The Rational Reminder Podcast Podcast Por Benjamin Felix Cameron Passmore and Dan Bortolotti arte de portada

The Rational Reminder Podcast

The Rational Reminder Podcast

De: Benjamin Felix Cameron Passmore and Dan Bortolotti
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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.2025 copyright - PWL Capital, all rights reserved Economía Finanzas Personales
Episodios
  • Episode 370: Dave Chilton (The Wealthy Barber): Timeless Financial Advice

    Episode 370: Dave Chilton (The Wealthy Barber): Timeless Financial Advice
    Aug 14 2025
    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)
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    1 h y 32 m
  • Episode 369: The Most Important Quotes in Investing

    Episode 369: The Most Important Quotes in Investing
    Aug 7 2025
    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)
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    1 h y 14 m
  • Episode 368: Jim Rowley & Andy Maack - Implementing Index Funds at Vanguard

    Episode 368: Jim Rowley & Andy Maack - Implementing Index Funds at Vanguard
    Jul 31 2025
    What if index funds weren’t as “passive” as you think? In this episode of the Rational Reminder, we are joined by Jim Rowley, Global Head of Investment Implementation Research, and Andy Mack, Head of US Equity Portfolio Management at Vanguard. These two experts offer a rare, behind-the-scenes look into what it really takes to run some of the world’s largest index funds—and it’s far from “set it and forget it.” From real-time trading decisions to managing $7 trillion globally, Jim and Andy walk us through how Vanguard implements index strategies with a precision that rivals any active manager. They challenge the traditional labels of passive versus active and show how thoughtful implementation, securities lending, FX execution, and IPO participation can add real value for investors—even in low-cost index products. Key Points From This Episode: (0:04) Why Vanguard’s team was the ideal follow-up to Marco Sammon’s index research (1:55) Why index funds aren’t as simple as they seem: rebalancing, risk, and strategy (2:50) “Passive” is a misnomer: why index fund management involves active decisions (4:42) What excites Jim and Andy about index fund implementation (7:16) Risk-managed opportunities: how Vanguard adds value during secondary offerings (8:02) Debunking the active vs. passive label—think in terms of strategy characteristics (9:41) The subjective calls behind index construction and market definitions (12:00) The goal of a market-cap weighted index fund and how Vanguard tracks it (13:28) Why tracking error matters—and when it becomes a business risk (15:48) Indexing’s advantage: predictable relative performance for portfolio construction (16:15) The real complexity of daily index fund trading and execution strategy (17:16) Vanguard’s unique approach: PMs and traders are the same person in equities (18:52) The scale of VTI: how 24 global PMs manage trillions across time zones (20:48) Why Vanguard’s culture treats every trade like it’s client money (22:24) Andy’s story of building Vanguard’s FX desk and the hundreds of millions saved (24:04) Quant vs. human judgment in index implementation—why both matter (26:50) How fixed income index funds balance risk, liquidity, and security selection (27:46) Tools traders use to minimize price impact: algos, limits, and timing strategies (29:09) How index rebalancing impact has decreased thanks to market evolution (31:36) The hidden mechanics behind index inclusion/exclusion and price effects (33:40) Do index funds distort prices? Vanguard’s view on elasticity and ownership (35:55) Stock dispersion and the case for continued price discovery (38:09) Why using passive funds doesn’t mean being a passive investor (43:15) Jim’s research: how “passive” funds are actively deployed by advisors (50:43) How Vanguard handles IPOs, buybacks, and market composition shifts (54:45) Active corporate action management: cash mergers, elections, and strategy (55:27) Responding to Marco Sammon’s critiques on market timing and turnover (58:55) What would change if rebalancing were less frequent? (1:00:34) How securities lending and market advocacy add ongoing value (1:04:42) Should Vanguard launch a flexible, non-indexed total market fund? (1:06:26) Andy’s biggest concern: system risks and rebalance day challenges (1:07:08) Jim’s biggest concern: index funds aren’t a free pass—investors still need discipline (1:08:03) Defining success: alignment with investors and living a balanced life 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 Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
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    1 h y 13 m
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