Shane Parrish, creator of the Farnam Street Blog, discusses mental models for investing, the importance of decision journals, the value of doing nothing, defining happiness, and the power of rereading books for deeper understanding in this peaceful and informative podcast.

Welcome back to another episode of the Rational Reminder Podcast. Our guest today is a great friend and associate, Mark Sutcliffe! Mark is a well know media personality, community worker, philanthropist, business person, and investor. He also happens to be a great speaker and listener, which probably has something to do with him hosting his own radio show. Today we are extremely excited to be able able to interview him and pick his brain on all things rational, financial, and beyond. We chat about what makes Mark tick, his passions, his motivations, and what keeps him going. From there we dive into the financial industry and hear first-hand about Mark’s own learning curve and how he currently views investing. We then turn to the subject of Ottawa and look specifically at Mark’s work in and commitment to the city. A strong theme that arises in this episode is Mark’s view of his own good fortune and we finish off our interview with a meditation on the success he has experienced and some of his ambitions for the future. For all this and much more, be sure to listen in! Key Points From This Episode: Mark’s passion and what keeps him motivated. [0:03:21.9] A typical day in the life of Mark and how he gets through all this work. [0:04:34.3] Mark’s forays into and experiences with investing. [0:06:44.2] The gripes that Mark has with certain areas of the financial industry. [0:09:45.7] Mark’s TED Talk and the role of luck in his life. [0:13:01.3] Long term financial planning and how this links to the rest of Mark’s life. [0:17:17.4] A big picture perspective and how this helps investors through volatility. [0:21:28.6] The media’s role in public perception and culture around the markets. [0:23:07.2] Mark’s current thoughts on the Ottawa business scene. [0:24:48.5] The long standing association between Mark and PWL. [0:27:06.7] The trend towards index investing in Canada and its growing popularity. [0:29:00.9] Mark’s reflections on his successes and ambitions for the future. [0:31:19.2] And much more! Learn more and subscribe to the show at pwlcapital.com

Welcome to the Rational Reminder Podcast everybody! Today on the show we welcome a good friend and someone who has had a massive influence on our lives and work. Bestselling investment author, Dan Solin, joins us on the podcast today. Dan has been a staunch advocate for evidence based investing for a long time now and although this approach is still far from dominant, it has grown immensely in the years he has been active. His focus on smart, client-centered investing has set the standard for a certain portion of advisors in the US and Canada, notably the ones hosting this show! In our conversation, we chat about Dan’s history and the foundations of his professional philosophy. We get into some of his work as a lawyer and how this influenced his overall career trajectory. Interestingly, we spend some time on the topics of happiness and kindness and their integral importance to financial success for any investor. For an inspiring and thoughtful conversation with a true industry leader, be sure to tune in!   Key Points From This Episode: An overview of Dan’s career and his investing philosophy. [0:03:05.9] Dan’s training as a lawyer and how this influenced his evidence based approach. [0:05:45.0] The case that prompted Dan to a proactive strategy for fairness. [0:06:45.1] Dan’s on air disagreement with CNBC’s Jim Cramer. [0:08:52.6] Looking at the culture of active fund management in Canada. [0:10:59.1] The time Dan spent on the concept of happiness in his latest book. [0:14:45.5] Building trust with clients through genuine interest. [0:15:56.8] Looking at the difference experiences of introverts and extroverts. [0:18:32.0] The critical importance of empathy in all aspects of life. [0:19:40.7] The full extent of what a wealth advisor should do. [0:21:06.9] Perspective and care as two primary directives for advisors. [0:23:45.4] The retirement-focussed project Dan is currently working on [0:26:05.8] Dan’s own journey and struggles around happiness. [0:28:43.6] And much more! Learn more and subscribe to the show at pwlcapital.com

In Episode 16 of the Rational Reminder Podcast we talked about the following: How bad was last week’s market volatility? Should you make changes to your portfolio in this market? Are people better at predicting when markets are volatile? How the market prices securities The economy vs. the stock market When do bear markets typically occur? Will passive investing exacerbate the next correction? Do index funds affect price discovery? The power of capitalism Index reconstitution Risk over the long-term Quant investing does not always pass robustness tests 50% of business is marketing Devil’s in the HML details Dimensional has thought of everything   The charts that we talked about:   For more information or to contact Cameron and Ben, visit pwlcapital.com

