The Rational Reminder Podcast

Cameron joins Ben for his first AMA as we bring you the sixth edition of our Listener Questions and Investing Lessons mini-series. Diving right in, Ben and Cameron share their stance on the multi-host format of the Rational Reminder podcast before walking us through the new PWL Retirement Planning Tool. Then, we unpack our venture with OneDigital, recent changes at PWL Capital, how we make each episode of this show, and how we allocate our time across podcast and business responsibilities. We also examine our protocol regarding guests, why Cameron and Ben would never gamble with their own money, how the human condition prevents the full comprehension of investing as a principle, and smart money moves to make under current market conditions. To end, we discuss the effects of a capital gains tax increase, common mistakes to avoid in managing personal finances, programs and technologies for financial advisors, and the After Show, which ends with an important discussion on testicular cancer.          Key Points From This Episode:   (0:00:00) How Ben and Cameron feel about the multi-host format of this podcast. (0:01:12) The new PWL Retirement Planning Tool, developed by Braden Warwick.  (0:03:13) Joining OneDigital and other PWL changes from the past four months.  (0:09:05) Behind the scenes: Making a Rational Reminder podcast episode. (0:12:38) Allocating time for research, preparation, creating content, and business. (0:17:27) How guests inform our approach to research and preparation.  (0:19:29) The reasons why we’re not risk-averse but have no appetite for gambling. (0:24:26) Why investing has been largely solved, except for the human aspect.  (0:30:13) The most “rational” investing practices under current market conditions.  (0:34:25) How to approach a capital gains tax increase, and why banks do what they do. (0:38:03) The most costly mistakes when it comes to managing personal finances. (0:40:12) Why we don't offer advice-only planning for DIY investors. (0:44:07) Financial app tips and tricks and programs and technologies to be aware of.  (0:48:23) The After Show: Alternate personalities, noise filtering, and testicular cancer.     Links From Today’s Episode: Meet with PWL Capital — https://calendly.com/d/3vm-t2j-h3p [https://calendly.com/d/3vm-t2j-h3p] Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582 [https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582?mt=2]. Rational Reminder Website — https://rationalreminder.ca/ [https://rationalreminder.ca/]  Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ [https://www.instagram.com/rationalreminder/] Rational Reminder on X — https://x.com/RationalRemind [https://x.com/RationalRemind]Rational Reminder on TikTok — www.tiktok.com/@rationalreminder [https://www.tiktok.com/@rationalreminder?_t=8oTz7ldhMc1&_r=1&fbclid=IwZXh0bgNhZW0CMTAAAR1Z4A-2rKqQTivvuyU1-PssL9xfJn5myyaps6kQypAwHm7aL66qSajEhI0_aem_puLPWAK_S3Gk2bEmdXjohg] Rational Reminder on YouTube — https://www.youtube.com/channel/ [https://www.youtube.com/channel/UCOErWFfNOQzXsgE7f5S_ULw] Rational Reminder Email — info@rationalreminder.ca [info@rationalreminder.ca]Benjamin Felix — https://pwlcapital.com/our-team/ [https://pwlcapital.com/our-team/] Benjamin on X — https://x.com/benjaminwfelix [https://x.com/benjaminwfelix] Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ [https://www.linkedin.com/in/benjaminwfelix/] Cameron Passmore — https://pwlcapital.com/our-team/ [https://pwlcapital.com/our-team/] Cameron on X — https://x.com/CameronPassmore [https://x.com/CameronPassmore] Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/ [https://www.linkedin.com/in/cameronpassmore/] Braden Warwick on LinkedIn — https://www.linkedin.com/in/braden-warwick-a40b48a3 [https://www.linkedin.com/in/braden-warwick-a40b48a3]  PWL Capital Retirement Planning Tool — https://research-tools.pwlcapital.com/research/retirement [https://research-tools.pwlcapital.com/research/retirement]  OneDigital — https://www.onedigital.com/ [https://www.onedigital.com/]   Episode 341: PWL's Next Chapter — https://rationalreminder.ca/podcast/341 [https://rationalreminder.ca/podcast/341]  Episode 355: