In today's episode, Cameron sits down with Mark McGrath to talk about his trip to Trondheim, Norway, the event he attended there, and his presentation in which he shared top lessons from prestigious Rational Reminder Podcast guests. Tuning in, you'll hear Cameron's top takeaways from conversations with Nobel laureate Eugene Fama and his collaborator Kenneth French, as well as Robert Merton, Antti Ilmanen, Professor Ludovic Phalippou, and more. We also delve into the changing industry trends regarding index investing and the many benefits that come with embracing it, including how it helps financial advisors better serve their clients. Stay tuned for our after-show section, where we discuss advice for new advisors, from developing a robust investment philosophy to building a network, along with insights to help consumers navigate the industry and much more. To learn all about Cameron’s trip to Norway, top guest takeaways, and industry trends around index investing, be sure to tune in!   Key Points From This Episode:   (0:01:13) An overview of today’s episode and a discussion on industry trends. (0:03:56) Our conversation with Håkon Kavli on managing Reitan Kapital. (0:04:38) What it was like for Cameron to meet Håkon Kavli and Magnus Reitan in Norway. (0:05:42) The excellent event in Trondheim, Norway, and their impressive lineup of speakers. (0:08:56) Unpacking industry trends in index investing and why more people are embracing it. (0:09:42) The light bulb moment for Mark and Cameron regarding index investing. (0:19:07) Highlights from our interviews with Eugene Fama, Ken French, and Robert Merton. (0:25:28) Dr. Annamaria Lusardi's insights and takeaways from our John Cochrane interview. (0:29:05) Top lessons from our conversation with Antti Ilmanen on low-expected returns. (0:30:58) Insights from talking with Professor Ludovic Phalippou about private equity. (0:32:22) Closing thoughts on Cameron’s presentation in Norway and index investing trends. (0:39:44) Our aftershow segment: advice for new advisors, ways the industry has changed, tips for consumers, technology insights, personal updates, and more.   Links From Today’s Episode: Meet with PWL Capital: <a href= "https://calendly.com/d/3vm-t2j-h3p">https://calendly.com/d/3vm-t2j-h3p</a> Rational Reminder on iTunes — <a href= "https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582?mt=2">https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582</a>. Rational Reminder Website — <a href= "https://rationalreminder.ca/">https://rationalreminder.ca/</a>  Rational Reminder on Instagram — <a href= "https://www.instagram.com/rationalreminder/">https://www.instagram.com/rationalreminder/</a> Rational Reminder on X — <a href= "https://x.com/RationalRemind">https://x.com/RationalRemind</a>Rational Reminder on TikTok — <a href= "https://www.tiktok.com/@rationalreminder?_t=8oTz7ldhMc1&_r=1&fbclid=IwZXh0bgNhZW0CMTAAAR1Z4A-2rKqQTivvuyU1-PssL9xfJn5myyaps6kQypAwHm7aL66qSajEhI0_aem_puLPWAK_S3Gk2bEmdXjohg">www.tiktok.com/@rationalreminder</a> Rational Reminder on YouTube — <a href= "https://www.youtube.com/channel/UCOErWFfNOQzXsgE7f5S_ULw">https://www.youtube.com/channel/</a> Rational Reminder Email — <a href= "mailto:info@rationalreminder.ca">info@rationalreminder.ca</a>Benjamin Felix — <a href= "https://pwlcapital.com/our-team/">https://pwlcapital.com/our-team/</a> Benjamin on X — <a href= "https://x.com/benjaminwfelix">https://x.com/benjaminwfelix</a> Benjamin on LinkedIn — <a href= "https://www.linkedin.com/in/benjaminwfelix/">https://www.linkedin.com/in/benjaminwfelix/</a> Cameron Passmore — <a href= "https://pwlcapital.com/our-team/">https://pwlcapital.com/our-team/</a> Cameron on X — <a href= "https://x.com/CameronPassmore">https://x.com/CameronPassmore</a> Cameron on LinkedIn — <a href= "https://www.linkedin.com/in/cameronpassmore/">https://www.linkedin.com/in/cameronpassmore/</a> Mark McGrath on LinkedIn — <a href= "https://www.linkedin.com/in/markmcgrathcfp/">https://www.linkedin.com/in/markmcgrathcfp/ </a>Mark McGrath on X — <a href= "https://x.com/MarkMcGrathCFP">https://x.com/MarkMcGrathCFP</a> Episode 321: Evidence in Practice with Håkon Kavli – <a href= "https://rationalreminder.ca/podcast/321">https://rationalreminder.ca/podcast/321</a> Professor Marcos López de Prado — <a href= "https://www.orie.cornell.edu/faculty-directory/marcos-lopez-de-prado"> https://www.orie.cornell.edu/faculty-directory/marcos-lopez-de-prado</a> Erik Hilde — <a href= "https://www.linkedin.com/in/erik-hilde-9570a785/?originalSubdomain=no"> https://www.linkedin.com/in/erik-hilde-9570a785/?originalSubdomain=no</a> Dan Bortolotti — <a href= "https://www.canadianmoneysaver.ca/authors/dan-bortolotti">https://www.canadianmoneysaver.ca/authors/dan-bortolotti</a> Canadian Couch Potato Blog — <a href= "https://canadiancouchpotato.com/">https://canadiancouchpotato.com/</a> Canadian Couch Potato Podcast — <a href= "https://canadiancouchpotato.com/podcast/">https://canadiancouchpotato.com/podcast/</a> Justin Bender — <a href= "https://www.linkedin.com/in/justin-bender-cfa-cfp%C2%AE-tep-195b8b27/?originalSubdomain=ca"> https://www.linkedin.com/in/justin-bender-cfa-cfp%C2%AE-tep-195b8b27/?originalSubdomain=ca </a>Episode 200: Prof. Eugene Fama — <a href= "https://rationalreminder.ca/podcast/200">https://rationalreminder.ca/podcast/200 </a>Tune Out the Noise — <a href= "https://www.dimensional.com/film">https://www.dimensional.com/film </a>Episode 100: Prof. Kenneth French — <a href= "https://rationalreminder.ca/podcast/100">https://rationalreminder.ca/podcast/100 </a>Episode 234: Prof. Robert C. Merton — <a href= "https://rationalreminder.ca/podcast/234">https://rationalreminder.ca/podcast/234</a> Episode 232: Dr. Annamaria Lusardi — <a href= "https://rationalreminder.ca/podcast/232">https://rationalreminder.ca/podcast/232 </a>Episode 169: Prof. John Cochrane — <a href= "https://rationalreminder.ca/podcast/169">https://rationalreminder.ca/podcast/169</a> Episode 202: Antti Ilmanen – <a href= "https://rationalreminder.ca/podcast/202">https://rationalreminder.ca/podcast/202</a> Episode 210: Prof. Ludovic Phalippou — <a href= "https://rationalreminder.ca/podcast/210">https://rationalreminder.ca/podcast/210</a> Fama and French Three Factor Model — <a href= "https://www.investopedia.com/terms/f/famaandfrenchthreefactormodel.asp"> https://www.investopedia.com/terms/f/famaandfrenchthreefactormodel.asp </a> Books From Today’s Episode: Investing Amid Low Expected Returns — <a href= "http://www.aqr.com/serenity">http://www.aqr.com/serenity</a> The Empowered Investor — <a href= "https://www.amazon.ca/Empowered-Investor-Canadian-Investment-Experience/dp/0991978307"> https://www.amazon.ca/Empowered-Investor-Canadian-Investment-Experience/dp/0991978307</a>

<description>&lt;p dir="ltr"&gt;In today's episode, Cameron sits down with Mark McGrath to talk about his trip to Trondheim, Norway, the event he attended there, and his presentation in which he shared top lessons from prestigious Rational Reminder Podcast guests. Tuning in, you'll hear Cameron's top takeaways from conversations with Nobel laureate Eugene Fama and his collaborator Kenneth French, as well as Robert Merton, Antti Ilmanen, Professor Ludovic Phalippou, and more. We also delve into the changing industry trends regarding index investing and the many benefits that come with embracing it, including how it helps financial advisors better serve their clients. Stay tuned for our after-show section, where we discuss advice for new advisors, from developing a robust investment philosophy to building a network, along with insights to help consumers navigate the industry and much more. To learn all about Cameron’s trip to Norway, top guest takeaways, and industry trends around index investing, be sure to tune in!&lt;/p&gt; &lt;p&gt;&lt;strong&gt; &lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;strong&gt;Key Points From This Episode:&lt;/strong&gt;&lt;/p&gt; &lt;p&gt;&lt;strong&gt; &lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;(0:01:13) An overview of today’s episode and a discussion on industry trends.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:03:56) Our conversation with Håkon Kavli on managing Reitan Kapital.