Afleveringen

  • 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 journalist, Nicolas Bérubé, whose new book From Zero to Millionaire: A Simple and Stress-Free Way to Invest in the Stock Market serves as a guide to investors on how to grow their wealth and achieve good portfolio diversification at a low cost. We talk with him about the contents of his book, his observations on financial media and its effect on investors, how to stay committed when making long-term investments, and more. We also spend the top half of the show discussing a popular idea we’ve seen posted by influencers online, namely that investing in stocks will give you a return of 10% or more per year on average, and the flaws in their arguments. Tune in for a deep dive into investor psychology, financial media, and much more!

    Key Points From This Episode:

    (0:01:42) A breakdown of the flaws in the trending online theory being posted by influencers claiming that investing in stocks will give you a return of 10% or more per year on average.

    (0:09:17) Taking a longer-term view of the US stock market (and other global markets), how it’s changed in the past 100 years, and what this means for investors today.

    (0:16:12) Relevant findings from various papers on US and global stock market returns, US stock market valuations, performance, the impact of survivorship bias, and more.

    (0:27:01) Why it can be so difficult to capture market return as an investor, and a breakdown of how best to approach historical data.

    (0:33:33) Talking with Nicolas Bérubé about what he learned from his failed options trade before he started studying markets and the research that helped him become a market optimist.

    (0:38:24) An overview of Indo-American investor, Mohnish Pabrai, and what Nicolas learned from meeting him.

    (0:41:05) Unpacking the difference between investing in the stock market and playing in the stock market and the importance of having an infinite vision when investing.

    (0:44:52) How Nicolas would explain the benefits of index funds and index investing to a novice and why behaviour is the number one obstacle to investor outcomes.

    (0:48:29) The effect of financial media on investors from Nicolas’s perspective as a journalist.

    (0:51:52) Advice on whether to delegate your investment actions to a financial professional or do it yourself ie. automatic transfers using a robo advisor.

    (0:56:14) What people should be looking for if they do seek out financial advice and Nicolas’s opinion on what investors struggle with most.

    (0:59:58) Aftershow section: future topics for the show, why we’re excited to see more of Mark McGrath, updates on our 24 in 24 reading challenge, upcoming meetups, and more.

    Links From Today’s Episode:

    Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582.
    Rational Reminder Website — https://rationalreminder.ca/

    Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/

    Rational Reminder on X — https://twitter.com/RationalRemind

    Rational Reminder on YouTube — https://www.youtube.com/channel/

    Rational Reminder Email — [email protected]
    Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/

    Benjamin on X — https://twitter.com/benjaminwfelix

    Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/

    Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/

    Cameron on X — https://twitter.com/CameronPassmore

    Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/

    Mark McGrath on LinkedIn — https://www.linkedin.com/in/markmcgrathcfp/
    Mark McGrath on X — https://twitter.com/MarkMcGrathCFP

    24 in 24 Reading Challenge — https://rationalreminder.ca/24in24

    Nicolas Bérubé on LinkedIn — https://www.linkedin.com/in/nicolas-b%C3%A9rub%C3%A9-27b9b111b/

    From Zero to Millionaire — https://fromzerotomillionaire.com/

    The Motley Fool — https://www.fool.com/

    Rob Carrick — https://www.theglobeandmail.com/authors/rob-carrick/

    Andrew Hallam — https://andrewhallam.com/

    Somebody Feed Phil — https://www.imdb.com/title/tt7752034/

    Everybody Loves Raymond — https://www.imdb.com/title/tt0115167/

    Shake Shack — https://shakeshack.com/#/

    Figure 01 AI Robot Video on LinkedIn — https://www.linkedin.com/feed/update/urn:li:activity:7173681028664901634/

    Books From Today’s Episode:

    From Zero to Millionaire: A Simple and Stress-Free Way to Invest in the Stock Market — https://fromzerotomillionaire.com/

    The Algebra of Wealth: A Simple Formula for Financial Security — https://www.amazon.com/Algebra-Wealth-Formula-Financial-Security/dp/0593714024

    A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing — https://www.amazon.com/Random-Walk-Down-Wall-Street/dp/0393358380

    Everyone Believes It; Most Will Be Wrong: Motley Thoughts on Investing and the Economy — https://www.amazon.com/Everyone-Believes-Most-Will-Wrong-ebook/dp/B00655BGBG

    The One-Page Financial Plan: A Simple Way to Be Smart About Your Money — https://www.amazon.com/One-Page-Financial-Plan-Simple-Smart/dp/1591847559

    Setting the Table: The Transforming Power of Hospitality in Business — https://www.amazon.com/Setting-Table-Transforming-Hospitality-Business/dp/0060742763

    Papers From Today’s Episode:

    ‘The Equity Premium’ — https://onlinelibrary.wiley.com/doi/full/10.1111/1540-6261.00437

    Scott Cederburg research: ‘Long-Horizon Losses in Stocks, Bonds, and Bills: Evidence from a Broad Sample of Developed Markets’ — https://www.paris-december.eu/sites/default/files//papers/2023/4393_scederburg_2023_complete.pdf

    Jules H. Van Binsbergen Paper: Is The United States A Lucky Survivor: A Hierarchical Bayesian Approach — https://rodneywhitecenter.wharton.upenn.edu/wp-content/uploads/2020/12/30-20.Wachter.VanBinsbergen.pdf

  • 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 help readers escape inertia and flourish in the face of freedom. Adam is a professor of marketing at New York University's Stern School of Business with an affiliated appointment in the New York University Psychology Department. His research is primarily focused on judgment, decision-making, and social psychology, and his two previous books, Irresistible and Drunk Tank Pink, are both highly acclaimed New York Times best-sellers. In today’s episode, we talk with Adam about the concept behind Anatomy of a Breakthrough, the many forms that feeling stuck can take, and what he has learned about getting unstuck. Tuning in you’ll learn about the fundamentals of goal-setting, why striving for excellence is infinitely more sustainable than settling for nothing less than perfection, and how learning to enjoy the journey will help you find meaning and avoid the aimlessness that can come after achieving your goal. We also get into the nature of breakthroughs, the role of luck and creativity, plus a whole lot more. To hear all of Adam’s thought-provoking insights and practical advice on getting unstuck, be sure to tune in!

    Key Points From This Episode:

    (0:00:18) Introducing today’s guest, Adam Alter, and the concept behind his new book Anatomy of a Breakthrough.

    (0:05:41) An overview of the many ways that you can be financially stuck, the role of financial advisors, and when you should seek out help and guidance.

    (0:09:04) Insight into the different types of stuckness and how to recognize when you’re stuck.

    (0:12:42) Why people tend to question their lives with the arrival of a new decade.

    (0:17:10) Unpacking the risks and benefits of major life decisions and the concept of lifequakes.

    (0:20:25) The boundless nature of goal-setting and how it impacts the search for contentment.

    (0:23:27) How lifequakes influence the search for contentment and how to prepare for them.

    (0:26:00) What a breakthrough looks like, how it interacts with creativity, and the role of luck.

    (0:35:17) A breakdown of the random impact rule; particularly in the context of careers.

    (0:38:01) One key practical difference between striving for excellence versus perfection.

    (0:40:05) The originality trap: why trying to do something completely new can cause paralysis.

    (0:43:13) Understanding the plateau effect: why being stuck can actually be a sign of progress.

    (0:44:23) The fundamentals of goal setting: the dangers of setting unachievable goals and the benefits of making it about the journey rather than the destination.

    (0:49:03) Advice for processing the success of other; especially in the age of social media, and how Adam defines success.

    Links From Today’s Episode:

    Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582.
    Rational Reminder Website — https://rationalreminder.ca/

    Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/

    Rational Reminder on X — https://twitter.com/RationalRemind

    Rational Reminder on YouTube — https://www.youtube.com/channel/

    Rational Reminder Email — [email protected]
    Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/

    Benjamin on X — https://twitter.com/benjaminwfelix

    Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/

    Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/

    Cameron on X — https://twitter.com/CameronPassmore

    Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/

    Adam Alter — https://adamalterauthor.com/

    Adam Alter on LinkedIn — https://www.linkedin.com/in/adamleealter

    Adam Alter on Twitter — https://twitter.com/adamleealter

    Hal Hershfield — https://www.halhershfield.com/

    Bruce Feiler — https://www.brucefeiler.com/

    Books From Today’s Episode:

    Anatomy of a Breakthrough — https://adamalterauthor.com/anatomy

    Irresistible — https://adamalterauthor.com/irresistible

    Drunk Tank Pink — https://adamalterauthor.com/drunk-tank-pink

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  • 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 joins us to unpack the complexities of segregated funds and why it might not be the investment product you were hoping for. Following that, we sit down with Todd Rogers, a prominent behavioural scientist and professor, to discover the science behind effective communication. He explains how we adapt to different communication styles and techniques over time, the foundations of effective communication, and much more. Be sure to tune in as we unravel the complexities of investing, navigate the world of behavioural science, and bring you the tools you need for financial success!

    Key Points From This Episode:

    (0:00:00) Episode introduction and what listeners can expect.

    (0:01:30) Definition of home-country bias and its influence on investors.

    (0:04:25) Unpack the home bias puzzle and Canadian home bias trends.

    (0:08:27) Discover the conditions when home bias may make sense.

    (0:13:10) Relative economic standing: an important aspect of home-country bias.

    (0:15:00) Explore home-country bias through a quantitative lens.

    (0:20:28) Common concerns of overweighting a small market cap.

    (0:27:21) Mark to Market: the good, bad, and complicated side of segregated funds.

    (0:31:24) Dissect the proposed benefits of segregated funds.

    (0:39:07) Discover the drawbacks and pitfalls of segregated funds.

    (0:44:05) Alternatives to segregated funds and Mark’s main takeaways.

    (0:46:50) Highlights from our conversation with Professor Vanessa Bohns.

    (0:49:38) Introducing today’sguest Todd Rogers, behavioural scientist and professor.

    (0:51:37) Learn about the science behind effective writing and communication.

    (0:53:48) Thedecision-making process when receiving new information.

    (0:56:18) Todd shares thesix principles of effective writing.

    (0:58:28) When to send a message, why less is more, and tips for effectively communicating.

    (1:06:32) Advice for using emojis and hyperlinks and the impact of bolding and highlighting.

    (1:12:35) The impact of AI on effective writing and the importance of good writing.

    (1:19:45) Final takeaways, book recommendations, listener reviews, and more!

