The Rational Reminder Podcast

Latest Episodes:

Episode 355 – Do Index Funds Incur Adverse Selection Costs? May 01, 2025

Show notes

Marco Sammon joins Ben and Dan to unpack his latest paper, 'Index Rebalancing and Stock Market Composition', beginning with how Marco's work (co-written by John Shim) compares to the Nobel Prize-winner Bill Sharpe's paper, 'Arithmetic of Active Management.' We investigate the missing links in Sharpe's logic before defining "the market" and ascertaining the main objectives of index funds. Then, we dive deeper into the mechanics of Marco's paper, index and market tracking errors, why delayed rebalancing is more beneficial than instant rebalancing, and the role of technology in the modern tracking error obsession. We also assess the passive-active spectrum of index funds in portfolio management and learn how investors should choose their optimal excess return. To end, Marco shares practical applications for improving performance benchmarked against traditional indexes, and The Aftershow is all about bridging the gap between PWL Capital and you, our listeners.

Key Points From This Episode:

(0:00:00) Key takeaways from Marco Sammon's latest paper and how it compares to Bill Sharpe's 'Arithmetic of Active Management.'

(0:08:10) Marco describes what's missing from the 'Arithmetic of Active Management' logic.

(0:09:11) Defining 'the market', the main objective of an index fund, and how index funds track the market.

(0:15:57) The mechanics of Marco's paper, 'Index Rebalancing and Stock Market Composition.'

(0:18:38) Factor exposure, index and market tracking errors, and how often index funds trade.

(0:26:28) Rebalancing less frequently; why delayed does better than instant rebalancing.

(0:31:59) The tech run-up and lazy rebalancing, and the modern tracking error obsession.

(0:36:51) Assessing the passive-active spectrum of index funds in portfolio management.

(0:41:02) Exploring how investors should decide on their optimal excess return.

(0:45:14) How the rising index fund ownership of stocks impacts the implicit cost of indexing

(0:46:58) Practical ways to improve performance benchmarked against traditional indexes.

(0:52:30) The Aftershow: Canadian finances, more airtime for Cameron, and PWL – OneDigital.

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 322: Prof. Marco Sammon: How are Passive Investors Affecting the Stock Market? — https://rationalreminder.ca/podcast/322

Episode 200: Prof. Eugene Fama — https://rationalreminder.ca/podcast/200

Episode 268: Itzhak Ben-David: ETFs, Investor Behavior, and Hedge Fund Fees — https://rationalreminder.ca/podcast/268

Episode 112: Michael Kitces: Retirement Research and the Business of Financial Advice — https://rationalreminder.ca/podcast/112

Marco Sammon — https://marcosammon.com/

Marco Sammon on LinkedIn — https://www.linkedin.com/in/marco-sammon-b3b81456/

Marco Sammon on X — https://x.com/mcsammon19

Marco Sammon | Harvard Business School — https://www.hbs.edu/faculty/Pages/profile.aspx?facId=1326895

Marco Sammon Email — mcsammon@gmail.com

John Shim on LinkedIn — https://www.linkedin.com/in/john-shim-2931271b/

Vanguard — https://global.vanguard.com/

Sheridan Titman on LinkedIn — https://www.linkedin.com/in/sheridan-titman-226b0811/

Alex Chinko — https://alexchinco.com/

Erik Stafford | Harvard Business School — https://www.hbs.edu/faculty/Pages/profile.aspx?facId=6625

Itzhak (Zahi) Ben-David on LinkedIn — https://www.linkedin.com/in/ibendavi/

Bill Ackman on X — https://x.com/billackman

'Millennium Loses $900 Million on Strategy Roiled by Market Chaos' — https://www.bloomberg.com/news/articles/2025-03-08/millennium-loses-900-million-on-strategy-roiled-by-market-chaos

Bogleheads — https://www.bogleheads.org/

The Money Scope Podcast Episode 8: Canadian Investment Accounts — https://moneyscope.ca/2024/03/01/episode-8-canadian-investment-accounts/

The Wealthy Barber Podcast — https://thewealthybarber.com/podcast/

Financial Advisor Success Podcast — https://www.kitces.com/blog/category/21-financial-advisor-success-podcast/

Financial Advisor Success Podcast Episode 433: When You 10X Your Advisory Firm To Over $20M Of Revenue…And Want To 10X Again, With Cameron Passmore — https://www.kitces.com/blog/cameron-passmore-pwl-capital-10x-revenue-growth-advisory-firm/

OneDigital — https://www.onedigital.com/

The Longview Podcast: Ben Felix

Papers From Today's Episode:

'The Arithmetic of Active Management' — https://www.jstor.org/stable/4479386

'Index Rebalancing and Stock Market Composition: Do Index Funds Incur Adverse Selection Costs?' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5080459

'Luck versus Skill in the Cross-Section of Mutual Fund Returns' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1356021

'The Passive-Ownership Share Is Double What You Think It Is' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4188052

'Long-Term Returns on the Original S&P 500 Companies' — https://www.researchgate.net/publication/247884354_Long-Term_Returns_on_the_Original_SP_500_Companies