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:04:38) What it was like for Cameron to meet Håkon Kavli and Magnus Reitan in Norway.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:05:42) The excellent event in Trondheim, Norway, and their impressive lineup of speakers.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:08:56) Unpacking industry trends in index investing and why more people are embracing it.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:09:42) The light bulb moment for Mark and Cameron regarding index investing.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:19:07) Highlights from our interviews with Eugene Fama, Ken French, and Robert Merton.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:25:28) Dr. Annamaria Lusardi's insights and takeaways from our John Cochrane interview.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:29:05) Top lessons from our conversation with Antti Ilmanen on low-expected returns.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:30:58) Insights from talking with Professor Ludovic Phalippou about private equity.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:32:22) Closing thoughts on Cameron’s presentation in Norway and index investing trends.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:39:44) Our aftershow segment: advice for new advisors, ways the industry has changed, tips for consumers, technology insights, personal updates, and more.&lt;/p&gt; &lt;p&gt;&lt;strong&gt; &lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;strong&gt;Links From Today’s Episode:&lt;/strong&gt;&lt;br /&gt; &lt;br /&gt; Meet with PWL Capital: &lt;a href= "https://calendly.com/d/3vm-t2j-h3p"&gt;https://calendly.com/d/3vm-t2j-h3p&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Rational Reminder on iTunes — &lt;a href= "https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582?mt=2"&gt;https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582&lt;/a&gt;.&lt;br /&gt; Rational Reminder Website — &lt;a href= "https://rationalreminder.ca/"&gt;https://rationalreminder.ca/&lt;/a&gt; &lt;/p&gt; &lt;p dir="ltr"&gt;Rational Reminder on Instagram — &lt;a href= "https://www.instagram.com/rationalreminder/"&gt;https://www.instagram.com/rationalreminder/&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Rational Reminder on X — &lt;a href= "https://x.com/RationalRemind"&gt;https://x.com/RationalRemind&lt;br /&gt;&lt;/a&gt;Rational Reminder on TikTok — &lt;a href= "https://www.tiktok.com/@rationalreminder?_t=8oTz7ldhMc1&amp;_r=1&amp;fbclid=IwZXh0bgNhZW0CMTAAAR1Z4A-2rKqQTivvuyU1-PssL9xfJn5myyaps6kQypAwHm7aL66qSajEhI0_aem_puLPWAK_S3Gk2bEmdXjohg"&gt;www.tiktok.com/@rationalreminder&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Rational Reminder on YouTube — &lt;a href= "https://www.youtube.com/channel/UCOErWFfNOQzXsgE7f5S_ULw"&gt;https://www.youtube.com/channel/&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Rational Reminder Email — &lt;a href= "mailto:info@rationalreminder.ca"&gt;info@rationalreminder.ca&lt;br /&gt;&lt;/a&gt;Benjamin Felix — &lt;a href= "https://pwlcapital.com/our-team/"&gt;https://pwlcapital.com/our-team/&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Benjamin on X — &lt;a href= "https://x.com/benjaminwfelix"&gt;https://x.com/benjaminwfelix&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Benjamin on LinkedIn — &lt;a href= "https://www.linkedin.com/in/benjaminwfelix/"&gt;https://www.linkedin.com/in/benjaminwfelix/&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Cameron Passmore — &lt;a href= "https://pwlcapital.com/our-team/"&gt;https://pwlcapital.com/our-team/&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Cameron on X — &lt;a href= "https://x.com/CameronPassmore"&gt;https://x.com/CameronPassmore&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Cameron on LinkedIn — &lt;a href= "https://www.linkedin.com/in/cameronpassmore/"&gt;https://www.linkedin.com/in/cameronpassmore/&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Mark McGrath on LinkedIn — &lt;a href= "https://www.linkedin.com/in/markmcgrathcfp/"&gt;https://www.linkedin.com/in/markmcgrathcfp/&lt;br /&gt; &lt;/a&gt;Mark McGrath on X — &lt;a href= "https://x.com/MarkMcGrathCFP"&gt;https://x.com/MarkMcGrathCFP&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Episode 321: Evidence in Practice with Håkon Kavli – &lt;a href= "https://rationalreminder.ca/podcast/321"&gt;https://rationalreminder.ca/podcast/321&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Professor Marcos López de Prado — &lt;a href= "https://www.orie.cornell.edu/faculty-directory/marcos-lopez-de-prado"&gt; https://www.orie.cornell.edu/faculty-directory/marcos-lopez-de-prado&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Erik Hilde — &lt;a href= "https://www.linkedin.com/in/erik-hilde-9570a785/?originalSubdomain=no"&gt; https://www.linkedin.com/in/erik-hilde-9570a785/?originalSubdomain=no&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Dan Bortolotti — &lt;a href= "https://www.canadianmoneysaver.ca/authors/dan-bortolotti"&gt;https://www.canadianmoneysaver.ca/authors/dan-bortolotti&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Canadian Couch Potato Blog — &lt;a href= "https://canadiancouchpotato.com/"&gt;https://canadiancouchpotato.com/&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Canadian Couch Potato Podcast — &lt;a href= "https://canadiancouchpotato.com/podcast/"&gt;https://canadiancouchpotato.com/podcast/&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Justin Bender — &lt;a href= "https://www.linkedin.com/in/justin-bender-cfa-cfp%C2%AE-tep-195b8b27/?originalSubdomain=ca"&gt; https://www.linkedin.com/in/justin-bender-cfa-cfp%C2%AE-tep-195b8b27/?originalSubdomain=ca&lt;br /&gt; &lt;/a&gt;Episode 200: Prof. Eugene Fama — &lt;a href= "https://rationalreminder.ca/podcast/200"&gt;https://rationalreminder.ca/podcast/200&lt;br /&gt; &lt;/a&gt;Tune Out the Noise — &lt;a href= "https://www.dimensional.com/film"&gt;https://www.dimensional.com/film&lt;br /&gt; &lt;/a&gt;Episode 100: Prof. Kenneth French — &lt;a href= "https://rationalreminder.ca/podcast/100"&gt;https://rationalreminder.ca/podcast/100&lt;br /&gt; &lt;/a&gt;Episode 234: Prof. Robert C. Merton — &lt;a href= "https://rationalreminder.ca/podcast/234"&gt;https://rationalreminder.ca/podcast/234&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Episode 232: Dr. Annamaria Lusardi — &lt;a href= "https://rationalreminder.ca/podcast/232"&gt;https://rationalreminder.ca/podcast/232&lt;br /&gt; &lt;/a&gt;Episode 169: Prof. John Cochrane — &lt;a href= "https://rationalreminder.ca/podcast/169"&gt;https://rationalreminder.ca/podcast/169&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Episode 202: Antti Ilmanen – &lt;a href= "https://rationalreminder.ca/podcast/202"&gt;https://rationalreminder.ca/podcast/202&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Episode 210: Prof. Ludovic Phalippou — &lt;a href= "https://rationalreminder.ca/podcast/210"&gt;https://rationalreminder.ca/podcast/210&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Fama and French Three Factor Model — &lt;a href= "https://www.investopedia.com/terms/f/famaandfrenchthreefactormodel.asp"&gt; https://www.investopedia.com/terms/f/famaandfrenchthreefactormodel.asp&lt;br /&gt; &lt;br /&gt;&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;strong&gt;Books From Today’s Episode:&lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Investing Amid Low Expected Returns — &lt;a href= "http://www.aqr.com/serenity"&gt;http://www.aqr.com/serenity&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;The Empowered Investor — &lt;a href= "https://www.amazon.ca/Empowered-Investor-Canadian-Investment-Experience/dp/0991978307"&gt; https://www.amazon.ca/Empowered-Investor-Canadian-Investment-Experience/dp/0991978307&lt;/a&gt;&lt;/p&gt; &lt;p&gt; &lt;/p&gt;</description>

In today's episode, Cameron sits down with Mark McGrath to talk about his trip to Trondheim, Norway, the event he attended there, and his presentation in which he shared top lessons from prestigious Rational Reminder Podcast guests. Tuning in, you'll...