    Links From Today’s Episode:

    Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582.
    Rational Reminder Website — https://rationalreminder.ca/

    Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/

    Rational Reminder on X — https://twitter.com/RationalRemind

    Rational Reminder on YouTube — https://www.youtube.com/channel/

    Rational Reminder Email — [email protected]
    Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/

    Benjamin on X — https://twitter.com/benjaminwfelix

    Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/

    Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/

    Cameron on X — https://twitter.com/CameronPassmore

    Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/

    Mark McGrath on LinkedIn — https://www.linkedin.com/in/markmcgrathcfp/
    Mark McGrath on X — https://twitter.com/MarkMcGrathCFP

    Home-country Bias YouTube Video — https://www.youtube.com/watch?v=qYedjI03Q0g

    Assuris — https://assuris.ca

    Canadian Investor Protection Fund — https://www.cipf.ca/

    The Money Scope Podcast — https://moneyscope.ca/

    Professor Vanessa Bohns — https://www.vanessabohns.com/

    Professor Vanessa Bohns on X — https://twitter.com/profbohns

    Professor Vanessa Bohns on Instagram — https://www.instagram.com/profbohns/

    Professor Vanessa Bohns on LinkedIn — https://www.linkedin.com/in/vanessa-bohns-33219710/

    Professor Vanessa Bohns on Goodreads — https://www.goodreads.com/author/show/21035835.Vanessa_Bohns

    Todd Rogers on LinkedIn — https://www.linkedin.com/in/todd-rogers-6ba447/

    Todd Rogers on X — https://twitter.com/Todd_Rogers_

    Harvard University — https://www.harvard.edu/

    Analyst Institute — https://analystinstitute.org/

    EveryDay Labs — https://www.everydaylabs.com/

    The Behavioural Insights Team — https://www.bi.team/

    Behavioral Science & Policy Association (BSPA) — https://behavioralpolicy.org/

    Six Principles Checklist —

    GPT-4 — https://openai.com/research/gpt-4

    Women's Wealth: Investing Basics for Women Webinar —

    Books From Today’s Episode:

    You Have More Influence Than You Think — https://www.amazon.com/dp/1324005718/

    Writing for Busy Readers — https://www.amazon.com/Writing-Busy-Readers-Communicate-Effectively/dp/0593187482

    Index Funds: The 12-Step Recovery Program for Active Investors — https://www.amazon.com/Index-Funds-12-Step-Recovery-Investors-ebook/dp/B0CL2Z23CT/

    The Elements of Style — https://www.amazon.com/Elements-Style-Fourth-William-Strunk/dp/020530902X

    The Psychology of Money — https://www.amazon.com/Psychology-Money-Timeless-lessons-happiness/dp/0857197681

    The Fund — https://www.amazon.com/Fund-Bridgewater-Associates-Unraveling-Street/dp/1250276934

    Anatomy of a Breakthrough — https://www.amazon.com/Anatomy-Breakthrough-Unstuck-When-Matters/dp/1982182962

    The Score That Matters — https://www.amazon.com/Score-That-Matters-Excellence-Yourself-ebook/dp/B0CGZ8HRXD

    The Algebra of Wealth — https://www.amazon.com/Algebra-Wealth-Formula-Financial-Security/dp/0593714024

    Papers From Today’s Episode:

    ‘Beyond the Status Quo: A Critical Assessment of Lifecycle Investment Advice’ — https://dx.doi.org/10.2139/ssrn.4590406

    ‘Global equity investing: The benefits of diversification and sizing your allocation’ — https://corporate.vanguard.com/content/dam/corp/research/pdf/Global-equity-investing-The-benefits-of-diversification-and-sizing-your-allocation-US-ISGGEB_042021_Online.pdf

  • 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 to explore meditation, the core principles of Dan's 10% Happier philosophy, and how mindfulness can lead to incremental but significant improvements in happiness. Discover why Buddhism is a religion that skeptics can line up behind, the intersection of mindfulness and financial decision-making, and the importance of empathy and self-awareness for financial advisors. Gain insights into applying mindfulness principles to everyday life, strategies for building the skill of happiness, the basic steps to start meditating, and much more! Join us on this insightful journey as we explore how mindfulness can truly transform lives and empower individuals to live with greater purpose, happiness, and fulfillment with Dan Harris!

    Key Points From This Episode:

    (0:04:49) Dan shares his journey from a high-stress career in news to discovering mindfulness meditation.

    (0:06:48) What mediation is, why he initially thought it was nonsense, and why he changed his mind.

    (0:09:11) Unpack the idea of mindfulness and the science that backs up the claims.

    (0:11:22) The main thesis of Buddhism and its link to meditation.

    (0:14:02) How mindfulness can help manage emotions, improve focus, and enhance relationships in everyday life.

    (0:15:48) He shares how difficult it was for him to embrace the concept of meditation.

    (0:21:12) Discover what motivated him to explore meditation and mindfulness practices.

    (0:21:12) Recommendations to start meditating and how long it takes to form a habit of it.

    (0:26:56) Insights on applying mindfulness principles to financial decision-making.

    (0:28:29) Explore the benefits of meditation for the comparing mind and the wanting mind.

    (0:30:59) How mindfulness meditation has influenced his financial decision-making.

    (0:33:20) The principles of 10% Happier from the perspectives of a client and advisor.

    (0:35:45) Strategies for making your own happiness and cultivating contentment.

    (0:41:03) Transitioning from a career in news to focusing on mindfulness advocacy and podcasting.

    (0:42:32) His biggest lessons since writing the book and his most influential podcast guest.

    (0:48:26) Hear about Dan’s version of success and happiness.

    Links From Today’s Episode:

    Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582.
    Rational Reminder Website — https://rationalreminder.ca/

    Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/

    Rational Reminder on X — https://twitter.com/RationalRemind

    Rational Reminder on YouTube — https://www.youtube.com/channel/

    Rational Reminder Email — [email protected]
    Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/

    Benjamin on X — https://twitter.com/benjaminwfelix

    Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/

    Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/

    Cameron on X — https://twitter.com/CameronPassmore

    Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/

    Dan Harris — https://danbharris.komi.io/

    Dan Harris on X — https://twitter.com/danbharris

    Dan Harris on Instagram — https://www.instagram.com/danharris/

    Dan Harris on Facebook — https://www.facebook.com/DanHarrisABC

    Dan Harris on YouTube — https://www.youtube.com/c/TenPercentHappier

    Dan Harris on TikTok — https://www.tiktok.com/@danbharris

    10% Happier — https://www.tenpercent.com/

    Ten Percent Happier Podcast — https://www.tenpercent.com/podcast

    ‘Finding and Funding a Good Life’ — https://www.pwlcapital.com/finding-and-funding-a-good-life/

    Dan Harris: Celebrating 10 Years of 10% Happier — https://www.symphonyspace.org/events/vp-dan-harris-10-happier-10-year-anniversary

    Emma Seppälä — https://www.emmaseppala.com/

    Dalai Lama — https://www.dalailama.com/

    Joseph Goldstein — https://www.dharma.org/teacher/joseph-goldstein/


    Books From Today’s Episode:

    10% Happier — https://www.goodreads.com/en/book/show/18505796

  • 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 knowledge on ETFs and offers valuable insights into the intersection between traditional financial markets and the cryptocurrency space. Join us as we discuss the implications of Bitcoin ETFs trading on regulated exchanges and the impact on its overall anti-establishment identity, the intricacies of approved cash creation and redemption limitations, what Bitcoin ETFs are backed by, the transparency and potential vulnerabilities of Bitwise, and the complexities of navigating anti-money laundering aspects within Bitcoin transactions. You’ll learn how financial advisors are likely to leverage spot Bitcoin ETFs, who stands to benefit the most from Bitcoin ETFs, the broader implications for the investment landscape, why Bitcoin is like Tabasco sauce, and more! Tune in for a captivating exploration of Bitcoin's journey into the mainstream investment arena, with Eric Balchunas.

    Key Points From This Episode:

    (0:04:29) Reasons that Canada officially embraced Bitcoin sooner than the USA. (0:05:55) Why spot Bitcoin ETFs took longer to be approved by the SEC than futures ETFs. (0:07:54) Which ETF regulations have changed to allow a spot Bitcoin ETF. (0:09:42) Approved cash creation and redemption limitations. (0:12:46) What spot Bitcoin EFTs are backed by. (0:17:15) Bitwise: how it demonstrates transparency and the potential for sabotage. (0:19:38) How authorized participants will deal with anti-money laundering aspects of Bitcoin transactions. (0:21:31) How spot Bitcoin ETFs have been trading relative to their net asset value. (0:22:42) The amount of value flowing into Bitcoin ETFs. (0:27:23) Differentiating Newborn Nine ETFs from one another. (0:31:57) Benefits of Bitcoin being made available through an ETF. (0:34:21) The impact spot Bitcoin ETFs have had on Bitcoin's identity. (0:38:04) Who has benefited the most from the adoption of spot Bitcoin ETFs. (0:40:36) Comparing spot ETFs starting trade to what was predicted by crypto enthusiasts. (0:44:36) Vanguard's decision to not allow the spot Bitcoin ETFs on their platform. (0:48:19)How financial advisors will leverage spot Bitcoin ETFs.

    Links From Today’s Episode:

    Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582.
    Rational Reminder Website — https://rationalreminder.ca/

    Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/

    Rational Reminder on X — https://twitter.com/RationalRemind

    Rational Reminder on YouTube — https://www.youtube.com/channel/

    Rational Reminder Email — [email protected]
    Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/

    Benjamin on X — https://twitter.com/benjaminwfelix

    Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/

    Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/

    Cameron on X — https://twitter.com/CameronPassmore

    Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/

    Eric Balchunas on LinkedIn — https://www.linkedin.com/in/ericbalchunas/

    Eric Balchunas on X — https://twitter.com/EricBalchunas

    Bloomberg — https://www.bloomberg.com/

    Trillions — https://www.bloomberg.com/podcasts/series/trillions

    U.S. Securities and Exchange Commission — https://www.sec.gov/

    Bitwise — https://bitwiseinvestments.com/

    Bitwise Bitcoin ETF — https://www.sec.gov/Archives/edgar/data/1763415/000199937124000346/bitcoin-424b3_011024.htm

    Coinbase — https://www.coinbase.com

    BlackRock — https://www.blackrock.com

    Grayscale Bitcoin Trust ETF (GBTC) — https://etfs.grayscale.com/gbtc

    Vanguard — https://investor.vanguard.com/

    Bitcoin — https://bitcoin.org

    Books From Today’s Episode:

    The Bogle Effect — https://www.amazon.com/Bogle-Effect-Vanguard-Investors-Trillions/dp/1637740719

  • 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 company's investment portfolio, shedding light on the details that contribute to its success, and dissect Ray's supposedly revolutionary model of economic cycles. Discover the unconventional principles that shape Bridgewater's culture, from believability to radical transparency, and get a sneak peek into the bizarre Dot Collector app that fuels the company's operations. Gain insights into employee experiences at the company, the secret sauce to Ray’s success, the company’s track record in predicting market crashes, undisclosed aspects of Ray’s success story, and much more! Tune in now!