'The Price of Immediacy' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1001762

'Competition for Attention in the ETF Space' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3765063

'Passive in Name Only: Delegated Management and "Index" Investing' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3244991

Jeremy Stein — "Unanchored" Strategy

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

Episode 354 - Jason Pereira: Expert Financial Planning Apr 24, 2025

Show notes

Beyond the sales pitches, acronyms, and product talk, what does it mean to be a financial planner? In this episode of the Rational Reminder Podcast, we sit down with long-time industry leader and advocate Jason Pereira. Jason is a Canadian financial planner with over 20 years of experience, dual CFP certification (Canada and US), and a passion for professionalizing the field. In our conversation, Jason shares details about his client-centred investment philosophy, explains why fiduciary duty is foundational, and unpacks the complexities of index fund adoption in Canada. We also delve into the barriers to transparent, evidence-based advice, the true role of a financial planner, the impact of the Fintech revolution, and the pros and cons of mortality pooling. He also challenges common myths surrounding financial planning, shares best practices for vetting financial advisors, and explains why the industry is long overdue for a transformation. Join us for career insights, cautionary tales, and forward-looking ideas that challenge the conventional thinking of what financial planning is, with Jason Pereira!

Key Points From This Episode:

(0:05:13) Jason's core investment philosophy and perspective on factor-based indexing.

(0:07:15) Environmental, Social, and Governance (ESG) trends and client conversations.

(0:12:36) What fiduciary duty means, why it matters, and why some institutions fight against it.

(0:18:09) Unpack the complexities of why Canada is behind the US in index fund adoption.

(0:20:52) Learn about the true role and common misconceptions of a financial planner.

(0:24:30) Explore how technology and the rise of generative AI are changing financial planning.

(0:31:55) How advisors can maintain strong personal relationships with clients in a digital world.

(0:37:00) Find out what a high-quality financial plan looks like and what it covers.

(0:39:44) His favourite financial planning-related argument to get into on the internet.

(0:41:20) Uncover how mortality and annuities should influence financial planning.

(0:48:06) Permanent life insurance explained: best use cases and when to avoid.

(0:50:48) Jason shares his nerdiest and most broadly applicable financial planning advice.

(0:53:29) He explains the best practices for estimating a client's life expectancy.

(0:56:48) A breakdown of financial planner designations and how to vet a financial planner.

(1:03:59) Hear about his expert witness work and the costs of bad advice.

(1:08:55) Discover why Jason chooses to fight against financial misinformation online.

(1:11:18) The origins and vision of FPAC and Jason's definition of success.

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/RationalRemind

Rational Reminder on TikTok — www.tiktok.com/@rationalreminder

Rational Reminder on YouTube — https://www.youtube.com/channel/

Rational Reminder Email — info@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/`

Jason Pereira — https://jasonpereira.ca/

Jason Pereira on Facebook — https://facebook.com/jasonpereirafinancialplanner/

Jason Pereira on X — https://x.com/jasonpereira

Jason Pereira on LinkedIn — https://linkedin.com/in/pereirajm

Jason Pereira on YouTube — https://youtube.com/@jasonperieraFP

The Fintech Impact Podcast — https://jasonpereira.ca/the-fintech-impact-podcast-jason-pereira

Conquest Planning — https://conquestplanning.com/en-ca/home

Replit — https://replit.com/

FP Canada — https://fpcanada.ca/

Financial Planning Association of Canada (FPAC) — https://fpassociation.ca/

Episode 188: Prof. Ayelet Fishbach — https://rationalreminder.ca/podcast/188

Episode 236: Harold Geller — https://rationalreminder.ca/podcast/236

Papers From Today's Episode:

'Current Practices for Risk Profiling in Canada and Review of Global Best Practices' — https://osc.ca/sites/default/files/2021-02/iap_20151112_risk-profiling-report.pdf

'Financial Risk Tolerance: A Psychometric Review' — https://dx.doi.org/10.2139/ssrn.3088292

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

Episode 353 – AMA #5 Apr 17, 2025

Show notes

The fifth installment of our Ask Me Anything sessions begins with the inevitable volatility of the stock market as we urge investors to remain calm amidst recent US stock declines. Similarly, we unpack the historical resilience of stock markets and offer advice for dealing with market crashes before discussing why bonds are not the best strategy for boosting returns. We examine the proposed Alberta Pension Plan, the Rational Reminder Podcast guests whose impact still ripples across PWL, how to be a PWL-style advisor, and we revisit the DFA versus Vanguard debate. We also explain why spending rules aren't for us at PWL, the relationship between the amount to withdraw and the stock/bond allocation, and alternatives for short-term horizon investing, saving, and equities. To end, we hear feedback from Atti Ilmanen as well as reviews from listeners, but before all that, Mark McGrath shares bittersweet news! Stay tuned for an episode full of reflection, strategy, and insight.

Key Points From This Episode:

(0:01:13) The inevitability of market volatility and the historical resilience of stock markets.

(0:13:04) How to approach a volatile market and advice for dealing with a market crash.

(0:18:06) Why bonds are not a return-enhancing strategy.

(0:21:04) A brief examination of the proposed Alberta Pension Plan.