Episode 331 - Cameron in Norway: The Indexing Revolution, and Key Lessons from Past Guests

What happens when index investing dominates the market? In this episode, we’re joined by Davidson Heath, Assistant Professor of Finance at the University of Utah David Eccles School of Business, to explore this question and its surprising answers. Davidson’s research dives into the unintended impacts of passive investing, examining how it influences price stability, corporate governance, and even the way we define shareholder responsibility. He unpacks how index funds, while supporting price efficiency, may be weakening governance structures by reducing shareholder oversight, a shift that could have lasting effects on corporate accountability. We also discuss the promise and limitations of socially responsible investing (SRI), as Davidson introduces the term “impact washing” to describe how some SRI funds fail to achieve real change despite their green branding. In a forward-looking segment, Davidson shares insights on the collaboration between AI and human intelligence in finance, giving a reassuring perspective on the future of machine and human co-existence in complex decision-making. This episode is a must-listen for anyone curious about the hidden dynamics of passive investing and the evolving role of technology in finance!   Key Points From This Episode: (0:02:22) Davidson’s paper On Index Investing; Why active managers are important to indexing. (0:08:42) Conclusions on how index investing is affecting price efficiency. (0:11:10) The role of shareholders in corporate governance. (0:13:06) How the incentives of index funds to monitor portfolio firms differ from active funds. (0:15:10) Measuring how well index or active funds are monitoring the companies they own. (0:16:54) How the expense ratios of index funds affect their quality of monitoring. (0:18:08) What shareholders can do to monitor and make themselves heard. (0:20:31) How index fund ownership affects other firm-level governance issues. (0:21:30) Recap and takeaways on index funds and the market. (0:25:39) The impact of socially responsible investing (SRI) and how successful they are at selecting firms with better environmental, social, and governance (ESG) characteristics. (0:28:08) Unpacking “impact washing” in SRI funds and its consequences. (0:33:04) Insights on how ETFs are replicating index funds. (0:37:03) The implications of Davidson’s findings for index ETF investors and the markets. (0:38:57) Details on Davidson’s Cyborg Trading project and how it’s using AI to complement human intelligence. (0:42:42) How Davidson defines success: being a part of a worthwhile endeavour.   Links From Today’s Episode: Meet with PWL Capital: <a href= "https://calendly.com/d/3vm-t2j-h3p">https://calendly.com/d/3vm-t2j-h3p</a> Rational Reminder on iTunes — <a href= "https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582?mt=2">https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582</a>. Rational Reminder Website — <a href= "https://rationalreminder.ca/">https://rationalreminder.ca/</a>  Rational Reminder on Instagram — <a href= "https://www.instagram.com/rationalreminder/">https://www.instagram.com/rationalreminder/</a> Rational Reminder on X — <a href= "https://x.com/RationalRemind">https://x.com/RationalRemind</a>Rational Reminder on TikTok — <a href= "https://www.tiktok.com/@rationalreminder?_t=8oTz7ldhMc1&_r=1&fbclid=IwZXh0bgNhZW0CMTAAAR1Z4A-2rKqQTivvuyU1-PssL9xfJn5myyaps6kQypAwHm7aL66qSajEhI0_aem_puLPWAK_S3Gk2bEmdXjohg">www.tiktok.com/@rationalreminder</a> Rational Reminder on YouTube — <a href= "https://www.youtube.com/channel/UCOErWFfNOQzXsgE7f5S_ULw">https://www.youtube.com/channel/</a> Rational Reminder Email — <a href= "mailto:info@rationalreminder.ca">info@rationalreminder.ca</a>Benjamin Felix — <a href= "https://pwlcapital.com/our-team/">https://pwlcapital.com/our-team/</a> Benjamin on X — <a href= "https://x.com/benjaminwfelix">https://x.com/benjaminwfelix</a> Benjamin on LinkedIn — <a href= "https://www.linkedin.com/in/benjaminwfelix/">https://www.linkedin.com/in/benjaminwfelix/</a> Cameron Passmore — <a href= "https://pwlcapital.com/our-team/">https://pwlcapital.com/our-team/</a> Cameron on X — <a href= "https://x.com/CameronPassmore">https://x.com/CameronPassmore</a> Cameron on LinkedIn — <a href= "https://www.linkedin.com/in/cameronpassmore/">https://www.linkedin.com/in/cameronpassmore/</a> Mark McGrath on LinkedIn — <a href= "https://www.linkedin.com/in/markmcgrathcfp/">https://www.linkedin.com/in/markmcgrathcfp/ </a>Mark McGrath on X — <a href= "https://x.com/MarkMcGrathCFP">https://x.com/MarkMcGrathCFP</a> Davidson Heath — <a href= "https://davidsontheath.github.io/">https://davidsontheath.github.io/ </a>Davidson Heath on LinkedIn — <a href= "https://www.linkedin.com/in/davidson-heath-5a28999a/">https://www.linkedin.com/in/davidson-heath-5a28999a/ </a>Davidson Heath on Google Scholar — <a href= "https://scholar.google.com/citations?user=Fr-HyLEAAAAJ&hl=en">https://scholar.google.com/citations?user=Fr-HyLEAAAAJ&hl=en</a> Cyborg — <a href= "https://www.imdb.com/title/tt0097138/">https://www.imdb.com/title/tt0097138/</a>   Papers From Today’s Episode:  ‘On Index Investing’ — <a href= "https://dx.doi.org/10.2139/ssrn.3055324">https://dx.doi.org/10.2139/ssrn.3055324</a> ‘Do Index Funds Monitor?’ — <a href= "https://doi.org/10.1093/rfs/hhab023">https://doi.org/10.1093/rfs/hhab023 </a>‘Does Socially Responsible Investing Change Firm Behavior?’ — <a href= "https://doi.org/10.1093/rof/rfad002">https://doi.org/10.1093/rof/rfad002</a> ‘The Rise of Passive Investing and Active Mutual Fund Skill’ — <a href= "https://dx.doi.org/10.2139/ssrn.4190266">https://dx.doi.org/10.2139/ssrn.4190266</a> ‘Counterproductive Sustainable Investing: The Impact Elasticity of Brown and Green Firms’ — <a href= "https://dx.doi.org/10.2139/ssrn.4359282">https://dx.doi.org/10.2139/ssrn.4359282</a>

<description>&lt;p dir="ltr"&gt;What happens when index investing dominates the market? In this episode, we’re joined by Davidson Heath, Assistant Professor of Finance at the University of Utah David Eccles School of Business, to explore this question and its surprising answers. Davidson’s research dives into the unintended impacts of passive investing, examining how it influences price stability, corporate governance, and even the way we define shareholder responsibility. He unpacks how index funds, while supporting price efficiency, may be weakening governance structures by reducing shareholder oversight, a shift that could have lasting effects on corporate accountability. We also discuss the promise and limitations of socially responsible investing (SRI), as Davidson introduces the term “impact washing” to describe how some SRI funds fail to achieve real change despite their green branding. In a forward-looking segment, Davidson shares insights on the collaboration between AI and human intelligence in finance, giving a reassuring perspective on the future of machine and human co-existence in complex decision-making. This episode is a must-listen for anyone curious about the hidden dynamics of passive investing and the evolving role of technology in finance!