Podcast · Business

The Rational Reminder Podcast

by Benjamin Felix, Cameron Passmore, and Dan Bortolotti · English · Business

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.

New episodes: Weekly
Typical length: 1 hr 8 min
Latest: 8 Oct 2026
Language: English

Latest episode

8 Oct 2026 · 1 hr 6 minNew

The Truth About Leveraged ETFs | #430

In this episode, Ben Felix, Dan Bortolotti, and Kelly Thomas revisit some of the blind spots from their recent discussion about the finances of marriage before diving into a deeply nerdy discussion about leveraged ETFs. Kelly brings a different perspective to questions around spending roles, career sacrifices, financial autonomy, and the mental load of managing household finances. The main discussion explores leverage, human capital, volatility drag, and the long-held belief that daily resets make leveraged ETFs poor long-term investments. Ben explains how his own thinking changed after…

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Earlier episodes 29 most recent

S2 · E429 · 1 Oct 2026 · 1 hr 8 min

Who Causes Stock Market Anomalies? (w/ Victor Haghani) | #429

In this episode, we're joined by Victor Haghani, founder of Elm Wealth and co-author of The Missing Billionaires, for a wide-ranging conversation about how different types of investors shape financial markets. Victor explains the framework behind his forthcoming paper, Who Killed the Random Walk?, and how fundamental investors, static investors, and extrapolators interact to produce momentum, excess volatility, and other market anomalies. We explore why return chasing is different from momentum investing, how investor flows and inelastic demand can move markets, and how the Merton share…
S2 · E428 · 24 Sep 2026 · 1 hr 5 min

Wealthy People Are Hiding in Plain Sight (ft. Owen Zidar) | #428

What happens when a small group of exceptionally wealthy people holds a growing share of a country's income and wealth? And what can economics tell us about the forces behind that concentration? In this episode, we are joined by Owen Zidar, professor of economics and public affairs at Princeton University and coauthor of the forthcoming book The Everywhere Millionaire. We explore the rise of the millionaire class, how tax policy shapes inequality, and why the geography of wealth matters when trying to understand the economic landscape. We also discuss the role of entrepreneurship,…
S2 · E427 · 17 Sep 2026 · 1 hr 18 min

What to Know Before (and After) You Hire an Advisor (w/ Matthew Taylor) | #427

In this episode, we're joined by Matthew Taylor, a litigation lawyer with Sotos Class Actions in Toronto who represents retail investors and pension funds in securities class actions. We take a deep dive into what makes a successful negligence claim against a financial advisor, how courts assess fiduciary relationships in Canada, and what investors should look for when evaluating the people managing their money. We explore the evidence that can strengthen or weaken a negligence claim, from one-size-fits-all portfolios and unexplained trades to poor communication and failures to account for…
S2 · E426 · 10 Sep 2026 · 1 hr 8 min

The Finances of Marriage | #426

In this episode, Ben Felix, Dan Bortolotti, and Ben Wilson take a research-driven look at the finances of marriage, from spending personalities and prenuptial agreements to wedding costs, joint accounts, financial infidelity, and household decision-making. The conversation explores how the way couples think about and manage money can affect both financial outcomes and relationship satisfaction. We unpack the difference between being frugal and being a "tightwad," why tightwads and spendthrifts may be drawn to each other despite having more conflict later, and how simply understanding your…
S2 · E425 · 3 Sep 2026 · 1 hr 24 min

The Ethics Problem in Financial Services (Dr. Moira Somers & Philippa Hann) | #425

In this episode, we're joined by Philippa Hann and Dr. Moira Somers, co-authors of The Fault Lines of Finance: Understanding and Preventing Financial Misconduct, for a deep dive into why good people can do bad things with other people's money. Philippa brings two decades of experience suing financial advisors, wealth managers, and banks, while Moira brings her expertise as a clinical neuropsychologist working with financial professionals, families, and the human side of money. We explore the psychology and systems that can allow financial misconduct to happen, from financial stress,…
S2 · E424 · 27 Aug 2026 · 1 hr 5 min

50 Years of Evidence-Based Investing (w/ David Booth) | #424

In this episode, we welcome back David Booth, Co-Founder of Dimensional Fund Advisors and author of Stay Calm: Learn to Embrace Uncertainty in Investing and Life. David reflects on his remarkable career at the center of the evidence-based investing revolution, from studying under Eugene Fama at the University of Chicago to helping build investment strategies around decades of financial research. We explore what the data revealed about markets and professional money management, why implementation matters as much as great ideas, and how investors can make better decisions without trying to…
S2 · 25 Aug 2026 · 1 hr 24 min