In Episode 15 of the Rational Reminder Podcast we recapped our time at the Dimensional Fund Advisors advanced conference. We recapped the following:   Eugene Fama The history of the University of Chicago and Dimensional Connecting economics with academia Behavioral finance is a branch of efficient markets (according to Fama) Crunching data for the first time Starting the first index fund – before Vanguard Volatility lessons Black swans Do you need a tstat of 3 in today’s world?   We referenced this paper https://www.cfapubs.org/doi/pdf/10.2469/faj.v74.n3.6 For more information or to contact Cameron and Ben, visit pwlcapital.com 

In Episode 14 of the Rational Reminder podcast we were joined by Martin Parizeau, a retired banking executive with extensive knowledge of Canadian consumer debt, and a PWL client. We discussed the following:   The start of the ETF boom When proponents of active management realize they should index Cutting wasteful expenses without sacrificing happiness Pulling off a successful downsizing Housing is not an investment The real cost of owning a home Defining the ideal lifestyle Digging into Canadian consumer debt levels The real debt to income ratio for debtors in Canada Is mortgage debt always “good” debt? The rising cost of debt and its effect on the economy Credit card rates are justified Choosing the right credit card Never pay an annual fee on a credit card The boom-bust lending cycle Bankers saw the financial crisis coming, but had to keep going Focusing on the things that you can control   Ottawa Citizen article from Sunday, March 3, 2002 mentioned in this podcast.     For more information or to contact Cameron and Ben, visit pwlcapital.com

In Episode 13 of the Rational Reminder podcast we discussed the following:   Getting into the DFA advanced conference Cancelling whole life insurance When permanent insurance makes sense Unaffordable housing in Canada Housing bubbles? Bridging the gap with a HELOC Undervalued financial advice Money does not buy happiness Defining a lifestyle Walking to work Active funds are still underperforming Missing out on the best stocks   The Stories we talked about:   HOUSING TRENDS AND AFFORDABILITY UBS Global Real Estate Bubble Index It’s officially normal to have a big, fat balance on your line of credit Stock Pickers Struggle to Beat Index Funds Once Again   For more information or to contact Cameron and Ben, visit pwlcapital.com

In Episode 12 of the Rational Reminder podcast we were joined by Doug McKenzie, an executive at a large US financial institution, and a PWL client. We discussed the following:   Attacking a retirement goal Managing expenses before retirement Toronto real estate in a retirement plan Living (and working through) the financial crisis The Investor’s Group Dividend Fund Income investing Robo advisors Using prepaid credit cards for budgeting CCP vs. CPM vs. DFA Running regressions Data sources Come From Away The value of knowledge and advice   For more information or to contact Cameron and Ben, visit pwlcapital.com

In Episode 11 of the Rational Reminder podcast we discussed the following:   Are DIY investors responsible for their actions? Starting a blog Switching from stock picking to index funds Managing behaviour The 4-minute portfolio When does it make sense to optimize? Index fund rebuttals Fee-only vs. fee-based advice Choosing a conflict of interest Robb’s biggest beef with Canadian financial services Trusting the bank VGRO vs. robo advisors One-fund retirement portfolios We were joined by Robb Engen, author of the Boomer and Echo blog.   For more information or to contact Cameron and Ben, visit pwlcapital.com

In Episode 10 of the Rational Reminder podcast we discussed the following:   Grass fed beef The benefits of independence The Ontario government wants to keep the deferred sales charge (DSC) DSC back in the day The old financial advice model DIY investors are responsible for their decisions 1/3 of people say money is their biggest stressor Locus of control A better way to invest responsibly   The stories that we talked about:   Investment industry stunned as Ontario opposes proposed ban on mutual fund early-withdrawal fees Ontario’s Ford government is shamefully backing the investment industry over investors Advocis Welcomes Statement from Minister Fedeli Controversial commissions: DIY investors fight back against trailer fees How We Really Feel About Money, in a Few Simple Graphs Busting the RI performance myth Responsible/ESG investing   For more information or to contact Cameron and Ben, visit pwlcapital.com