Do Index Funds Incur Adverse Selection Costs? — https://rationalreminder.ca/podcast/355 [https://rationalreminder.ca/podcast/355]   Episode 200: Prof. Eugene Fama — https://rationalreminder.ca/podcast/200 [https://rationalreminder.ca/podcast/200]  Episode 100: Prof. Kenneth French: Expect the Unexpected — https://rationalreminder.ca/podcast/100 [https://rationalreminder.ca/podcast/100]  Episode 93: Cliff Asness from AQR: The Impact of Stories, Behaviour and Risk — https://rationalreminder.ca/podcast/93 [https://rationalreminder.ca/podcast/93]  Episode 270: What Happened to All the Billionaires? with Victor Haghani and James White — https://rationalreminder.ca/podcast/270 [https://rationalreminder.ca/podcast/270]   Episode 11: Robb Engen: Simple vs. Complex — https://rationalreminder.ca/podcast/11 [https://rationalreminder.ca/podcast/11]  Episode 203: S*** (Misguided) Financial Advisors Say — https://rationalreminder.ca/podcast/203 [https://rationalreminder.ca/podcast/203]  The Money Scope Podcast — https://moneyscope.ca/ [https://moneyscope.ca/]   Financial Advisor Success Ep 433: When You 10X Your Advisory Firm to over $20M of Revenue…And Want to 10X Again, with Cameron Passmore — https://www.kitces.com/blog/cameron-passmore-pwl-capital-10x-revenue-growth-advisory-firm/ [https://www.kitces.com/blog/cameron-passmore-pwl-capital-10x-revenue-growth-advisory-firm/]  The Podcast Consultant — https://thepodcastconsultant.com/ [https://thepodcastconsultant.com/]    The Long View — https://www.morningstar.com/podcasts/the-long-view [https://www.morningstar.com/podcasts/the-long-view]   Eli Beracha on LinkedIn — https://www.linkedin.com/in/eli-beracha-b8082250/ [https://www.linkedin.com/in/eli-beracha-b8082250/]   CIBC Mutual Funds — https://www.cibc.com/en/personal-banking/investments/mutual-funds.html [https://www.cibc.com/en/personal-banking/investments/mutual-funds.html]  Microsoft Excel — https://www.microsoft.com/microsoft-365/excel [https://www.microsoft.com/microsoft-365/excel]  Python — https://www.python.org/ [https://www.python.org/]  Monte Carlo — https://www.montecarlodata.com/ [https://www.montecarlodata.com/]  ChatGPT — https://chatgpt.com/ [https://chatgpt.com/]    Papers From Today’s Episode:    ‘The Arithmetic of Active Management’ — https://www.jstor.org/stable/4479386 [https://www.jstor.org/stable/4479386]  ‘Lifetime Portfolio Selection under Uncertainty: The Continuous-Time Case’ — https://www.jstor.org/stable/1926560 [https://www.jstor.org/stable/1926560]

How do we make the most important decisions in life with intention rather than impulse? In this episode, we are joined by Abby Davisson to unpack her practical framework for better decision-making. Abby is a Yale and Stanford alumnus, a former executive at Gap Inc., and the co-author of Money and Love. She is also the founder of the Money and Love Institute, which is dedicated to helping individuals and professionals navigate life’s most significant decisions. In today’s conversation, Abby unpacks her practical, research-backed “5Cs Framework” for decision-making and demonstrates how it can guide all the decisions couples need to make through life. We explore the idea of financial transparency, progressive pooling of finances, equitable division of housework, deciding when to outsource help, and navigating career pauses or transitions. Abby also shares how she applied the framework in her own life and offers an honest perspective for individuals navigating change. Join us to learn how to approach choices and the “life stuff” that doesn’t always show up in spreadsheets with Abby Davisson. Tune in now! Key Points From This Episode:   (0:04:16) Myra Strober’s Work and Family course and how it led to writing Money and Love. (0:07:21) The drivers of poor decisions and the five Cs in Abby’s decision-making framework. (0:11:15) Discover the four big topics every couple should discuss and how to approach them. (0:15:09) Learn the fundamentals of how couples should handle and combine money. (0:17:49) Why division of housework is vital, how to approach it, and the role of gender norms.  (0:21:49) Outsourcing tasks and the impacts of not taking the division of housework seriously. (0:24:27) How to decide where to live as a couple, and whether to rent or buy a house. (0:29:08) A real-life example of how to apply to 5C Framework for decision-making.  (0:33:34) Navigating career ambitions, division of childcare, and stay-at-home parenting. (0:37:16) Hear how the 5C Framework helps deal with separation and family dynamics. (0:40:31) Ways the concept of retirement has changed and why families should discuss it. (0:44:12) Find out how involved adult children should be in their parents' retirement planning. (0:47:02) Advice for finding the right life partner and how to stress-test a relationship. (0:52:05) What to consider before getting married and having children, and why. (0:55:37) Abby’s biggest lessons from writing the book and her definition of success.   Links From Today’s Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p [https://calendly.com/d/3vm-t2j-h3p] Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582 [https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582?mt=2]. Rational Reminder Website — https://rationalreminder.ca/ [https://rationalreminder.ca/]  Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ [https://www.instagram.com/rationalreminder/] Rational Reminder on X — https://x.com/RationalRemind [https://x.com/RationalRemind]Rational Reminder on TikTok — www.tiktok.com/@rationalreminder [https://www.tiktok.com/@rationalreminder?_t=8oTz7ldhMc1&_r=1&fbclid=IwZXh0bgNhZW0CMTAAAR1Z4A-2rKqQTivvuyU1-PssL9xfJn5myyaps6kQypAwHm7aL66qSajEhI0_aem_puLPWAK_S3Gk2bEmdXjohg] Rational Reminder on YouTube — https://www.youtube.com/channel/ [https://www.youtube.com/channel/UCOErWFfNOQzXsgE7f5S_ULw] Rational Reminder Email — info@rationalreminder.ca [info@rationalreminder.ca]Benjamin Felix — https://pwlcapital.com/our-team/ [https://pwlcapital.com/our-team/] Benjamin on X — https://x.com/benjaminwfelix [https://x.com/benjaminwfelix] Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ [https://www.linkedin.com/in/benjaminwfelix/] Cameron Passmore — https://pwlcapital.com/our-team/ [https://pwlcapital.com/our-team/] Cameron on X — https://x.com/CameronPassmore [https://x.com/CameronPassmore] Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/ [https://www.linkedin.com/in/cameronpassmore/] Abby Davisson — https://www.abbydavisson.com/ [https://www.abbydavisson.com/] Abby Davisson — https://linkedin.com/in/abbydavisson/ [https://linkedin.com/in/abbydavisson/] Money and Love Institute — https://moneyloveinstitute.com/ [https://moneyloveinstitute.com/] Practically Deliberate [https://abbydavisson.substack.com/] Newsletter — https://abbydavisson.substack.com/ [https://abbydavisson.substack.com/] Gap Inc. — https://www.gapinc.com [https://www.gapinc.com] Myra Strober [https://www.linkedin.com/in/myra-strober-a8b2846a/overlay/about-this-profile/] on LinkedIn — https://linkedin.com/in/myra-strober-a8b2846a/ [https://linkedin.com/in/myra-strober-a8b2846a/] Eve Rodsky — https://www.everodsky.com/ [https://www.everodsky.com/] Carefull — https://getcarefull.com/ [https://getcarefull.com/] Baba Shiv — https://linkedin.com/in/baba-shiv-a859882/ [https://linkedin.com/in/baba-shiv-a859882/]   Books From Today’s Episode: Money and Love — https://www.moneylovebook.com/ [https://www.moneylovebook.com/]

Marco Sammon joins Ben and Dan to unpack his latest paper, ‘Index Rebalancing and Stock Market Composition’, beginning with how Marco’s work (co-written by John Shim) compares to the Nobel Prize-winner Bill Sharpe’s paper, ‘Arithmetic of Active Management.’ We investigate the missing links in Sharpe’s logic before defining “the market” and ascertaining the main objectives of index funds. Then, we dive deeper into the mechanics of Marco’s paper, index and market tracking errors, why delayed rebalancing is more beneficial than instant rebalancing, and the role of technology in the modern tracking error obsession. We also assess the passive-active spectrum of index funds in portfolio management and learn how investors should choose their optimal excess return. To end, Marco shares practical applications for improving performance benchmarked against traditional indexes, and The Aftershow is all about bridging the gap between PWL Capital and you, our listeners. Key Points From This Episode:   (0:00:00) Key takeaways from Marco Sammon’s latest paper and how it compares to Bill Sharpe’s ‘Arithmetic of Active Management.’ (0:08:10) Marco describes what’s missing from the ‘Arithmetic of Active Management’ logic. (0:09:11) Defining ‘the market’, the main objective of an index fund, and how index funds track the market. (0:15:57) The mechanics of Marco’s paper, ‘Index Rebalancing and Stock Market Composition.’ (0:18:38) Factor exposure, index and market tracking errors, and how often index funds trade. (0:26:28) Rebalancing less frequently; why delayed does better than instant rebalancing. (0:31:59) The tech run-up and lazy rebalancing, and the modern tracking error obsession.  (0:36:51) Assessing the passive-active spectrum of index funds in portfolio management. (0:41:02) Exploring how investors should decide on their optimal excess return.  (0:45:14) How the rising index fund ownership of stocks impacts the implicit cost of indexing (0:46:58) Practical ways to improve performance benchmarked against traditional indexes. (0:52:30) The Aftershow: Canadian finances, more airtime for Cameron, and PWL – OneDigital.    Links From Today’s Episode: Meet with PWL Capital — https://calendly.com/d/3vm-t2j-h3p [https://calendly.com/d/3vm-t2j-h3p] Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582 [https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582?mt=2]. Rational Reminder Website — https://rationalreminder.ca/ [https://rationalreminder.ca/]  Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ [https://www.instagram.com/rationalreminder/] Rational Reminder on X — https://x.com/RationalRemind [https://x.com/RationalRemind]Rational Reminder on TikTok — www.tiktok.com/@rationalreminder [https://www.tiktok.com/@rationalreminder?_t=8oTz7ldhMc1&_r=1&fbclid=IwZXh0bgNhZW0CMTAAAR1Z4A-2rKqQTivvuyU1-PssL9xfJn5myyaps6kQypAwHm7aL66qSajEhI0_aem_puLPWAK_S3Gk2bEmdXjohg] Rational Reminder on YouTube — https://www.youtube.com/channel/ [https://www.youtube.com/channel/UCOErWFfNOQzXsgE7f5S_ULw] Rational Reminder Email — info@rationalreminder.ca [info@rationalreminder.ca]Benjamin Felix — https://pwlcapital.com/our-team/ [https://pwlcapital.com/our-team/] Benjamin on X — https://x.com/benjaminwfelix [https://x.com/benjaminwfelix] Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ [https://www.linkedin.com/in/benjaminwfelix/] Dan Bortolotti on LinkedIn — https://www.linkedin.com/in/dan-bortolotti-8a482310/ [https://www.linkedin.com/in/dan-bortolotti-8a482310/] Episode 322: Prof. Marco Sammon: How are Passive Investors Affecting the Stock Market? — https://rationalreminder.ca/podcast/322 [https://rationalreminder.ca/podcast/322] Episode 200: Prof. Eugene Fama — https://rationalreminder.ca/podcast/200 [https://rationalreminder.ca/podcast/200]  Episode 268: Itzhak Ben-David: ETFs, Investor Behavior, and Hedge Fund Fees — https://rationalreminder.ca/podcast/268 [https://rationalreminder.ca/podcast/268]  Episode 112: Michael Kitces: Retirement Research and the Business of Financial Advice — https://rationalreminder.ca/podcast/112 [https://rationalreminder.ca/podcast/112]  Marco Sammon — https://marcosammon.com/ [https://marcosammon.com/]  Marco Sammon on LinkedIn — https://www.linkedin.com/in/marco-sammon-b3b81456/ [https://www.linkedin.com/in/marco-sammon-b3b81456/]  Marco Sammon on X — https://x.com/mcsammon19 [https://x.com/mcsammon19]  Marco Sammon | Harvard Business School — https://www.hbs.edu/faculty/Pages/profile.aspx?facId=1326895 [https://www.hbs.edu/faculty/Pages/profile.aspx?facId=1326895]  Marco Sammon Email — mcsammon@gmail.com [mcsammon@gmail.com]  John Shim on LinkedIn — https://www.linkedin.com/in/john-shim-2931271b/ [https://www.linkedin.com/in/john-shim-2931271b/]  Vanguard — https://global.vanguard.com/ [https://global.vanguard.com/]  Sheridan Titman on LinkedIn — https://www.linkedin.com/in/sheridan-titman-226b0811/ [https://www.linkedin.com/in/sheridan-titman-226b0811/]  Alex Chinko — https://alexchinco.com/ [https://alexchinco.com/]  Erik Stafford | Harvard Business School — https://www.hbs.edu/faculty/Pages/profile.aspx?facId=6625 [https://www.hbs.edu/faculty/Pages/profile.aspx?facId=6625]  Itzhak (Zahi) Ben-David on LinkedIn — https://www.linkedin.com/in/ibendavi/ [https://www.linkedin.com/in/ibendavi/]  Bill Ackman on X — https://x.com/billackman [https://x.com/billackman]   ‘Millennium Loses $900 Million on Strategy Roiled by Market Chaos’ — https://www.bloomberg.com/news/articles/2025-03-08/millennium-loses-900-million-on-strategy-roiled-by-market-chaos [https://www.bloomberg.com/news/articles/2025-03-08/millennium-loses-900-million-on-strategy-roiled-by-market-chaos]   Bogleheads — https://www.bogleheads.org/ [https://www.bogleheads.org/]   The Money Scope Podcast Episode 8: Canadian Investment Accounts — https://moneyscope.ca/2024/03/01/episode-8-canadian-investment-accounts/ [https://moneyscope.ca/2024/03/01/episode-8-canadian-investment-accounts/]  The Wealthy Barber Podcast — https://thewealthybarber.com/podcast/ [https://thewealthybarber.com/podcast/]   Financial Advisor Success Podcast — https://www.kitces.com/blog/category/21-financial-advisor-success-podcast/ [https://www.kitces.com/blog/category/21-financial-advisor-success-podcast/]  Financial Advisor Success Podcast Episode 433: When You 10X Your Advisory Firm To Over $20M Of Revenue…And Want To 10X Again, With Cameron Passmore — https://www.kitces.com/blog/cameron-passmore-pwl-capital-10x-revenue-growth-advisory-firm/ [https://www.kitces.com/blog/cameron-passmore-pwl-capital-10x-revenue-growth-advisory-firm/]   OneDigital — https://www.onedigital.com/ [https://www.onedigital.com/]  The Longview Podcast: Ben Felix   Papers From Today’s Episode:    ‘The Arithmetic of Active Management’ — https://www.jstor.org/stable/4479386 [https://www.jstor.org/stable/4479386]    ‘Index Rebalancing and Stock Market Composition: Do Index Funds Incur Adverse Selection Costs?’ — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5080459 [https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5080459]     ‘Luck versus Skill in the Cross-Section of Mutual Fund Returns’ — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1356021 [https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1356021]    ‘The Passive-Ownership Share Is Double What You Think It Is’ — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4188052 [https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4188052]    ‘Long-Term Returns on the Original S&P 500 Companies’ — https://www.researchgate.net/publication/247884354_Long-Term_Returns_on_the_Original_SP_500_Companies [https://www.researchgate.net/publication/247884354_Long-Term_Returns_on_the_Original_SP_500_Companies]     ‘The Price of Immediacy’ — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1001762 [https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1001762]   ‘Competition for Attention in the ETF Space’ — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3765063 [https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3765063]    ‘Passive in Name Only: Delegated Management and “Index” Investing’ — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3244991 [https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3244991]      Jeremy Stein — “Unanchored” Strategy

Beyond the sales pitches, acronyms, and product talk, what does it mean to be a financial planner? In this episode of the Rational Reminder Podcast, we sit down with long-time industry leader and advocate Jason Pereira. Jason is a Canadian financial planner with over 20 years of experience, dual CFP certification (Canada and US), and a passion for professionalizing the field. In our conversation, Jason shares details about his client-centred investment philosophy, explains why fiduciary duty is foundational, and unpacks the complexities of index fund adoption in Canada. We also delve into the barriers to transparent, evidence-based advice, the true role of a financial planner, the impact of the Fintech revolution, and the pros and cons of mortality pooling. He also challenges common myths surrounding financial planning, shares best practices for vetting financial advisors, and explains why the industry is long overdue for a transformation. Join us for career insights, cautionary tales, and forward-looking ideas that challenge the conventional thinking of what financial planning is, with Jason Pereira! Key Points From This Episode:   (0:05:13) Jason’s core investment philosophy and perspective on factor-based indexing. (0:07:15) Environmental, Social, and Governance (ESG) trends and client conversations. (0:12:36) What fiduciary duty means, why it matters, and why some institutions fight against it.  (0:18:09) Unpack the complexities of why Canada is behind the US in index fund adoption. (0:20:52) Learn about the true role and common misconceptions of a financial planner. (0:24:30) Explore how technology and the rise of generative AI are changing financial planning. (0:31:55) How advisors can maintain strong personal relationships with clients in a digital world. (0:37:00) Find out what a high-quality financial plan looks like and what it covers. (0:39:44) His favourite financial planning-related argument to get into on the internet. (0:41:20) Uncover how mortality and annuities should influence financial planning. (0:48:06) Permanent life insurance explained: best use cases and when to avoid. (0:50:48) Jason shares his nerdiest and most broadly applicable financial planning advice. (0:53:29) He explains the best practices for estimating a client’s life expectancy.  (0:56:48) A breakdown of financial planner designations and how to vet a financial planner. (1:03:59) Hear about his expert witness work and the costs of bad advice. (1:08:55) Discover why Jason chooses to fight against financial misinformation online. (1:11:18) The origins and vision of FPAC and Jason’s definition of success.    Links From Today’s Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p [https://calendly.com/d/3vm-t2j-h3p] Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582 [https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582?mt=2]. Rational Reminder Website — https://rationalreminder.ca/ [https://rationalreminder.ca/]  Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ [https://www.instagram.com/rationalreminder/] Rational Reminder on X — https://x.com/RationalRemind [https://x.com/RationalRemind] Rational Reminder on TikTok — www.tiktok.com/@rationalreminder [https://www.tiktok.com/@rationalreminder?_t=8oTz7ldhMc1&_r=1&fbclid=IwZXh0bgNhZW0CMTAAAR1Z4A-2rKqQTivvuyU1-PssL9xfJn5myyaps6kQypAwHm7aL66qSajEhI0_aem_puLPWAK_S3Gk2bEmdXjohg] Rational Reminder on YouTube — https://www.youtube.com/channel/ [https://www.youtube.com/channel/UCOErWFfNOQzXsgE7f5S_ULw] Rational Reminder Email — info@rationalreminder.ca [info@rationalreminder.ca] Benjamin Felix — https://pwlcapital.com/our-team/ [https://pwlcapital.com/our-team/] Benjamin on X — https://x.com/benjaminwfelix [https://x.com/benjaminwfelix] Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ [https://www.linkedin.com/in/benjaminwfelix/] Cameron Passmore — https://pwlcapital.com/our-team/ [https://pwlcapital.com/our-team/] Cameron on X — https://x.com/CameronPassmore [https://x.com/CameronPassmore] Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/ [https://www.linkedin.com/in/cameronpassmore/]` Jason Pereira — https://jasonpereira.ca/ [https://jasonpereira.ca/] Jason Pereira on Facebook — https://facebook.com/jasonpereirafinancialplanner/ [https://facebook.com/jasonpereirafinancialplanner/] Jason Pereira on X — https://x.com/jasonpereira [https://x.com/jasonpereira] Jason Pereira on LinkedIn — https://linkedin.com/in/pereirajm [https://linkedin.com/in/pereirajm] Jason Pereira on YouTube — https://youtube.com/@jasonperieraFP [https://youtube.com/@jasonperieraFP] The Fintech Impact Podcast — https://jasonpereira.ca/the-fintech-impact-podcast-jason-pereira [https://jasonpereira.ca/the-fintech-impact-podcast-jason-pereira] Conquest Planning — https://conquestplanning.com/en-ca/home [https://conquestplanning.com/en-ca/home] Replit — https://replit.com/ [https://replit.com/] FP Canada — https://fpcanada.ca/ [https://fpcanada.ca/] Financial Planning Association of Canada (FPAC) — https://fpassociation.ca/ [https://fpassociation.ca/] Episode 188: Prof. Ayelet Fishbach — https://rationalreminder.ca/podcast/188 [https://rationalreminder.ca/podcast/188] Episode 236: Harold Geller — https://rationalreminder.ca/podcast/236 [https://rationalreminder.ca/podcast/236]   Papers From Today’s Episode:    ‘Current Practices for Risk Profiling in Canada and Review of Global Best Practices’ — https://osc.ca/sites/default/files/2021-02/iap_20151112_risk-profiling-report.pdf [https://osc.ca/sites/default/files/2021-02/iap_20151112_risk-profiling-report.pdf] ‘Financial Risk Tolerance: A Psychometric Review’ — https://dx.doi.org/10.2139/ssrn.3088292 [https://dx.doi.org/10.2139/ssrn.3088292]

