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The Rational Reminder Podcast

The Rational Reminder Podcast

著者： 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 個人ファイナンス 経済学
エピソード
  • Episode 366: Avoiding Investment Scams

    Episode 366: Avoiding Investment Scams
    2025/07/17
    What happens when your favourite financial educator’s identity is hijacked by scammers? In this episode, Ben and Cameron pull back the curtain on a disturbing but increasingly common reality: sophisticated scammers using Ben’s name, voice, and online content to steal from unsuspecting investors. Ben breaks down exactly how these scams work—everything from fake WhatsApp investment groups and cloned emails to AI-generated voice notes and “pig butchering” scams that promise guaranteed returns. You’ll hear about pump-and-dump operations, shady PDFs full of financial nonsense, and how scammers prey on optimism, credibility, and fear of missing out. Key Points From This Episode: (0:04) Why the Rational Reminder podcast builds connections—and unintended consequences of trust (1:58) The hidden value of the podcast’s reach: referrals and relationships that can’t be measured (4:03) How a last-minute topic pivot turned into an urgent discussion on scams (5:24) Why investment scams are more sophisticated—and dangerous—than ever (6:16) AI voice clones and impersonation: How deepfakes make scams harder to spot (9:26) Why specific scam education works better than general warnings (12:29) Source credibility: Why scammers use trusted names to win trust fast (15:23) Ben’s firsthand story of infiltrating a fake “Ben Felix” WhatsApp trading group (19:57) Pump-and-dump in real time: How Ben tracked a fraudulent stock scam (23:39) The email scam that used Ben’s name to pitch “secret” investments (25:08) YouTube comment scams: the “fake advisor” trap and pig butchering explained (31:15) How scammers use financial jargon that sounds smart—but means nothing (34:52) The classic red flag: promises of guaranteed, high returns with zero risk (41:23) Financial planning hot takes: unconventional views from the Rational Reminder Community (49:44) Upcoming road trips and community meetups for Rational Reminder listeners Papers From Today’s Episode: https://zbib.org/e42750e4157e468d83fc633b40ddb0d1 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/
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    53 分
  • Episode 365 – Rob Carrick's Eight Lessons Learned in 27 Years of Covering Personal Finance

    Episode 365 – Rob Carrick's Eight Lessons Learned in 27 Years of Covering Personal Finance
    2025/07/10
    In this episode, we welcome back Rob Carrick—one of Canada’s most trusted personal finance journalists—for his third appearance on the Rational Reminder podcast. Rob recently retired after an incredible 27-year career at The Globe and Mail, where he shaped how millions of Canadians think about investing, advice, and their money habits. Rob joins Ben, Cameron, and Dan to reflect on the biggest lessons from his decades-long career, the state of Canadian financial advice today, and why young Canadians face headwinds unlike any previous generation. From the shift from mutual funds to ETFs and the rise of DIY investing to the dangers of overestimating stock returns and underestimating inflation’s bite—Rob shares practical, timeless wisdom for every generation of investor. We also hear Rob’s frank thoughts on how the financial industry fails seniors, why Canadians stick with the big banks despite better options, and what stay the course really means when markets inevitably crash again. Key Points From This Episode: (0:00:04) Rob Carrick returns for his third appearance, marking his retirement from The Globe and Mail (0:06:39) Why it’s harder than ever to be good with money in the social media age (0:08:19) How longer lifespans are reshaping traditional retirement timelines (0:09:51) The evolution of financial advice: from mutual fund sales to real planning (0:11:45) How regulation, ETFs, and self-interest changed the advisory industry (0:12:45) The rise of DIY investing in Canada: from brokers to discount online platforms (0:14:51) Why some investors still struggle to embrace ETFs (0:17:11) The flip side of frictionless DIY investing—when simplicity fuels speculation (0:18:19) How realistic are today’s stock return expectations? (0:20:03) The true challenge isn’t average returns—it’s enduring the volatility (0:24:01) Why staying the course should really mean buying the dip (0:26:04) The generational reality check: how boomers bought homes and why today’s young people can’t (0:29:03) How advisors can adjust advice for younger clients facing new headwinds (0:31:39) Should 25-year-olds give up or go all in? Rob’s advice for young investors (0:35:29) The myth of home-run investing and why steady, boring investing works (0:37:04) Why inflation has done more damage than any stock market crash (0:39:50) How the financial industry ignores seniors—and what needs to change (0:43:32) Canadians’ blind loyalty to big banks and why you should try an alternative (0:46:29) How Rob will define success in retirement—and his parting advice for listeners 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/ Episode 108: William Bernstein - https://rationalreminder.ca/podcast/108
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    58 分
  • Episode 364 – Martijn Cremers: Is the Conventional Wisdom on Active Management Wrong?

