2023: A Year in Review | Rational Reminder 285
Тәжірибелік нұсқаулар және стиль
Meet with PWL Capital: calendly.com/d/3vm-t2j-h3p
It’s hard to believe, but today’s episode marks our fifth annual year-in-review episode - where we look back at some of our favourite conversations and takeaways from the past year! If there’s one overarching theme that stood out amongst our guests in 2023 it would be the power of purposeful decision-making to impact our future selves. Tuning in, you’ll hear our guests' remarkable views on the topic, from the power of regret when it comes to long-term decisions to the ‘hidden partner’ that accompanies us in all our decision-making. Another key theme that emerged is how the role of financial advisors is evolving. Key insights include why your financial advisor should collaborate with other advisors, why trust is essential, and how to prepare your children for wealth. We wrap things up with reflective tips on how to identify what your true goals are with a profound lesson on why setting your own scoreboard is essential. Tune in as we share some of our favourite moments from the past year.
Timestamps:
0:00 Intro
10:17 Charles D. Ellis: Why money management is a loser's game
13:31 Burton Malkiel: What the term "efficient markets" means
18:03 Pim van Vliet: The difference between a global factor premium and the cross-sectional premiums
22:54 Samuel Hartzmark: How investors treat price returns and dividend returns differently
29:01 William Goetzmann: Why it's important to collect and examine long-term historical returns data
31:54 William Goetzmann: How to estimate the expected long-term returns of both stocks and bonds
37:40 Robert C. Merton: The influence do you think time horizon should have on the mix between stocks and bonds in an investor's portfolio
44:80 Francisco Gomes: How optimal asset allocation changes over the life cycle
50:09 David Blanchett: What driving that regret in investing is
51:45 David Blanchett: The difference between risk aversion and regret aversion
53:39 Daniel H. Pink: How to optimize future regret
57:58 Charles D. Ellis: The most underappreciated action that individual investors can take to be more successful
59:08 John Y. Campbell: How much households differ in their beliefs and preferences
1:03:15 Ralph Keeney: Ralph describes the focus of his career’s research and his consulting work
1:07:54 Cass Sunstein: How people decide whether or not to obtain information that could help them make better decisions
1:11:59 Eric J. Johnson: Describing the hidden partner that accompanies us when we make decisions
1:14:50 Cass Sunstein: How people decide what information to believe, and when to update their beliefs
1:19:50 James Choi: Why economic theory often fails to describe how real people make personal finance decisions
1:22:51 Itzhak Ben-David: Defining miscalibration
1:28:33 Hal Hershfield: How connected people feel to their future selves
1:29:59 Hal Hershfield: Which emotion drives decisions that favour our current self or our future self
1:31:31 Hal Hershfield: What about our future selves makes them feel like a stranger
1:33:34 Meir Statman: What the third generation of behavioural finance is
1:36:11 Preet Banerjee: The value of having a financial plan
1:38:02 Darin Soat: Why it's harder for high-quality personal finance information to be seen on KZread
1:42:08 Harold Geller: How to know whether an advisor is properly performing the KYC process
1:45:34 Robert C. Merton: The role of financial advisors
1:49:10 Preet Banerjee: The main problems with past research that's attempted to demonstrate the value of financial advice
1:54:20 Victor Haghani/James White: Explaining the puzzle of the missing billionaires
2:00:16 Rob Carrick: The proportion of Canadians that are getting comprehensive advice from their financial advisor
2:05:22 Juhani Linnainmaa: How investors can assess the quality of a potential advisor's beliefs
2:08:04 James Grubman: Advice for identifying advisors who get the importance of Wealth 3.0
2:14:16 James Grubman: What parents should be thinking about to prepare their children to receive wealth
2:20:33 Shane Parrish: How people should approach determining what their true goals are
2:22:15 Ending
Links From Today’s Episode:
Rational Reminder on iTunes - itunes.apple.com/ca/podcast/t....