The fifth installment of our Ask Me Anything sessions begins with the inevitable volatility of the stock market as we urge investors to remain calm amidst recent US stock declines. Similarly, we unpack the historical resilience of stock markets and offer advice for dealing with market crashes before discussing why bonds are not the best strategy for boosting returns. We examine the proposed Alberta Pension Plan, the Rational Reminder Podcast guests whose impact still ripples across PWL, how to be a PWL-style advisor, and we revisit the DFA versus Vanguard debate. We also explain why spending rules aren’t for us at PWL, the relationship between the amount to withdraw and the stock/bond allocation, and alternatives for short-term horizon investing, saving, and equities. To end, we hear feedback from Atti Ilmanen as well as reviews from listeners, but before all that, Mark McGrath shares bittersweet news! Stay tuned for an episode full of reflection, strategy, and insight.   Key Points From This Episode:   (0:01:13) The inevitability of market volatility and the historical resilience of stock markets. (0:13:04) How to approach a volatile market and advice for dealing with a market crash.  (0:18:06) Why bonds are not a return-enhancing strategy. (0:21:04) A brief examination of the proposed Alberta Pension Plan. (0:25:02) Impactful guests who have influenced how we work at PWL Capital. (0:33:25) How to be a PWL-style advisor. (0:35:37) Weighing Dimensional funds (DFA) against Vanguard and others.  (0:41:57) Why spending rules aren’t really our thing.  (0:44:56) The relationship between the amount to withdraw and the stock/bond allocation. (0:49:50) Exploring alternatives for short-term horizon investing, saving, and equities. (0:57:00) An important announcement from Mark! (1:02:51) The Aftershow: feedback from Antti Ilmanen, listener reviews, and final thoughts.    Links From Today’s Episode: Meet with PWL Capital — https://calendly.com/d/3vm-t2j-h3p [https://calendly.com/d/3vm-t2j-h3p] Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582 [https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582?mt=2]. Rational Reminder Website — https://rationalreminder.ca/ [https://rationalreminder.ca/]  Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ [https://www.instagram.com/rationalreminder/] Rational Reminder on X — https://x.com/RationalRemind [https://x.com/RationalRemind]Rational Reminder on TikTok — www.tiktok.com/@rationalreminder [https://www.tiktok.com/@rationalreminder?_t=8oTz7ldhMc1&_r=1&fbclid=IwZXh0bgNhZW0CMTAAAR1Z4A-2rKqQTivvuyU1-PssL9xfJn5myyaps6kQypAwHm7aL66qSajEhI0_aem_puLPWAK_S3Gk2bEmdXjohg] Rational Reminder on YouTube — https://www.youtube.com/channel/ [https://www.youtube.com/channel/UCOErWFfNOQzXsgE7f5S_ULw] Rational Reminder Email — info@rationalreminder.ca [info@rationalreminder.ca]Benjamin Felix — https://pwlcapital.com/our-team/ [https://pwlcapital.com/our-team/] Benjamin on X — https://x.com/benjaminwfelix [https://x.com/benjaminwfelix] Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ [https://www.linkedin.com/in/benjaminwfelix/] Dan Bortolotti on LinkedIn — https://www.linkedin.com/in/dan-bortolotti-8a482310/ [https://www.linkedin.com/in/dan-bortolotti-8a482310/] Mark McGrath on LinkedIn — https://www.linkedin.com/in/markmcgrathcfp/ [https://www.linkedin.com/in/markmcgrathcfp/]Mark McGrath on X — https://x.com/MarkMcGrathCFP [https://x.com/MarkMcGrathCFP] Episode 248: Prof. William Goetzmann: Learning from Financial Market History — https://rationalreminder.ca/podcast/248 [https://rationalreminder.ca/podcast/248]   