Episode 337 - 2024 Year-End AMA

As the year draws to a close, the Rational Reminder Podcast team delivers an engaging year-end special with a unique twist. Rather than curating clips from previous episodes, Ben Felix, Dan Bortolotti, and Mark McGrath dive into an AMA-style episode, answering listener-submitted questions. They share reflections on lessons learned, highlight impactful community discussions, and provide thoughtful takes on investing strategies, personal growth, and financial planning. They discuss their evolving

Dec 26, 2024 • 1:33:41

Episode 336 - Steve Utkus: Investor Beliefs and Financial Advice

Episode 336 - Steve Utkus: Investor Beliefs and Financial Advice

What shapes investor beliefs and behaviours? Steve Utkus, a leading expert in investor behaviour and former Global Head of Investor and Retirement Research at Vanguard, brings decades of groundbreaking insights to this episode. Drawing on exclusive access to Vanguard’s anonymized client data and investor surveys, Steve uncovers the intricate links between what people believe and how they invest. In the first half, he reveals surprising findings from his research into investor beliefs and portfol

Dec 19, 2024 • 1:22:01

Episode 335 - "What About Warren Buffett?"

Episode 335 - "What About Warren Buffett?"

What makes Warren Buffett’s investment legacy so iconic, and how has his advice shaped the world of investing? In this episode, we delve into Warren Buffet's investment philosophy and the lessons he offers everyday investors. In our conversation, we unpack the impact of his investment strategies on the financial world, debunk common misconceptions, and discuss how his strategies have changed over time. We also examine the structural barriers to replicating his success, the complexities of scale

Dec 12, 2024 • 1:08:01

Episode 334 - Magnus Reitan: Managing (Significant) Family Wealth

Episode 334 - Magnus Reitan: Managing (Significant) Family Wealth

How do you balance family values, evidence-based investing, and building long-term wealth? In this episode, we are joined by Magnus Reitan, CEO of Reitan Kapital, to discuss his evidence-based approach to wealth management. Reitan Kapital is a leading investment firm specializing in index fund strategies and innovative portfolio optimization techniques. Under his leadership, the firm has become a key player in the investment industry, known for its analytical approach and commitment to sustainab

Dec 5, 2024 • 30:26

Episode 333 - The Presidential Puzzle: Trump's Win and Expected Stock Returns

Episode 333 - The Presidential Puzzle: Trump's Win and Expected Stock Returns

What does Trump’s re-election mean for the markets? In this episode, Ben and Mark explore The Presidential Puzzle, a phenomenon revealing that equity risk premiums have historically been higher under Democratic presidencies than Republican ones. With Trump returning to office as the 47th U.S. president, they examine how voter risk aversion shapes political outcomes and market expectations, offering surprising insights into this intriguing connection between politics and investing. They also delv

Nov 28, 2024 • 43:44

Episode 332 - Randolph Cohen & Michael Green: How Concerned Should We Be About Index Funds?

Episode 332 - Randolph Cohen & Michael Green: How Concerned Should We Be About Index Funds?

Are index funds a silent disruptor? Or are the concerns overblown? In this grab-your-popcorn episode, Michael Green returns to the show after his previous appearance elicited a wave of compelling feedback from listeners. These included very smart individuals in academia and practice who were interested in hearing a counter perspective. Joining Michael today for a lively debate is Randolph Cohen, Senior Lecturer of Entrepreneurial Management in the Finance Unit at Harvard Business School. In our

Nov 21, 2024 • 1:57:56

Episode 331 - Cameron in Norway: The Indexing Revolution, and Key Lessons from Past Guests

Episode 331 - Cameron in Norway: The Indexing Revolution, and Key Lessons from Past Guests

In today's episode, Cameron sits down with Mark McGrath to talk about his trip to Trondheim, Norway, the event he attended there, and his presentation in which he shared top lessons from prestigious Rational Reminder Podcast guests. Tuning in, you'll hear Cameron's top takeaways from conversations with Nobel laureate Eugene Fama and his collaborator Kenneth French, as well as Robert Merton, Antti Ilmanen, Professor Ludovic Phalippou, and more. We also delve into the changing industry trends rega

Nov 14, 2024 • 1:00:49

Episode 330 - Davidson Heath: How Are Index Funds Affecting Financial Markets and Corporate Governance?

Episode 330 - Davidson Heath: How Are Index Funds Affecting Financial Markets and Corporate Governance?

What happens when index investing dominates the market? In this episode, we’re joined by Davidson Heath, Assistant Professor of Finance at the University of Utah David Eccles School of Business, to explore this question and its surprising answers. Davidson’s research dives into the unintended impacts of passive investing, examining how it influences price stability, corporate governance, and even the way we define shareholder responsibility. He unpacks how index funds, while supporting price eff

Nov 7, 2024 • 44:20

Episode 329 - Optimal Education Savings, Withdrawals, and Asset Allocation

Episode 329 - Optimal Education Savings, Withdrawals, and Asset Allocation

Unlocking the power of education savings is often a complex task, but with the right strategies, a Registered Education Savings Plan (RESP) can be a game-changer for Canadian families planning their children's future. In this episode, Ben Felix, Dan Bortolotti, and Mark McGrath take a deep dive into the mechanics of the RESP, covering everything from optimal contributions and grant maximization to tax-efficient withdrawals and asset allocation. They discuss critical factors like the Canada Learn

Oct 31, 2024 • 1:21:51

Episode 328 - Prof. Stephen R. Foerster: Pursuing the Perfect Portfolio

Episode 328 - Prof. Stephen R. Foerster: Pursuing the Perfect Portfolio

Have you ever wondered how the world's top financial thinkers shaped the way we invest today? In this episode, Ben and Cameron sit down with Professor Stephen Foerster from the Ivey Business School to explore the evolution of modern investing. As a distinguished financial expert and co-author of In Pursuit of the Perfect Portfolio, Professor Foerster dives into the groundbreaking work of financial pioneers like Harry Markowitz, Bill Sharpe, Gene Fama, and others, unpacking their remarkable contr

Oct 24, 2024 • 1:09:56

Episode 327 - Building Better Portfolios with Don Calcagni

Episode 327 - Building Better Portfolios with Don Calcagni

What does it take to manage a $60 billion wealth management firm while keeping investment strategies grounded in scientific thinking? In this episode, we’re joined by Don Calcagni, Chief Investment Officer at Mercer Advisors. Don chairs the firm’s investment committee and provides guidance on mergers and acquisitions, investment integration, and long-term strategic planning. His expertise spans fiduciary oversight, portfolio management, private equity, and financial mathematics. In our conversat

Oct 17, 2024 • 58:41

Episode 326 - Dr. Sunil Wahal: Applying Financial Science

Episode 326 - Dr. Sunil Wahal: Applying Financial Science

What are the critical factors driving investment success? How can investors balance profitability and risk? In this episode, we sit down with Dr. Sunil Wahal, the Jack D. Furst Professor of Finance and Director of the Center for Responsible Investing at the W.P Carey School of Business at Arizona State University, to delve into the intricacies of financial science. With over 25 years of academic and practical experience, Dr. Wahal shares his unique perspective on factor investing, profitability

Oct 10, 2024 • 1:16:36

Episode 325: Addressing 200+ Comments on Renting vs. Owning a Home

Episode 325: Addressing 200+ Comments on Renting vs. Owning a Home

There are many different considerations behind housing when you are in the position to choose between renting or buying. During this episode, hosted by Ben Felix and Dan Bortolotti, we address user questions and comments on homeownership, rentals, and the factors that may lead to choosing one over the other. We discuss what makes homeownership more attractive as your financial situation evolves, consider whether or not landlords are making money on their properties in 2024, and explore the expla

Oct 3, 2024 • 43:11

Dr. Bryan Taylor: Lessons from Market History (1600-2024)

Dr. Bryan Taylor: Lessons from Market History (1600-2024)

Have you ever wondered how financial markets performed centuries ago or how world events impacted stock prices? Today, we sit down with Dr. Bryan Taylor, President and Chief Economist at Global Financial Data, to unpack the world’s fascinating financial history. Dr. Taylor is known for his extensive work in collecting and analyzing historical financial data that spans several centuries and his valuable knowledge of stock, bond, and commodity market trends, which led to the creation of Global Fin

Sep 26, 2024 • 1:04:25

Episode 323 - Renting Versus Buying a Home in Canada 2005-2024

Episode 323 - Renting Versus Buying a Home in Canada 2005-2024

Is renting just “throwing money away,” or could it be the smarter financial choice? In this episode, we dive deep into one of the most debated topics in personal finance: renting versus owning a home. In our conversation, we discuss the nuances of renting versus owning, the hidden costs of buying a home, and the importance of saving discipline. Tuning in, you’ll discover how emotional biases may inflate real estate prices and how societal pressures influence housing decisions. Then, we shift our

Sep 19, 2024 • 1:19:23

Episode 322 - Prof. Marco Sammon: How are Passive Investors Affecting the Stock Market?

Episode 322 - Prof. Marco Sammon: How are Passive Investors Affecting the Stock Market?

Can we really understand the impact of passive ownership on the US market? Marco Sammon is an Assistant Professor in the Finance Unit at Harvard Business School. During this episode, he joins us to share deep insights into the complex and counter-intuitive nature of the index fund revolution. To kick off our conversation, we discuss some of the challenges associated with getting a true understanding of the scope of passive ownership across the US. Distinguishing between different approaches to i

Sep 12, 2024 • 1:09:15

Evidence in Practice with Håkon Kavli

Evidence in Practice with Håkon Kavli

How can the Rational Reminder Podcast get even better? By bringing back one of its most beloved voices, Dan Bortolotti, also known as "The Spud." In this exciting episode, hosts Ben Felix, Cameron Passmore, and Mark McGrath announce that Dan, the mind behind the Canadian Couch Potato Podcast, will now be a regular guest, contributing segments like "Bad Investment Advice" or "Ask the Spud.” Before Dan joins the conversation, we have an insightful discussion with Håkon Kavli, CIO of Reitan Kapital

Sep 5, 2024 • 1:36:14

Kyla Scanlon: In This Economy?!

Kyla Scanlon: In This Economy?!

Economics can often seem daunting, filled with complex theories and jargon that can leave the average person scratching their head. But today’s guest, Kyla Scanlon, is on a mission to change that. In this episode, we have an insightful conversation with Kyla, a financial educator, content creator, and host of Wealthsimple's TLDR podcast, who has built a significant following by making economics accessible and engaging. Kyla's ability to break down complex topics into digestible, relatable conten

Aug 29, 2024 • 53:51

Episode 319 - The Ultimate RRSP vs. TFSA Showdown

Episode 319 - The Ultimate RRSP vs. TFSA Showdown

Which account should you choose, a registered retirement savings plan (RRSP) or a Tax-free savings account (TFSA)? This is one of the most common decisions that Canadians must make when it comes to investing, but it will also elicit some of the most passionate responses. RRSPs especially get a lot of undue skepticism, with some even labelling it as a scam. Today we take a deep dive into both of these savings accounts, exploring the downsides and benefits of each, and how to decide which account

Aug 22, 2024 • 59:32

Assia Billig: Is Canada Pension Plan (CPP) Sustainable?

Assia Billig: Is Canada Pension Plan (CPP) Sustainable?

If you’re in the Canada Pension Plan (CPP), then you won’t want to miss today’s conversation with Canada's Chief Actuary, Assia Billig. Assia’s knowledge of the CPP is extensive, having joined the Office of the Chief Actuary (OCA) in 2008, where she was involved in the preparation of statutory actuarial reports on the Canada Pension Plan and Old Age Security Program. She has served as Chief Actuary of the Government of Canada since 2019, and, before joining the OCA, she worked in private pension

Aug 15, 2024 • 46:04

Episode 317 - An Economist's Perspective on Capital Gains Taxes with Kevin Milligan

Episode 317 - An Economist's Perspective on Capital Gains Taxes with Kevin Milligan

Today, we sit down with Professor Kevin Milligan to unpack the recent capital gain changes and the complexities of the Canadian tax system. Kevin Milligan is a Professor of Economics at the Vancouver School of Economics, University of British Columbia. He holds positions as a Scholar-in-Residence at the C.D. Howe Institute and a Research Associate at the National Bureau of Economic Research. A two-time recipient of the Purvis Prize, Professor Milligan’s work is recognized for its significant con

Aug 8, 2024 • 1:22:48

Andrew Chen: "Is everything I was taught about cross-sectional asset pricing wrong?!"

Andrew Chen: "Is everything I was taught about cross-sectional asset pricing wrong?!"

Are you curious about the hidden factors driving your investment decisions? Today’s guest is Andrew Chen, a Principal Economist at the Federal Reserve Board who focuses on monetary policy and financial stability. Published in leading journals, his research informs key policy decisions and helps shape the Federal Reserve’s strategy for managing economic challenges effectively. In this episode, Andrew delves into the intricacies of meta-research and asset pricing, focusing on cross-sectional asset

Aug 1, 2024 • 43:37

An Update from Avantis with Eduardo Repetto

An Update from Avantis with Eduardo Repetto

During this episode, we welcome back Eduardo Repetto, Chief Investment Officer of Avantis Investors. In his leadership capacity, he directs research design and the implementation of strategies and oversees the investment team and marketing initiatives. Our conversation kicks off with Edoardo’s explanation of how Avantis systemizes active management before we dive into strategies for launching in Europe and beyond. He weighs in on the most significant capacity issues that people face today, offer

Jul 25, 2024 • 58:31

Episode 314 - Professor Valentin Haddad: How Competitive is the Stock Market?

Episode 314 - Professor Valentin Haddad: How Competitive is the Stock Market?

In this episode, we sit down with Professor Valentin Haddad to unpack the intricacies of market elasticity, passive investing, and the dynamic nature of financial markets. Valentin is an Associate Professor of Finance at UCLA Anderson School of Management and a research fellow for the National Bureau of Economic Research’s Asset Pricing Program. His research focuses on how financial institutions trade, and manage risk, and their impact on market prices and the broader economy. Notably, his work

Jul 18, 2024 • 1:00:53

Episode 313 - When Should You Hire a Financial Advisor?

Episode 313 - When Should You Hire a Financial Advisor?

Low-cost index funds and digital tools have revolutionized wealth-building, making it easier than ever before to manage your own investment portfolio. However, additional support and expert advice can be critical to help you reach your financial goals, especially when facing complex financial decisions, feeling overwhelmed, or deciding to change your investment strategy. Today on the Rational Reminder Podcast, we discuss when it makes sense to hire a full-service financial advisor, whether or no

Jul 11, 2024 • 38:37

Episode 312 - Prof. John M. Griffin: Forensic Finance and the Power of Research

Episode 312 - Prof. John M. Griffin: Forensic Finance and the Power of Research

Discover the hidden underbelly of financial markets in today’s episode featuring Professor John M. Griffin, a leading forensic finance expert and the James A. Elkins Centennial Chair in Finance at McCombs School of Business at the University of Texas at Austin. Tuning in, you'll learn how forensic finance exposes illicit activities in crypto markets, revealing how entities like Tether (a cryptocurrency pegged to the US dollar) facilitate scams and money laundering. We also delve into the disturb

Jul 4, 2024 • 1:02:48

Episode 311 - Is Roaring Kitty a Good Role Model?

Episode 311 - Is Roaring Kitty a Good Role Model?

When witnessing the dramatic payouts of miracle trades, it's easy to be lured into thinking that your big score is just a few trades away. But as is evident in trading options for retail investors, it is neither quick, simple, nor easy to make guaranteed returns on your investments. In today's episode, Ben and Cam walk us through the many reasons why trading options is a losers’ game; especially for retail investors. Trading options is definitely today's hot topic and we unpack how the recent re

Jun 27, 2024 • 24:16

Episode 310 - Professor Antoinette Schoar: Consumer Finance, Crypto, and Private Equity

Episode 310 - Professor Antoinette Schoar: Consumer Finance, Crypto, and Private Equity

There is a huge range of factors that can impact our investment decisions, whether we realize it or not, from our level of financial literacy to our political affiliations. This is borne out in research conducted by today’s guest Professor Antoinette Schoar, the Stewart C. Myers-Horn Family Professor of Finance at MIT Sloan. Today, Antoinette joins us to share her insights and challenge conventional wisdom on various topics from target date funds to cryptocurrencies. Tuning in, you’ll learn abou

Jun 20, 2024 • 1:13:00

Are Robo-Advisors Passive Investors?

Are Robo-Advisors Passive Investors?

When robo-advisors first came onto the scene, they were pitched as an easy way to access index funds. These digital platforms provide algorithm-driven financial planning and investment services, with little to no human supervision, and typically use passive investment strategies. But while this technology has revolutionized access, not all robo-advisors are created equal. In today’s episode, Mark, Ben, and Cameron sit down to discuss the role of robo-advisors as passive investors, and the perfor

Jun 13, 2024 • 1:08:42

Episode 308 - Dan Bortolotti: The Canadian Couch Potato

Episode 308 - Dan Bortolotti: The Canadian Couch Potato

When it comes to DIY investing, there’s always a temptation to make things more complicated than they need to be. But, in reality, embracing simplicity is one of the best ways to ensure good investment outcomes. Today’s episode features an exceptional conversation with our long-time friend and colleague, Dan Bortolotti, who has worked alongside us as an Portfolio Manager at PWL Capital for over ten years. Some of our Canadian listeners might recognize Dan as the man behind the Canadian Couch Pot

Jun 6, 2024 • 1:04:51

Episode 307 - How Much Life Insurance Do You Need?

Episode 307 - How Much Life Insurance Do You Need?

Are you confident about the amount of life insurance coverage you have? Are you maximizing your tax savings with the principal residence exemption? In this episode, we delve into life insurance and optimizing capital gains to answer these essential questions. In our conversation, we unpack the nuanced topic of life insurance, what people get wrong about it, and how to effectively calculate your life insurance policy needs. Using his own experience as the lens for the conversation, Mark shares ho

May 30, 2024 • 1:07:23

Episode 306 - Wei Dai: Fighting for Every Basis Point

Episode 306 - Wei Dai: Fighting for Every Basis Point

Designing a robust portfolio requires considerable expertise, data, and experience. And while there are plenty of published articles that can guide how you build your portfolio, they are not investment solutions by themselves. Wei Dai is the Head of Investment Research and Vice President at Dimensional Fund Advisors, and she joins us today for a comprehensive and informative conversation on portfolio design for higher returns. Her background includes a Doctor of Philosophy degree in Statistics,

May 23, 2024 • 1:12:25

Episode 305 - Is Private Credit Special?

Episode 305 - Is Private Credit Special?

Private credit is one of the fastest-growing asset classes, and today we take a closer look at why that is, and if it’s really worth the hype. When you invest in private credit, you are essentially lending money to borrowers who might have difficulty accessing loans elsewhere. While these assets may be profitable, they can also incur a lot of risk and typically come with illiquidity. It is traditionally traded among institutional and accredited investors, rather than retail investors, namely, no

May 16, 2024 • 44:06

Episode 304 - Budget 2024: The Capital Gains Inclusion Rate

Episode 304 - Budget 2024: The Capital Gains Inclusion Rate

The Canadian government has recently proposed significant changes to how capital gains are taxed, but how will this impact Canadians? In this episode, we delve into the proposed capital gains tax changes and their impact on financial planning. We unpack the definition of capital gains tax and the complexity of the proposed changes. Explore the historical trends of capital gains tax rates in Canada, how capital gains tax works, and who will be impacted by the proposed changes. We discuss the intr

May 9, 2024 • 57:13

Episode 303 - Scott Galloway: The Algebra of Wealth

Episode 303 - Scott Galloway: The Algebra of Wealth

What is the role of luck in financial success? And how can we make decisions that will put us in the best possible position to experience long-term prosperity? Joining us today to unpack these questions is Scott Galloway, a talented public speaker, author, entrepreneur, and professor of marketing at NYU Stern School of Business. His latest book, The Algebra of Wealth: A Simple Formula for Financial Security, explores key lessons to help you optimize your life for wealth and success. He is the ho

May 2, 2024 • 1:06:31

Michael Green: Market Efficiency Is Not The Question

Michael Green: Market Efficiency Is Not The Question

With a wealth of experience as a market theoretician and a prolific contributor to financial discourse, today’s guest is uniquely positioned to guide us through the complexities of index fund dynamics. Joining us to discuss the problems that passive investing may be causing in financial markets (and what people should do about it) is Michael Green, Chief Strategist and Portfolio Manager for Simplify Asset Management. Tuning in, you’ll learn about the ramifications of the surging popularity of in

Apr 25, 2024 • 1:06:03

Episode 301 - Optimal Government Pension Claiming

Episode 301 - Optimal Government Pension Claiming

In this episode, we delve into the best time to claim your Canada Pension Plan (CPP) benefits. Although the focus of this episode is on Canada, there will be many relevant and valuable insights for our non-Canadian listeners. In our conversation, we discuss the importance of understanding the intricacies of CPP benefits, the fundamentals, and how individuals can optimize their retirement income by making informed decisions. Explore the importance of understanding when to claim CPP benefits, how

Apr 18, 2024 • 54:09

Bonus Episode - Prof. Meir Statman: A Wealth of Well-Being

Bonus Episode - Prof. Meir Statman: A Wealth of Well-Being

Today, we welcome back Prof. Meir Statman to talk about the role of finances in well-being. We investigate the role of finances in well-being with Prof. Meir Statman through the lens of his new book, A Wealth of Well-Being. Discover why wealth advisors must evolve into well-being advisors and uncover the impact of finances on various life domains. From dating to education, we discuss the profound financial correlations shaping happiness and well-being. Tune in now! Key Points From This Episode

Apr 18, 2024 • 36:27

Abby Sussman: Financial Judgment and Decision Making

Abby Sussman: Financial Judgment and Decision Making

In this episode, we are joined by renowned expert Abby Sussman to unpack how individuals form judgments and make decisions about their finances. Abby is a distinguished professor of marketing at the University of Chicago Booth School of Business whose expertise lies at the intersection of psychology, economics, and finance. In our conversation, we discuss the nuances of financial decision-making and how personal beliefs influence our financial choices. Discover the source of reference points for

Apr 11, 2024 • 57:17

Episode 299: The Most Important Lessons in Investing

Episode 299: The Most Important Lessons in Investing

In this episode, we unpack key tenants of investing and the quality of financial advice in Canada's banking industry. In our conversation, we present a list of lessons we have learned about investing, which has been consolidated from contributions by the Twitter community and the Rational Reminder Community. In our conversation, we discuss ways to beat the market, how narratives can impact the economy, and why timing the market is a bad investment approach. Discover why performance chasing is no

Apr 4, 2024 • 1:23:25

Episode 298 - Randall Stutman: Admired Leadership for Financial Decision-Making

Episode 298 - Randall Stutman: Admired Leadership for Financial Decision-Making

Dr. Randall Stutman is an author, highly sought-after speaker, and executive leadership coach to some of the world’s most exceptional CEOs, billionaires, and hedge fund managers. As the founder of the Admired Leadership Institute, he is widely recognized as a world-class authority on leadership strategy and style. Today, Dr. Stutman joins us to discuss the behaviours and skills that make admired leaders and how you can translate those characteristics and strategies into your financial decision-m

Mar 28, 2024 • 57:59

Episode 297 - Do Stocks Return 10-12% On Average? & Zero to Millionaire with Nicolas Bérubé

Episode 297 - Do Stocks Return 10-12% On Average? & Zero to Millionaire with Nicolas Bérubé

As human beings, our brains are wired to solve problems. This can make long-term investment strategies, like passive investing, surprisingly challenging, especially if you’re not accustomed to the ups and downs of the market – it can feel pretty unintuitive to stay the course when your instinct is to take more active steps to solve the problem! So, how can investors remain firm in their strategy and not get spooked by market changes? Joining us today to unpack this question is financial journali

Mar 21, 2024 • 1:11:44

Epidose 296 - Adam Alter: The Anatomy of a Breakthrough

Epidose 296 - Adam Alter: The Anatomy of a Breakthrough

Feeling stuck is a common human experience and almost all of us will go through it at some point in our lives. Whether it’s relationship struggles, dissatisfaction with work, an inability to progress financially, or a pending midlife crisis, all of these situations can bring up a range of mixed emotions like anxiety, fear, anger, and even numbness. We are joined today by Adam Alter, whose new book Anatomy of a Breakthrough: How to Get Unstuck When It Matters Most serves as a much-needed guide to

Mar 14, 2024 • 52:51

Episode 295 - Home Country Bias, Seg Funds, and Todd Rogers on Writing for Busy Readers

Episode 295 - Home Country Bias, Seg Funds, and Todd Rogers on Writing for Busy Readers

In this episode, we explore the intricate world of home-country bias in investment decision-making and learn the secret sauce to effective communication and writing. We start by discussing the definition and influence of home-country bias and explore why investors tend to overweight their portfolios with domestic equities despite global opportunities. We dissect the home bias puzzle, the rationality behind bias, and the conditions under which home-country bias makes sense. Then, Mark McGrath joi

Mar 7, 2024 • 1:34:15

Episode 294 - Dan Harris: 10% Happier

Episode 294 - Dan Harris: 10% Happier

In this episode, we delve into the world of mindfulness and meditation with renowned author and meditation advocate, Dan Harris. In our conversation, Dan shares his personal journey from a high-stress career in the news to discovering the transformative power of mindfulness meditation. We explore Dan's best-selling book, 10% Happier which chronicles his exploration into mindfulness practices after experiencing a panic attack on live television. We discuss how Dan's quest for inner peace led him

Feb 29, 2024 • 49:23

Episode 293 - Eric Balchunas: Spot Bitcoin ETFs

Episode 293 - Eric Balchunas: Spot Bitcoin ETFs

After a year and a half hiatus from discussing Bitcoin, we felt compelled to explore the implications of the US Securities and Exchange Commission's approval of 10 spot Bitcoin ETFs for trading. In this episode, we dive into the recent news surrounding Bitcoin and its entry into the mainstream investment landscape through spot Bitcoin ETFs. To help us unpack this topic is Eric Balchunas, a seasoned ETF analyst at Bloomberg Intelligence and host of the Trillions Podcast. Eric brings a wealth of k

Feb 22, 2024 • 51:56

Episode 292 - Rob Copeland: Ray Dalio and Bridgewater

Episode 292 - Rob Copeland: Ray Dalio and Bridgewater

In this episode, we welcome Rob Copeland, author of the recently released book The Fund: Ray Dalio, Bridgewater Associates, and the Unraveling of a Wall Street Legend. Rob, a finance reporter for The New York Times, provides a gripping account of the rise and unravelling of Ray Dalio and Bridgewater Associates. Bridgewater Associates, one of the prominent hedge funds on the planet, is synonymous with the legendary investor Ray Dalio. In our conversation, we delve into the intricacies of the comp

Feb 15, 2024 • 46:51

Episode 291 - The Quant Winter, and is Canada Pension Plan a Scam?