    Key Points From This Episode:

    Details about the company’s investment management portfolio. (0:06:38) Dalio's model of economic cycles’ influence on the company’s investment approach. (0:09:13) Exploring the criticism toward Dalio's model of economic cycles. (0:10:13) How successful Dalio has been at predicting market crashes. (0:12:21) Bridgewater’s investment success track record. (0:14:40) Unpacking Dalio's principles and how he developed them. (0:16:16) Uncovering how Dalio's principles are perceived within Bridgewater and how they made the company successful. (0:18:56) Learn how believability and radical transparency work within Bridgewater. (0:20:58) The bizarre Dot Collector app and how the company leverages it. (0:24:57) Employees’ experiences of working at Bridgewater. (0:28:02) Rob’s opinion about Ray and how he compares to other hedge fund managers. (0:29:38) Hear about undisclosed aspects of Ray's success story. (0:34:52) Dalio and readers’ reactions since publishing the book. (0:37:17) Delving into the nuance factors explaining Bridgewater's success as a business. (0:40:18) How the company will continue to function post-Ray Dalio. (0:43:06) What Rob hopes readers will take away after reading the book. (0:44:55)

    Links From Today’s Episode:

    Rob Copeland on LinkedIn — https://www.linkedin.com/in/real-rob-copeland/

    Rob Copeland on X — https://twitter.com/realrobcopeland

    The New York Times — https://www.nytimes.com/

    The Fund — https://static.macmillan.com/static/smp/the-fund/

    Bridgewater Associates — https://www.bridgewater.com/

    Principles — https://www.amazon.com/Principles-Life-Work-Ray-Dalio/dp/1501124021

    Doom: The Politics of Catastrophe — https://www.amazon.com/Doom-Politics-Catastrophe-Niall-Ferguson/dp/0593297377

    The Dot Collector — https://www.principles.com/principles/3290232e-6bca-4585-a4f6-66874aefce30/

    Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582.
    Rational Reminder Website — https://rationalreminder.ca/

    Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/

    Rational Reminder on X — https://twitter.com/RationalRemind

    Rational Reminder on YouTube — https://www.youtube.com/channel/

    Rational Reminder Email — [email protected]
    Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/

    Benjamin on X — https://twitter.com/benjaminwfelix

    Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/

    Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/

    Cameron on X — https://twitter.com/CameronPassmore

    Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/

  • 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 lays out in his article ‘A Quant Winter’s Tale’, before hearing his insights on the private credit trend and his intriguing new book titled Bonds, all about the history of the bond market. Today’s episode also features our Mark to Market segment, where Mark McGrath joins us to talk about the Canada Pension Plan (CPP), providing a comprehensive overview of its inner workings, his response to the criticisms levelled against it, and why he believes it’s of huge benefit to a great many Canadians. Next, we take a look back at our conversation with Alexandra Macqueen on annuities before sharing our thoughts on its relevance to today’s discussion and why it’s worth revisiting. Be sure to stay tuned for our after-show segment where we share our book, blog, and viewing recommendations, plus our favourite reviews, followed by a sneak peek of some of the exciting guests we have coming up. Press play now for a deep dive into quant investing, the hype around private credit, saving for retirement, and a whole lot more!

    Key Points From This Episode:

    An introduction to today’s guest, Robin Wigglesworth, followed by his breakdown of quantitative investing. (0:04:05) Theories on what happened to factor investing between 2018 and 2020; what is meant by the quant winter and why we are now in a quant summer. (0:09:59) How investor sentiment regarding factor investing changed after the quant winter and how the algorithm aversion phenomenon impacted it. (0:15:13) The collapse of value; the impact of the COVID-19 pandemic (plus its role in the quant winter), and where we are right now. (0:20:14) An overview of quant investing products, and why many of them are too expensive. (0:23:24) Breaking down the noisy-ness in factor data and Robin’s predictions for where factor investing will go from here. (0:25:51) Unpacking the hype around private credit: indications that it’s in a bubble, how it could impact broader trends, and who stands to benefit most. (0:36:36) We hear about the fascinating book that Robin is currently working on about the history of the bond market. (0:40:22) Our Mark to Market segment on the complicated (and divisive) Canada Pension Plan (CPP); how it works, its profound benefits, and responding to the criticism it has received. (0:41:50) A look back at our conversation with Alexandra Macqueen on annuities and how it links in with today’s discussion. (01:01:31) Our after-show section: an update on the Money Scope Podcast, reading recommendations, reviews from our listeners, and some of the incredible guests we have coming up! (01:04:33)

    Links From Today’s Episode:

    Robin Wigglesworth — https://robinwigglesworth.com/

    Robin Wigglesworth on LinkedIn — https://www.linkedin.com/in/robin-wigglesworth-17101722

    Financial Times — https://www.ft.com/

    Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever — https://www.amazon.com/Trillions-Renegades-Invented-Changed-Finance/dp/0593087682

    ‘Quant Winter's Tale’ — https://www.ft.com/content/e0f98278-432e-4ece-b170-2c40e40d2835

    Episode 184: Robin Wigglesworth — https://rationalreminder.ca/podcast/184

    Episode 93: Cliff Asness from AQR — https://rationalreminder.ca/podcast/93

    Cliff Asness — https://www.aqr.com/About-Us/OurFirm/Cliff-Asness-Bio

    AQR — https://www.aqr.com/

    Two Sigma — https://www.twosigma.com/

    D.E Shaw — https://www.deshaw.com/

    CPP Investments — https://www.cppinvestments.com/

    StatsCan — https://www.statcan.gc.ca/en/start

    Financial Planning for Canadian Business Owners Episode 116: True Cost of CPP with Aravind Sithamparapillai — https://jasonpereira.ca/all-content-jason-pereira-toronto/true-cost-of-cpp-with-aravind-sithamparapillai-e116

    Episode 59: Alexandra Macqueen — https://rationalreminder.ca/podcast/59

    Pensionize Your Nest Egg — https://www.amazon.com/Pensionize-Your-Nest-Egg-Allocation/dp/1119025257
    Griselda Blanco — https://www.imdb.com/title/tt15837600/

    Cocaine Cowboys — https://www.imdb.com/title/tt0380268/

    Queen of the South — https://www.imdb.com/title/tt1064899/

    Fortune's Children: The Fall of the House of Vanderbilt — https://www.amazon.com/Fortunes-Children-Fall-House-Vanderbilt/dp/0062224069

    Farnam Street — https://fs.blog/

    24 in 24 Reading Challenge — https://rationalreminder.ca/24in24

    The Money Scope Podcast — https://moneyscope.ca/

    The Money Scope Podcast on YouTube — https://www.youtube.com/@moneyscopepod

    Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582.
    Rational Reminder Website — https://rationalreminder.ca/

    Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/

    Rational Reminder on X — https://twitter.com/RationalRemind

    Rational Reminder on YouTube — https://www.youtube.com/channel/

    Rational Reminder Email — [email protected]
    Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/

    Benjamin on X — https://twitter.com/benjaminwfelix

    Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/

    Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/

    Cameron on X — https://twitter.com/CameronPassmore

    Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/

    Mark McGrath on LinkedIn — https://www.linkedin.com/in/markmcgrathcfp/

    Mark McGrath on X — https://twitter.com/MarkMcGrathCFP

  • 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 the timeless principles that shape our perspectives of the world and why things are the Same as Ever. We discuss the importance of holding cash, challenging traditional analytical approaches and encouraging a broader reflection on life beyond numbers. Discover the recurrent nature of once-in-a-lifetime events, the pitfalls associated with the insatiable desire for certainty, the value and power of storytelling, and the complex interplay between incentives and expectations. Gain insights into the value of forecasting behaviours instead of market dynamics, why pessimism is more common and more captivating than optimism, embracing slight inefficiencies on the path to success, and much more! Don't miss this engaging discussion with a master storyteller and gain new perspectives on finance, human behaviour, and the principles that remain the Same as Ever with Morgan Housel. Tune in now!

    Key Points From This Episode:

    (0:03:28) Why it is important to understand the aspects that never change, with examples.

    (0:05:58) Morgan explains the value of random and seemingly inconsequential events.

    (0:07:43) Discover the most persistent characteristic of risk and the ways expectations impact behaviour and decision-making.

    (0:13:04) How he has been dealing with the success of his book, Psychology of Money.

    (0:15:11) What makes once-in-a-lifetime events more common than expected and the problems that a desire for certainty brings with it.

    (0:19:16) Leveraging storytelling to understand the world and how to filter out the good information from the bad information.

    (0:25:41) Explore the role of incentives in influencing expectations and how calm can turn into crazy.

    (0:31:06) Learn how success can develop into failure and the problems that stem from investors trying to squeeze too much too soon from their investments.

    (0:37:13) Advice for understanding the normal ‘growth rate’ and what motivates innovation.

    (0:42:29) Balancing stress and adversity and why being slightly inefficient is a good thing.

    (0:46:46) Navigating hassle and nonsense on the path to success.

    (0:48:30) The time scale differences in materializing good news and bad news.

    (0:50:31) Strategies for combining optimism and pessimism to make informed and effective long-term decisions.

    (0:53:03) Examine the challenges of predicting the impact of future innovations.

    (0:55:43) The tendency for people to perceive others or businesses as better.

    (0:58:38) Hear about the difference between permanent and expiring information.

    (1:00:36) Reasons why complexity and length are appealing and how personal experiences shape perspectives.

    (1:05:00) Morgan shares the biggest takeaways from his books.

