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A weekly reality check on sensible investing and financial decision-making, from three Canadians. Hosted by Benjamin Felix, Cameron Passmore, and Dan Bortolotti, Portfolio Managers at PWL Capital.
A weekly reality check on sensible investing and financial decision-making, from three Canadians. Hosted by Benjamin Felix, Cameron Passmore, and Dan Bortolotti, Portfolio Managers at PWL Capital.
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Emails, Phones, and Addresses
Contact Page Emails
Emails listed specifically on the website's official contact page.
Emails
Marketing Department:
ma***@pwlcapital.com
For all inquiries:
in***@rationalreminder.ca
Phone Numbers
Customer inquiries:
(613) 237-5544
Addresses
Location:
Ottawa, Canada
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A contact form is available on this page.
You can fill out the form at
this link.
Here's a quick summary of the last 5 episodes on The Rational Reminder Podcast.
Hosts
Benjamin Felix
Cameron Passmore
Dan Bortolotti
Mark McGrath
Previous Guests
Abby Davisson
Abby Davisson is a Yale and Stanford alumnus, a former executive at Gap Inc., and the co-author of the book 'Money and Love'. She is the founder of the Money and Love Institute, which focuses on helping individuals and professionals navigate significant life decisions. Abby has developed a practical, research-backed decision-making framework known as the 5Cs Framework, which she applies in her own life and shares with others to guide couples in making important decisions together.
Abby Davisson is a Yale and Stanford alumnus, a former executive at Gap Inc., and the co-author of the book 'Money and Love'. She is the founder of the Money and Love Institute, which focuses on helping individuals and professionals navigate significant life decisions. Abby has developed a practical, research-backed decision-making framework known as the 5Cs Framework, which she applies in her own life and shares with others to guide couples in making important decisions together.
Marco Sammon
Marco Sammon is a financial researcher and academic known for his work on index rebalancing and stock market composition. He has co-authored papers that explore the mechanics of index funds and their impact on market dynamics. Marco's research often compares traditional investment theories with modern practices, aiming to bridge the gap between academic finance and practical investment strategies. He is affiliated with Harvard Business School, where he contributes to the understanding of financial markets and investment management.
Marco Sammon is a financial researcher and academic known for his work on index rebalancing and stock market composition. He has co-authored papers that explore the mechanics of index funds and their impact on market dynamics. Marco's research often compares traditional investment theories with modern practices, aiming to bridge the gap between academic finance and practical investment strategies. He is affiliated with Harvard Business School, where he contributes to the understanding of financial markets and investment management.
Jason Pereira
Jason Pereira is a Canadian financial planner with over 20 years of experience in the financial services industry. He holds dual CFP certifications in Canada and the United States and is known for his advocacy in professionalizing the field of financial planning. Jason has a client-centred investment philosophy and emphasizes the importance of fiduciary duty in financial planning. He is also recognized for his insights into the complexities of index fund adoption in Canada and the impact of technology and the Fintech revolution on the industry. Jason actively challenges common myths surrounding financial planning and shares best practices for vetting financial advisors.
Jason Pereira is a Canadian financial planner with over 20 years of experience in the financial services industry. He holds dual CFP certifications in Canada and the United States and is known for his advocacy in professionalizing the field of financial planning. Jason has a client-centred investment philosophy and emphasizes the importance of fiduciary duty in financial planning. He is also recognized for his insights into the complexities of index fund adoption in Canada and the impact of technology and the Fintech revolution on the industry. Jason actively challenges common myths surrounding financial planning and shares best practices for vetting financial advisors.
Antti Ilmanen
Antti Ilmanen is a renowned finance expert and author, known for his work in the field of investment management and asset allocation. He has a strong academic background, holding a PhD in Finance from the University of Chicago. Ilmanen has contributed significantly to the understanding of market behavior and risk management, and he is recognized for his insights into the dynamics of financial markets. He has also served as a portfolio manager and has been involved in various research initiatives aimed at improving investment strategies.
Antti Ilmanen is a renowned finance expert and author, known for his work in the field of investment management and asset allocation. He has a strong academic background, holding a PhD in Finance from the University of Chicago. Ilmanen has contributed significantly to the understanding of market behavior and risk management, and he is recognized for his insights into the dynamics of financial markets. He has also served as a portfolio manager and has been involved in various research initiatives aimed at improving investment strategies.
