POPULARITY
90 episodes with pwl
31 episodes with pwl
5 episodes with pwl
9 episodes with pwl
3 episodes with pwl
5 episodes with pwl
6 episodes with pwl
3 episodes with pwl
2 episodes with pwl
2 episodes with pwl
2 episodes with pwl
2 episodes with pwl
3 episodes with pwl
26 episodes with pwl
2 episodes with pwl
2 episodes with pwl
2 episodes with pwl
6 episodes with pwl
In this episode, Ben Felix and Ben Wilson tackle a wide range of listener questions covering portfolio construction, home-country bias, currency exposure, ETF selection, retirement decumulation, leasing versus buying a car, discounted cash flow valuations, and the real work of portfolio management. Along the way, they revisit the Rational Reminder model portfolios, discuss how new products like CAGE have changed the DIY investing landscape, and explore whether Warren Buffett's long-term record still provides evidence that active management can outperform. The conversation also offers a behind-the-scenes look at PWL Capital's planning-centric approach to wealth management and why helping clients make better financial decisions often matters more than portfolio construction itself. Key Points From This Episode: (0:28) Why AMA episodes have become less frequent despite hundreds of listener questions waiting to be answered. (2:07) Ben shares observations from PWL's growing institutional investment business and why low-cost, planning-focused institutional advice remains surprisingly rare. (6:37) Revisiting the original Rational Reminder model portfolios and how newer products have simplified implementation. (10:09) Should U.S. investors underweight the U.S. market relative to global market-cap weights? (11:07) Research, home-country bias, and Ken French's arguments for overweighting domestic stocks. (18:11) Asset-allocation ETFs in retirement: Is there any benefit to separating stocks and bonds during withdrawals? (21:03) Leasing versus buying a vehicle, opportunity costs, depreciation, and convenience. (26:13) Currency exposure, RRSPs, withholding taxes, and common misconceptions about USD-denominated ETFs. (30:30) If Dimensional funds were unavailable, what would Ben choose instead? (31:26) Are there any popular ETFs investors should avoid? A look at Canada's largest ETF holdings. (38:28) Why discounted cash flow models often produce wildly different valuation estimates. (41:47) What portfolio managers at PWL actually do when they are not trying to beat the market. (45:57) Concentrated stock positions, client coaching, and helping investors make better long-term decisions. (50:02) Why financial planning questions are often portfolio management questions—and vice versa. (52:53) Helping clients navigate the transition from wealth accumulation to wealth preservation and spending. (58:06) Revisiting Berkshire Hathaway's long-term performance versus broad-market index funds. (1:02:35) The challenges of active management as assets under management grow larger. (1:04:22) Aftershow: Ben reflects on his experience appearing on Diary of a CEO with Steven Bartlett. Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p 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/ 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)
Welcome to Teeth & Titanium, Episode 67 “Conferences with Dr. Rui Fernandes and Dr. R. Bryan Bell” This episode features: Current Events- Sound the Siren EACMFS Preview with Drs R. Bryan Bell and Rui Fernandes Resident reminder - How should a new trainee network and approach attending a conference Journal Club- Among Patients With Oral Cavity Squamous Cell Carcinoma Does Timing of Adjuvant Radiation Therapy Affect Survival? Your personal finance drill from PWL Capital- “Family Trust” by Brady Plunkett Senior Wealth Advisor Portfolio Manger, CFP, CIM Recommendations- Shot in the dark- Civic Duty- Friendly neighbor Be sure to subscribe so you never miss an episode! Apple / Spotify / Google / Online links Thanks to the CAOMS and PWL for their continued support of this podcast. https://www.caoms.com. PWL Capital; https://pwlcapital.com/ If you would like to contact us, be a guest, or would like to submit a topic for Resident Reminder or Journal club, please email us at: teethandtitaniumOMFS@gmail.com Hosted by Dr. Wendall Mascarenhas & Dr. Oscar DalmaoProduced by Dr. Brad W. Ray Articles/Books cited in this episode: EACMFS 2026; https://www.eacmfs-congress.com/EACMFS2026/welcome Hui A, Fathipour B, El-Rabbany M, Lee KC, Dillon JK. Among Patients With Oral Cavity Squamous Cell Carcinoma Does Timing of Adjuvant Radiation Therapy Affect Survival? J Oral Maxillofac Surg. 2026 Jun;84(6):970-977.
In this episode of Insight Is Capital, Pierre Daillie sit down with Ben Felix — Chief Investment Officer and Portfolio Manager at PWL Capital, co-host of the Rational Reminder podcast, and the driving force behind one of the most-watched evidence-based investing channels on YouTube with over half a million subscribers.Ben unpacks the philosophy and hard-won lessons behind PWL's radical transparency strategy — giving away the "secret sauce" of their entire investment process — and why that counterintuitive bet became the engine of the firm's organic growth. He shares how a Costco parking lot moment sparked his channel concept, why it took him three years to crack a smile on camera, and what the advice industry still consistently gets wrong about content marketing.The conversation turns candid when Ben addresses the alternatives wave sweeping Canadian portfolios — and PWL's longstanding decision to focus on building systematic, rules-based portfolios. He then reframes the advisor value proposition entirely: a real client's story reveals that none of the reasons they hired PWL had anything to do with securities selection or beating the market, and more importantly, a laundry list of high-value living, breathing concerns.The episode closes with Ben's most powerful framework for life and practice — the PERMA-V model of human flourishing — and a striking parallel between the five factor model for investing and the five factors of a well-lived life.⏱️ CHAPTERS00:00 – Introduction: Who is Ben Felix and why your clients are already watching him 02:00 – From basketball scholarship and mechanical engineering to CIO: Ben's accidental path into finance 07:30 – How PWL's blogging experiment became a content empire — and the Costco parking lot moment 13:00 – What advisor content gets badly wrong: black boxes, sales pitches, and the trust deficit 17:00 – The hardest part of content creation: consistency, camera nerves, and why most people quit 18:30 – "Investing has been solved": PWL's evidence-based philosophy and the case against stock-picking 20:00 – The alternatives warning: gated private funds, client transfers, and why PWL passed 23:00 – How content became a beacon for like-minded advisors — and PWL's acquisition growth model 28:00 – The self-selecting client: why prospects arrive already sold on the philosophy 30:00 – Who Ben is actually talking to: DIY investors, advisors, and the 10-year referral flywheel 34:00 – Freeing advisors from the securities selection trap: what evidence-based investing unlocks 37:00 – Why a successful DIY investor hired PWL — and none of the reasons were about the portfolio 39:30 – Goal-setting, PERMA-V, and the structured process PWL tested with Morningstar 42:00 – PWL's financial planning app: systematizing the family office model at scale 44:30 – What makes people trust Ben Felix: evidence, sources, and STEM-grade intellectual honesty 49:00 – Where PWL goes from here: acquisitions, fiduciary growth, and a possible book 51:00 – The one thing to change: applying PERMA-V as a filter for how you live and invest 53:00 – Where to find Ben Felix: YouTube, Rational Reminder, The Money Scope#BenFelix #PWLCapital #EvidenceBasedInvesting #IndexInvesting #RationalReminder #FinancialPlanning #AdvisorAlpha #DIYInvesting #FactorInvesting #WealthManagement #InsightIsCapital #PersonalFinanceCanada #ETFInvesting #FinancialAdvisor #FiduciaryAdvisor #InvestingCanada #MoneyScope #PassiveInvesting #BehaviouralFinance #PERMAModel
In this episode, Ben Felix and Braden Warwick unpack the surprisingly complex world of expected return modeling and why it matters so much for retirement projections, portfolio construction, and financial advice. They explain how PWL Capital currently estimates expected returns across asset classes, why traditional Monte Carlo methods relying on Gaussian distributions may miss important market behaviors, and how new research could improve the realism of long-term financial planning simulations. The conversation also explores a fascinating collaboration between PWL and Columbia Engineering student John Yang, who worked with Professor Michael Robbins on a project to build more realistic synthetic return data for financial planning. John explains how his team used empirical distributions, t-copulas, and Extreme Value Theory to better capture market crashes, fat tails, and asset co-movements during periods of stress. Ben and Braden then analyze how these improved simulation methods affect financial planning outcomes, sustainable spending estimates, and projections for long-term wealth accumulation. Key Points From This Episode: (0:00:00) Introduction to expected return modeling and why it matters for financial planning. (0:00:25) The importance of volatility, correlations, distribution shape, and time-series behavior in portfolio projections. (0:01:26) How Scott Cederburg's research on block bootstrapping influenced PWL's thinking on simulations. (0:02:03) Introduction to Columbia Engineering student John Yang and the industry research collaboration. (0:03:30) How Conquest Planning allows PWL to upload custom return simulations. (0:04:05) A new PWL client's detailed reasoning for moving from DIY investing to working with an advisor. (0:06:22) Why financial planning and Monte Carlo simulations were central to the client's decision. (0:07:22) Cross-border financial complexity and the value of professional advice. (0:08:03) Estate planning, cognitive decline, and the role of trusted financial relationships. (0:10:02) Research on cognitive decline and its impact on financial decision-making. (0:12:00) Delegation, accountability, and reducing mental overhead through advisory relationships. (0:13:47) Why the client chose PWL specifically and the appeal of evidence-based investing. (0:15:25) Ben and Braden discuss the perceived disconnect between online discourse and demand for AUM advisors. (0:16:12) Overview of PWL's methodology for estimating expected returns across asset classes. (0:17:05) How PWL combines historical returns with market-implied expected returns. (0:18:07) The use of factor premiums and expected return composition in taxable projections. (0:18:48) Why PWL previously relied on Gaussian multivariate normal distributions for simulations. (0:19:41) Arithmetic vs. geometric mean returns and why the distinction matters. (0:21:01) A simple example illustrating volatility drag. (0:23:29) Why diversification benefits must be incorporated into expected portfolio returns. (0:25:15) How correcting portfolio math improved expected return estimates by 20–30 basis points. (0:27:12) Transition to John Yang's interview and introduction to synthetic data generation. (0:30:07) John explains the limitations of Gaussian return assumptions. (0:31:04) Why realistic sequences of returns matter for retirement planning. (0:32:16) Empirical evidence that returns are not truly random. (0:33:25) The three modeling challenges: unique asset behavior, realistic co-movement, and tail risk. (0:37:49) Separating marginal distributions from dependency structures in the modeling process. (0:38:48) Using a t-copula to better model asset co-movement during market stress. (0:39:39) Why historical data alone struggles to capture rare crisis events. (0:40:06) Applying Extreme Value Theory and Generalized Pareto Distributions to model tail risk. (0:42:15) How Monte Carlo simulations generate many realistic future return paths. (0:43:00) Imposing forward-looking expected returns and volatility assumptions onto the simulations. (0:44:56) How the new framework better preserves skewness and kurtosis. (0:46:38) Evaluating the new model using marginal shape, tail behavior, and co-movement scores. (0:48:10) Why the new model significantly improved tail realism without sacrificing correlations. (0:49:05) Future extensions including dynamic correlations and volatility clustering. (0:50:28) Potential future use of GANs and machine learning for synthetic financial data. (0:52:02) Key takeaway: financial planning requires realistic return paths, not just summary statistics. (0:53:41) Braden analyzes how the new simulation framework affects financial advice. (0:55:04) Why monthly index data produced fatter tails than long-term annual DMS data. (0:58:47) The new model improved Monte Carlo success rates by roughly 2–3%. (1:00:25) Sustainable spending estimates changed only modestly under the new simulations. (1:02:27) Why the improved methodology matters more for alternative asset classes. (1:04:25) The surprising finding that median wealth outcomes increased while mean outcomes decreased. (1:05:47) Why Gaussian simulations can create unrealistic runaway wealth scenarios. (1:07:20) The practical implications for estate planning and multi-generational wealth projections. (1:08:30) Why better simulation methods are especially important for concentrated and alternative investments. Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p 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/ 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)
Welcome to Teeth & Titanium, Episode 66, “Six Year Anniversary” This episode features: Current Events- How's Oscar?- Return to the national winter sport- EACMFS Announcement Anniversary Episode Guests Recap - Dr Eppo Wolvius, Dr. Chee Wang Yong, Dan Bartolotti, Dr. Andrew Jenzer, Dr. Sam Bobek, Dr. Peter Franco, Dr. Robert Hale Resident reminder - Trauma Blood Loss Classification Journal Club- Are In-Person Meetings Still Desirable?- Effect of Preoperative Botulinum Toxin A on Pain and Opioid Consumption After Bilateral Sagittal Split Osteotomy. Recommendations- 90 min spark- Bleu, Blanc et Rouge Be sure to subscribe so you never miss an episode! Apple / Spotify / Google / Online links Thanks to the CAOMS and PWL for their continued support of this podcast. https://www.caoms.com. PWL Capital; https://pwlcapital.com/ If you would like to contact us, be a guest, or would like to submit a topic for Resident Reminder or Journal club, please email us at: teethandtitaniumOMFS@gmail.com Hosted by Dr. Wendall Mascarenhas & Dr. Oscar DalmaoProduced by Dr. Brad W. Ray Articles/Books cited in this episode: EACMFS 2026; https://www.eacmfs-congress.com/EACMFS2026/welcome Aghaloo T. Are In-Person Meetings Still Desirable? J Oral Maxillofac Surg. 2026 May;84(5):629-630. Lung KE, Adam J, Davis C, Fay M, Zakai D. Effect of Preoperative Botulinum Toxin A on Pain and Opioid Consumption After Bilateral Sagittal Split Osteotomy. J Oral Maxillofac Surg. 2026 May;84(5):665-671.
