The Rational Reminder Podcast

Special guest Brittany Hodak joins the hosts of The Rational Reminder Podcast for a live 5-year retrospective. They discuss the origins and growth of the podcast, favorite episodes and guests, challenges faced, and valuable lessons learned. Mark McGrath also provides insights on common pitfalls of ITF accounts. Then, Brittany explores creating Superfans and the power of storytelling in business. They also delve into the experience economy, investing in marketing, and more!

Professor Samuel Hartzmark, an inspiring expert in finance and human behavior, explores asset pricing, behavioral finance, and sustainability rankings in this captivating podcast. He discusses topics such as Morningstar's sustainability rating system, the value of sustainable investing, shifting the cost of capital for sustainable investments, the importance of addressing environmental issues, and the misconception of dividends. The podcast also delves into price-only indexes vs. total return indexes, interpreting risk factors in value investing, and more.

Canadian Personal Finance expert, Rob Carrick, discusses the issues at the forefront of Canadian readers' lives, the increasing investment in conservative interest-paying investments, challenges and alternatives in home ownership, adjustments in retirement, healthcare costs, dental expenses, and parental financial support. The chapter also explores the effectiveness of podcasts in delivering financial information to young people.

Guest speaker Anthony Walsh joins the hosts to discuss the history of artificial intelligence, the questionable strategy of investing in revolutionary technology, personal experiences with real estate investing, retirement risks and benefits, common misconceptions about real estate, and the impact of opioids depicted in the Netflix series 'Painkiller'.

Finance professionals and authors Victor Haghani and James White discuss the puzzle of missing billionaire families and the impact of poor financial decisions. They explain the Merton model, expected utility theory, and dynamic asset allocation. They also explore optimal lifetime spending solutions and the relationship between money and happiness. A valuable resource for better financial decision-making.

Preet Banerjee, renowned speaker and personal finance expert, discusses the value of financial advice. He shares his intriguing findings on the current state of financial planning, and explores the need for regulatory changes. The episode also includes insights on retirement savings plans and a book review on wisdom and advice for living.

Professor Itzhak Ben-David, expert on ETFs, discusses the current state of the ETF market, Morningstar ratings, mind-blowing hedge fund fee data, correlations between miscalibrated CFOs and overconfidence, unnecessary mental accounting with tax refunds, and more.

The podcast discusses the expected cost of pessimism in financial decisions, potential solutions to counteract it, and the value of storytelling in communication and financial advice. They also touch on the risks and benefits of using a tax-free savings account for investment and the role of psychologists in financial advice. The episode includes a new segment called 'Mark's Minutes' and updates on events and merchandise.

Prof. Cass Sunstein, founder of the Program on Behavioral Economics and Public Policy at Harvard Law School, discusses decision-making. Topics include second-order thinking, delegation vs algorithms, transformative decisions, preferences for seeking information, biases in belief updating, maximizing well-being, and the differences between manipulation and nudges.

In this episode, we tackle the timely topic of higher interest rates and their potential impact on investors' decisions. With rates soaring to unprecedented levels, many are tempted to veer off their investment paths in pursuit of short-term gains. But is this a rational choice? We break it down and offer invaluable insights into why staying the course might be the wiser option. We also welcome new PWL team member Mark McGrath. Mark possesses an innate talent for crafting concise, valuable, and captivating financial planning nuggets on social media. His content has struck a chord with the audience, evident from his rapidly expanding following. Next, we take a nostalgic trip back to one of our favourite past episodes, featuring a remarkable guest, David Booth, co-founder of Dimensional Fund Advisors. With a quick review of the episode, listeners get a refresher on Booth's sage advice and investment philosophies, reminding us all why this episode remains a standout. For the book segment, Michael Tremblay, a passionate listener, and stoicism expert, reached out to suggest an exploration of The Handbook of Epictetus. We welcome Michael to the show for an enlightening discussion on the principles of stoicism and how they can be applied to investing and everyday life.   Key Points From This Episode:   Introducing new PWL team member, Mark McGrath. (0:02:22) Background about Mark and his journey to PWL Capital. (0:03:35) What Mark appreciates most about working at PWL: its core values. (0:08:45) Why cash is an extremely risky long-term investment option. (0:11:47) We explore ‘buying the dip’ and expected returns versus return expectations. (0:24:31) Highlights and key takeaways from our conversation with David Booth. (0:29:07) The Handbook of Epictetus and devoted listener Michael Tremblay's background. (0:31:22) Stoicism basics, who Epictetus was, and the key idea behind the philosophy. (0:33:30) How stoicism can benefit everyday investors. (0:36:09) A breakdown of the various ‘tools’  and practices The Stoics developed. (0:39:26) Similarities Stoicism has with the rational reminder approach to investing. (0:43:07) Making the distinction between what is in your control and what is not. (0:46:16) The role of emotions and death in investing from a Stoicism perspective. (0:47:41) Michael shares his definition of success. (0:53:45) The after-show featuring updates, book recommendations, upcoming guests, and more. (0:55:11)   Quotes:   “PWL as a firm and the podcast specifically have been absolutely formative in how I deliver financial planning and portfolio management advice.” — Mark McGrath (0:06:58)   “Now risky assets, like stocks and bonds, sound risky. We call them risky assets for a reason. But the thing is, in investing, risk is not always a bad thing.” — Benjamin Felix (0:15:09)   “Expected returns matter a lot for long-term investors because they're relying on their assets to generate returns far into the future.” — Benjamin Felix (0:19:39)   “There's this emotional aspect of stoicism, this kind of cool-headedness. And that cool-headedness comes from adopting this growth mindset and adopting this focus on what's in your control.” — Michael Tremblay (0:36:38)   “The right approach to investing is one that is borne out by the facts. It's not driven by a bone to pick.” — Michael Tremblay (0:43:54)   “For Stoicism, what is up to us is exclusively our minds. Exclusively, the choices and decisions that we make.” — Michael Tremblay (0:46:18) Participate in our Community Discussion about this Episode: https://community.rationalreminder.ca/t/episode-265-5-hisa-for-the-long-run-plus-stoicism-with-michael-tremblay-discussion-thread/24716   Book From Today’s Episode: The Handbook of Epictetus — https://amzn.to/3s2k7V4   Links From Today’s Episode: Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/  Shop Merch — https://shop.rationalreminder.ca/ Join the Community — https://community.rationalreminder.ca/ Follow us on Twitter — https://twitter.com/RationalRemind Follow us on Instagram — @rationalreminder Benjamin on X — https://twitter.com/benjaminwfelix Cameron on X — https://twitter.com/CameronPassmore Michael Tremblay on X — https://twitter.com/_MikeTremblay Mark McGrath on X — https://twitter.com/MarkMcGrathCFP Michael Tremblay — https://www.tremblaymichael.com/ Stoa Meditation Website — https://stoameditation.com Stoa Letter — https://www.stoaletter.com 'Reaching for yield: Evidence from households' — https://doi.org/10.2139/ssrn.4283008 'Crash beliefs from investor surveys' — https://doi.org/10.3386/w22143 'Who should buy long-term bonds?' — https://doi.org/10.1257/aer.91.1.99 'Portfolios for long-term investors' — https://doi.org/10.1093/rof/rfab038 'Presidential address: Discount rates' — https://doi.org/10.1111/j.1540-6261.2011.01671.x 'Long-horizon losses in stocks, bonds, and bills: Evidence from a broad sample of developed markets' — https://doi.org/10.2139/ssrn.3964908