*"If you are not willing to risk the usual you will have to settle for the ordinary."* --Jim Rohn

The not in my lifetime quote is possibly very relevant. I watched a program on why US debt is unsustainable and a crash was coming. The logic was strong and I bored my friends sharing this theory. Thirty years later its still not really happened. Today im retired, partly on the back of US growth. In another 30 years ill be dead. So im off to enjoy the sunshine rather than worry about the sky falling in again.

Where did you get that shirt Ben?

I did not expect an episode as fantastic as this. 👍

Super disappointing this movie isn't available and the access code is no longer valid

Such an interesting guy! Enjoyed every minute of the podcast

Great conversation. Thank you!

no chapters ?

A video so good I get to watch it twice

You didn't exagerate in the opening, that was a fantastic conversation

Great podcast. Lots of interesting info, including Prof Schoar's views on Private Equity for retail investors : There is a huge variety in the quality of the different PE funds and as a retail investor you simply cannot access the good funds.

Mike Green has changed how I view the world. Great convo and glad you guys could talk about this following the initial exchange.

A limitation of the papers related to emergency funds is that they consider only a young investor that builds up an 3-6mo emergency fund over a 1.5 to 3-year period, compared to another young investor that instead invests. Predictably, time in the market wins, over a 40-year horizon, by at least 10% (20-35% in one paper). But, if you aren't a young investor - say a middle-aged investor with many times your 3mo expenses in retirement savings - then taking 3mo expenses out of the market and into cash, over say a 20-year period, isn't going to be a huge drag (small percentages). It's not optimal, but also not enough to worry about (if it gives you peace of mind, etc.).

First for once

what happened to the latest video ? suddenly went private

My household moved to WS managed funds in 2020 at the 0.4% fee level. We were disappointed by the fiddling and changing they were doing and stopped contributing to our RRSP, TFSA, and RESPs there. Since 2021, we now put money in the DIY side for TFSA and RRSP, and, mainly because of kids' "advanced" ages, have been using a cash RESP at a credit union. Even despite several stunningly dumb ETF choices and essentially doing no rebalancing, I have matched or exceeded their managed returns these past three years. Most of my DIY portfolio mimics their equity holdings, plus some tilts to Avantis small-cap funds and some US and Canadian dividend ETFs. This episode has me questioning whether I should move the managed funds over. I'm scared to have it all be on me, esp since I keep reading studies where rebalancing is so important to positive outcomes. I don't like some of what WS is doing and I don't like paying 0.4% to a manager that makes questionable decisions. I also don't like having to make 100% of the decisions. The other thing I got from early on this episode is that maybe I'm not all crazy for holding both VEQT and XEQT, since they do have differences when you dig deep into their holdings.

His comments about bitcoin mining being intentionally energy inefficient, and that it takes the same amount of energy to mine a bitcoin every 10 minutes is just patently false. If energy prices were reduce 10x, the cost of mining would be reduced by 10x. The 10 minute block time is not tied a certain amount of electricity. Also, each block produces a mining subsidy of of 3.125 BTC every 10 minutes, not 1 BTC. It changes every four years.

Absolutely love the comparative analysis of REITs to a small value + high yield bond portfolio. Really changed the way I think about REITs. One point I think is missing from the discussion here that I'd love to hear your take on is taxes. At least in the US, REITs typically don't pay any corporate taxes because they're required to distribute the vast majority of their earnings as dividends. The tradeoff is that investors in taxable accounts generally have to pay higher ordinary income tax rates on those dividends rather than the more favorable capital gains tax rates. Should we expect this unique tax structure for REITs relative to other equities to translate into higher expected pre-tax returns, which could then be realized as higher actual expected returns if investing in a tax advantaged account?

Thanks for this. I'd really like to see a video on the tontine based products coming onto the market. Being billed as VPLA's I believe? "Variable Payment Life Annuities". I think these are an interesting offering for Canadian retirees to watch over the coming years.

Watching the crypto market's ups and downs shows how quickly things can change. In crypto, strategic, informed trading isn't a choice; it's a must. Remember, caution is as crucial as ambition here. This dedication to continuous learning is inspiring...managed to grow a nest egg of around 1.2Biitcoin to a decent 11.4Biitcoin... I'm especially grateful to Linda Wilburn, whose deep expertise and traditional trading acumen have been invaluable in this challenging, ever-evolving financial landscape…..

Love these shows. Thank you!

I started investing about 6 years ago, and WS was where I got started. I was one of those people looking for a "passive" index-based strategy, and I've considered leaving a couple of times in the last 2-3 years based on their fiddling with the portfolio. Really good to know that I can request a buy-and-hold. Outside of their "managed" accounts, I have a self-directed account that just holds VEQT, but I don't 100% trust myself to stick to the plan, so I'm willing to pay for a slight barrier between me and my investments that comes with the managed accounts. They were also super responsive when I had tax-related questions a couple of years ago. So, not at Generation yet, but their 100k+ service has been minimal but very quick and efficient.

I have to mention the reason I found out about this podcast is the financial planner I had a WS mentioned Ben's research during a check in. It was specifically about being more heavy in equities when young and the whole argument if bonds are even needed. Furthermore, they are all fiduciaries and make sure to mention it😂. They speak highly of you guys....before I even knew of PWL. Keep up the great quality work!

There is a option in WS where u can auto invest portion of your paycheck in ETFs and stocks this is hands down the best feature that will help average investor to get average returns for above average time.

I love this and see things pretty much the same way he does. I'm not into grinding out 80 hour weeks ever though. That said, I think the FIRE community has gotten soft. You've gotta put in the work early on and it will probably suck, but there is no way around it.

Does anybody get any actual actionable information from podcasts like these? Curious to hear which information you have used directly in your own portfolios.