In Episode 80 — the final regular episode of A Journey Through SAW — we heard about "Free To Love Again" by Suzette Charles, which was one of the final singles released during Mike Stock and Pete Waterman's working relationship. Now, 33 years after that track came out in the UK, Suzette's debut album is finally about to be released. Comprising faithfully re-recorded versions of the original six tracks that Suzette previously worked on with Mike at PWL and five brand-new songs, Suzette Charles is the long-awaited resolution to a thread that has been dangling for SAW fans since 1993. In this special episode, Suzette and Mike discuss how they reunited to collaborate musically again and how the album came together, including what it was like to recreate the original songs and the inspiration for the new tunes.Support the showSubscribe for bonus material at chartbeats.com.au/sawInstagram: @chartbeatsauThreads: @chartbeatsau, @matthew_denby360Bluesky: @chartbeatsau, @matthewdenby.bsky.socialFacebook: Chart Beats: A Journey Through PopEmail: chartbeats.au@gmail.com
In this Episode, François Doyon La Rochelle celebrates PWL's 30th anniversary by discussing the company's history with James who is one of PWL's co-founders.
À l'occasion du 30ème anniversaire de PWL Capital, François Doyon La Rochelle discute de l'histoire de PWL avec James, l'un de cofondateurs.
To celebrate five years of A Journey Through SAW, Gavin and Matt are back for a special episode. And so is Mike Stock, who joins us in an interview conducted on the Calrec Soundfield Microphone to answer some long-held questions and discuss some of the best deep cuts in the SAW catalogue. Find out whether "Turn It Into Love" was written for Kylie Minogue or Hazell Dean, why "Who's Gonna Catch You" was recorded by so many people and who actually sang on the Delage records. Hear about the tricky second albums for Rick Astley and Sinitta, and the problematic process of putting Lonnie Gordon's album together. Plus, Mike talks about working with Judas Priest, Erik, O'chi Brown, Bananarama and more, and gives his verdict on classic albums by Mel & Kim, Donna Summer and Boy Krazy.Support the showSubscribe for bonus material at chartbeats.com.au/sawInstagram: @chartbeatsauThreads: @chartbeatsau, @matthew_denby360Bluesky: @chartbeatsau, @matthewdenby.bsky.socialFacebook: Chart Beats: A Journey Through PopEmail: chartbeats.au@gmail.com
Welcome to Teeth & Titanium, Episode 65, "IPS Preprosthetic with Dr. Robert Hale" This episode features: Current Events- Wendall channels his inner Oscar Fan Mail- Anonymous- A systematic Review- Another Endo dream Guest - IPS Preprosthetic with Dr. Robert Hale Resident reminder- Training available for Preprosthetic Procedure Journal Club- Evaluation of implant accuracy and surgical efficiency in single-arm versus dual-arm dental robotic systems: an in vitro study. Your personal finance drill from PWL Capital- “Divestment of your wealth” by Brady Plunkett Senior Wealth Advisor Portfolio Manger, CFP, CIM Recommendations- Three before- Foot Fetish movies- Priestly agent Be sure to subscribe so you never miss an episode! Apple / Spotify / Google / Online links Thanks to the CAOMS and PWL for their continued support of this podcast. https://www.caoms.com. PWL Capital; https://pwlcapital.com/ If you would like to contact us, be a guest, or would like to submit a topic for Resident Reminder or Journal club, please email us at: teethandtitaniumOMFS@gmail.com Hosted by Dr. Wendall Mascarenhas & Dr. Oscar DalmaoProduced by Dr. Brad W. Ray Articles/Books cited in this episode: https://www.klsmartin.com/en/products/individual-patient-solutions-cmf/ips-implants/ips-implants-preprosthetic/ Wang Y, Wang Y, Zhang Y, Yan Q. Evaluation of implant accuracy and surgical efficiency in single-arm versus dual-arm dental robotic systems: an in vitro study. Int J Oral Maxillofac Surg. 2026 Apr;55(4):481-488.
What if the way we think about investing—and expected returns—was fundamentally incomplete? In this episode, Ben Felix and Dan Bortolotti take a deep dive into one of the most influential papers in financial economics: Fama and French (1993). With nearly 15,000 citations, this research reshaped how we understand asset pricing by showing that market beta alone isn't enough to explain returns. Instead, multiple factors—specifically size and value—play a critical role. Ben and Dan unpack how this paper challenged the dominance of CAPM, introduced the now-famous Three-Factor Model, and laid the foundation for decades of empirical asset pricing research. They explore how factor investing evolved, why anomalies may not be anomalies at all, and what this means for evaluating portfolios and active managers today. The conversation also connects theory to practice—highlighting how modern fund providers implement factor strategies and what it means for investors trying to improve expected returns without abandoning diversification. Key Points From This Episode: (0:00:00) Introduction to the episode and why this is a long-awaited deep dive into factor investing. (0:01:12) Overview of Fama and French (1993) and its massive impact on finance and portfolio management. (0:03:55) Origins of factor investing and how it connects to index investing and academic research. (0:04:46) Core premise: multiple factors drive expected returns and asset prices. (0:06:08) He explains why different assets can have different expected returns, and why that matters for investors. (0:07:24) Ben introduces the CAPM as the dominant model that linked expected return to market beta. (0:08:53) Dan reflects on how revolutionary CAPM and portfolio theory were when they were first introduced. (0:10:51) Ben describes today as a "golden age of investing," where theory and implementation tools are widely accessible. (0:11:17) He explains how anomalies emerged that CAPM could not explain. (0:12:10) Ben introduces the joint hypothesis problem: we cannot cleanly separate market efficiency from model accuracy. (0:13:47) He identifies the three big issues with CAPM: size, value, and the weak relationship between beta and returns. (0:15:29) Ben introduces the three-factor model: market, size (SMB), and value (HML). (0:17:37) He explains that these factors are built as long-short portfolios designed to capture systematic return variation. (0:18:02) Dan notes that the model did not really address the low-volatility anomaly. (0:18:36) Ben agrees and explains that later work, including the five-factor model, went further on that front. (0:19:03) Ben describes how Fama and French formed 25 portfolios sorted by size and book-to-market. (0:20:00) He explains their use of time-series regression to test how well the model explained portfolio returns. (0:21:12) Ben walks through factor loadings, alpha, and R-squared, and why those outputs matter. (0:23:31) He highlights the model's strong explanatory power, with average R-squared around 0.93 across test portfolios. (0:25:00) Dan clarifies that unexplained return could reflect skill, luck, or another missing factor. (0:25:27) Ben emphasizes how dramatic the jump was from CAPM's explanatory power to the three-factor model's. (0:26:11) He points to small-cap growth as the major area the model struggled to explain. (0:27:09) Ben explains how the model also absorbed dividend-to-price and earnings-to-price "anomalies." (0:28:01) Dan discusses why dividend strategies may simply act as rough value screens rather than offering something unique. (0:28:52) Ben expands on how later research, especially profitability, sharpened value investing implementation. (0:30:37) He notes the unresolved debate over whether factors are true risk exposures or persistent mispricing. (0:32:16) Ben explains how factor models changed the way investors evaluate active managers and fees. (0:33:16) Dan raises the possibility that some early active managers may have intuitively identified factor opportunities before the research formalized them. (0:34:09) Ben discusses whether factor premiums have shrunk after publication and why the evidence is still noisy. (0:34:59) He describes how the paper helped launch the boom in empirical asset pricing research. (0:35:35) Ben introduces the "factor zoo" problem and the explosion of published factors. (0:36:49) He explains the five-factor model and the addition of profitability and investment. (0:38:21) Dan asks about the intuition behind profitability and investment, especially why profitable firms might have higher expected returns. (0:39:38) Ben explains profitability through a multi-factor lens and inferred discount rates. (0:42:15) He argues that combining factors matters because single-factor portfolios can have offsetting exposures. (0:44:05) Dan points out that layering too many factors naively can just bring you back toward the market portfolio. (0:44:56) Ben discusses the tradeoff between diversified tilts and concentrated factor bets. (0:46:29) Dan describes factor tilting as a subtle adjustment around a diversified core portfolio. (0:46:47) Ben cites Fama's idea that investors need to "talk themselves out of the market portfolio." (0:47:16) He notes that there is still active debate over which factors and models truly make sense. (0:48:31) Dan explains why momentum is harder to implement in practice because of turnover, taxes, and trading costs. (0:49:23) Ben says even simple-sounding factors like value and profitability remain heavily debated in academia. (0:50:20) He brings the discussion back to practical relevance: how investors can access factor exposure through funds. (0:51:06) Ben explains Dimensional's roots in academic research and its long history of implementation. (0:52:48) He introduces Avantis as a newer competitor with similar academic foundations and newly launched Canadian ETFs. (0:53:42) Ben discloses that PWL uses Dimensional extensively, while noting they are not paid to mention Dimensional or Avantis. (0:54:09) He summarizes what factor investing means for investors seeking higher expected returns through systematic tilts. (0:55:47) Dan reflects on how early PWL's adoption of index and factor-based investing was in the Canadian market. (0:57:07) Ben invites listeners to learn more about how PWL applies this thinking in client portfolios. (0:57:41) The episode moves to the after show and review section. (0:58:21) Dan reads a listener review focused on evidence-based investing, planning, and disciplined saving. (1:00:23) Ben notes that they never actually named the paper during the main episode. (1:00:32) Dan closes with: the paper is Common Risk Factors in the Returns on Stocks and Bonds. Links: Patrick Adams – MIT PhD Candidate: https://patrick-adams.com/ Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p 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/ Benjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://pwlcapital.com/our-team/ Cameron on X — https://x.com/CameronPassmore Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)
Welcome to Teeth & Titanium, Episode 64, “What is a Fellowship?” This episode features: Current Events- Olympic hockey update- The old foot on my chest bit- Getting your FACS right Fan Mail- LAST Feedback- Orthognathic Deep dive- Aura from the Harvard Unc- The Match Debate- Does your fellowship count? Resident reminder - Questions to ask when looking at a fellowship Journal Club- The PGY-0: Why the Start of Training Doesn't Have to Wait Till Residency.- Where Have the Resident Researchers Gone?- The Value of Orthognathic Surgery Fellowships. Your personal finance drill from PWL Capital- “Estate Freeze” by Brady Plunkett Senior Wealth Advisor Portfolio Manger, CFP, CIM Recommendations- Pond rules- A very long sunrise Be sure to subscribe so you never miss an episode! Apple / Spotify / Google / Online links Thanks to the CAOMS and PWL for their continued support of this podcast. https://www.caoms.com. PWL Capital; https://pwlcapital.com/ If you would like to contact us, be a guest, or would like to submit a topic for Resident Reminder or Journal club, please email us at: teethandtitaniumOMFS@gmail.com Hosted by Dr. Wendall Mascarenhas & Dr. Oscar DalmaoProduced by Dr. Brad W. Ray Articles/Books cited in this episode: Shivers PL, Goncalves PZ. The PGY-0: Why the Start of Training Doesn't Have to Wait Till Residency. J Oral Maxillofac Surg. 2026 Mar;84(3):287-288. Cillo JE Jr. Where Have the Resident Researchers Gone? J Oral Maxillofac Surg. 2026 Mar;84(3):285-286. Ritchie CA, Posnick JC, Kinard BE. The Value of Orthognathic Surgery Fellowships. J Oral Maxillofac Surg. 2026 Mar;84(3):289-290.
In this Episode, James Parkyn & François Doyon La Rochelle discuss with Raymond Kerzerho, PWL's Senior Researcher, a recent research paper from Morgan Stanley entitled "Who is on the Other Side".
Dans cet épisode, James Parkyn & François Doyon La Rochelle discutent avec Raymond Kerzérho, chercheur principal chez PWL, d'un récent article de recherche publiée par Morgan Stanley intitulé « Who is on the Other Side » ou en français (Qui se trouve de l'autre côté).