&lt;/p&gt; &lt;p dir="ltr"&gt; &lt;/p&gt; &lt;p dir="ltr"&gt;&lt;strong&gt;Key Points From This Episode:&lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;(0:02:22) Davidson’s paper On Index Investing; Why active managers are important to indexing.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:08:42) Conclusions on how index investing is affecting price efficiency.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:11:10) The role of shareholders in corporate governance.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:13:06) How the incentives of index funds to monitor portfolio firms differ from active funds.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:15:10) Measuring how well index or active funds are monitoring the companies they own.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:16:54) How the expense ratios of index funds affect their quality of monitoring.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:18:08) What shareholders can do to monitor and make themselves heard.&lt;br /&gt; (0:20:31) How index fund ownership affects other firm-level governance issues.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:21:30) Recap and takeaways on index funds and the market.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:25:39) The impact of socially responsible investing (SRI) and how successful they are at selecting firms with better environmental, social, and governance (ESG) characteristics.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:28:08) Unpacking “impact washing” in SRI funds and its consequences.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:33:04) Insights on how ETFs are replicating index funds.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:37:03) The implications of Davidson’s findings for index ETF investors and the markets.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:38:57) Details on Davidson’s Cyborg Trading project and how it’s using AI to complement human intelligence.&lt;/p&gt; &lt;p&gt;(0:42:42) How Davidson defines success: being a part of a worthwhile endeavour.&lt;/p&gt; &lt;p&gt; &lt;/p&gt; &lt;p dir="ltr"&gt;&lt;strong&gt;Links From Today’s Episode:&lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Meet with PWL Capital: &lt;a href= "https://calendly.com/d/3vm-t2j-h3p"&gt;https://calendly.com/d/3vm-t2j-h3p&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Rational Reminder on iTunes — &lt;a href= "https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582?mt=2"&gt;https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582&lt;/a&gt;.&lt;br /&gt; Rational Reminder Website — &lt;a href= "https://rationalreminder.ca/"&gt;https://rationalreminder.ca/&lt;/a&gt; &lt;/p&gt; &lt;p dir="ltr"&gt;Rational Reminder on Instagram — &lt;a href= "https://www.instagram.com/rationalreminder/"&gt;https://www.instagram.com/rationalreminder/&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Rational Reminder on X — &lt;a href= "https://x.com/RationalRemind"&gt;https://x.com/RationalRemind&lt;br /&gt;&lt;/a&gt;Rational Reminder on TikTok — &lt;a href= "https://www.tiktok.com/@rationalreminder?_t=8oTz7ldhMc1&amp;_r=1&amp;fbclid=IwZXh0bgNhZW0CMTAAAR1Z4A-2rKqQTivvuyU1-PssL9xfJn5myyaps6kQypAwHm7aL66qSajEhI0_aem_puLPWAK_S3Gk2bEmdXjohg"&gt;www.tiktok.com/@rationalreminder&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Rational Reminder on YouTube — &lt;a href= "https://www.youtube.com/channel/UCOErWFfNOQzXsgE7f5S_ULw"&gt;https://www.youtube.com/channel/&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Rational Reminder Email — &lt;a href= "mailto:info@rationalreminder.ca"&gt;info@rationalreminder.ca&lt;br /&gt;&lt;/a&gt;Benjamin Felix — &lt;a href= "https://pwlcapital.com/our-team/"&gt;https://pwlcapital.com/our-team/&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Benjamin on X — &lt;a href= "https://x.com/benjaminwfelix"&gt;https://x.com/benjaminwfelix&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Benjamin on LinkedIn — &lt;a href= "https://www.linkedin.com/in/benjaminwfelix/"&gt;https://www.linkedin.com/in/benjaminwfelix/&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Cameron Passmore — &lt;a href= "https://pwlcapital.com/our-team/"&gt;https://pwlcapital.com/our-team/&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Cameron on X — &lt;a href= "https://x.com/CameronPassmore"&gt;https://x.com/CameronPassmore&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Cameron on LinkedIn — &lt;a href= "https://www.linkedin.com/in/cameronpassmore/"&gt;https://www.linkedin.com/in/cameronpassmore/&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Mark McGrath on LinkedIn — &lt;a href= "https://www.linkedin.com/in/markmcgrathcfp/"&gt;https://www.linkedin.com/in/markmcgrathcfp/&lt;br /&gt; &lt;/a&gt;Mark McGrath on X — &lt;a href= "https://x.com/MarkMcGrathCFP"&gt;https://x.com/MarkMcGrathCFP&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Davidson Heath — &lt;a href= "https://davidsontheath.github.io/"&gt;https://davidsontheath.github.io/&lt;br /&gt; &lt;/a&gt;Davidson Heath on LinkedIn — &lt;a href= "https://www.linkedin.com/in/davidson-heath-5a28999a/"&gt;https://www.linkedin.com/in/davidson-heath-5a28999a/&lt;br /&gt; &lt;/a&gt;Davidson Heath on Google Scholar — &lt;a href= "https://scholar.google.com/citations?user=Fr-HyLEAAAAJ&amp;hl=en"&gt;https://scholar.google.com/citations?user=Fr-HyLEAAAAJ&amp;hl=en&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Cyborg — &lt;a href= "https://www.imdb.com/title/tt0097138/"&gt;https://www.imdb.com/title/tt0097138/&lt;/a&gt;&lt;/p&gt; &lt;p&gt;&lt;strong&gt; &lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;strong&gt;Papers From Today’s Episode: &lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;‘On Index Investing’ — &lt;a href= "https://dx.doi.org/10.2139/ssrn.3055324"&gt;https://dx.doi.org/10.2139/ssrn.3055324&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;‘Do Index Funds Monitor?’ — &lt;a href= "https://doi.org/10.1093/rfs/hhab023"&gt;https://doi.org/10.1093/rfs/hhab023&lt;br /&gt; &lt;/a&gt;‘Does Socially Responsible Investing Change Firm Behavior?’ — &lt;a href= "https://doi.org/10.1093/rof/rfad002"&gt;https://doi.org/10.1093/rof/rfad002&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;‘The Rise of Passive Investing and Active Mutual Fund Skill’ — &lt;a href= "https://dx.doi.org/10.2139/ssrn.4190266"&gt;https://dx.doi.org/10.2139/ssrn.4190266&lt;/a&gt;&lt;/p&gt; &lt;p&gt;‘Counterproductive Sustainable Investing: The Impact Elasticity of Brown and Green Firms’ — &lt;a href= "https://dx.doi.org/10.2139/ssrn.4359282"&gt;https://dx.doi.org/10.2139/ssrn.4359282&lt;/a&gt;&lt;/p&gt;</description>

What happens when index investing dominates the market? In this episode, we’re joined by Davidson Heath, Assistant Professor of Finance at the University of Utah David Eccles School of Business, to explore this question and its surprising answers....

Episode 330 - Davidson Heath: How Are Index Funds Affecting Financial Markets and Corporate Governance?