Episode 291 - The Quant Winter, and is Canada Pension Plan a Scam?

Are you ready for a deep dive into quantitative investing, the private credit trend, and the Canada Pension Plan (CPP)? Then this episode is for you! Joining us today is Robin Wigglesworth, The Financial Times’ global finance correspondent, and author of Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever, a groundbreaking book about the past, present, and future of passive investing. We talk with Robin about quantitative investing and the ideas he

Feb 8, 2024 • 1:22:36

Episode 290 - Morgan Housel: Same as Ever

Episode 290 - Morgan Housel: Same as Ever

In this episode, we are joined, for the third time, by renowned author and commentator Morgan Housel. Many of you are familiar with Morgan's bestseller, The Psychology of Money, and he is back to discuss his latest book, Same as Ever: A Guide to What Never Changes. He is also the partner at The Collaboration Fund, a network of fund managers investing across asset classes while identifying and supporting companies at the intersection of for-profit and for-good. In our conversation, we delve into

Feb 1, 2024 • 1:07:53

Episode 289 - Retiring Retirement Income Myths with the Retirement Income Dream Team

Episode 289 - Retiring Retirement Income Myths with the Retirement Income Dream Team

Does the 4% rule still work? In this episode, we welcome three esteemed experts to counter a recent controversial claim made on the Dave Ramsey Show regarding the validity of the 4% rule in retirement planning. Joining us is David Blanchett; the Managing Director and Head of Retirement Research for PGIM DC Solutions, Michael Finke; a distinguished professor of wealth management at the American College of Financial Services, and Wade Pfau; Director of Retirement Research at McLean Asset Managemen

Jan 25, 2024 • 1:13:18

Episode 288 - Scott Rick: Navigating the Money Minefield in Real Relationships

Episode 288 - Scott Rick: Navigating the Money Minefield in Real Relationships

Tightwads are more likely to hold onto their money even when there is more than enough to spend, whilst spendthrifts will drain their bank account of its very last cent. So, which one are you, and how does that impact your relationships? Joining us today is the remarkable Marketing Professor and Author, Scott Rick. Scott has just penned a new book, Tightwads and Spendthrifts: Navigating the Money Minefield in Real Relationships, which serves as a guide for finding happiness while steering throug

Jan 18, 2024 • 59:45

Episode 287: A Practical Look at Private Equity w/ Steve Balaban & Epic Life w/ Justin Breen

Episode 287: A Practical Look at Private Equity w/ Steve Balaban & Epic Life w/ Justin Breen

It’s the start of a new year and with it comes an opportunity to re-evaluate your trajectory and set your goals for the months to come, whether they be financial, personal, or all of the above. Kicking things off for today’s episode is our conversation with Steve Balaban, a private equity insider with a refreshingly realistic and practical perspective on private equity. We talk with Steve about investing in private equity, the benefits and drawbacks every investor should know about, why due dili

Jan 11, 2024 • 1:36:22

Episode 286: Errol Morris: Tuning out the Noise

Episode 286: Errol Morris: Tuning out the Noise

Rational Reminder listeners get exclusive first access to Tune Out the Noise, a documentary directed by Academy Award-winner Errol Morris until January 31.  Tune Out The Noise Access URL:  film.dimensional.com/podcast Access Code (available until Jan 31): RATIONAL   In today’s episode, Errol Morris, Academy Award-winning film director and author, joins us to talk about his recently released documentary called Tune Out the Noise. The documentary focuses on the revolution that's happened in the fi

Jan 4, 2024 • 1:00:48

Episode 285: A Year in Review

Episode 285: A Year in Review

It’s hard to believe, but today’s episode marks our fifth annual year-in-review episode — where we look back at some of our favourite conversations and takeaways from the past year! If there’s one overarching theme that stood out amongst our guests in 2023 it would be the power of purposeful decision-making to impact our future selves. Tuning in, you’ll hear our guests' remarkable views on the topic, from the power of regret when it comes to long-term decisions to the ‘hidden partner’ that accom

Dec 28, 2023 • 2:04:59

Episode 284: Prof. Scott Cederburg: Challenging the Status Quo on Lifecycle Asset Allocation

Episode 284: Prof. Scott Cederburg: Challenging the Status Quo on Lifecycle Asset Allocation

In this episode, we welcome back the esteemed Professor Scott Cederburg, Associate Professor of Finance at the University of Arizona. In this highly anticipated episode, Professor Cederburg revisits the show to delve into his groundbreaking paper on life cycle asset allocation. Professor Cederburg's latest research presents findings that disrupt traditional thinking in the field, prompting a deep dive into the implications of these new insights. In our conversation, we unpack the findings from t

Dec 21, 2023 • 1:09:28

Episode 283: When Volatility is Risk, and Introducing The Money Scope Podcast

Episode 283: When Volatility is Risk, and Introducing The Money Scope Podcast

Today’s episode features a series of in-depth segments, and includes a visit from our two favourite Marks; Mark Soth (aka The Loonie Doctor) and Mark McGrath! To kick things off we break down volatility and investor behaviour by looking back at our conversation with Scott Cederburg and what his research demonstrates about the topic. We then hear from Mark Soth about the project that he and Ben have been working on; the soon-to-be-released Money Scope podcast. Find out what you can expect from th

Dec 14, 2023 • 52:31

Episode 282: Dr. Jim Grubman: The Psychology of Wealth

Episode 282: Dr. Jim Grubman: The Psychology of Wealth

In this episode, we delve deep into the world of wealth management and family advisory services and explore the evolving landscape of financial wealth planning. Dr. James Grubman, a renowned expert in family wealth psychology and author of Strangers in Paradise and Wealth 3.0, shares his profound insights and expertise on this critical subject. Dr. Grubman is a distinguished figure in family wealth and well-being and has made a mark with his profound understanding and enduring contributions to t

Dec 7, 2023 • 1:14:13

Episode 281: Lifecycle Asset Allocation, and Retiring Successfully with Justin King

Episode 281: Lifecycle Asset Allocation, and Retiring Successfully with Justin King

Today, we take a closer look at asset allocation through an empirical lens, by drawing on the work and data of Scott Cederburg and his new article ‘Beyond the Status Quo: A Critical Assessment of Lifecycle Investment Advice’. We unpack what the research tells us about how to establish the optimal mix of assets in a portfolio, the challenges of making the right decisions when you have volatile assets, and why it’s critical that you understand your level of risk tolerance. Next, in our Mark to Mar

Nov 30, 2023 • 1:05:15

Episode 280: Shane Parrish: Clear Thinking in Everyday Life

Episode 280: Shane Parrish: Clear Thinking in Everyday Life

In this episode, we delve into the complexity of navigating life's challenges, taking risks, fostering self-confidence, and honing problem-solving skills. Joining us is Shane Parrish, a best-selling author, to help us unpack this nuanced topic through the lens of his new book, Clear Thinking. His latest publication is a roadmap for recognizing pivotal moments for clear thought and exposing how our defaults often drive us. He aims to empower readers to intervene, harness reasoning, and apply cogn

Nov 23, 2023 • 59:10

Episode 279: Stock Returns in Recessions, and FSRA's Approach to Regulation

Episode 279: Stock Returns in Recessions, and FSRA's Approach to Regulation

In this episode, we start by learning about the complex relationship between recessions and stock returns before welcoming Huston Loke and Jordan Solway from the Financial Services Regulatory Authority (FSRA) to discuss protecting consumers in the financial investment space. Huston is the Executive Vice President of Market Conduct, and Jordan is the Executive Vice President of Legal and Enforcement at FSRA. The FSRA supervises insurance companies, mortgage brokers, credit unions, pensions and ot

Nov 16, 2023 • 1:35:14

Episode 278: Juhani Linnainmaa: Financial Advisors, and the Cross-Section of Returns

Episode 278: Juhani Linnainmaa: Financial Advisors, and the Cross-Section of Returns

If you dive deep into financial advisor fixed effects, you’ll begin to understand that an advisor's own portfolio has a bigger impact on the portfolios of their clients than the characteristics of the clients themselves. To help us make sense of this and to further explain financial values and the cross-section of returns, we are joined by the influential and notorious Professor of Finance, Juhani Linnainmaa. Our conversation begins with a comprehensive analysis of financial values, including a

Nov 9, 2023 • 58:20

Episode 277: The Cash Wedge w/ Phil Briggs, and and the Four Ds of Tax Planning

Episode 277: The Cash Wedge w/ Phil Briggs, and and the Four Ds of Tax Planning

During this episode, Financial Advisor and Associate Portfolio Manager Phil Briggs joins us to discuss the ‘cash wedge’ financial strategy. He also shares his motivation for joining PWL Capital after kicking off his career in the banking industry. Next, Mark McGrath unpacks the four D’s of tax planning and how to implement them in your future planning. We review a much-loved past episode featuring Dr. William Bernstein and unpack the principles taught in Seth Godin’s latest book, The Song of Sig

Nov 2, 2023 • 49:10

Episode 276: Darin Soat: The Problem with Finfluencers, and Why it Won’t Get Better Anytime Soon

Episode 276: Darin Soat: The Problem with Finfluencers, and Why it Won’t Get Better Anytime Soon

If you’re in the world of finance, you’d know today’s guest from YouTube — but you’ve probably never heard his real name. However, today and for the first time, he chooses to associate his actual identity with his YouTube channel! It’s an honour to introduce to you, Mr. How Money Works himself, Darin Soat. On his YouTube channel, Darin combines captivating storytelling with high-quality, sensible information that helps you to make better financial decisions.  Today, he joins us to explain How Mo

Oct 26, 2023 • 53:57

Episode 275: Live from Future Proof 2023: Decoding Financial Decision-Making with Hal Hershfield

Episode 275: Live from Future Proof 2023: Decoding Financial Decision-Making with Hal Hershfield

In this episode, we welcome back Hal Hershfield, Associate Professor of Marketing and Behavioral Decision Making at UCLA Anderson School of Management. Hal is renowned for his pioneering work in understanding how individuals make financial decisions, and he shares invaluable insights that can help us navigate the complexities of financial planning. In our conversation, live from Future Proof, we explore the intersection of behavioural economics, financial decision-making, and the potential for A

Oct 19, 2023 • 38:36

Episode 274: A Live 5-Year Rational Reminder Retrospective (and Creating Superfans with Brittany Hodak)

Episode 274: A Live 5-Year Rational Reminder Retrospective (and Creating Superfans with Brittany Hodak)

In this episode, we are trying something different. Recorded live at the CFA Society’s Toronto Annual Wealth Conference, we take an exclusive look at the origins and evolution of the Rational Reminder Podcast through an interview with Ben and Cameron. From motivations for starting the podcast to favourite episodes and guests, we delve into the behind-the-scenes of the show. Discover how the podcast has grown, the impact it's had on listeners, and the exciting global reach it's achieved. Get an e

Oct 12, 2023 • 1:23:28

Episode 273: Professor Samuel Hartzmark: Asset Pricing, Behavioural Finance, and Sustainability Rankings

Episode 273: Professor Samuel Hartzmark: Asset Pricing, Behavioural Finance, and Sustainability Rankings

Today’s episode is an exhilarating journey into the captivating realms of finance and human behaviour with Professor Samuel Hartzmark, who takes centre stage to explore the complex intersection of asset pricing and behavioural finance. Professor Hartzmark’s career and academic journey are nothing short of inspiring. With a double major in mathematics and economics, a prestigious MBA from the University of Chicago Booth School of Business, and a Ph.D. from the University of Southern California's

Oct 4, 2023 • 1:21:40

Episode 272: Rob Carrick: Canadian Personal Finance in 2023

Episode 272: Rob Carrick: Canadian Personal Finance in 2023

In this episode, we welcome back one of Canada's most trusted and widely read financial experts to discuss the state of Canadian personal finance. Rob Carrick is a columnist for The Globe and Mail, where he has brought his boots-on-the-ground perspective to readers for more than 20 years. He also co-hosts the Stress Test Podcast, where regular Canadians offer real-life perspectives on the biggest stress tests that their personal finances face in the wake of COVID-19. Tuning in, you’ll find out w

Sep 28, 2023 • 53:22

Episode 271: Expected Returns of the AI Revolution (plus People are Lying to you About Money w/ Anthony Walsh)

Episode 271: Expected Returns of the AI Revolution (plus People are Lying to you About Money w/ Anthony Walsh)

AI is not new and financial mis-education is rife. These are two ideas that form the foundation of this episode, which features insights from Ben Felix, Mark McGrath, and guest speaker Anthony Walsh. To start our conversation, we explore the history of artificial intelligence and what it might mean for the future and beyond. During this Mark to Market segment, Mark McGrath shares his experience of owning property and becoming a landlord before we look back on Episode 155 with Don Ezra, where he

Sep 21, 2023 • 1:04:32

Episode 270: Victor Haghani and James White: The Missing Billionaires

Episode 270: Victor Haghani and James White: The Missing Billionaires

If the wealthiest families of the past century spent a reasonable amount of their wealth, invested in the stock market, and paid taxes, there would be thousands of billionaires today. But there aren’t. So, what happened? To answer this question, we are joined by authors and finance professionals, Victor Haghani and James White. Their recently released book, The Missing Billionaires: A Guide to Better Financial Decisions, uses the missing billionaires puzzle to explore how and why most investors

Sep 14, 2023 • 1:36:03

Episode 269: Preet Banerjee: A multi-dimensional analysis of the value of financial advice

Episode 269: Preet Banerjee: A multi-dimensional analysis of the value of financial advice

This week we welcome back return guest Preet Banerjee, a renowned speaker, personal finance expert, consultant, and author of Stop Overthinking Your Money. Listeners may remember Preet from his previous appearance on the show back in 2019 when he was first embarking on his doctoral journey. Several years and one pandemic later, Preet has finally made it through the monumental task of completing his dissertation! We spend today’s conversation with Preet getting into the fascinating details of his

Sep 7, 2023 • 1:33:00

Episode 268: Itzhak Ben-David: ETFs, Investor Behavior, and Hedge Fund Fees

Episode 268: Itzhak Ben-David: ETFs, Investor Behavior, and Hedge Fund Fees

For nearly 25 years, Exchange Traded Funds (ETFs) have been a popular passive investment vehicle for both household and professional investors due to their low transaction costs and high liquidity. But what are the pros and cons? How can you diversify your portfolio to avoid volatility? Today, we are joined by Professor Itzhak Ben-David, one of the world’s foremost academic experts on ETFs, the Neil Klatskin Chair in Finance and Real Estate at The Ohio State University (OSU) Fisher College of Bu

Aug 31, 2023 • 1:24:35

Episode 267: The (Expected) Cost of Pessimism (Plus Matthew Dicks on the Value of Storytelling)

Episode 267: The (Expected) Cost of Pessimism (Plus Matthew Dicks on the Value of Storytelling)

Today's show is centred on the expected cost of pessimism and how investor expectations of loss negatively affect financial decisions. After concisely exploring the data and literature on the subject, we get into a few solutions to this dynamic and talk about how to find a way around natural human tendencies and myopic loss aversion. We then get into our first Mark's Minutes segment, with our colleague Mark McGrath briefly explaining some interesting ideas about risk and tax-free savings account

Aug 24, 2023 • 59:54

Episode 266: Prof. Cass Sunstein: Practical Reason in Ordinary Life

Episode 266: Prof. Cass Sunstein: Practical Reason in Ordinary Life

We make countless decisions throughout our lives that range from the mundane to the monumental. But how do you decide how you decide? That is the fundamental question in our esteemed guest, Cass R. Sunstein’s new book Decisions about Decisions: Practical Reason in Ordinary Life. Cass currently serves as the Robert Walmsley University Professor at Harvard University and is the founder and director of the Program on Behavioral Economics and Public Policy at Harvard Law School. He is also a prolifi

Aug 17, 2023 • 1:07:11

Episode 265: 5% HISA... for the Long-run? (Plus Stoicism with Michael Tremblay)

Episode 265: 5% HISA... for the Long-run? (Plus Stoicism with Michael Tremblay)

In this episode, we tackle the timely topic of higher interest rates and their potential impact on investors' decisions. With rates soaring to unprecedented levels, many are tempted to veer off their investment paths in pursuit of short-term gains. But is this a rational choice? We break it down and offer invaluable insights into why staying the course might be the wiser option. We also welcome new PWL team member Mark McGrath. Mark possesses an innate talent for crafting concise, valuable, and

Aug 10, 2023 • 1:03:03

Episode 264: Pim van Vliet: The Volatility Effect, Revisited

Episode 264: Pim van Vliet: The Volatility Effect, Revisited

Pim van Vliet is on a mission to put the low volatility factor on the map. In his role as Head of Conservative Equities and Chief Quantitative Strategist at Robeco, he focuses on leveraging the effect of low-risk investing. Pim has also published a book, High Returns From Low Risk: A Remarkable Stock Market Paradox, where he unpacks some of the key aspects that guide his work and underpin his success. During this conversation, Pim shares his insights on volatility, the changing market, and combi

Aug 3, 2023 • 58:46

Episode 263: A Tribute to Harry Markowitz with Alex Potts & 7 Steps to a Better Portfolio with Edward Goodfellow

Episode 263: A Tribute to Harry Markowitz with Alex Potts & 7 Steps to a Better Portfolio with Edward Goodfellow

With the recent passing of Harry Markowitz, we wanted to take this opportunity to spend some time honoring this giant of financial economics. Joining us on today's episode is our friend Alex Potts, who shares some of his touching memories of Harry, and talks about the unmistakable impact he had on the field. Harry is commonly viewed as the father of modern portfolio theory but also might be considered the grandfather of behavioural finance and a huge proponent of intelligent diversification. Ale

Jul 27, 2023 • 1:04:59

Episode 262: Francisco Gomes: Consumption and Portfolio Choice over the Life Cycle

Episode 262: Francisco Gomes: Consumption and Portfolio Choice over the Life Cycle

Household finance has grown considerably as a field of study in recent years. And with the decrease in defined benefits pension plans, households are increasingly needing to take more responsibility for their own financial fates (much more so than they needed to in the past). Joining us today to discuss household finance and the growing importance of households in the economy, is Professor Francisco Gomes. Francisco is a Professor of Finance at London Business School and earned his PhD in econom

Jul 20, 2023 • 57:38

Episode 261: Structured Products with Felix Fattinger and Petra Vokata & Jill Schlesinger

Episode 261: Structured Products with Felix Fattinger and Petra Vokata & Jill Schlesinger

Our focus for today's episode is the topic of structured products and we welcome two expert guests to weigh in with their research and insight on the subject. Felix Fattinger is an Assistant Professor of Finance at the Vienna Graduate School of Finance whose research focuses on complexity from a number of perspectives. Petra Vokata is an Assistant Professor of Finance at Ohio State University, currently working in areas of household finance, financial innovation, and consumer financial protectio

Jul 13, 2023 • 1:57:05

Episode 260: Prof. James Choi: Practical Finance

Episode 260: Prof. James Choi: Practical Finance

Today we welcome James Choi, Professor of Finance at the Yale School of Management, to the show to share some of his insight into what he has dubbed practical finance. James has focused his research on behavioural finance, behavioural economics, household finance, capital markets, health economics, and sociology, and is turning this expertise into pragmatic knowledge marketed towards ordinary people. This reframing and reconfiguration of the theory for all people and the decisions they make, cou

Jul 6, 2023 • 1:11:24

Episode 259: Comprehensive Overview: Estimating Expected Returns

Episode 259: Comprehensive Overview: Estimating Expected Returns

Join us as we present a compilation of segments on expected returns and the dynamics that shape investment outcomes. We deep dive into the world of financial predictions and gain a comprehensive understanding of how expected returns influence your financial decision-making. We also go back to the episode with Dr. Brian Portnoy where we delved into his book, The Geometry of Wealth. Lastly, joining our conversation is our colleague Matt Gour who discusses The Power of Moments by Chip and Dan Heath

Jun 29, 2023 • 1:14:42

Episode 258: Prof. Meir Statman: Financial Decisions for Normal People

Episode 258: Prof. Meir Statman: Financial Decisions for Normal People

Behavioural finance provides a realistic and comprehensive framework for understanding financial markets and decision-making. Incorporating insights from psychology, it enhances our understanding of investor behaviour, market dynamics, and risk management, leading to more effective investment strategies and improved financial outcomes. In this episode, Professor Meir Statman, a renowned expert in finance and behavioural finance, takes us on a captivating journey through the intriguing world of m

Jun 22, 2023 • 1:11:58

Episode 257: Giorgio Ugazio (Mr. RIP): Life Design, In Progress

Episode 257: Giorgio Ugazio (Mr. RIP): Life Design, In Progress

What are your guiding philosophies on work and life? And how do they influence your daily decisions and the trajectory of your career? If these questions feel somewhat daunting, and you aren’t sure how to answer them, then this episode is a great place to start! Joining us today is Giorgio Ugazio, a self-described content creator, startup founder, and father. Giorgio is a software engineer by training, with a Master's degree in Artificial Intelligence and robotics, and spent over seven years wor

Jun 15, 2023 • 57:25

Episode 256: Prof. Hal Hershfield: Your Future Self

Episode 256: Prof. Hal Hershfield: Your Future Self

How does the connection we have with our future self impact the decisions we make today? And what active steps can we take to improve our connection with our future selves? Today on the show we welcome back Hal Hershfield, whose new book Your Future Self: How to Make Tomorrow Better Today delves into the science of our relationship with our future selves and what we can do to change it for the better. In our conversation with Hal, we discuss the concept of the self, how we change over time,

Jun 8, 2023 • 53:50

Structured Products (Plus Just Keep Buying with Nick Maggiulli) (EP.255)

Structured Products (Plus Just Keep Buying with Nick Maggiulli) (EP.255)

Structured products can offer unique investment opportunities and customization but also come with risks and complexities. It is vital to thoroughly understand the product's structure, risks, and potential returns before investing. In this episode, we delve into the value of structured products and recap a past episode about the philosophy of money before continuing our focus on reading and finance by diving into the book, Just Keep Buying by Nick Maggiulli. Nick is a highly regarded author kn

Jun 1, 2023 • 1:08:48

David Blanchett: Regret Optimized Portfolios, and Optimal Retirement Income (EP.254)

David Blanchett: Regret Optimized Portfolios, and Optimal Retirement Income (EP.254)

There are many different objective functions you can use when building optimal portfolios. The majority of these approaches define risk from the perspective of variability or bad outcomes, but positive returns could be viewed as “risky” for those that don’t experience them, which is another way of saying that people experience regret (or FOMO, for our trendier listeners). Today, we are joined by David Blanchett, a return guest and the Managing Director and Head of Retirement Research for PGI

May 25, 2023 • 1:07:38

Complex Financial Instruments with Prof. Paul Calluzzo (Plus Sean Silcoff on Losing the Signal) (EP.253)

Complex Financial Instruments with Prof. Paul Calluzzo (Plus Sean Silcoff on Losing the Signal) (EP.253)

We have two guests joining us for this episode of the Rational Reminder podcast. First up, we have Paul Calluzzo, who is the Assistant Professor of Finance and Toller Family Fellow of Finance in the Smith School of Business at Queen's University in Kingston. Paul joins us today to discuss the findings in his paper, ‘Complex Instruments Have Increased Risk and Reduced Performance at Mutual Funds’. He explains the motivation for the paper, the research it expands upon, and the types of complex ins

May 18, 2023 • 1:25:18

Prof. Burton Malkiel: 50 Years of A Random Walk Down Wall Street (EP.252)

Prof. Burton Malkiel: 50 Years of A Random Walk Down Wall Street (EP.252)

Understanding market efficiency is an important part of investment decision-making. It can help investors to identify the most appropriate investment strategies and develop realistic expectations for their returns. In this episode of the Rational Reminder Podcast, we sit down with Professor Burton Malkiel, the renowned economist, and author of the classic investing book A Random Walk Down Wall Street. Professor Malkiel is a distinguished figure in the world of economics and academia. He hold

May 11, 2023 • 1:22:50

Covered Calls (Plus Robin Powell and Jonathan Hollow on How to Fund the Life You Want) (EP.251)

Covered Calls (Plus Robin Powell and Jonathan Hollow on How to Fund the Life You Want) (EP.251)

We all have different levels of risk tolerance. But how is that risk measured for complex investment strategies like covered calls? And how can you be sure it's an accurate reflection of reality? For the first portion of today’s episode, we provide a detailed breakdown of everything you need to know about covered calls and why there is no perfect model for assessing risk-adjusted returns. We examine how incorrect measures of risk can make covered calls seem more attractive, what investors need t

May 4, 2023 • 1:04:28

Prof. John Y. Campbell: Financial Decisions for Long-term Investors (EP.250)

Prof. John Y. Campbell: Financial Decisions for Long-term Investors (EP.250)

Navigating the world of finance and investing is undeniably complicated, sometimes unnecessarily so. And all too often the people who end up making the most costly financial mistakes are those who can least afford to do so. But what exactly needs to change in order for more people to make wise and well-informed financial decisions? And how do we go about implementing those changes? Joining us today to help us unpack this topic and the many decisions involved in the world of investing is John Y.