(0:25:02) Impactful guests who have influenced how we work at PWL Capital.

(0:33:25) How to be a PWL-style advisor.

(0:35:37) Weighing Dimensional funds (DFA) against Vanguard and others.

(0:41:57) Why spending rules aren't really our thing.

(0:44:56) The relationship between the amount to withdraw and the stock/bond allocation.

(0:49:50) Exploring alternatives for short-term horizon investing, saving, and equities.

(0:57:00) An important announcement from Mark!

(1:02:51) The Aftershow: feedback from Antti Ilmanen, listener reviews, and final thoughts.

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/

Mark McGrath on LinkedIn — https://www.linkedin.com/in/markmcgrathcfp/ Mark McGrath on X — https://x.com/MarkMcGrathCFP

Episode 248: Prof. William Goetzmann: Learning from Financial Market History — https://rationalreminder.ca/podcast/248

Episode 100: Prof. Kenneth French: Expect the Unexpected — https://rationalreminder.ca/podcast/100

Episode 352: Jessica Moorhouse: Everything But Money — https://rationalreminder.ca/podcast/352

Episode 316: Andrew Chen: "Is everything I was taught about cross-sectional asset pricing wrong?!" — https://rationalreminder.ca/podcast/316

Episode 224: Prof. Scott Cederburg: Long-Horizon Losses in Stocks, Bonds, and Bills — https://rationalreminder.ca/podcast/224

Episode 284: Prof. Scott Cederburg: Challenging the Status Quo on Lifecycle Asset Allocation — https://rationalreminder.ca/podcast/284

Episode 350: Scott Cederburg: A Critical Assessment of Lifecycle Investment Advice — https://rationalreminder.ca/podcast/350

Episode 89: Wade Pfau: Safety-First: A Sensible Approach to Retirement Income Planning — https://rationalreminder.ca/podcast/89

Episode 289: Retiring Retirement Income Myths with the Retirement Income Dream Team — https://rationalreminder.ca/podcast/289

Episode 122: Prof. Moshe Milevsky: Solving the Retirement Equation — https://rationalreminder.ca/podcast/122

Episode 59: Alexandra Macqueen: Financial Economics and Annuities: Rational Planning for Retirement — https://rationalreminder.ca/podcast/59

Episode 283: When Volatility is Risk, and Introducing The Money Scope Podcast — https://rationalreminder.ca/podcast/283

Episode 351: DFA vs. Vanguard — https://rationalreminder.ca/podcast/351

Episode 254: David Blanchett: Regret Optimized Portfolios, and Optimal Retirement Income — https://rationalreminder.ca/podcast/254

Episode 152: Evaluating Systematic Equity Strategies — https://rationalreminder.ca/podcast/152

Episode 347: The Case for Index Funds — https://rationalreminder.ca/podcast/347

Episode 281: Lifecycle Asset Allocation, and Retiring Successfully with Justin King — https://rationalreminder.ca/podcast/281

Episode 315: An Update from Avantis with Eduardo Repetto — https://rationalreminder.ca/podcast/315

Alberta Pension Plan — https://www.albertapensionplan.ca/

Financial Planning Association of Canada — https://www.fpassociation.ca/

Hook — https://www.imdb.com/title/tt0102057/

Antti Ilmanen | AQR — https://www.aqr.com/About-Us/OurFirm/Antti-Ilmanen

Books From Today's Episode:

The Great Depression: A Diary — https://www.amazon.com/dp/1586489011

Narrative Economics: How Stories Go Viral and Drive — https://www.amazon.com/dp/0691182299

Papers From Today's Episode:

'Negative Bubbles: What Happens after a Crash' — https://ssrn.com/abstract=3038658

'Beyond the Status Quo: A Critical Assessment of Lifecycle Investment Advice' — https://ssrn.com/abstract=4590406

'Financially Sound Households Use Financial Planners, Not Transactional Advisers' — https://www.financialplanningassociation.org/sites/default/files/2023-01/APR19%20Blanchett.pdf

'Finding and Funding a Good Life' — https://pwlcapital.com/finding-and-funding-a-good-life/

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

Episode 352 – Jessica Moorhouse: Everything But Money Apr 10, 2025

Show notes

What if the key to financial success isn't just a better budget, but a better understanding of your relationship with money? In this episode of the Rational Reminder Podcast, Ben and Dan sit down with Jessica Moorhouse to delve into the ins and outs of personal finance. Jessica is a money expert, Accredited Financial Counsellor Canada®, speaker, and bestselling author of Everything but Money. She is also the host of the More Money Podcast, one of Canada's leading personal finance shows. During today's conversation, Jessica unpacks the difference between a financial planner and a counsellor and why empathy is the missing piece in personal finance. Find out how different emotions and early memories of money can influence our perspective on personal finance, hear why understanding your relationship with money is so important, and learn about common financial behaviours to avoid. Jessica also delves into the value of understanding past traumas, the power of intergenerational money experiences, and whether mental health or a financial foundation is more important. Tune in now!

Key Points From This Episode:

(0:02:50) Uncover the difference between a financial counsellor and a financial planner.

