Page de couverture de The Rational Reminder Podcast

The Rational Reminder Podcast

The Rational Reminder Podcast

Auteur(s): Benjamin Felix Cameron Passmore and Dan Bortolotti
Écouter gratuitement

À propos de cet audio

 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 Finances personnelles Économie
Épisodes
  • 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).
    Voir plus Voir moins
    1 h et 13 min
  • Episode 367: AMA #8 + Insurance Needs Analysis with Louai Bibi

    Episode 367: AMA #8 + Insurance Needs Analysis with Louai Bibi
    Jul 24 2025
    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).
    Voir plus Voir moins
    1 h et 7 min
  • Episode 366 - Avoiding Investment Scams

    Episode 366 - Avoiding Investment Scams
    Jul 17 2025
    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/
    Voir plus Voir moins
    53 min
Tout
Les plus pertinents  
Every week this podcast presents curated information on how to be a better investor and live a happier and more fulfilling life.

changed my perspective and life

Un problème est survenu. Veuillez réessayer dans quelques minutes.
Absolutely best personal finance podcast.
The two hosts do an incredibly week thought out job at providing educational information. All the information is based on academic research and referenced.

Through this podcast I not only developed my financial literacy tenfold, but also my curiosity on many different subjects and my drive to read more!

Thanks a million keep up the great work!

Life changing

Un problème est survenu. Veuillez réessayer dans quelques minutes.
These guys do a great job of deciphering the topics of discussion. Easy to follow and understand if you're not in the industry yourself, but have a genuine interest. To top it all off, they have top notch guests on the show, who have incredible depth of experience in their respective fields.

Worth your time if you enjoy finance, markets and investing

Un problème est survenu. Veuillez réessayer dans quelques minutes.