Apr 27, 2023 • 1:18:06

What are financial advisors (measurably) useful for? (EP.249)

What are financial advisors (measurably) useful for? (EP.249)

Our focus for this episode is the real utility of financial advisors, and Ben shares a host of research and findings about the supposed and actual value that advisors can offer investors. This segment continues our exploration of investment basics, a fundamental theme for this show and our work at PWL Capital. One of the biggest and clearest lessons that becomes apparent through this discussion is the need for financial literacy independent of advice and so-called expertise from the outside. Wit

Apr 20, 2023 • 1:05:31

Prof. William Goetzmann: Learning from Financial Market History (EP.248)

Prof. William Goetzmann: Learning from Financial Market History (EP.248)

How the financial system works and how we interact with it has grown in complex ways and is a fascinating but nuanced topic. To guide us through the history of the economy is Professor William Goetzmann, who is an expert in finance, economics and art history, and whose research has been featured in top publications. As a highly respected scholar, he's authored numerous books on topics such as real estate and behavioural finance. It is fair to say Professor Goetzmann's work has left a significant

Apr 13, 2023 • 1:07:32

Bank Runs (plus Jonathan Clements on "My Money Journey") (EP.247)

Bank Runs (plus Jonathan Clements on "My Money Journey") (EP.247)

There’s been a lot of interest in the topic of bank runs lately, and in today’s episode, we take a look at the most relevant research to help us better understand why they happen and how they can be avoided. Our conversation unpacks the 2022 Nobel prize-winning work of Douglas Diamond and Philip Dybvig and examines the three primary risks that banks need to navigate to avoid a bank run related crisis. We discuss the immense value that banks provide and how they keep the economy moving, before re

Apr 6, 2023 • 1:04:33

Daniel H. Pink: How to Use Regret (EP.246)

Daniel H. Pink: How to Use Regret (EP.246)

Human beings are undeniably complex, and what motivates us can often be a mystery, even to ourselves. So, how do we go about gathering and analyzing the data that will help us answer the most fundamental questions about our lives and our purpose? The answers may lie in an unexpectedly rich source of knowledge, our regrets. While regret is likely to have a decidedly negative connotation for most of us, it is also extremely powerful and can teach us a great deal about ourselves and what we value.

Mar 30, 2023 • 48:21

Deeper Goals, and Retiring with Purpose (EP.245)

Deeper Goals, and Retiring with Purpose (EP.245)

Goal-setting is essential for personal and professional growth, helping individuals clarify their priorities, stay focused, and achieve success. We are pleased to welcome guests Samantha Lamas and Danielle Labotka to help us unpack the topic of goal-setting and how it relates to finance. Samantha Lamas is a Senior Behavioural Researcher at Morningstar and a recipient of the Montgomery-Warschauer Award for her research in financial planning. Her work centres on investor engagement and the factors

Mar 23, 2023 • 1:06:40

Charles D. Ellis: The Loser's Game (EP.244)

Charles D. Ellis: The Loser's Game (EP.244)

When it comes to the world of investing, there are many options available to consumers. The range of financial products available can be overwhelming and confusing. Additionally, investing is not only about the rate of return but also about what you are investing for and why. To help us unpack this complicated subject is Charles Ellis, a highly respected investment consultant and founder of Greenwich Associates, a strategy firm focused on financial institutions. He is also a famous author and ha

Mar 16, 2023 • 1:06:33

The Role of Debt in Financial Planning (EP.243)

The Role of Debt in Financial Planning (EP.243)

Debt can play an essential role in financial planning in several ways, such as financing large purchases, building credit, managing cash flow, and leveraging investments. However, it's important to remember that taking on too much debt can also have negative consequences that could impact your financial future. Therefore, it's vital to carefully consider your options and ensure that any debt you take on is manageable and aligns with your overall financial goals. In this episode, we talk about th

Mar 9, 2023 • 1:09:28

Erica Alini: Personal Finance Tactics for the Real World (EP.242)

Erica Alini: Personal Finance Tactics for the Real World (EP.242)

The intersection between economics and psychology makes the subject of personal finance complex. To help us elucidate this topic is personal finance reporter at the Globe and Mail and the author of the bestselling book "Money Like You Mean It, Personal Finance Tactics for the Real World.", Erica Alini. Her journey into finance journalism began when she started working for the Wall Street Journal immediately after the financial crisis of 2007/08. Since then, Erica has become an accomplished write

Mar 2, 2023 • 1:01:54

Basic Personal Finance Concepts (EP.241)

Basic Personal Finance Concepts (EP.241)

Today we are spending most of the episode going further into the basic concepts that ground good financial practices and the personal finance topics that are often taken for granted. The three main areas we unpack in this episode are the cost of living, savings capacity, and emergency funds, and though these can be viewed as basic ideas, there are always areas of the simplest variety that deserve more attention. Listeners can also expect to hear a little more about what our role as financial adv

Feb 23, 2023 • 1:16:15

Prof. Eric J. Johnson: Choice Architecture and Financial Decisions (EP.240)

Prof. Eric J. Johnson: Choice Architecture and Financial Decisions (EP.240)

The decisions we make may be further out of our control than we’d like to imagine. Today we are joined by Professor Eric J. Johnson to discuss choice architecture and its role in financial decision-making. Eric is a decision science expert and the author of the book, The Elements of Choice: Why the Way We Decide Matters. In this episode, we learn about the various factors that impact not only decision-making but the effort required to make a decision. Eric shares his philosophy on free will and

Feb 16, 2023 • 51:03

The Math of Financial Planning (EP.239)

The Math of Financial Planning (EP.239)

The concept of financial math is another foundational element of investing and good economic decision-making, and today we are carrying on the recent string of shows dealing with these kinds of fundamental aspects. First, we have a look at the central idea of the time value of money, and how this plays into many areas of our finances, such as retirement planning, spending, investing, and so on. From there, the conversation goes on to cover exponential functions, the tradeoffs between saving an

Feb 9, 2023 • 1:02:21

Prof. Ralph Keeney: Decision Analysis and Value-focused Thinking (EP.238)

Prof. Ralph Keeney: Decision Analysis and Value-focused Thinking (EP.238)

A large portion of what we talk about on this show boils down to decision-making, and today we have our focus squarely on the fundamentals of this process. Professor Ralph Keeney joins us to discuss some of the simplest and most profound elements of decisions, and why we so often miss these aspects. Ralph is a true expert on decision analysis, and his systematic process for decision-making, as laid out in his new book, Give Yourself a Nudge, has truly life-altering potential for anyone looking t

Feb 2, 2023 • 1:12:53

Who are you, and who do you want to be? (EP.237)

Who are you, and who do you want to be? (EP.237)

Identifying your personal values is the foundation for making future decisions. In this episode, we discuss the profound ways in which personal values impact financial decision-making and share concrete steps to identify both your strategic and means objectives. Ben candidly shares his own objectives and expands on the other considerations involved in making major decisions. We then jump to the less abstract topic of 2022 returns, providing a thorough overview of the tilts and their consequences

Jan 26, 2023 • 1:16:06

Harold Geller: "I Sue Financial Advisors" (EP.236)

Harold Geller: "I Sue Financial Advisors" (EP.236)

Our guest today, Harold Gellar, is a lawyer who helps clients dealing with fraud and negligence perpetrated by financial advisors, and is a passionate advocate for investors and their rights. Tuning in you’ll hear details of some of the most common issues Harold has come across in his work, along with his practical advice for financial advisors and investors. We discuss the importance of clear communication between advisors and their clients, the concept of KYC (Know Your Client), and simple ste

Jan 19, 2023 • 1:03:37

Top Learnings from 2022 (plus 23 in 23 Special Guest Shaun Tomson) (EP.235)

Top Learnings from 2022 (plus 23 in 23 Special Guest Shaun Tomson) (EP.235)

As we kick off the new year, we wanted to look back at our biggest areas of learning from last year. So this episode serves as a great companion piece to our year-end recap from a couple of weeks ago, but the focus here is on the personal impact that specific guests, ideas, and topics had on each of our lives. We cover ICAPM thinking, the nature of money, financial literacy, setting financial goals, the history of index funds, and more. For the second half of the show, we are joined by the amazi

Jan 12, 2023 • 1:23:21

Prof. Robert C. Merton: ICAPM, Retirement, and Models in Finance (EP.234)

Prof. Robert C. Merton: ICAPM, Retirement, and Models in Finance (EP.234)

Few people have impacted the way the world works, and today, we have the privilege of speaking to one of them. Professor Robert C. Merton is the Distinguished Professor of Finance at The Massachusetts Institute of Technology (MIT) Sloan School of Management and Professor Emeritus at Harvard University. He has a Ph.D. in Economics from MIT and is currently the Resident Scientist at Dimensional Fund Advisors. Professor Merton was awarded the Alfred Nobel Memorial Prize in Economic Sciences in 1997

Jan 5, 2023 • 2:00:44

2022: A Year in Review (EP.233)

2022: A Year in Review (EP.233)

It has been an amazing year for the podcast. We have had some incredible guests during 2022 who have provided us and listeners with insights and thought-provoking ideas about the world of finance. We covered a lot of ground and to wrap up the year we decided to recap some of our favourite moments for listeners. In this episode, we highlight the many themes covered during this year, such as the basics of investing, stocks and bonds, how to make wise investment decisions, gender inequality, asset

Dec 29, 2022 • 1:42:05

Dr. Annamaria Lusardi: The Economic Importance of Financial Literacy (EP.232)

Dr. Annamaria Lusardi: The Economic Importance of Financial Literacy (EP.232)

Gaining financial literacy is critical if you want to thrive in today’s society. And yet, only about a third of the global population can be described as being financially literate. Joining us today to unpack the concept of financial literacy and its impact is Dr. Annamaria Lusardi, Professor of Economics and Accountancy at George Washington University. Dr. Lusardi has taught Economics for over 20 years, and her passion for financial literacy is reflected in everything she does. Her career has b

Dec 22, 2022 • 1:09:07

RR 231: Investing Basics and Common Questions  (plus Reading Habits w/ Amer Kaissi) (EP.231)

RR 231: Investing Basics and Common Questions  (plus Reading Habits w/ Amer Kaissi) (EP.231)

Today is our final episode featuring just the two of us before our annual wrap-up show, and we thought we would use this opportunity to cover some important foundational aspects of rational investing. Ben goes over some of the most fundamental concepts about market prices, risk, and actual returns before answering five common questions that relate to this level of information. From investing in an employer's stock to predicting the future and real estate comparisons, these five touch-points are

Dec 15, 2022 • 1:23:08

Prof. Robert Frank: Success, Luck, and Luxury (EP.230)

Prof. Robert Frank: Success, Luck, and Luxury (EP.230)

The world is a highly competitive place, and becoming successful requires hard work, dedication, and luck. This is the view of today’s guest, Professor Robert Frank, who helps us unravel the nuance of conspicuous consumption trends and the role of luck in gaining financial success. Professor Frank is the emeritus Henrietta Johnson Louis Professor of Management at Cornell University and holds an MA in statistics and a Ph.D. in Economics from UC Berkeley. He is also a prolific author, having writt

Dec 8, 2022 • 1:21:16

The 2% (!?) Rule for Retirement Spending (EP.229)

The 2% (!?) Rule for Retirement Spending (EP.229)

Traditionally, people saving for retirement and financial advisors relied on the 4% rule when calculating how much to save for retirement and the associated income those savings would provide after retirement. What if you found out it does not work? Is there another option? Today, we offer you an alternative approach, which is the 2% rule for retirement spending. Before we delve into today’s main topic, we update listeners on the recent London meet-up, what to expect on upcoming shows, and who o

Dec 1, 2022 • 1:12:59

Eduardo Repetto: Deep Dive with Avantis Investors' CIO (EP.228)

Eduardo Repetto: Deep Dive with Avantis Investors' CIO (EP.228)

In this episode, we are joined by the CIO of Avantis Investors, Eduardo Repetto, to have an in-depth conversation about his philosophy and approach to many of the central concepts that are important to our listeners. Eduardo weighs in on asset pricing factor investing, premiums, and also shares some of his perspectives on what makes Avantis different from its competitors. Eduardo's wealth of experience and technical know-how make this very practical exploration, complete with some inventive and

Nov 24, 2022 • 1:35:56

Who Should Invest in (Cap Weighted) Index Funds? (EP.227)

Who Should Invest in (Cap Weighted) Index Funds? (EP.227)

In today’s episode, we pull relevant quotes from past guests (namely John Cochrane, Gene Fama, and Jonathan Berk) to extricate who should own market cap funds. We look at the variable risks of value stocks and factor investing and hear counter-views on owning the market. We also delve into the hot topic of tax loss selling, with an overview of a recent Financial Analyst Journal paper on loss harvesting outcomes, sorted by investor profiles. This episode will get you up to date on the biggest fin

Nov 17, 2022 • 1:11:06

Colonel Chris Hadfield: An Astronaut's Guide to Life on Earth (EP.226)

Colonel Chris Hadfield: An Astronaut's Guide to Life on Earth (EP.226)

In this episode, we speak to renowned Canadian figure Colonel Chris Hadfield. For those who don't know, Chris is a heavily decorated astronaut, engineer, and pilot, and has received many awards, such as the Order of Canada, the Meritorious Service Cross and the NASA Exceptional Service Medal. Colonel Hadfield became a worldwide sensation with his video of David Bowie's "Space Oddity" which was viewed by over 75 million people. He aims to make space more accessible and continues to share the wond

Nov 10, 2022 • 48:30

The Index Fund "Tipping Point" (EP.225)

The Index Fund "Tipping Point" (EP.225)

Are index funds a menace to the market? Are pension funds still a wise way to secure your financial future? In this episode, we discuss index funds, the state-sponsored pension plan in Canada, and much more. First, we unpack the nuances of index funds and take a look at the impact that active and passive investors have on the market. We discuss current index fund trends, when to switch from a passive to an active investor, and the dreaded index fund tipping point. To help us understand pension f

Nov 3, 2022 • 1:14:18

Prof Scott Cederburg: Long-Horizon Losses in Stocks, Bonds, and Bills (EP.224)

Prof Scott Cederburg: Long-Horizon Losses in Stocks, Bonds, and Bills (EP.224)

Are stocks and bonds good in the long game? What are the best long-term investment options? In this episode, we speak to Professor Scott Cederburg about the nuance surrounding the stock market, bonds, and other investment types in the long term. He has a Ph.D. in Finance from the University of Iowa and is currently the Associate Professor of Finance at Eller College of Management at the University of Arizona. His research focuses on the long-horizon performance of a range of asset classes and in

Oct 27, 2022 • 1:10:15

A Financial Goals Master List (n=310) (EP.223)

A Financial Goals Master List (n=310) (EP.223)

We recently created and conducted a very interesting survey based on financial goals, and today, we get to share some of the data we collected and the answers that were given to the questions. Although there are some definite limitations to our expertise as surveyors and data collectors, the findings are most definitely illuminating, surprising, and useful. Listeners will get to hear a bit about the process of building the survey as well as some of the raw numbers and data before we get into the

Oct 20, 2022 • 1:06:27

Cassie Holmes: Being Happier (EP.222)

Cassie Holmes: Being Happier (EP.222)

There is more and more research on the determinants and results of happiness in human life, and on the show today we get to do an amazing deep dive on this subject with social psychologist, and author of Happier Hour, Cassie Holmes. Cassie is currently running a course at UCLA Anderson School of Management called 'Applying the Science of Happiness to Life Design', and her book draws directly from the content of this course. In our chat, Cassie shares some definitive data on what actually influen

Oct 13, 2022 • 1:12:06

Permanent Life Insurance (EP.221)

Permanent Life Insurance (EP.221)

Of course, you want to protect your family and your savings from unforeseen consequences, but is life insurance the best option? Can life insurance be an investment rather than a cost? In today's episode of the Rational Reminder Podcast, we take a look at everything life insurance and dig into some hard-hitting research on the subject. We break down the various insurance products available and unravel the nuances regarding returns, dividends, and the associated fees. We discuss why there is so m

Oct 6, 2022 • 1:16:14

Jonathan Berk and Jules van Binsbergen: The Arithmetic of Active Management, Revisited (EP.220)

Jonathan Berk and Jules van Binsbergen: The Arithmetic of Active Management, Revisited (EP.220)

Do you feel like you have a good grasp of financial markets? Think again! In this episode, we take a plunge into the world of financial markets with experts Jules van Binsbergen and Jonathan Berk. Jules is a Professor of Finance at the Wharton School of the University of Pennsylvania and Jonathan is a Professor of Finance at Stanford Graduate School of Business. They also host a popular podcast called Else Equal, which explores the science and strategy of making better financial decisions, and h

Sep 29, 2022 • 1:23:16

Understanding Crypto 17: Ari Juels: The Technical Case for Blockchain

Understanding Crypto 17: Ari Juels: The Technical Case for Blockchain

Critics of blockchain often say that it is nothing more than a database, but today’s guest, Ari Juels, has a different opinion. His technical expertise (he is a Professor of Computer Science at Cornell Tech), combined with his ability to understand both sides of a divisive topic like this one, make for a very insightful conversation about Bitcoin, NFTs, and smart contracts. We talk about the reasons for the valid skepticism that surrounds blockchain technology, the various reasons that Ari belie

Sep 23, 2022 • 1:22:50

Expected Returns for Alternative Asset Classes (plus Reading Habits w/ David Senra) (EP.219)

Expected Returns for Alternative Asset Classes (plus Reading Habits w/ David Senra) (EP.219)

The type of assets which usually come to mind when considering investments are stocks, bonds, or cash, but what are the alternatives? And what kind of returns do alternative asset classes offer? In today’s episode, we delve into the returns which can be expected from alternative asset classes such as private equity, venture capital, angel investing, private credit, hedge funds, direct real estate, and cryptocurrencies. Hear an in-depth analysis based on empirical studies and the expertise of you

Sep 22, 2022 • 1:29:26

Understanding Crypto 16: Chris DeRose: Uncensored Crypto Perspectives

Understanding Crypto 16: Chris DeRose: Uncensored Crypto Perspectives

In this episode, we speak to Chris DeRose, software developer and former co-host of the Bitcoin Uncensored podcast, about both the downsides and upsides of cryptocurrencies and the associated technologies. We took the time to dive deep into the subject with Chris and learned about some of the common misconceptions about blockchain technology, the value of cryptocurrencies to society, ways in which the crypto space has evolved, using economic theories to understand financial systems, the definiti

Sep 16, 2022 • 1:36:58

Colleen Ammerman: Gender and Human Capital (EP.218)

Colleen Ammerman: Gender and Human Capital (EP.218)

The gender pay gap is still a persistent problem in today's society, reflecting the overall state of gender inequality. It is full of complexity and comprises different facets, making it hard to understand the overall situation. We have covered the topic before, but in this episode, we go into a whole new level of detail. To help us unpack the nuance of this essential topic is Colleen Ammerman, Director of the Gender Initiative at Harvard Business School. She is also the author of Glass Half-Bro

Sep 15, 2022 • 1:08:07

Understanding Crypto 15: Prof. Vili Lehdonvirta: Cryptocracy: The Obfuscation of Power

Understanding Crypto 15: Prof. Vili Lehdonvirta: Cryptocracy: The Obfuscation of Power

Today, we speak to Vili Lehdonvirta, Professor of Economics, Sociology, and Digital Social Research at the Oxford Internet Institute at the University of Oxford. Professor Lehdonvirta is a social scientist whose research focuses on ways digital technologies are reshaping the organization of economies, including their associated social effects. He is also the author of two books, Cloud Empires and Virtual Economies, which provide readers with an in-depth look into the power that crypto platforms

Sep 9, 2022 • 1:06:47

The Expected Returns of Financial Literacy (EP.217)

The Expected Returns of Financial Literacy (EP.217)

What impact does financial literacy have on decision-making and financial outcomes? How is financial literacy tested? In this episode, we help listeners understand why financial literacy is vital in terms of financial well-being. Learn the definition of financial literacy, how financial literacy relates to economic outcomes, the differences between people who are financially literate and those that are not, and the contribution of financial knowledge to human capital. We discuss the topic throug

Sep 8, 2022 • 1:02:30

Understanding Crypto 14: Prof. John Cochrane: Money, (Fiscal) Inflation, and Political Freedom

Understanding Crypto 14: Prof. John Cochrane: Money, (Fiscal) Inflation, and Political Freedom

Welcome to our limited edition crypto series. In this episode, we welcome back Professor John Cochrane, who was a guest on the Rational Reminder series, to talk everything money. Professor Cochrane has immense experience on the topic and is a Senior Fellow at the Hoover Institution at Stanford, as well as Stanford Institute for Economic Policy Research. He is also a Research Associate of the National Bureau of Economic Research, an adjunct scholar at the Cato Institute, and was a professor of fi

Sep 2, 2022 • 1:44:04

Gus Sauter: Vanguard's Former CIO on Indexing, Active Management, and Private Equity (EP.216)

Gus Sauter: Vanguard's Former CIO on Indexing, Active Management, and Private Equity (EP.216)

The indexing revolution is something that underpins all of our work here at the Rational Reminder and is a subject we reference in different ways in almost all of our episodes. Today we have a special exploration of this history, as we welcome Gus Sauter, the former long-time CIO of Vanguard, to talk about his incredible history at the firm, the role he played in the rise of the company, and its huge role in reforming the investing landscape. We also hear from our guest about his experience of w

Sep 1, 2022 • 1:22:04

Understanding Crypto 13: Prof. William Magnuson: Blockchain and Democracy

Understanding Crypto 13: Prof. William Magnuson: Blockchain and Democracy

Welcome to another episode from our limited edition crypto series. The previous guests we have spoken to about crypto generally have experience in economics, finance, or technology. In this episode, we have a look at crypto through a legal lens with Professor William Magnuson, an Associate Professor of Law at Texas A&M University School of Law. He is also the author of Blockchain Democracy, which provides readers with a guide into the world of blockchain and Bitcoin, and highlights the reasons f

Aug 26, 2022 • 53:41

Asynchronous Work & Effective Equity Duration (plus Reading Habits w/ Harley Finkelstein) (EP.215)

Asynchronous Work & Effective Equity Duration (plus Reading Habits w/ Harley Finkelstein) (EP.215)

We start the show with a brief highlight of recent episodes, upcoming guests, and feedback we have received about the show. We then review the book Running Remote, which provides evidence for the benefits of working remotely and asynchronous management. We also outline the three essential principles of an asynchronous mindset. We discuss the positives and benefits of remote work, why hybrid work is a flawed approach, and how to recreate face-to-face meetings in a remote world. We also give liste

Aug 25, 2022 • 1:07:04

Understanding Crypto 12: David Gerard: Crypto Realities

Understanding Crypto 12: David Gerard: Crypto Realities

What is the real value of cryptocurrencies? Can crypto technology be applied to traditional financial markets? In this episode, we welcome David Gerard, a technologist and author of the books Libra Shrugged and Attack of the 50 Foot Blockchain.  He uses his skills as a journalist to investigate the uses and hype around cryptocurrencies and is an outspoken skeptic of the technology. Although not originally from the technology sector, he has become an authority on the topic and has briefed the UK

Aug 19, 2022 • 1:00:00

Jay Van Bavel: Shared Identities and Decision Making (EP.214)

Jay Van Bavel: Shared Identities and Decision Making (EP.214)

Identity helps shape our perception and thinking about the world around us. What is identity? How does it influence our perspective? These are some of the questions we answer in this episode of the Rational Reminder Podcast. In this episode, we talk with Jay Van Bavel, an Associate Professor of Psychology and Neuroscience at the University of New York, an affiliate at the Stern School of Business in Management and Organizations, and Director of the Social Identity and Morality Lab. He is also co

Aug 18, 2022 • 1:11:34

Understanding Crypto 11: Quinn DuPont: Understanding Crypto: An Interdisciplinary Approach

Understanding Crypto 11: Quinn DuPont: Understanding Crypto: An Interdisciplinary Approach

In this episode, we speak to Quinn DuPont, a self-described technology historian and researcher of everything crypto. He is fascinated by what humans do and how technology affects what humans do. Quinn focuses his research on the history, meaning, use, and socio-technical development of cryptography. He has published many academic papers on the subject, including the book Cryptocurrencies and Blockchains, and is currently an adjunct professor at the UBC School of Information. He approaches inves

Aug 12, 2022 • 1:33:16

Expected Returns and Factor Investing (EP.213)

Expected Returns and Factor Investing (EP.213)

In today’s episode, we beg the question: is factor investing worth it? Factor-tilted portfolios tend to perform independently of the market and today, we break down a few of the characteristics associated with higher expected returns, as well as the challenges of factor investing. We give a brief history of pricing models and walk step-by-step through a hypothetical factor investment; taking the Fama and French five-factor model into account. Additionally, we discuss liability duration and bond

Aug 11, 2022 • 1:01:28

Understanding Crypto 10: Prof. Hilary Allen: DeFi: Shadow Banking 2.0?

Understanding Crypto 10: Prof. Hilary Allen: DeFi: Shadow Banking 2.0?