Episode 100: Prof. Kenneth French: Expect the Unexpected — https://rationalreminder.ca/podcast/100 [https://rationalreminder.ca/podcast/100]  Episode 352: Jessica Moorhouse: Everything But Money — https://rationalreminder.ca/podcast/352 [https://rationalreminder.ca/podcast/352]   Episode 316: Andrew Chen: "Is everything I was taught about cross-sectional asset pricing wrong?!" — https://rationalreminder.ca/podcast/316 [https://rationalreminder.ca/podcast/316]  Episode 224: Prof. Scott Cederburg: Long-Horizon Losses in Stocks, Bonds, and Bills — https://rationalreminder.ca/podcast/224 [https://rationalreminder.ca/podcast/224]  Episode 284: Prof. Scott Cederburg: Challenging the Status Quo on Lifecycle Asset Allocation — https://rationalreminder.ca/podcast/284 [https://rationalreminder.ca/podcast/284]  Episode 350: Scott Cederburg: A Critical Assessment of Lifecycle Investment Advice — https://rationalreminder.ca/podcast/350 [https://rationalreminder.ca/podcast/350]  Episode 89: Wade Pfau: Safety-First: A Sensible Approach to Retirement Income Planning — https://rationalreminder.ca/podcast/89 [https://rationalreminder.ca/podcast/89]  Episode 289: Retiring Retirement Income Myths with the Retirement Income Dream Team — https://rationalreminder.ca/podcast/289 [https://rationalreminder.ca/podcast/289]  Episode 122: Prof. Moshe Milevsky: Solving the Retirement Equation — https://rationalreminder.ca/podcast/122 [https://rationalreminder.ca/podcast/122]  Episode 59: Alexandra Macqueen: Financial Economics and Annuities: Rational Planning for Retirement — https://rationalreminder.ca/podcast/59 [https://rationalreminder.ca/podcast/59]  Episode 283: When Volatility is Risk, and Introducing The Money Scope Podcast — https://rationalreminder.ca/podcast/283 [https://rationalreminder.ca/podcast/283]  Episode 351: DFA vs. Vanguard — https://rationalreminder.ca/podcast/351 [https://rationalreminder.ca/podcast/351]  Episode 254: David Blanchett: Regret Optimized Portfolios, and Optimal Retirement Income — https://rationalreminder.ca/podcast/254 [https://rationalreminder.ca/podcast/254]  Episode 152: Evaluating Systematic Equity Strategies — https://rationalreminder.ca/podcast/152 [https://rationalreminder.ca/podcast/152]  Episode 347: The Case for Index Funds — https://rationalreminder.ca/podcast/347 [https://rationalreminder.ca/podcast/347]  Episode 281: Lifecycle Asset Allocation, and Retiring Successfully with Justin King — https://rationalreminder.ca/podcast/281 [https://rationalreminder.ca/podcast/281]  Episode 315: An Update from Avantis with Eduardo Repetto — https://rationalreminder.ca/podcast/315 [https://rationalreminder.ca/podcast/315]  Alberta Pension Plan — https://www.albertapensionplan.ca/ [https://www.albertapensionplan.ca/]  Financial Planning Association of Canada — https://www.fpassociation.ca/ [https://www.fpassociation.ca/]  Hook — https://www.imdb.com/title/tt0102057/ [https://www.imdb.com/title/tt0102057/]  Antti Ilmanen | AQR — https://www.aqr.com/About-Us/OurFirm/Antti-Ilmanen [https://www.aqr.com/About-Us/OurFirm/Antti-Ilmanen]    Books From Today’s Episode:    The Great Depression: A Diary — https://www.amazon.com/dp/1586489011 [https://www.amazon.com/Great-Depression-Diary-Benjamin-Roth/dp/1586489011]  Narrative Economics: How Stories Go Viral and Drive — https://www.amazon.com/dp/0691182299 [https://www.amazon.com/Narrative-Economics-Stories-Economic-Events/dp/0691182299]    Papers From Today’s Episode:    ‘Negative Bubbles: What Happens after a Crash’ — https://ssrn.com/abstract=3038658 [https://ssrn.com/abstract=3038658]  ‘Beyond the Status Quo: A Critical Assessment of Lifecycle Investment Advice’ — https://ssrn.com/abstract=4590406 [https://ssrn.com/abstract=4590406]   ‘Financially Sound Households Use Financial Planners, Not Transactional Advisers’ — https://www.financialplanningassociation.org/sites/default/files/2023-01/APR19%20Blanchett.pdf [https://www.financialplanningassociation.org/sites/default/files/2023-01/APR19%20Blanchett.pdf]  ‘Finding and Funding a Good Life’ — https://pwlcapital.com/finding-and-funding-a-good-life/ [https://pwlcapital.com/finding-and-funding-a-good-life/]