In this special 400th episode, the Rational Reminder hosts reflect on 50 years of index investing and the profound impact it has had on financial markets, investor behavior, and the cost of investing. The episode features a panel moderated by Ben Felix at the New York Stock Exchange—hosted by Vanguard and S&P Dow Jones Indices—bringing together leading voices in the indexing world to explore how passive investing evolved and what it means for the future of capital markets. Ben is joined on the panel by Tim Edwards (S&P Dow Jones Indices), Jim Rowley (Vanguard), and Shelly Antoniewicz (Investment Company Institute) to discuss the mechanics of indexing, the myths surrounding passive investing, and the evidence on how index funds affect markets. They unpack questions about market concentration, price discovery, and whether indexing is changing the structure of capital markets. Key Points From This Episode: (0:00:04) Introduction to the Rational Reminder podcast and the hosts from PWL Capital. (0:00:24) Celebrating the 400th episode and reflecting on nearly eight years of podcasting. (0:01:09) Dan Bortolotti discusses the early days of podcasting and the transition from the Couch Potato podcast. (0:02:11) The rise of podcasts and YouTube as major sources of financial education for investors. (0:02:49) How Rational Reminder grew after Dan ended his previous podcast and the demand for Canadian investing content. (0:03:47) The podcast reaches a record audience with over 384,000 views and downloads in January 2026. (0:04:19) Institutional investors—foundations, endowments, and unions—show increasing interest in PWL's low-cost index approach. (0:06:20) Why indexing can still be a difficult sell for institutional investment committees. (0:08:25) Peer effects in institutional investing: committees often hesitate to adopt strategies that seem unconventional. (0:09:11) 2026 marks 50 years since Vanguard launched the first retail index fund in 1976. (0:10:08) Ben moderates a panel at the New York Stock Exchange on the future of index investing. (0:11:55) Overview of the panel participants from Vanguard, S&P Dow Jones Indices, and the Investment Company Institute. (0:13:07) Discussion of research papers presented at the event examining index investing's market impact. (0:14:32) Historical context: the S&P 500 is currently as concentrated as it was in the mid-1960s. (0:15:36) The largest companies in 1965—AT&T, Kodak, GM, IBM—eventually faded from dominance. (0:17:43) A hidden advantage of cap-weighted indexing: investors automatically own future winners. (0:20:59) Debate about whether today's tech-heavy market concentration differs from past cycles. (0:23:30) The explosion of index funds and ETFs has created thousands of ways to implement passive strategies. (0:26:42) Technical improvements in ETF implementation, including lower tracking error and better hedging. (0:29:02) The "Vanguard Effect": index investing has driven massive reductions in investment fees. (0:29:38) Index funds account for about 23% of total U.S. market capitalization, not the commonly cited 50%. (0:32:48) Evidence suggesting index funds have not increased large-cap concentration in markets. (0:34:25) Passive funds represent only about 1–2% of daily trading activity. (0:36:16) Dispersion in stock returns remains high, meaning opportunities for active management still exist. (0:38:12) Panel begins: defining passive investing and why the term is more complex than it seems. (0:42:13) Who invests in index funds? Millions of households using them primarily for retirement savings. (0:45:22) How advisors and institutions use ETFs to build diversified long-term portfolios. (0:46:19) The surprising role of ETFs in trading and market liquidity. (0:48:30) The proliferation of niche ETFs raises questions about whether indexing has strayed from Bogle's vision. (0:49:49) Academic research offers conflicting views on indexing's effect on market efficiency. (0:52:27) Evidence suggests index fund growth has not increased market volatility. (0:54:25) Dispersion data shows indexing does not eliminate opportunities for stock picking. (0:57:15) Index funds own only about 30% of the U.S. stock market, leaving the majority in active hands. (0:59:42) Historical perspective: high market concentration has occurred before and eventually declined. (1:02:14) Research remains inconclusive about whether indexing harms markets. (1:05:25) Over 20 years, 94% of actively managed U.S. equity mutual funds underperformed the S&P 500. (1:06:20) Post-panel reflections and discussion with the Rational Reminder hosts. Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p 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/ Benjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://pwlcapital.com/our-team/ Cameron on X — https://x.com/CameronPassmore Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)
Welcome to Teeth & Titanium, Episode 63, Orthognathic Surgery with Farrell's Fellows: Dr. Sam Bobek and Dr. Peter Franco This episode features: Current Events- Travel and Kids Fan Mail- UAB Reverse Track OMS Response Guest Segment - Detailed Orthognathic Surgery Breakdown with Dr. Sam Bobek and Dr. Peter Franco Resident reminder - Pearl and Pitfalls in Orthognathic Surgery - Levels of TMJ Arthroscopy Journal Club- What are the outcomes of jaw function and pain reduction with advanced TMJ arthroscopy after failed lysis and lavage procedures?- Social Media for Surgeons: Tool, Trap, or Trophy Cabinet? Recommendations- Oh Canada Be sure to subscribe so you never miss an episode! Apple / Spotify / Google / Online links Thanks to the CAOMS and PWL for their continued support of this podcast. https://www.caoms.com. PWL Capital; https://pwlcapital.com/ If you would like to contact us, be a guest, or would like to submit a topic for Resident Reminder or Journal club, please email us at: teethandtitaniumOMFS@gmail.com Hosted by Dr. Wendall Mascarenhas & Dr. Oscar DalmaoProduced by Dr. Brad W. Ray Articles/Books cited in this episode: Cheung J, Chinoy A, Aronovich S, Troost JP, Hakim M. What are the outcomes of jaw function and pain reduction with advanced TMJ arthroscopy after failed lysis and lavage procedures? Int J Oral Maxillofac Surg. 2026 Jan 31:S0901-5027(26)00020-2. Jain A. Social Media for Surgeons: Tool, Trap, or Trophy Cabinet? J Oral Maxillofac Surg. 2026 Feb;84(2):153-154.
Ben Felix and Braden Warwick are joined by Dr. Charles Chaffin, a leading voice in financial psychology, to explore why investors so often act against their own best interests—and how better tools and frameworks can help bridge the gap between rational plans and real human behavior. The conversation blends behavioral finance, goal setting, and risk profiling, while also introducing a new evidence-based risk tolerance questionnaire now being made publicly available to listeners. The episode digs into why humans are wired for short-term survival rather than long-term optimization, how biases and environment shape financial decisions, and why coaching—not transactions—is becoming the advisor's most important role. Charles explains concepts like money scripts, financial flashpoints, identity-based goals, and financial self-efficacy, tying them directly to investing behavior and client outcomes. The discussion also goes deep on financial risk tolerance: what it really is, why people consistently misjudge it, and why psychometric tools outperform traditional questionnaires. Key Points From This Episode: (0:00:00) Introduction to Episode 395 and guest Dr. Charles Chaffin (0:01:15) Charles' background in financial planning psychology and authorship (0:02:30) Why PWL wanted to move beyond the Grable–Lytton Risk Tolerance Scale (0:03:40) Introduction to the Money and Risk Inventory (MRI) and full disclosure (0:04:55) Announcement: Public access to a psychometric risk tolerance questionnaire (0:05:10) Risk tolerance vs. risk capacity—and how PWL combines both (0:06:43) Why firms must map risk scores to asset allocations themselves (0:08:35) The role of psychology in financial planning beyond technical advice (0:10:17) The Klontz–Chaffin model of financial psychology (0:12:05) Why humans are "bad with money": survival brains and emotions (0:13:30) How heuristics and biases derail long-term planning (0:15:42) Tools for overcoming bias: automation, pre-commitment, and friction (0:21:29) How environment and social context shape financial behavior (0:26:38) Financial flashpoints and their lasting impact on risk tolerance (0:29:35) Financial self-efficacy and why low confidence leads to avoidance (0:36:01) Money scripts: avoidant, worship, status, and vigilant (0:40:07) Why understanding your own money scripts matters (0:41:19) Common behaviors that lead to poor financial outcomes (0:42:59) Practical strategies for recognizing and mitigating bad behaviors (0:48:22) The role of identity in goal setting (0:50:07) Why goals matter for motivation and behavior alignment (0:52:56) Intrinsic vs. extrinsic goals and self-determination theory (0:58:26) When quitting a goal is the right decision (1:00:26) What financial risk tolerance really is (1:02:16) Why people consistently misjudge their own risk tolerance (1:03:31) How stable risk tolerance is over time—and what changes it (1:05:12) Why reassessing risk tolerance regularly improves outcomes (1:06:05) Handling couples with mismatched risk profiles (1:07:37) Psychometric vs. revealed-preference risk questionnaires (1:09:30) Evidence showing psychometric tools better explain real risk-taking (1:10:39) Where traditional risk tolerance questionnaires fall short Links From Today's Episode: PWL Risk Profile Tool — https://research-tools.pwlcapital.com/research/risk-profile Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p 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/ 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)
What if financial planning were approached the same way engineers design aircraft, medical treatments, or complex systems—with clearly defined objectives, constraints, and rigorous trade-off analysis? In this episode, Benjamin Felix is joined by Braden Warwick for a deep dive into what it means to engineer financial outcomes. Drawing on Braden's background as a PhD-trained mechanical engineer and his work building financial planning software at PWL Capital, the conversation reframes financial planning as a design problem rather than a speculative exercise. They explore the critical distinction between a financial plan and a financial projection, why uncertainty does not invalidate good planning, and how professional communication under uncertainty can build trust with clients—especially those from technical backgrounds. The discussion highlights the importance of goals-based planning, sensitivity analysis, and explicitly quantifying trade-offs when clients have multiple competing objectives. Key Points From This Episode: (0:00:04) Introduction to Episode 393 and the return of Braden Warwick (0:02:50) Braden's role at PWL and his experience deploying Conquest Planning software (0:05:46) The tension between low industry entry barriers and professional standards in financial planning (0:07:54) Braden's background in mechanical engineering and academia 0:09:33) Financial plans vs. financial projections: why uncertainty doesn't make a plan "wrong" (0:12:59) Lessons from medicine and engineering on communicating decisions under uncertainty (0:15:15) An engineering framework for financial planning: objectives first, then solutions (0:18:42) Why surface-level goals like "minimize tax" or "maximize returns" often miss what really matters (0:21:19) Evaluating plans against goals using projections, scenario analysis, and sensitivity analysis (0:24:28) Why sensitivity analysis helps planners focus on what actually drives outcomes (0:29:27) Handling multiple competing goals using trade-off analysis and Pareto frontiers (0:36:46) Practical ways planners can present trade-offs without complex math (0:39:25) Case study setup: professional financial planning with corporate clients (0:40:20) Salary vs. dividends for business owners when optimizing for legacy goals (0:44:26) Why financial planning software outputs can be misleading without context (0:48:23) The importance of understanding how planning software calculates key metrics (0:50:22) Using PWL's free retirement tool to analyze CPP and OAS timing decisions (0:53:44) Approximating Monte Carlo outcomes using standard error of the mean (0:56:16) Linking "bad" and "terrible" outcomes to plan success probabilities (0:58:44) How CPP and OAS deferral affects sustainable spending and downside protection (1:02:46) What makes PWL's CPP calculator different from typical break-even tools (1:05:15) Why wage inflation assumptions materially affect CPP deferral decisions (1:07:46) Closing framework: goals, constraints, sensitivity analysis, and quantified trade-offs (1:09:36) Financial planning as an emerging discipline rooted in engineering-style thinking Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p 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/ 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)
Welcome to Teeth & Titanium, Episode 62, “Permanent Bad Insurance” This episode features: Current Events- Oscar's math skills- Spotify Wrapped New Years Resolutions Fan Mail- McGill medical rotation update- Joey from Brampton Resident reminder - Local Anesthetic Toxicity Journal Club- Federal Student Loan Changes Uniquely Impact 6-Year Oral and Maxillofacial Surgery Residents- Rates and Determinants of Prosthodontic Rehabilitation After Segmental Jaw Surgery- Naloxone Coprescribing in Oral and Maxillofacial Surgery: An Opportunity for Harm Reduction? Your personal Finance Drill from PWL Capital, “Whole Life Insurance”- Brady Plunkett Senior Wealth Advisor, Portfolio Manager, CFP®, CIM® Recommendations- Greatest movie of all time Be sure to subscribe so you never miss an episode! Apple / Spotify / Google / Online links Thanks to the CAOMS and PWL for their continued support of this podcast. https://www.caoms.com. PWL Capital; https://pwlcapital.com/ If you would like to contact us, be a guest, or would like to submit a topic for Resident Reminder or Journal club, please email us at: teethandtitaniumOMFS@gmail.com Hosted by Dr. Wendall Mascarenhas & Dr. Oscar DalmaoProduced by Dr. Brad W. Ray Articles/Books cited in this episode: Morgan CD, Borbiev ST, Peacock ZS. Federal Student Loan Changes Uniquely Impact 6-Year Oral and Maxillofacial Surgery Residents. J Oral Maxillofac Surg. 2026 Jan;84(1):9-10. Idrissi Janati A, Nizar Beema A, Gigliotti J, Makhoul N, El-Hakim M, Karra N. Rates and Determinants of Prosthodontic Rehabilitation After Segmental Jaw Surgery. J Oral Maxillofac Surg. 2026 Jan;84(1):127-137. Sung KE, Wang TT, Keith DA, Hajibandeh JT. Naloxone Coprescribing in Oral and Maxillofacial Surgery: An Opportunity for Harm Reduction? J Oral Maxillofac Surg. 2026 Jan;84(1):6-8.