Unlocking the power of education savings is often a complex task, but with the right strategies, a Registered Education Savings Plan (RESP) can be a game-changer for Canadian families planning their children's future. In this episode, Ben Felix, Dan Bortolotti, and Mark McGrath take a deep dive into the mechanics of the RESP, covering everything from optimal contributions and grant maximization to tax-efficient withdrawals and asset allocation. They discuss critical factors like the Canada Learning Bond (CLB) for low-income families and the intricacies of group RESPs, noting how pooled plans, though easy to join, can financially penalize those who don’t stay the course. With the RESP’s unique 35-year lifespan and its flexible range of education options, this in-depth conversation brings clarity to a valuable tool often overshadowed by its complexity. Tune in to discover practical strategies that could transform how you fund education, optimize your investments, and make the most of Canada’s RESP benefits.   Key Points From This Episode:   (0:02:43) Purpose and structure of the RESP as a tool to fund post-secondary education. (0:06:25) Insight and tips for how contribution limits and government matching grants work. (0:07:13) How the CLB supports low-income families with up to $2,000 without contributions. (0:10:13) Family RESPs, which allow multiple beneficiaries to share contributions and earnings. (0:11:54) Distinguishing between Education Assistance Payments (EAP), Post-Secondary Education Payments (PSE), and their tax implications for beneficiaries. (0:14:27) Front-loading versus annual contributions: optimal contribution strategies to maximize grants and investment growth. (0:23:22) Tips for tax-efficient RESP withdrawals, especially if beneficiaries have other income. (0:35:28) Education outside of Canada, over-contribution penalties, and other considerations. (0:37:28) RESPs and estate planning, including naming a successor subscriber in your will. (0:42:54) Asset allocation advice: prioritize growth early and stabilize as educational costs near. (0:48:00) Constructive criticism of RESP policies to increase access for low-income families. (1:02:02) Summing up the benefits and challenges of RESPs and encouraging families to use them wisely as part of their education savings plan. (1:07:39) The aftershow: reviews, praise for Dan, and a community debate on expected returns.   Links From Today’s Episode: Meet with PWL Capital: <a href= "https://calendly.com/d/3vm-t2j-h3p">https://calendly.com/d/3vm-t2j-h3p</a> Rational Reminder on iTunes — <a href= "https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582?mt=2">https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582</a>. Rational Reminder Website — <a href= "https://rationalreminder.ca/">https://rationalreminder.ca/</a>  Rational Reminder on Instagram — <a href= "https://www.instagram.com/rationalreminder/">https://www.instagram.com/rationalreminder/</a> Rational Reminder on X — <a href= "https://x.com/RationalRemind">https://x.com/RationalRemind</a>Rational Reminder on TikTok — <a href= "https://www.tiktok.com/@rationalreminder?_t=8oTz7ldhMc1&_r=1&fbclid=IwZXh0bgNhZW0CMTAAAR1Z4A-2rKqQTivvuyU1-PssL9xfJn5myyaps6kQypAwHm7aL66qSajEhI0_aem_puLPWAK_S3Gk2bEmdXjohg">www.tiktok.com/@rationalreminder</a> Rational Reminder on YouTube — <a href= "https://www.youtube.com/channel/UCOErWFfNOQzXsgE7f5S_ULw">https://www.youtube.com/channel/</a> Rational Reminder Email — <a href= "mailto:info@rationalreminder.ca">info@rationalreminder.ca</a>Benjamin Felix — <a href= "https://pwlcapital.com/our-team/">https://pwlcapital.com/our-team/</a> Benjamin on X — <a href= "https://x.com/benjaminwfelix">https://x.com/benjaminwfelix</a> Benjamin on LinkedIn — <a href= "https://www.linkedin.com/in/benjaminwfelix/">https://www.linkedin.com/in/benjaminwfelix/</a> Mark McGrath on LinkedIn — <a href= "https://www.linkedin.com/in/markmcgrathcfp/">https://www.linkedin.com/in/markmcgrathcfp/ </a>Mark McGrath on X — <a href= "https://x.com/MarkMcGrathCFP">https://x.com/MarkMcGrathCFP</a> Dan Bortolotti — <a href= "https://benderbenderbortolotti.com/about/our-team/">https://benderbenderbortolotti.com/about/our-team/</a> Dan Bortolotti on LinkedIn — <a href= "https://www.linkedin.com/in/dan-bortolotti-8a482310/">https://www.linkedin.com/in/dan-bortolotti-8a482310/</a> Registered Education Savings Plan (RESP) — <a href= "https://www.canada.ca/en/services/benefits/education/education-savings/plan.html"> https://www.canada.ca/en/services/benefits/education/education-savings/plan.html</a> Canada Learning Bond — <a href= "https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/registered-education-savings-plans-resps/canada-education-savings-programs-cesp/canada-learning-bond.html"> https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/registered-education-savings-plans-resps/canada-education-savings-programs-cesp/canada-learning-bond.html</a> Aaron Hector: ‘Optimal RESP funding strategies if you have $50,000 to invest’ — <a href= "https://x.com/AaronHectorCFP/status/1787188396248731967">https://x.com/AaronHectorCFP/status/1787188396248731967</a>  Aaron Hector: ‘How to draw down a $200k RESP over a 4 year university program’ — <a href= "https://x.com/AaronHectorCFP/status/1788196751821738360">https://x.com/AaronHectorCFP/status/1788196751821738360</a> Employment and Social Development Canada (ESDC) — <a href= "https://www.canada.ca/en/employment-social-development.html">https://www.canada.ca/en/employment-social-development.html</a> 'How to Invest Your RESP’ — <a href= "https://benderbenderbortolotti.com/how-to-invest-your-resp/">https://benderbenderbortolotti.com/how-to-invest-your-resp/</a> ‘The Regulation of Group Plan RESPs and the Experiences of Low-Income Subscribers’ — <a href= "https://seedwinnipeg.ca/wp-content/uploads/2024/09/The_Regulation_of_Group_Plan_RESPs_and_the_Experiences_of_Low-income_Subscribers.pdf"> https://seedwinnipeg.ca/wp-content/uploads/2024/09/The_Regulation_of_Group_Plan_RESPs_and_the_Experiences_of_Low-income_Subscribers.pdf</a> Episode 326: Dr. Sunil Wahal: Exploring the Nuances of Financial Science — <a href= "https://rationalreminder.ca/podcast/326">https://rationalreminder.ca/podcast/326</a>   Papers From Today’s Episode:    ‘The Anatomy of Value and Growth Stock Returns’ — <a href= "https://dx.doi.org/10.2139/ssrn.806664">https://dx.doi.org/10.2139/ssrn.806664</a> ‘Migration’ — <a href= "https://dx.doi.org/10.2139/ssrn.926556">https://dx.doi.org/10.2139/ssrn.926556</a>

<description>&lt;p dir="ltr"&gt;Unlocking the power of education savings is often a complex task, but with the right strategies, a Registered Education Savings Plan (RESP) can be a game-changer for Canadian families planning their children's future. In this episode, Ben Felix, Dan Bortolotti, and Mark McGrath take a deep dive into the mechanics of the RESP, covering everything from optimal contributions and grant maximization to tax-efficient withdrawals and asset allocation. They discuss critical factors like the Canada Learning Bond (CLB) for low-income families and the intricacies of group RESPs, noting how pooled plans, though easy to join, can financially penalize those who don’t stay the course. With the RESP’s unique 35-year lifespan and its flexible range of education options, this in-depth conversation brings clarity to a valuable tool often overshadowed by its complexity. Tune in to discover practical strategies that could transform how you fund education, optimize your investments, and make the most of Canada’s RESP benefits.&lt;/p&gt; &lt;p&gt;&lt;strong&gt; &lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;strong&gt;Key Points From This Episode:&lt;/strong&gt;&lt;/p&gt; &lt;p&gt;&lt;strong&gt; &lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;(0:02:43) Purpose and structure of the RESP as a tool to fund post-secondary education.