    Links From Today’s Episode:

    Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582
    Rational Reminder Website — https://rationalreminder.ca/

    Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/

    Rational Reminder on X — https://twitter.com/RationalRemind

    Rational Reminder on YouTube — https://www.youtube.com/channel/

    Rational Reminder Email — [email protected]
    Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/

    Benjamin on X — https://twitter.com/benjaminwfelix

    Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/

    Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/

    Cameron on X — https://twitter.com/CameronPassmore

    Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/

    Morgan Housel — https://www.morganhousel.com/

    Morgan Housel on LinkedIn— https://www.linkedin.com/in/morgan-housel-5b473821/

    Morgan Housel on X — https://twitter.com/morganhousel

    Morgan Housel on Instagram — https://www.instagram.com/morganhousel/

    The Morgan Housel Podcast — https://podcasts.apple.com/us/podcast/the-morgan-housel-podcast/id1675310669

    Collaborative Fund — https://collabfund.com/

    Collab Blog — https://collabfund.com/blog/

    Episode 128: Morgan Housel — https://rationalreminder.ca/podcast/128

    Episode 191: Emerging Markets — https://rationalreminder.ca/podcast/191

    Episode 224: Scott Cederburg — https://rationalreminder.ca/podcast/224

    Books From Today’s Episode:

    Sapiens — https://www.amazon.com/Sapiens-Humankind-Yuval-Noah-Harari/dp/0062316095

    Seinfeldia — https://www.amazon.com/Seinfeldia-About-Nothing-Changed-Everything/dp/1476756112

    The Snowball — https://www.amazon.com/Snowball-Warren-Buffett-Business-Life/dp/0553384619

    Same as Ever — https://www.amazon.com/Same-Ever-Guide-Never-Changes/dp/0593332709

    The Psychology of Money — https://www.amazon.com/Psychology-Money-Timeless-lessons-happiness/dp/0857197681

  • 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 Management. In our conversation, these experts shed light on the intricate world of retirement income planning, dispelling misconceptions and advocating for a more nuanced approach. Discover the flaws in Ramsey's assertion and explore the dynamics of sequence of return risk in retirement planning. Unpack the complexities of investing in bonds for retirees and the evolving risk profiles of stocks over varying investment horizons. We also uncover the significance of variable spending rates, debunk the fallacies behind aggressive withdrawal suggestions, a safety-first approach in retirement finance, and much more. Tune in for an enlightening journey through retirement planning and equip yourself with expert insights to pave a secure path for your financial future!

    Key Points From This Episode:

    The motivation for addressing Dave Ramsey’s 8% retirement spending rate claim. (0:07:26) Unpack the holes in Dave Ramsey’s 8% claim. (0:09:48) How important sequence of return risk is for retirement planning. (0:15:08) Discover if investing in bonds is risky for a retiree. (0:17:57) Learn how the risk of holding stocks changes for longer versus shorter investment horizons. (0:21:55) Subjective risk tolerance and how it is influenced by market fluctuations. (0:24:04) Going all-in on stocks compared to strategies that involve both bonds and stocks in your investment portfolio. (0:30:10) They share their thoughts on Dave Ramsey’s notion that the 4% rule is depressing. (0:35:23) Overview of the issues and misconceptions surrounding the 4% rule. (0:37:28) Alternative approaches to spending money from a riskier investment portfolio. (0:40:06) Dynamic spending strategies to improve the initial withdrawal rate from investments. (0:43:01) Explore other financial products, like annuities, for retirement planning. (0:50:05) Mindset hurdles and adjusting expectations for financial planning. (0:58:46) Dissect the concept of delaying government pensions and its impact on investors. (1:02:24) Insights into the pros and cons of delaying social security for higher-earning women. (1:07:52) Final words of wisdom the guests have for listeners. (1:09:30)

    Links From Today’s Episode:

    Michael Finke — http://www.michaelfinke.com/home.html

    Michael Finke on X — https://twitter.com/finkeonfinance

    Michael Finke on Facebook — https://www.facebook.com/mfinke

    The American College of Financial Services — https://www.theamericancollege.edu/

    David Blanchett — https://www.davidmblanchett.com/

    David Blanchett on X — https://twitter.com/davidmblanchett

    David Blanchett on LinkedIn — https://www.linkedin.com/in/david-blanchett-b0b0aa2/

    PGIM DC Solutions — https://www.pgim.com/dc-solutions/

    Wealth, Managed Podcast — https://www.theamericancollege.edu/knowledge-hub/wealth-managed-podcast

    Wade Pfau — https://retirementresearcher.com/wade-pfau/

    Wade Pfau on LinkedIn — https://www.linkedin.com/in/wpfau/

    Wade Pfau on X — https://twitter.com/WadePfau

    McLean Asset Management — https://www.mcleanam.com/

    Retire With Style Podcast — https://risaprofile.com/retire-with-style/

    Alliance for Lifetime Income — https://www.protectedincome.org/

    Episode 89: Wade Pfau: Safety-First: A Sensible Approach to Retirement Income Planning — https://rationalreminder.ca/podcast/89

    Episode 137: David Blanchett: Researching Retirement — https://rationalreminder.ca/podcast/137

    Episode 254: David Blanchett: Regret Optimized Portfolios and Optimal Retirement Income — https://rationalreminder.ca/podcast/254

    The Ramsey Show — https://www.youtube.com/@TheRamseyShowEpisodes

    The Ramsey Show: You Can’t Win With Money if You Don’t Know Where Your Money Is — https://www.youtube.com/watch?v=Xg4Z8EQY3Ao

    ‘Supernerds Unite Against Dave Ramsey’s 8% Safe Withdrawal Rate Guidance’ — https://www.thinkadvisor.com/2023/11/13/supernerds-unite-against-dave-ramseys-8-safe-withdrawal-rate-guidance/

    RISA profiler — risaprofile.com/rationalreminder

    ‘Quasi-empirical bootstrap sampling paper’ —

    Jason Fichtner — https://bipartisanpolicy.org/person/jason-j-fichtner/

    ‘The Value of Delayed Social Security Claiming for Higher-Earning Women’ — https://dx.doi.org/10.2139/ssrn.3849653

    Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582.
    Rational Reminder Website — https://rationalreminder.ca/

    Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/

    Rational Reminder on X — https://twitter.com/RationalRemind

    Rational Reminder on YouTube — https://www.youtube.com/channel/

    Rational Reminder Email — [email protected]
    Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/

    Benjamin on X — https://twitter.com/benjaminwfelix

    Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/

    Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/

    Cameron on X — https://twitter.com/CameronPassmore

    Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/

  • 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 through money and love. To kick-start our conversation, Scott summarizes the relationship that people generally have with money, followed by a deeper exploration of the terms “tightwad” and “spendthrift”. We break down the psychology of tightwad and spendthrift behaviours, how these two personality types interact with one another in relationships, the myths of financial infidelity and transparency, and how bank account structures (joint and individual accounts) dictate how money flows in a relationship. We also assess the roles of financial advisors and gift-giving within relationships before Scott shares his thoughts on marrying for money versus marrying for love, how to give your kids the best financial education, and what he hopes every reader will gain from the truly fascinating and informative, Tightwads and Spendthrifts!

    Key Points From This Episode:

    (0:00:33) Introducing the incredible Marketing Professor and Author, Scott Rick.

    (0:03:08) Scott’s summation of the relationship that people have with money.

    (0:04:47)Diving into his latest book: Tightwads and Spendthrifts, and exploring each term.

    (0:13:16) Assessing the psychology behind tightwad and spendthrift behaviours.

    (0:18:58) The role of financial advisors.

    (0:21:15) What spendthrifts and tightwads can do to balance their money scales.

    (0:23:34) How tightwads and spendthrifts interact in romantic relationships.

    (0:32:10) The way bank account structures affect how money flows in a relationship.

    (0:35:39) Debunking financial infidelity and the downsides of total financial transparency.

    (0:41:04) The ins and outs of joint bank accounts versus individual accounts in relationships.

    (0:42:20) Gift-giving and relationships.

    (0:47:08) How kids can learn about money from their parents.

    (0:52:15) Scott shares his thoughts on marrying for love versus marrying for money.

    (0:55:09) What he hopes people will learn from reading Tightwads and Spendthrifts.

    Links From Today’s Episode:

    Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582.
    Rational Reminder Website — https://rationalreminder.ca/

    Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/

    Rational Reminder on X — https://twitter.com/RationalRemind

    Rational Reminder on YouTube — https://www.youtube.com/channel/

    Rational Reminder Email — [email protected]
    Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/

    Benjamin on X — https://twitter.com/benjaminwfelix

    Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/

    Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/

    Cameron on X — https://twitter.com/CameronPassmore

    Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/

    Scott Rick — https://scottrick.com/

    Scott Rick on LinkedIn — https://www.linkedin.com/in/scottianrick/

    Scott Rick on X — https://twitter.com/scottianrick

    Michigan Ross — https://michiganross.umich.edu/

    Hal Hershfield — https://www.halhershfield.com/

    ‘Episode 282: Dr. Jim Grubman: The Psychology of Wealth’ — https://rationalreminder.ca/podcast/282

    Books From Today’s Episode:

    Tightwads and Spendthrifts — https://www.amazon.com/Tightwads-Spendthrifts-Navigating-Minefield-Relationships/dp/1250280079

    Retail Therapy Blog — https://www.psychologytoday.com/intl/blog/retail-therapy

    Damon Young — https://www.nytimes.com/column/damon-young

    The Great Gatsby — https://www.amazon.com/Great-Gatsby-Original-Fitzgerald-Classic/dp/B0BF3P5XZS

    ‘The 36 Questions That lead To Love’ — https://www.nytimes.com/2015/01/09/style/no-37-big-wedding-or-small.html

  • 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 diligence is essential, how private equity interacts with investor psychology, and much more. Tuning in you’ll also learn about the Private Equity Certificate offered by CFA Society Toronto in collaboration with Mink Learning and how listeners can gain special access to these training tools. Next, we take a look back at our conversation with Ayelet Fishbach from the Booth School of Business on the science of motivation and goal setting and the contents of her new TEDxChicago Talk The Science of Getting Motivated. We wrap things up with a review of Justin Breen’s book titled, Epic Life: How to Build Collaborative Global Companies While Putting Your Loved Ones First, followed by our conversation with the author on the transformational power of naming your year, the power of networking, and other key lessons from his book. For all this and much more, be sure to tune in and start 2024 armed with insights from some of the best thinkers around!

    Key Points From This Episode:

    (0:01:26) Use discount code RATIONAL to watch the award-winning documentary Tune Out The Noise, free of charge (valid until the end of January 2024, so make sure you don’t miss out!)

    (0:03:44) An introduction to Steve Balaban and Mink Learning, a private equity education company he founded in 2019.

    (0:07:29) Steve’s insights on aggregate public market equivalent (PME) benchmarking and key issues that arise when using Internal Rate of Return (IRR) to benchmark private equity.

    (0:17:58) The best arguments in favour of private equity, the downsides you need to know about, and a rundown of the fees involved.

    (0:23:38) Top reasons Steve has come across for why people want to invest in private equity, and what he considers to be the right reasons.

    (0:29:38) How private equity interacts with investor psychology and the importance of having different vintages in your portfolio.

    (0:35:15) Why private equity is typically illiquid, how liquid private equity works, and the tradeoffs for investors with liquid private equity as opposed to more direct illiquid approaches.

    (0:42:59) The differences between private and public equity; advice on how investors should interpret private equity marketing materials and the importance of doing due diligence.

    (0:51:59) Trends in the industry towards permanent equity, rather than rolling over every few years.

    (0:59:55) Details on the Private Equity Certificate offered by CFA Society Toronto in collaboration with Mink Learning and how to use the discount code RationalReminderPEC.

    (01:02:21) A look back at our conversation with Professor Ayelet Fishbach and her newly released TEDxChicago Talk The Science of Getting Motivated.