Financial planning is built on assumptions — about markets, inflation, longevity, human behaviour, and even the questions clients bring into the room. In this episode, Ben and Braden welcome a diverse panel that originally came together at the FP Canada Conference to explore how those assumptions influence planning outcomes in practice. Joining them are Adam Chapman, a retirement-focused planner who helps clients turn their money into memories; Joe Nunes, an actuary with decades of pension and longevity experience; and Aaron Theilade, Director of Continuing Education at FP Canada. Together, the panel unpacks how to make assumptions credible, how to stress-test them, how to navigate client bias, and how planners can blend math with humanity to create better client outcomes. Key Points From This Episode: (0:00:04) Why this episode: recreating a conference panel on planning assumptions. (0:01:03) Braden on the panel's value for planners and DIY investors. (0:02:32) Meet the guests: Adam, Joe, Aaron, and Braden. (0:06:04) Assumptions matter: directional accuracy > prediction. (0:07:47) Actuarial view: start with inflation, bond yields, and risk capacity. (0:09:38) Engineering mindset: plan for expected and unexpected outcomes. (0:13:21) Client pushback: longevity surprises and hidden assumptions. (0:16:59) Asset allocation: strategic, goal-based, informed by behaviour. (0:20:57) Software limits: life is too variable for perfect modeling. (0:22:01) Behaviour gap: retirees spend less over time despite inflation. (0:25:18) Software guides; planners interpret and humanize outputs. (0:28:48) Use assumptions based on the specific question (e.g., withdrawals). (0:30:31) Always ask: "Why are we modeling this?" (0:34:15) Handling bias: reframe assumptions to reveal inconsistencies. (0:38:19) Assumptions evolve: returns, spending, and research all change. (0:42:38) Longevity beliefs: explore "why," not just the data. (0:50:38) Core truth: every plan is wrong — planning is iterative. (0:52:20) When to update: depends on age, goals, and material changes. (0:57:23) PWL approach: twice-yearly updates + adjustments during extremes. (1:00:03) Tips: focus on behaviour, communication, goals, and integration. (1:10:02) Success: relationships, impact, freedom, and sharing knowledge. Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p 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/ 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)
In this special year-end episode, Ben and Cameron turn the spotlight inward for a behind-the-scenes look at the Rational Reminder podcast. They're joined by the extended team that keeps the show running—from compliance to editing to marketing—to reflect on a landmark year in the podcast's evolution. We hear from Multimedia Specialist Matt Gambino, Compliance Reviewer Ross Brayton, long-time Marketing Lead Angelica Montagano, and others who share their roles, personal stories, and what the show means to them. Ben and Cameron also discuss the podcast's growth trajectory, the impact of joining OneDigital, standout market events from 2025, and what's ahead for 2026. It's a thoughtful, personal, and often funny conversation that celebrates community, nerdiness, and meaningful work. Key Points From This Episode: (0:01:00) Behind the scenes: Why the entire Rational Reminder team joined the mic for this special episode. (0:01:40) Meet the production crew: From video editing to compliance and marketing. (0:02:54) From 767 to 334,000: How the podcast grew since August 2018. (0:04:40) YouTube's rising role: Now 33% of all podcast consumption. (0:07:24) AMA evolution: How listener Q&As became a regular series in 2025. (0:08:45) Bringing in PWL advisors: Sharing real-world financial planning experience on the pod. (0:10:05) 12,500 members: Rational Reminder Community continues to thrive. (0:11:30) OneDigital acquisition reflections—one year later, no pressure to cut costs or change values. (0:14:23) Compliance-free growth: Maintaining service levels while scaling the firm. (0:15:06) Market surprise of 2025: Canadian small caps up 35%+ year-to-date. (0:16:55) Real estate rewind: National average home prices down 20% since 2022 peak. (0:19:24) Rent declines too: Down 7% YoY in Toronto, 4.4% in Vancouver. (0:20:39) Looking back: A wild year of unexpected returns and market resilience. (0:21:00) A different kind of year-end episode: No highlight reel—just team storytelling. (0:23:53) [Matt Gambino] The editor speaks: Role evolution, creative direction, and 200+ episodes later. (0:28:42) YouTube growth: From 11,000 to 46,000 subs under Matt's watch. (0:32:55) Matt on money: What 4 years editing the pod taught him about finance and happiness. (0:36:54) Defining success: Matt's answer after years of listening to the show. (38:40) [Ross Brayton] Compliance from the inside: What Ross listens for, and why disclaimers got longer. (0:43:05) Ross on investing: From Warren Buffett books to podcast fact-checker. (0:46:11) Planning life after financial independence: Ross poses a thoughtful challenge. (0:47:41) [Angelica Montagano] The original marketer: How the podcast started in a hallway. (0:50:14) Early tech struggles: Mono recordings, brick recorders, and lots of duct tape. (0:51:53) COVID's silver lining: Why lockdowns accelerated the pod's evolution. (0:54:20) Launching the RR Community: From 100-member goal to 12,500+ and counting. (0:55:49) Podcast = Brand: How RR became central to PWL's identity and communication. (0:57:26) What's next: Angelica's dreams for live events and even a coffee table book. (0:59:10) Angelica on investing: From ex-banker cynicism to believer in behavior and psychology. (1:00:38) Favorite moment: Hearing real stories of how listeners' lives have been changed. (1:01:36) Defining success: Impact, confidence, and financial empowerment. Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p 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/ Benjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://pwlcapital.com/our-team/ Cameron on X — https://x.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/ Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Send us a textShownotes can be found at https://www.profitwithlaw.com/513In this episode, Moshe reflects on the past year at Profit With Law, sharing how he's balanced his most important value—family—while continuing to help law firm and business owners build financial stability and freedom. From tax services and coaching to fractional CFO support, he explains how PWL has been helping clients generate consistent, scalable wealth.Moshe also shares his vision for the future: taking the next step beyond business owners to help anyone turn the wealth they have into generational wealth through smart investing and strategic financial decisions. He challenges listeners to stop staying “stuck” and take action—attending events, joining calls, or exploring opportunities that can transform their financial future.This episode is a mix of reflection, insight, and practical advice for anyone ready to create stability, freedom, and lasting wealth..Resources mentioned:
In this special year-end AMA, the full PWL crew — Ben Felix, Cameron Passmore, Ben Wilson, and Dan Bortolotti — sit down together for the first time on the podcast to reflect on the roller-coaster that was 2025 and to tackle a wide range of thoughtful listener questions. The episode begins with reflections on a year that included wild market swings, an extraordinary rally few predicted, major changes within PWL, and personal milestones. From there, the team dives deep into the psychology of staying invested, the real risks of inexperienced investors going 100% equities, the complexity of asset location and pre-tax vs. after-tax allocation, and how to talk to family members who are paying too much in investment fees. Key Points From This Episode: (0:04) Introduction — first-ever full-team recording and setup for the year-end AMA. (1:12) Why not all AMA questions could be answered — over 400 submissions and many not suited to the format. (1:48) 2024 market recap — from early-year panic to strong double-digit global equity returns. (3:59) The speed of recoveries — why missing a quick rebound can permanently derail returns. (5:34) Cameron's lessons from 2024 — unpredictability, growing adoption of evidence-based investing, joining a bigger organization, and driverless-car optimism. (7:41) Ben Wilson becomes a co-host — an unplanned evolution shaped by listener feedback. (9:51) Dan on humility in forecasting and reconnecting with theoretical research. (11:18) Ben's personal year — firm acquisition, equity value jump, and navigating his cancer diagnosis. (12:32) Talking to parents about high fees — emotional dynamics, non-confrontational questions, and the danger of implied judgment. (23:01) Should beginners hold 100% equities? Behavioral risk, volatility blindness, and why it shouldn't be the default allocation. (30:35) Pre-tax vs. after-tax asset allocation — why RRSP dollars aren't equal to TFSA dollars and how that changes true risk exposure. (36:09) Why PWL rarely optimizes asset location — complexity, low payoff, and behavioral clarity. (44:42) What PWL does (and doesn't) offer — discretionary management, integrated planning, outside specialists, and tax deductibility rules. (49:04) "I know I need index funds — but how do I actually buy them?" Robo-advisors vs. one-ticket ETFs and why placing a trade is the real barrier. (57:47) Ben's lessons as a new homeowner — maintenance costs far above expectations and the hidden burden of being your own contractor. (1:01:54) The strangest portfolios — single-stock windfalls, leverage without client awareness, bullion-only strategies, and the infamous "meatloaf portfolio." Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p 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/ Benjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://pwlcapital.com/our-team/ Cameron on X — https://x.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/ Ben Wilson on LinkedIn — https://www.linkedin.com/in/ben-wilson/ Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)
Welcome to Teeth & Titanium, Episode 61, “Board Prep with Dr. Andrew Jenzer” This episode features: Current Events- Wendall's family has grown and he needs our opinions on a variety of topics Fan Mail- Rapid response from a shoutout.- Update from our Australian dental assistant Guest- Dr. Andrew Jenzer on Oral and Maxillofacial Surgery Board Preparation Resident reminder - One thing you wish more people understood about preparing for the OMFS boards Journal Club- Managing Patients on Blood Thinners- Bridging Medicine and Dentistry: The University of Alabama at Birmingham OMS Reverse-Track Residency Program—A Path Forward in a Changing Residency Recruitment World Your personal Finance Drill from PWL Capital, “Low Cost Index Investing”- Brady Plunkett Senior Wealth Advisor, Portfolio Manager, CFP®, CIM® Recommendations- The perfect movie you can't refuse and others Be sure to subscribe so you never miss an episode! Apple / Spotify / Google / Online links Thanks to the CAOMS and PWL for their continued support of this podcast. https://www.caoms.com. PWL Capital; https://pwlcapital.com/ If you would like to contact us, be a guest, or would like to submit a topic for Resident Reminder or Journal club, please email us at: teethandtitaniumOMFS@gmail.com Hosted by Dr. Wendall Mascarenhas & Dr. Oscar DalmaoProduced by Dr. Brad W. Ray Articles/Books cited in this episode: Dr. Jenzer Email Address; andrew.Jenzer@gmail.com Aghaloo T. Managing Patients on Blood Thinners. J Oral Maxillofac Surg. 2025 Dec;83(12):1437-1438. Patel K, Weber TM Jr, Powell KK, Kinard BE. Bridging Medicine and Dentistry: The University of Alabama at Birmingham OMS Reverse-Track Residency Program-A Path Forward in a Changing Residency Recruitment World. J Oral Maxillofac Surg. 2025 Dec;83(12):1439-1441. Blue Book; Oral Board Review for Oral and Maxillofacial Surgery: A Study Guide for the Oral Boards
In this episode, we feature two conversations that highlight PWL's culture, values, and intentional approach to advice. We first sit down with Trevor Daigle and Brett Watt, founders of EB Wealth in Halifax, to talk about why they chose to merge their thriving independent practice with PWL — PWL's first acquisition in Atlantic Canada. Trevor and Brett open up about what they saw in PWL's infrastructure, culture, and client-first philosophy, the internal hurdles they had to clear (including their own egos), and the moment they realized they "couldn't unsee" what PWL had built. Then, in the second half of the episode, PWL Portfolio Manager and Financial Planner Phil Briggs walks us through a remarkable real-world case. A podcast listener's father decided to take the commuted value of his defined benefit pension… and the family approached PWL to invest it. Rather than simply execute the plan, Phil stepped back to rigorously analyze whether that decision made sense at all. The result is one of the most compelling demonstrations of evidence-based financial planning we've featured on the show — covering risk pooling, tax implications, Monte Carlo results, survivor benefits, and the emotional side of decision-making. Key Points From This Episode: (0:00:51) Welcoming Trevor and Brett — and why their practice, EB Wealth, aligned so closely with PWL's holistic philosophy. (0:02:30) How long-term cultural fit, infrastructure, and research depth drove their decision to join PWL. (0:04:57) "We can't unsee that": The moment a visit to Ottawa convinced them PWL's values were real at every level. (0:07:45) Their biggest concern: giving up control after years of running an independent practice — and how that shifted. (0:09:43) Setting aside ego: How thinking long-term and client-first changed their perspective on joining PWL. (0:11:35) What excites them most about the future: growth, learning, and being surrounded by experts who prioritize client outcomes. (0:13:17) Seeing PWL's collaborative culture in action — and why industry-typical "sales meetings" were nowhere to be found. (0:14:43) Transitioning clients and feeling the immediate impact on conversations and relationships. (15:05) The setup: A podcast listener reaches out after his father already decided to take the commuted value of a DB pension. (17:25) Why Phil was surprised — and the questions he wanted answered before talking about investing. (17:25–18:49) The benefits of staying in a DB pension: risk transfer, inflation protection, and mortality pooling. (19:07) The risks: employer insolvency, underfunding, and historical examples like Sears Canada and Nortel. (20:10–22:04) Evaluating pension solvency: sponsors, surplus status, funding ratios, diversification, and regulatory filings. (23:49) Reasons someone might take the commuted value: investment preferences, life expectancy concerns, and survivor benefits — the central issue in this case. (25:15–30:52) The tax trap: how the "excess amount" of a commuted value can trigger immediate taxation — in this case at the 53.53% marginal rate — and how RRSP room and PARs interact. (31:26–33:53) Modeling the decision: building retirement scenarios in financial planning software, including spending, inflation, CPP/OAS, rental income, and Monte Carlo analysis. (34:00–37:54) Results: 60/40 investment after commuting: overfunded plan but with significant volatility. 100% equity: higher legacy, similar failure rate. Leaving the pension with the employer: similar retirement score but dramatically higher Monte Carlo success (96%) due to guaranteed income, inflation hedging, and tax smoothing. (38:32–40:55) Why the pension's stable income floor and deferred taxation made such a big difference — even in a shortened-life-expectancy scenario. (41:05–41:37) Other firms simply accepted the commuted-value plan; PWL was the only firm to fully analyze the decision. (43:50–44:53) How personal values, risks, and emotional comfort interact with data in real financial planning decisions. (45:00–47:28) The next decision: choosing between a higher pension with a 2/3 survivor benefit or a lower pension with a 100% survivor benefit — and how break-even analysis (age 81) informed the client's choice. (47:44–48:31) Why planning software provides clarity people can't get through gut feel alone. (48:31–49:59) Trust and incentives: why turning down a large investable sum was the right decision — and why PWL celebrates that. (50:08–51:01) Culture + incentives: how PWL's structure allows advisors to prioritize clients without sales pressure. Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p 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/ Benjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://pwlcapital.com/our-team/ Cameron on X — https://x.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/ Ben Wilson on LinkedIn — https://www.linkedin.com/in/ben-wilson/ Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)
In this episode of Rational Reminder, Ben Felix, Cameron Passmore, and Ben Wilson return with a classic AMA format—answering listener questions that dig deep into the behavioral and evidence-based foundations of sensible investing. From lump-sum investing to the psychology of advice, the trio blend data, humor, and clear thinking to demystify complex financial ideas. They discuss the behavioral logic behind dollar-cost averaging, why mutual funds might actually be more tax-efficient than ETFs in Canada, and whether technology could ever truly replace human financial advisors. Plus, they share their biggest investing mistakes (yes, Bitcoin makes an appearance), dissect the rise of "buffered" ETFs, and explain why chasing complexity usually costs investors more than it helps. Key Points From This Episode: (0:00:05) Introduction – The first episode featuring all three hosts together: Ben Felix, Cameron Passmore, and Ben Wilson. (0:44) OneDigital update: expanding evidence-based advice across Canada with new PWL partners in Halifax. (2:36) The mission in motion – bringing the "markets work and planning matters" philosophy to more Canadians. (5:29) "Finding and funding a good life" – how PWL integrates wellness and happiness into financial planning. (6:16) AMA Question 1: Lump-sum vs. dollar-cost averaging — why lump-sum wins 65% of the time. (10:05) Base rates, behavioral regret, and the real role of an advisor. (12:22) The 2020 PWL paper results and how behavioral hedging fits in. (16:10) If dollar-cost averaging feels safer, maybe your portfolio is too aggressive. (18:08) AMA Question 2: Advice for smaller portfolios — how technology, AI, and fee-only planners can fill the gap. (21:01) Can AI really replace advisors? Cameron's Waymo analogy sparks debate. (23:33) AMA Question 3: Mutual funds vs. ETFs — why in Canada, mutual funds may actually be more tax-efficient. (30:00) The Capital Gains Refund Mechanism (CGRM) explained — and why it matters. (34:31) Dimensional's Canadian funds vs. Vanguard ETFs — tax distribution data that surprises most investors. (37:40) AMA Question 4: Are discount bonds priced for tax efficiency? The evidence says no—discount bonds still win. (42:23) AMA Question 5: Biggest investment mistakes — from Bitcoin regrets to house-buying reflections. (48:15) AMA Question 6: Buffered ETFs — comfort, complexity, and why simple portfolios outperform. (53:45) Simplicity as a superpower — why "markets work" is still the most radical idea in finance. (55:27) AMA Question 7: Updating the RR model portfolio — why there's no "optimal" portfolio and simplicity wins again. (58:31) After show: Reviews, humor, and a reminder about "No Net Worth November." (1:04:15) Life offline — Cameron's reflections on quitting social media and finding clarity. Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p 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://x.com/RationalRemindRational Reminder on TikTok — www.tiktok.com/@rationalreminder Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.caBenjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://pwlcapital.com/our-team/ Cameron on X — https://x.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/ Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)
Welcome to Teeth & Titanium, Episode 60, “Vacation Planning” This episode features: Current Events- AAOMS/CAOMS Recap- Learning and benefiting from resident exposure Fan Mail- Saying “Hi” to Wendall- Feedback from last episode- Thoughts on name change Resident reminder - Utilization of vacation/conference days during residency Journal Club- How Has Your Practice Changed?- Rapid and Low-Cost Mesh Shaping Technique for Orbital Fracture Reconstruction - A Technical Note Your Personal Finance Drill from PWL Capital, “Individual Pension Plan (IPP)”- Brady Plunkett Senior Wealth Advisor, Portfolio Manager, CFP®, CIM® Recommendations- Old school cosplay- Sus Girlfriend- New school cosplay- Guest Recommendation Be sure to subscribe so you never miss an episode! Apple / Spotify / Google / Online links Thanks to the CAOMS and PWL for their continued support of this podcast. https://www.caoms.com. PWL Capital; https://pwlcapital.com/ If you would like to contact us, be a guest, or would like to submit a topic for Resident Reminder or Journal club, please email us at: teethandtitaniumOMFS@gmail.com Hosted by Dr. Wendall Mascarenhas & Oscar DalmaoProduced by Dr. Brad W. Ray Articles/Books cited in this episode: Aghaloo T. How Has Your Practice Changed? J Oral Maxillofac Surg. 2025 Oct;83(10):1189. Paiva C, Tavares RN, Chaves FN, Carvalho FS. Rapid and Low-Cost Mesh Shaping Technique for Orbital Fracture Reconstruction - A Technical Note. J Oral Maxillofac Surg. 2025 Oct;83(10):1266-1270.