There is a lot of hype surrounding cryptocurrencies and DeFi technology, with excitement around the potential innovations they offer financial systems. Often lacking in the discussion is an objective and critically informed viewpoint, leading to confusion and misunderstanding. In today’s conversation, we get the balanced perspective that we need with Professor Hilary Allen, who has a wealth of experience in banking, law, financial regulation, corporate finance, and business administration. She i

Aug 5, 2022 • 48:19

Prof. Ralph Koijen: Demand System Asset Pricing & Inelastic Markets (EP.212)

Prof. Ralph Koijen: Demand System Asset Pricing & Inelastic Markets (EP.212)

If you’re ready for a serious education on market elasticity, demand system pricing, and stock market flows, you’ve come to the right place (disclaimer: don’t expect light entertainment). Today’s guest is Ralph Koijen, AQR Capital Management Professor of Finance and Fama Faculty Fellow at the University of Chicago, Booth School of Business. Tune in for a fascinating conversation about some of the most fundamental characteristics of our economy. To say we learned a lot from this conversation is a

Aug 4, 2022 • 1:19:43

Understanding Crypto 9: Campbell R. Harvey: DeFi and the Future of Finance (Rebroadcast)

Understanding Crypto 9: Campbell R. Harvey: DeFi and the Future of Finance (Rebroadcast)

For this week’s episode, we are revisiting a portion of our conversation with the legendary Professor Campbell R. Harvey and and his more optimistic viewpoint on the crypto space.  Campbell is the Professor of International Business at Duke University and is also a Research Associate at the National Bureau of Economic Research. In 2016 he served as the President of the American Finance Association, and from 2006 to 2012 he occupied the incredibly demanding role of Editor for the Journal of Finan

Jul 29, 2022 • 47:07

Stocks for the Long Run...? (plus Reading Habits w/ Mark Sutcliffe) (EP.211)

Stocks for the Long Run...? (plus Reading Habits w/ Mark Sutcliffe) (EP.211)

Welcome to another episode of the Rational Reminder Podcast! We start by reviewing The Fearless Organization, and learn some important concepts such as psychological safety in the workplace, allowing people to voice their concerns, and the value of continuously learning. We also discuss a paper on index investing followed by a quick discussion on gender equality in finance.  We then take a deep dive into today’s main topic, ‘Stocks for the Long Run…?’, by unpacking research to see if stocks are

Jul 28, 2022 • 1:08:54

Understanding Crypto 8: Tim O'Reilly: How does Web3 Compare to Web 2.0?

Understanding Crypto 8: Tim O'Reilly: How does Web3 Compare to Web 2.0?

Welcome back to another comprehensive and informative episode in this limited series of the Rational Reminder Podcast, a weekly reality check about the world of cryptocurrencies. We are lucky to have another respected figure in the crypto world on our show, technology veteran Tim O’Reilly. Tim is a well-known educator and publisher in the crypto community and the Founder, CEO, and Chairman of O'Reilly Media. He has been involved in the technology industry since the inception and rise of Silicon

Jul 22, 2022 • 52:25

Prof. Ludovic Phalippou: Private Equity, Under the Hood (EP.210)

Prof. Ludovic Phalippou: Private Equity, Under the Hood (EP.210)

If you have any interest in private equity or have thought about it as an asset class, then this episode is for you! What is private equity? This might seem a simple question but the answer is more complex than you think. Private equity is a nuanced subject that requires a deep understanding to make successful investments. To help unpack this non-trivial subject is expert Ludovic Phalippou, a Professor of Financial Economics at the University of Oxford Saïd Business School. Although he studied e

Jul 21, 2022 • 56:26

Understanding Crypto 7: Nicholas Weaver: A Computer Scientist's Perspective on Cryptocurrencies and Blockchain

Understanding Crypto 7: Nicholas Weaver: A Computer Scientist's Perspective on Cryptocurrencies and Blockchain

Dr. Nicholas Weaver’s well-known lectures on cryptocurrencies explain why he believes it needs to be “burned with fire.” Today, we speak to Dr. Weaver, an expert in computer science and a long-time observer of the cryptocurrency space. He holds a BA in Astrophysics and Computer Science and a Ph.D. in Computer Science from UC Berkeley, where he was also a lecturer until recently. His primary research focus has been network security, among other topics. His interest and search for comedy “godl” ha

Jul 15, 2022 • 1:09:00

Optimal Allocations to Owned Housing & Gender Equality in Financial Planning (EP.209)

Optimal Allocations to Owned Housing & Gender Equality in Financial Planning (EP.209)

Welcome to another episode of the Rational Reminder Podcast! In today’s jam-packed episode, we start by going through the feedback received on our limited crypto series and outline upcoming guests. We also give a breakdown of Cal Newport’s book, Deep Work, and the importance and long-term benefits of engaging in deep work. We then follow-up on our recent episode with Rebecca Walker by discussing gender equality in financial planning. Lastly, tune in to also have a rundown of the housing market a

Jul 14, 2022 • 55:24

Understanding Crypto 6: Bruce Schneier: Security, Trust, and Blockchain

Understanding Crypto 6: Bruce Schneier: Security, Trust, and Blockchain

Welcome back to another episode of our limited addition Crypto Series on the Rational Reminder Podcast, a weekly reality check about sensible investing and financial decision-making. Are cryptocurrencies and the associated technologies beneficial? Could they change the world for the better? There is a lot of controversy surrounding the use and application of cryptocurrencies and the associated technologies. Some say the innovation is ultimately useless while others think it is the answer to soci

Jul 8, 2022 • 54:52

Rebecca Walker: Women Talk Money (EP.208)

Rebecca Walker: Women Talk Money (EP.208)

There’s no doubt about it; money is a taboo topic in our society. But not talking about money only serves to uphold inequalities and injustices. Rebecca Walker is an advocate for transparency and, during this episode of the Rational Reminder Podcast, she shares the importance of exploring the factors that have influenced our relationship with money so that we can begin to understand how we can use money as a tool to effect the kind of changes we want to see in the world. This is the intention be

Jul 7, 2022 • 38:35

Understanding Crypto 5: Stephen Diehl: The Case Against Crypto

Understanding Crypto 5: Stephen Diehl: The Case Against Crypto

Welcome back to another limited series of Rational Reminder Podcast, focused on learning about cryptocurrencies. Our journey about cryptocurrencies has led us to speak to various experts on the subject, all of whom see some benefits to cryptocurrencies and the underlying blockchain technology. However, what does a skeptic think about cryptocurrencies and the benefits to the current financial system? In today’s episode, we speak to Stephen Diehl, a software engineer who works with financial techn

Jul 1, 2022 • 53:39

What is Money? (plus Reading Habits w/ Dan Solin) (EP.207)

What is Money? (plus Reading Habits w/ Dan Solin) (EP.207)

In today's episode, we share some updates from our Financial Goals Survey, respond to a listener who says we are wrong about dividends, and talk about Scout Mindset by Julia Galef. We then respond to a listener question about whether our comments in Episode 205 on private equity extend to private real estate. In our main topic, we unravel what money is by looking back at its origin story and the two competing theories about what it is. We discuss the ideological underpinnings of money and how th

Jun 30, 2022 • 1:15:54

Understanding Crypto 4: Prof. Tobin Hanspal: The Characteristics of Crypto Investors

Understanding Crypto 4: Prof. Tobin Hanspal: The Characteristics of Crypto Investors

Welcome to another special episode of Rational Reminder Podcast, a show to help us learn about cryptocurrencies and their role in our current and future financial systems. In today's show, we speak to Tobin Hanspal, an Assistant Professor of Finance at the Vienna University of Economics and Business who has written several papers focused on household finances. Tobin's research area offers insights into the behaviours of retail investors in the crypto space and how this may affect household finan

Jun 24, 2022 • 46:59

Prof. Vanessa Bohns: You Have More Influence Than You Think (EP.206)

Prof. Vanessa Bohns: You Have More Influence Than You Think (EP.206)

Welcome back to another exciting and informative episode of the Rational Reminder Podcast, a show all about finances and how to get the most of your money responsibly. To make the right decisions regarding your investments, besides the knowledge and understanding of financial systems, you also need to understand the psychology behind your decisions. To help us unpack this complicated and interesting subject is Professor Vanessa Bohns, a Social Psychologist and Professor of Organizational Behavio

Jun 23, 2022 • 1:10:03

Understanding Crypto 3: Eswar Prasad: Bitcoin, Banking, and the Future of Money

Understanding Crypto 3: Eswar Prasad: Bitcoin, Banking, and the Future of Money

Welcome back to another episode of our series focusing on cryptocurrencies. In this episode, we dive into conceptual complexities surrounding cryptocurrencies and how this might affect the financial system in future. To help us unravel this nuanced subject is Professor Eswar Prasad, a senior professor of trade policy and Professor of Economics at Cornell University, and a senior fellow at Brookings Institution. He is also a research associate at the National Bureau of Economic Research and was a

Jun 17, 2022 • 48:09

Tech vs. Value, and Private Equity vs. Public Equity (EP.205)

Tech vs. Value, and Private Equity vs. Public Equity (EP.205)

Welcome to another episode of the Rational Reminder Podcast. In today’s jam-packed episode, hear updates regarding our goals survey, the schedule for upcoming guests on the show, the latest news and highlights from the financial world, and some of the feedback we have received about the show. We also highlight interesting articles and papers regarding tech valuations, expected stock returns, the performance of venture capital funds, and a book recommendation that will help you understand the fin

Jun 16, 2022 • 59:51

Understanding Crypto 2: Igor Makarov: Economics of the Crypto Ecosystem

Understanding Crypto 2: Igor Makarov: Economics of the Crypto Ecosystem

Understanding the complexity surrounding cryptocurrencies is essential in making the correct decisions regarding investing in DeFi technology. To help us understand the basics, we talked to Dr. Igor Makarov who is an expert on cryptocurrency and Bitcoin, particularly Bitcoin and the associated mining processes. He is based at the London School of Economics, where he serves as an Associate Professor of Finance. Dr. Makarov is also the author of several papers focusing on DeFi and crypto markets i

Jun 10, 2022 • 1:26:42

John A. List: Improving the World with Economics (EP.204)

John A. List: Improving the World with Economics (EP.204)

John List is the recently appointed Chief Economist at Walmart, and is also a Professor of Economics at the University of Chicago, having worked as the Chief Economist at Uber and Lyft. He has published a huge array of important papers in the field of economics and is also the author of the recent book The Voltage Effect, which deals with the question of how to scale ideas successfully. We are very excited to bring you this episode, which is a particularly illuminating one, in which we draw on J

Jun 9, 2022 • 1:40:30

Understanding Crypto 1: Daniel Mescheder: What Problem Do Blockchains Actually Solve?

Understanding Crypto 1: Daniel Mescheder: What Problem Do Blockchains Actually Solve?

Fundamentals of the Blockchain with Daniel Mescheder   Episode 1: Show Notes   Welcome to the first episode of our limited series focusing on cryptocurrencies and everything you need to know about them. Our first guest is Daniel Mescheder, who joins us to appropriately break down some of the basic concepts and engineering of the blockchain, using his expertise as a software engineer as the lens for this discussion. We felt this chat was the best way to launch the series and prepare listeners for

Jun 3, 2022 • 1:12:05

S*** (Misguided) Financial Advisors Say (EP.203)

S*** (Misguided) Financial Advisors Say (EP.203)

We have a jam-packed episode for all of our listeners today, with two guests, a lot of news, and many great resource recommendations. We start off by rounding up some recent updates from the world of finance and the Rational Reminder community, and spend some time talking about Ben's recent paper, titled 'Finding and Funding Good Life'. We are then joined by Robb Engen, for his third appearance on the show, to talk about how he helps his clients move on from unhealthy advisory relationships. Rob

Jun 2, 2022 • 1:23:37

Antti Ilmanen: The Building Blocks of Long-Run Returns (EP.202)

Antti Ilmanen: The Building Blocks of Long-Run Returns (EP.202)

To carry on the trend of amazing guests on the show, today we welcome Antti Ilmanen. Antti is the co-head of the Portfolio Solutions Group at AQR, and the author of a couple of really impactful books that we highly recommend. His most recent is Investing Amid Low Expected Returns, and in today's chat, we get to hear all about the ideas contained in its pages, and the most important moments in his career that have shaped his philosophy. Antti received his PhD in Finance from the University of Chi

May 26, 2022 • 1:09:32

The Relevance of Dividend Irrelevance (EP.201)

The Relevance of Dividend Irrelevance (EP.201)

Today, on the Rational Reminder Podcast, we are tackling a few interesting topics that tie into recent and forthcoming conversations with our amazing guests. In this 'us only' episode, we are focusing on thematic ETFs and the truth about dividend investing. After a quick look at The Quick Fix by Jesse Singal, some reflections on the past six months at ARK Invest, and the lessons we can still learn from the dot-com crash, we get into the meat of today's episode by way of Ben's recent experiences

May 19, 2022 • 58:10

Prof. Eugene Fama (EP.200)

Prof. Eugene Fama (EP.200)

We are so happy to bring you all our 200th episode, and who better to have on the podcast on this auspicious occasion than the legendary, Professor Gene Fama? This is one of the most jam-packed episodes we have ever recorded, with Gene providing concise and thought-provoking answers to our many, many questions. After delving into the foundations of Gene's work and philosophy, covering market efficiency, and its competing theories, Gene entertains our queries about a wide range of ideas and model

May 12, 2022 • 1:07:33

What Happens after Bonds Crash? (plus Reading with Aydin Mirzaee) (EP.199)

What Happens after Bonds Crash? (plus Reading with Aydin Mirzaee) (EP.199)

As we near the 200th episode of our little podcast, we wanted to have a chat with our friend Aydin Mirzaee about one of our favourite topics: books. Before welcoming Aydin into the conversation we round up some important news, go deeper than ever into the fascinating subject of bonds, and share some thoughts on Setting the Table. As the host of the Supermanagers Podcast and the CEO of Fellow, Aydin has an unusual and stimulating perspective on many of our usual interests, and we get to hear from

May 5, 2022 • 1:09:10

Gerard O’Reilly: Deep Dive with Dimensional’s co-CEO & CIO (EP.198)

Gerard O’Reilly: Deep Dive with Dimensional’s co-CEO & CIO (EP.198)

You don’t need to be a rocket scientist to work at Dimensional Fund Advisors, but Gerard O’Reilly sees it as an asset, particularly when it comes to problem-solving. Now the Co-CEO and Chief Investment Officer of one of the fastest-growing US investment businesses, Gerard received a Ph.D. in aeronautics before entering fund management, attracted to Dimensional because of the opportunity it afforded him to learn from the world-leading economists at the company; including Eugene Fama, Myron Schole

Apr 28, 2022 • 1:43:05

The Immortality of Bonds (EP.197)

The Immortality of Bonds (EP.197)

Many people have been contemplating the death of bonds, which is why for the main topic of today’s episode we’re going to be talking about their immortality. After a vicarious trip to The Masters, an overview of The Art of Insubordination, and an explanation of why we’re concerned about the changes that WealthSimple has made to their business model, we get into the world of bonds. Bond returns have not been good this year, and bond index funds are down all round, but that doesn’t mean that bonds

Apr 21, 2022 • 58:17

Sebastien Betermier: Hedging, Sentiment, and the Cross-Section of Equity Premia (EP.196)

Sebastien Betermier: Hedging, Sentiment, and the Cross-Section of Equity Premia (EP.196)

Welcome back to the show all about sensible investing in Canada! Today we have yet another masterclass with a wonderful guest, Sebastien Betermier. Sebastian is an Associate Professor of Finance at Desautels Faculty of Management at McGill University, where he teaches investment management, applied investments, and pension funds retirement systems. We have a deep, thoughtful, and precise conversation with him about his recent research and papers, much of which stands in contrast to our usual far

Apr 14, 2022 • 1:17:06

Common Misconceptions Among Beginner Investors (EP.195)

Common Misconceptions Among Beginner Investors (EP.195)

The world of personal finance is full of axioms, and new investors can get caught up in investing myths and ‘rules of thumb’ that are limiting at best and lead to underperformance and unnecessary losses at worst. In this week’s episode, we outline some of the common misconceptions that new investors have, the evidence (or lack thereof) surrounding them, and how to think more like a seasoned investor. Is value investing really a safer strategy with lower expected returns? Do you need to employ a

Apr 7, 2022 • 1:03:31

Bill Janeway: Investing in the Innovation Economy (EP.194)

Bill Janeway: Investing in the Innovation Economy (EP.194)

When it comes to the uncertain future of financial markets and technological innovation, a deep understanding of history and the roots of the systems at play in our contemporary climate is often overlooked. This is the argument made by Bill Janeway, our guest on the show today and the author of Doing Capitalism in the Innovation Economy. We have a fascinating conversation with Bill who has vast experience in both the academic and venture capital spheres, having spent years working in both sector

Mar 31, 2022 • 55:41

(Modern) Modern Portfolio Theory (EP.193)

(Modern) Modern Portfolio Theory (EP.193)

Today on Rational Reminder we take a deep dive into the evolution of modern portfolio theory. We kick the show off with some updates and reviews on some of the brilliant shows and books we are watching right now. A key item from this selection is Stolen Focus: Why You Can’t Pay Attention and the points it makes about the value of flow state for learning and creativity. After this week’s news stories, we get into the main topic, and Ben starts with a breakdown of portfolio theory as it was laid o

Mar 24, 2022 • 1:17:38

Alex Edmans: Growing the Pie: A Different Take on ESG (EP.192)

Alex Edmans: Growing the Pie: A Different Take on ESG (EP.192)

We always appreciate research-based arguments here at the Rational Reminder and when those arguments might rattle some assumptions we get particularly excited. Today we have an eye-opening conversation with finance professor Alex Edmans, in which he discusses his idea of growing the pie and how social change and value relate to investor decisions. Alex's work is deeply rooted in skepticism and a critical method of assessing evidence, an approach that has resulted in surprising and sometimes para

Mar 17, 2022 • 1:02:47

Emerging Markets: Diversifying Asset or a Reverse Lottery? (EP.191)

Emerging Markets: Diversifying Asset or a Reverse Lottery? (EP.191)

There seem to be many differing opinions out there about investing in emerging markets, and unfortunately, many of these are inaccurate. This is mostly due to the fact that emerging markets and your involvement in them, perform in ways that are somewhat counterintuitive. In today's episode, we tackle this tricky subject from a number of angles and try to give all of our listeners a better understanding of the strengths and weaknesses of using emerging markets within your portfolio, without falli

Mar 10, 2022 • 1:01:11

Leonard Mlodinow: Emotions are Rational (EP.190)

Leonard Mlodinow: Emotions are Rational (EP.190)

It is commonly believed that rational thought is threatened by emotion, but contemporary understandings of the brain paint a more complicated picture. Today’s guest is Leonard Mlodinow and he joins us to talk about why. As a mathematician and theoretical physicist, Leonard might seem like an odd fit for this topic at first glance. However, when Leonard’s desire to discover the secrets of the universe spilled over into a curiosity about the brain, he started publishing books on the subject, his m

Mar 3, 2022 • 52:58

BONUS: Stocks, Bonds, and War

BONUS: Stocks, Bonds, and War

In this special episode, we review the relationship between war and financial markets. War is a tragedy. We are not minimizing the humanitarian tragedy of what is happening in Ukraine by focusing on the potential impact on financial markets. But we are offering a Rational Reminder for investors in a stressful time. Wars and financial markets have coexisted, and often been intertwined, for hundreds of years. Countries that have lost major wars have had their financial markets decimated, while glo

Feb 28, 2022 • 31:42

Regret (and How to Read More w/ Neil Pasricha) (EP.189)

Regret (and How to Read More w/ Neil Pasricha) (EP.189)

Today’s guest is Neil Pasricha and he joins us to discuss how to read more. Before our time with Neil, Ben and Cameron lead the discussion, working through a range of topics including how to grasp large numbers, the value of ‘humbitious’ leadership, and how to get a better understanding of regret. When Neil jumps into the conversation, he starts by making an argument for reading, telling us how it is the best form of compressed knowledge we have, and that readers effectively live a new life each

Feb 24, 2022 • 1:06:27

Ayelet Fishbach: The Science of Motivation (EP.188)

Ayelet Fishbach: The Science of Motivation (EP.188)

Goal-setting has been a divisive subject of discussion for us here on the Rational Reminder Podcast, and today we dive a bit deeper into the topic with the help of the amazing Ayelet Fishbach, author of the recent book Get It Done. Ayelet is an expert in motivation and a Professor of Behavioral Science and Marketing at the Chicago Booth School of Business. Her focus in her work is researching social psychology, management and consumer behaviour, and having her on the show to share some of this a

Feb 17, 2022 • 1:04:38

How to Set Financial Goals (EP.187)

How to Set Financial Goals (EP.187)

Identifying investment goals is a critical step in developing a sound financial plan that helps investors reach their objectives. Studies have shown that using a goals-based framework in financial planning can lead to an increase in wealth for investors and has the potential to strengthen planner-client relationships; but what goals should you be setting? And why is it often so difficult to make these kinds of decisions? In today’s episode, Benjamin dives into some of the research he is conducti

Feb 10, 2022 • 1:15:34

Andrew Hallam: Balancing Money, Relationships, Health, and Purpose (EP.186)

Andrew Hallam: Balancing Money, Relationships, Health, and Purpose (EP.186)

One of our favorite things to do on this show is talk with the amazing authors of new books related to sensible investing. Today we do just that, welcoming back Andrew Hallam to the podcast to talk about his new book, Balance. In it, Andrew tackles the relationship between our finances and happiness, looking at the areas of life that need the most attention, and how we sometimes overlook important aspects of our wellbeing. This is Andrew's third book, and we previously hosted him on the show in

Feb 3, 2022 • 1:01:09

Lighting your Money on Fire with Thematic ETFs (EP.185)

Lighting your Money on Fire with Thematic ETFs (EP.185)

As we all know, not all investments are equally exciting, but on today’s show, we make the case that you should not put your money into an ETF just because it is trending. A thematic ETF is a fund that offers the opportunity to invest based on a particular theme, such as climate change or artificial intelligence. The concept behind investment themes is that they ostensibly offer investors the opportunity to participate in potentially disruptive trends with the idea of earning excess returns. The

Jan 27, 2022 • 1:06:02

Robin Wigglesworth: The Story of Index Funds (EP.184)

Robin Wigglesworth: The Story of Index Funds (EP.184)

Episode 184: Robin Wigglesworth: Unpacking and Understanding Trillions   Episode 184: Show Notes.   We have often spoken about the book Trillions on the show, and in today's episode, we are lucky enough to interview the author, Robin Wigglesworth. We get to speak to Robin about his book and some of its central and most interesting ideas, while touching on other subjects too. Listeners will definitely come away with some enriched perspective, and hearing Robin's thoughtful and articulate answers

Jan 20, 2022 • 1:20:33

Market Efficiency Myths and Misconceptions (EP.183)

Market Efficiency Myths and Misconceptions (EP.183)

While there is certainly room for rigorous debate regarding market efficiency versus inefficiency, there are many who dismiss Eugene Fama’s Efficient Market Hypothesis (EMH) as an incorrect model without understanding what the implications are or how to test it. In today’s episode of the Rational Reminder Podcast, we tackle some common market efficiency myths and misconceptions using Fama’s 1970 paper on EMH as well as supporting papers by Kenneth French, Lubos Pastor, José Scheinkman, and many

Jan 13, 2022 • 1:29:52

John 'Mac' McQuown: The Data Will Sort That Out (EP.182)

John 'Mac' McQuown: The Data Will Sort That Out (EP.182)

One of the pillars of our approach at The Rational Reminder Podcast and PWL Capital is the idea of index investing, a concept that is both fundamental and deeply embedded. Today we are very lucky to have John 'Mac' McQuown on the show, who was behind the creation of the first equity index fund. It is hard for us to overstate just how important this contribution has been to the world of finance and any fund managers and investors that share our philosophy. Mac's work back in the 1960s, his positi

Jan 6, 2022 • 46:30

A Year in Review (EP.181)

A Year in Review (EP.181)

We have reached the end of another year, our third while doing this podcast. We are spending this episode on our customary year-end review, and we will be pulling segments from some of the great interviews we hosted over the course of 2021. In doing so, we hope to create a bit of summary of the year and the biggest lessons we all learned together. The podcast has continued to grow beyond our wildest expectations and we are so grateful to be on this journey with our ever-increasing community and

Dec 23, 2021 • 1:36:48

Is Canada Really in a Housing Bubble? (EP.180)

Is Canada Really in a Housing Bubble? (EP.180)

There is no doubt that housing in Canada is expensive, but are we really in a bubble? Today on the show we explore the user cost equation and how it can help us answer this question. Before the main topic, we get warmed up with a behind-the-scenes look at Dell’s growth path in Cameron’s review of Play Nice But Win. From there we address Peter Lynch’s recent warning against passive investing as well as reiterate our position on the performance of small-cap value versus large-cap growth. Heading i

Dec 16, 2021 • 1:02:52

Professor Marco Di Maggio: Crypto, DeFi, and Monetary Policy (EP.179)

Professor Marco Di Maggio: Crypto, DeFi, and Monetary Policy (EP.179)

Of all of the possible disruptive uses of cryptocurrency and blockchain, decentralised finance (or DeFi) might be the one most likely to bring this technology to a wider audience; and challenge the established finance industry in the process. For this week’s episode on crypto-based decentralised finance, we welcome economist and faculty member in the Finance Unit at Harvard Business School, Professor Marco Di Maggio. Tuning in, you’ll learn everything you need to know about DeFi and cryptocurren

Dec 9, 2021 • 50:54

Are Inflation Concerns Inflated? (EP.178)

Are Inflation Concerns Inflated? (EP.178)

In today’s episode of The Rational Reminder, we tackle the subject of inflation in a twofold manner. Firstly, there are details around how people perceive inflation that often get overlooked, and secondly, these expectations have investment implications that are worth unpacking. Before diving into the main topic, we talk about Colin Bryar’s Working Backwards which tracks the role of failure and customer obsession in Amazon’s growth path. After getting into this week's news and listener question,