(0:05:55) Her approach to working with clients and meeting their non-financial needs.

(0:09:15) Find out what is missing in personal finance and why it is essential.

(0:11:39) How shame impacts financial decision-making and common sources of shame.

(0:14:50) Ways relative financial well-being and privilege shape our perspective of money.

(0:19:46) Hear how to overcome financial shame and how it differs from feelings of guilt.

(0:22:35) Rational versus irrational guilt and how fear affects financial decisions.

(0:25:46) Learn about jealousy and envy as well as their impact on personal finance.

(0:27:31) Early money memories and pragmatic money exercises to help frame your mindset.

(0:36:54) Explore the power of understanding your money story for better financial decisions.

(0:39:04) Unpack the common money habits to break and examples of toxic behaviours.

(0:43:34) The interconnection between trauma and money and why it is important.

(0:48:01) Jessica shares how learning about trauma informed her counselling approach.

(0:53:05) Navigating mental health challenges and intergenerational money experiences.

(0:58:11) Discover why spending money will not lead to long-term happiness.

(1:02:33) Tips to begin rewriting your money story and Jessica's definition of success.

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/

Canadian Couch Potato — https://canadiancouchpotato.com/

Jessica Moorhouse — https://jessicamoorhouse.com/

Jessica Moorhouse on LinkedIn — https://www.linkedin.com/in/jessicaimoorhouse/

Jessica Moorhouse on YouTube — https://www.youtube.com/c/jessicamoorhouse1

Jessica Moorhouse on TikTok — https://www.tiktok.com/@jessicaimoorhouse

Jessica Moorhouse on Facebook — https://www.facebook.com/jessicaimoorhouse

Jessica Moorhouse on Instagram — https://www.instagram.com/jessicaimoorhouse/

More Money Podcast — https://podcasts.apple.com/za/podcast/more-money-podcast/id996219697

Everything but Money — https://www.amazon.com/Everything-but-Money-Barriers-Financial/dp/1443472174

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

Episode 351 – DFA vs Vanguard Apr 03, 2025

Show notes

Dimensional Fund Advisors (DFA) and Vanguard have intersecting histories rooted in the development of the first-ever index fund. Vanguard's market-cap weighted index funds have been nothing short of revolutionary and they became synonymous with sensible investing for many good reasons, but Dimensional took implementing the ideas from academic finance a few steps further, leading to their own deserved acclaim. In today's episode, Ben and Dan analyze over 30 years of history between DFA and Vanguard, from their founding and relationship to their rise as global leaders in asset management. We discover how their approaches to foundational finance theory differ, whether diversification is mostly semantics, and how DFA and Vanguard compare to one another over 25 years of matched US-domiciled mutual funds. We also discuss which approach is easier to implement, essential insights for fund advisors, DFA's downsides despite its long-term outperformance of the Vanguard 500, and an uplifting cancer update from Ben in today's After Show. For practical investment takeaways, tune in today!

Key Points From This Episode:

(0:01:14) Unpacking DFA and Vanguard's history and relationship.

(0:03:10) Mac McQuown and the birth of index funds at Wells Fargo in 1964.

(0:07:48) How DFA and Vanguard became global leaders in asset management.

(0:10:43) Understanding DFA and Vanguard's approach to foundational finance theory.

(0:19:34) The semantics of diversification.

(0:22:22) Comparing 25 years of matched Dimensional and Vanguard US mutual funds.

(0:33:36) Which fund advisor's approach is easier for others to implement and why.

(0:39:30) How DFA has outperformed Vanguard in the long run (with downsides to consider).

(0:43:09) Recapping today's conversation: what every fund advisor needs to know.

(0:46:41) The After Show: Ben's cancer update, Dan as co-host, and listener reviews.

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/

Canadian Couch Potato — https://canadiancouchpotato.com/

Dimensional — https://www.dimensional.com/

Vanguard — https://investor.vanguard.com/

'Remembering John "Mac" McQuown, Whose Curiosity Drove a Life of Innovation' — https://www.dimensional.com/dk-en/insights/remembering-john-mac-mcquown-whose-curiosity-drove-a-life-of-innovation

'Episode 182: John "Mac" McQuown: The Data Will Sort That Out' — https://rationalreminder.ca/podcast/182

Wells Fargo — https://www.wellsfargo.com/

'Episode 131: David Booth: The First Index Fund, Competing Fiercely, and Keeping it Simple' — https://rationalreminder.ca/podcast/131

William F. Sharpe | Stanford University — http://web.stanford.edu/~wfsharpe/bio/bio.htm

'Episode 316 - Andrew Chen: "Is everything I was taught about cross-sectional asset pricing wrong?!"' — https://rationalreminder.ca/podcast/316

Marco Salmon on LinkedIn — https://www.linkedin.com/in/marco-a-salmon-a63512284

Books From Today's Episode:

The Incredible Shrinking Alpha — https://www.amazon.com/dp/0857198246

Papers From Today's Episode:

'The relationship between return and market value of common stocks' — https://doi.org/10.1016/0304-405X(81)90018-0