    Episode 364 – Martijn Cremers: Is the Conventional Wisdom on Active Management Wrong?
    2025/07/03
    In this episode, we’re joined by Martijn Cremers, Dean of the Mendoza College of Business at the University of Notre Dame and co-author of the groundbreaking 2009 paper that introduced the concept of Active Share. Martijn brings fresh nuance to the long-standing debate over active versus passive management, challenging decades of conventional wisdom built on the foundational 1997 Carhart paper. With his comprehensive research, Martijn argues that dismissing active management may be overly simplistic—especially in less efficient markets like bonds, small-cap equities, or emerging markets. Together, we explore how empirical support for passive superiority has softened in recent decades, the overlooked structural flaws in performance benchmarks, and how closet indexing quietly undermines the active management space. Martijn outlines the three pillars of active success—skill, conviction, and opportunity—and makes a compelling case for patient, high active share strategies that persist over time. Key Points From This Episode: (0:01:24) Introduction to Martijn Cremers and his influential work on Active Share (0:04:15) Breaking down the “conventional wisdom” on active management post-Carhart (0:07:19) Why passive benchmarks like Fama-French factors may create misleading comparisons (0:09:38) Reviewing persistence of outperformance in high active share funds (0:12:40) Evaluating Sharpe’s arithmetic and how market evolution challenges zero-sum assumptions (0:15:58) The long-term decline of active funds and the influence of concentrated indexes (0:18:30) The paradox of skill, ETFs with high active share, and the survival of active managers (0:21:18) Revisiting active management in underexplored asset classes: bonds, small caps, emerging markets (0:23:20) The definition and calculation of Active Share (0:25:01) Active Share vs. Tracking Error: complementary tools, not substitutes (0:27:22) What level of active share signals closet indexing? Why 60–70% is the key threshold (0:30:49) Performance persistence and why combining high Active Share with patience matters (0:34:05) The concept of the “active fee” and how much you’re really paying for stock selection (0:36:51) Why fund size and team changes can erode active share (0:38:17) Three pillars of successful active management: skill, conviction, and opportunity (0:40:13) The challenge of being a patient manager in an impatient world (0:42:25) How Active Share was received by academics and practitioners (0:44:18) Responding to critics: the 2016 FAJ paper “Deactivating Active Share” (0:46:56) Why dispersion in high active share funds can enhance portfolio diversification (0:49:21) Who should pursue high active share strategies—and who shouldn’t (0:51:40) Active share in fixed income: Why passive bond funds are often far from passive (0:53:51) Key structural differences between equity and bond indexing (0:55:25) Why bond index funds have high active share and hidden tracking error (0:57:36) Why positive skewness (a key argument for equity indexing) doesn’t apply to bonds (0:59:22) Performance of active bond funds: modest but consistent outperformance (1:00:02) Why active bond funds remain popular: liquidity, trading frictions, and benchmark limitations 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 Cameron Passmore — https://pwlcapital.com/our-team/ Cameron on X — https://x.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/ Episode 316: Andrew Chen - https://rationalreminder.ca/podcast/316 Episode 212: Ralph S.J. Koijen - https://rationalreminder.ca/podcast/212 Episode 220: Jonathan Berk & Jules Van Binsbergen - https://rationalreminder.ca/podcast/220 Episode 346: Hendrick Bessembinder - https://rationalreminder.ca/podcast/346 Papers From Today’s Episode: https://zbib.org/2224f8de634743fb8f33a68009b8fcff
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    1 時間 1 分

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