The Future of AI in the Workplace | Special Episode (Mike Sullivan and Vinay Gidwaney)

In this special episode, we are joined by Mike Sullivan, Co-Founder and Chief Growth Officer at OneDigital, and Vinay Gidwaney, OneDigital's Chief Product Officer, to discuss their new book, Workforce Intelligence: The People-First Playbook for Leading Your Company Through AI Transformation. Together, they offer a practical, pro-human framework for navigating a future where artificial intelligence becomes deeply embedded in how organizations operate. We explore why leaders should focus on tasks rather than headcount, how AI can amplify uniquely human capabilities, and why companies may need…
S2 · E423 · 20 Aug 2026 · 1 hr 14 min

The Biggest Myths in Personal Finance

In this episode, Ben Felix and Dan Bortolotti take on 10 of the biggest myths in personal finance and investing. From the idea that young people should save every possible dollar to benefit from compounding, to assumptions about economic growth, dividends, index funds, valuation ratios, stock picking, bonds, gold, and homeownership, they examine the subtle details that can make conventional wisdom misleading. Ben and Dan explore why personal finance is often about balance rather than absolute rules, why spending decisions can be just as important as saving decisions, and how investors can…
S2 · E422 · 13 Aug 2026 · 54 min

80 Years of Financial Knowledge in 53 Minutes | #422 (Bill Bernstein)

In this episode, we welcome back William Bernstein to discuss the final book of his longtime friend Jonathan Clements, Money and Me. Bill reflects on Jonathan's ideas about spending, happiness, retirement, investing, inheritance, and the psychology of financial decision-making, while sharing personal stories that bring those ideas to life. We explore why material purchases often lose their appeal quickly, why autonomy can be one of the best things money can buy, and how worrying about money can be a greater problem than spending it. Bill also discusses the four horsemen of financial…
S2 · E421 · 6 Aug 2026 · 1 hr 29 min

Barry Ritholtz: "90% of financial products are crap" | #421

Barry Ritholtz returns to the Rational Reminder podcast to discuss the biggest mistakes investors make—and why avoiding them may matter more than finding the next great investment. Drawing on decades of experience in markets, wealth management, and financial media, Barry explains why forecasting consistently fails, how investors can distinguish good advice from noise, and why humility, probabilistic thinking, and disciplined behavior are among the most valuable investing skills. Throughout the conversation, Barry shares lessons from his new book, How Not to Invest, covering everything from…
S2 · E420 · 30 Jul 2026 · 1 hr 36 min

Answering Your Financial Questions | #420

In this Ask Me Anything episode, Ben Felix, Ben Wilson, and Louai Bibi tackle a wide-ranging collection of listener questions spanning investing, retirement, family finance, and financial planning. Along the way, they combine academic research, practical experience, and thoughtful discussion to separate evidence-based decisions from intuition. The conversation explores everything from teaching children healthy money habits and the long-term behavioral challenges of value investing to sequence of returns risk, retirement spending strategies, and global portfolio construction. The episode…
S2 · E419 · 23 Jul 2026 · 1 hr 2 min

The State of Retirement Research | #419 (Jean-Pierre Aubry)

In this episode, we are joined by Jean-Pierre Aubry, Associate Director of Retirement Plans and Finance at the Center for Retirement Research at Boston College, for a research-driven conversation about retirement investing, financial advice, pension fund management, and inflation. Drawing from years of empirical research, Jean-Pierre shares insights into how households actually invest, how financial advisors shape portfolio decisions, and why investors often hold asset allocations that differ from their own stated preferences. We also examine the investment strategies of public pension…
S2 · E418 · 16 Jul 2026 · 1 hr 6 min

"I Sold 50% of My Portfolio. What Now?" | #418 (AMA)

In this AMA episode, Ben Felix, Dan Bortolotti, and Ben Wilson tackle a wide range of practical investing questions submitted by listeners. They begin by discussing one of the most common investing mistakes—market timing—and explain why getting back into the market is often harder than getting out. From there, they explore the evidence behind lump sum investing versus dollar-cost averaging, why high valuations rarely justify sitting in cash, and how your discomfort with investing may reveal a mismatch between your portfolio and your true risk tolerance. The conversation also pulls back the…
S2 · E417 · 9 Jul 2026 · 1 hr

