Making Money Ben Felix: Investing is Simple, So Why Is Everyone Getting it Wrong?
9 snips
Jan 12, 2026 
In this engaging chat, Ben Felix, Chief Investment Officer at PWL Capital and co-host of the Rational Reminder podcast, shares his journey from engineering to finance. He dives into why people struggle with rational investing, exploring cognitive biases and the parallels between investing and health. Ben discusses the pitfalls of fixed withdrawal rules and challenges common investing norms. His recent cancer diagnosis has reshaped his perspective on money and living well, inspiring him to emphasize holistic planning for a fulfilling life.
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Long-Term Risk Differs From Short-Term Metrics
- Long-term investors face different risk dynamics than short-term measures imply.
- Nominal bonds may be riskier long-term while stocks can be relatively safer for long horizons.
Why A Home Bias Can Make Sense
- A modest home-country bias can be rational for many investors.
- Cost, tax efficiency and local consumption hedging justify around 10–30% domestic equity exposure.
Geopolitics Strengthens Domestic Safety
- Geopolitical risks can make domestic holdings safer in practice.
- Expropriation and hostile treatment of foreign investors are real, hard-to-measure reasons for home bias.
