『The Rational Reminder Podcast』のカバーアート

The Rational Reminder Podcast

The Rational Reminder Podcast

著者： Benjamin Felix Cameron Passmore and Dan Bortolotti
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 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 個人ファイナンス 経済学
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  • Episode 360 – Gerard O'Reilly: The Components of Net Returns

    Episode 360 – Gerard O'Reilly: The Components of Net Returns
    2025/06/05
    What if “just buying the market” isn’t the end of the story? In this episode, we are joined by Gerard O’Reilly, Co-CEO and Co-CIO of Dimensional Fund Advisors, for a deep dive into what really drives net investment returns. Gerard returns to the Rational Reminder podcast to explain the key principles that differentiate Dimensional’s approach from traditional indexing—and why implementation, flexibility, and detail matter so much more than investors might think. We explore the concept of hidden costs in index investing, how index reconstitution and trading frictions erode returns, and the nuanced decisions that shape a market portfolio: defining the market, excluding low-returning stocks, optimizing tax efficiency, and more. Gerard breaks down how Dimensional’s rules-based, evidence-backed process improves outcomes through smart exclusions (like IPOs and high asset-growth firms), precise trading, securities lending, and better handling of corporate actions. From the dangers of chasing low fees to the surprising benefits of thoughtful execution, this conversation is a masterclass in next-level investing. Key Points From This Episode: (0:01:07) Why Gerard was invited back: Dimensional’s approach to hidden costs and net returns. (0:02:38) Looking beyond “index good, fees bad”—why investors should dig deeper. (0:04:21) Gerard’s background: From Caltech rocket scientist to Dimensional co-CEO. (0:06:22) How Dimensional differs from market-cap weighted index funds. (0:08:42) Four components of net returns: Two increase returns, two decrease them. (0:12:45) Defining the market: Free float, liquidity thresholds, and dynamic inclusion. (0:17:52) How small-cap index definitions can create return differentials as high as 10%. (0:22:03) What securities Dimensional excludes—and why: low-profitability growth, high asset growth, IPOs, and REITs. (0:29:26) Why IPOs are excluded for 6–12 months and the mechanics behind inclusion. (0:33:16) Why Dimensional’s exclusions aren’t like traditional active management. (0:35:09) The “Great British Bake-Off” analogy: baking better portfolios with the same ingredients. (0:38:13) How securities lending boosts returns—and how Dimensional does it better. (0:42:09) Managing corporate actions (like M&A) to reduce cash drag. (0:45:18) How Dimensional deals with buybacks and new share issuance. (0:47:29) Momentum, short-term reversals, and securities lending fees as trading signals. (0:50:36) Why Dimensional may lend out stocks that have negative momentum. (0:52:42) How trading costs affect net returns and Dimensional’s execution edge. (0:56:06) Hidden costs of indexing: Index fund rebalancing and price impact. (1:03:19) Why focusing solely on fees is misleading—and what “value for service” really means. (1:06:18) DFUS: A case study of Dimensional’s market series outperforming index funds. (1:08:44) How Dimensional builds portfolios with intentional tilts toward higher expected returns. (1:12:35) What excites Gerard: Expanding access, ETF innovations, and global growth. 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/RationalRemindRational 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/ Gerard O’Reilly — https://www.dimensional.com/us-en/bios/gerard-k-oreilly Dimensional Fund Advisors: https://www.dimensional.com/ Episode 322: Marco Sammon — https://rationalreminder.ca/podcast/322Marco Sammon Episode 198: Gerard O’Reilly — https://rationalreminder.ca/podcast/198
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    1 時間 16 分
  • Episode 359 - The Most Controversial Topics in Personal Finance