I love this podcast and I listen to it religiously. I realise that it is a podcast that morphed into a youtube, but I have difficulty following multiple numbers and statistics when read out. I understand that this would require more preparation, but I would really appreciate if a table could be displayed with the statistics while they are read out, like what Mark did when discussing the fees. Regardless, thanks for the magnificent work you do on this fantastically educative channel !

Ben always compares the US to Latvia and Romania and other small countries that aren't even close in comparison. The US has the most powerful military in the world, largest GDP by far, huge land mass with tons of resources, two coasts, business friendly, not a socialist shithole, top universities, etc. Enjoy the doom and gloom with your 2% withdrawal rate. I'm going to be enjoying the retired life at 3.5% and if shit happens then I'll adapt. Trust me guys, THIS time is different. Why would anyone invest everything into the small stock market of a tiny country that makes up less than 10% of global GDP? Such data is irrelevant.

Hello, I use WS. Even though I only have the trading account, which is free, I can access their financial planning services. There are two tiers, one at 100k (minimal tax and financial advice) and another at 500k (full advice).

Interesting episode guys. Question: Does the calculus on permanent life insurance policies change at all if held within a corporation and so benefits from a tax deduction on the premium (but not any additional over contributions)? Thank you!

While savings rate is important..one of the biggest things that influence the savings rate will be income and/or reducing expenses. Working on achieving more skills and climbing the income ladder.

I'm a little late to the party here as I just got around to listening this, but here are my 2c. Given that all of this is true, this dudes dilemma is similar to the heat death of the universe. Yeah sure, it's eventually gonna happen, but it's so far out that people shouldn't really care. Why would I even bother stressing about this? He even says it in his own words, there's literally nothing YOU can do about it (so you might as well just keep indexing). Similar to the heat death, there's no solution to this unless someone smarter or more powerful figures it out when the time comes. That being said, this was a banger episode and was a really fun listen, was one of my favourites.

I'm out now. Have been a trader since 2015. Worked for an investment company. My advice: gtfo.

Keep the episodes LONG! We are here for the details and nuance, we can listen to Bens CSI videos if we want a shorter format

Bland hosting. Guest was great tho.

Isn’t dalio a known quack?

Legend has it that both these dudes are still reiterating how great a communicator Dan is😂

Amazing discussion.

Dan is a legend and someone that changed a ton of people's lives. Reading his content time and time again in my 20's was and is still a highlight for me. Justin Bender is equally great who has taken the time to reply to my emails as recently as 6-12 months ago (when he didn't have to). Forever indebted! If only I could say my thanks to them in-person at some point, that would truly be an honour.

I hope Ben Felix listened to his advice and put some money into diversified index funds 😅 also 32:48 the most shade thrown haha.

I keep coming back to this interview with Sebastien Betermier. It's rich in insights and mind-shifting concepts, including non-firm factors based on investor characteristics and human capital as a key factor for systematic decision-making in portfolio management. A true gem. Loving this podcast!

In a well run economy where politicians cannot put tax money into corrupt politically based projects the fiat currency is backed by real production of goods and reflects the value in exports and imports as reflected in parity purchasing power. Only when production or productivity increase should the money supply increase. Instead governments use inflation to control real wages and transfer wealth from the poor to the rich and by allowing fractional banking destroy the economy.. For most countries like the USA and UK the Central Bank is owned and run by the large private banks as a way of screwing taxpayers who end up with the risks and debts as in 2008.

How would you describe crypto investors - how about suckers typical of those who get taken by Ponzi schemes.

My personal finance journey started with Dan - I am greatly indebted to him. Great interview as always!

Thank you for bringing Dan to the podcast. He is my financial hero. He started my financial education and defined my investing strategy since I came across a Money Sense magazine in a fertility clinic's waiting room. I became a subscriber. I started reading Dan's blog when he started it, listened to his podcast and bought "Reboot your portfolio...", I set up re-balancing excel sheets (a nightmare). I was one of those weird people who chose to spend a sunny Saturday morning listening to him (twice) about personal finance. Since I left Canada a few years ago, I have spread the index and passive investing message to anybody who would listen to me. I have helped replicating CCP-like portfolios with my non-English speaking family and friends in Europe. Thanks to him and his works more than a few families benefit from well-diversified low-cost portfolio passive/index investing. Well beyond Canada. Thank you thank you thank you.

At 1:02:30, Ben mentions in passing that wealth creation is different from returns in a portfolio. I don't understand the difference. Can someone shed some light on this?

Thanks Mate, the sad truth is that no one has a clue, we all react to what happens as it happens and try to analyse it but can’t predict an iota of what is going to unfold in the markets… content creators are like amplifiers, when times are good they affirm it and try to tell you why it’s good and that it’s looking bullish but then all of a sudden the market turns bearish and everyone affirms it again and try to analyse why… it’s so sad that many are so powerless and it's not about guessing the market's next move; it's about playing it smart and steady during trading...managed to grow a nest egg of around 2.3Bitcoin to a decent 19Bitcoin in the space of a few months... I'm especially grateful to Linda Wilburn, whose deep expertise and traditional trading acumen have been invaluable in this challenging, ever-evolving financial landscape.

I agree that Dan is a legend. Took the words out of my mouth

I've been waiting for this episode since the Rational Reminder podcast began, being a huge Canadian Couch Potato fan whose life was forever changed by reading Dan's website. A decade later, I'm still 99% in Dan's camp with a small tilt to small-cap value inspired by Cameron and Ben (and Paul Merriman). But, Dan, you're totally the superstar in my financial journey - I cannot thank you enough for the wisdom you provided on your Canadian Couch Potato website.

Yo he seemed upset at times.