What if choosing your asset allocation was as personal as your life story—and as consequential as your retirement? In this episode, we are joined by PWL Capital's Louai Bibi and Ben Wilson for a deep dive into how advisors guide clients through the most important portfolio decision they'll ever make. Louai walks us through the research, psychology, and planning frameworks behind determining the right stock/bond mix, while Ben shares real-world insights from client cases where risk tolerance, pensions, and life events shifted the balance. We explore how Monte Carlo simulations stress-test financial plans, why spouses often disagree on risk, and how pensions act as “bond-like assets” in the bigger picture. Ben Wilson also takes us behind the scenes of PWL's post-OneDigital acquisition journey, revealing why advisors are drawn to join the firm, how succession planning shapes their choices, and why a unified evidence-based philosophy matters in Canada's wealth management landscape. The episode wraps with a fascinating look at surprising stock return outliers—like Build-A-Bear outperforming Nvidia—and what that teaches us about the futility of stock-picking versus the power of diversification. Key Points From This Episode: (0:01:00) Introducing PWL's Louai Bibi and Ben Wilson—today's topics: asset allocation, advisor succession, and surprising stock return data. (0:03:35) Louai explains the asset allocation decision: balancing stocks vs. bonds and why it's the biggest choice investors make. (0:05:12) Why asset allocation matters: inflation erodes purchasing power, and stocks/bonds help investors keep up or outpace it. (0:06:50) Historical lessons: $1 invested since 1970—outcomes for bonds, balanced portfolios, and 100% equities. (0:08:35) The risks of downturns: 2008 as a case study in how stocks vs. bonds shape losses and recovery times. (0:11:39) Risk tolerance questionnaires: how PWL uses surveys to gauge willingness vs. capacity to take risk. (0:13:45) When spouses disagree on risk tolerance—balancing perspectives and sometimes splitting portfolios. (0:16:42) Risk capacity: pensions, insurance, income stability, and emergency funds all shape asset allocation. (0:20:08) Real client cases: retirees discovering they don't need as much stock exposure, or elderly clients increasing equity later in life. (0:22:47) How often do clients change asset allocations? Rarely—except for life events like retirement. (0:27:10) Why Monte Carlo simulations are essential for stress-testing financial plans beyond straight-line projections. (0:30:20) PWL's “asset allocation email”: summarizing risks, pensions, debt, emergency funds, and personalized tradeoffs. (0:34:02) Pensions as “bond-like assets”—how they increase ability but decrease need to take risk. (0:37:11) Closing thoughts from Louai: think in dollar terms, investing is a marathon, and build confidence gradually. (0:39:32) Education shifts clients' choices: some reduce risk after learning the realities of volatility, others increase equity exposure with context. (0:43:10) Advisor “fixed effects”: research shows the advisor's own perspective strongly shapes client allocations. (0:45:39) Transition to Ben Wilson: what motivates advisors to join PWL post-OneDigital acquisition. (0:47:52) Reputation and content: how Rational Reminder, YouTube, blogs, and Canadian Couch Potato attract advisors. (0:50:34) PWL's unified philosophy: evidence-based, passive investing with a planning-first approach. (0:56:30) Key motivators for advisors: reducing admin burdens, escaping “aggregator” models, and building integrated team structures. (1:00:15) Succession planning: why advisors seek peace of mind for their clients and teams by partnering with PWL. (1:03:04) Ben Felix on why these conversations are exciting and why advisors should reach out early. (1:04:54) After show: Nvidia's insane 70% annualized 5-year return—and why lesser-known names like Build-A-Bear, Celestica, and Dillard's did even better. (1:06:33) Celestica's role in DFA funds and how it helped them keep pace with Shopify-driven indexes. (1:09:25) Why broad diversification captures unexpected winners (Build-A-Bear included) without speculation. (1:10:45) Active advisors pitch “winner-picking”—but history shows how impossible that really is. (1:12:16) Reviews and wrap-up. Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p 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://x.com/RationalRemindRational Reminder on TikTok — www.tiktok.com/@rationalreminder Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.caBenjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Dan Bortolotti — https://pwlcapital.com/our-team/ Dan Bortolotti on LinkedIn — https://ca.linkedin.com/in/dan-bortolotti-8a482310 Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)
In this episode, Ben Felix and Cameron Passmore take a critical look at the Canadian banking system's mutual fund advice model. A newly released study by the Ontario Securities Commission (OSC) and the Canadian Investment Regulatory Organization (CIRO) confirms what many already suspected: Canadian bank branches aren't in the business of giving impartial advice—they're selling financial products. Ben breaks down the implications of this study, which surveyed nearly 3,000 bank-affiliated mutual fund representatives, uncovering troubling statistics about sales pressure, lack of credentials, misaligned incentives, and poor client outcomes. From limited product shelves and high-fee mutual funds to representatives with minimal financial education, the findings expose systemic flaws in the bank advice model. The second half of the episode is a conversation with Connor and Taylor Hewson, who recently joined PWL Capital after operating their own multigenerational advisory firm. They reflect on the decision-making process, their practice's evolution, and how joining PWL aligned with their mission to deliver better, evidence-based advice to clients. Their story illustrates the professionalization of financial advice in Canada and what's possible when advisors choose client outcomes over product sales. Key Points From This Episode: (0:02:33) Introducing Connor and Taylor Hewson and their firm's integration with PWL Capital. (0:03:55) Why Canadians' loyalty to banks puts them at risk of poor financial advice. (0:06:22) Bank branch “advisors” often lack credentials and act as commissioned salespeople. (0:08:08) Overview of CBC's 2024 investigation into bank sales practices. (0:10:11) The OSC and CIRO's comprehensive 2024 survey of bank mutual fund reps. (0:11:47) One-third of bank reps agree their pay structure prioritizes sales over advice. (0:13:17) 35% of reps experience sales pressure “often” or “always.” (0:16:32) Almost half of bank reps believe clients would benefit from non-bank products. (0:18:52) A shocking 23% of reps couldn't define “MER”—a key mutual fund concept. (0:21:03) Advisors often make the same poor investing choices as their clients. (0:23:55) Why credentials like CFP and CFA—and firms that support them—matter. (0:26:18) How PWL Capital's structure addresses the problems with bank advice. (0:27:43) Taylor and Connor's journey from family firm to joining PWL. (0:31:18) Why they shifted from resistance to excitement about the acquisition. (0:35:46) Letting go of the need to “do everything” and focusing on client relationships. (0:40:06) How clients reacted to the transition—and the surprising questions they asked. (0:42:40) What they'd tell other advisors considering a move to PWL. (0:44:41) Building the future of advice by creating a true apprenticeship model. (0:52:12) Why advice—not just products—should be the center of financial services. Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p 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://x.com/RationalRemind Rational Reminder on TikTok — www.tiktok.com/@rationalreminder Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.ca Benjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://pwlcapital.com/our-team/ Cameron on X — https://x.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/ Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)
What if the most impactful financial advice isn't about picking the right investment—but about understanding human behaviour, simplifying your life, and laughing along the way? In this episode of the Rational Reminder podcast, we're joined by none other than David Chilton, author of the legendary personal finance book The Wealthy Barber. David shares insights from decades of experience helping Canadians improve their financial well-being through simplicity, frugality, and clarity. We dig into the enduring lessons of his 1989 classic, why the new edition took even longer to write, and what's changed (and what hasn't) in the personal finance landscape. From his views on insurance and home ownership to the psychology of spending, his entertaining yet practical approach makes complex ideas feel surprisingly accessible. We also explore the challenges of dollar-cost averaging, the role of financial advisors, and what it really costs to own a home. And yes, you'll also hear how his mom helped launch Canada's most successful cookbook series. Key Points From This Episode: (0:20) Introducing David Chilton and his impact on the PWL team (3:22) Why Dave believes the original Wealthy Barber still holds up (6:44) His enduring belief in term life insurance and investing the difference (8:08) What he got wrong: mutual funds, high fees, and underestimating behavioural traps (11:16) How the book's success changed his life—and what stayed the same (13:32) The unexpected tipping point that drove its breakout popularity (15:13) Why he wrote The Wealthy Barber Returns after a long break (16:41) What excites him most about the new revision and who it's for (18:29) His kids, Rob Carrick, and the housing crisis: why now was the time (20:13) Transitioning to videos and podcasts to reach modern audiences (22:41) The best part of being “The Wealthy Barber”—and what he's learned from readers (25:34) The surprising volume of portfolios people send him—and why he still reviews them (27:12) What decades of portfolio analysis taught him about investor underperformance (32:50) On lump sum vs. dollar-cost averaging—and the role of psychology (37:52) Should you pay down debt or invest? Dave's practical framework (39:49) What a good financial advisor should (and shouldn't) do (43:08) The hidden costs of homeownership—and why people underestimate them (48:29) Misleading conclusions about wealth, university, and home ownership (50:40) The biggest home ownership mistakes people make (52:24) Writing the new Wealthy Barber at the same card table (53:25) Should you pay back the Home Buyer's Plan early? Dave says no—and here's why (55:52) Why small optimizations—like minimizing RRSP fees—can really add up (56:55) Spending rises with home size—and the real trap of lifestyle creep (57:05) The most important financial variable of all: saving (and not borrowing too much) Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p 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://x.com/RationalRemind Rational Reminder on TikTok — www.tiktok.com/@rationalreminder Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.ca Benjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Dan Bortolotti — https://pwlcapital.com/our-team/ Dan Bortolotti on LinkedIn — https://ca.linkedin.com/in/dan-bortolotti-8a482310 Cameron Passmore — https://pwlcapital.com/our-team/ Cameron on X — https://x.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/ Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)
In this episode of the Rational Reminder Podcast, Ben Felix and Dan Bortolotti celebrate the show's 7th anniversary with a conversation centered around timeless investing wisdom. Drawing from a vibrant thread in the Rational Reminder community, they unpack dozens of quotes that distill decades of financial insight into actionable mantras. What begins as a curated list of one-liners quickly evolves into a masterclass on the behavioral and practical realities of long-term investing. From “pay yourself first” to “diversification is the only free lunch,” Ben and Dan explore how psychological resilience, humility, and clear planning matter more than predictive genius. The quotes spark deep discussions on topics ranging from portfolio construction and risk perception to fees, fear, and investor behavior—each one contextualized with real-world examples. Key Points From This Episode: (0:04) Celebrating 7 years of the podcast and its growing impact across video and audio platforms. (1:33) Reflecting on PWL's evolution and the value-aligned advisors looking to join. (8:00) Introducing the main topic: timeless investing quotes from the Rational Reminder community. (10:24) “Pay yourself first”: Why savings matter more than returns early on. (14:06) The flaws in one-size-fits-all savings rules like “save 10% of your income.” (15:07) “The investor's worst enemy is himself”: Behavioral finance and investor psychology. (17:17) “This time is different”: Templeton's warning against market narratives and FOMO. (20:31) “Have a philosophy you can stick with”: Why strategy persistence matters more than perfection. (23:59) ARK as a case study: Conviction versus performance-chasing. (26:38) Buffett on risk: Be ready for 50% drawdowns—even in diversified portfolios. (28:58) The global market portfolio: Sharpe and Fama's starting point for asset allocation. (31:50) “Far more money is lost preparing for corrections”: Lynch on market timing mistakes. (35:18) Volatility is emotional, not just mathematical—especially in crises like COVID or 2008. (40:29) Charles Ellis: “Risk is not having the money when you need it.” (42:08) “Volatility is the price of admission”: Embracing risk to pursue long-term returns. (44:30) Ken Fisher: “Normal returns are extreme.” Why market behavior is rarely average. (47:16) “Risk is what's left when you think you've thought of everything.” Planning for the unknown. (49:07) Life has a fat tail: LTCM and the perils of underestimating extreme events. (50:25) “Make sure you're at the table, not on the menu”: Cochrane on avoiding bad financial products. (52:31) Bogle: “We get precisely what we don't pay for.” Why low-cost beats high-fee. (55:13) Trading and over-monitoring: Why “doing less” often means better returns. (57:02) “It ain't what you don't know…”: Humility in the face of market uncertainty. (59:26) “Diversification is the only free lunch”: Reducing risk without reducing expected return. (1:00:35) Bogle: “Don't look for the needle. Just buy the haystack.” (1:02:38) Focus on what you can control: Savings, costs, asset allocation—not market returns. Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p 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://x.com/RationalRemindRational Reminder on TikTok — www.tiktok.com/@rationalreminder Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.caBenjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Dan Bortolotti — https://pwlcapital.com/our-team/ Dan Bortolotti on LinkedIn — https://ca.linkedin.com/in/dan-bortolotti-8a482310 Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)
How Should You Pay Yourself as a Business Owner? Salary, Dividends, or an IPP? In this episode, Joe chats with Braden Warwick from PWL Capital about how business owners can pay themselves in the smartest way. They break down the pros and cons of taking a salary, dividends, or using an Individual Pension Plan (IPP), a lesser-known but powerful option. Braden shares what he's learned from co-authoring a paper with Ben Felix, and they talk through real-life examples. You'll learn how taxes play into each option, what “notional accounts” are (in simple terms), and how a flexible income plan could help you get the most from your money,both now and in retirement. Here's what you're in for: 00:00 – Welcome and intro 00:24 – Meet Braden and his role at PWL 01:57 – What the research says about business owner pay 04:03 – Tax pros and cons of each method 08:46 – What are notional accounts, anyway? 13:02 – How IPPs work and who they're good for 17:35 – Using a flexible salary strategy 25:49 – Final thoughts and where to learn more —------------------------------------------------------------- ABOUT BRADEN WARWICK Braden Warwick is a PhD Research Engineer who loves turning complex research into practical, high-performing software. With a background in optimization, Monte Carlo and statistical analysis, and stochastic modeling, he's passionate about solving tough problems and making data-driven tools that work in the real world. Braden has hands-on experience with GPU-accelerated simulations, parallel processing, and modern Python and JavaScript frameworks, bringing innovative ideas from theory to production. You can reach out to Braden through: LinkedIn: https://www.linkedin.com/in/braden-warwick-a40b48a3 Website: https://www.bradenwarwick.ca (Personal) —------------------------------------------------------------- ABOUT JOE CURRY Joe Curry is the host of Business and Exit Planning Simplified and the owner and lead financial planner at Matthews + Associates in Peterborough, Ontario. A Certified Financial Planner and Certified Exit Planning Advisor, Joe is passionate about helping business owners maximize value, plan successful exits, and find purpose beyond their business. His mission is to ensure clients retire with confidence—financially secure and personally fulfilled. You can reach out to Joe through: LinkedIn: https://www.linkedin.com/in/curryjoe Website: https://www.retirementplanningsimplified.ca/ https://www.facebook.com/RetirementPlanningSimplified/ https://matthewsandassociates.ca/ ABOUT BUSINESS AND EXIT PLANNING SIMPLIFIED The Business and Exit Planning Simplified podcast offers clear, actionable guidance to help business owners maximize value, plan successful exits, and achieve financial freedom. Hosted by Joe Curry, a Certified Financial Planner and Certified Exit Planning Advisor, each episode delivers expert insights, real-life case studies, and practical strategies tailored for service-based entrepreneurs approaching retirement. The podcast empowers listeners to transition with clarity, confidence, and a renewed sense of purpose. —------------------------------------------------------------- Disclaimer: Opinions expressed are those of Joseph Curry, a registrant of Aligned Capital Partners Inc. (ACPI), and may not necessarily be those of ACPI. This video is for informational purposes only and not intended to be personalized investment advice. The views expressed are opinions of Joseph Curry and may not necessarily be those of ACPI. Content is prepared for general circulation and information contained does not constitute an offer or solicitation to buy or sell any investment fund, security or other product or service.