Topics Discussed
Listener Questions
Investing Lessons
PWL Retirement Planning Tool
OneDigital
PWL Capital
multi-host format
capital gains tax
personal finances
financial advisors
testicular cancer
decision-making
money
love
5Cs Framework
financial transparency
equitable division of housework
career transitions
retirement planning
Index Funds
Adverse Selection Costs
Index Rebalancing
Stock Market Composition
Bill Sharpe
Arithmetic of Active Management
Market Tracking Errors
Delayed Rebalancing
Passive-Active Spectrum
Performance Benchmarking
financial planning
fiduciary duty
index fund adoption
client-centred investment philosophy
mortality pooling
Fintech revolution
ESG trends
market volatility
historical resilience
market crash
bonds
Alberta Pension Plan
PWL-style advisor
DFA vs Vanguard
spending rules
stock/bond allocation
short-term investing
I post videos on investing, financial decision-making, and living a good life.
My name is Ben Felix. I am a Portfolio Manager and the Chief Investment Officer at PWL Capital. I am a CFA charterholder and CFP professional. I am securities licensed in Canada by CIRO.
All channel content is produced and owned by PWL Capital Inc.
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 were 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.
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 were 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.
Episode 356 – Abby Davisson: How to Make Decisions About Money and Love
Hosts
Hosts of this podcast episode
Benjamin FelixCameron PassmoreDan Bortolotti
Guests
Guests of this podcast episode
Abby Davisson
Keywords
Keywords of this podcast episode
decision-makingmoneylove5Cs Frameworkfinancial transparencyequitable division of houseworkcareer transitionsretirement planning
How do we make the most important decisions in life with intention rather than impulse? In this episode, we are joined by Abby Davisson to unpack her practical framework for better decision-making. Abby is a Yale and Stanford alumnus, a former executive at Gap Inc., and the co-author of Money and Love. She is also the founder of the Money and Love Institute, which is dedicated to helping individuals and professionals navigate life’s most significant decisions. In today’s conversation, Abby unpacks her practical, research-backed “5Cs Framework” for decision-making and demonstrates how it can guide all the decisions couples need to make through life. We explore the idea of financial transparency, progressive pooling of finances, equitable division of housework, deciding when to outsource help, and navigating career pauses or transitions. Abby also shares how she applied the framework in her own life and offers an honest perspective for individuals navigating change. Join us to learn how to approach choices and the “life stuff” that doesn’t always show up in spreadsheets with Abby Davisson. Tune in now!
Key Points From This Episode:
(0:04:16) Myra Strober’s Work and Family course and how it led to writing Money and Love.
(0:07:21) The drivers of poor decisions and the five Cs in Abby’s decision-making framework.
(0:11:15) Discover the four big topics every couple should discuss and how to approach them.
(0:15:09) Learn the fundamentals of how couples should handle and combine money.
(0:17:49) Why division of housework is vital, how to approach it, and the role of gender norms.
(0:21:49) Outsourcing tasks and the impacts of not taking the division of housework seriously.
(0:24:27) How to decide where to live as a couple, and whether to rent or buy a house.
(0:29:08) A real-life example of how to apply to 5C Framework for decision-making.
(0:33:34) Navigating career ambitions, division of childcare, and stay-at-home parenting.
(0:37:16) Hear how the 5C Framework helps deal with separation and family dynamics.
(0:40:31) Ways the concept of retirement has changed and why families should discuss it.
(0:44:12) Find out how involved adult children should be in their parents' retirement planning.
(0:47:02) Advice for finding the right life partner and how to stress-test a relationship.
(0:52:05) What to consider before getting married and having children, and why.
(0:55:37) Abby’s biggest lessons from writing the book and her definition of success.
How do we make the most important decisions in life with intention rather than impulse? In this episode, we are joined by Abby Davisson to unpack her practical framework for better decision-making. Abby is a Yale and Stanford alumnus, a former executive at Gap Inc., and the co-author of Money and Love. She is also the founder of the Money and Love Institute, which is dedicated to helping individuals and professionals navigate life’s most significant decisions. In today’s conversation, Abby unpacks her practical, research-backed “5Cs Framework” for decision-making and demonstrates how it can guide all the decisions couples need to make through life. We explore the idea of financial transparency, progressive pooling of finances, equitable division of housework, deciding when to outsource help, and navigating career pauses or transitions. Abby also shares how she applied the framework in her own life and offers an honest perspective for individuals navigating change. Join us to learn how to approach choices and the “life stuff” that doesn’t always show up in spreadsheets with Abby Davisson. Tune in now!
Key Points From This Episode:
(0:04:16) Myra Strober’s Work and Family course and how it led to writing Money and Love.
(0:07:21) The drivers of poor decisions and the five Cs in Abby’s decision-making framework.
(0:11:15) Discover the four big topics every couple should discuss and how to approach them.
(0:15:09) Learn the fundamentals of how couples should handle and combine money.
(0:17:49) Why division of housework is vital, how to approach it, and the role of gender norms.
(0:21:49) Outsourcing tasks and the impacts of not taking the division of housework seriously.
(0:24:27) How to decide where to live as a couple, and whether to rent or buy a house.
