The Power of Simplicity in Investing with Ben Felix

The Power of Simplicity in Investing with Ben Felix

Ben Felix on Simplicity, Private Equity, Factor Investing, and Living a Good Life In this episode of the Bogleheads® on Investing Podcast, host Jon Luskin, CFP®, sits down with Ben Felix, CFA, CFP®, Chief Investment Officer at PWL Capital and co-host of the Rational Reminder podcast. Their conversation covers what drives long-term investing success, why simplicity beats complexity, and how investors can avoid distractions from expensive and unnecessary strategies. They also discuss: * Why low costs, diversification, and asset allocation matter most * The hidden incentives behind heavily advertised financial products, including private equity * When tax planning is mostly a sales pitch * Why all-in-one funds help investors earn better returns * Using money to build a happier, more meaningful life * Whether 100% stock portfolios make sense in retirement * Whether factor investing still works Jon closes the episode by sharing his own takeaways, including why simplicity frees people to focus on what matters most. • • • Jon Luskin, CFP® [https://jonluskin.com/], a long-time Boglehead and financial planner, hosts this episode of the podcast. The Bogleheads [https://www.boglecenter.net/]® are a group of like-minded individual investors who follow the general investment and business beliefs of John C. Bogle, founder and former CEO of the Vanguard Group. It is a conflict-free community where individual investors reach out and provide education, assistance, and relevant information to other investors of all experience levels at no cost. The organization supports a free forum at Bogleheads.org [https://www.bogleheads.org/], and the wiki site is Bogleheads® wiki [https://www.bogleheads.org/wiki/Main_Page]. Since 2000, the Bogleheads® have held national conferences in major cities across the country. In addition, local Chapters and foreign Chapters meet regularly, and new Chapters form periodically. All Bogleheads activities are coordinated by volunteers who contribute their time and talent. This podcast is supported by the John C. Bogle Center for Financial Literacy [https://boglecenter.net/], a non-profit organization approved by the IRS as a 501(c)(3) public charity on February 6, 2012. Your tax-deductible donation [https://boglecenter.net/40-2/] to the Bogle Center is appreciated. Show Notes: Using Your Money to Be Happier: https://www.youtube.com/watch?v=S9InNdQhFwc [https://www.youtube.com/watch?v=S9InNdQhFwc] PWL Planning Tools: https://research-tools.pwlcapital.com/ [https://research-tools.pwlcapital.com/] Bill Bengen on Bogleheads on Investing: https://boglecenter.net/bill-bengen-spend-more-money-in-retirement/ [https://boglecenter.net/bill-bengen-spend-more-money-in-retirement/] Bogleheads® Live with Christine Benz: Episode 37: https://boglecenter.net/bogleheads-live-with-christine-benz-episode-37/ [https://boglecenter.net/bogleheads-live-with-christine-benz-episode-37/] Rational Reminder: Episode 316 - Andrew Chen: "Is everything I was taught about cross-sectional asset pricing wrong?!": https://rationalreminder.ca/podcast/316

Episode 94, Robin Wigglesworth, FT journalist and the author of "Trillions", Rick Ferri host

Our guest this episode is Robin Wigglesworth [https://robinwigglesworth.com/], the editor of Alphaville, the FT's financial blog. He leads a team of three other writers in London and New York that dig into anything deeply nerdy or plain delightful that they spot in markets, business, or the global economy. He joined the FT from Bloomberg News in 2008. Robin is the author of Trillions, published in 2021, a book on the past, present, and future of passive investing and how it is reshaping financial markets. His new book, A Fabulous Debt, will be published in the fall.   Rick Ferri [https://rickferri.com/], a long-time Boglehead and investment adviser, hosts this episode. The Bogleheads [https://www.boglecenter.net/] are a group of like-minded individual investors who follow the general investment and business beliefs of John C. Bogle, founder and former CEO of the Vanguard Group. It is a conflict-free community where individual investors reach out and provide education, assistance, and relevant information to other investors of all experience levels at no cost. The organization supports a free forum at Bogleheads.org [https://www.bogleheads.org/], and the wiki site is Bogleheads® wiki [https://www.bogleheads.org/wiki/Main_Page].    Since 2000, the Bogleheads have held national conferences in major cities across the country. In addition, local Chapters and foreign Chapters meet regularly, and new Chapters form periodically. All Bogleheads activities are coordinated by volunteers who contribute their time and talent.   This podcast is supported by the John C. Bogle Center for Financial Literacy [https://boglecenter.net/], a non-profit organization approved by the IRS as a 501(c)(3) public charity on February 6, 2012. Your tax-deductible donation [https://boglecenter.net/40-2/] to the Bogle Center is appreciated.