What if early RRSP withdrawals aren't always the tax-smart move they're made out to be? In this special AMA edition of the Rational Reminder podcast, Ben and Cameron are joined by PWL Financial Planner Louai Bibi for a wide-ranging discussion on RRSP decumulation strategies, insurance planning, and the practical complexities that real clients face when theory meets reality. Ben walks through a listener's case study and shares insights from colleague Melissa on why early RRSP withdrawals (a.k.a. “meltdown” strategies) are not always beneficial—especially when viewed through a present-value lens. Louai contributes in-the-trenches experience, highlighting how client goals (estate vs. living net worth) and asset allocation can significantly influence what makes sense. In the second half, Louai delivers a comprehensive walkthrough of how PWL approaches life, disability, and critical illness insurance planning—not as salespeople, but as fiduciaries. You'll hear why the right coverage isn't one-size-fits-all, how survivor models are used to project financial impacts, and why the smallest, cheapest policy can still make a life-changing difference. Key Points From This Episode: (0:00:04) Introduction and full-circle moment: Louai Bibi joins the show. (0:01:48) Reflections on the first PWL employee summit and One Digital integration. (0:06:30) Upcoming Rational Reminder meetups in Victoria and Vancouver. (0:07:40) Steve's question: Should he be melting down his growing RRSP? (0:09:15) Ben outlines a detailed client case where early withdrawals had minimal benefit. (0:12:10) Key takeaway: Present value of taxes matters more than total lifetime taxes. (0:13:50) Melissa's advice: Model your specific situation, not just follow YouTube tips. (0:15:56) Louai adds: The impact on future investment growth and taxable account drag. (0:17:28) Systematically reviewing RRSP strategies annually in November. (0:21:12) Taxes and portfolio construction: Home country bias, withholding tax, and more. (0:22:11) The importance of tax diversification—lessons from the capital gains inclusion saga. (0:23:11) RESP withdrawals and CRA's definition of “reasonable” expenses. (0:25:41) Fiduciary standards in Canada: Why sweeping change is unlikely. (0:26:29) Most influential ideas from 300+ episodes: Market beliefs, information overload, and Die With Zero. (0:34:36) Time, meaning, and memories: A shift in life perspective through the podcast. (0:38:47) Louai's top 3 lessons: Unified philosophy, consumption smoothing, and homeownership myths. (0:42:21) Deep dive: How PWL approaches life, disability, and critical illness insurance. (0:45:00) Life insurance: Survivor modeling, planning trade-offs, and permanent vs. term. (0:51:32) Disability insurance: Hidden risks in group coverage and income replacement importance. (0:56:36) Critical illness insurance: A real story about an inexpensive policy that changed a life. (1:00:07) Ben's experience with testicular cancer and hindsight on CI coverage. (1:01:45) Teaser: A new disclaimer for reading podcast reviews. (1:02:08) After-show: MobLand, The Sopranos, and the nostalgia of Animal Kingdom. Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p 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://x.com/RationalRemind Rational Reminder on TikTok — www.tiktok.com/@rationalreminder Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.caBenjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://pwlcapital.com/our-team/ Cameron on X — https://x.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/ Louai Bibi — https://pwlcapital.com/our-team/ Louai Bibi on LinkedIn - https://ca.linkedin.com/in/louaibibi Louai Bibi on X - https://x.com/louaibibi Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
What if holding just a few “winning” stocks is riskier than it seems? In this episode, Ben and Cameron explore the hidden dangers of concentrated portfolios and unpack the data that makes a strong case for diversification. Drawing from research by Hendrik Bessembinder, J.P. Morgan, and others, Ben lays out the harsh reality behind individual stock returns: the odds are stacked against long-term success. From skewed return distributions and catastrophic losses to behavioral traps like the endowment effect and familiarity bias, this conversation breaks down why most stock pickers lose—and why diversification remains the only “free lunch” in investing. Whether you're holding onto a single stock for tax reasons, overconfidence, or just inertia, this episode is a must-listen reality check on portfolio risk. They also share thoughts on advisor adoption of indexing, the slow shift in Canada, and how a Rational Reminder YouTube video sparked debate between stock pickers and indexers in the comments section. For anyone navigating concentrated positions—voluntarily or otherwise—this episode is packed with data-driven insight and real-world takeaways. Key Points From This Episode: (0:00) Welcome to Episode 363: catching up in person and the value of working together in-office. (1:07) Why advisors are slow to adopt indexing—and how culture, compensation, and inertia play a role. (2:58) Demand is rising: indexing awareness among young advisors and investors continues to grow. (4:08) Main topic: The hidden risks of individual stock concentration. (5:40) The Nortel example: taxes, timing, and the illusion of "free" stock. (6:51) Individual stocks are far riskier than most people realize—especially recent winners. (9:09) Most investors hold between 3–7 stocks. Why that's a problem. (11:29) Portfolio concentration = fugu prepared by an amateur chef. (12:45) Diversification reduces risk without reducing expected return. (14:04) JP Morgan's “Agony & Ecstasy” report: 44% of stocks suffer catastrophic losses. (16:26) Why investors overweight the chance of a big win and underweight the risk of losses. (17:07) The reality of skewed returns: a few big winners, many losers. (24:35) The 2023 study on concentrated stock positions: recent top performers underperform the most. (28:40) How many stocks do you need for real diversification? Way more than 20–30. (32:00) Wealth dispersion and the long-term consequences of concentration. (35:24) Why even 100-stock portfolios only beat the market 47.5% of the time. (36:55) Taxes, control, and psychological hurdles make diversifying even harder. (38:14) Diversification depends on your preference for risk and skewness—but beware the odds. (39:08) Behind the scenes: Ben's research process and content development workflow. (43:14) Ben's guest appearance on Morningstar's The Long View. (44:00) Meetups, t-shirt scarcity, and what's next for PWL outreach. Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p 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://x.com/RationalRemindRational Reminder on TikTok — www.tiktok.com/@rationalreminder Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.caBenjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://pwlcapital.com/our-team/ Cameron on X — https://x.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/` Episode 346: Hendrik Bessembinder - https://rationalreminder.ca/podcast/346 Papers From Today's Episode: ‘The Agony & The Ecstasy' - https://privatebank.jpmorgan.com/nam/en/insights/latest-and-featured/eotm/the-agony-the-ecstasy ‘Why Index Works' - https://www.top1000funds.com/wp-content/uploads/2017/07/Why-indexing-works.pdf ‘Underperformance of Concentrated Stock Positions' - https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4541122 ‘How Many Stocks Should You Own?' - https://ndvr.com/journal/how-many-stocks-should-you-own ‘Fund Concentration: A Magnifier of Manager Skill' - https://discovery.researcher.life/article/fund-concentration-a-magnifier-of-manager-skill/67964b7ccc9d3cae87761f6ef19241a0
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 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://x.com/RationalRemindRational Reminder on TikTok — www.tiktok.com/@rationalreminder Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.caBenjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://pwlcapital.com/our-team/ Cameron on X — https://x.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/ Braden Warwick on LinkedIn — https://www.linkedin.com/in/braden-warwick-a40b48a3 PWL Capital Retirement Planning Tool — https://research-tools.pwlcapital.com/research/retirement OneDigital — https://www.onedigital.com/ Episode 341: PWL's Next Chapter — https://rationalreminder.ca/podcast/341 Episode 355: Do Index Funds Incur Adverse Selection Costs? — https://rationalreminder.ca/podcast/355 Episode 200: Prof. Eugene Fama — https://rationalreminder.ca/podcast/200 Episode 100: Prof. Kenneth French: Expect the Unexpected — https://rationalreminder.ca/podcast/100 Episode 93: Cliff Asness from AQR: The Impact of Stories, Behaviour and Risk — https://rationalreminder.ca/podcast/93 Episode 270: What Happened to All the Billionaires? with Victor Haghani and James White — https://rationalreminder.ca/podcast/270 Episode 11: Robb Engen: Simple vs. Complex — https://rationalreminder.ca/podcast/11 Episode 203: S*** (Misguided) Financial Advisors Say — https://rationalreminder.ca/podcast/203 The Money Scope Podcast — 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/ The Podcast Consultant — https://thepodcastconsultant.com/ The Long View — https://www.morningstar.com/podcasts/the-long-view Eli Beracha on LinkedIn — https://www.linkedin.com/in/eli-beracha-b8082250/ CIBC Mutual Funds — https://www.cibc.com/en/personal-banking/investments/mutual-funds.html Microsoft Excel — https://www.microsoft.com/microsoft-365/excel Python — https://www.python.org/ Monte Carlo — https://www.montecarlodata.com/ ChatGPT — https://chatgpt.com/ Papers From Today's Episode: ‘The Arithmetic of Active Management' — https://www.jstor.org/stable/4479386 ‘Lifetime Portfolio Selection under Uncertainty: The Continuous-Time Case' — https://www.jstor.org/stable/1926560
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 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://x.com/RationalRemindRational Reminder on TikTok — www.tiktok.com/@rationalreminder Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.caBenjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Dan Bortolotti on LinkedIn — https://www.linkedin.com/in/dan-bortolotti-8a482310/ Mark McGrath on LinkedIn — https://www.linkedin.com/in/markmcgrathcfp/ Mark McGrath on X — https://x.com/MarkMcGrathCFP Episode 248: Prof. William Goetzmann: Learning from Financial Market History — https://rationalreminder.ca/podcast/248 Episode 100: Prof. Kenneth French: Expect the Unexpected — https://rationalreminder.ca/podcast/100 Episode 352: Jessica Moorhouse: Everything But Money — 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 Episode 224: Prof. Scott Cederburg: Long-Horizon Losses in Stocks, Bonds, and Bills — https://rationalreminder.ca/podcast/224 Episode 284: Prof. Scott Cederburg: Challenging the Status Quo on Lifecycle Asset Allocation — https://rationalreminder.ca/podcast/284 Episode 350: Scott Cederburg: A Critical Assessment of Lifecycle Investment Advice — https://rationalreminder.ca/podcast/350 Episode 89: Wade Pfau: Safety-First: A Sensible Approach to Retirement Income Planning — https://rationalreminder.ca/podcast/89 Episode 289: Retiring Retirement Income Myths with the Retirement Income Dream Team — https://rationalreminder.ca/podcast/289 Episode 122: Prof. Moshe Milevsky: Solving the Retirement Equation — https://rationalreminder.ca/podcast/122 Episode 59: Alexandra Macqueen: Financial Economics and Annuities: Rational Planning for Retirement — https://rationalreminder.ca/podcast/59 Episode 283: When Volatility is Risk, and Introducing The Money Scope Podcast — https://rationalreminder.ca/podcast/283 Episode 351: DFA vs. Vanguard — https://rationalreminder.ca/podcast/351 Episode 254: David Blanchett: Regret Optimized Portfolios, and Optimal Retirement Income — https://rationalreminder.ca/podcast/254 Episode 152: Evaluating Systematic Equity Strategies — https://rationalreminder.ca/podcast/152 Episode 347: The Case for Index Funds — https://rationalreminder.ca/podcast/347 Episode 281: Lifecycle Asset Allocation, and Retiring Successfully with Justin King — https://rationalreminder.ca/podcast/281 Episode 315: An Update from Avantis with Eduardo Repetto — https://rationalreminder.ca/podcast/315 Alberta Pension Plan — https://www.albertapensionplan.ca/ Financial Planning Association of Canada — https://www.fpassociation.ca/ Hook — https://www.imdb.com/title/tt0102057/ Antti Ilmanen | AQR — 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 Narrative Economics: How Stories Go Viral and Drive — https://www.amazon.com/dp/0691182299 Papers From Today's Episode: ‘Negative Bubbles: What Happens after a Crash' — https://ssrn.com/abstract=3038658 ‘Beyond the Status Quo: A Critical Assessment of Lifecycle Investment Advice' — 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 ‘Finding and Funding a Good Life' — https://pwlcapital.com/finding-and-funding-a-good-life/
