Couverture de The Rational Reminder Podcast

The Rational Reminder Podcast

The Rational Reminder Podcast

De : Benjamin Felix Cameron Passmore and Dan Bortolotti
Écouter gratuitement

Offres de saison | 0,99 € par mois pendant les 3 premiers mois

5,99 €/mois par la suite. Des conditions s’appliquent. Annulation mensuelle possible.
À propos de ce contenu audio
 A weekly reality check on sensible investing and financial decision-making, from three Canadians. Hosted by Benjamin Felix, Cameron Passmore, and Dan Bortolotti, Portfolio Managers at PWL Capital.2025 copyright - PWL Capital, all rights reserved Economie Finances privées
Épisodes
  • The Winners and Losers of Index Investing | #435

    The Winners and Losers of Index Investing | #435
    Nov 12 2026
    In this episode, we're joined by Martin Schmalz, Professor of Finance, Economics, and Real Estate at the University of Oxford's Saïd Business School, for a wide-ranging conversation about index funds, common ownership, investor behavior, and wealth management. Martin's research challenges us to look beyond the benefits of indexing for individual investors and consider what happens when everyone makes the same rational choice. Could the growth of index funds affect asset prices, expected returns, and competition between companies? We explore the equilibrium effects of indexing, how common ownership might influence competition and consumer prices, and what existing antitrust laws could mean for large institutional shareholders. Martin also explains why wealth creation and wealth preservation require different mindsets, why wealthy investors can struggle to embrace passive investing, and how delegated investment management can help people stick with an investment plan when markets become uncomfortable. We finish with a discussion of family offices, the compounding impact of costs, and Martin's thoughts on why thinking like an economist might not always make us happier. Sources From Today's Episode — https://zbib.org/a79d2e68294b4263a796d83123543200 Key Points From This Episode: (0:01:13) Why indexing has been such a valuable innovation for investors, and the central question of whether its widespread adoption creates unintended market-wide consequences. (0:03:24) Why the equilibrium effects of indexing matter more than simply comparing index funds with individual stock picking. (0:05:55) How lower-cost indexing changes investor behavior, asset demand, stock prices, and expected returns. (0:08:35) The possibility that greater demand for diversified equities raises prices and lowers future expected returns. (0:12:03) Why the impact of indexing differs across investors depending on wealth, risk aversion, and asset holdings. (0:13:35) Indexing as a potential tragedy of the commons, where individually rational decisions may have collective effects. (0:15:15) The theory of common ownership and concerns about competition when the same investors own competing firms. (0:19:05) Why common ownership is not solely an index-fund phenomenon, with active investors, family offices, and other large owners also playing a major role. (0:23:11) What airline-industry research suggests about the relationship between common ownership and consumer prices. (0:28:00) Competing explanations for the evidence on common ownership, including weaker monitoring and reduced incentives to compete aggressively. (0:31:31) Why theoretical models should not be treated as proof of real-world outcomes. (0:35:14) How existing antitrust laws, including the Hart-Scott-Rodino Act, Sherman Act, and Clayton Act, relate to common ownership. (0:38:00) Potential policy responses, including ownership restrictions and limits on voting rights. (0:41:32) Why many wealthy investors fail to index, and how the skills that create wealth often differ from those required to preserve it. (0:46:00) The costs of poor diversification, excessive trading, market-timing mistakes, and inadequate due diligence. (0:49:59) Horizon-dependent risk aversion: why people become more risk-averse when potential losses feel immediate. (0:55:46) Why delegated investment management can act as a commitment device that helps investors avoid costly behavioral mistakes. (0:58:39) How wealthy investors and family offices can still fall victim to expensive products, complexity, and poor decision-making. (1:02:00) The compounding cost of fees and complexity, and why simple, diversified portfolios may outperform many private-market approaches. (1:08:35) Why economic thinking is powerful for markets but may be less useful for personal happiness, leading to a broader discussion of success, well-being, and creating value for future generations. Links From Today's Episode: Martin on LinkedIn — https://www.linkedin.com/in/martin-schmalz-19060a5/ Martin on X (for antitrust-related posts) — https://x.com/martincschmalz?lang=en Martin's website — https://sites.google.com/site/martincschmalz?pli=1&authuser=0 Meet with PWL Capital: https://pwlcapital.com/ PWL Team — https://pwlcapital.com/our-team/ Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder on Spotify —https://open.spotify.com/show/6RHWTH9iW7hdnA7eAg7ukO?si=fe7f60349b584026 Benjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)
    Afficher plus Afficher moins
    1 h et 21 min
  • Breaking Down Our Investment Portfolios