Rational Reminder Website - rationalreminder.ca/
Rational Reminder on Instagram - / rationalreminder
Rational Reminder on X - / rationalremind
Rational Reminder on KZread - / channel
Rational Reminder Email - info@rationalreminder.ca
Benjamin Felix - www.pwlcapital.com/author/ben...
Benjamin on X - / benjaminwfelix
Benjamin on LinkedIn - / benjaminwfelix
Cameron Passmore - www.pwlcapital.com/profile/ca...
Cameron on X - / cameronpassmore
Cameron on LinkedIn - / cameronpassmore
Пікірлер: 21
That was a really good recap for the year. It definitely told a comprehensive story and even reminded me of a few things I had forgotten over the year. I hope you and your families had a wonderful Christmas holidays, and I wish you and yours a Happy New Year in 2024.
@colpus9
2 ай бұрын
O😅so😂😂w
Boy, you guys have done a great job. Social media are a wasteland on investment, and you show up providing extremely interesting, empirically based shows covering modern topics, and with great guests. Thanks so much for your efforts.
I need that hat! All the best for 2024 in our crazy world guys.
Thank you guys for so much amazing information! Hope you keep doing this important job for many years to come! Best regards from Brazil ! 😊
Great summary❤❤❤ thank you so much
Thanks Ben & Cameron for your great service. Wishing you a wonderful holiday season& prosperous 2024.
What a great review! This is an unfinished job that needs constant learning and remembering.
You’re doing a ton of good. I‘m happy you are getting the well deserved appreciation and are able to add it to a life well lived. So, thanks to you both and to your crew again and again!
I have to say. I have been enjoying and benefiting from the work the two of you have done for years now. But I have to say that I have enjoyed laughing multiple times this evening as the view switches back from the “past” to the present with Cameron’s hat.
Great recap. (And, I'm reminded why I follow your channel.) Sincere thanks to you, your guests, and everyone else behind the scenes that help make these possible. 🎄🎉
Excellent gentlemen, this podcast has really changed how I view money and how it pertains to life. Thanks so much!!
A wonderful year summary. I didn't have time to listen to many episodes this year so this have summarized the great content that I have been missing out on. I blame this on Baldur's Gate 3 but at least I have a lot of backlog.
Great video! I was hoping Ben and Cameron would respond to the dividend video that Richard from the Plain Bagel did. Though Richard is nice about it and says "I agree with Ben", if you listen, it's clear that he's (effectively) disagreeing with Ben and stating there more nuance to the statement "dividends are irrelevant." Curious how Ben would respond.
@rationalreminder
6 ай бұрын
Richard is mostly addressing the relevance of dividends in corporate governance, which dividend irrelevance from an asset pricing perspective is silent on. Saying that some companies should pay dividends for governance reasons does not suggest that dividends are related to expected returns. -Ben
@Zadeska
6 ай бұрын
Thanks for the reply! So then the opposing view is that the "dividend irrelevance theory" takes a lot of assumptions that don't hold up in the real world (though theoretically it is irrelevant if you can control for each assumption).
@rationalreminder
6 ай бұрын
No, that’s not the opposing view. Dividend irrelevance holds up extremely well empirically. It just doesn’t say whether companies should pay dividends, which is a separate issue entirely. Dividend irrelevance is an asset pricing theory. Whether companies should pay dividends is a corporate governance issue, and even then investment policy is more the question than dividend policy. -Ben
@Zadeska
6 ай бұрын
Okay, thanks for clearing that up! So the corporate governance doesn't effect the asset price?
@rationalreminder
6 ай бұрын
@Zadeska sort of, but markets price those governance decisions. For example, we know empirically that companies with low profits and aggressive investment, which will tend to be low dividend payers, have low expected returns. Importantly, it’s not dividend policy that markets seem to care about.
I’ve been investing in QQQ for many years and have been consistently beating the market doing so. Not to toot my own horn but I’m kinda making Warren Buffett look bad.