    Episode 359 - The Most Controversial Topics in Personal Finance
    2025/05/29
    For the first time as a host combination, Ben, Dan, and Cameron sit down to discuss the most controversial topics in personal finance. We begin with identity and how it informs decision-making. Then, we revisit the renting versus buying debate, why this remains a highly controversial topic, the ins and outs of income investing, and understating the fervor of dividend investing. We also unpack FIRE as a branch of self-help; how it informs happiness; and how personality influences one’s approach to the FIRE principle. To end, we closely examine Bill Bengen’s 4% rule, and the Aftershow encourages us to maintain high podcasting standards while revealing what you can look forward to in our latest Rational Reminder t-shirt release. Key Points From This Episode: (0:01:25) Cameron’s positive LinkedIn experience regarding insurance. (0:08:10) How identity informs decision-making. (0:15:24) Why renting versus buying a home remains a controversial topic. (0:27:50) Income investing, covered calls, and the fervor of dividend investing. (0:46:34) FIRE: Financial independence, retire early. (0:54:36) Unpacking FIRE as a branch of self-help, and the role of FIRE in happiness. (1:07:07) How personality and identity inform one’s approach to FIRE. (1:10:34) Addressing the 4% rule. (1:14:16) The Aftershow: Setting and keeping high standards, and Rational Reminder t-shirts. 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/RationalRemindRational Reminder on TikTok — https://www.tiktok.com/@rationalreminder Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.ca Rational Reminder Merchandise — https://shop.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/ Dan Bortolotti on LinkedIn — https://www.linkedin.com/in/dan-bortolotti-8a482310/ Episode 358: Eli Beracha: An Academic Perspective on Renting vs. Owning a Home — https://rationalreminder.ca/podcast/358 Episode 214: Jay Van Bavel: Shared Identities and Decision Making — https://rationalreminder.ca/podcast/214 Episode 260: Prof. James Choi: Practical Finance — https://rationalreminder.ca/podcast/260 Episode 273: Professor Samuel Hartzmark: Asset Pricing, Behavioural Finance, and Sustainability Rankings — https://rationalreminder.ca/podcast/273 Episode 95: Scott Rieckens (Playing with FIRE): Finding Financial Education, Perspective, and Freedom — https://rationalreminder.ca/podcast/95 Episode 258: Prof. Meir Statman: Financial Decisions for Normal People — https://rationalreminder.ca/podcast/258 Bonus Episode - Prof. Meir Statman: A Wealth of Well-Being — https://rationalreminder.ca/podcast/2024/4/18/bonus-episode-prof-meir-statman-a-wealth-of-well-being Episode 230: Prof. Robert Frank: Success, Luck, and Luxury — https://rationalreminder.ca/podcast/230 Episode 135: William Bengen: The 5% Rule for Retirement Spending — https://rationalreminder.ca/podcast/135 Episode 164: Comprehensive Overview: The 4% Rule — https://rationalreminder.ca/podcast/164 Episode 357: AMA #6 — https://rationalreminder.ca/podcast/357 Morgan Housel — https://www.morganhousel.com/ ‘Renting vs. Buying a Home: What People Get Wrong’ — https://www.youtube.com/watch?v=j4H9LL7A-nQ MobLand — https://www.imdb.com/title/tt31510819/ Ray Donovan — https://www.imdb.com/title/tt2249007/ Animal Kingdom — https://www.imdb.com/title/tt5574490/ Books From Today’s Episode: Rich Dad Poor Dad — https://www.amazon.com/Rich-Dad-Poor-Teach-Middle/dp/1612680194 Self Help, Inc.: Makeover Culture in American Life — https://www.amazon.com/Self-Help-Inc-Makeover-American/dp/0195337263 Papers From Today’s Episode: 'Motivated Numeracy and Enlightened Self-Government' - https://www.cambridge.org/core/journals/behavioural-public-policy/article/abs/motivated-numeracy-and-enlightened-selfgovernment/EC9F2410D5562EF10B7A5E2539063806 ‘Nevertheless, They Persist: Cross-country differences in homeownership behavior’ — https://www.sciencedirect.com/science/article/abs/pii/S1051137721000590 ‘Rent or Buy? Inflation Experiences and Homeownership within and across Countries’ — https://www.researchgate.net/publication/379974645_...
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    1 時間 18 分
  • Episode 358 – Dr. Eli Beracha: Renting versus Buying a Home