Dec 2, 2021 • 1:02:24

Dr. Anna Lembke: Dopamine & Decision-Making (EP.177)

Dr. Anna Lembke: Dopamine & Decision-Making (EP.177)

The contemporary world is saturated with ways in which we can experience rewards that were historically much more difficult to access. Although this idea of a world filled with dopamine fixes is not new, it can be continually surprising just how extreme this reality has become. Here on the show today to talk about this issue and her most recent book, Dopamine Nation, is Dr. Anna Lembke, and we have a fascinating and important conversation in which she unpacks the human body and mind in relation

Nov 25, 2021 • 1:01:28

Is the Value Premium Smaller Than We Thought? Featuring Mathias Hasler (EP.176)

Is the Value Premium Smaller Than We Thought? Featuring Mathias Hasler (EP.176)

Today we have a guest join us on one of our 'us episodes', and we are very lucky to welcome Mathias Hasler to take part in the last section of today's podcast. Mathias is a Visiting Assistant Professor of Finance at Boston College, and his primary research focuses are empirical asset pricing, market efficiency, value investing, and corrections for data mining. In our chat with him today, we zoom in on a specific paper of his and its proposition about 'the six decisions' and their alternatives. B

Nov 18, 2021 • 51:50

Robin Taub: The Wisest Investment: Teaching Kids About Money (EP.175)

Robin Taub: The Wisest Investment: Teaching Kids About Money (EP.175)

Today we are tackling the vitally important subject of financial literacy from the standpoint of parents wanting to educate their children. We have a true expert on the show today to help us with this discussion, and we cannot wait to share this highly actionable and impactful conversation with our audience. Robin Taub is a former CPA turned author, and her book, The Wisest Investment, approaches the need to educate children from an early age, and the best strategies that parents can use for thi

Nov 11, 2021 • 1:07:12

The "Good Company is a Good Investment" Fallacy (EP.174)

The "Good Company is a Good Investment" Fallacy (EP.174)

It sounds reasonable to say that investing in the most popular companies would produce the best returns, but this is just not how asset pricing works. Today on the show, we unpack the ‘good company is a good investment’ fallacy. Before diving into the main topic, we kick off our discussion on the subject of index funds with Robert Wigglesworth’s Trillions. From there, we share some updates about custom indexing and home buying in Canada, along with the immense valuation of Tesla as well as Elon

Nov 4, 2021 • 50:53

Antonio Picca: From Index Investing to Factor Investing at Vanguard (EP.173)

Antonio Picca: From Index Investing to Factor Investing at Vanguard (EP.173)

In our conversation this week, we take a deep dive into factor investing. We are joined by the formidable Antonio Picca, Head of Factor Strategies at Vanguard, to help us navigate this complicated topic. Antonio is one of the largest asset managers in the world, with over seven trillion dollars under management. Among his credentials is a Master's in Finance and Economics from the London School of Economics, as well as a Doctorate in Finance and Economics from Chicago, where he was also a teachi

Oct 28, 2021 • 55:37

 Is the debate over renting vs. buying a home really over? Featuring Rob Carrick (EP.172)

Is the debate over renting vs. buying a home really over? Featuring Rob Carrick (EP.172)

Today we welcome Rob Carrick back to the show to talk about a range of interesting topics, focusing on the Canadian housing market and some of the recent developments from the banking and investment space. Rob has such a balanced and measured approach, qualities that are visible in his long-standing work at The Globe and Mail. We start today's episode with some fun recommendations of books and TV content, before diving into the meat of our conversation. Rob weighs in on the range of perspectives

Oct 21, 2021 • 1:18:21

Campbell R. Harvey: The Past and Future of Finance (EP.171)

Campbell R. Harvey: The Past and Future of Finance (EP.171)

For this week’s episode (our longest to date), we get together with the legendary Professor Campbell R. Harvey and take a deep dive into a diverse range of topics that draw on his incredible breadth of knowledge and extensive research. Campbell is the Professor of International Business at Duke University and is also a Research Associate at the National Bureau of Economic Research. In 2016 he served as the President of the American Finance Association, and from 2006 to 2012 he occupied the incre

Oct 14, 2021 • 2:01:13

Are Homeowners Happier than Renters? (EP.170)

Are Homeowners Happier than Renters? (EP.170)

For decades, owning a home has been seen as a hallmark of the ‘American dream’ and a major life milestone. While we take it for granted that home ownership is good, we make the argument in today’s episode that, from the perspective of subjective well-being, owning a home isn’t necessarily the key to happiness. This conversation covers the non-financial aspects of homeownership and why owning a home isn’t necessarily superior to renting one. This is supported by data from a number of different st

Oct 7, 2021 • 1:00:17

John Cochrane: Modern Modern Portfolio Theory (EP.169)

John Cochrane: Modern Modern Portfolio Theory (EP.169)

Today's conversation is an extremely enlightened and highly detailed one, that you may want to return to, in order to accrue all of its value. We host John Cochrane, an economist specializing in financial economics and macroeconomics. John has a popular blog and podcast called The Grumpy Economist and also hosts the GoodFellows Podcast. He is a Rose-Marie and Jack Anderson Senior Fellow at the Hoover Institution and a senior fellow at Stanford Institute for Economic Policy Research, and was a Pr

Sep 30, 2021 • 1:23:02

A Replication Crisis and a Housing Crisis (EP.168)

A Replication Crisis and a Housing Crisis (EP.168)

Today we have a somewhat unique episode for all of our listeners, rounding up the news and information from the world of finance and investment before we welcome Ben Rabidoux back to the show. Ben was a guest on Episode 96, which aired early during the pandemic last year, and we are so happy to have him here for another appearance, to touch in with his real estate expertise, and his thoughts on the current issues facing the Canadian housing market. Ben is the Founder of Edge Realty Analytics and

Sep 23, 2021 • 1:19:51

Professor Hersh Shefrin: Fear, Hope, and the Psychology of Investing (EP.167)

Professor Hersh Shefrin: Fear, Hope, and the Psychology of Investing (EP.167)

In many episodes of this podcast we refer to the psychological component of investing, and today we are very happy to host a global authority on the subject and share an absolute masterclass about behavioural psychology as it relates to our finances and the decisions we make. We welcome Professor Hersh Shefrin to the show, who is the author of many books including the seminal Beyond Greed and Fear, which he wrote in the last 1990s, and still holds much value and relevance in today's climate. Pro

Sep 16, 2021 • 1:12:52

Lessons from 100+ Years of Global Stock Returns (EP.166)

Lessons from 100+ Years of Global Stock Returns (EP.166)

In this week’s episode, Cameron and Benjamin share what’s on their mind and delve into listener questions on subjects ranging from the CAPE ratio to how to go about changing someone’s mind. Tuning in you’ll get a preview of some of the formidable guests featured on future episodes, like John Cochrane and Hersh Shefrin. We also cover book recommendations and unpack the concept of libertarian paternalism from the highly influential best-seller, Nudge: The Final Edition by Richard Thaler and Cass S

Sep 9, 2021 • 1:03:05

Gordon Irlam: (Near) Optimal Retirement Planning using Machine Learning (EP.165)

Gordon Irlam: (Near) Optimal Retirement Planning using Machine Learning (EP.165)

The evergreen subject of retirement planning is something that we prioritize here at the Rational Reminder Podcast, and today we have a very interesting conversation in which we explore the topic from a slightly different perspective. We are joined by Gordon Irlam, who is a notable researcher with a wealth of experience from the world of tech and beyond. We have the chance to ask Gordon about bonds, annuities, and optimal allocations for different outlooks, and also get his perspective on charit

Sep 2, 2021 • 41:02

Comprehensive Overview: The 4% Rule (EP.164)

Comprehensive Overview: The 4% Rule (EP.164)

Today’s episode is the first that takes a new format we are piloting, where we compile clips from the most valuable conversations we have had in different episodes on a given topic. To kick it all off we will be devoting this episode to inflation-adjusted retirement spending and the nuances of the 4% rule. We start off with a clip from our conversation with Bill Bengen, creator of the 4% rule, where he explains the concept. From there, we pull up an excerpt from an interview with Wade Pfau, hear

Aug 26, 2021 • 56:12

Dave Plecha: The Long and Short of Investing in Bonds (EP.163)

Dave Plecha: The Long and Short of Investing in Bonds (EP.163)

Even among rational investors with diversified portfolios, there seems to be less known about the inner workings of the bond portion of their investments. Here on the show today to help us get a better understanding of fixed income investments is none other than Dave Plecha, Global Head of Fixed Income at Dimensional Fund Advisors. Dave is one of the authorities on the subject of bonds and is amazing at articulating the concepts at play in this arena. This conversation goes in-depth, but is also

Aug 19, 2021 • 1:12:30

How to Select a (Good) Financial Advisor

How to Select a (Good) Financial Advisor

Today our main topic expands on a recent episode in which we talked about what constitutes good financial advice, and here we look at how to go about finding the kind of advice that you want and need. It is one thing to know what it is, but that does mean it is straightforward to locate an advisor or firm that provides it. After our opening salvo of some media recommendations and a review of the fascinating book on different ideas on leadership, called The Starfish and the Spider, we dive into a

Aug 12, 2021 • 1:04:07

Katy Milkman: How to Change your Financial Habits (EP.161)

Katy Milkman: How to Change your Financial Habits (EP.161)

Today we are so happy to welcome the amazing Katy Milkman to the show. Katy is the author of the impressive and inspiring new book, How to Change: The Science of Getting from Where You Are to Where You Want to Be, and in this episode, we get the inside scoop from her about her work, with specific attention to how it can be applied to investment and finances. Emerging from an engineering background, Katy has a powerful and unique skillset to be tackling the social sciences, and we hear from her a

Aug 5, 2021 • 57:55

Day Trading in 2020: Did Free Trading Change Everything? (EP.160)

Day Trading in 2020: Did Free Trading Change Everything? (EP.160)

Today we get the chance to take some very interesting listener questions and dig into fascinating findings on day trading in 2020. To kick things off we have a quick review of Simon Sinek's insightful new book, The Infinite Game before rounding up some of the news from the investing space. Then it's time to tackle a number of questions from a member of our thriving community and break down some helpful responses to queries about bonds, retirement, convexity, different types of ETFs, and more. We

Jul 29, 2021 • 1:03:37

Bill Schultheis: Build Wealth and Get on With Your Life (EP.159)

Bill Schultheis: Build Wealth and Get on With Your Life (EP.159)

The work of Bill Schultheis has had a profound effect on us here at the Rational Reminder Podcast, and eventually having him join us on the show is truly an honour! Bill is the author of the Coffeehouse Investor series and is currently the Principal and Senior Advisor at Soundmark, in Kirkland, Washington. Throughout his career Bill has dedicated himself to helping his clients make the choices that best serve them and their particular needs, and his approach has continued to grow and improve ove

Jul 22, 2021 • 54:54

Loss Harvesting and the Myth of Tax Alpha (EP.158)

Loss Harvesting and the Myth of Tax Alpha (EP.158)

Welcome back to another episode of the Rational Reminder Podcast, where we give you the most considered and evidence-based information about investing in Canada. Our focus for this episode is the topic of tax loss harvesting, a subject we have touched on before but felt warranted a revisit, with some updates. To kick off the show, we review Playing to Win, looking at the illuminating perspective it offers with regards to strategy and preparation. From there we turn to some recent investing news

Jul 15, 2021 • 1:02:04

Rob Arnott: Dissecting Smart Beta, Investing in Disruption, and Momentum (EP.157)

Rob Arnott: Dissecting Smart Beta, Investing in Disruption, and Momentum (EP.157)

Today we welcome Rob Arnott to the show! Rob is the founder of Research Affiliates and is a prolific writer who has published hundreds of articles for many different journals. We know firsthand, the power of Rob's work, and how it can alter the way you think about investing, and this depth of knowledge, coupled with his ability to make complex topics understandable makes him a dream guest for us! Rob is the co-author of The Fundamental Index, and we get some insight into this subject along with

Jul 8, 2021 • 1:08:25

Climate Change vs. The Stock Market (EP.156)

Climate Change vs. The Stock Market (EP.156)

The looming issue of climate change has far-reaching implications, not least of which are relevant to the financial and investment world. Today we spend some time considering these impacts, with a focus on the question of whether climate risk is a priced investment. The short answer, conferred by the numerous academic explorations into the subject, is yes. This answer, however, still leaves investors with many options and contrasting possible approaches as to how to act. We get into some of the

Jul 1, 2021 • 58:39

Don Ezra: Planning for Life After Full Time Work (EP.155)

Don Ezra: Planning for Life After Full Time Work (EP.155)

One of the major topics we hope to help our listeners with is retirement planning, and today we have a really informative and illuminating conversation with a true expert in the field, Don Ezra. His approach is typified by his focus on retirement and happiness, and their important intersection, subjects he has broached in his many published books, notably Life Two, and Happiness. Don is a self-professed financial nerd, so you know that he will fit right in on this podcast! His advice is relatabl

Jun 24, 2021 • 1:02:56

Renting vs. Buying a Home: How to Decide (EP.154)

Renting vs. Buying a Home: How to Decide (EP.154)

Welcome back to another episode of the sensible money show. The focus this week is the age-old question of housing; whether to buy or to rent. After our preliminary remarks, book review, and a new TV recommendation, we get down to brass tacks on the important things to look at when assessing your living situation. There are some commonly held views on the expenses and sacrifices associated with real estate, and we do our best to share some of the facts as they stand. We get into some meaningful

Jun 17, 2021 • 1:03:24

Prof. Johanna Peetz: Personal Spending, Time Perception, and Close Relationships (EP.153)

Prof. Johanna Peetz: Personal Spending, Time Perception, and Close Relationships (EP.153)

Today we speak to Professor Johanna Peetz about how the errors people make about predicting their futures affect financial planning and relationships. Professor Peetz is an Associate Professor of Psychology at Carleton University and her three main research interests are time perception, personal spending, and close relationships. We kick the conversation off on the topic of biased spending estimates, the idea that people are bad at budgeting, and Professor Peetz gets into the main causes and im

Jun 10, 2021 • 50:09

Evaluating Systematic Equity Strategies (EP.152)

Evaluating Systematic Equity Strategies (EP.152)

Welcome back to your favourite Canadian podcast about sensible investing! Today we are focusing on evaluating equity strategies and wondering aloud whether you should be chasing these anomalies, thinking about the costs and turnover, and how these products are being implemented. These are just some of the important questions that can be asked on this subject, and we do our best to cover the most vital points in this episode. We start things off with our customary book review segment, taking a lo

Jun 3, 2021 • 59:35

Professor Brad Cornell: A Skeptic’s Look at the Cross Section of Expected Returns (EP.151)

Professor Brad Cornell: A Skeptic’s Look at the Cross Section of Expected Returns (EP.151)

There is an overarching investment philosophy that permeates most of what we do here at the Rational Reminder Podcast, and while some guests' positions might differ at times, it is rare that we have someone on the show whose approach is as strongly contrasted with ours, as Professor Brad Cornell. Professor Cornell's arguments are so well-founded and researched that they require a re-examination of positions that we feel have been a given for us for a long time. He is the author of about 150 refe

May 27, 2021 • 50:53

The Ultimate Inflation Hedge (EP.150)

The Ultimate Inflation Hedge (EP.150)

Is it possible to hedge your investments against different levels of inflation? This is the question we ask in today's episode, as we run through a variety of different investment approaches and commodities. While the answer may not come as a huge surprise, it is definitely worth the walk-through and getting to grips with what the literature can tell us in each scenario. After rounding up some news and a few reviews relevant to our usual subject matter, we dive straight into this topic, tackling

May 20, 2021 • 59:40

Professor Robert Novy-Marx: The Other Side of Value (EP.149)

Professor Robert Novy-Marx: The Other Side of Value (EP.149)

Today’s guest is Professor Robert Novy-Marx, the Lori and Alan Zekelman Distinguished Professor of Business Administration at Simon Business School of the University of Rochester. Professor Novy-Marx is best known for his articulation of the profitability factor and has also done a ton of great work on momentum and low volatility. We kick our conversation off with Professor Novy-Marx’s thoughts on how profitability should inform portfolios. From there we hear why Professor Novy-Marx has a proble

May 13, 2021 • 1:05:10

Investing in Happiness (EP.148)

Investing in Happiness (EP.148)

Today we dive deep into the connection between happiness and money, looking at a host of theories and studies that have examined the important factors in this discussion. The main material referenced is the fascinating, The Happiness Hypothesis by Jonathan Haidt, and during the episode, we get to look at a great selection of the findings and claims in the book. To kick things off, we consider the broad ideas around how money can stimulate happiness, as well as its addictive aspects, before exami

May 6, 2021 • 1:01:56

Paul Merriman: We are Talking Millions (EP.147)

Paul Merriman: We are Talking Millions (EP.147)

It takes only a handful of smart choices to convert regular savings into a secure future. Today we welcome famed financial educator Paul Merriman onto the show to discuss how the right habits and investing approach can add millions to your retirement nest egg. After chatting about his personal and professional background, we dive into Paul’s investing philosophy and how it’s been influenced by the work of Eugene Fama. A significant theme in this episode, we then talk about why Vanguard’s portfol

Apr 29, 2021 • 1:19:45

Do Expected Stock Returns Wear a CAPE? (EP.146)

Do Expected Stock Returns Wear a CAPE? (EP.146)

As many of you already know, we have been working hard to figure out the best way to model expected stock returns for financial planning and asset allocation. It has a lot of history in financial literature, which is to be expected, given the importance of the figure. In today’s episode, we’re looking all the way back to 1985, when Rajnish Mehra and Edward C.Prescott called the equity premium a puzzle, through to the present day, when the equity risk premium has only gotten larger. We dive into

Apr 22, 2021 • 59:34

Jennifer Risher: Talking About Money (EP.145)

Jennifer Risher: Talking About Money (EP.145)

From YouTube channels to get-rich playbooks, whole industries are devoted to the subject of building wealth. But few books present a clear and honest view of what it’s like to have a lot of money. Today we welcome author Jennifer Risher onto the show to share her insights on living with wealth. Early in the episode, we explore how Jennifer and her husband ‘hit the lottery twice’ by being given stock options for both Microsoft and Amazon before they went public. Jennifer then shares details about

Apr 15, 2021 • 54:58

“Buying the Dip” (EP.144)

“Buying the Dip” (EP.144)

Today’s episode doesn’t have an external guest, but Benjamin and Cameron provide fascinating information on a vast range of topics. First, the discussion centers around the book that Cameron is currently reading and what it is teaching him about social networks, the ego-driven world of social media, and the benefits of anonymity online. The hosts share some of the findings from a very insightful discussion which took place on their anonymous community board platform around people’s thoughts on t

Apr 8, 2021 • 59:45

Ashley Whillans: How to be (Time) Rich (EP.143)

Ashley Whillans: How to be (Time) Rich (EP.143)

Technology has made our lives easier but it has also fragmented our leisure time, creating a near-universal feeling that we have too much to do and not enough time to do it. Today we speak with Harvard Business School Assistant Professor Ashley Whillans about how our views of money and experience of time poverty impact our sense of well-being. We open our conversation by exploring the idea of time poverty, with Ashley unpacking the many factors that contribute towards feeling time-poor. Diving i

Apr 1, 2021 • 50:56

What is Financial Advice? (EP.142)

What is Financial Advice? (EP.142)

While there is no way of knowing what the best portfolio is, empirical data and financial economics have fixed the problems surrounding investing. But if we’ve fixed investing, then what’s the point of financial advisors? Today we dive into this topic and reveal why financial advice is still valuable to the everyday investor. We open the episode by touching on our movies and books for the week, as well as the latest from the financial world. We then explore why, despite their failure at making p

Mar 25, 2021 • 59:05

Hal Hershfield: The Psychology of Long-term Decision Making (EP.141)

Hal Hershfield: The Psychology of Long-term Decision Making (EP.141)

How do your perceptions of time influence your long-term decision-making and financial well-being? Today we speak with psychologist and UCLA Associate Professor Hal Hershfield to answer this abstract question. We open our conversation with Hal by exploring the concept of well-being. After chatting about the factors that impact financial well-being, Hal unpacks the balancing act that’s required to live in the present while safeguarding your wealth to support your future self. Hal shares exercises

Mar 18, 2021 • 54:48

Where do Stock Returns Come From? (EP.140)

Where do Stock Returns Come From? (EP.140)

Where do stock returns actually come from? The answers to this deceptively simple question might change your investing perspective. We dive into this foundational investing topic after sharing community updates and chatting about our books and TV series of the week. A key concept in understanding where returns come from, we unpack how stock returns are impacted when companies migrate across size and value portfolios. While exploring how migration differently affects value and growth stocks, we a

Mar 11, 2021 • 1:02:49

Prof. Jay Ritter: IPOs, SPACs, and the Hot Issue Market of 2020 (EP.139)

Prof. Jay Ritter: IPOs, SPACs, and the Hot Issue Market of 2020 (EP.139)

We’ve previously compared IPOs to lotteries that are prone to inflated valuations and low returns. Today we welcome “Mr. IPO,” Professor Jay Ritter onto the show for a deeper dive into IPO performance, for his insights into SPACs, and to hear his research into why economic growth doesn’t correlate with stock returns. Early in the episode, Jay unpacks how long-term IPO returns perform against first-day trading. While exploring the role that venture capital plays in tech IPOs, Jay talks about why

Mar 4, 2021 • 1:07:30

Factor Investing in Fixed Income (EP.138)

Factor Investing in Fixed Income (EP.138)

How we model our expected returns hugely impacts our financial decision-making, with poor models leading us to retire either too early or too late. Today’s episode is a deep dive into two topics: how we model expected returns and how fixed income bonds fit into your portfolio allocation. We open the show by talking about the books and news of the week before unpacking the relationship between bond terms, credit, and fixed income returns. We then explore why it’s easier to forecast the expected r

Feb 25, 2021 • 1:05:23

David Blanchett: Researching Retirement (EP.137)

David Blanchett: Researching Retirement (EP.137)

Today’s extensive conversation with David Blanchett covers nearly all aspects of retirement planning. As the Head of Retirement Research for Morningstar, David has published extensively on the topic and speaks energetically about how you can best manage your retirement wealth. After a brief digression on Kentucky's Bourbon Chase Relay, we open the episode by discussing how an increase in your pre-retirement income can impact your plan. David shares his insights on what your plan should factor in

Feb 18, 2021 • 53:05

Chasing Top Fund Managers (EP.136)

Chasing Top Fund Managers (EP.136)

When you see funds performing monumentally well, you may feel regretful for not investing in them earlier. There is, however, a long history of funds that skyrocketed only to have major falls from grace a brief period after. The bulk of today’s episode is spent exploring this idea in the portfolio topic section but before getting into that, we kick the show off with some updates. We begin by talking about the GameStop short and whether this casts any new light on the concept of market efficiency

Feb 11, 2021 • 1:02:17

William Bengen: The 5% Rule for Retirement Spending (EP.135)

William Bengen: The 5% Rule for Retirement Spending (EP.135)

At a time when the financial community provided inconsistent retirement advice, the 4% withdrawal rate was a data-backed strategy that revolutionized retirement planning. Today we speak with William Bengen, a literal rocket scientist and the influential personal advisor who popularised the 4% withdrawal rate, A.K.A, the 4% rule. After exploring what the 4% rule entails and the impact that it had on the financial industry, we talk about updates that William has made to his theory since first publ

Feb 4, 2021 • 38:54

The IPO Lottery, Planning for Wellness, and Talking Cents (EP.134)

The IPO Lottery, Planning for Wellness, and Talking Cents (EP.134)

Skewed Factor IPO Investing and Financial Well-being   Episode 134: Show Notes.   Many IPOs start with a bang, resulting in high first-day closing prices that attract retail investors. Today we unpack new and established research to explore how the hottest IPOs compare with average market returns. We open our conversation by first sharing community updates and details about the book and news of the week. After reflecting on how 2020 was one of the biggest IPO years since 2000, we talk about why

Jan 28, 2021 • 1:14:39

Adriana Robertson: "Passive" Investing, and What Matters to Investors (EP.133)

Adriana Robertson: "Passive" Investing, and What Matters to Investors (EP.133)

The terms passive investing and index investing are often intertwined, but they are not exactly the same thing. Today’s guest is Adriana Robertson, the Honourable Justice Frank Iacobucci Chair in Capital Markets Regulation and an associate professor of Law and Finance at the University of Toronto Faculty of Law and Rotman School of Management. Adriana is interested in index investing and, in this episode, we hear her views on whether or not index investing is passive. Hear facts from her paper o

Jan 21, 2021 • 47:59

Cullen Roche: Understanding the Modern Monetary System (EP.132)

Cullen Roche: Understanding the Modern Monetary System (EP.132)

With so many moving parts, it’s difficult to develop a clear view of the US monetary system. Today we speak with Pragmatic Capitalism author and Founder of Orcam Financial Group Cullen Roche, leveraging his expertise to build a comprehensive understanding of the monetary system. We open our interview with Cullen by asking him the deceptively simple question, “what is money?” We then explore where money comes from, the role of the central bank in securing our money supply, and why poor capitaliza

Jan 14, 2021 • 1:12:03

David Booth: The First Index Fund, Competing Fiercely, and Keeping it Simple

David Booth: The First Index Fund, Competing Fiercely, and Keeping it Simple

At its core, managing wealth is about finding the best solutions for your clients. As he mentions in today’s discussion with him, this sentiment has guided David Booth’s storied career. As the Co-Founder and Executive Chairman of Dimensional Fund Advisors, David’s career is so illustrious that he’s been called the father of evidence-based investment products. We open our conversation by exploring David’s career, beginning with his job as a shoe salesman in Kansas to developing the first index fu

Jan 7, 2021 • 1:09:22

A Year In Review (EP.130)

A Year In Review (EP.130)