A Financial Plan For Your Entire Life | #417 (Dr. Paul Kaplan)

In this episode, we are joined by Dr. Paul Kaplan, economist, CFA charterholder, former Director of Research at Morningstar Canada, and co-author of Lifetime Financial Advice, for a fascinating exploration of life cycle finance. Drawing on decades of research in economics, portfolio construction, and asset allocation, Paul explains how financial planning should be grounded in optimizing lifetime consumption rather than relying on disconnected rules of thumb. We explore how life cycle finance integrates consumption, saving, investing, and retirement spending into a single framework, why risk…
S2 · E416 · 2 Jul 2026 · 59 min

Is VEQT Costing You? (& Other Questions) | #416

In this AMA episode, Benjamin Felix, Dan Bortolotti, and Ben Wilson tackle a wide range of listener questions covering portfolio construction, diversification, active management, pensions, fiduciary duty, and short-term investing decisions. They examine whether breaking apart all-in-one ETFs is worth the complexity, why global diversification remains the default despite long stretches of underperformance, and how investors should think about risk when they have defined benefit pensions or short-term financial goals. Along the way, they discuss the limits of active management, why simplicity…
S2 · E415 · 25 Jun 2026 · 1 hr 20 min

Shannon Lee Simmons: How To Stop Feeling Broke | #415

In this episode, we are joined by Shannon Lee Simmons—Certified Financial Planner, Chartered Investment Manager, bestselling author, and founder of the New School of Finance—for a wide-ranging conversation about the emotional side of money. Drawing on more than two decades of working directly with Canadians, Shannon explains why financial stress has become so pervasive, how social comparison shapes spending habits, and why a well-built financial plan can be one of the most powerful antidotes to money anxiety. We also explore decision-making during financial crises, the psychology of regret,…
S2 · E414 · 18 Jun 2026 · 1 hr 15 min

Answering Your Financial Questions | #414

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…
S2 · E413 · 11 Jun 2026 · 1 hr 8 min

How Canadian ETFs Actually Work | #413 (Morley Conn)

In this episode, we are joined by Morley Conn, Director of Sales and Strategy, ETF Services at Scotia Global Banking and Markets, for a deep dive into the mechanics of the ETF ecosystem. With more than 30 years of experience across equities, foreign exchange, and money markets, Morley pulls back the curtain on the creation and redemption process, ETF liquidity, block trading, market making, and the often-overlooked infrastructure that allows ETFs to trade efficiently every day. We explore how authorized participants and market makers facilitate liquidity, why ETF liquidity is driven by the…
S2 · E412 · 4 Jun 2026 · 50 min

Ben Carlson: Investing at All-Time Highs | #412

In this episode, we are joined by Ben Carlson, Director of Institutional Asset Management at Ritholtz Wealth Management and author of Risk & Reward, for a wide-ranging conversation about market history, investor psychology, and the realities of long-term investing. Ben brings his trademark blend of data-driven thinking and plainspoken storytelling to topics like market crashes, inflation, diversification, and why investors are so tempted to time the market. We explore the lessons from Japan's historic asset bubble, the lingering impact of the Great Depression, and why diversification remains…
S2 · E411 · 28 May 2026 · 1 hr 17 min

Market Simulations & Financial Planning | #411 (John Yang)

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…
S2 · E410 · 21 May 2026 · 58 min

Episode 410: The State of Investing in 2026

In this episode, we are joined by Shelly Antoniewicz, Chief Economist at the Investment Company Institute (ICI), for a data-rich exploration of the modern fund industry. Shelly walks us through the staggering scale of global regulated funds, how ETFs and mutual funds shape capital allocation, and why the rise of indexing may not be as disruptive as critics fear. We discuss the growth of ETFs versus mutual funds, increasing concentration among large fund sponsors, and how financial advisors are reshaping portfolios around low-cost investment products. Shelly also explains why fund fees keep…
S2 · E409 · 14 May 2026 · 1 hr 16 min

Episode 409: Investment Banker - What Private Equity Doesn't Tell You

In this episode, we are joined by Jeff Hooke, former investment banking, private equity, and private debt executive turned academic critic of alternative investments, for a rigorous and provocative examination of private equity, private credit, and institutional investing. Jeff draws on decades of experience in finance and years of academic research to challenge many of the assumptions driving institutional and retail allocations to private markets. We discuss why pension plans and endowments continue pouring capital into alternatives despite evidence of underperformance, how private market…
S2 · E408 · 7 May 2026 · 1 hr 14 min