    (01:03:58) Our book review of Epic Life: How to Build Collaborative Global Companies While Putting Your Loved Ones First, and our conversation with the author, Justin Breen.

    (01:07:12) The transformational impact of naming your year, finding your purpose, and the power of networking.

    (01:25:47) An update on our new podcast Money Scope, the content you can expect from it, and its success on the Canadian Apple Podcast charts.

    (01:28:43) What we’ve been experiencing on LinkedIn, book recommendations for the start of 2024, and exciting upcoming guests!

    Links From Today’s Episode:

    Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582.
    Rational Reminder Website — https://rationalreminder.ca/

    Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/

    Rational Reminder on X — https://twitter.com/RationalRemind

    Rational Reminder on YouTube — https://www.youtube.com/channel/

    Rational Reminder Email — [email protected]
    Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/

    Benjamin on X — https://twitter.com/benjaminwfelix

    Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/

    Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/

    Cameron on X — https://twitter.com/CameronPassmore

    Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/

    Tune Out The Noise — https://film.dimensional.com/podcast/login?redirect=%2Fpodcast

    Discount Code for Tune Out The Noise — RATIONAL

    Steve Balaban — https://www.stevebalaban.com/

    Steve Balaban on LinkedIn — https://training.minklearning.com/

    Mink Learning — https://training.minklearning.com/

    Private Equity Certificate offered by CFA Society Toronto in collaboration with Mink Learning — https://web.cvent.com/event/10af7f03-e05c-465a-803e-3e8ac3864120/summary

    Discount Code for Private Equity Certificate — RationalReminderPEC

    Justin Breen on LinkedIn — https://www.linkedin.com/in/justinbreen1/

    BrEpic Communications LLC — https://www.brepicllc.com/

    BrEpic Network — https://brepicnetwork.org/

    Episode 188: Prof. Ayelet Fishbach — https://rationalreminder.ca/podcast/188

    Professor Ayelet Fishbach's TEDxChicago Talk, The Science of Getting Motivated — https://www.youtube.com/watch?v=T8CegN1xssY

    Episode 286: Errol Morris — https://rationalreminder.ca/podcast/286

    Episode 210: Prof. Ludovic Phalippou — https://rationalreminder.ca/podcast/210

    Episode 237: Who are you, and who do you want to be? — https://rationalreminder.ca/podcast/237

    Episode 224: Prof. Scott Cederburg — https://rationalreminder.ca/podcast/224

    Episode 284: Prof. Scott Cederburg — https://rationalreminder.ca/podcast/284

    Money Scope Podcast — https://moneyscope.ca/

    Books From Today’s Episode:

    Epic Life: How to Build Collaborative Global Companies While Putting Your Loved Ones First — https://www.amazon.com/Epic-Life-Collaborative-Companies-Putting/dp/1544532555

    Same as Ever: A Guide to What Never Changes — https://www.amazon.com/Same-Ever-Guide-Never-Changes/dp/0593332709

    The Geek Way — https://www.amazon.com/Geek-Way-Radical-Transforming-Business/dp/0316436704

    Tightwads and Spendthrifts: Navigating the Money Minefield in Real Relationships — https://www.amazon.com/Tightwads-Spendthrifts-Navigating-Minefield-Relationships/dp/1250280079

    Flow: The Psychology of Optimal Experience — https://www.amazon.com/Flow-Psychology-Experience-Perennial-Classics/dp/0061339202

    Get It Done: Surprising Lessons from the Science of Motivation — https://www.amazon.com/Get-Done-Surprising-Lessons-Motivation/dp/0316538345

  • 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 financial system, how the markets work, and why the advancements made are so vital. Errol is an acclaimed figure in film and literature, boasting an impressive array of accolades, notably securing an Oscar for his renowned documentary The Fog of War. His work spans various arenas, encompassing short films for prestigious events and many charitable and political organizations. In our conversation, we delve into the significance of storytelling in communicating complex subjects, the power of serendipity, the evolution of finance, and the enigmatic nature of truth. We discuss the necessity of storytelling, the unexpected occurrences that influenced finance, the importance of empirical data in understanding truth, the central story of Tune Out the Noise, and much more. He also provides insights into the amazing economists, many of whom are past guests, who helped shape the financial landscape. Discover how chance, humility, and the pursuit of truth intertwine in this captivating episode, where the intriguing art of storytelling converges with the complexities of the financial world. Tune in now!

    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

    Key Points From This Episode:

    Introduction and background about our special guest, Errol Morris. (0:00:18)

    The central story of his new documentary, Tune Out the Noise, and why it is important for the average person to see. (0:07:33)

    Hear his personal thoughts on investing before the documentary and how his investment philosophy has evolved. (0:12:38)

    A brief history of the documentary and initial concerns surrounding the project. (0:16:10)

    Motivation for making it an “Errol Morris film” as opposed to a typical commercial project. (0:18:21)

    The moment he had an epiphany about making the documentary and telling the story of the financial revolution. (0:20:27)

    He shares his personal investment experience in the early days of Apple. (0:23:19)

    Errol’s skepticism about beating the market and the interviewees that had the biggest impact on him. (0:24:23)

    Iconic influencers of the overall financial revolution story that were not in the film. (0:27:50)

    The importance of storytelling for conveying complex financial concepts. (0:31:31)

    Unexpected revelations about the financial system and investing after making the documentary. (0:34:52)

    Explore the role of chance and serendipity in the financial revolution. (0:36:56)

    Aspects of the financial revolution story that are underappreciated by investors. (0:40:40)

    How the approach to making Tune Out the Noise differed from his previous projects. (0:44:30)

    Ben and Cameron share their opinions about the documentary. (0:50:09)

    Discover his “shut-up school” approach to interviewing and the fundamentals of a good interview. (0:52:13)

    Essential advice to become a better storyteller and Errol’s definition of success. (0:58:07)

    Links From Today’s Episode:

    Errol Morris — https://errolmorris.com

    Errol Morris Email — [email protected]

    Tune Out the Noise — https://www.austinfilm.org/films/test-screening-tune-out-the-noise/

    The Fog of War — https://www.imdb.com/title/tt0317910/

    The Thin Blue Line — https://www.imdb.com/title/tt0096257/

    Believing Is Seeing — https://www.amazon.com/Believing-Seeing-Observations-Mysteries-Photography/dp/1594203016/

    A Wilderness of Error — https://www.amazon.com/Wilderness-Error-Trials-Jeffrey-MacDonald/dp/B009GKGSEC/

    Gates of Heaven — https://www.imdb.com/title/tt0077598

    Dimensional Fund Advisors — https://www.dimensional.com/

    The Art of Controversy — https://www.amazon.com/Art-Controversy-Arthur-Schopenhauer/dp/160459571X

    The Pigeon Tunnel — https://www.imdb.com/title/tt28486633/

    Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582.
    Rational Reminder Website — https://rationalreminder.ca/

    Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/

    Rational Reminder on X — https://twitter.com/RationalRemind

    Rational Reminder on YouTube — https://www.youtube.com/channel/

    Rational Reminder Email — [email protected]
    Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/

    Benjamin on X — https://twitter.com/benjaminwfelix

    Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/

    Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/

    Cameron on X — https://twitter.com/CameronPassmore

    Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/

  • 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 accompanies us in all our decision-making. Another key theme that emerged is how the role of financial advisors is evolving. Key insights include why your financial advisor should collaborate with other advisors, why trust is essential, and how to prepare your children for wealth. We wrap things up with reflective tips on how to identify what your true goals are with a profound lesson on why setting your own scoreboard is essential. Tune in as we share some of our favourite moments from the past year and look back at the incredible guests we’ve had on the show in 2023!

    Key Points From This Episode:

    Our year with the Rational Reminder community: 23 in 23 reading challenge, memorable meetups, live recordings, a shoutout to our community moderators, and more. (0:00:19)

    Looking back at our conversation with Charles Ellis and Burton Malkiel on why money management is a loser’s game and navigating market efficiency. (0:08:42)

    Pim Van Vliet’s insights on the evidence supporting higher expected returns related to certain stock characteristics. (0:16:19)

    Discussing the relevance (and irrelevance) of dividends and why people tend to view dividends as particularly special, with Professor Samuel Hartzmark. (0:19:42)

    Our conversation with Will Goetzmann on the value of very long-term data and why historical data is still relevant today. (0:24:58)

    Nobel laureate, Robert Merton’s insights on putting together a long-term asset mix and taking into account your time horizon. (0:32:35)

    Highlights from our conversation with Professor Francisco Gomes on how asset allocation should (and should not) change over the lifecycle. (0:39:14)

    Our second interview with David Blanchett on how regret informs our long-term decisions and Daniel Pink’s insights on optimizing for future regret. (0:43:58)

    Hear from Charles Ellis on the most under-appreciated action that every investor should take to be more successful. (0:50:50)

    Making decisions on personal finance and John Cambell’s insights on how household beliefs tend to differ. (0:51:53)

    Professor Ralph Keeney on why decision-making is the only purposeful way you can influence anything in your life. (0:54:54)

    Input from Cass Sunstein on the extensive research he’s done on decision-making and how acquiring more information can help your decisions. (0:59:25)

    We hear from Professor Eric Johnson about the ‘hidden partner’ that accompanies us when we make decisions and Cass Sunstein explains when we should update our beliefs. (01:03:09)

    Professor James Choi shares his profound insights on why financial decisions are not always explained by economic theory. (01:10:26)

    Unpacking the effect of overconfidence on our decision-making with Itzhak Ben-David, along with his key ideas on miscalibration. (01:12:53)

    Answering the question “How good are we at understanding our future selves?” with Hal Hershfield. (01:17:20)

    Our conversation with Meir Statman on the third generation of behavioural finance and what that means for decision-making and advice. (01:21:13)

    Dr. Preet Banerjee’s research and insight on the value of having a financial plan. (01:23:48)

    Talking with YouTuber, Darin Soat, about the struggle to find high-quality financial information online and understanding YouTube as an entertainment-first platform. (01:25:02)

    Harold Geller on how to determine whether your advisor is properly understanding you and Robert Merton’s thoughts on how he views the role of financial advisors. (01:28:27)

    We hear from Dr. Preet Banerjee on the business of financial advice and how it has changed over time. (01:35:02)

    Victor Haghani and James White on the topic of intergenerational billionaires and why there are fewer than you might expect. (01:39:21)

    An update from Rob Carrick on the state of financial planning for the average Canadian in 2023. (01:44:09)

    Juhani Linnainmaa unpacks the impact of financial advisors on decision-making and the challenges of choosing a financial advisor. (01:48:48)