(0:29:08) A real-life example of how to apply to 5C Framework for decision-making.
(0:33:34) Navigating career ambitions, division of childcare, and stay-at-home parenting.
(0:37:16) Hear how the 5C Framework helps deal with separation and family dynamics.
(0:40:31) Ways the concept of retirement has changed and why families should discuss it.
(0:44:12) Find out how involved adult children should be in their parents' retirement planning.
(0:47:02) Advice for finding the right life partner and how to stress-test a relationship.
(0:52:05) What to consider before getting married and having children, and why.
(0:55:37) Abby’s biggest lessons from writing the book and her definition of success.
Episode 355 – Do Index Funds Incur Adverse Selection Costs?
Hosts
Hosts of this podcast episode
Benjamin FelixDan Bortolotti
Guests
Guests of this podcast episode
Marco Sammon
Keywords
Keywords of this podcast episode
Index FundsAdverse Selection CostsIndex RebalancingStock Market CompositionBill SharpeArithmetic of Active ManagementMarket Tracking ErrorsDelayed RebalancingPassive-Active SpectrumPerformance Benchmarking
Marco Sammon joins Ben and Dan to unpack his latest paper, ‘Index Rebalancing and Stock Market Composition’, beginning with how Marco’s work (co-written by John Shim) compares to the Nobel Prize-winner Bill Sharpe’s paper, ‘Arithmetic of Active Management.’ We investigate the missing links in Sharpe’s logic before defining “the market” and ascertaining the main objectives of index funds. Then, we dive deeper into the mechanics of Marco’s paper, index and market tracking errors, why delayed rebalancing is more beneficial than instant rebalancing, and the role of technology in the modern tracking error obsession. We also assess the passive-active spectrum of index funds in portfolio management and learn how investors should choose their optimal excess return. To end, Marco shares practical applications for improving performance benchmarked against traditional indexes, and The Aftershow is all about bridging the gap between PWL Capital and you, our listeners.
Key Points From This Episode:
(0:00:00) Key takeaways from Marco Sammon’s latest paper and how it compares to Bill Sharpe’s ‘Arithmetic of Active Management.’
(0:08:10) Marco describes what’s missing from the ‘Arithmetic of Active Management’ logic.
(0:09:11) Defining ‘the market’, the main objective of an index fund, and how index funds track the market.
(0:15:57) The mechanics of Marco’s paper, ‘Index Rebalancing and Stock Market Composition.’
(0:18:38) Factor exposure, index and market tracking errors, and how often index funds trade.
(0:26:28) Rebalancing less frequently; why delayed does better than instant rebalancing.
(0:31:59) The tech run-up and lazy rebalancing, and the modern tracking error obsession.
(0:36:51) Assessing the passive-active spectrum of index funds in portfolio management.
(0:41:02) Exploring how investors should decide on their optimal excess return.
(0:45:14) How the rising index fund ownership of stocks impacts the implicit cost of indexing
(0:46:58) Practical ways to improve performance benchmarked against traditional indexes.
(0:52:30) The Aftershow: Canadian finances, more airtime for Cameron, and PWL – OneDigital.
Marco Sammon joins Ben and Dan to unpack his latest paper, ‘Index Rebalancing and Stock Market Composition’, beginning with how Marco’s work (co-written by John Shim) compares to the Nobel Prize-winner Bill Sharpe’s paper, ‘Arithmetic of Active Management.’ We investigate the missing links in Sharpe’s logic before defining “the market” and ascertaining the main objectives of index funds. Then, we dive deeper into the mechanics of Marco’s paper, index and market tracking errors, why delayed rebalancing is more beneficial than instant rebalancing, and the role of technology in the modern tracking error obsession. We also assess the passive-active spectrum of index funds in portfolio management and learn how investors should choose their optimal excess return. To end, Marco shares practical applications for improving performance benchmarked against traditional indexes, and The Aftershow is all about bridging the gap between PWL Capital and you, our listeners.
Key Points From This Episode:
(0:00:00) Key takeaways from Marco Sammon’s latest paper and how it compares to Bill Sharpe’s ‘Arithmetic of Active Management.’
(0:08:10) Marco describes what’s missing from the ‘Arithmetic of Active Management’ logic.
(0:09:11) Defining ‘the market’, the main objective of an index fund, and how index funds track the market.
(0:15:57) The mechanics of Marco’s paper, ‘Index Rebalancing and Stock Market Composition.’
(0:18:38) Factor exposure, index and market tracking errors, and how often index funds trade.
(0:26:28) Rebalancing less frequently; why delayed does better than instant rebalancing.
(0:31:59) The tech run-up and lazy rebalancing, and the modern tracking error obsession.
(0:36:51) Assessing the passive-active spectrum of index funds in portfolio management.
(0:41:02) Exploring how investors should decide on their optimal excess return.