    Breaking Down Our Investment Portfolios
    Nov 5 2026
    In this episode, we begin with our first client story, featuring Dr. Simon Bérubé, an interventional cardiologist and professor at the Université de Sherbrooke. Simon shares how listening to Rational Reminder helped him approach personal finance with the same evidence-based mindset he brings to medicine. He discusses why financial planning extends far beyond investing, what led him to work with PWL Capital, and how expertise, integration, and oversight can become increasingly valuable as family finances grow more complex. He also reflects on the importance of transparency, intellectual honesty, and using money as a tool to support a meaningful life. Sources From Today's Episode — https://zbib.org/94305cdbe966456384180c72fc89f2f7 Then, Ben Felix and Dan Bortolotti take a personal turn, discussing how they came to their investment philosophies and how they invest their own money. They trace their paths into evidence-based investing, explore how childhood experiences and research on happiness have shaped their views about wealth, and explain the reasoning behind their personal portfolios. From global equities and fixed income to private company ownership, homeownership, and cash reserves, they discuss the trade-offs behind decisions that may not be theoretically optimal but can still make sense for an individual. The conversation is a reminder that a good financial plan is about more than building the perfect portfolio—it is about understanding risk, opportunity cost, and what matters most in life. Key Points From This Episode: (0:33:00) First Rational Reminder client story: Why people hire financial advisors. (2:38:00) Meet Dr. Simon Bérubé, interventional cardiologist and longtime listener. (4:28:00) Applying evidence-based medicine principles to personal finance. (5:30:00) Financial planning is broader than investing alone. (7:43:00) Building an investment philosophy around diversification and low costs. (12:20:00) Focus on processes, not outcomes. (15:04:00) Similarities between health planning and financial planning. (15:49:00) PWL's transparency and intellectual honesty as a client. (17:04:00) Why Simon still uses an advisor despite financial knowledge. (18:15:00) Coordinating investments, insurance, corporations, and retirement planning. (20:14:00) Sharing his story out of gratitude and a desire to help others. (22:23:00) Success defined by relationships, purpose, and impact. (24:00:00) Main topic: How Ben and Dan invest their own money. (26:41:00) Ben's exposure to wealthy families shaped his views on money and happiness. (30:04:00) Research on affluent children and well-being. (32:39:00) Income, happiness, and the concept of income satiation. (36:32:00) Dan's early lessons about saving, debt, and family. (39:24:00) Ben's early career selling insurance and mutual funds. (40:38:00) The article that pushed Ben to question active management. (43:35:00) Evidence on active funds and market underperformance. (44:53:00) Dan discovers passive investing through MoneySense and Norbert Schlenker. (47:35:00) Fama-French, Dimensional, and evidence-based investing. (49:30:00) How Ben's connection with Dimensional led him to PWL. (51:03:00) Dan's journey from financial journalism to financial planning. (55:56:00) PWL's foundation: financial planning plus low-cost portfolio management. (56:45:00) Using money to support family, health, experiences, and time. (59:39:00) Ben's portfolio: globally diversified equity with factor tilts. (1:00:55) Dan's simple ETF portfolio and "benign neglect" approach. (1:03:13) Ben's 100% equity allocation versus Dan's 70/30 portfolio. (1:06:17) The lasting impact of experiencing the 2008 financial crisis. (1:07:55) Choose an asset allocation you can stick with. (1:09:47) Ben's ownership stake in PWL became his best investment. (1:16:00) Homeownership as a poor financial investment but excellent lifestyle choice. (1:21:53) Cash reserves can provide peace of mind despite lower returns. (1:24:08) "Suboptimal" financial decisions can still be rational. Links From Today's Episode: Meet with PWL Capital: https://pwlcapital.com/ PWL Team — https://pwlcapital.com/our-team/ Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder on Spotify —https://open.spotify.com/show/6RHWTH9iW7hdnA7eAg7ukO?si=fe7f60349b584026 Benjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)
    Afficher plus Afficher moins
    1 h et 30 min
  • A Conversation With The Wealthy Barber (Dave Chilton) | #433