'Market Efficiency' — https://www.jstor.org/stable/246460

'The Cross-Section of Expected Stock Returns' — https://doi.org/10.2307/2329112

'A Five-Factor Asset Pricing Model' — https://dx.doi.org/10.2139/ssrn.2287202

'The Performance of Mutual Funds in the Period 1945-1964' — https://dx.doi.org/10.2139/ssrn.244153

'The Death of Diversification Has Been Greatly Exaggerated' — https://ssrn.com/abstract=2998754

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

Episode 350: Scott Cederburg: A Critical Assessment of Lifecycle Investment Advice Mar 27, 2025

Show notes

Our conversations with Professor Scott Cederburg from Eller College of Management have led to the most heated debates among our listeners! Today, Prof. Cederburg returns to discuss the changes he's made to his paper that was the foundation of previous conversations - 'Beyond the Status Quo: A Critical Assessment of Lifecycle Investment Advice'. We begin with the data setup and headline findings of the paper before Prof. Cederburg defines "domestic" and "international" as they appear in his paper, why the block bootstrap approach is vital to his work, how and why the results of his paper differ from the status quo, and the evaluation metrics he uses to compare different investment strategies. Then, we explore his optimal base portfolio, the strategy he uses to derive it, how it performs in simulated worst-case scenarios, and how it changes when ditching the bootstrap approach or changing strategies from constant spending to proportional spending. To end, we learn of the importance of including the US in international stock portfolios, how it changes when the US is viewed as special above others, the correlation between labor income and domestic stock returns, and how the reviews of academics and practitioners have changed since the first iteration of the paper until this latest edition.

Key Points From This Episode:

(0:00:00) What to look forward to in today's conversation with Prof. Scott Cederburg

(0:04:49) The data setup and headline findings from his paper, 'Beyond the Status Quo.'

(0:07:01) Defining "domestic" and "international" as they appear in Prof. Cederburg's paper.

(0:08:34) Why the bootstrap approach is necessary for his work.

(0:12:17) How and why the results of his paper differ from the status quo.

(0:15:11) Unpacking the evaluation metrics he uses to compare different investment strategies.

(0:16:05) Exploring his optimal base case portfolio and strategy, and how it performs in worst-case simulations.

(0:23:05) How the optimal allocation changes when households vary their portfolio weights.

(0:27:13) What to consider when ditching the block bootstrap in time-varying optimal portfolios.

(0:29:46) Constant spending versus proportional spending: How the optimal portfolio changes.

(0:30:49) Examining the sequence of returns risk.

(0:42:14) The importance of including the US market in international stock portfolios.

(0:43:40) Why the US is treated the same as any other domestic country in the paper, and how the data changes if it's viewed as special.

(0:51:40) The extent of the relationship between labor income and domestic stock returns.

(0:53:01) How leverage affects optimal portfolio results.

(1:05:20) Assessing how sensitive the paper's results are to risk aversion.

(1:06:35) How academics and practitioners have responded to this paper across all iterations.

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/

Mark McGrath on LinkedIn — https://www.linkedin.com/in/markmcgrathcfp/ Mark McGrath on X — https://x.com/MarkMcGrathCFP

Professor Scott Cederburg — https://eller.arizona.edu/people/scott-cederburg

Professor Scott Cederburg on LinkedIn — https://www.linkedin.com/in/scott-cederburg-0917b0121/

Professor Scott Cederburg on Google Scholar — https://scholar.google.com/citations?user=CZKf3WEAAAAJ

Eller College of Management — https://eller.arizona.edu/

Episode 224: Prof. Scott Cederburg: Long-Horizon Losses in Stocks, Bonds, and Bills — https://rationalreminder.ca/podcast/224

Episode 284: Prof. Scott Cederburg: Challenging the Status Quo on Lifecycle Asset Allocation — https://rationalreminder.ca/podcast/284

Vanguard — https://investor.vanguard.com/

'The Portfolio Size Effect and Using a Bond Tent to Navigate the Retirement Danger Zone' — https://www.kitces.com/blog/managing-portfolio-size-effect-with-bond-tent-in-retirement-red-zone/

Papers From Today's Episode:

'Beyond the Status Quo: A Critical Assessment of Lifecycle Investment Advice' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4590406

'Is The United States a Lucky Survivor: A Hierarchical Bayesian Approach' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3689958

'Risk-Free Interest Rates' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3242836

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

Episode 349 – AMA #4 Mar 20, 2025

Show notes

In this episode, Ben, Dan, and Mark tackle another Ask Me Anything (AMA) session, covering a wide range of investing and financial planning topics. They begin with a highly requested debate on factor investing versus market cap-weighted portfolios and unpack the theory, research, and practical considerations behind both strategies. Ben explains why he prefers factor tilts when managing client portfolios, while Dan shares his perspective on why a simple market cap-weighted approach is more practical and sustainable. Then, they delve into the drivers of investor behaviour, common mistakes investors make, and powerful strategies to help investors overcome biases and improve their decision-making abilities. They also discuss the role of bonds in a portfolio, whether international bonds offer additional benefits, key retirement planning strategies, and the impact of sequence-of-returns risk. Join the conversation to discover how large corporations manage cash reserves, unpack the SPIVA Canada 2024 report findings, and explore the continued struggles of active management. Tune in now!

