If You Had $10 Billion to Test Markets

In this special year-end AMA, the full PWL crew — Ben Felix, Cameron Passmore, Ben Wilson, and Dan Bortolotti — sit down together for the first time on the podcast to reflect on the roller-coaster that was 2025 and to tackle a wide range of thoughtful listener questions. The episode begins with reflections on a year that included wild market swings, an extraordinary rally few predicted, major changes within PWL, and personal milestones. From there, the team dives deep into the psychology of staying invested, the real risks of inexperienced investors going 100% equities, the complexity of asset location and pre-tax vs. after-tax allocation, and how to talk to family members who are paying too much in investment fees.

Key Points From This Episode:

(0:04) Introduction — first-ever full-team recording and setup for the year-end AMA.

(1:12) Why not all AMA questions could be answered — over 400 submissions and many not suited to the format.

(1:48) 2024 market recap — from early-year panic to strong double-digit global equity returns.

(3:59) The speed of recoveries — why missing a quick rebound can permanently derail returns.

(5:34) Cameron's lessons from 2024 — unpredictability, growing adoption of evidence-based investing, joining a bigger organization, and driverless-car optimism.

(7:41) Ben Wilson becomes a co-host — an unplanned evolution shaped by listener feedback.

(9:51) Dan on humility in forecasting and reconnecting with theoretical research.

(11:18) Ben's personal year — firm acquisition, equity value jump, and navigating his cancer diagnosis.

(12:32) Talking to parents about high fees — emotional dynamics, non-confrontational questions, and the danger of implied judgment.

(23:01) Should beginners hold 100% equities? Behavioral risk, volatility blindness, and why it shouldn't be the default allocation.

(30:35) Pre-tax vs. after-tax asset allocation — why RRSP dollars aren't equal to TFSA dollars and how that changes true risk exposure.

(36:09) Why PWL rarely optimizes asset location — complexity, low payoff, and behavioral clarity.

(44:42) What PWL does (and doesn't) offer — discretionary management, integrated planning, outside specialists, and tax deductibility rules.

(49:04) "I know I need index funds — but how do I actually buy them?" Robo-advisors vs. one-ticket ETFs and why placing a trade is the real barrier.

(57:47) Ben's lessons as a new homeowner — maintenance costs far above expectations and the hidden burden of being your own contractor.

(1:01:54) The strangest portfolios — single-stock windfalls, leverage without client awareness, bullion-only strategies, and the infamous "meatloaf portfolio."

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 on Instagram — https://www.instagram.com/rationalreminder/

Rational Reminder on YouTube — https://www.youtube.com/channel/ 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/

Ben Wilson on LinkedIn — https://www.linkedin.com/in/ben-wilson/

Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)