    Episode 358 – Dr. Eli Beracha: Renting versus Buying a Home
    2025/05/22
    Dr. Eli Beracha has recently been recognized by The Journal of Real Estate Literature as the world’s third best in research productivity, and today, we are honoured to be joined by this top industry expert to bring more clarity to the renting versus buying debate. We use Dr. Beracha’s ‘Lessons from Over 30 Years of Buy Versus Rent Decisions: Is the American Dream Always Wise?’ and ‘Housing Ownership Decision-Making in the Framework of Household Portfolio Choice’ papers as the basis for most of today’s conversation, beginning with why owning a home is deeply rooted in the perception of the American dream. Then, we discover how to measure the true price of home ownership, how the American dream and other psychological factors influence one’s decision-making, how hard assets perform compared to stocks and bonds, and why renting comes out ahead of buying nine times out of ten. We also learn why owning is for the inherently wealthy, the ins and outs of Dr. Beracha’s rent versus buy index, the rate of property appreciation versus stock appreciation, and how renting influences saving habits compared to owning a home. To end, we dive deeper into the risk-adjusted wealth accumulation of home ownership versus renting, and Dr. Beracha compares the efficiency of the real estate market to the stock market while detailing everything to take into account to be fully-equipped to make your decision to rent or buy. Key Points From This Episode: (0:00:00) Why Dr. Eli Beracha is one of the world’s best to discuss renting vs buying a home. (0:05:32) Understanding why owning a home is deeply entrenched in the American dream. (0:06:10) The various aspects to consider when measuring the price of home ownership. (0:07:57) Weather Dr. Beracha agrees with the adage “renting is throwing money away.” (0:09:36) What the price of a home should represent, and how psychology influences decisions. (0:16:48) Unpacking Dr. Beracha’s 2012 paper subtitled, ‘Is the American Dream Always Wise?’ (0:19:51) Hard assets versus stocks and bonds, and why renting pips buying most of the time. (0:26:00) Why many still choose to own a home despite long-term financial discrepancies. (0:30:53) The ins and outs of Dr. Beracha’s rent versus buy index. (0:39:46) Why homeowners are usually wealthier than renters even though renting is “cheaper.” (0:42:03) Property appreciation, stock appreciation, and the renter’s savings rate. (0:47:41) How home ownership influences saving habits compared to renting. (0:49:46) The risk-adjusted wealth accumulation of home ownership versus renting. (0:58:40) Dr. Beracha compares the efficiency of the real estate market to the stock market. (1:03:22) Everything you need to take into account to make your decision to rent or buy. 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/RationalRemindRational 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/ Dan Bortolotti on LinkedIn — https://www.linkedin.com/in/dan-bortolotti-8a482310/ Episode 325: Addressing 200+ Comments on Renting vs. Owning a Home — https://rationalreminder.ca/podcast/325 Episode 196: Sebastien Betermier: Hedging, Sentiment, and the Cross-Section of Equity Premia — https://rationalreminder.ca/podcast/196 Dr. Eli Beracha — https://www.theberachateam.com/ Dr. Eli Beracha on LinkedIn — https://www.linkedin.com/in/eli-beracha-b8082250/ Dr. Eli Beracha on Instagram — https://www.instagram.com/dreliberacha/ Tibor and Sheila Hollo School of Real Estate | FIU — https://business.fiu.edu/academics/departments/real-estate/ KBIS Capital — https://kbiscapital.com/ Journal of Real Estate Literature — https://www.tandfonline.com/journals/rjel20 Papers From Today’s Episode: ‘Lessons from Over 30 Years of Buy Versus Rent Decisions: Is the American Dream Always Wise?’ — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1814227 ‘Housing Ownership Decision-Making in the Framework of Household Portfolio Choice’ — https://www.tandfonline.com/doi/abs/10.1080/10835547.2017.12091472 ‘Findings from a Cross-Sectional Housing Risk-Factor Model’ — https://www.researchgate.net/publication/236023682_Findings_from_a_Cross-Sectional_Housing_Risk-Factor_Model
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    1 時間 7 分

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