For this episode of the Rational Reminder Podcast, we review our year by playing back and discussing a collection of the most impactful moments of the show from 2020. This has been a drastic year filled with many learnings for us all, and in today’s show, we cover topics of happiness, decision making, dealing with uncertainty, and the connection that financial planning and investing have to all of this. We collect some amazing gems of wisdom from guests like Annie Duke, Ken French, Michael Kitce

Dec 24, 2020 • 1:35:29

Five Factor Investing with ETFs (EP.129)

Five Factor Investing with ETFs (EP.129)

After months of research, number-crunching, and receiving listener requests on the subject, today’s episode is devoted to introducing our new model ETF portfolios — which promise to  offer a smoother ride to getting reliable returns. We open our conversation with a financial news roundup and by touching on our book of the week. We then dive into the theory behind our model by first exploring how market assets are priced. We discuss historical views on asset pricing models before looking at what

Dec 17, 2020 • 1:08:30

Morgan Housel: The Psychology of Money (EP.128)

Morgan Housel: The Psychology of Money (EP.128)

As author and financial expert Morgan Housel explains this episode, “people don't make financial decisions on a spreadsheet. They make financial decisions at the dinner table.” Today we chat to Morgan about his key insights into financial decision-making — many of which are captured in his book, The Psychology of Money. Our conversation opens with an exploration of how investing success has less to do with what you know and more to do with how you manage your behaviour. We then look into the dan

Dec 10, 2020 • 51:44

Fooled by Dividends, and the Future of Financial Planning Research (EP.127)

Fooled by Dividends, and the Future of Financial Planning Research (EP.127)

There is a sharp divide between those who invest in dividend-paying stocks and those who don’t. Underpinning this is the question of whether dividends are relevant to the evaluation of shares. Today we answer this question by digging into the data and parsing the maths before exploring what the future of financial planning looks like. But first, we open our episode with news from the Rational Reminder community — including the fact that we just passed one million podcast downloads. We then touch

Dec 3, 2020 • 53:32

Dr. Brian Portnoy and Josh Brown: Beyond the Orthodoxy - How Financial Pros Invest (EP.126)

Dr. Brian Portnoy and Josh Brown: Beyond the Orthodoxy - How Financial Pros Invest (EP.126)

Dr. Brian Portnoy and Josh Brown’s book How I Invest My Money, captures the stories and investment strategies of 25 top financial advisors. The book highlights that while there are established dogmas that tell you how and why you ought to invest, there is no ‘one-size-fits-all’ way to invest. Today we speak with Brian and Josh about the key insights that we can derive from their work. We open our conversation by exploring how they conceived and developed their book before talking about why fully

Nov 26, 2020 • 57:08

(Rationally) Investing in Technological Revolutions, Human Capital, and Asset Allocation (EP.125)

(Rationally) Investing in Technological Revolutions, Human Capital, and Asset Allocation (EP.125)

On today’s show, we explore rational explanations for pricing bubbles, how the concept of human capital relates to financial decisions, and a whole lot more! We kick things off with a discussion of Ashley Whillans’ book Time Smart, which explores proven strategies for improving your ‘time affluence’. Diving into this week’s portfolio topic, we use a previous discussion about Carlota Perez’s model for technological revolutions as a springboard to introduce Lubos Pastor and Pietro Veronesi’s mathe

Nov 19, 2020 • 1:09:52

Prof. Lubos Pastor: Equilibrium Models vs. Intuition (EP.124)

Prof. Lubos Pastor: Equilibrium Models vs. Intuition (EP.124)

Professor Lubos Pastor’s brilliant and varied research has been consistently referenced on this podcast. From how politics impacts stock returns to measuring the skill of active fund managers, Lubos joins us today as we explore some of the ‘greatest hits’ of his research. With Lubos’s position on the board of the Slovakian Central bank, we ask him about how quantitative easing can be used to strengthen the economy. His answers highlight how easing can prop up asset prices and raise inflation — a

Nov 12, 2020 • 1:06:36

(Irrationally) Investing in Technological Revolutions, Household CFO Job Analysis, and Learning to Sell Mutual Funds (EP.123)

(Irrationally) Investing in Technological Revolutions, Household CFO Job Analysis, and Learning to Sell Mutual Funds (EP.123)

As counter-intuitive as it may seem, most of the companies that push us into the next technological revolution deliver poor investment returns. Today we look at current and historical data to show why this is the case but first, we chat about the top financial news of the week. Borrowing heavily from Carlota Perez’s Technological Revolutions and Financial Capital, we then explore how the links between tech revolutions and investing adhere to a consistent model. Following this model, we discuss h

Nov 5, 2020 • 1:19:21

Prof. Moshe Milevsky: Solving the Retirement Equation (EP.122)

Prof. Moshe Milevsky: Solving the Retirement Equation (EP.122)

There are seven equations that, if understood, will put you in the best possible position to tackle your retirement plan. Today we speak with business professor Moshe Milevsky about these equations, which he’s written extensively about in his best-selling book, The 7 Most Important Equations for Your Retirement. After introducing Moshe, we dive straight into the first equation that maps out the longevity of your money. Following this, we talk about determining how long you will live by comparing

Oct 29, 2020 • 53:34

Day Trading and Overconfidence (EP.121)

Day Trading and Overconfidence (EP.121)

Despite the mountain of evidence against it, day trading is thriving. Today we dive into the research and explore why the practice is alive and well before answering the question — “Can too much confidence lose you money?” After touching on investing news, listener feedback, our books of the week, and our take on the ‘Ultimate Ned Debate,’ we open our discussion on day trading. In our conversation, we look at the results of numerous papers on the topic, none of which present-day trading as sound

Oct 22, 2020 • 1:05:04

Annie Duke: How to Decide (EP.120)

Annie Duke: How to Decide (EP.120)

Good decision-making is a fundamental part of achieving our goals, so getting better at it would be in anybody’s best interest. Here to talk about making better decisions is Annie Duke, expert poker player and author of How to Decide: Simple Tools for Making Better Decisions, and Thinking in Bets. Annie starts by defining what a good decision should look like and some of the steps involved. From there, we explore the idea of how to accommodate the fact that our preferences change and we sometime

Oct 15, 2020 • 53:56

The Stock Market vs. Elections, and Incentives in Financial Planning (EP.119)

The Stock Market vs. Elections, and Incentives in Financial Planning (EP.119)

Thank you for tuning in to this episode of the Rational Reminder. We start this show with some great news about the comment section and our migration to Discourse. Having an open dialogue has always been crucial for us—it has even led to our latest hire—so we felt it was time to add more structure to it. We then talk about mortgage rates and why so many people do not know that it is possible to negotiate them down even further. There is often a big gap between what is publicly advertised and wha

Oct 8, 2020 • 1:12:29

The Psychology of Investing — Bounded Rationality with Victor Ricciardi (EP.118)

The Psychology of Investing — Bounded Rationality with Victor Ricciardi (EP.118)

What are the psychological conditions that allow investors to make rational decisions, and how do these processes of decision-making occur? These are the questions that our guest, Victor Ricciardi, is dedicated to answering and what he is here on the show today to talk about! Victor is the Visiting Assistant Professor of Finance at Washington and Lee University as well as the Coordinator of Behavioral and Experimental Research at the Social Science Research Network. He has an MBA in finance and

Oct 1, 2020 • 43:35

A Message from the Bank of Canada, and Safe Withdrawal Rates with Factor Tilts (EP.117)

A Message from the Bank of Canada, and Safe Withdrawal Rates with Factor Tilts (EP.117)

For the first part of today’s discussion, we are joined by Don Coletti from The Central Bank of Canada. He is here to talk about their upcoming recommendation for a monetary policy framework for the next five years which is incorporating public feedback into its development through the survey, Lets Talk Inflation. From there, we touch on some favourite books, Starbucks’s stored value card liabilities, the benefits of keeping inheritance in a separate account, new standards for financial planners

Sep 24, 2020 • 1:20:47

Recovering from Active Management through Education (EP.116)

Recovering from Active Management through Education (EP.116)

Joining us on the Rational Reminder today is one of the pioneers in the space of evidence-based investing, and someone who has been a massive inspiration to us, Mark Hebner! His website, Index Fund Advisors, was one of the first to start explaining the ideas of an evidence-based approach and the power of indexing, way back in the 1990s. We get to hear from Mark about his transition from misled active investor to his discovery of indexing and how this led to him founding Index Fund Advisors. One

Sep 17, 2020 • 57:35

Actively Managed Funds vs. COVID-19, Behavioral Nudges, and a Sustainable Investing Update (EP.115)

Actively Managed Funds vs. COVID-19, Behavioral Nudges, and a Sustainable Investing Update (EP.115)

Our focus for this episode of the Rational Reminder is split into two sections; first, we cycle through our regular features, looking at a number of studies and articles of interest, the market during the pandemic, and our bad advice segment, and then Benjamin is joined by Tim Nash to talk about ethical investing and comment on Wealthsimple's new sustainable portfolio. We start off our weekly round-up talking about the idea of broadening a knowledge-base and how reading widely and diversely on a

Sep 10, 2020 • 1:22:03

Patricia Lovett-Reid: Financial Wellness in a Crisis (EP.114)

Patricia Lovett-Reid: Financial Wellness in a Crisis (EP.114)

When it comes to your financial life, you can have endless conversations about asset allocation but we often neglect the impact of communication and asking difficult questions. Today we speak with Chief Financial Commentator and awarded media personality, Pattie Lovett-Reid. We start the discussion by COVID silver-linings and the financial lessons that people have been learning due to the pandemic. Pattie explores how people’s views of risk have shifted, along with the realization that our portf

Sep 3, 2020 • 45:13

Mega Cap Growth Stocks (FAAMG, TSLA), RESP Withdrawals, and a Golden Portfolio (EP.113)

Mega Cap Growth Stocks (FAAMG, TSLA), RESP Withdrawals, and a Golden Portfolio (EP.113)

The hype to invest in high-cap tech companies is deafening. In this episode, we share what you need to know before buying FANG company stocks. Although FANG is the popular term, our analysis includes Facebook, Apple, Amazon, Alphabet, Tesla, and Microsoft — so it’s closer to the less slick-sounding FAAATM. Before we dive into that, we talk about the show’s books of the week and how ETFs and mutual funds have been performing compared to July of 2019. We then set the scene for how FANG businesses

Aug 27, 2020 • 57:40

Michael Kitces on Retirement Research and the Business of Financial Advice (EP.112)

Michael Kitces on Retirement Research and the Business of Financial Advice (EP.112)

Michael Kitces is one of the world’s leading experts in financial services but is also a trusted authority in retirement planning research, and today he joins us for a brilliant conversation that covers both topics. Michael is the Head of Planning Strategy at Buckingham Wealth Partners, Co-Founder of XY Planning Network, AdvicePay, and fpPathfinder, and also hosts the much-admired Financial Advisor Success podcast. In the first section of the show, we shoot our questions about retirement plannin

Aug 20, 2020 • 1:16:04

Gold, Insuring your Insurance, and Bank Sales Pitches (EP.111)

Gold, Insuring your Insurance, and Bank Sales Pitches (EP.111)

With the gold price reaching record highs, we revisit the contentious issue of whether you should add gold to your portfolio. Before mining that topic, we talk about Super Pumped: The Battle for Uber and Am I Being Too Subtle? — our book recommendations of the week. We then touch on key news stories including how the recent Apple stock split has affected its position in the Dow index. After fielding a listener question about why central banks care about deflation, we share the reasons for and ag

Aug 13, 2020 • 1:08:52

Craig Alexander: No Crisis Should Ever go to Waste (EP.110)

Craig Alexander: No Crisis Should Ever go to Waste (EP.110)

Often called a ‘once in one hundred years event’, the COVID-19 pandemic is having a profound impact on the economy. Today’s guest is Craig Alexander, Deloitte’s Chief Economist, who brings his 29 years of experience analyzing the economy to answer our questions about the marketplace. We start the conversation by exploring how the pandemic is affecting small businesses, with Craig adding insights into what the government should be doing to help. Craig discusses how the pandemic has revealed inade

Aug 6, 2020 • 1:07:01

Understanding the Fed’s Money Printer, and Lessons from the Crisis (EP.109)

Understanding the Fed’s Money Printer, and Lessons from the Crisis (EP.109)

Quantitative easing is a monetary policy whereby a central bank buys government bonds or other financial assets in order to inject money into the economy to expand economic activity. But what exactly does that mean? In today’s episode, Benjamin and Cameron are going to address this topic, avoiding highly politicized aspects, like whether or not central banks should be involved in the economy in the first place, and focusing purely on the operational perspective of quantitative easing – what is i

Jul 30, 2020 • 1:03:09

Dr. William Bernstein: Praying for a Bear Market (EP.108)

Dr. William Bernstein: Praying for a Bear Market (EP.108)

In keeping with our recent tide of incredible guests, today’s one is no exception. Dr. William Bernstein, a financial theorist, advisor, and neurologist, joins us to share some of his incredible insights. As the author of several seminal books such as The Intelligent Asset Allocator and The Four Pillars of Investing, Dr. Bernstein has made his mark applying his medical evidence-based approach to investing. These works have had a particularly strong influence on Cameron when he made the transitio

Jul 23, 2020 • 43:56

Yale vs. Norway, Income Splitting, and Avoiding Ponzi Schemes (EP.107)

Yale vs. Norway, Income Splitting, and Avoiding Ponzi Schemes (EP.107)

As the expression goes, another day, another dollar. Today’s episode is a roundup of news and analysis with deeper dives into behavioural and risk-based market explanations, active management, and endowment investing models. We open with a book review of Essentialism: The Disciplined Pursuit of Less by Greg McKeown, a book that’s getting a lot of attention at the moment. Another topic that’s getting a lot of attention, we discuss how Tesla’s huge market cap growth makes it feel like it’s 1999. W

Jul 16, 2020 • 1:09:57

Jim Stanford on The Economics of Capitalism in a Crisis (EP.106)

Jim Stanford on The Economics of Capitalism in a Crisis (EP.106)

Today’s guest is Dr. Jim Stanford, Economist and Director of the Centre for Future Work and author of Economics for Everyone. We kick things off with Jim hearing his perspectives on what makes this recession unprecedented before he argues that a traditional approach to macroeconomic policy won’t be enough to augment more than a crippled and unstable recovery. This situation might hold a silver lining though and Jim sketches out the opportunity it provides for rethinking employment ethics. After

Jul 9, 2020 • 56:41

Dimensional's ETFs, Private Equity, and Prescribed Rate Loans (EP.105)

Dimensional's ETFs, Private Equity, and Prescribed Rate Loans (EP.105)

With private equity investments increasing in popularity, you may feel the pressure to expand your portfolio. Today’s episode, we look at the data behind private equity returns to see if these investments add something to your portfolio that you couldn’t get elsewhere. But first, we discuss some big news — that slow-moving Dimensional Fund Advisors are entering the ETF marketplace. After looking at the implications of this move, we use a Harvard paper as our springboard into the topic of private

Jul 2, 2020 • 1:09:39

Fred Vettese: A Complete Guide to Retirement Income (EP.104)

Fred Vettese: A Complete Guide to Retirement Income (EP.104)

Today, we get into a masterclass on retirement planning with a true expert in the field whose perspectives are distinctly evidence-based, Fred Vettese. Fred is a Partner and former Actuary at Morneau Shepell and author of three retirement books including Retirement Income For Life. We hear Fred’s thoughts on what people should be spending in retirement, why there is not a retirement crisis in Canada, and how Canadians can live on far less than they have been told. Fred talks about how to prepare

Jun 25, 2020 • 1:00:32

Picking an Active Manager, Raising the OAS Clawback Ceiling, and Trading Hertz (EP.103)

Picking an Active Manager, Raising the OAS Clawback Ceiling, and Trading Hertz (EP.103)

Welcome to another episode of the Rational Reminder Podcast! Today’s main topic is how to pick an actively managed fund to invest in despite funds of this type producing lower returns than passive ones! Before getting into that, we hear a few updates on Ben’s research into dollar-cost averaging versus lump-sum investing, discuss the factors that influence choice making found in an amazing new book by Sheena Iyengar, and touch on an OSC report on QuadrigaCX being a big Ponzi scheme! We get into o

Jun 18, 2020 • 1:01:40

Dr. Brian Portnoy: Underwriting a Meaningful Life (EP.102)

Dr. Brian Portnoy: Underwriting a Meaningful Life (EP.102)

Even though we learn that money is merely a means of exchange, a store of value, or a unit of account, it’s so much more than this. Money captures so much of what we grapple with like hope, joy, fear, regret, and envy, yet it’s widely surveyed as being the least spoken-about issue when compared to religion, mortality, and marriage. Dr. Brian Portnoy, the author of The Geometry of Wealth, joins us today to share his view on wealth, which moves past the conventional understanding of accumulation.

Jun 11, 2020 • 59:53

Factor Nuances, Dollar Cost Averaging, and Annuities in a Pandemic (EP.101)

Factor Nuances, Dollar Cost Averaging, and Annuities in a Pandemic (EP.101)

We kick off today’s episode of the Rational Reminder by discussing when Ben will be publishing his new model portfolios and a quick look at some of our upcoming guests and resources you might want to take a look at. We have been on a roll with our guests lately, and we are certainly not slowing down anytime soon. From there, we look at some of the headlines, such as CDIC developments and the myths around inflation. Next, we move onto to listener rapid-fire questions. Some of the topics include t

Jun 4, 2020 • 1:08:57

Prof. Ken French: Expect the Unexpected (EP.100)

Prof. Ken French: Expect the Unexpected (EP.100)

Who better to have on the Rational Reminder Podcast than Professor Ken French? Ken has been a massive inspiration to us and has remained a guiding light for sensible, evidence-based investors over the last few decades! His work with Eugene Fama stands as the seminal work on the subject of passive investment portfolios and we are so delighted to have him on the show today as we talk through some of his thoughts on a variety of subjects. This conversation was recorded near the beginning of the cor

May 28, 2020 • 57:20

Andrew Hallam (Millionaire Teacher): How to be Wealthy (and Happy) (EP.99)

Andrew Hallam (Millionaire Teacher): How to be Wealthy (and Happy) (EP.99)

We often talk about better planning, reduced spending and a consistent long-term strategy on the show and today we have a guest who not only gives that advice himself but clearly lives it too! Andrew Hallam is the author of the new book Millionaire Expat in which he details some strategies for what has been called geographic arbitrage, or moving to another part of the world in order to maximize your financial independence! His earlier book, Millionaire Teacher took a similar approach to educatio

May 21, 2020 • 55:28

Rapid Fire Listener Questions, Wealthsimple's Victory Lap, and the Historic State of Value Investing (EP.98)

Rapid Fire Listener Questions, Wealthsimple's Victory Lap, and the Historic State of Value Investing (EP.98)

We spend the bulk of today’s episode considering whether Wealthsimple’s use of long bonds and low volatility stocks is really protecting their clients’ downside, and summing up recent arguments by Cliff Asness and AQR leveled against critiques on value investing. Before that, we kick things off with thoughts on why Elon Musk aims to have no possessions, before looking at the links between empathy and the theory of relativity as well as some productivity secrets in recent books by Charles Duhigg

May 14, 2020 • 1:12:35

Greg Zuckerman: Did Jim Simons (Renaissance Technologies) Solve the Market? (EP.97)

Greg Zuckerman: Did Jim Simons (Renaissance Technologies) Solve the Market? (EP.97)

Today on the Rational Reminder Podcast we interview a seasoned journalist from The Wall Street Journal, Greg Zuckerman. With 23 years of experience with the media outlet, Greg has written extensively about the most prominent figures in the world of investing, including Jim Simons, John Paulson and Carl Icahn, generally focusing his attention on significant trades, traders and fund managers. In this episode, Greg shares how covering the stories of renowned investors and fund managers have influen

May 7, 2020 • 43:26

Ben Rabidoux: A Reality Check on Canadian Real Estate & Macro Economics (EP.96)

Ben Rabidoux: A Reality Check on Canadian Real Estate & Macro Economics (EP.96)

The economic effects of the coronavirus pandemic have been unprecedented and the seismic shifts have caused numerous unforeseen challenges. While no-one could have predicted the enormity and speed of the current crash before it happened, several signs indicated that an economic contraction was on the horizon. Today’s guest, Ben Rabidoux, President of North Cove Advisors, a boutique research firm, is here to share some macroeconomic trends and what they tell us about the state of the Canadian eco

Apr 30, 2020 • 55:06

Scott Rieckens (Playing with FIRE): Finding Financial Education, Perspective, and Freedom (EP.95)

Scott Rieckens (Playing with FIRE): Finding Financial Education, Perspective, and Freedom (EP.95)

The recent film, Playing with FIRE details the particulars of the FIRE Movement in a way that is accessible, informative, and impactful. Both Cameron and Ben were hugely impressed with the film and the argument it makes for the framework of FIRE. Today we are joined by the producer and star of the film, Scott Rieckens, to discuss the movie and his own journey to reach financial independence. In much the same way that the film does, Scott makes a compelling and inspiring argument for the central

Apr 23, 2020 • 1:04:59

The Stock Market vs. The Economy, and Assessing Risk Tolerance (EP.94)

The Stock Market vs. The Economy, and Assessing Risk Tolerance (EP.94)

When it comes to the question of whether the economy affects the stock market, it’s not about whether the former is in a good or bad state, but how that relates to what the market was expecting. In today’s episode we get into predictions about labour economics during COVID-19, the relationship between the market and the economy, and how to make decisions that suit your risk tolerance. We kick things off by reviewing insights Edward Lazear and Gerard O’Reilly gave in a recent webinar. They spoke

Apr 16, 2020 • 1:17:53

Cliff Asness from AQR: The Impact of Stories, Behaviour and Risk (EP.93)

Cliff Asness from AQR: The Impact of Stories, Behaviour and Risk (EP.93)

No one credible ever said that investing was a simple endeavour. It might have some simple guidelines, that if followed are more likely to yield positive results, but the ins and outs of the markets, decisions and their impacts, movements and crashes are never straightforward one-dimensional cases. Our guest today, Cliff Asness, really brings this point to bear, showing the nuance and multiplicity of all the topics we discuss. As the experienced owner of AQR and a wealth of knowledge and insight

Apr 9, 2020 • 52:51

Taking Back your Amygdala and Flourishing Through a Crisis with Dr. Moira Somers and Dave Goetsch (EP.92)

Taking Back your Amygdala and Flourishing Through a Crisis with Dr. Moira Somers and Dave Goetsch (EP.92)

In today’s episode, we take a less analytical position on the current situation to focus more on the behavioral side of things. Joining us are two returning guests, Dr. Moira Somers and Dave Goetsch, who share their unique perspectives in a very real and at times refreshingly comical conversation about how people could most beneficially respond to this moment in time. Dave speaks of his personal experience going from panicky investor to getting a feel for the broad concept of index investing, an

Apr 2, 2020 • 1:11:14

Tax Efficiency & Leverage: The Smith Maneuver with Robinson Smith (EP.91)

Tax Efficiency & Leverage: The Smith Maneuver with Robinson Smith (EP.91)

The Smith Maneuver was developed by Fraser Smith as a smart way for Canadians to convert a traditional, non-deductible mortgage into a deductible mortgage by systematically re-borrowing to invest. Today we are joined by Fraser's son, Robinson, to talk about the maneuver, his father's legacy and explain how you can use it to your financial advantage. In his book, The Smith Maneuver, Fraser laid out a plan for working the mortgage and debt system to your advantage, by deducting the interest on a m

Mar 26, 2020 • 45:43

Bear Markets: Always Different, Always the Same (EP.90b)

Bear Markets: Always Different, Always the Same (EP.90b)

In our second special release episode during the 2020 COVID-19 bear market we discussed a broad history of US bear markets from 1900 to 2020, the recent volatility in the bond market, bond ETF NAV spreads, a nuance in the legislation on tax-loss harvesting, and some of the tax-related changes that Canada has rolled out in light of the current situation.

Mar 23, 2020 • 1:16:12

COVID-19: A Rational Reminder (EP.90)

COVID-19: A Rational Reminder (EP.90)

How we are handling the situation as a firm, investing through a crisis, historical comparisons, and more.