Episode 93, Why Retirees Should Own More Stocks from Blackrock's Head of ETFs

In this episode of the Bogleheads® on Investing podcast, host Jon Luskin, CFP®, sits down with Jay Jacobs, US Head of Equity ETFs at BlackRock, to answer community-submitted questions about how to invest simply and effectively for retirement. Jay oversees more than 300 iShares ETFs spanning US equity, international, outcome, and digital asset strategies, and brings deep institutional expertise to the Bogleheads community's most pressing investing questions. Jon and Jay explore the powerful tax-efficiency advantages of ETF structures over mutual funds, particularly for investors using all-in-one and target-date products in taxable brokerage accounts. The conversation covers how ETFs use in-kind creation/redemption mechanisms to minimize capital gains distributions, a significant edge over traditional mutual funds. The episode dives into the research and methodology behind glide path design, including how demographic shifts (people working and living longer), inflation expectations, and capital markets assumptions all influence how the stock/bond mix evolves over an investor's lifetime. Jay explains the rationale behind the LifePath funds' 40% stock/60% bond terminal allocation, why a market-weight approach to international exposure makes sense for long-term investors, and more. • • • Jon Luskin, CFP® [https://jonluskin.com/], a long-time Boglehead and financial planner, hosts this episode of the podcast. The Bogleheads [https://www.boglecenter.net/]® are a group of like-minded individual investors who follow the general investment and business beliefs of John C. Bogle, founder and former CEO of the Vanguard Group. It is a conflict-free community where individual investors reach out and provide education, assistance, and relevant information to other investors of all experience levels at no cost. The organization supports a free forum at Bogleheads.org [https://www.bogleheads.org/], and the wiki site is Bogleheads® wiki [https://www.bogleheads.org/wiki/Main_Page]. Since 2000, the Bogleheads® have held national conferences in major cities across the country. In addition, local Chapters and foreign Chapters meet regularly, and new Chapters form periodically. All Bogleheads activities are coordinated by volunteers who contribute their time and talent. This podcast is supported by the John C. Bogle Center for Financial Literacy [https://boglecenter.net/], a non-profit organization approved by the IRS as a 501(c)(3) public charity on February 6, 2012. Your tax-deductible donation [https://boglecenter.net/40-2/] to the Bogle Center is appreciated. Resources mentioned: 2026 Bogleheads conference registration https://boglecenter.net/2026conference/ [https://boglecenter.net/2026conference/] Jon Luskin's talk on all-in-one funds at the Bogleheads Conference https://youtu.be/TYLWfC4fijo [https://youtu.be/TYLWfC4fijo] Previous Bogleheads episode with Bill Bengen on safe withdrawal rates https://youtu.be/_qDoiBkH45E [https://youtu.be/_qDoiBkH45E] 2025 Bogleheads Conference videos https://www.youtube.com/playlist?list=PLBxq9XvQsXjgUg5jRD9Jtdzwa6B3SLuHZ [https://www.youtube.com/playlist?list=PLBxq9XvQsXjgUg5jRD9Jtdzwa6B3SLuHZ] Bogleheads® is a registered trademark of the John C. Bogle Center for Financial Literacy.