    A Conversation With The Wealthy Barber (Dave Chilton) | #433
    Oct 29 2026
    In this episode, we welcome back Dave Chilton, author of The Wealthy Barber and one of Canada's most influential voices in personal finance. With his retirement approaching, Dave joins Ben Felix and Cameron Passmore for a wide-ranging conversation about the success of The Wealthy Barber Podcast, the evolution of financial advice in Canada, and the lessons he's learned from decades of helping people navigate their financial lives. We explore why retirement income planning remains an underserved area of financial advice, how to evaluate different advisor fee models, and why strategies like the RRSP meltdown can be valuable for some people but inappropriate for others. Dave also shares his concerns about rising living costs, high investment fees, and the potential economic disruption from AI, while explaining why he remains optimistic about the future of financial planning. Along the way, he reflects on the importance of saving consistently, the challenges of communicating complex financial ideas, and why the best advice starts with understanding the individual. As Dave prepares to step away from The Wealthy Barber, he also opens up about what retirement means to him, the importance of spending time with family and friends, and the habits that contribute to a happier life. It's a thoughtful, funny, and practical conversation about financial advice, personal finance education, and making the most of the time we have. Sources From Today's Episode — https://zbib.org/bfd0e870f53f49f7beae3ef7975e60ff Key Points From This Episode: (0:02:02) The unexpected success of The Wealthy Barber Podcast and how carefully chosen guests helped build a loyal audience. (0:04:38) Why retirement income planning and estate planning became two of the most popular topics, and where financial advice has often fallen short. (0:06:22) How podcasts create a unique connection through storytelling, conversation, and answering real audience questions. (0:08:15) How the demographics of The Wealthy Barber book differ from those of the podcast, including a stronger female readership for the book. (0:09:25) What Dave learned from interviewing financial experts and why retirement-related topics generated so much interest. (0:11:01) Why credible, unbiased educators are needed to continue improving financial literacy after the podcast ends. (0:14:20) The challenge of simplifying financial concepts without ignoring important exceptions and nuances. (0:15:21) How humor and storytelling help make personal finance accessible to people of different ages and backgrounds. (0:20:26) Why Dave tested The Wealthy Barber manuscript with ordinary readers and valued their feedback more than industry opinions. (0:21:39) Reasons for optimism about Canadian financial advice, including better communication, greater fee awareness, and higher professional standards. (0:23:11) Concerns about affordability, AI-driven economic disruption, and the long-term impact of government debt. (0:25:10) How rising costs for housing, transportation, children's activities, and pets are increasing financial stress. (0:27:12) How Canadians should choose financial advisors and why addressing debt and retirement-plan matching should come first. (0:29:17) Comparing assets-under-management and advice-only planning models, including the challenge of ensuring clients follow through. (0:31:00) How AI may improve advisor effectiveness before it significantly replaces human advisors. (0:32:49) Why retirement income planning and tax-efficient withdrawal strategies can add substantial value without increasing investment risk. (0:36:16) The RRSP meltdown strategy and why useful planning tools can be misleading when promoted as universal solutions. (0:39:26) Why financial professionals should help clients think through the right questions rather than offer one-size-fits-all answers. (0:42:43) Why effective financial planning begins with understanding a client's goals, circumstances, and priorities through meaningful conversations. (0:44:54) How financial education helps investors understand risk tolerance better than questionnaires alone. (0:45:15) The risks of borrowing to invest, including borrowing costs, investment fees, market volatility, and investor behavior. (0:49:57) Common financial mistakes such as outdated wills, inadequate insurance, excessive cash holdings, and high investment fees. (0:52:00) Why "pay yourself first" remains Dave's most important financial principle and why automating savings works. (0:57:29) Why Dave chose retirement: family, friends, health, and a desire to enjoy life while his work remains successful. (1:01:00) Dave's reflections on mortality, gratitude, happiness, and making the most of the time we have. (1:08:00) His final advice for a fulfilling life: be kind, stay positive, practice gratitude, and help others whenever possible. Links From Today's Episode: Meet with PWL Capital: https://pwlcapital.com/ PWL Team — https://pwlcapital.com/...
    Afficher plus Afficher moins
    1 h et 21 min
adbl_web_anon_alc_button_suppression_t1
Aucun commentaire pour le moment