The Rational Reminder Podcast Titelbild

The Rational Reminder Podcast

The Rational Reminder Podcast

Von: 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 Persönliche Finanzen Ökonomie
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  • Is VEQT Costing You? (& Other Questions) | #416

    Is VEQT Costing You? (& Other Questions) | #416
    Jul 2 2026

    In this AMA episode, Benjamin Felix, Dan Bortolotti, and Ben Wilson tackle a wide range of listener questions covering portfolio construction, diversification, active management, pensions, fiduciary duty, and short-term investing decisions. They examine whether breaking apart all-in-one ETFs is worth the complexity, why global diversification remains the default despite long stretches of underperformance, and how investors should think about risk when they have defined benefit pensions or short-term financial goals. Along the way, they discuss the limits of active management, why simplicity often beats optimization, and even reveal their favorite board games.

    Key Points From This Episode:

    (0:01:12) Whether investors should replace asset allocation ETFs with individual component ETFs to save on management fees.

    (0:01:40) Why simplicity has real economic value—and how small fee savings compare to behavioral costs.

    (0:05:38) Portfolio drift, rebalancing discipline, and the hidden costs of managing multiple ETFs.

    (0:06:08) How recent fee reductions narrowed the cost gap between VEQT and its component funds.

    (0:06:51) When using individual ETF components may make sense for larger portfolios or asset location strategies.

    (0:11:16) The hosts share their favorite board games—and why poker has surprising parallels to investing.

    (0:15:01) What true diversification actually means beyond simply owning the S&P 500.

    (0:16:07) Why the global market portfolio remains the logical starting point for most investors.

    (0:19:46) Addressing claims that modern index funds have become "too concentrated."

    (0:21:52) Why active managers tend to lose their edge as assets under management grow.

    (0:22:15) Diminishing returns to scale and the efficient market for manager skill.

    (0:27:03) How defined benefit pensions should factor into portfolio construction and risk capacity.

    (0:33:53) Understanding fiduciary duty for Canadian portfolio managers and financial advisors.

    (0:37:17) Why publicly holding yourself out as a fiduciary carries legal and ethical implications.

    (0:39:22) Can individual investors outperform active funds by picking stocks themselves?

    (0:42:32) Why time, effort, and research alone rarely translate into market-beating performance.

    (0:45:04) Why international stocks have lagged U.S. equities—and why diversification still matters.

    (0:47:10) The role of valuation expansion in explaining decades of U.S. outperformance.

    (0:50:05) How to invest money earmarked for a home down payment over a three-to-five-year horizon.

    (0:53:31) Applying the same time-horizon framework to RESP investing and education savings.

    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/



    Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)
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    59 Min.
  • Shannon Lee Simmons: How To Stop Feeling Broke | #415