    Dr. James Grubman on identifying a financial advisor who understands the importance of Wealth 3.0, why collaboration is key, and how to prepare children for wealth. (01:51:21)

    A final takeaway from Shane Parrish on taking stock of your year and how to determine what your true goals are. (02:02:28)

    Links From Today’s Episode:

    Episode 234: Prof. Robert C. Merton — https://rationalreminder.ca/podcast/234

    Episode 236: Harold Geller — https://rationalreminder.ca/podcast/236

    Episode 238: Prof. Ralph Keeney — https://rationalreminder.ca/podcast/238

    Episode 240: Prof. Eric J. Johnson — https://rationalreminder.ca/podcast/240

    Episode 244: Charles D. Ellis — https://rationalreminder.ca/podcast/244

    Episode 246: Daniel H. Pink — https://rationalreminder.ca/podcast/246

    Episode 248: Prof. William Goetzmann — https://rationalreminder.ca/podcast/248

    Episode 250: Prof. John Y. Campbell — https://rationalreminder.ca/podcast/250

    Episode 252: Prof. Burton Malkiel — https://rationalreminder.ca/podcast/252

    Episode 254: David Blanchett — https://rationalreminder.ca/podcast/254

    Episode 256: Prof. Hal Hershfield — https://rationalreminder.ca/podcast/256

    Episode 258: Prof. Meir Statman — https://rationalreminder.ca/podcast/258

    Episode 260: Prof. James Choi — https://rationalreminder.ca/podcast/260

    Episode 262: Prof. Francisco Gomes — https://rationalreminder.ca/podcast/262

    Episode 264: Pim van Vliet — https://rationalreminder.ca/podcast/264

    Episode 266: Prof. Cass Sunstein — https://rationalreminder.ca/podcast/266

    Episode 268: Itzhak Ben-David — https://rationalreminder.ca/podcast/268

    Episode 269: Preet Banerjee — https://rationalreminder.ca/podcast/269

    Episode 270: Victor Haghani and James White — https://rationalreminder.ca/podcast/270

    Episode 272: Rob Carrick — https://rationalreminder.ca/podcast/272

    Episode 273: Professor Samuel Hartzmark — https://rationalreminder.ca/podcast/273

    Episode 275: Live from Future Proof 2023 with Hal Hershfield — https://rationalreminder.ca/podcast/275

    Episode 276: Darin Soat — https://rationalreminder.ca/podcast/276

    Episode 278: Juhani Linnainmaa — https://rationalreminder.ca/podcast/278

    Episode 280: Shane Parrish — https://rationalreminder.ca/podcast/280

    Episode 282: James Grubman —

    Episode 224: Scott Cederberg — https://rationalreminder.ca/podcast/224

    Winning the Loser's Game: Timeless Strategies for Successful Investing — https://www.amazon.com/Winning-Losers-Game-Strategies-Successful/dp/1264258461

    A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing — https://www.amazon.com/Random-Walk-Down-Wall-Street/dp/0393358380

    Your Future Self: How to Make Tomorrow Better Today — https://www.halhershfield.com/yourfutureself
    A Wealth of Well-Being: A Holistic Approach to Behavioral Finance — https://www.amazon.com/Wealth-Well-Being-Holistic-Approach-Behavioral/dp/1394249675
    Strangers in Paradise: How Families Adapt to Wealth Across Generations — https://www.amazon.com/Strangers-Paradise-Families-Wealth-Generations/dp/0615894356
    Wealth 3.0: The Future of Family Wealth Advising — https://www.amazon.com/Wealth-3-0-Future-Family-Advising/dp/B0C9SHFSGM

    Clear Thinking: Turning Ordinary Moments into Extraordinary Results — https://www.amazon.com/Clear-Thinking-Turning-Ordinary-Extraordinary/dp/0593086112

    30 Lessons for Living — https://www.karlpillemer.com/books/30-lessons-for-living/

    Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582.
    Rational Reminder Website — https://rationalreminder.ca/

    Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/

    Rational Reminder on X — https://twitter.com/RationalRemind

    Rational Reminder on YouTube — https://www.youtube.com/channel/

    Rational Reminder Email — [email protected]
    Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/

    Benjamin on X — https://twitter.com/benjaminwfelix

    Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/

    Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/

    Cameron on X — https://twitter.com/CameronPassmore

    Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/

    Mark McGrath on LinkedIn — https://www.linkedin.com/in/markmcgrathcfp/

    Mark McGrath on X — https://twitter.com/MarkMcGrathCFP

  • 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 the paper and how they challenge established norms in retirement planning and asset allocation. We discuss what the new paper adds to the discourse, his approach and methodology, the different assessment criteria used, and the main findings from the paper. We also delve into the different asset allocation strategies assessed, which strategy performed best, aspects that would influence the various strategies, and how to invest for the long term safely. We explore the nuances of stock versus bond returns and the hidden benefits of international diversification. Gain profound insights into the significance of social security, inflation-protected bonds, target date funds, and the repercussions of an all-equity strategy. Comparing his latest paper with prior research on withdrawal rates, Professor Cederburg highlights surprising aspects of the results and provides invaluable takeaways for financial advisors from these cutting-edge findings. Discover how this pioneering work challenges conventional wisdom, reshaping the landscape of retirement planning and investment strategies in this illuminating conversation with Professor Scott Cederburg.

    Key Points From This Episode:

    Background about Professor Cederburg and episode overview. (0:00:00)

    How his new paper challenges the central tenets in life cycle investing. (0:03:38)

    What sets his method apart regarding its ability to challenge the status quo. (0:06:56)

    How he characterizes the life cycle of the household modelled in his study. (0:09:40)

    The data set used and his approach for sampling and analyzing the data. (0:12:09)

    Retirement outcomes used to evaluate life cycle asset allocation strategies. (0:13:56)

    Asset allocation strategies investigated in the paper and which one performs best. (0:15:49)

    Left tail outcomes of all-stocks strategy, stock returns vs bond returns, and the benefits of international diversification. (0:22:52)

    Learn about the importance of social security in the model and the nuances of inflation-protected bonds. (0:28:29)

    Investing in target date funds and the downsides of an all-equity strategy. (0:32:05)

    Hear about the impact of large intermediate losses on retirement savings. (0:35:33)

    Unpacking the lag time on returns between stocks and bonds. (0:40:01)

    Exploring investing behaviour and reasons for underperformance. (0:42:15)

    The importance of return dependencies and what happens to the results if monthly returns are used. (0:45:03)

    Navigating and modelling flaws and common aspects overlooked in financial analyses. (0:49:29)

    Dissecting retiree adherence to traditional approaches to long-term investing. (0:50:36)

    Home country bias and its influence on portfolio allocation. (0:52:12)

    Currency effect and domestic stock hedging as a strategy. (0:55:32)

    Comparing the findings from his latest paper with those from his paper on withdrawal rates. (1:00:24)

    Aspects of the results that surprised him and takeaways for financial advisors from the latest research findings. (1:02:07)

    Links From Today’s Episode:

    Professor Scott Cederburg — https://eller.arizona.edu/people/scott-cederburg

    Professor Scott Cederburg on LinkedIn — https://www.linkedin.com/in/scott-cederburg/

    Professor Scott Cederburg on Google Scholar — https://scholar.google.com/citations/

    Eller College of Management — https://eller.arizona.edu/

    Episode 224 — https://rationalreminder.ca/podcast/224

    Episode 250 — https://rationalreminder.ca/podcast/250

    ‘Beyond the Status Quo: A Critical Assessment of Lifecycle Investment Advice’ — https://dx.doi.org/10.2139/ssrn.4590406

    ‘The Safe Withdrawal Rate: Evidence from a Broad Sample of Developed Markets’ — https://dx.doi.org/10.2139/ssrn.4227132

    International Diversification Works (Eventually) — https://doi.org/10.2469/faj.v67.n3.1

    ‘Stocks for the long run? Evidence from a broad sample of developed markets’ — https://www.sciencedirect.com/science/article/

    Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582.
    Rational Reminder Website — https://rationalreminder.ca/

    Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/

    Rational Reminder on X — https://twitter.com/RationalRemind

    Rational Reminder on YouTube — https://www.youtube.com/channel/

    Rational Reminder Email — [email protected]
    Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/

    Benjamin on X — https://twitter.com/benjaminwfelix

    Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/

    Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/

    Cameron on X — https://twitter.com/CameronPassmore

    Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/

  • 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 their financial curriculum, like the topics they’ll be covering and how the structure of their episodes is specifically designed to educate. Next up we have our Mark to Market Segment, with Mark McGrath providing a detailed overview of everything you need to know about physicians incorporating. We then cover a recap of our conversation with Gerard O'Reilly, before sharing our thoughts on why this episode is worth multiple listens. Following that you’ll hear Cameron share his review of Brave New Work: Are You Ready to Reinvent Your Organization? by Aaron Dignan, along with his key takeaways from the book. Finally, in our after-show section, we discuss some of the fantastic guests we have coming up, our recommended reading to prepare for those episodes, community updates, plus a few other goodies!

    Key Points From This Episode:

    The biggest takeaways on volatility and investor behaviour from Scott Cederburg’s research; unpacking performance chasing, return gaps, fund expense ratios, and more. (0:02:06)

    An overview of the project that Mark Soth and Ben have been working on, the Money Scope podcast; why they started it, what it covers, and who it’s for. (0:14:13)

    Details on Money Scope’s format and the supplementary case study episodes. (0:19:12)

    Our Mark to Market segment on physicians incorporating; a rundown of the complexities, common misconceptions, and benefits to be aware of. (0:26:32)

    How much you should be retaining in a corporation to make it worthwhile. (0:33:30)

    A look back at our conversation with Gerard O'Reilly and why this episode is a must-listen. (0:37:58)

    Cameron’s review of Brave New Work: Are You Ready to Reinvent Your Organization? by Aaron Dignan, along with his top takeaways. (0:40:10)

    Our after-show section; guests to look forward to, recommended reading, community highlights, and more. (0:46:23)

    Links From Today’s Episode:

    Episode 198: Gerard O’Reilly — https://rationalreminder.ca/podcast/198

    Episode 224: Scott Cederburg — https://rationalreminder.ca/podcast/224

    Episode 268: Itzhak Ben-David — https://rationalreminder.ca/podcast/268

    ‘The Folly of Hiring Winners and Firing Losers’ — https://www.cannonfinancial.com/uploads/main/The_Folly_of_Hiring_Winners_and_Firing_Losers1725.pdf

    The Money Scope Podcast — https://moneyscope.ca/

    The Money Scope Podcast on YouTube — https://www.youtube.com/@moneyscopepod

    Brave New Work: Are You Ready to Reinvent Your Organization? — https://www.amazon.com/Brave-New-Work-Reinvent-Organization/dp/0525536205