In this episode, Ben, Dan, and Mark tackle another Ask Me Anything (AMA) session, covering a wide range of investing and financial planning topics. They begin with a highly requested debate on factor investing versus market cap-weighted portfolios and unpack the theory, research, and practical considerations behind both strategies. Ben explains why he prefers factor tilts when managing client portfolios, while Dan shares his perspective on why a simple market cap-weighted approach is more practical and sustainable. Then, they delve into the drivers of investor behaviour, common mistakes investors make, and powerful strategies to help investors overcome biases and improve their decision-making abilities. They also discuss the role of bonds in a portfolio, whether international bonds offer additional benefits, key retirement planning strategies, and the impact of sequence-of-returns risk. Join the conversation to discover how large corporations manage cash reserves, unpack the SPIVA Canada 2024 report findings, and explore the continued struggles of active management. Tune in now! Key Points From This Episode: (0:01:06) Ben explains why market cap weighting is a valid strategy but prefers factor tilting. (0:06:58) Dan shares why he prefers market cap weighting approaches over factor tilting. (0:13:45) Hear how client expectations shape their investment approaches. (0:18:12) How to overcome the psychological challenges of investing and reframe your mindset. (0:22:02) The role of bonds and fixed income in a portfolio and sequence of withdrawal risk. (0:36:19) Recommendations for factor ETFs and the home biases associated with them. (0:39:48) Unpack the 4% rule for retirement planning and amortization-based withdrawals. (0:47:47) Expected returns for a “millennial” portfolio and why 10% annualized is unrealistic. (0:52:38) Find out if PWL would ever open a branch in the US and about their US partnerships. (0:53:20) Explore how corporate cash management differs from typical household investing. (0:55:59) Uncover the value of bonds and the common misconceptions surrounding them. (1:00:40) Learn about the pros and cons of investing in stocks and ETFs. (1:09:13) Aftershow: the SPIVA Canada 2024 report, activate management struggles, updates, and more. Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p 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://x.com/RationalRemind Rational Reminder on TikTok — www.tiktok.com/@rationalreminder Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.ca Benjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Mark McGrath on LinkedIn — https://www.linkedin.com/in/markmcgrathcfp/ Mark McGrath on X — https://x.com/MarkMcGrathCFP Dan Bortolotti — https://pwlcapital.com/our-team/ Dan Bortolotti on LinkedIn — https://www.linkedin.com/in/dan-bortolotti-8a482310/ Canadian Couch Potato Blog — https://canadiancouchpotato.com/ Canadian Couch Potato Podcast — https://canadiancouchpotato.com/podcast/ Dimensional (DFA) vs. Vanguard — https://www.youtube.com/watch?v=JfknibBat2A Episode 93: Cliff Asness from AQR — https://rationalreminder.ca/podcast/93 Episode 135: William Bengen — https://rationalreminder.ca/podcast/135 Episode 297: Do Stocks Return 10-12% On Average? — https://rationalreminder.ca/podcast/297 Episode 340: Ben Mathew — https://rationalreminder.ca/podcast/340 Episode 343: How to Choose an Asset Allocation — https://rationalreminder.ca/podcast/343 Credit Suisse Data — https://marketdata.credit-suisse.com/pmdr/en/index.html#/ SPIVA® Canada Year-End 2024 — https://www.spglobal.com/spdji/en/spiva/article/spiva-canada/ The Wealthy Barber Podcast — https://thewealthybarber.com/podcast/ Books From Today's Episode: Wealthier — https://www.amazon.com/Wealthier-Investing-Field-Guide-Millennials-ebook/dp/B0CX2VD1CW
Welcome to The 80's Montage! (music, mateys and cool shit from the 80s) Your Hosts Jay Jovi & Sammy HardOn, singers from Australian 80's tribute band Rewind 80's. We take you back to living in the 80's: music, artists, TV commercials and video clips. Please rate, review and enjoy! Music licensed by APRA/AMCOS Theme music ©2019 M. Skerman. Produced & edited by Matty Ray. See Facebook for links to videos & songs mentioned in this episode! Email: Samantha@planet80s.com.auFacebook: the80smontagepodcast twitter: @the80smontage instagram: the80smontageRewind 80's Band - www.rewind80sband.comTickets - www.rewind80smixtape.com.auBookings - samantha@planet80s.com.auPlease Subscribe, Like, Share, Rate (Itunes please)You can join to for only $2 a month (Get On It)https://www.patreon.com/the80smontagepodcastTixs for Rewind 80s Band - www.rewind80smixtape.com.auAPRA AMCOS licence - Please note Links: Kylie Minogue - Better The Devil You Know (Official Remastered HD Video)https://youtu.be/tto_nmsND_o?si=WyReh03HF8O_9caP #KylieMinogueKylie Minogue - Put Yourself in My Place (Official Video)https://youtu.be/q9t6wef5xlE?si=9qMifDpeQHCKFFF_Kylie Minogue - Never Too Late - Official Videohttps://youtu.be/jWDNMmzvNB4?si=D5EECBfFUefPkxyhKylie Minogue - What Do I Have To Do (Behind The Scenes)https://www.youtube.com/watch?v=TnX5r0iWCvYKylie Minogue - What Do I Have To Do? (Official Remastered HD Video)https://youtu.be/aGxJm_Sy2aw?si=HnVPyRC3mqN5EXrHKylie Minogue - Step Back In Time (Official Remastered HD Video)https://youtu.be/6ykq-E_7TZA?si=IkWlxsAkhHsrv2rMKylie Minogue - Agent Provocateur (Commercial 2001) HDhttps://youtu.be/5Wlsd5YzrmM?si=3Dm-fTLFxym7C2xaKylie Minogue - Word Is Out - Official Videohttps://youtu.be/L0ukmCvL0Oo?si=qcYtkBAwAp1Y4eNiKylie Minogue - Padam Padam (Official Video)https://youtu.be/p6Cnazi_Fi0?si=dW4DvYlGu4d8cVnCKylie Minogue - Je Ne Sais Pas Pourquoi (I Still Love You) - Official Videohttps://youtu.be/qzi-mu3Vqlo?si=sakZbViLrc2xAj49 #PWLThanks For Listening!The 80's Montage Podcast
To mark reaching the end of the journey through every single produced by Mike Stock, Matt Aitken and Pete Waterman from 1984-1993, Gavin and Matt celebrate the music of the Hit Factory by counting down our listeners' favourite 20 singles from the list of 200 we have discussed on the podcast. What will be number 1? (Subscribers, numbers 50-21 are counted down in the bonus material at chartbeats.com.au/saw-bonus)Support the showSubscribe for bonus material at chartbeats.com.au/sawInstagram: @chartbeatsauThreads: @chartbeatsau, @matthew_denby360Bluesky: @chartbeatsau, @matthewdenby.bsky.socialFacebook: Chart Beats: A Journey Through PopEmail: chartbeats.au@gmail.com
In 2025, the iconic NOW series moves into the world of musical theatre with a brand new show ‘NOW, That's What I Call A Musical' delivering a storyline that ties friendship and incredible 80s pop music together perfectly. A dynamic cast, a sure fire story from Pippa Evans filled with a rollercoaster of emotions and laughter is coupled by choreography from Craig Revel Horwood for a guaranteed hit night out!And if that wasn't enough the touring show includes guest appearances from an array of pop icons - Sinitta, Carol Decker, Toyah Wilcox and Sonia!And for this special episode of Back to Now, Sonia exclusively joins us to chat about the show and how this pop nostalgia spectacular is exactly what we need right now. As well as providing details (no spoilers!) about the show, Sonia takes us back to the year it's set - 1989 - and shares her own memories of becoming one of the decades most successful female chart stars. We go behind the scenes of PWL, how Sonia really convinced Pete Waterman to sign her up to the Hit Factory, who she to borrow clothes from for her debut video and what it meant to move from being a pop fan into the pages of Smash Hits in a very short period indeed!We also can't spend some time with Sonia and not talk Eurovision - so we do, and it's a blast of Europop memories.And, exclusively - find out which NOW album played constantly in Sonia's (and her boyfriends) car! Grab your popcorn, take your seat and tune into big 1989 pop memories and much more with this special episode of Back to NOW! Hosted on Acast. See acast.com/privacy for more information.
PWL Capital is undergoing an exciting change that will help the company bring a greater positive impact to the Canadian Wealth Management space and serve more clients effectively. In this episode, Ben Felix and Cameron Passmore welcome Mike Sullivan, co-founder of OneDigital, to share the inside story behind PWL Capital's recent decision to join forces with OneDigital. With nearly 25 years of experience in growth through acquisitions, Mike explains how their unique culture and strategic vision led to this exciting collaboration. We discuss Mike's role in driving OneDigital's expansion and how the company's values align with PWL's mission to offer low-cost, client-centric, systematic investing. He provides insights into why this partnership represents more than just a business transaction by amplifying a shared vision for Canadian investors. Our conversation also delves into the dynamics of mergers and acquisitions and examines the importance of culture and purpose in making these critical decisions. Today's episode offers a rare inside look at an M&A transaction with key players that many listeners will already be well-acquainted with. Tune in now to hear it all! Key Points From This Episode: (0:00:16) Details on PWL Capital's decision to partner with OneDigital. (0:14:31) An introduction to co-founder Mike Sullivan and OneDigital. (0:16:38) How Mike knows when an acquisition will be a good fit. (0:19:13) The opportunities for building a different kind of wealth management firm in Canada. (0:21:14) What attracted Mike to PWL as a potential OneDigital partner. (0:34:05) Mike's insights on applying what's worked to the Canadian marketplace. (0:36:14) How being part of OneDigital will make PWL better. (0:37:59) Mike and his co-founder Adam Bruckman's objectives for OneDigital. (0:40:20) Why you shouldn't expect changes to PWL's service offerings or teams. (0:45:02) How being part of OneDigital will help PWL assist other like-minded advisors. (0:46:36) The typical advisor profile that PWL/OneDigital Canada would like to attract. (0:53:15) Reflections on our hopes and goals: what we are looking forward to at PWL. (0:57:45) Mike's definition of success, plus Cam and Ben's answer to the success question! Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p 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://x.com/RationalRemindRational Reminder on TikTok — www.tiktok.com/@rationalreminder Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.caBenjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://pwlcapital.com/our-team/ Cameron on X — https://x.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://x.com/MarkMcGrathCFP Mike Sullivan on LinkedIn — https://www.linkedin.com/in/mikesullivanatdigital/ OneDigital — https://www.onedigital.com/
Happy four years of PWL! Sorry about Mike's audio here, we don't know what happened.