Key Points From This Episode:

(0:01:06) Ben explains why market cap weighting is a valid strategy but prefers factor tilting.

(0:06:58) Dan shares why he prefers market cap weighting approaches over factor tilting.

(0:13:45) Hear how client expectations shape their investment approaches.

(0:18:12) How to overcome the psychological challenges of investing and reframe your mindset.

(0:22:02) The role of bonds and fixed income in a portfolio and sequence of withdrawal risk.

(0:36:19) Recommendations for factor ETFs and the home biases associated with them.

(0:39:48) Unpack the 4% rule for retirement planning and amortization-based withdrawals.

(0:47:47) Expected returns for a "millennial" portfolio and why 10% annualized is unrealistic.

(0:52:38) Find out if PWL would ever open a branch in the US and about their US partnerships.

(0:53:20) Explore how corporate cash management differs from typical household investing.

(0:55:59) Uncover the value of bonds and the common misconceptions surrounding them.

(1:00:40) Learn about the pros and cons of investing in stocks and ETFs.

(1:09:13) Aftershow: the SPIVA Canada 2024 report, activate management struggles, updates, and more.

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/RationalRemind

Rational Reminder on TikTok — www.tiktok.com/@rationalreminder

Rational Reminder on YouTube — https://www.youtube.com/channel/

Rational Reminder Email — info@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/

Mark McGrath on LinkedIn — https://www.linkedin.com/in/markmcgrathcfp/

Mark McGrath on X — https://x.com/MarkMcGrathCFP

Dan Bortolotti — https://pwlcapital.com/our-team/

Dan Bortolotti on LinkedIn — https://www.linkedin.com/in/dan-bortolotti-8a482310/

Canadian Couch Potato Blog — https://canadiancouchpotato.com/

Canadian Couch Potato Podcast — https://canadiancouchpotato.com/podcast/

Dimensional (DFA) vs. Vanguard — https://www.youtube.com/watch?v=JfknibBat2A

Episode 93: Cliff Asness from AQR — https://rationalreminder.ca/podcast/93

Episode 135: William Bengen — https://rationalreminder.ca/podcast/135

Episode 297: Do Stocks Return 10-12% On Average? — https://rationalreminder.ca/podcast/297

Episode 340: Ben Mathew — https://rationalreminder.ca/podcast/340

Episode 343: How to Choose an Asset Allocation — https://rationalreminder.ca/podcast/343

Credit Suisse Data — https://marketdata.credit-suisse.com/pmdr/en/index.html#/

SPIVA® Canada Year-End 2024 — https://www.spglobal.com/spdji/en/spiva/article/spiva-canada/

The Wealthy Barber Podcast — https://thewealthybarber.com/podcast/

Books From Today's Episode:

Wealthier — https://www.amazon.com/Wealthier-Investing-Field-Guide-Millennials-ebook/dp/B0CX2VD1CW

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

Episode 348 - Andrew Barclay (StatCan): Measuring Inflation Mar 13, 2025

Show notes

Is the government manipulating inflation data? Why do so many people feel like their personal costs are rising faster than official inflation numbers suggest? In this episode of the Rational Reminder Podcast, we dive deep into one of the most debated and misunderstood economic topics: inflation. Today, we are joined by Andrew Barclay, an economist and senior analyst in the Consumer Price Division at Statistics Canada, to discuss everything you need to know about inflation and the Consumer Price Index (CPI). Statistics Canada is Canada's national statistical agency dedicated to producing accurate, relevant, and timely data to help Canadians better understand their country. In our conversation, we unpack how inflation and the CPI are calculated and why it is so important. We explore the controversy around CPI calculations and the influence of inflation on government benefits, tax brackets, and the overall economy. Andrew also addresses scepticism and conspiracy theories about government inflation reporting, uncovers drivers of the perception gap, and explains how Statistics Canada ensures the accuracy and integrity of its data. Join us to hear the real story behind CPI and inflation with Andrew Barclay!

Key Points From This Episode:

(0:00:00) Background about Andrew and what inspired today's topic.

(0:05:33) Find out why measuring inflation is important and how the CPI is calculated.

(0:10:08) What goes into the CPI basket and how frequently the contents are updated.

(0:12:42) How consumer choices impact inflation and how 'shrinkflation' is accounted for.

(0:15:43) Learn how quality adjustments are accounted for in the CPI and why they matter.

(0:19:01) Scepticism surrounding quality adjustments and how the CPI adapts to crises.

(0:25:21) The role of grocery price tracking and why Canada uses a single CPI measure.

(0:28:08) Explore the idea of personal inflation and why it is usually different to the CPI.

(0:31:10) The difference between home prices and housing costs and how they are calculated.

(0:35:41) Hear how Statistics Canada's approach for housing compares to other methodologies.

(0:41:15) Perceived inflation versus actual inflation and drivers of the inflation perception gap.

(0:51:58) Statistics Canada's method of dealing with the perception gap and ensuring quality.

(0:55:51) Uncover the most criticized indexes and how Statistics Canada includes feedback.