    Aaron Dignan — http://www.aarondignan.com/

    The Ready — https://www.theready.com/

    The Fund: Ray Dalio, Bridgewater Associates, and the Unraveling of a Wall Street Legend — https://www.amazon.com/Fund-Bridgewater-Associates-Unraveling-Street/dp/1250276934

    Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582.
    Rational Reminder Website — https://rationalreminder.ca/

    Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/

    Rational Reminder on X — https://twitter.com/RationalRemind

    Rational Reminder on YouTube — https://www.youtube.com/channel/

    Rational Reminder Email — [email protected]
    Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/

    Benjamin on X — https://twitter.com/benjaminwfelix

    Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/

    Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/

    Cameron on X — https://twitter.com/CameronPassmore

    Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/

    Dr. Mark Soth (The Loonie Doctor) — https://www.looniedoctor.ca/

    Dr. Mark on X — https://twitter.com/LoonieDoctor

    Mark McGrath on LinkedIn — https://www.linkedin.com/in/markmcgrathcfp/

    Mark McGrath on X — https://twitter.com/MarkMcGrathCFP

  • 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 the field. In our conversation, we unpack the wealth management landscape through a psychological lens. We discuss the definition of wealth, the complex family dynamics and hurdles faced when adapting to elevated levels of wealth, and the essential role parents play in imparting financial responsibility to their children. We also explore the fundamentals when embracing the cultural norms associated with affluence, the psychological and practical ramifications of avoiding or overcompensating for wealth, the changing landscape of family wealth management, and much more. Listeners will also gain a comprehensive understanding of the evolution of wealth management, from traditional approaches to the transformative Wealth 3.0, along with insights on nurturing strong family relationships in the context of affluence. Dr. Grubman's wealth of knowledge and engaging storytelling make this episode a must-listen for those interested in the future of wealth management. Tune in now!

    Key Points From This Episode:

    Dr. Grubman’s definition of wealth and why wealth is relative. (0:04:06) How common is becoming wealthy compared to being born wealthy. (0:07:12) Family dynamics and challenges when adapting to higher levels of wealth. (0:11:01) Why modelling healthy personal financial management is vital for children. (0:16:00) Discover how the origins of wealth influence the ability to psychologically adapt. (0:20:34) Essential considerations when adopting the culture of wealth. (0:23:00) Possible reasons why someone may avoid adopting the culture of Wealth 3.0. (0:27:48) The implications of avoiding and overcompensating for the culture of wealth. (0:30:03) Explore what contributes to the successful integration into the culture of wealth. (0:35:23) Common barriers that prevent learning and adapting to higher levels of wealth. (0:37:10) Aspects parents should consider when preparing their children for wealth. (0:40:30) His perspective on professional advisors in managing family wealth. (0:46:36) Unpacking the evolution of the wealth management landscape. (0:48:37) He explains why the negative psychological implications of wealth have persisted. (0:53:48) Insights into the definition and concept of Wealth 3.0. (0:55:47) New skills advisors need to develop to be successful in the Wealth 3.0 generation. (1:00:20) Advice for finding financial advisors that are Wealth 3.0 savvy. (1:02:22) What Dr. Grubman is excited about in the emerging Wealth 3.0 era. (1:09:16) Dr Grubman shares his definition of success. (1:12:10)

    Links From Today’s Episode:

    Dr. James Grubman — https://jamesgrubman.com/

    Strangers in Paradise — https://www.amazon.com/Strangers-Paradise-Families-Wealth-Generations/dp/0615894356

    Wealth 3.0 — https://www.amazon.com/Wealth-3-0-Future-Family-Advising/dp/B0C9SHFSGM/

    Cross Cultures — https://www.amazon.com/Cross-Cultures-Families-Negotiate-Generations/dp/1517626609/

    Family Firm Institute (FFI) — https://www.ffi.org/

    Purposeful Planning Institute — https://purposefulplanninginstitute.com/

    STEP — https://www.step.org/

    Ultra-High Net Worth Institute (UHNW) — https://www.uhnwinstitute.org/

    Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582.
    Rational Reminder Website — https://rationalreminder.ca/

    Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/

    Rational Reminder on X — https://twitter.com/RationalRemind

    Rational Reminder on YouTube — https://www.youtube.com/channel/

    Rational Reminder Email — [email protected]
    Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/

    Benjamin on X — https://twitter.com/benjaminwfelix

    Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/

    Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/

    Cameron on X — https://twitter.com/CameronPassmore

    Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/

  • 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 Market segment, we unpack different types of insurance — like life, disability, and critical illness — and when you should own them personally versus making them the property of your corporation. We then review Justin King’s new book The Retirement Café Handbook: Nine Accelerators for a Successful Retirement before sitting down with the author himself to discuss the content of his latest work and his long-held interest in helping others optimize for retirement. Tuning in you’ll hear Justin share his thoughts on the role of choice, vitality, and joy when it comes to having a successful retirement, the nine accelerators he lays out in his book, and how to become the hero of your retirement story. In our final section, we wrap things up with some wonderful reviews from listeners and our book recommendations. To hear all of the captivating takeaways from today’s episode, be sure to tune in!

    Key Points From This Episode:

    Breaking down asset allocation through an empirical lens; finding the right mix of assets in a portfolio, common challenges, and measuring risk. (0:02:12) The role of government pensions when considering asset allocation over one’s life. (0:09:10) Investigating whether volatility is risk; modeling the lifecycle of an investor and determining if (and when) it makes sense to shift into bonds over time. (0:11:27) Analyzing the data, modelling, and findings from the paper, ‘Beyond the Status Quo: A Critical Assessment of Lifecycle Investment Advice’. (0:14:02) The challenges of behaving well with volatile assets; advice on how to assess your risk tolerance, your ability to endure short-term declines, and more. (0:23:10) Our Mark to Market segment: unpacking different types of insurance and when you should own them personally or inside your corporation. (0:29:50) A quick look back at our conversation with Dr. Anna Lembke on the subject of dopamine. (0:37:58) This week’s book review: Justin King’s The Retirement Café Handbook: Nine Accelerators for a Successful Retirement. (0:39:33) Our conversation with Justin King on how to retire successfully. (0:41:19) Unpacking the nine accelerators in Justin’s book and where they come from. (0:45:44) How to get the most out of The Retirement Café Handbook. (0:55:47) Sharing some of the wonderful reviews we’ve gotten recently, plus our book recommendations. (0:59:28)

    Links From Today’s Episode:


    ‘Beyond the Status Quo: A Critical Assessment of Lifecycle Investment Advice’ — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4590406

    Episode 224: Prof. Scott Cederburg — https://rationalreminder.ca/podcast/224
    Episode 169: Prof. John Cochrane — https://rationalreminder.ca/podcast/169
    Episode 250: Prof. John Y. Campbell — https://rationalreminder.ca/podcast/250
    Episode 278: Juhani Linnainmaa: Financial Advisors, and the Cross Section of Returns — https://rationalreminder.ca/podcast/278

    Episode 177: Dr. Anna Lembke — https://rationalreminder.ca/podcast/177

    Anna Lembke — https://www.annalembke.com/
    Dopamine Nation: Finding Balance in the Age of Indulgence — https://www.annalembke.com/dopamine-nation
    Justin King on LinkedIn — https://www.linkedin.com/in/justinking-retirement-planner-ifa/

    Justin King on X — https://twitter.com/JustinKingCFP
    The Retirement Café — https://www.theretirementcafe.co.uk/

    The Retirement Café Podcast — https://www.theretirementcafe.co.uk/podcast

    The Retirement Café Handbook: Nine Accelerators for a Successful Retirement — https://www.amazon.co.uk/Retirement-Cafe-Handbook-Accelerators-Successful/dp/1739410300

    Notes from Listener PDF —

    Episode 30: Larry Swedroe — https://rationalreminder.ca/podcast/tag/Larry+Swedroe

    Strangers in Paradise: How Families Adapt to Wealth Across Generations — https://www.amazon.com/Strangers-Paradise-Families-Wealth-Generations/dp/0615894356

    Wealth 3.0: The Future of Family Wealth Advising — https://www.amazon.com/Wealth-3-0-Future-Family-Advising/dp/B0C9SHFSGM

    Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582.
    Rational Reminder Website — https://rationalreminder.ca/

    Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/

    Rational Reminder on X — https://twitter.com/RationalRemind

    Rational Reminder on YouTube — https://www.youtube.com/channel/

    Rational Reminder Email — [email protected]
    Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/

    Benjamin on X — https://twitter.com/benjaminwfelix

    Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/

    Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/

    Cameron on X — https://twitter.com/CameronPassmore

    Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/

  • 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 cognitive tools for better decision-making. Shane is also the founder of the website blog Farnam Street and the venture capitalist firm Syrus Partners. In our conversation, we explore the steps to becoming a clear thinker and how the mantra can be applied to our daily lives. We discuss how ordinary moments influence our decisions, the definition of true goals, and how to build self-confidence. We also unpack the barriers that hinder clear thinking, the difference between playing on hard and playing on easy, the value of continual growth, and much more. Tune in and discover how to master risk, confidence, and problem-solving with Shane Parrish!

    Key Points From This Episode:

    Background about Shane Parrish and his new best-selling book, Clear Thinking. (0:00:19) The significance of ordinary moments and the benefits of becoming a clear thinker. (0:03:19) Examples of how ordinary moments can multiply bigger decisions to zero. (0:06:32) Defining true goals, and why regularly reassessing them ensures personal growth. (0:08:20) Clear thinking's role in reaching goals and how it helps evaluate your objectives. (0:11:07) Discover the defaults that hinder clear thinking and strategies to overcome them. (0:12:19) Best practices as a decision-making tool and the value of unconventional paths. (0:25:22) Explore the role of self-confidence in clear thinking and taking the first step. (0:26:51) Learn about the importance of good habits in developing clear thinking. (0:33:03) Making your own rules, sticking to them, and how they can help in social situations. (0:36:23) Characterizing the problem before starting the problem-solving process. (0:44:17) Shane shares why he values time over money. (0:48:52) Steps for curating your mental environment and Shane’s definition of success. (0:53:24)

    Links From Today’s Episode:

    Farnam Street — https://fs.blog/

    Shane Parrish on LinkedIn — https://www.linkedin.com/in/shane-parrish-050a2183/

    Shane Parrish on X — https://twitter.com/ShaneAParrish

    Syrus Partners — https://www.syruspartners.com/

    Clear Thinking — https://www.amazon.com/Clear-Thinking-Turning-Ordinary-Extraordinary/dp/0593086112

    The Knowledge Project Podcast — https://fs.blog/knowledge-project-podcast/

    Episode 19: Shane Parrish — https://rationalreminder.ca/podcast/19

    Episode 143: Ashley Whillans — https://rationalreminder.ca/podcast/143

    The Great Mental Models — https://www.amazon.com/dp/B086DQQ278

    30 Lessons for Living — https://www.amazon.com/30-Lessons-Living-Advice-Americans/dp/0452298482

    Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582.
    Rational Reminder Website — https://rationalreminder.ca/

    Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/

    Rational Reminder on X — https://twitter.com/RationalRemind

    Rational Reminder on YouTube — https://www.youtube.com/channel/

    Rational Reminder Email — [email protected]
    Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/

    Benjamin on X — https://twitter.com/benjaminwfelix

    Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/

    Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/

    Cameron on X — https://twitter.com/CameronPassmore

    Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/

  • 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 other non-securities areas of the financial services sector. We discuss the objectives of the FSRA, their approach to protecting consumers, enforcement strategies, upcoming regulations, and more. Then, we welcome back Mark McGrath to learn about the Passive Investment Grind (PIG) concept for this week's Mark to Market segment, and we take a look back at a previous episode with Ted Seides of Capital Allocators. Finally, we are joined by author Tim Hale to discuss the new edition of his book Smarter Investing before closing off with our usual after-show roundup. Tune in now!