Episode 92, Safe Spending in Retirement: Bill Bengen on the 4.7% Rule of Thumb

In this episode of the Bogleheads® on Investing podcast, guest Bill Bengen — creator of the famous 4% Rule — joins us to discuss what's changed in retirement spending research and how his new book, "A Richer Retirement," shows retirees how they can spend even more money. Jon Luskin, CFP®, and Bill cover safe withdrawal rates in today's market, how inflation and the CAPE ratio impact spending, and why adding asset classes like small-cap and micro-cap stocks increased the safe withdrawal rate from 4% to 4.7%. The episode dives into practical strategies, including front-loaded withdrawals, rising equity glide paths, the role of cash buckets, rebalancing, the spending smile, and why a simple all-in-one fund may be the best approach for do-it-yourself investors. Whether you're planning for early retirement, looking to maximize spending from your portfolio, or simply trying to understand how much you can safely withdraw, this podcast provides essential insights from the researcher who started it all. o o o Jon Luskin, CFP® [https://jonluskin.com/], a long-time Boglehead and financial planner, hosts this episode of the podcast. The Bogleheads [https://www.boglecenter.net/]® are a group of like-minded individual investors who follow the general investment and business beliefs of John C. Bogle, founder and former CEO of the Vanguard Group. It is a conflict-free community where individual investors reach out and provide education, assistance, and relevant information to other investors of all experience levels at no cost. The organization supports a free forum at Bogleheads.org [https://www.bogleheads.org/], and the wiki site is Bogleheads® wiki [https://www.bogleheads.org/wiki/Main_Page]. Since 2000, the Bogleheads® have held national conferences in major cities across the country. In addition, local Chapters and foreign Chapters meet regularly, and new Chapters form periodically. All Bogleheads activities are coordinated by volunteers who contribute their time and talent. This podcast is supported by the John C. Bogle Center for Financial Literacy [https://boglecenter.net/], a non-profit organization approved by the IRS as a 501(c)(3) public charity on February 6, 2012. Your tax-deductible donation [https://boglecenter.net/40-2/] to the Bogle Center is appreciated. Show Notes: Bogleheads® Live with Wes Crill: Episode 45 [https://boglecenter.net/bogleheads-live-with-wes-crill-episode-45/] Bogleheads® Live with Ted Randall: Episode 16 [https://boglecenter.net/bogleheads-live-with-ted-randle-episode-16/] Bogleheads® Live with Paul Merriman: Episode 10 [https://boglecenter.net/bogleheads-live-with-paul-merriman/] Bogleheads on Investing with Eduardo Repetto, Ph.D. – Episode 43 [https://boglecenter.net/bogleheads-on-investing-with-eduardo-repetto-phd-episode-43/] The Salience of Financial Planning Fees – It’s Not Just About How Much You Charge, But How You Charge [https://www.kitces.com/blog/the-salience-of-financial-planning-fees-its-not-just-about-how-much-you-charge-but-how-you-charge/] Bogleheads® Live with David Blanchett: Episode 14 [https://boglecenter.net/bogleheads-live-14-david-blanchett-on-retirement-planning/] Should Equity Exposure Decrease In Retirement, Or Is A Rising Equity Glidepath Actually Better? [https://www.kitces.com/blog/should-equity-exposure-decrease-in-retirement-or-is-a-rising-equity-glidepath-actually-better/] Morningstar: Mind the Gap US 2025 [https://www.morningstar.com/business/insights/research/mind-the-gap]

Episode 91, How Couples Build Financial Partnership with Heather and Douglas Boneparth

Heather and Douglas Boneparth dive into practical strategies for couples managing money together, covering crucial topics for both engaged partners and non-financial spouses. They discuss engaging the non-financial spouse, password management and legacy planning, knowing your numbers, emergency funds, long-term care considerations, and the importance of communication in financial partnerships. • • • Jon Luskin, CFP® [https://jonluskin.com/], a long-time Boglehead and financial planner, hosts this episode of the podcast. The Bogleheads [https://www.boglecenter.net/]® are a group of like-minded individual investors who follow the general investment and business beliefs of John C. Bogle, founder and former CEO of the Vanguard Group. It is a conflict-free community where individual investors reach out and provide education, assistance, and relevant information to other investors of all experience levels at no cost. The organization supports a free forum at Bogleheads.org [https://www.bogleheads.org/], and the wiki site is Bogleheads® wiki [https://www.bogleheads.org/wiki/Main_Page].  Since 2000, the Bogleheads® have held national conferences in major cities across the country. In addition, local Chapters and foreign Chapters meet regularly, and new Chapters form periodically. All Bogleheads activities are coordinated by volunteers who contribute their time and talent. This podcast is supported by the John C. Bogle Center for Financial Literacy [https://boglecenter.net/], a non-profit organization approved by the IRS as a 501(c)(3) public charity on February 6, 2012. Your tax-deductible donation [https://boglecenter.net/40-2/] to the Bogle Center is appreciated.   Show Notes: Bogleheads® Live with Steve Ryder: Episode 43 [https://boglecenter.net/bogleheads-live-with-steve-ryder-episode-43/] Bogleheads® Live with Cameron Huddleston: Episode 34 [https://boglecenter.net/bogleheads-live-with-cameron-huddleston-episode-34/] Bogleheads on Investing with Steven Chen: Episode 62 [https://boglecenter.net/bogleheads-on-investing-with-steven-chen-episode-62/] Bogleheads on Investing with Rob Berger – Episode 48 [https://boglecenter.net/bogleheads-on-investing-with-rob-berger-episode-48/]