Shortly after Mike Stock left PWL in 1993, he purchased a building to house a brand-new studio complex and record label, Love This, and reunited with Matt Aitken to resume their songwriting and production work together. Although, over the next few years, the duo would release many more cover versions than original songs, having success with the likes of Nicki French, Jocelyn Brown & Kym Mazelle, John Alford, Newton (in Australia) and Robson & Jerome. Mike Stock joins us for one final time to recap the highlights from the Love This era and give his rationale for the emphasis on remakes, He also discusses working with Simon Cowell on quite a few projects, including the theme to kids' TV show Mighty Morphin' Power Rangers and how the problems plaguing Love This, such as a dispute with the London Underground over rail work that compromised his studios and issues surrounding the release of "Santa Maria" by Tatjana, resulted in the label being shut in 1997. Mike goes on to talk about some of the work he's done since, such as tracks by pop acts Scooch and Girls@Play, and what he would like his overall musical legacy to be. Matt Aitken, Miriam Stockley and Julian Gingell also feature to share their memories of this era. Support the showSubscribe for bonus material at chartbeats.com.au/sawInstagram: @chartbeatsauThreads: @chartbeatsau, @matthew_denby360Bluesky: @chartbeatsau, @matthewdenby.bsky.socialFacebook: Chart Beats: A Journey Through PopEmail: chartbeats.au@gmail.com
Although both Matt Aitken and Mike Stock had left the building, PWL Records continued to release music — and in this epilogue episode, we look at some of the artists who succeeded and some that didn't hit the mark in the few years after the demise of Stock Aitken Waterman. Former PWL MD David Howells joins us to discuss the challenges of starting afresh with new talent to replace Mike and Matt, and talks about what prompted his own departure from the business he had helped steer since the mid-'80s. With a strong focus on dance music at PWL in the '90s, one of the more consistent acts — in terms of quality and chart success — was Loveland. Paul Taylor returns to explain how the group behind hits like "Let The Music (Lift You Up)" and "I Need Somebody" came about, and how PWL's Manchester business received much of Pete Waterman's attention at this point. Paul also discusses his own unceremonious exit from the group. Meanwhile. Slamm remained signed to PWL and were put to work with Gary Miller on increasingly poppy music, with singer Johnny Wilks recapping that era of the band's journey for us. Then, we finish by looking at how Pete's initial run with PWL ended in 1996 and who the songwriters and producers were that would provide him with a second wave of success in the following years with acts like Steps, Tina Cousins and Westlife.Support the showSubscribe for bonus material at chartbeats.com.au/sawInstagram: @chartbeatsauThreads: @chartbeatsau, @matthew_denby360Bluesky: @chartbeatsauFacebook: Chart Beats: A Journey Through PopEmail: chartbeats.au@gmail.com
As we approach the end of 2024, I want to share an optimistic perspective on the future. The trucking and logistics industry is thriving and appears to be on track for a record year in 2025. If you need statistical support, I have that available. According to the American Trucking Association, the freight and logistics industry in the United States is substantial and expanding. The GDP for the transportation sector reached $738.5 billion in Q4 2023. Preliminary figures indicate that the nation's trucking freight bill totaled $987 billion in gross freight revenues for primary shipments in 2023. **International Trucking:** - Trucks transported 66.5% of the value of surface trade between the U.S. and Canada in 2023. - Trucks transported 84.5% of the value of surface trade between the U.S. and Mexico in 2023. **Employment:** - In 2023, 8.5 million people were employed in jobs related to trucking activity across the economy, excluding the self-employed. - There were 3.55 million truck drivers employed in 2023, reflecting an increase of 0.3% from 2022. The Bureau of Labor Statistics (BLS) projects that employment for logisticians will grow by 19% from 2023 to 2033, which is much faster than the average for all occupations. Haittam Greib, the CEO and founder of Prestige Worldwide Logistics, has led the company to recognition by INC Nationals and Regionals as one of the fastest-growing companies. Trusted to transport over one million shipments per year, Prestige Worldwide Logistics (PWL) addresses the freight management needs of small, medium, and enterprise-level organizations. Based in Detroit, Michigan, PWL is a non-asset-based third-party logistics provider that offers solutions in LTL, partial and full truckload, intermodal, expedited, and drayage transportation. PWL partners with an integrated network of over 20,000 carriers, utilizes proprietary Transportation Management Systems (TMS) technology, and connects customers with experienced service professionals. The company is committed to simplifying the shipping and distribution processes for businesses across the United States and Canada. As an entrepreneurial leader and logistics expert, I launched Metro Creations at the age of 21, providing print and online marketing services to small businesses. At 25, I founded Prestige Worldwide Logistics (PWL) in 2011. Despite various challenges, PWL evolved from a freight brokerage into a full-service third-party logistics (3PL) provider, securing contracts with major clients, including government entities and leaders in the automotive and aerospace sectors. In 2015, I initiated UFR8 to tackle driver shortages with proprietary technology. Our commitment to excellence was recognized when we secured our first government contract, managing transportation for military bases. We later partnered with NEXCOM to handle supply chain logistics for top brands. Today, I aim to inspire and empower my team in the logistics industry. We seek to expand into multiple sectors, leveraging our experience to provide unmatched transportation services. With a focus on adaptability, innovation, and personalized service, PWL is dedicated to being a single point of contact for all transportation needs. For more information: https://www.shippwl.com/ Email: haittam@shippwl.com Call: (248) 707-1991
Every journey has an ending, and in this episode, we reach the final three singles produced by Mike Stock and Pete Waterman in 1993 — and discuss the events surrounding the termination of the partnership as Mike left PWL. Former Miss America Suzette Charles joins us to talk about her singing/acting/pageant career and how she turned up at PWL demanding an audience with Pete. Her eventual collaboration with Mike yielded underrated gem "Free To Love Again" and five other fan favourite tracks that went unreleased at the time. She also fills us in on her studio reunion with Mike in the past few months and what we can expect from their recent work together. Sybil returns to discuss her final Stock and Waterman single, "Stronger Together", and reflect on her pop career. Plus, Johnny Wilks from Slamm talks about releasing a remake of "Virginia Plain" — the final SW production in the '90s. Then, we hear from Mike about his decision to leave PWL and what brought him and Pete, and then all of SAW back together again in the 2000s and beyond.Support the showSubscribe for bonus material at chartbeats.com.au/sawTwitter: @ChartBeatsAU, @MrMattDenbyInstagram: @chartbeatsauFacebook: Chart Beats: A Journey Through PopEmail: chartbeats.au@gmail.com
The top 40 resurgence was over, with the next few Stock and Waterman singles released in 1993 struggling on the UK chart. But it wasn't for want of trying. Tapping into the same piano house sound that had yielded hits for Sybil (with and without West End), "Looks Like I'm In Love Again" by Key West featuring Erik had come to PWL via Eddie Gordon's Sanctuary imprint. The man behind Key West (and the writer of the song), music industry legend Richard Hewson joins us to discuss his decades-long career, working as an arranger for some of the biggest names in music and as an artist in his own right as The RAH Band. He reveals the story behind "Looks Like I'm In Love Again" and how Erik ended up taking over from the original vocalist. Eddie also shares his memories of that project and reveals how girl group Eternal almost signed to PWL. Meanwhile, Sybil returns to discuss her next single, a remake of "Beyond Your Wildest Dreams", and how she navigated her career in both the UK and the US. For something completely different, PWL snapped up five-piece band Slamm — and their vocalist, Johnny Wilks, talks us through that unexpected decision and recalls the making of their first single for the label, "Energize". Plus, there's the final Pat & Mick release and one last WWF Superstars single.Support the showSubscribe for bonus material at chartbeats.com.au/sawTwitter: @ChartBeatsAU, @MrMattDenbyInstagram: @chartbeatsauFacebook: Chart Beats: A Journey Through PopEmail: chartbeats.au@gmail.com
The commercial resurgence at PWL continued in 1993, with all four of the singles covered in this episode becoming UK hits. Still on her hot streak following the success of "The Love I Lost" with West End, Sybil returned to the top 5 with original tune "When I'm Good And Ready", which was credited to her alone. Sybil tells us what she thought of the song, which was poppier than her usual efforts, and Mike Stock shares his thoughts about the single coming together and its various mixes and remixes. After the disappointment of "Last Thing On My Mind", Bananarama were back in the top 30 with their remake of "More, More, More". Mike also discusses that track and the Please Yourself album. Meanwhile, another track was made with the World Wrestling Federation Superstars, with "Wrestlemania" reaching the top 20, and Coronation Street star Bill Tarmey visited the Hit Factory for a successful charity remake of "One Voice". Pete Day recalls working on both those singles, which came to PWL courtesy of Simon Cowell. Support the showSubscribe for bonus material at chartbeats.com.au/sawTwitter: @ChartBeatsAU, @MrMattDenbyInstagram: @chartbeatsauFacebook: Chart Beats: A Journey Through PopEmail: chartbeats.au@gmail.com
How can the Rational Reminder Podcast get even better? By bringing back one of its most beloved voices, Dan Bortolotti, also known as "The Spud." In this exciting episode, hosts Ben Felix, Cameron Passmore, and Mark McGrath announce that Dan, the mind behind the Canadian Couch Potato Podcast, will now be a regular guest, contributing segments like "Bad Investment Advice" or "Ask the Spud.” Before Dan joins the conversation, we have an insightful discussion with Håkon Kavli, CIO of Reitan Kapital. Håkon shares how his team manages the wealth of one of Norway's most prominent families, comparable to Canada's Weston family. We discuss Reitan Kapital's evidence-based investing approach, their robust methods for overcoming portfolio optimization challenges, and much more. Håkon also sheds light on their upcoming investing conference in Norway, featuring speakers like our very own, Cameron Passmore, and Marcos López de Prado. Following this, Dan kicks off his return by dissecting an article that advocates going all-in on the QQQ ETF in an RRSP, exposing the dangers of such a concentrated and risky strategy. He contrasts this approach with the wisdom of diversifying across global markets, using examples like Vanguard's VEQT ETF, which offers exposure to over 13,000 stocks worldwide. Additionally, if you're a financial advisor interested in joining a planning-focused, fiduciary firm like PWL Capital, we encourage you to reach out. Our team is growing, and we're looking for like-minded individuals to join our mission. Tune in for a rich mix of expert advice, thoughtful discussions, and exciting announcements! Key Points From This Episode: (0:00:28) Announcements: a new regular guest, PWL's call for like-minded advisors, and more. (0:04:15) Introducing Håkon Kavli, the Reitan family, and the origins of Reitan Kapital. (0:08:06) Reitan Kapital's investment philosophy and asset allocation strategy. (0:10:29) The biggest differences between a Reitan Kapital portfolio and a market portfolio. (0:13:19) Capital market assumptions; how they influence Reitan Kapital's investment process. (0:20:38) Portfolio optimization challenges and Reitan's robust methods for addressing these. (0:35:06) The role of private equity in a diversified portfolio and how it differs from public equity. (0:38:40) Fee structure significance in private equity investments and their impact on returns. (0:40:38) Risks associated with private equity and how they compare to public markets. (0:43:36) Reitan Kapital's view on how private equity fits into a diversified portfolio. (0:49:08) Challenges of investing in private equity for retail investors. (0:50:26) Why so many institutions and firms have substantial allocations to private markets. (0:53:58) An overview of the research Håkon is most excited about. (0:56:20) Details for the upcoming conference in Norway, featuring Cameron Passmore. (0:59:16) Dan's Bad Investment Advice segment; going all-in on the QQQ ETF in an RRSP. (01:13:12) Our aftershow segment: listener feedback, our next meetup in Ottawa, a shoutout to Jason Pereira, and more. Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p 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://x.com/RationalRemindRational Reminder on TikTok — www.tiktok.com/@rationalreminder Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.caBenjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/ Cameron on X — https://x.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://x.com/MarkMcGrathCFP Dan Bortolotti — https://www.canadianmoneysaver.ca/authors/dan-bortolotti Dan Bortolotti on LinkedIn — https://www.linkedin.com/in/dan-bortolotti-8a482310/ Canadian Couch Potato Blog — https://canadiancouchpotato.com/ Canadian Couch Potato Podcast — https://canadiancouchpotato.com/podcast/ Episode 308: Dan Bortolotti — https://rationalreminder.ca/podcast/308 Håkon Kavli on LinkedIn — https://www.linkedin.com/in/haakonkavli/ Reitan — https://reitan.no/no Reitan Kapital — http://www.reitankapital.no/ Weston — https://www.weston.ca/en/Home.aspx Marcos Lopez de Prado — https://www.orie.cornell.edu/faculty-directory/marcos-lopez-de-prado Antti Ilmanen — https://www.aqr.com/About-Us/OurFirm/Antti-Ilmanen Episode 224: Prof. Scott Cederburg — https://rationalreminder.ca/podcast/224 Sharpe ratio — https://www.investopedia.com/terms/s/sharperatio.asp Episode 210: Prof. Ludovic Phalippou — https://rationalreminder.ca/podcast/210 Reitan Kapital Conference — ‘An interesting RRSP idea – all in on QQQ?' — https://www.tawcan.com/all-in-on-qqq/ VEQT Vanguard All-Equity ETF Portfolio — https://www.vanguard.ca/en/investor/products/products-group/etfs/VEQT Mark Mid Graph on X — Jason Pereira — https://jasonpereira.ca/ Papers From Today's Episode: ‘Estimating Private Equity Returns from Limited Partner Cash Flows' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2356553 ‘Mutual Fund Flows and Performance in Rational Markets' — https://www.nber.org/papers/w9275 ‘What are Stock Investors' Actual Historical Returns? Evidence from Dollar-Weighted Returns' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=544142
When robo-advisors first came onto the scene, they were pitched as an easy way to access index funds. These digital platforms provide algorithm-driven financial planning and investment services, with little to no human supervision, and typically use passive investment strategies. But while this technology has revolutionized access, not all robo-advisors are created equal. In today's episode, Mark, Ben, and Cameron sit down to discuss the role of robo-advisors as passive investors, and the performance disparity in robo-advisor returns, as they investigate different robo-advisors, from Wealthsimple to Wealthfront. Next, in this week's version of ‘Would you rather?', we have robo-advisors pairing off against active bank mutual funds, with each of our hosts debating the pros and cons of these two approaches. For our aftershow section, we discuss listener feedback, interesting community discussions, Ben's addiction to Excel, and much more. Tune in for a deep dive into robo-advisors and how to navigate this technology! Key Points From This Episode: (0:04:20) The history of robo-advisors and how they are used today. (0:08:30) Why there is such a marked dispersion among robo-advisor portfolios; an overview of Wealthsimple's portfolios and the changes they've made over time. (0:16:00) Wealthsimple's investment returns, fees, and an attribution analysis. (0:24:19) Why Wealthfront pulled value out of their factor-tilted portfolios in 2022. (0:26:13) PWL's investment approach and why no strategy is truly passive. (0:30:43) What the average investor needs to understand when using a robo-advisor. (0:32:02) Wealthsimple's value proposition and why people are drawn to it. (0:33:33) Our ‘Would You Rather?' Question: Would you rather put all your money with a robo-advisor or in a big bank actively managed mutual fund? (0:40:30) The growth of passive investing vs active management in the financial industry. (0:44:12) AI's impact on financial planning and an update on new calculators we've released. (0:52:38) Aftershow section: listener feedback, community discussions, leasing versus buying vehicles, Ben's addiction to modelling, 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://x.com/RationalRemind Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.caBenjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/ Cameron on X — https://x.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://x.com/MarkMcGrathCFPWealthsimple — https://www.wealthsimple.com/en-ca Wealthfront — https://invest.wealthfront.com/ Rational Reminder Episode 308: Dan Bortolotti — Episode 299: The Most Important Lessons in Investing — https://rationalreminder.ca/podcast/299 The Money Scope Podcast — https://moneyscope.ca/Episode 251: Covered Calls — https://rationalreminder.ca/podcast/251 Ashleigh Madison: Sex, Lies & Scandal — https://www.netflix.com/za/title/81602884 — Papers From Today's Episode: ‘Are Banks Better Money Doctors?' — https://www.researchgate.net/publication/377037694_Are_banks_better_money_doctors_An_analysis_of_mutual_fund_flows_of_bank_and_non-bank_funds_using_Canadian_data
© 2020-2026 Ivy Podcast Discovery LLC