    Key Points From This Episode:

    (0:03:22) The relationship between recessions and stock returns, the definition of a technical recession, and the role of media in shaping perceptions.

    (0:09:33) Why bad economic conditions don't necessarily warrant changes to investment strategies and why attempts to time the market based on recession news should be avoided.

    (0:13:42) Introducing Huston Loke and Jordan Solway and background about the Financial Services Regulatory Authority of Ontario (FSRA).

    (0:15:34) Objectives of the FSRA and the principle of putting the client’s interest first.

    (0:18:55) What aspects of financial advisory services FSRA regard as the most important.

    (0:20:30) Unpacking the “Take-All-Comers” rule in Ontario and how it protects consumers.

    (0:25:32) How successful the title protection rule has been in Ontario and how it differentiates between the title of financial advisor and financial planner.

    (0:29:21) Concerns about the rollout of the title protection rule and the disparity across various designations.

    (0:33:26) Advice for identifying a suitable financial advisor or planner and how the FSRA is helping cross-check credentials.

    (0:37:19) FSRA's findings in a review of tiered recruitment model life insurance MGAs and the enforcement action taken.

    (0:44:47) Insights into commission-based compensation structures for financial products and upcoming commission disclosure rules.

    (0:49:09) Additional steps consumers can take to avoid bad financial advice and services.

    (0:50:49) Recommendations for budding financial planners or advisors to ensure they get the correct training.

    (0:53:23) Discover the infinite banking concept and what future initiatives Huston and Jordan are most excited about.

    (0:59:35) Mark explains the passive investment grind concept in our Mark to Market segment.

    (1:09:21) Recapping essential takeaways from a previous episode with Ted Seides.

    (1:12:02) Tim Hale discusses his book Smarter Investing, his motivation for writing it, his intended audience, and its main takeaways.

    (1:20:09) How the financial landscape has changed since the first edition of his book and his shift toward systematic investing.

    (1:25:25) Tim shares what he thinks are the biggest mistakes investors make and behavioural biases that influence investors’ decisions.

    (1:27:58) Final words of wisdom Tim has for listeners and how his approach applies to markets outside of the UK.

    (1:29:45) Aftershow roundup, listener reviews, book recommendations, and more!

    Join Our Live Events:

    Paying it Forward to Yourself: Compensation strategies for Canadian Business Owners - https://us06web.zoom.us/webinar/register/1517000820593/WN_35_OSP3XT9Gabu6KjIT4Tg

    Investing 101: Financial Literacy Month Webinar - https://us06web.zoom.us/webinar/register/2417000820935/WN_snfu-ZhzQKeB6CZSw1yHuA

    Links From Today’s Episode:

    Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582.
    Rational Reminder Website — https://rationalreminder.ca/

    Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/

    Rational Reminder on X — https://twitter.com/RationalRemind

    Rational Reminder on YouTube — https://www.youtube.com/channel/

    Rational Reminder Email — [email protected]
    Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/

    Benjamin on X — https://twitter.com/benjaminwfelix

    Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/

    Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/

    Cameron on X — https://twitter.com/CameronPassmore

    Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/

    Paying It Forward to Yourself (Webinar) — https://us06web.zoom.us/webinar/register/4416996396442/WN_35_OSP3XT9Gabu6KjIT4Tg

    Investing 101 (Webinar) — https://us06web.zoom.us/webinar/register/2317000628845/WN_snfu-ZhzQKeB6CZSw1yHuA#/registration

    ‘Should my investment strategy change during a recession?’ — https://www.theglobeandmail.com/investing/personal-finance/household-finances/article-investing-strategy-during-a-recession/

    C.D. Howe Institute Business Cycle Council — https://www.cdhowe.org/council/business-cycle-council

    Episode 171: Prof. Campbell R. Harvey — https://rationalreminder.ca/podcast/171

    ‘Conditional Skewness in Asset Pricing Tests’ — https://www.jstor.org/stable/222452

    ‘… and the Cross-Section of Expected Returns’ — https://faculty.fuqua.duke.edu/~charvey/Research/Published_Papers/P118_and_the_cross.PDF

    Huston Loke — https://www.fsrao.ca/about-fsra/leadership/huston-loke

    Huston Loke on LinkedIn — https://www.linkedin.com/in/hloke/

    Jordan Solway — https://www.fsrao.ca/about-fsra/leadership/jordan-solway

    Jordan Solway on LinkedIn — https://www.linkedin.com/in/jordan-solway-4a261314/

    Financial Services Regulatory Authority of Ontario (FSRA) — https://www.fsrao.ca/

    Mark McGrath on LinkedIn — https://www.linkedin.com/in/markmcgrathcfp/

    Mark McGrath on X — https://twitter.com/MarkMcGrathCFP Mark McGrath on Calendly — https://calendly.com/mark_mcgrath/

    Episode 61: Ted Seides — https://rationalreminder.ca/podcast/61

    Ted Seides on LinkedIn — https://www.linkedin.com/in/tedseides

    Ted Seides on Twitter — https://twitter.com/tseides

    Capital Allocators — https://www.capitalallocators.com/

    Tim Hale on LinkedIn — https://www.linkedin.com/in/tim-hale-4b67ba24/

    Life on Our Planet — https://www.imdb.com/title/tt23181388/

    The Behavioral Divide Podcast — https://podcasts.apple.com/us/podcast/the-behavioral-divide-with-hal-hershfield/id1713168854

    Episode 278: Juhani Linnainmaa — https://rationalreminder.ca/podcast/278

    Books From Today’s Episode:

    Smarter Investing — https://www.amazon.com/Smarter-Investing-Simpler-Decisions-Results/dp/0273722077

    Albion Strategic Consulting — https://albionstrategic.com/

    Winning the Loser's Game – https://www.amazon.com/Winning-Losers-Game-Seventh-Strategies/dp/1259838048

    Tightwads and Spendthrifts — https://www.amazon.com/Tightwads-Spendthrifts-Navigating-Minefield-Relationships/dp/1250280079

    Clear Thinking — https://www.amazon.com/Clear-Thinking-Turning-Ordinary-Extraordinary/dp/0593086112

    Strangers in Paradise — https://www.amazon.com/Strangers-Paradise-Families-Wealth-Generations/dp/0615894356/

    Wealth 3.0 — https://www.amazon.com/Wealth-3-0-Future-Family-Advising/dp/B0C9SHFSGM
    Same as Ever — https://www.amazon.com/Same-Ever-Guide-Never-Changes/dp/0593332709/

  • 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 comparison between the trading patterns of advisors and those of their clients, a disquisition of misguided beliefs, an examination of client characteristics, and the ins and outs of portfolio variation and customizations. Canada recently adopted regulations from the Mutual Fund Dealers Association (MFDA), and we discuss how this has affected the use of financial advice in the country before comparing the benefit of increased equity share to the cost of advice, what hiring a new advisor before a financial crisis may mean for clients, and the role of regulation in the industry. We end with the cross-section of returns by examining accounting-based anomalies pre-1963, how profitability and investment relate to data mining, why a financial firm would switch between growth and value, and finally, Professor Juhani Linnainmaa’s definition of success.

    Key Points From This Episode:

    (0:00:42) A very warm welcome to the influential Professor of Finance, Juhani Linnainmaa.

    (0:03:52) Comparing the trading patterns of advisors to those of their clients.

    (0:08:45) How regulators can go about addressing misguided beliefs.

    (0:11:08) Client characteristics that advisors base portfolio customizations on.

    (0:13:22) Whether the variation in a client’s portfolio can be explained by their characteristics.

    (0:14:49) Explaining the remaining variation in portfolios.

    (0:19:38) Other reasons for the high cost of advising, aside from portfolio customization.

    (0:22:03) How the adoption of the MFDA affected the use of financial advice in Canada.

    (0:26:03) Comparing the benefit of increased equity share to the cost of advice.

    (0:31:45) How getting a new advisor before the financial crisis affects ongoing investments.

    (0:35:46) The role of regulation.

    (0:37:47) Getting into the cross-section of returns with accounting-based anomalies pre-‘63.

    (0:40:51) Weather profitability and investment are data-mined factors.

    (0:44:05) The optimal X-anti mix of factors in a portfolio.

    (0:46:56) The mechanisms that cause firms to move between growth and value.

    (0:56:31) Professor Juhani’s definition of success.

    Links From Today’s Episode:

    Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582.

    Rational Reminder Website — https://rationalreminder.ca/

    Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/

    Rational Reminder on X — https://twitter.com/RationalRemind

    Rational Reminder on YouTube — https://www.youtube.com/channel/

    Rational Reminder Email — [email protected]
    Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/

    Benjamin on X — https://twitter.com/benjaminwfelix

    Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/

    Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/

    Cameron on X — https://twitter.com/CameronPassmore

    Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/

    Juhani Linnainmaa — http://jlinnainmaa.com/

    Juhani Linnainmaa on LinkedIn — https://www.linkedin.com/in/juhani-linnainmaa-832134194/

    Juhani Linnainmaa on Facebook — https://www.facebook.com/juhani.linnainmaa/

    Tuck School of Business — https://www.tuck.dartmouth.edu/

    Kepos Capital — https://www.keposcapital.com/

    Chicago Booth School of Business — https://www.chicagobooth.edu/

    National Bureau of Economic Research — https://www.nber.org/

    UCLA Anderson School of Management — https://www.anderson.ucla.edu/

    Aalto University — https://www.aalto.fi/en

    Mutual Fund Dealers Association — https://mfda.ca/

    Michael Roberts on LinkedIn — https://www.linkedin.com/in/prof-michael-r-roberts/