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:06:25) Insight and tips for how contribution limits and government matching grants work.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:07:13) How the CLB supports low-income families with up to $2,000 without contributions.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:10:13) Family RESPs, which allow multiple beneficiaries to share contributions and earnings.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:11:54) Distinguishing between Education Assistance Payments (EAP), Post-Secondary Education Payments (PSE), and their tax implications for beneficiaries.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:14:27) Front-loading versus annual contributions: optimal contribution strategies to maximize grants and investment growth.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:23:22) Tips for tax-efficient RESP withdrawals, especially if beneficiaries have other income.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:35:28) Education outside of Canada, over-contribution penalties, and other considerations.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:37:28) RESPs and estate planning, including naming a successor subscriber in your will.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:42:54) Asset allocation advice: prioritize growth early and stabilize as educational costs near.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:48:00) Constructive criticism of RESP policies to increase access for low-income families.&lt;/p&gt; &lt;p dir="ltr"&gt;(1:02:02) Summing up the benefits and challenges of RESPs and encouraging families to use them wisely as part of their education savings plan.&lt;/p&gt; &lt;p dir="ltr"&gt;(1:07:39) The aftershow: reviews, praise for Dan, and a community debate on expected returns.&lt;/p&gt; &lt;p&gt; &lt;/p&gt; &lt;p dir="ltr"&gt;&lt;strong&gt;Links From Today’s Episode:&lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;br /&gt; Meet with PWL Capital: &lt;a href= "https://calendly.com/d/3vm-t2j-h3p"&gt;https://calendly.com/d/3vm-t2j-h3p&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Rational Reminder on iTunes — &lt;a href= "https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582?mt=2"&gt;https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582&lt;/a&gt;.&lt;br /&gt; Rational Reminder Website — &lt;a href= "https://rationalreminder.ca/"&gt;https://rationalreminder.ca/&lt;/a&gt; &lt;/p&gt; &lt;p dir="ltr"&gt;Rational Reminder on Instagram — &lt;a href= "https://www.instagram.com/rationalreminder/"&gt;https://www.instagram.com/rationalreminder/&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Rational Reminder on X — &lt;a href= "https://x.com/RationalRemind"&gt;https://x.com/RationalRemind&lt;br /&gt;&lt;/a&gt;Rational Reminder on TikTok — &lt;a href= "https://www.tiktok.com/@rationalreminder?_t=8oTz7ldhMc1&amp;_r=1&amp;fbclid=IwZXh0bgNhZW0CMTAAAR1Z4A-2rKqQTivvuyU1-PssL9xfJn5myyaps6kQypAwHm7aL66qSajEhI0_aem_puLPWAK_S3Gk2bEmdXjohg"&gt;www.tiktok.com/@rationalreminder&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Rational Reminder on YouTube — &lt;a href= "https://www.youtube.com/channel/UCOErWFfNOQzXsgE7f5S_ULw"&gt;https://www.youtube.com/channel/&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Rational Reminder Email — &lt;a href= "mailto:info@rationalreminder.ca"&gt;info@rationalreminder.ca&lt;br /&gt;&lt;/a&gt;Benjamin Felix — &lt;a href= "https://pwlcapital.com/our-team/"&gt;https://pwlcapital.com/our-team/&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Benjamin on X — &lt;a href= "https://x.com/benjaminwfelix"&gt;https://x.com/benjaminwfelix&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Benjamin on LinkedIn — &lt;a href= "https://www.linkedin.com/in/benjaminwfelix/"&gt;https://www.linkedin.com/in/benjaminwfelix/&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Mark McGrath on LinkedIn — &lt;a href= "https://www.linkedin.com/in/markmcgrathcfp/"&gt;https://www.linkedin.com/in/markmcgrathcfp/&lt;br /&gt; &lt;/a&gt;Mark McGrath on X — &lt;a href= "https://x.com/MarkMcGrathCFP"&gt;https://x.com/MarkMcGrathCFP&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Dan Bortolotti — &lt;a href= "https://benderbenderbortolotti.com/about/our-team/"&gt;https://benderbenderbortolotti.com/about/our-team/&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Dan Bortolotti on LinkedIn — &lt;a href= "https://www.linkedin.com/in/dan-bortolotti-8a482310/"&gt;https://www.linkedin.com/in/dan-bortolotti-8a482310/&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Registered Education Savings Plan (RESP) — &lt;a href= "https://www.canada.ca/en/services/benefits/education/education-savings/plan.html"&gt; https://www.canada.ca/en/services/benefits/education/education-savings/plan.html&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Canada Learning Bond — &lt;a href= "https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/registered-education-savings-plans-resps/canada-education-savings-programs-cesp/canada-learning-bond.html"&gt; https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/registered-education-savings-plans-resps/canada-education-savings-programs-cesp/canada-learning-bond.html&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Aaron Hector: ‘Optimal RESP funding strategies if you have $50,000 to invest’ — &lt;a href= "https://x.com/AaronHectorCFP/status/1787188396248731967"&gt;https://x.com/AaronHectorCFP/status/1787188396248731967&lt;/a&gt; &lt;/p&gt; &lt;p dir="ltr"&gt;Aaron Hector: ‘How to draw down a $200k RESP over a 4 year university program’ — &lt;a href= "https://x.com/AaronHectorCFP/status/1788196751821738360"&gt;https://x.com/AaronHectorCFP/status/1788196751821738360&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Employment and Social Development Canada (ESDC) — &lt;a href= "https://www.canada.ca/en/employment-social-development.html"&gt;https://www.canada.ca/en/employment-social-development.html&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;'How to Invest Your RESP’ — &lt;a href= "https://benderbenderbortolotti.com/how-to-invest-your-resp/"&gt;https://benderbenderbortolotti.com/how-to-invest-your-resp/&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;‘The Regulation of Group Plan RESPs and the Experiences of Low-Income Subscribers’ — &lt;a href= "https://seedwinnipeg.ca/wp-content/uploads/2024/09/The_Regulation_of_Group_Plan_RESPs_and_the_Experiences_of_Low-income_Subscribers.pdf"&gt; https://seedwinnipeg.ca/wp-content/uploads/2024/09/The_Regulation_of_Group_Plan_RESPs_and_the_Experiences_of_Low-income_Subscribers.pdf&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Episode 326: Dr. Sunil Wahal: Exploring the Nuances of Financial Science — &lt;a href= "https://rationalreminder.ca/podcast/326"&gt;https://rationalreminder.ca/podcast/326&lt;/a&gt;&lt;/p&gt; &lt;p&gt;&lt;strong&gt; &lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Papers From Today’s Episode: &lt;/p&gt; &lt;p&gt;&lt;strong&gt; &lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;‘The Anatomy of Value and Growth Stock Returns’ — &lt;a href= "https://dx.doi.org/10.2139/ssrn.806664"&gt;https://dx.doi.org/10.2139/ssrn.806664&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;‘Migration’ — &lt;a href= "https://dx.doi.org/10.2139/ssrn.926556"&gt;https://dx.doi.org/10.2139/ssrn.926556&lt;/a&gt;&lt;/p&gt;</description>

Unlocking the power of education savings is often a complex task, but with the right strategies, a Registered Education Savings Plan (RESP) can be a game-changer for Canadian families planning their children's future. In this episode, Ben Felix, Dan...

