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The Rational Reminder Podcast

The Rational Reminder Podcast

Written by: 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 Economics Personal Finance
Episodes
  • 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 hr and 15 mins
  • How Canadian ETFs Actually Work | #413 (Morley Conn)

    How Canadian ETFs Actually Work | #413 (Morley Conn)
    Jun 11 2026

    In this episode, we are joined by Morley Conn, Director of Sales and Strategy, ETF Services at Scotia Global Banking and Markets, for a deep dive into the mechanics of the ETF ecosystem. With more than 30 years of experience across equities, foreign exchange, and money markets, Morley pulls back the curtain on the creation and redemption process, ETF liquidity, block trading, market making, and the often-overlooked infrastructure that allows ETFs to trade efficiently every day.

    We explore how authorized participants and market makers facilitate liquidity, why ETF liquidity is driven by the underlying holdings rather than trading volume, and how large institutional ETF trades are executed. Morley also explains the differences between Canadian and U.S. ETF markets, discusses common misconceptions investors have about ETF trading, and shares practical advice for retail investors seeking better execution. This conversation offers a rare look at the operational machinery behind one of the most important innovations in modern investing.



    Key Points From This Episode:

    (0:04) Introduction to Morley Conn and his role in ETF market making.

    (4:29) The key participants in the ETF ecosystem: issuers, custodians, market makers, advisors, and dealers.

    (5:53) What market makers and authorized participants actually do.

    (7:03) How ETF creation and redemption works and why it matters for liquidity.

    (10:58) How ETF portfolio management differs from traditional mutual fund management.

    (12:44) Why ETF trading volume often greatly exceeds primary-market creations and redemptions.

    (13:35) The capital gains refund mechanism and its relationship to ETF trading activity.

    (16:04) What happens when ETF market prices diverge from net asset value (NAV).

    (18:24) Lessons from the March 2020 bond ETF dislocations and what they revealed about market pricing.

    (19:16) How market makers price ETFs when underlying securities are illiquid or difficult to value.

    (20:38) Managing ETF market-making risk when underlying markets are closed.

    (21:35) The major factors that influence ETF bid-ask spreads.

    (23:26) Why market makers prioritize trading volume and investor experience over wide spreads.

    (26:45) How large ETF block trades are executed and hedged behind the scenes.

    (29:26) Why ETF liquidity is determined by the underlying holdings rather than visible trading volume.

    (30:43) The difference between NAV trades and at-risk trades.

    (32:46) How market makers contribute to the development of new ETF products.

    (34:20) Best practices for retail investors when trading ETFs.

    (37:34) Factors that determine when block trades make sense.

    (38:46) Why pricing ETF blocks is both an art and a science.

    (43:14) What happens when an ETF is shut down and how investors are affected.

    (46:22) The balance between retail and institutional participation in the Canadian ETF market.

    (48:27) How institutions and retail investors use ETFs differently.

    (51:23) Key differences between Canadian and U.S. ETF markets.

    (54:56) ETF tax efficiency in Canada versus the United States.

    (56:23) Common misconceptions investors have about ETF liquidity and assets under management.

    (1:00:13) How CRM3 total cost reporting could influence ETF adoption in Canada.





    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 hr and 8 mins
  • Ben Carlson: Investing at All-Time Highs | #412

    Ben Carlson: Investing at All-Time Highs | #412
    Jun 4 2026
    In this episode, we are joined by Ben Carlson, Director of Institutional Asset Management at Ritholtz Wealth Management and author of Risk & Reward, for a wide-ranging conversation about market history, investor psychology, and the realities of long-term investing. Ben brings his trademark blend of data-driven thinking and plainspoken storytelling to topics like market crashes, inflation, diversification, and why investors are so tempted to time the market. We explore the lessons from Japan's historic asset bubble, the lingering impact of the Great Depression, and why diversification remains one of the few true free lunches in investing. Ben also explains the difference between volatility and risk, why the stock market is not the economy, and how investor behavior—not market performance—is often the biggest determinant of success. Along the way, we discuss inflation hedges, lost decades, speculative behavior, and the psychological challenge of staying invested through inevitable downturns. Key Points From This Episode: (0:00:20) Introducing Ben Carlson, his new book Risk & Reward, and his long-running blog A Wealth of Common Sense. (0:03:16) Why investors shouldn't panic about investing at all-time highs. (0:03:58) The Japanese bubble and crash as one of history's biggest market anomalies. (0:05:39) Why Japan's long-term returns look very different when viewed over 50 years. (0:06:27) Lessons from the Great Depression and the worst stock market crash in U.S. history. (0:07:43) Why the best long-term returns often follow the worst crashes. (0:08:53) The role of diversification and self-awareness in managing portfolio risk. (0:09:55) Defining investment success by achieving personal goals—not beating benchmarks. (0:10:42) Why inflation feels so painful psychologically for investors and households. (0:11:42) Ben's three favorite long-term inflation hedges: human capital, housing, and stocks. (0:13:47) Why market timing is psychologically seductive—and so difficult to execute successfully. (0:15:00) Why handling losses is the single most important skill in investing. (0:16:13) How devastating the economic side of the Great Depression really was. (0:18:49) What policymakers learned from the Great Depression and 2008. (0:20:39) The difference between recessionary and non-recessionary bear markets. (0:21:52) Why the biggest up days and down days tend to cluster together in bear markets. (0:23:18) Preparing for inevitable bear markets with a durable long-term plan. (0:25:07) Why the stock market and the economy can diverge dramatically. (0:28:10) The difference between volatility and risk—and why risk is often personal. (0:29:37) Why comparing the stock market to a casino is fundamentally wrong. (0:31:55) How modern investing platforms encourage speculative behavior. (0:33:18) How extreme Japan's 1980s asset bubble became before collapsing. (0:35:43) The most important diversification lessons from Japan's lost decades. (0:37:39) How common "lost decades" actually are in stock market history. (0:40:58) Three dimensions of diversification: geography, asset class, and strategy. (0:41:53) Why there is no perfect portfolio—only the right portfolio for you. (0:42:52) Common ways investors lose money in markets. (0:44:03) Why investors should be skeptical of billionaire market predictions. (0:45:57) Ben's evolving definition of success and raising good, kind children. 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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    50 mins
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