Mar 15, 2020 • 1:21:46

Safety-First: A Sensible Approach to Retirement Income Planning with Wade Pfau (EP.89)

Safety-First: A Sensible Approach to Retirement Income Planning with Wade Pfau (EP.89)

It’s not unreasonable to assume that a desirable retirement equates to having the financial freedom to meet one's lifestyle and personal goals. The more efficient a person is with their assets, the higher the likelihood of this, which is why sensible retirement income planning is so necessary. Today’s guest is Wade Pfau and he is arguably one of the main thinkers in the retirement income space at present – a more readable Moshe Milevsky if you will. This podcast is usually devoted to high-level

Mar 12, 2020 • 52:32

Market Drops, Biological Age, and FIRE any Time (EP.88)

Market Drops, Biological Age, and FIRE any Time (EP.88)

Welcome back to the Rational Reminder Podcast everybody. Today we are using the opportunity to have a bit of a philosophical discussion about a bunch of things related to your retirement and the financial planning that goes into it. We touch on the all too obvious topics of the coronavirus and last week's market fluctuations before we scan the last ten years for any notable data points on fluctuations and the years with the biggest dips. We look at life expectancy and how this affects a retireme

Mar 5, 2020 • 59:46

Risk is Everywhere with Allison Schrager (EP.87)

Risk is Everywhere with Allison Schrager (EP.87)

You can’t get anything good out of life without taking a risk, and this holds true in the world of investing too. Depending on the situation, people are willing to either pay more for high-risk or risk-free, and matters become more complex because the term 'risk-free' means a different thing to everybody. Today’s guest is economist Allison Schrager, Senior Fellow at the Manhattan Institute, author of An Economist Walks into a Brothel, and long time collaborator with Nobel laureate, Bob Merton. A

Feb 27, 2020 • 33:20

Uninsurable Condos, Floundering Robo Advisors, and Counterfactual Thinking (EP.86)

Uninsurable Condos, Floundering Robo Advisors, and Counterfactual Thinking (EP.86)

Let's say you make a choice that had you chosen differently, things would ostensibly have turned out more favourably. Later on, a similar situation comes up and you make the choice you think you should have made previously in the hope that the result you wanted before will come true this time around. This is called counterfactual thinking and it forms the main topic of our discussion in today’s episode. First publicized in a fascinating paper called The Psychology of Preferences, Daniel Kahneman

Feb 20, 2020 • 52:45

Growth of the Experience Economy: A Transformation of the Financial Services Industry with Dennis Moseley-Williams (EP.85)

Growth of the Experience Economy: A Transformation of the Financial Services Industry with Dennis Moseley-Williams (EP.85)

The financial advice industry has always been a place of change, and yet certain old practices hang around for decades. Our guest today, Dennis Moseley-Williams, is all about moving things forward for the good of the client and the advisor. The basis of his understanding is the characterization of the economy as one fundamentally built around experiences. Applying this lens to the financial sector means that advisors need to think about how to provide more than just a service to their clients, t

Feb 13, 2020 • 1:12:33

Mawer, The Value Premium, and Investing Costs plus  ESG Follow-up with Tim Nash (EP.84)

Mawer, The Value Premium, and Investing Costs plus ESG Follow-up with Tim Nash (EP.84)

On today’s episode of The Rational Reminder, we once again cover a host of topics. We begin with Cameron sharing his thoughts on a book he recently finished, The Ride of a Lifetime, and some of the lessons he took away from it. We then tackle three listener questions, where we cover Mawer and index funds hypothetically driving prices. Then, in the portfolio portion of the show, we turn our attention to value premiums. Fama and French recently released a paper on the topic, and Ben is naturally v

Feb 6, 2020 • 1:12:48

Bitcoin vs. Gold: Digital Currencies as an Asset Class with Michael Sonnenshein (EP.83)

Bitcoin vs. Gold: Digital Currencies as an Asset Class with Michael Sonnenshein (EP.83)

The last ten years have seen so much said and done in the cryptocurrency space, and yet the future of bitcoin is still somewhat unclear. For Michael Sonnenshein however, bitcoin and the crypto market still offer the freedom and possibilities that have long been espoused as their greatest values. He joins us today to talk about his role at Grayscale Investments, how Grayscale fits into the larger Digital Currency Group family and how he envisions the wide-open future possibilities for bitcoin. We

Jan 30, 2020 • 41:46

Sustainable Investing, Retiring on Index Funds, and Fee Location (EP.82)

Sustainable Investing, Retiring on Index Funds, and Fee Location (EP.82)

Welcome to this week’s episode of the Rational Reminder! Today, we get stuck into a commonly asked about investment topic – socially responsible or sustainable investing. The show kicks off with Cameron sharing some fantastic insights he gained from a book he recently finished, The Undoing Project. We then delve into the CalPERS story that was in the spotlight at the end of 2019. After that, we move the planning portion of our show, where we tackle the topic of sustainable investing. Many promin

Jan 23, 2020 • 51:00

Death and Marriage: The Legal Side of Financial Planning (in Ontario) with Kim Melanson (EP.81)

Death and Marriage: The Legal Side of Financial Planning (in Ontario) with Kim Melanson (EP.81)

On today's show, we are joined by Kim Melanson who is a local lawyer in Ottawa. The bulk of the conversation is spent on the particulars of drafting a will and the considerations that have to go into this process. Kim also reminds just how important it is to have an up to date will, something many of us have heard but many of us do not act on! She talks about good times to update your documents and the ins and outs of naming guardians and executors before discussing inheritances, donations, and

Jan 16, 2020 • 36:48

A Planning Checklist, Portfolio Concentration, and Leverage (EP.80)

A Planning Checklist, Portfolio Concentration, and Leverage (EP.80)

For our very first episode of 2020, we kick things off with some quick updates before sharing Cameron’s ten best financial planning strategies for the new year. After laying out some statistics about the great asset class returns that 2019 saw, we get into the wonderful listener questions we have been receiving over the break. Our first topic is about buying versus leasing cars, and Ben shares his thoughts on some of the reasons he recently converted to leasing. Our second question is about usin

Jan 9, 2020 • 58:48

Financial Theory in Practice: Gaining Insight from Models with Marlena Lee (EP.79)

Financial Theory in Practice: Gaining Insight from Models with Marlena Lee (EP.79)

Today on the show we welcome the Head of Investment Solutions at Dimensional Fund Advisors, Marlena Lee. Marlena has a Ph.D. from the University of Chicago where she served as the TA to Eugene F. Fama. She has been at Dimensional for 11 years where a big part of her role is communicating what their research team is doing for the advisors and clients who are using their products. In this fascinating episode, we discuss and define models, factors, and the importance of understanding the risks invo

Jan 2, 2020 • 51:49

2019 Retrospective: A Review and Discussion of the Year's Guest Episodes (EP.78)

2019 Retrospective: A Review and Discussion of the Year's Guest Episodes (EP.78)

As we see 2019 out and enter a new decade, we thought it only fitting to do a round-up of some of our shows this year. While we had 26 guests throughout the year, we chose 14 that best captured the sensible investing and education-focused spirit of our show. Some of the guests we have included on this special episode include Rob Carrick, from The Global Mail and leading authority on Canadian personal finance, Alexandra McQueen, a teacher at York University, who offers an explanation on the diffe

Dec 26, 2019 • 56:29

The Ins and Outs of Estate Planning: Making the Right Arrangements with the Blunt Bean Counter (EP.77)

The Ins and Outs of Estate Planning: Making the Right Arrangements with the Blunt Bean Counter (EP.77)

On today’s episode, we are joined by Mark Goodfield of The Blunt Bean Counter blog to talk about estate planning and wills. Mark is a partner at BDO Canada, a national accounting firm and has created a wealth of content on investing, tax and the relationship between the two. He provides full-service wealth management, but does not advise on nor manage investments. Estate planning is a difficult task because you are confronted with your mortality, but it is hugely important because without a clea

Dec 19, 2019 • 33:47

Risk Parity, Rental Properties, and the Smith Maneuver (EP.76)

Risk Parity, Rental Properties, and the Smith Maneuver (EP.76)

Welcome to another episode of the Rational Reminder Podcast. We kick off the show today with some great listener feedback before diving into the content of a new podcast by Dr. Laurie Santos called The Happiness Lab. In a recent episode of her show, she gets into the idea of human adaptability to fortuitous or catastrophic events. Our capacity to regulate back to a default state has big implications for dreams of greater happiness through wealth acquisition. Next, we move on to three great liste

Dec 12, 2019 • 34:55

Money & Behaviour: Understanding Investing from a Psychological Perspective with Daniel Crosby (EP.75)

Money & Behaviour: Understanding Investing from a Psychological Perspective with Daniel Crosby (EP.75)

On today’s episode, we have Dr. Daniel Crosby joining us for an insightful discussion about the psychology behind investing behaviour. Dr. Crosby is a behavioural finance expert and asset manager who applies his study of market psychology to help people better understand the financial decisions they make and to shed some new light on our ability to be rational. We talk about the inevitability of our emotions and how they impact our actions, but also how they might be leveraged for positive outco

Dec 5, 2019 • 40:30

Playing with FIRE, Having a Belief System, and Term Life Insurance (EP.74)

Playing with FIRE, Having a Belief System, and Term Life Insurance (EP.74)

Thanks for joining us for another episode of the Rational Reminder Podcast. We are proud to say that last week’s show received our highest amount of downloads yet, with 10 000 in its first week, so a big thank you to our listeners for that. We begin our discussion this week with some takeaways from the Playing With FIRE documentary about doing affordable things that feel good as a way of cutting costs. Next, we dive into some caller questions, discussing whether putting a downpayment on a rental

Nov 28, 2019 • 51:43

Finance for Physicians: Personal Finance for High Income Earners with the Loonie Doctor (EP.73)

Finance for Physicians: Personal Finance for High Income Earners with the Loonie Doctor (EP.73)

In today’s episode, we are joined by an exciting guest, The Loonie Doctor, of The Loonie Doctor blog to talk about his work not only on physician finance but also on holistic wealth. A physician by training, The Loonie Doctor has scaled back his practice to put more work into the blog and financial education. He masterfully balances precise technical advice on topics like tax alongside ‘softer’ aspects of money, such as how it affects relationships and other aspects of human capital. These insig

Nov 21, 2019 • 41:25

Interest Rates, Optimal Asset Location, and Reverse Mortgages (EP.72)

Interest Rates, Optimal Asset Location, and Reverse Mortgages (EP.72)

Today on The Rational Reminder Podcast, we talk about the relationship between asset allocation and outcome, the ins and outs of reverse mortgages, and finally, life insurance (or lack thereof) in Canada. However, we begin by sharing some interesting points covered in a recent Barry Ritholtz interview with Eugene Fama and David Booth for his Masters in Business show. We talk about how Booth started the first index fund and discovered the value factor, and quote some of Fama’s classic perspective

Nov 14, 2019 • 42:48

Everything that you could ever know about ETFs with Dave Nadig (EP.71)

Everything that you could ever know about ETFs with Dave Nadig (EP.71)

Today we welcome Dave Nadig onto the show, who joins us off the back of a brilliant presentation he gave at the Wealth Stack conference last month in Scottsdale. Dave is the founder of etf.com and has had key positions at FactSet, Barclays Global Investors, and Cerulli previously. Today Dave sits down to talk about the difference between ETFs and mutual funds, EFT product saturation, the coming of Direct Indexing and well as non-transparent active funds, and risk probabilities in different asset

Nov 7, 2019 • 47:42

Fee-only Financial Planning, Home Country Bias, and Big RRSPs (EP.70)

Fee-only Financial Planning, Home Country Bias, and Big RRSPs (EP.70)

On today’s episode, we cover a variety of topics, such as some tips for DIY investors, highlights from a conference Cameron recently attended, home country investment bias and whether it’s possible to have too much money in your RRSP. We begin first by talking about what DIY investors can do to ensure that they are investing to the best of their abilities. As people who work in investment daily, we often forget how tricky a terrain it can be to navigate if you are not armed with all of the knowl

Oct 31, 2019 • 56:03

Quantitative Investing: The Solution to Human Bias with Wes Gray (EP.69)

Quantitative Investing: The Solution to Human Bias with Wes Gray (EP.69)

Today we are joined by Wesley Gray who is the CEO of Alpha Architect, a firm in the US that specializes in concentrated factor strategies. Having completed his MBA and PhD at the University of Chicago – the Harvard of the finance world – Wes is an authoritative voice when it comes to quantitative research and factor investing. Incredibly, he took a 4-year break during his PhD, joined the marines and went to Iraq, and has also written several books. He went from value investor and stock-picker to

Oct 24, 2019 • 53:29

Listener Questions and Re-Framing Risk (EP.68)

Listener Questions and Re-Framing Risk (EP.68)

Welcome back to the podcast everybody, we have another great round-up episode for you where we field questions that you sent in and cover a bunch of things we think you need to hear! We discuss how you should weight your stocks and bonds ratio and times that you could think about changing it, we also talk about index funds, Michael Burry and why his reputation is a bit overstated. Then we get into the different types of risk! We cover volatility, uncompensated risk, skewness, and inflation and h

Oct 17, 2019 • 47:46

The Pursuit of Finances and Fun with Jill Schlesinger (EP.67)

The Pursuit of Finances and Fun with Jill Schlesinger (EP.67)

From a trader on Wall Street to a financial advisor with her own firm, our guest today, Jill Schlesinger, has accumulated a lifetime of knowledge in the investing and financial world. Today she is a household name and well-known media personality, appearing on a variety of CBS shows and hosting her own podcast called Jill on Money.  But she is far more than an investment expert: she also has a ton of insight into people’s emotional and psychological responses to money, sharing with listeners tho

Oct 10, 2019 • 40:30

Asset Allocation Funds, Private Equity IPOs, and The Efficient Market Hypothesis (EP.66)

Asset Allocation Funds, Private Equity IPOs, and The Efficient Market Hypothesis (EP.66)

Welcome back to Rational Reminder Podcast! We kick off today’s episode with a discussion about the gap between investor performance and fund performance, the potential reasons why asset allocation funds produced a positive gap and the role that timing and volatility play in a negative behaviour gap. IPOs have been in the media a great deal lately – and not for particularly positive reasons and we tackle the topic with reference to specific companies. We also talk about Dimensional’s paper on the

Oct 3, 2019 • 33:20

Investing Based on the Evidence Pyramid: A Few Lessons from the Medical Profession with Dr. Wendall Mascarenhas (EP.65)

Investing Based on the Evidence Pyramid: A Few Lessons from the Medical Profession with Dr. Wendall Mascarenhas (EP.65)

Our guest today on the Rational Reminder Podcast is Dr. Wendall Mascarenhas. Wendall is a listener, DIY investor a medical professional. He actually reached out to us on Twitter and suggested this episode, a listener-centric discussion as well as one comparing the different approaches to evidence from the medical and the financial communities. We thought this was a great idea and the perspective that Wendall offers is very illuminating and thought-provoking. We discuss some of Wendall's own expe

Sep 26, 2019 • 36:50

Back to the Basics: Dividends and Explaining Factors to Benjamin’s Mom (EP.64)

Back to the Basics: Dividends and Explaining Factors to Benjamin’s Mom (EP.64)

Michael Burry says we should get out of indexing. Jim Cramer says it’s time to jump in. These are interesting times in the world of investing! On today’s episode, we discuss Burry’s recent claims about passive investing and advise on a plan of action should he turn out to be right. Benjamin recently posted a new video on dividends, and we have a conversation about the responses the video triggered and give some good reasons for our stance about the irrelevance of dividends. We also talk about ne

Sep 19, 2019 • 43:59

Sustainable Investing: A Philosophical and Environmental Perspective on Your Money, with Tim Nash (EP.63)

Sustainable Investing: A Philosophical and Environmental Perspective on Your Money, with Tim Nash (EP.63)

We have a really special episode in store today as we welcome Tim Nash, the Sustainable Economist! Tim shares a vast amount of knowledge and ideas with us on how investors wishing to put their money where their heart is can go about investing more ethically and sustainably. We hear about Tim's journey into investing and economics and how he wound up doing the work he currently does, helping investors clarify where their money is going and how to put it portfolios that are more aligned with their

Sep 12, 2019 • 49:53

The Rational Round Up: Tax Loss Selling, Gold, Michael Burry and More! (EP.62)

The Rational Round Up: Tax Loss Selling, Gold, Michael Burry and More! (EP.62)

Welcome back to another episode of the Rational Reminder! We are doing another variety show for all of you and this week we cover some news, current affairs, questions and of course our staple bad advice of the week! We start the show looking at the restructuring of swap-based ETF's from Horizons before looking at Michal Burry's latest commentary and predictions. From there we move onto John Rekenthaler's recent article on Morningstar about Canadian financial advice and what it is lacking. We di

Sep 5, 2019 • 39:26

Ted Seides: Much More Than a Betting Man (EP.61)

Ted Seides: Much More Than a Betting Man (EP.61)

We have another phenomenal guest joining us on the podcast today. You might know Ted Seides from his famous bet with Warren Buffett or, more recently, from his widely successful Capital Allocators Podcast. Ted is what we would call a classically impressive guy, having studied at both Ivy League frontrunners Yale and Harvard and having founded Protégé Partners, an asset management and advisory firm that specializes in hedge funds. In addition, he has trained under the legendary David Swensen, and

Aug 29, 2019 • 41:55

Valuation Theory and the Imminent Recession (EP.60)

Valuation Theory and the Imminent Recession (EP.60)

Welcome back to the Rational Reminder everybody! We are taking this episode to round up all the recent goings-on and tackle a few residual issues that we believe need some attention. We start off by contemplating how much we have both been learning with the wealth of guests that come through our doors. We would never be confronted with this many ideas and inspiration if it were not for this great platform on which we find ourselves! From there we go on to discuss all the recent talk of a recessi

Aug 22, 2019 • 40:10

Financial Economics and Annuities: Rational Planning for Retirement (EP.59)

Financial Economics and Annuities: Rational Planning for Retirement (EP.59)

Welcome to another episode of the Rational Reminder Podcast! We have a fantastic guest joining us today to talk about annuities, or in more general terms, pensionization. Alexandra Macqueen is certified financial planner, who is also a financial author, editor, York University educator, consultant, and speaker. Alexandra co-wrote a book with Dr. Moshe Milevsky called Pensionize Your Nest Egg: How to Use Product Allocation to Create a Guaranteed Income for Life, an incredible resource on our topi

Aug 15, 2019 • 39:22

The Ins and Outs of Real Estate: Mortgage Rate, Rentals, REITs and Variable Annuities (EP.58)

The Ins and Outs of Real Estate: Mortgage Rate, Rentals, REITs and Variable Annuities (EP.58)

On today’s episode, Benjamin and Cameron are talking real estate, specifically mortgage rates and REITs. For the first time since the early 90s, fixed mortgage rates are lower than variable ones, which have always been the popular choice. However, due to the fact that Canada’s yield curve is inverted, short term rates higher than their long-term counterparts. This is not usually the case, which makes it a great time to consider a fixed term mortgage, bearing in mind that it requires some lifesty

Aug 8, 2019 • 30:28

A Masterclass in Business: Money Philosophy with Barry Ritholtz

A Masterclass in Business: Money Philosophy with Barry Ritholtz

On today's episode we are so happy to be joined by none other than Barry Ritholtz! As the founder and CIO of Ritholtz Wealth Management, host of the Masters in Business Podcast and regular financial blogger for more than 15 years, Barry is someone we have been dying to speak to on the show and who we have taken loads of inspiration from over the years. We talk to Barry about his own podcast which has been going strong for years now and is just about to reach its 250th episode! He also explains t

Aug 1, 2019 • 1:10:50

GIC's, Portfolio Questions and Education Saving Plans: What's Right for You in Your Retirement and Education Preparations? (EP.56)

GIC's, Portfolio Questions and Education Saving Plans: What's Right for You in Your Retirement and Education Preparations? (EP.56)

On the show today we are going back to basics, just Cameron and Benjamin going through some useful topics for your financial benefit! We start talking about GIC's and the article on MoneySense that led to this conversation. GIC's have a somewhat mix and match reputation, one which we believe has been often misunderstood and misrepresented. We try to show in which ways people have been misled into thinking that GIC's are the best option when, we believe, they are not. From there we turn to more g

Jul 25, 2019 • 38:29

Being Frugal: The Crux of Financial Happiness (EP.55)

Being Frugal: The Crux of Financial Happiness (EP.55)

Joining us on the podcast today is Jonathan Clements, former Wall Street Journal columnist, founder of HumbleDollar and author of From Here to Financial Happiness, How to Think About Money and several other books. Jonathan is a well-known name in the world of personal finance as he has been giving financial advice for more than 20 years. Today he talks about the role of stories in shaping people’s understanding of and relationship with money by sharing an anecdote from his own childhood. He disc

Jul 18, 2019 • 36:59

The S&P Dow Jones & S&P 500: A Brief History (EP.54)

The S&P Dow Jones & S&P 500: A Brief History (EP.54)

Today on the Rational Reminder Podcast we have joining us Dr. David Blitzer who is the Managing Director and Chairman of the S&P Dow Jones index committee. He has been there from the time when indexes were barely even being traded and the first time S&P Futures began trading, and since then, indexing has turned into the massive phenomenon we all know today. Indeed, S&P indexes were (and still is) at the center of this explosion. Today Dr. Blitzer talks to us about the early days of indexing and

Jul 11, 2019 • 53:14

The Real Value of Financial Advice: An Empirical Perspective

The Real Value of Financial Advice: An Empirical Perspective

Live in the studio with us today is Preet Banerjee, renowned speaker, personal finance expert, consultant and author of Stop Overthinking Your Money. He is also the founder of MoneyGaps, a hybrid-advisor platform designed to help financial advisors make financial planning accessible to more Canadians. Having done a reality TV show and with a popular YouTube channel, Preet is on the forefront of the finance world, and he is here to talk to us about the findings that his DBA research has produced.

Jul 4, 2019 • 41:42

What drives the value premium? (EP.52)

What drives the value premium? (EP.52)

Welcome to this week’s Rational Reminded Podcast! Today we’re diving into the recent CPPIB report that portrays actively managed funds in the most optimistic light. But before you trade in your index funds, we look at the methodologies and calculations employed by the report and show why there are a number of issues with their findings. Benjamin shares his proposal for an alternative analysis that employs a more risk appropriate benchmark, and we discuss why the report can be seriously misguidin

Jun 27, 2019 • 41:55

Writing About Money: Advocating for Consumer Rights with Ellen Roseman (EP.51)

Writing About Money: Advocating for Consumer Rights with Ellen Roseman (EP.51)

On the Rational Reminder today we are joined by Ellen Roseman from The Toronto Star, who has been writing and working in the realm of Canadian personal finance and consumer rights for many years. We have a great chat about her work history, what has driven her career and what motivates her to continue to pursue her path of creating financial awareness for more people. We discuss the position of advocacy for consumer rights and how that translates into her everyday work, her most important and re

Jun 20, 2019 • 39:52

Tax Tales: Considering The Tax Implications Of Asset Allocation ETFs (EP.50)

Tax Tales: Considering The Tax Implications Of Asset Allocation ETFs (EP.50)

Welcome back to the Rational Reminder Podcast! We’re nearing our one-year anniversary, and we are still getting more listeners every episode and we have some incredible guests lined up for you! Today we are tackling more technical issues and some interesting topics overall. We explore the tax implications of VGRO or any of the asset allocation ETFs of Vanguard and iShares and discuss the scenarios in which it might be more advisable to configure the asset allocation that you want using a differe

Jun 13, 2019 • 34:12

Insights into Horizons: Continuous Innovation in the Canadian ETF Market (EP.49)

Insights into Horizons: Continuous Innovation in the Canadian ETF Market (EP.49)

On today’s episode, we are joined by Jaime Purvis, Executive Vice President at Horizons ETFs. Having been the company’s third ever employee, he has worked at the company for nearly 24 years and provides an in-depth inside look into how Horizons has come to have the reputation of being ahead of the curve in the Canadian ETF market. He takes us through some of Horizons history, how they got into ETFs, as well as giving some insights into how these products were chosen. Given the instability of the

Jun 6, 2019 • 43:13

Current Investment Topics: Market Efficiency, Grossman-Stiglitz Paradox, and the Home Ownership Debate (EP.48)

Current Investment Topics: Market Efficiency, Grossman-Stiglitz Paradox, and the Home Ownership Debate (EP.48)

Welcome back to your weekly reality check on sensible investing and financial decision making for Canadians. On today’s episode we kick it off with a combo of a current topics, answering listener questions, and discussing the bad advice of the week. We then dive into the huge shift in the industry in the US in terms of fund flows into index funds out of active mutual funds. When you look at the overall US market cap, 13% of it is in index funds. This means that price discovery is being done by 8

May 30, 2019 • 40:09

The Used Car Business: Inventory, Margins and Customer Experience, with Brad Boehme (EP.47)

The Used Car Business: Inventory, Margins and Customer Experience, with Brad Boehme (EP.47)

Today we’re talking about a slightly different topic from the usual – used cars. We have Brad Boehme joining us and he is the Dealer Principal/General Manager at MyCar, a successful used cars dealership that has three different locations around the country. Brad shares with us how he got into the industry, how the 2008 financial crisis helped them to start the business, where they source their inventory from and why the profits are in the buying more than in the selling. Client experience is a h

May 23, 2019 • 35:10

Raw Truth of Investment: Why the Best Investment Advisors Cannot Beat a Dart (EP.46)

Raw Truth of Investment: Why the Best Investment Advisors Cannot Beat a Dart (EP.46)

Welcome back to the podcast everybody! Today we are running through our weekly topics as usual, giving you the best, worst and everything in between on investing in Canada. We are talking a bit about the really interesting and important SOHN Investment Conference and what goes on there. We also go into why random stock picks, chosen by a thrown dart, beat Wall Street's elite and what we can learn from the SPIVA Report. From there we go pretty deep into the topic of low volatility and how its dif

May 16, 2019 • 36:25

Preparing for a Changing World: Advice that Sticks with Dr. Moira Somers (EP.45)

Preparing for a Changing World: Advice that Sticks with Dr. Moira Somers (EP.45)

Today on the show we are joined by Dr. Moira Somers, author of the book Advice That Sticks and expert on neuroscience, advising and leadership. Dr. Somers does a great job of unpacking all the different parts of her job and career and a multitude of topics from the financial advice field. She explains what it means to be a wealth psychologist and who makes up the bulk of her clientele. We then discuss the value of good, reliable financial advice and why most people seek it out and when. Dr. Some

May 9, 2019 • 35:48

Interactions with Trolls: Who Should You Listen To? (EP.44)

Interactions with Trolls: Who Should You Listen To? (EP.44)

Have you ever received hate mail or negative comments on your social media posts? We’re here to tell you you’re not alone. On today’s show we are talking at length about your interactions online with people commenting on YouTube videos as well as a Globe and Mail article which is quite incredible. It’s kind of a theme for this week. We dive into online trolls, those people whose sole purpose in life is to get you down. It’s super interesting to read and obviously very entertaining for some to se

May 2, 2019 • 38:07

Life at Dimensional: The Constant Pursuit with Dave Butler (EP.43)

Life at Dimensional: The Constant Pursuit with Dave Butler (EP.43)