Episode 329 - Optimal Education Savings, Withdrawals, and Asset Allocation

Have you ever wondered how the world's top financial thinkers shaped the way we invest today? In this episode, Ben and Cameron sit down with Professor Stephen Foerster from the Ivey Business School to explore the evolution of modern investing. As a distinguished financial expert and co-author of In Pursuit of the Perfect Portfolio, Professor Foerster dives into the groundbreaking work of financial pioneers like Harry Markowitz, Bill Sharpe, Gene Fama, and others, unpacking their remarkable contributions to portfolio management, risk assessment, and market efficiency as we know it today. Tuning in, you'll gain a deeper understanding of Markowitz's revolutionary diversification theory, Sharpe's introduction of beta as a risk measure, and Fama’s Efficient Market Hypothesis, as well as each of their perspectives on the “perfect portfolio,” tying together the history, theory, and practical application of modern investment strategies. Whether you're looking to sharpen your strategy or build your investment knowledge from the ground up, this conversation with Professor Foerster is packed with actionable takeaways and fascinating stories that could change the way you approach your financial future. Don’t miss this opportunity to learn from the thought leaders who shaped the market!   Key Points From This Episode:   (0:03:29) Contrasting the historical art of investing with the modern science of investing. (0:04:44) Markowitz’s diversification theory and the importance of balancing risk and return. (0:09:39) Sharpe’s capital asset pricing model (CAPM) and his contribution to measuring risk. (0:16:13) Insight into Fama’s Efficient Markets Hypothesis and the joint hypothesis problem. (0:19:13) The rise of factor investing and the significance of Fama-French’s three-factor model. (0:23:26) Unpacking Shiller and Fama's main point of disagreement on bubbles. (0:26:50) Bogle’s perfect portfolio and persistence about the index fund, despite resistance. (0:29:37) How the Black-Scholes-Merton (BSM) option pricing formula changed the world. (0:34:37) Ways that Merton contributed to portfolio theory and his take on TIPS. (0:36:20) Key takeaways from talks with Martin Leibowitz, Charlie Ellis, and Jeremy Siegel. (0:37:35) An interesting analogy for Professor Foerster’s take on the “perfect portfolio.” (0:40:53) Correlation vs. causation in stock pricing and how it applies to factor investing. (0:46:38) Examples of masterly inactivity and investor lessons from Madoff's Ponzi scheme. (0:52:07) The dangers of FOMO, a SPACs cautionary tale, and lessons from value investors. (1:00:43) Winning at tennis vs. investing and risks of over-reliance on automated decisions. (1:06:02) Long-term lessons from pioneers in finance to improve investment strategies today.   Links From Today’s Episode: Meet with PWL Capital: <a href= "https://calendly.com/d/3vm-t2j-h3p">https://calendly.com/d/3vm-t2j-h3p</a> Rational Reminder on iTunes — <a href= "https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582?mt=2">https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582</a>. Rational Reminder Website — <a href= "https://rationalreminder.ca/">https://rationalreminder.ca/</a>  Rational Reminder on Instagram — <a href= "https://www.instagram.com/rationalreminder/">https://www.instagram.com/rationalreminder/</a> Rational Reminder on X — <a href= "https://x.com/RationalRemind">https://x.com/RationalRemind</a>Rational Reminder on TikTok — <a href= "https://www.tiktok.com/@rationalreminder">https://www.tiktok.com/@rationalreminder</a> Rational Reminder on YouTube — <a href= "https://www.youtube.com/channel/UCOErWFfNOQzXsgE7f5S_ULw">https://www.youtube.com/channel/</a> Rational Reminder Email — <a href= "mailto:info@rationalreminder.ca">info@rationalreminder.ca</a>Benjamin Felix — <a href= "https://pwlcapital.com/our-team/">https://pwlcapital.com/our-team/</a> Benjamin on X — <a href= "https://x.com/benjaminwfelix">https://x.com/benjaminwfelix</a> Benjamin on LinkedIn — <a href= "https://www.linkedin.com/in/benjaminwfelix/">https://www.linkedin.com/in/benjaminwfelix/</a> Cameron Passmore — <a href= "https://pwlcapital.com/our-team/">https://pwlcapital.com/our-team/</a> Cameron on X — <a href= "https://x.com/CameronPassmore">https://x.com/CameronPassmore</a> Cameron on LinkedIn — <a href= "https://www.linkedin.com/in/cameronpassmore/">https://www.linkedin.com/in/cameronpassmore/</a> Professor Stephen Foerster — <a href= "https://stephenrfoerster.com/">https://stephenrfoerster.com/</a> Ivey Business School — <a href= "https://www.ivey.uwo.ca/">https://www.ivey.uwo.ca/</a> Stephen Foerster on LinkedIn – <a href= "https://www.linkedin.com/in/stephen-foerster-26b85319/">https://www.linkedin.com/in/stephen-foerster-26b85319/</a> Stephen Foerster on X – <a href= "https://x.com/profsfoerster">https://x.com/profsfoerster</a> Stephen Foerster Books — <a href= "https://www.amazon.com/stores/author/B001KDO1L0">https://www.amazon.com/stores/author/B001KDO1L0</a> ‘Cristiano Ronaldo snubbed Coca-Cola. The company’s market value fell $4 billion.’ — <a href= "https://www.washingtonpost.com/sports/2021/06/16/cristiano-ronaldo-coca-cola/"> https://www.washingtonpost.com/sports/2021/06/16/cristiano-ronaldo-coca-cola/</a>   Books From Today’s Episode:   In Pursuit of the Perfect Portfolio: The Stories, Voices, and Key Insights of the Pioneers Who Shaped the Way We Invest — <a href= "https://www.amazon.com/dp/0691229880">https://www.amazon.com/dp/0691229880</a> Trailblazers, Heroes, and Crooks: Stories to Make You a Smarter Investor — <a href= "https://www.amazon.com/dp/B0DHLVYK1Q">https://www.amazon.com/dp/B0DHLVYK1Q</a> In Pursuit of the Unknown: 17 Equations That Changed the World — <a href= "https://www.amazon.com/dp/0465085989">https://www.amazon.com/dp/0465085989</a> A History of Interest Rates — <a href= "https://www.amazon.com/dp/0471732834">https://www.amazon.com/dp/0471732834</a> Winning the Loser's Game: Timeless Strategies for Successful Investing — <a href= "https://www.amazon.com/dp/0071813659">https://www.amazon.com/dp/0071813659</a> Stocks for the Long Run — <a href= "https://www.amazon.com/dp/1264269803/">https://www.amazon.com/dp/1264269803/</a> Extraordinary Tennis For The Ordinary Player — <a href="https://www.amazon.com/dp/0517511991">https://www.amazon.com/dp/0517511991</a>   Papers From Today’s Episode:    ‘Efficient Capital Markets: A Review of Theory and Empirical Work’ — <a href= "https://doi.org/10.2307/2325486">https://doi.org/10.2307/2325486</a> ‘The Loser’s Game’ — <a href= "https://doi.org/10.2469/faj.v31.n4.19">https://doi.org/10.2469/faj.v31.n4.19</a> 'The Pricing of Options and Corporate Liabilities’ — <a href= "https://doi.org/10.1142/9789814759588_0001">https://doi.org/10.1142/9789814759588_0001</a>

<description>&lt;p dir="ltr"&gt;Have you ever wondered how the world's top financial thinkers shaped the way we invest today? In this episode, Ben and Cameron sit down with Professor Stephen Foerster from the Ivey Business School to explore the evolution of modern investing. As a distinguished financial expert and co-author of In Pursuit of the Perfect Portfolio, Professor Foerster dives into the groundbreaking work of financial pioneers like Harry Markowitz, Bill Sharpe, Gene Fama, and others, unpacking their remarkable contributions to portfolio management, risk assessment, and market efficiency as we know it today. Tuning in, you'll gain a deeper understanding of Markowitz's revolutionary diversification theory, Sharpe's introduction of beta as a risk measure, and Fama’s Efficient Market Hypothesis, as well as each of their perspectives on the “perfect portfolio,” tying together the history, theory, and practical application of modern investment strategies. Whether you're looking to sharpen your strategy or build your investment knowledge from the ground up, this conversation with Professor Foerster is packed with actionable takeaways and fascinating stories that could change the way you approach your financial future. Don’t miss this opportunity to learn from the thought leaders who shaped the market!