(1:01:52) Andrew's message for those who do not trust the CPI and his definition of success.

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/

Mark McGrath on LinkedIn — https://www.linkedin.com/in/markmcgrathcfp/ Mark McGrath on X — https://x.com/MarkMcGrathCFP

Andrew Barclay on LinkedIn — https://www.linkedin.com/in/andrew-barclay-a38b6035/

Statistics Canada — https://www.statcan.gc.ca/

Canadian System of National Accounts | 'Catalogue of products' — https://publications.gc.ca/Collection/Statcan/13F0029X/13F0029XIE2000001.pdf

Bank of Canada — https://www.bankofcanada.ca/

Canadian Real Estate Association (CREA) — https://www.crea.ca/

Episode 323: Renting Versus Buying a Home in Canada 2005-2024 — https://rationalreminder.ca/podcast/323

Surveys of Consumers | University of Michigan — https://data.sca.isr.umich.edu/

Statistics Canada | The Daily — https://www150.statcan.gc.ca/n1/dai-quo/index-eng.htm

Books From Today's Episode:

The Courage to Be Disliked — https://www.amazon.com/Courage-Be-Disliked-Phenomenon-Happiness/dp/1501197274

Papers From Today's Episode:

'The naked eye versus the CPI: How does our perception of inflation stack up against the data?' — https://www.statcan.gc.ca/o1/en/plus/256-naked-eye-versus-cpi-how-does-our-perception-inflation-stack-against-data

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

Episode 347 - The Case for Index Funds Mar 06, 2025

Show notes

Are index funds the best investment strategy for most investors? In this episode of Rational Reminder, Benjamin Felix, Dan Bortolotti, and Mark McGrath explore why low-cost index funds should be the primary investment strategy for most people. They explain how index funds evolved from a niche concept to a widely accepted strategy and outline their six key benefits. Learn about the fees associated with index funds, why index funds outperform most actively managed funds, and how to avoid the risks of picking individual stocks. They also explore academic research on long-term mutual fund performance, the persistence (or lack thereof) in active management, and the dangers of alternative indexing schemes. Discover how behaviour impacts investment decisions and why a globally diversified portfolio is crucial. Finally, in the aftershow, Ben shares an update regarding his health and listener feedback from the Rational Reminder community. Join the conversation and uncover why index funds are the best investment strategy and how to leverage them effectively to maximize your portfolio for long-term gains. Tune in now!

Key Points From This Episode:

(0:01:58) Outline of today's topic and why index funds should be everyone's main investment strategy.

(0:05:10) Index fund fundamentals, market cap weighting, and why not all ETFs are index funds.

(0:10:03) Learn about the transition of index funds into mainstream finance and their low-fee advantages.

(0:13:30) Linking fees to index performance and why lower fees gives them an advantage over managed funds.

(0:19:50) The general awareness about index funds and what impact the lack of diversification has on actively managed funds.

(0:26:35) Explore critical research comparing the returns on investment between index funds and actively managed funds.

(0:33:32) Unpack why the size of the active management industry matters and common misconceptions surrounding the long-term returns of mutual funds.

(0:42:26) Discover why some fund managers do well and how sector-specific performance influences stock returns.

(0:48:28) Unpack why average returns are better than beating the market and what makes index funds tax efficient.

(0:51:08) Find out what makes index funds easy to use and how this results in higher returns in the long term.

(0:55:25) How index funds are consistent with foundational finance theory and why thematic ETFs and sector-specific index funds should be avoided.

(1:05:40) The aftershow: Ben shares a personal health update, Rational Reminder news, and a request for listener AMA questions.

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/

Mark McGrath on LinkedIn — https://www.linkedin.com/in/markmcgrathcfp/ Mark McGrath on X — https://x.com/MarkMcGrathCFP

Dan Bortolotti — https://pwlcapital.com/our-team/

Dan Bortolotti on LinkedIn — https://www.linkedin.com/in/dan-bortolotti-8a482310/

Canadian Couch Potato Blog — https://canadiancouchpotato.com/

Canadian Couch Potato Podcast — https://canadiancouchpotato.com/podcast/

Episode 54: Dr. David Blitzer — https://rationalreminder.ca/podcast/54

Episode 124: Prof. Lubos Pastor — https://rationalreminder.ca/podcast/124

Episode 133: Adriana Robertson — https://rationalreminder.ca/podcast/133

Episode 220: Jonathan Berk and Jules van Binsbergen — https://rationalreminder.ca/podcast/220

Episode 244: Charles D. Ellis — https://rationalreminder.ca/podcast/244

Episode 268: Itzhak Ben-David — https://rationalreminder.ca/podcast/268

Episode 302: Michael Green — https://rationalreminder.ca/podcast/302

Episode 346: Hendrik Bessembinder — https://rationalreminder.ca/podcast/346

Coffeezilla — https://www.youtube.com/@Coffeezilla

Coffeezilla: Investing for Idiots — https://www.youtube.com/watch?v=hoGm61I52YQ

YCharts — https://ycharts.com/

Papers From Today's Episode:

'The Arithmetic of Active Management' — https://www.tandfonline.com/doi/pdf/10.2469/faj.v47.n1.7

'Sharpening Sharpe's Arithmetic' — https://www.tandfonline.com/doi/full/10.2469/faj.v74.n1.4

'Mutual Fund Flows and Performance in Rational Markets' — https://www.journals.uchicago.edu/doi/abs/10.1086/424739

'Why Indexing Works' — https://onlinelibrary.wiley.com/doi/abs/10.1002/asmb.2271

'Long-Term Shareholder Returns: Evidence from 64,000 Global Stocks' — https://www.tandfonline.com/doi/abs/10.1080/0015198X.2023.2188870

'The Performance of Mutual Funds in the Period 1945-1964' — https://www.jstor.org/stable/2325404

'On Persistence in Mutual Fund Performance' — https://doi.org/10.1111/j.1540-6261.1997.tb03808.x

'Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk' — https://onlinelibrary.wiley.com/doi/full/10.1111/j.1540-6261.1964.tb02865.x

'Passive in name only: Delegated management and index investing' — https://heinonline.org/HOL/LandingPage?handle=hein.journals/yjor36&div=20&id=&page=

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

Episode 346 - Hendrik Bessembinder: Why It's So Hard to Beat the Market Feb 27, 2025

Show notes

Did you know that just a handful of stocks drive nearly all of the stock market's long-term gains? In this episode, we sit down with Hendrik Bessembinder to discuss his groundbreaking research on why most stocks fail to outperform Treasury bills and how a small fraction of stocks generate the most long-term market returns. Hendrik is a Professor in the Department of Finance at Arizona State University whose research focuses on market design, trading, and long-term investment performance across stock, foreign exchange, fixed income, futures, and energy markets. In addition to his academic contributions, Professor Bessembinder has over 25 years of consulting experience, advising major firms, financial markets, and government agencies. In our conversation, we delve into the findings of his research and find out how a small fraction of stocks generate the majority of long-term returns. We explore why traditional investment strategies often overlook the impact of skewness, the impacts of broad diversification and passive investing, and why active fund managers struggle to beat the market. Discover why chasing past returns can lead to costly mistakes, his latest research on 'sustainable returns', what type of industries have the highest stock returns, common investing mistakes, and more. Join us to uncover the surprising realities of stock market returns and how you can build a portfolio that stands the test of time with Professor Hendrik Bessembinder.

Key Points From This Episode:

(0:03:54) Explore Hendrik's research on long-term stock returns and how most returns come from a small group of stocks.

(0:08:30) Learn how company size interacts with the skewness in stock returns and what it means for individual investors.

(0:11:39) Considering fundamentals in stock returns and the implications of skewness for measuring portfolio performance.

(0:15:42) Unpack how he used bootstrap simulations in his paper and the performance of stock returns versus Treasury bills.

(0:19:01) Find out the proportion of US firms responsible for dollar wealth creation and why diversification is essential for long-term stock returns.

(0:25:23) Navigating volatility in the market and why it is difficult to identify skilled managers in time to leverage the market.

(0:28:00) Compare the performance of US stocks versus global stocks and what is driving their performance.

(0:32:04) What the findings of his research means for financial planners and individual investors.

(0:35:35) Uncover which US firms generated the highest returns and what type of industries these companies are in.

(0:42:07) Hear about the long-term performance of US mutual funds and how investor behaviour contributes to it.

(0:49:54) How passive investing and index funds have reduced the contributions of actively managed mutual funds and the lessons for investors.

(0:55:48) Discover Professor Bessembinder's broader research interests and his definition of success.

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/

Mark McGrath on LinkedIn — https://www.linkedin.com/in/markmcgrathcfp/ Mark McGrath on X — https://x.com/MarkMcGrathCFP

Professor Hendrik Bessembinder — https://search.asu.edu/profile/2717225

Arizona State University — https://www.asu.edu/

KRIS — https://www.kris-online.com/

Professor Hendrik Bessembinder papers on SSRN — https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=667

SPIVA — https://www.spglobal.com/spdji/en/research-insights/spiva/

Episode 322: Professor Marco Sammon — https://rationalreminder.ca/podcast/322

Episode 124: Professor Lubos Pastor — https://rationalreminder.ca/podcast/124

Papers From Today's Episode:

'Do Stocks Outperform Treasury Bills?' — https://www.sciencedirect.com/science/article/abs/pii/S0304405X18301521

'Extending Portfolio Theory to Compound Returns' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3875870

'Luck versus Skill in the Cross-Section of Mutual Fund Returns' — https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1540-6261.2010.01598.x

'Measuring Skill in the Mutual Fund Industry' — https://www.sciencedirect.com/science/article/abs/pii/S0304405X15000628

'Long-Term Shareholder Returns: Evidence from 64,000 Global Stocks' — https://www.tandfonline.com/doi/abs/10.1080/0015198X.2023.2188870

'Which U.S. Stocks Generated the Highest Long-Term Returns?' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4897069

'How Should Investors' Long-Term Returns Be Measured?' — https://www.tandfonline.com/doi/abs/10.1080/0015198X.2024.2401765

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

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