(0:45:14) How the rising index fund ownership of stocks impacts the implicit cost of indexing
(0:46:58) Practical ways to improve performance benchmarked against traditional indexes.
(0:52:30) The Aftershow: Canadian finances, more airtime for Cameron, and PWL – OneDigital.
Beyond the sales pitches, acronyms, and product talk, what does it mean to be a financial planner? In this episode of the Rational Reminder Podcast, we sit down with long-time industry leader and advocate Jason Pereira. Jason is a Canadian financial planner with over 20 years of experience, dual CFP certification (Canada and US), and a passion for professionalizing the field. In our conversation, Jason shares details about his client-centred investment philosophy, explains why fiduciary duty is foundational, and unpacks the complexities of index fund adoption in Canada. We also delve into the barriers to transparent, evidence-based advice, the true role of a financial planner, the impact of the Fintech revolution, and the pros and cons of mortality pooling. He also challenges common myths surrounding financial planning, shares best practices for vetting financial advisors, and explains why the industry is long overdue for a transformation. Join us for career insights, cautionary tales, and forward-looking ideas that challenge the conventional thinking of what financial planning is, with Jason Pereira!
Key Points From This Episode:
(0:05:13) Jason’s core investment philosophy and perspective on factor-based indexing.
(0:07:15) Environmental, Social, and Governance (ESG) trends and client conversations.
(0:12:36) What fiduciary duty means, why it matters, and why some institutions fight against it.
(0:18:09) Unpack the complexities of why Canada is behind the US in index fund adoption.
(0:20:52) Learn about the true role and common misconceptions of a financial planner.
(0:24:30) Explore how technology and the rise of generative AI are changing financial planning.
(0:31:55) How advisors can maintain strong personal relationships with clients in a digital world.
(0:37:00) Find out what a high-quality financial plan looks like and what it covers.
(0:39:44) His favourite financial planning-related argument to get into on the internet.
(0:41:20) Uncover how mortality and annuities should influence financial planning.
(0:48:06) Permanent life insurance explained: best use cases and when to avoid.
(0:50:48) Jason shares his nerdiest and most broadly applicable financial planning advice.
(0:53:29) He explains the best practices for estimating a client’s life expectancy.
(0:56:48) A breakdown of financial planner designations and how to vet a financial planner.
(1:03:59) Hear about his expert witness work and the costs of bad advice.
(1:08:55) Discover why Jason chooses to fight against financial misinformation online.
(1:11:18) The origins and vision of FPAC and Jason’s definition of success.
Beyond the sales pitches, acronyms, and product talk, what does it mean to be a financial planner? In this episode of the Rational Reminder Podcast, we sit down with long-time industry leader and advocate Jason Pereira. Jason is a Canadian financial planner with over 20 years of experience, dual CFP certification (Canada and US), and a passion for professionalizing the field. In our conversation, Jason shares details about his client-centred investment philosophy, explains why fiduciary duty is foundational, and unpacks the complexities of index fund adoption in Canada. We also delve into the barriers to transparent, evidence-based advice, the true role of a financial planner, the impact of the Fintech revolution, and the pros and cons of mortality pooling. He also challenges common myths surrounding financial planning, shares best practices for vetting financial advisors, and explains why the industry is long overdue for a transformation. Join us for career insights, cautionary tales, and forward-looking ideas that challenge the conventional thinking of what financial planning is, with Jason Pereira!
Key Points From This Episode:
(0:05:13) Jason’s core investment philosophy and perspective on factor-based indexing.
(0:07:15) Environmental, Social, and Governance (ESG) trends and client conversations.
(0:12:36) What fiduciary duty means, why it matters, and why some institutions fight against it.
(0:18:09) Unpack the complexities of why Canada is behind the US in index fund adoption.
(0:20:52) Learn about the true role and common misconceptions of a financial planner.
(0:24:30) Explore how technology and the rise of generative AI are changing financial planning.
(0:31:55) How advisors can maintain strong personal relationships with clients in a digital world.
(0:37:00) Find out what a high-quality financial plan looks like and what it covers.
(0:39:44) His favourite financial planning-related argument to get into on the internet.
(0:41:20) Uncover how mortality and annuities should influence financial planning.
(0:48:06) Permanent life insurance explained: best use cases and when to avoid.
(0:50:48) Jason shares his nerdiest and most broadly applicable financial planning advice.
(0:53:29) He explains the best practices for estimating a client’s life expectancy.
(0:56:48) A breakdown of financial planner designations and how to vet a financial planner.
(1:03:59) Hear about his expert witness work and the costs of bad advice.
(1:08:55) Discover why Jason chooses to fight against financial misinformation online.
(1:11:18) The origins and vision of FPAC and Jason’s definition of success.
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.
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.