On the show today we welcome Dave Butler, who is now the co-CEO of Dimensional Fund Advisors. We have a great conversation about a wide range of topics from the beginnings of the firm, to his earliest involvement, how he was nearly in the NBA and the importance of trust and family. Dave takes us on a personal and professional journey in science-based investing, who his biggest influences and mentors are and how he found the path of fiducial advice after a few different careers early on. We discu

Apr 25, 2019 • 52:46

IPOs, Indexing and Market-Linked GICs: Weighing Up Their Worth (EP.42)

IPOs, Indexing and Market-Linked GICs: Weighing Up Their Worth (EP.42)

Welcome to this episode of the Rational Reminder Podcast! We’ve decided to tweak the format of the show slightly, so you can look forward to a more focused conversation around current and portfolio topics and much less talk about factors! In our talk today, we uncover the recent popularity of IPOs, giving you a balanced perspective so that you can decided for yourself whether the hype holds enough merit for you to get involved. We also get into the various arguments against indexing, pulling apa

Apr 18, 2019 • 39:23

The Future of Canadian Fintech: Leading the Charge with Robo-Advisors (EP.41)

The Future of Canadian Fintech: Leading the Charge with Robo-Advisors (EP.41)

On the show today we welcome Randy Cass, owner and founder of Nest Wealth, who were the first financial firm to employ the use of robo-advisors in Canada. Their unique business model and forward looking systems and practices are at the forefront of the industry in the country and hearing Randy's recollections from their processes as well as thoughts going forward will be of great interest to anyone interested in the future of their money. In our conversation we cover the basic history of Nest We

Apr 11, 2019 • 34:02

Five Factor Thinking: Using Factors to Spot Trends and Guide Decision Making (EP.40)

Five Factor Thinking: Using Factors to Spot Trends and Guide Decision Making (EP.40)

On today’s episode, Benjamin Felix and Cameron Passmore discuss a paper that Benjamin recently wrote called Factor Investing with ETF’s, which unpacks what factors are and why they are a useful tool in explaining performance. Before discussing Benjamin’s paper, they take some interesting detours, discussing annuities and the newly launched ALDA, why annuities are underutilized and what makes them different from portfolios. Along with this, they also cover some questions that can be asked to meas

Apr 4, 2019 • 44:15

Steering Away from the Financial Extremes with Rob Carrick (EP.39)

Steering Away from the Financial Extremes with Rob Carrick (EP.39)

Today on the show we are joined by Rob Carrick from The Globe and Mail! Rob has been writing about money and investing for almost 30 years and has a wealth of expertise and insight to share on everything from mutual funds to ETFs. In our discussion we cover common questions that Rob encounters, how his views have changed over the years, the parts of his job he has most enjoyed and his thoughts on where we are at right now. Rob comments on the feelings of worry and dissatisfaction that seems to c

Mar 28, 2019 • 36:29

Feelings in the Decision Making Process: A Reminder About Rationality (EP.38)

Feelings in the Decision Making Process: A Reminder About Rationality (EP.38)

Factor Investing with ETFs White Paper Today on the show we are taking about the influence of feelings in the decision making process. As investors and as humans in general, we tend towards making decisions based on feelings over rational and well-balanced data collection, that is just part of how we are wired. Here at the Rational Reminder Podcast we want to remind everyone of the importance of balancing these feelings with rationality. This does not mean that we should be making decisions wit

Mar 21, 2019 • 34:49

Spending and Budgeting: Aligning Your Values and Goals To Your Finances (EP.37)

Spending and Budgeting: Aligning Your Values and Goals To Your Finances (EP.37)

Welcome to Episode 37 of the Rational Reminder Podcast. On today’s show we are joined by Lindsay Plumb, Chief Coach-ess of MOOLA Financial Coaches and Advisors. We’re discussing spending and budgeting, because that’s kind of the opposite end of the spectrum of what we always talk about. We usually assume people already have wealth, but that’s not always the case. Even if you do, both spending and budgeting are super important. Just getting in line with your values and what you spend money on, th

Mar 14, 2019 • 31:06

ETF Model Portfolios: For Performance and Comparison Purposes (EP.36)

ETF Model Portfolios: For Performance and Comparison Purposes (EP.36)

Welcome to Episode 36 of the Rational Reminder Podcast. Today we are going to roll out our new ETF model portfolios. This includes only two new ETF’s compared to a couch potato type portfolio that many of you might be familiar with. Nothing too revolutionary, but it certainly makes a meaningful difference. In this episode we also talk about asset location and review a couple of great podcasts that we’ve been listening to that provide interesting tidbits for investors, and some great information

Mar 7, 2019 • 34:45

Findependence: Finding Financial Independence While Still Engaging In The Things You Love (EP.35)

Findependence: Finding Financial Independence While Still Engaging In The Things You Love (EP.35)

Welcome to Episode 35 of the Rational Reminder Podcast. Today on the show we are joined by Jonathan Chevreau who is the founder of Independence Hub. He has authored and co-authored many books and has contributed to The Globe and Mail, The Financial Mail, and Money Sense. Jonathan is here today to talk about financial independence and having that “findependence” while still being extremely engaged in things that you enjoy doing. He also shares with us why your aim shouldn’t be retirement and what

Feb 28, 2019 • 31:18

The Safe Savings Rate: Shifting the Focus Away from Wealth Accumulation (EP.34)

The Safe Savings Rate: Shifting the Focus Away from Wealth Accumulation (EP.34)

Welcome to Episode 34 of the Rational Reminder Podcast. Today we are discussing how our new ETF model portfolios will be employed to better accommodate our non-client listeners to whom Dimensional Fund Advisors are not as relevant. We talk about how BlackRock and Vanguard are dominating the market, why the US is leading in passive investment and why traditional financial planning needs to be re-evaluated. In addressing our main topic—safe savings rates—we explore the need for moving away from a

Feb 22, 2019 • 30:51

Low Cost Index Investing with Rick Ferri: What You Need To Be a Successful Index Investor (EP.33)

Low Cost Index Investing with Rick Ferri: What You Need To Be a Successful Index Investor (EP.33)

Today on the show we are joined by Rick Ferri. Anyone who follows or is interested in index investing will probably have read something of Rick’s. He’s written seven books, working on the eighth, and he’s written a ton online as well. Rick opened Portfolio Solutions, the first low fee index fund based wealth management shop and built it up to over a billion dollar company. Rick created the model of low cost fiduciary advice, using index funds and putting the client first, so today we’re chatting

Feb 14, 2019 • 30:19

Building a Future for the City: An Interview with Mayor of Ottawa, Jim Watson

Building a Future for the City: An Interview with Mayor of Ottawa, Jim Watson

We have a special, short bonus episode for you today! We are very glad to welcome the mayor of Ottawa, Jim Watson, to the podcast and although we are not strictly talking about investing and our usual topics, we do think it is a great and insightful conversation that you will enjoy, no matter where you are from. Mayor Watson tells us about his vision for the city, how he characterizes it, and the importance of the tech scene to its growth and success. We also talk about talent attraction and ret

Feb 11, 2019 • 15:42

Active or Passive Management: The Behavioural Explanations of Factors (EP.32)

Active or Passive Management: The Behavioural Explanations of Factors (EP.32)

Welcome back to another episode of the Rational Reminder Podcast. Our goal this year is to find our podcasting rhythm, creating a schedule that alternates between guests and these conversational episodes where it’s just us. On today’s episode we want to pull the focus of the podcast back to answering a handful of client questions that have come up in the past little while. So on today’s episode we are jumping right in to answer those listener questions, getting back on the factor train, and tryi

Feb 7, 2019 • 34:29

Single Decision ETFs: Unpacking XGRO and XBAL from BlackRock (EP.31)

Single Decision ETFs: Unpacking XGRO and XBAL from BlackRock (EP.31)

Today on the show we are joined by Steven Leong who is the Head of Canada iShares Product at BlackRock. Steven is here to talk about single decision ETFs, the new XGROs and XBALs from BlackRock and whole lot more. We start off the episode with a bit of an introduction on BlackRock and iShares before Steven informs us on the new relationship between BlackRock and RBC Global Asset Management. From there we get into the meat of the episode looking at the portfolios in question and Canada’s current

Jan 30, 2019 • 29:07

The Authority Speaks: A Complete Guide to Investing and Retirement with Larry Swedroe (EP.30)

The Authority Speaks: A Complete Guide to Investing and Retirement with Larry Swedroe (EP.30)

Today we are joined by a friend, hero, and a legend in the field fact based investing. Larry Swedroe is here to discuss his latest book, some of the timeless concepts he has been espousing for many years, and to give out a few golden nuggets of advice for your finances and retirement. Larry is so generous with his time and wisdom and we chat about a ton of chapters from his book, Your Complete Guide to a Successful and Secure Retirement, and he picks out a few ideas to focus on here in this quic

Jan 23, 2019 • 45:26

Clearing Up the Holiday Back-Up: Podcast Housekeeping and Round Up (EP.29)

Clearing Up the Holiday Back-Up: Podcast Housekeeping and Round Up (EP.29)

Welcome back to The Rational Reminder Podcast! Today we are riding solo with no guests and just going over some recent developments, in-house news, and gearing up for some more great shows in the pipeline. We have had so many amazing guests recently, talking on a number of specific topics, so we thought we would take this opportunity to clean the mailbox, as it were, and set the table for the next few weeks. During the episode we cover the new partnership between RBC and iShares and what this me

Jan 17, 2019 • 29:56

Staying Ahead of the Curve: The History of Dimensional Fund Advisors (EP.28)

Staying Ahead of the Curve: The History of Dimensional Fund Advisors (EP.28)

Today on the podcast we are very excited to welcome Brad Steiman who is the Canadian Head of Financial Advisor Services for Dimensional! This is an episode we literally cannot wait to share with our listeners as it is jam packed with really useful information, history, and inside scoops on Dimensional and what has helped them get to where they are today. As huge fans and associates of DFA this is the type of conversation we have been hoping to have for quite some time and hope you are as excited

Jan 9, 2019 • 42:42

Evidence Based Investing: Changing the Minds of Advisors and Investors with Robin Powell (EP.27)

Evidence Based Investing: Changing the Minds of Advisors and Investors with Robin Powell (EP.27)

In this episode of the Rational Reminder Podcast we welcome Robin Powell. Robin is a journalist and content creator who has dedicated the more recent part of his career to helping spread the word on research backed investing and turning the tide on the history of investment advice. For Robin, this all came about from an assignment he was working on and the feeling of shock he experienced when he discovered the wealth of information that is available to investors but how it is shielded by the maj

Jan 2, 2019 • 27:39

Embracing Uncertainty: Planning Ahead and Taking On the Risk with Big Bang Theory Writer, David Goetsch

Embracing Uncertainty: Planning Ahead and Taking On the Risk with Big Bang Theory Writer, David Goetsch

Welcome to this holiday edition of the Rational Reminder Podcast. Today on the show we have a special treat for you. A little while back, Cameron made an incredible connection with our guest, David Goetsch. David is a writer and the Co-Executive Producer of the Big Bang Theory. David himself subscribes to our investment philosophy and he is passionate enough about it that he speaks about it at conferences every now and then. He is truly a fascinating guy and the impact that this investment philo

Dec 26, 2018 • 43:56

The Year End Round Up: Recapping Recent Market Performance (EP.25)

The Year End Round Up: Recapping Recent Market Performance (EP.25)

This week on the podcast we are starting to wrap things up for the year, doing some house keeping and looking back at recent trends in the market. First of all we talk a bit about the podcast going forward and have a few comments on ratings and reviews. We also look at some of the upcoming content you can expect early next year! We chat about the client survey we recently held and what the data from this tells us. From there we move into more general information on the relationship between risk

Dec 20, 2018 • 30:31

Evidence: What To Follow And What Not To Follow (EP.24)

Evidence: What To Follow And What Not To Follow (EP.24)

Welcome back to The Rational Reminder Podcast. Today, Benjamin is getting the factor fill off his chest. We are diving into a range of topics and we are talking about other factors or how far you can push the evidence. This is the first time in a while that we’ve really dug into factors. We cover other interesting topics like increasing CPP benefits, we talk about our regulatory bodies and the debate going on there, as well as the big news around Vanguard. It’s a fun debate and a  good conversat

Dec 13, 2018 • 36:21

The Basic Rules of Purchasing Insurance: What, Why, When and How Much! (EP.23)

The Basic Rules of Purchasing Insurance: What, Why, When and How Much! (EP.23)

Welcome back to The Rational Reminder Podcast. Today we are joined by Glenn Cooke. Glenn is a fixture on the personal finance Canada sub-Reddit and spent many years as the President of Lifeinsurancecanada.com, which is an online platform for insurance information. Today, Glenn is the President of Insurance Squared where he works with market research departments at life insurance companies and shows life insurance agents how to generate leads online and sell non-face to face. Glenn has a very mat

Dec 6, 2018 • 33:21

The Yield Curve Is Not Out To Get You

The Yield Curve Is Not Out To Get You

In this bonus episode we briefly talk about the yield curve, and why it’s probably not going to hurt you. With special guest Robert Little, Wealth Management Analyst at PWL Capital. For more information or to contact Cameron and Ben, visit pwlcapital.com

Dec 6, 2018 • 12:16

Transformational Decision Making: Building A Company, Defining Success, and Finding Happiness (EP.22)

Transformational Decision Making: Building A Company, Defining Success, and Finding Happiness (EP.22)

Welcome back to The Rational Reminder Podcast. Today we are joined by Daniel Weinand. Daniel is the cofounder of Shopify, which is a company based in Ottawa that has had enormous success, not just in Ottawa or Canada, but all over the world in the last few years as a public company. Shopify is a great commerce platform that supports over 600,000 different stores worldwide. It is an incredible success story, and the best way that we can describe the conversation was that it was very intense. Ever

Nov 29, 2018 • 37:57

Buying or Leasing: Weighing the Costs of Real Estate Choices (EP.21)

Buying or Leasing: Weighing the Costs of Real Estate Choices (EP.21)

Welcome back to The Rational Reminder Podcast. Today’s episode is focused on the question of investing in real estate. It is still a common conundrum for investors and even those who may not consider themselves active investors, whether to buy or to rent a property. As you may imagine it is not a very simple issue and the answer does require some serious thought and calculation. But our hosts do their best to lay out some of the most important concerns and factors in trying to find the answer. B

Nov 22, 2018 • 26:54

The Cost of Financial Advice: Should You Pay For It and If You Do, How Much Should You Pay For It? (EP.20)

The Cost of Financial Advice: Should You Pay For It and If You Do, How Much Should You Pay For It? (EP.20)

Welcome to The Rational Reminder Podcast. On today’s episode we are going to roll out our new format for the show. We ended off our previous show format with a series of interviews, and today we are ready to jump into something new! Of course, we definitely don’t plan on doing that perfectly today because we do have a couple of things that we want to talk about before we make it official. The meat of the episode will be focused on discussing the cost of financial advice. Should you pay for it, h

Nov 15, 2018 • 31:27

Decision Making: Mental Models, Knowing Your Variables, and Achieving Positive Outcomes With Shane Parrish (EP.19)

Decision Making: Mental Models, Knowing Your Variables, and Achieving Positive Outcomes With Shane Parrish (EP.19)

Welcome back to another episode of the Rational Reminder Podcast. Our guest today is Shane Parrish. Shane runs the Farnam Street Blog, which has to be one of the most valuable collections of information that exists on the Internet. Farnam Street’s stated intention is mastering the best of what other people have already figured out and the site gets over a million visitors. The content is unbelievable in terms of improving yourself, thinking better, and learning better. Shane interviewed Ray Dali

Nov 7, 2018 • 45:46

A Passion for Ottawa: Running, Luck, and the Ovarian Lottery with Mark Sutcliffe. (EP.18)

A Passion for Ottawa: Running, Luck, and the Ovarian Lottery with Mark Sutcliffe. (EP.18)

Welcome back to another episode of the Rational Reminder Podcast. Our guest today is a great friend and associate, Mark Sutcliffe! Mark is a well know media personality, community worker, philanthropist, business person, and investor. He also happens to be a great speaker and listener, which probably has something to do with him hosting his own radio show. Today we are extremely excited to be able able to interview him and pick his brain on all things rational, financial, and beyond. We chat abo

Nov 1, 2018 • 34:25

Evidence Based Investing: Sticking to Science When It Comes To Your Money (EP.17)

Evidence Based Investing: Sticking to Science When It Comes To Your Money (EP.17)

Welcome to the Rational Reminder Podcast everybody! Today on the show we welcome a good friend and someone who has had a massive influence on our lives and work. Bestselling investment author, Dan Solin, joins us on the podcast today. Dan has been a staunch advocate for evidence based investing for a long time now and although this approach is still far from dominant, it has grown immensely in the years he has been active. His focus on smart, client-centered investing has set the standard for a

Oct 26, 2018 • 31:41

MARKET VOLATILITY (EP.16)

MARKET VOLATILITY (EP.16)

In Episode 16 of the Rational Reminder Podcast we talked about the following: How bad was last week’s market volatility? Should you make changes to your portfolio in this market? Are people better at predicting when markets are volatile? How the market prices securities The economy vs. the stock market When do bear markets typically occur? Will passive investing exacerbate the next correction? Do index funds affect price discovery? The power of capitalism Index reconstitution Risk over the long

Oct 17, 2018 • 34:46

Dimensional Advanced Conference 2018

Dimensional Advanced Conference 2018

In Episode 15 of the Rational Reminder Podcast we recapped our time at the Dimensional Fund Advisors advanced conference. We recapped the following:   Eugene Fama The history of the University of Chicago and Dimensional Connecting economics with academia Behavioral finance is a branch of efficient markets (according to Fama) Crunching data for the first time Starting the first index fund – before Vanguard Volatility lessons Black swans Do you need a tstat of 3 in today’s world?   We referenced

Oct 15, 2018 • 32:22

AN INSIDE LOOK AT CANADIAN CONSUMER DEBT (EP.14)

AN INSIDE LOOK AT CANADIAN CONSUMER DEBT (EP.14)

In Episode 14 of the Rational Reminder podcast we were joined by Martin Parizeau, a retired banking executive with extensive knowledge of Canadian consumer debt, and a PWL client. We discussed the following:   The start of the ETF boom When proponents of active management realize they should index Cutting wasteful expenses without sacrificing happiness Pulling off a successful downsizing Housing is not an investment The real cost of owning a home Defining the ideal lifestyle Digging into Canadi

Oct 11, 2018 • 31:12

UNAFFORDABLE HOUSING (EP.13)

UNAFFORDABLE HOUSING (EP.13)

In Episode 13 of the Rational Reminder podcast we discussed the following:   Getting into the DFA advanced conference Cancelling whole life insurance When permanent insurance makes sense Unaffordable housing in Canada Housing bubbles? Bridging the gap with a HELOC Undervalued financial advice Money does not buy happiness Defining a lifestyle Walking to work Active funds are still underperforming Missing out on the best stocks   The Stories we talked about:   HOUSING TRENDS AND AFFORDABILITY U

Oct 2, 2018 • 32:55

LIVING THROUGH THE FINANCIAL CRISIS (EP.12)

LIVING THROUGH THE FINANCIAL CRISIS (EP.12)

In Episode 12 of the Rational Reminder podcast we were joined by Doug McKenzie, an executive at a large US financial institution, and a PWL client. We discussed the following:   Attacking a retirement goal Managing expenses before retirement Toronto real estate in a retirement plan Living (and working through) the financial crisis The Investor’s Group Dividend Fund Income investing Robo advisors Using prepaid credit cards for budgeting CCP vs. CPM vs. DFA Running regressions Data sources Come F

Sep 28, 2018 • 24:10

SIMPLE vs. COMPLEX WITH ROBB ENGEN (EP.11)

SIMPLE vs. COMPLEX WITH ROBB ENGEN (EP.11)

In Episode 11 of the Rational Reminder podcast we discussed the following:   Are DIY investors responsible for their actions? Starting a blog Switching from stock picking to index funds Managing behaviour The 4-minute portfolio When does it make sense to optimize? Index fund rebuttals Fee-only vs. fee-based advice Choosing a conflict of interest Robb’s biggest beef with Canadian financial services Trusting the bank VGRO vs. robo advisors One-fund retirement portfolios We were joined by Robb En

Sep 24, 2018 • 32:51

KEEP THE DEFERRED SALES CHARGE, MORE FOR US (EP.10)

KEEP THE DEFERRED SALES CHARGE, MORE FOR US (EP.10)

In Episode 10 of the Rational Reminder podcast we discussed the following:   Grass fed beef The benefits of independence The Ontario government wants to keep the deferred sales charge (DSC) DSC back in the day The old financial advice model DIY investors are responsible for their decisions 1/3 of people say money is their biggest stressor Locus of control A better way to invest responsibly   The stories that we talked about:   Investment industry stunned as Ontario opposes proposed ban on mu

Sep 17, 2018 • 33:23

DIMENSIONAL’S BIG FLAW (EP.9)

DIMENSIONAL’S BIG FLAW (EP.9)

In Episode 9 of the Rational Reminder podcast we discussed the following: Being a poor grad student Budgeting Stuff does not make you happy Mental overhead is a real cost The Globe’s Financial Facelift disaster Rob Arnott’s slam of Dimensional Are people afraid of stocks? The 10-year anniversary of Lehman’s fall Stories from the financial crisis Volatility in dollars vs. percentage points Automated rebalancing My uncle told me to buy weed stocks What does a rational investor worry about?   The

Sep 10, 2018 • 31:49

SELL EVERYTHING! (EP.8)

SELL EVERYTHING! (EP.8)

In Episode 8 of the Rational Reminder podcast we discussed the following: Fidelity’s 0% MER index funds are already at $1 billion When costs are 0%, how do you pick a fund? Indexing is not a passive investment strategy Index construction and product implementation > low fees A three factor regression on the Manulife Multifactor ETFs Indexing is still a tiny part of the market Not all factors belong in a portfolio Dividend investing shouldn’t be so controversial Dividends are not a spending rule

Sep 5, 2018 • 34:22

BUYING WEED (EP.7)

BUYING WEED (EP.7)

In Episode 7 of the Rational Reminder podcast we discussed the following: Ottawa home prices The longest bull market in history What goes up does not have to come down All time highs are normal and should be expected Is the market overvalued? Even the CAPE only explains 40% of future return differences Should you dollar cost average or invest in a lump sum? Your better off in the market than trying to time the market Was WEED an obvious buy at $2.00? There are still plenty of public companies t

Aug 28, 2018 • 30:09

ASSET LOCATION (EP.6)

ASSET LOCATION (EP.6)

In Episode 6 of the Rational Reminder podcast we discussed the following: Subscribe to the podcast on iTunes! Wealthsimple’s new no-commission trading platform Do individual stocks ever play a role in a financial plan? Can behavioural coaching be scaled? Being aware of conflicts of interest Wealth and happiness are not always connected If you buy an R8, you’ll want a McLaren next Retiring does not mean doing nothing How do you retire without a financial plan? The 4% rule is false! If you want t

Aug 17, 2018 • 32:11

RETHINKING MORTGAGE DEBT (EP.5)

RETHINKING MORTGAGE DEBT (EP.5)

In Episode 5 of the Rational Reminder podcast we discussed the following: Checking your credit Optimizing your credit score Investing vs. paying off your mortgage Asset allocation Reframing mortgage debt Are we in a tech bubble? The rise in the US market is backed by fundamentals How the largest Canadian pension funds invest Skewness in VC returns It’s still really hard to beat index funds  The stories we talked about: Mortgage debt and asset allocation Fed Up Andrew Coyne: Canada Pension P

Aug 14, 2018 • 30:47

THE RACE TO 0% (EP.4)

THE RACE TO 0% (EP.4)

After a successful launch, the podcast will live on! Thanks for the support and feedback. In Episode 4 of the Rational Reminder podcast we discussed the following: The longest bull market in history? Are we repeating the tech bubble? Why it still makes sense to hold bonds Rebalancing isn’t always easy The Lost Decade, sort of Is tax-loss selling worth it? Horizons’ marketing mistake One decision funds Index fund fees are finally at 0% Sec lending is the future of index fund revenue Charley Elli

Aug 8, 2018 • 28:48

AMAZON EATING THE STOCK MARKET (EP.3)

AMAZON EATING THE STOCK MARKET (EP.3)

In Episode 3 of the Rational Reminder podcast we discussed the following:   Should you lease or buy your vehicle? How are the new mortgage stress tests affecting Canadian real estate? Home ownership is not required to build wealth, with a little discipline Amazon’s size is not unprecedented Successfully investing in growth stocks is really hard Consolidation in the Canadian asset management industry Independence benefits wealth management clients Are backend loads on mutual funds still a thing?

Aug 3, 2018 • 29:02

INDEXING IS HERE TO STAY (EP.2)

INDEXING IS HERE TO STAY (EP.2)

In Episode 2 of the Rational Reminder podcast we discussed the following:   The underperformance of value stocks Are we in a Winner Take All market? Facebook’s crash Global value performance Canadian value premium at ~+5.5% Rebalancing into the pain Factor diversification Having a philosophy and sticking with it Index fund flows are slowing down in the US Canadian active funds are still dominating passive ETFs Markets are still efficient Deciding to be an index investor takes work Fewer highly

Aug 2, 2018 • 33:57

THE CHEAPEST ADVICE PROBABLY ISN'T THE BEST (EP.1)

THE CHEAPEST ADVICE PROBABLY ISN'T THE BEST (EP.1)

In our first ever episode of the Rational Reminder podcast we discussed the following: The purpose of the podcast How we invest DFA Factor investing Our worst investment ever Tripling our money in JDS Hedge funds still can’t beat the market CSA won’t deploy a statutory best interest standard The cheapest financial advice may not be the best Is a financial advisor worth it? Cost vs. complexity The stories we talked about: Dave Butler Discusses Finance and Basketball Hedge Funds Should Be Thriv

Aug 2, 2018 • 30:16

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