Episode 408: Elroy Dimson – Investing & Optimism

In this episode, we are joined by Elroy Dimson, Professor of Finance at Cambridge Judge Business School and co-creator of the Dimson-Marsh-Staunton (DMS) dataset, for a sweeping and deeply insightful conversation on financial history, market behavior, and the evolution of global investing. Elroy walks us through the origins of the groundbreaking Triumph of the Optimists, the challenges of assembling over 100 years of global return data, and the critical biases that once shaped our understanding of markets. We explore how expanding beyond U.S.-centric data reshaped expectations for the equity…
S2 · E407 · 30 Apr 2026 · 1 hr 19 min

Episode 407: Michael Kothakota - The Shape of Financial Planning

In this episode, we are joined by Michael Kothakota for a deeply technical and thought-provoking conversation on interdependent integrative financial planning theory. Drawing from his background in academic research and real-world advisory practice, Michael introduces a mathematical framework designed to capture the full complexity of financial planning—where decisions across domains like taxes, investments, and estate planning are interconnected and constantly evolving. We explore why traditional economic models fall short in capturing the individualized and multi-dimensional nature of…
S2 · E406 · 23 Apr 2026 · 1 hr 11 min

Episode 406: When Massive Private Companies Go Public

In this episode, the Rational Reminder team unpacks the mechanics and implications of mega IPOs like SpaceX, OpenAI, and Anthropic potentially entering public indices. They explore how index funds handle IPO inclusion, why newly public stocks tend to underperform, and how structural features of indexing can lead to systematically buying high and selling low. The conversation dives into academic research on IPO returns, the role of free float in index construction, and how evolving market dynamics are forcing index providers to reconsider long-standing rules. They also examine alternative…
S2 · E405 · 16 Apr 2026 · 1 hr 4 min

Episode 405: Timothy Edwards - Inside S&P DJ Indices

What if the decades-long debate between active and passive investing wasn't really a debate—but a data problem? In this episode, Ben Felix and Cameron Passmore are joined by Tim Edwards, Managing Director and Global Head of Index Investment Strategy at S&P Dow Jones Indices, for a deep dive into the SPIVA Scorecard—the industry's most enduring and data-driven comparison of active versus passive investing. Tim explains how SPIVA has evolved over 25 years, why survivorship bias matters more than most investors realize, and what the data consistently shows across markets: most active funds…
S2 · E404 · 9 Apr 2026 · 1 hr 3 min

Episode 404: The Finance Paper that Changed Everything

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…
S2 · E403 · 2 Apr 2026 · 1 hr 4 min

Episode 403: Patrick Adams - When Stock Crashes Matter for Long-Term Investors

What if your biggest investment risk isn't the stock market—but your own income? In this episode, we are joined by Patrick Adams, a PhD candidate at MIT, for a fascinating deep dive into how income risk, spending commitments, and liquidity constraints reshape what "optimal" investing actually looks like. Drawing on large-scale administrative tax data, Patrick challenges the conventional wisdom that young investors should be heavily—or even fully—invested in equities. We explore why stocks appear safe over long horizons but become risky when real-world constraints force investors to sell at…
S2 · E402 · 26 Mar 2026 · 1 hr 2 min

Episode 402: The Problem with Private Markets

In this episode, we unpack the growing tension in private markets—private equity, private credit, and private real estate—and examine whether their long-standing appeal holds up under scrutiny. With increasing pressure to bring these investments to retail investors, the discussion explores how illiquidity, valuation opacity, and complex fee structures may be masking risks rather than reducing them. We break down how private assets are marketed, why their "smooth" returns may be misleading, and what recent events—like gated funds and forced asset sales—reveal about their true risk profile.…

About The Rational Reminder Podcast

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.

The Rational Reminder Podcast is a English business podcast from Benjamin Felix, Cameron Passmore, and Dan Bortolotti. Melo plays each episode straight from the publisher's own feed — no ads added, no account needed — and remembers where you stopped, in this browser only.

Publisher: Benjamin Felix, Cameron Passmore, and Dan Bortolotti
Language: English
Category: Business
New episodes: Weekly
Typical length: 1 hr 8 min
Latest episode: 8 Oct 2026
Feed: RSS — paste into any podcast app
Apple Podcasts: podcasts.apple.com/podcast/id1426530582
Website: pwlcapital.com/author/benjamin-felix

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