    Shannon Lee Simmons: How To Stop Feeling Broke | #415
    Jun 25 2026
    In this episode, we are joined by Shannon Lee Simmons—Certified Financial Planner, Chartered Investment Manager, bestselling author, and founder of the New School of Finance—for a wide-ranging conversation about the emotional side of money. Drawing on more than two decades of working directly with Canadians, Shannon explains why financial stress has become so pervasive, how social comparison shapes spending habits, and why a well-built financial plan can be one of the most powerful antidotes to money anxiety. We also explore decision-making during financial crises, the psychology of regret, why traditional budgeting often fails, and how couples navigate money differently—particularly in retirement. Shannon shares practical frameworks for aligning spending with personal values, avoiding emotional financial mistakes, and helping households make confident decisions through life's biggest transitions. Key Points From This Episode: (0:03:56) Why people worry about money—and why financial uncertainty often feels like uncertainty about life itself. (0:04:24) Why so many middle- and upper-income Canadians still feel broke despite earning good incomes. (0:05:18) The importance of having a financial plan and reducing harmful social comparison. (0:06:55) How social media fuels overspending, comparison, and "financial dysmorphia." (0:08:35) Why cashless spending has fundamentally changed our relationship with money. (0:11:52) How perceived life milestones—especially home ownership—shape financial decisions and expectations. (0:13:36) Practical ways to manage financial stress, restore confidence, and build resilience. (0:15:55) The growing "spending arms race" and how rising expectations have redefined what's considered normal. (0:18:09) Why Shannon dislikes traditional budgeting—and what to do instead. (0:20:32) Her four-bucket framework for worry-free spending and maintaining financial flexibility. (0:22:35) A practical test for deciding whether a large purchase is truly affordable. (0:25:01) Aligning spending decisions with personal values using an "emotional return on investment." (0:28:12) Helping couples navigate different financial priorities without turning disagreements into conflict. (0:30:28) Separating good decisions from bad outcomes to overcome financial regret. (0:33:48) The major financial decision crises people commonly face—from divorce to illness to retirement. (0:35:16) Using "micro financial plans," guardrails, and scenario planning during periods of uncertainty. (0:37:45) The three phases of a financial decision crisis and how planners can help through each stage. (0:41:41) Why retirement often reveals differences in couples' relationships with money that never surfaced while saving. (0:45:19) The psychological challenge of withdrawing from investment portfolios after decades of accumulation. (0:46:41) Using cash wedges and realistic retirement projections to reduce anxiety around spending in retirement. (0:49:42) How saver-versus-spender dynamics can evolve into power struggles during retirement. (0:53:12) The question almost every client is really asking: "Am I going to be okay?" (0:54:41) Why planners should ask about clients' hidden DIY investment accounts. (0:56:21) The risks of becoming emotionally attached to concentrated investment gains. (0:57:16) The most impactful parts of a financial plan: realistic spending projections and actionable next steps. (0:58:25) How often financial plans should be updated—and when life events require immediate revisions. (1:01:08) Who benefits most from fee-only planning and who may be better served with ongoing advice. (1:07:00) Why implementation—not recommendations—is often the hardest part of financial planning. (1:10:00) The strengths and trade-offs of fee-only planning versus assets-under-management advice models. (1:15:05) Shannon's advice for improving financial well-being: build a plan, focus on your own values, and stop comparing yourself to everyone else. 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/ Shannon Lee Simmons – https://shannonleesimmons.com/ New School of Finance – https://www.newschooloffinance.com/ Worry-Free Money – https://www.amazon.ca/Worry-Free-Money-guilt-free-approach-managing/dp/1443454451 Making Bank: Money Skills for Real Life – https://www.amazon.ca/Making-Bank-Money-Skills-Real/dp/1443469815 Editing and post-production work for this episode was provided by The Podcast Consultant (...
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    1 Std. und 20 Min.
  • Answering Your Financial Questions | #414

    Answering Your Financial Questions | #414
    Jun 18 2026

    In this episode, Ben Felix and Ben Wilson tackle a wide range of listener questions covering portfolio construction, home-country bias, currency exposure, ETF selection, retirement decumulation, leasing versus buying a car, discounted cash flow valuations, and the real work of portfolio management. Along the way, they revisit the Rational Reminder model portfolios, discuss how new products like CAGE have changed the DIY investing landscape, and explore whether Warren Buffett's long-term record still provides evidence that active management can outperform.

    The conversation also offers a behind-the-scenes look at PWL Capital's planning-centric approach to wealth management and why helping clients make better financial decisions often matters more than portfolio construction itself.

    Key Points From This Episode:

    (0:28) Why AMA episodes have become less frequent despite hundreds of listener questions waiting to be answered.

    (2:07) Ben shares observations from PWL's growing institutional investment business and why low-cost, planning-focused institutional advice remains surprisingly rare.

    (6:37) Revisiting the original Rational Reminder model portfolios and how newer products have simplified implementation.

    (10:09) Should U.S. investors underweight the U.S. market relative to global market-cap weights?

    (11:07) Research, home-country bias, and Ken French's arguments for overweighting domestic stocks.

    (18:11) Asset-allocation ETFs in retirement: Is there any benefit to separating stocks and bonds during withdrawals?

    (21:03) Leasing versus buying a vehicle, opportunity costs, depreciation, and convenience.

    (26:13) Currency exposure, RRSPs, withholding taxes, and common misconceptions about USD-denominated ETFs.

    (30:30) If Dimensional funds were unavailable, what would Ben choose instead?

    (31:26) Are there any popular ETFs investors should avoid? A look at Canada's largest ETF holdings.

    (38:28) Why discounted cash flow models often produce wildly different valuation estimates.

    (41:47) What portfolio managers at PWL actually do when they are not trying to beat the market.

    (45:57) Concentrated stock positions, client coaching, and helping investors make better long-term decisions.

    (50:02) Why financial planning questions are often portfolio management questions—and vice versa.

    (52:53) Helping clients navigate the transition from wealth accumulation to wealth preservation and spending.

    (58:06) Revisiting Berkshire Hathaway's long-term performance versus broad-market index funds.

    (1:02:35) The challenges of active management as assets under management grow larger.

    (1:04:22) Aftershow: Ben reflects on his experience appearing on Diary of a CEO with Steven Bartlett.

    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/



    Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)
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    1 Std. und 15 Min.
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