&lt;/p&gt; &lt;p&gt;&lt;strong&gt; &lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Key Points From This Episode:&lt;/p&gt; &lt;p&gt;&lt;strong&gt; &lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;(0:03:29) Contrasting the historical art of investing with the modern science of investing.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:04:44) Markowitz’s diversification theory and the importance of balancing risk and return.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:09:39) Sharpe’s capital asset pricing model (CAPM) and his contribution to measuring risk.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:16:13) Insight into Fama’s Efficient Markets Hypothesis and the joint hypothesis problem.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:19:13) The rise of factor investing and the significance of Fama-French’s three-factor model.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:23:26) Unpacking Shiller and Fama's main point of disagreement on bubbles.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:26:50) Bogle’s perfect portfolio and persistence about the index fund, despite resistance.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:29:37) How the Black-Scholes-Merton (BSM) option pricing formula changed the world.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:34:37) Ways that Merton contributed to portfolio theory and his take on TIPS.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:36:20) Key takeaways from talks with Martin Leibowitz, Charlie Ellis, and Jeremy Siegel.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:37:35) An interesting analogy for Professor Foerster’s take on the “perfect portfolio.”&lt;/p&gt; &lt;p dir="ltr"&gt;(0:40:53) Correlation vs. causation in stock pricing and how it applies to factor investing.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:46:38) Examples of masterly inactivity and investor lessons from Madoff's Ponzi scheme.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:52:07) The dangers of FOMO, a SPACs cautionary tale, and lessons from value investors.&lt;/p&gt; &lt;p dir="ltr"&gt;(1:00:43) Winning at tennis vs. investing and risks of over-reliance on automated decisions.&lt;/p&gt; &lt;p dir="ltr"&gt;(1:06:02) Long-term lessons from pioneers in finance to improve investment strategies today.&lt;/p&gt; &lt;p&gt; &lt;/p&gt; &lt;p dir="ltr"&gt;Links From Today’s Episode:&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;br /&gt; Meet with PWL Capital: &lt;a href= "https://calendly.com/d/3vm-t2j-h3p"&gt;https://calendly.com/d/3vm-t2j-h3p&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Rational Reminder on iTunes — &lt;a href= "https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582?mt=2"&gt;https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582&lt;/a&gt;.&lt;br /&gt; Rational Reminder Website — &lt;a href= "https://rationalreminder.ca/"&gt;https://rationalreminder.ca/&lt;/a&gt; &lt;/p&gt; &lt;p dir="ltr"&gt;Rational Reminder on Instagram — &lt;a href= "https://www.instagram.com/rationalreminder/"&gt;https://www.instagram.com/rationalreminder/&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Rational Reminder on X — &lt;a href= "https://x.com/RationalRemind"&gt;https://x.com/RationalRemind&lt;br /&gt;&lt;/a&gt;Rational Reminder on TikTok — &lt;a href= "https://www.tiktok.com/@rationalreminder"&gt;https://www.tiktok.com/@rationalreminder&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Rational Reminder on YouTube — &lt;a href= "https://www.youtube.com/channel/UCOErWFfNOQzXsgE7f5S_ULw"&gt;https://www.youtube.com/channel/&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Rational Reminder Email — &lt;a href= "mailto:info@rationalreminder.ca"&gt;info@rationalreminder.ca&lt;br /&gt;&lt;/a&gt;Benjamin Felix — &lt;a href= "https://pwlcapital.com/our-team/"&gt;https://pwlcapital.com/our-team/&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Benjamin on X — &lt;a href= "https://x.com/benjaminwfelix"&gt;https://x.com/benjaminwfelix&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Benjamin on LinkedIn — &lt;a href= "https://www.linkedin.com/in/benjaminwfelix/"&gt;https://www.linkedin.com/in/benjaminwfelix/&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Cameron Passmore — &lt;a href= "https://pwlcapital.com/our-team/"&gt;https://pwlcapital.com/our-team/&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Cameron on X — &lt;a href= "https://x.com/CameronPassmore"&gt;https://x.com/CameronPassmore&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Cameron on LinkedIn — &lt;a href= "https://www.linkedin.com/in/cameronpassmore/"&gt;https://www.linkedin.com/in/cameronpassmore/&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Professor Stephen Foerster — &lt;a href= "https://stephenrfoerster.com/"&gt;https://stephenrfoerster.com/&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Ivey Business School — &lt;a href= "https://www.ivey.uwo.ca/"&gt;https://www.ivey.uwo.ca/&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Stephen Foerster on LinkedIn – &lt;a href= "https://www.linkedin.com/in/stephen-foerster-26b85319/"&gt;https://www.linkedin.com/in/stephen-foerster-26b85319/&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Stephen Foerster on X – &lt;a href= "https://x.com/profsfoerster"&gt;https://x.com/profsfoerster&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Stephen Foerster Books — &lt;a href= "https://www.amazon.com/stores/author/B001KDO1L0"&gt;https://www.amazon.com/stores/author/B001KDO1L0&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;‘Cristiano Ronaldo snubbed Coca-Cola. The company’s market value fell $4 billion.’ — &lt;a href= "https://www.washingtonpost.com/sports/2021/06/16/cristiano-ronaldo-coca-cola/"&gt; https://www.washingtonpost.com/sports/2021/06/16/cristiano-ronaldo-coca-cola/&lt;/a&gt;&lt;/p&gt; &lt;p&gt;&lt;strong&gt; &lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Books From Today’s Episode:&lt;/p&gt; &lt;p&gt;&lt;strong&gt; &lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;In Pursuit of the Perfect Portfolio: The Stories, Voices, and Key Insights of the Pioneers Who Shaped the Way We Invest — &lt;a href= "https://www.amazon.com/dp/0691229880"&gt;https://www.amazon.com/dp/0691229880&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Trailblazers, Heroes, and Crooks: Stories to Make You a Smarter Investor — &lt;a href= "https://www.amazon.com/dp/B0DHLVYK1Q"&gt;https://www.amazon.com/dp/B0DHLVYK1Q&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;In Pursuit of the Unknown: 17 Equations That Changed the World — &lt;a href= "https://www.amazon.com/dp/0465085989"&gt;https://www.amazon.com/dp/0465085989&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;A History of Interest Rates — &lt;a href= "https://www.amazon.com/dp/0471732834"&gt;https://www.amazon.com/dp/0471732834&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Winning the Loser's Game: Timeless Strategies for Successful Investing — &lt;a href= "https://www.amazon.com/dp/0071813659"&gt;https://www.amazon.com/dp/0071813659&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Stocks for the Long Run — &lt;a href= "https://www.amazon.com/dp/1264269803/"&gt;https://www.amazon.com/dp/1264269803/&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Extraordinary Tennis For The Ordinary Player — &lt;a href="https://www.amazon.com/dp/0517511991"&gt;https://www.amazon.com/dp/0517511991&lt;/a&gt;&lt;/p&gt; &lt;p&gt;&lt;strong&gt; &lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Papers From Today’s Episode: &lt;/p&gt; &lt;p&gt;&lt;strong&gt; &lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;‘Efficient Capital Markets: A Review of Theory and Empirical Work’ — &lt;a href= "https://doi.org/10.2307/2325486"&gt;https://doi.org/10.2307/2325486&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;‘The Loser’s Game’ — &lt;a href= "https://doi.org/10.2469/faj.v31.n4.19"&gt;https://doi.org/10.2469/faj.v31.n4.19&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;'The Pricing of Options and Corporate Liabilities’ — &lt;a href= "https://doi.org/10.1142/9789814759588_0001"&gt;https://doi.org/10.1142/9789814759588_0001&lt;/a&gt;&lt;/p&gt; &lt;p&gt; &lt;/p&gt;</description>

Have you ever wondered how the world's top financial thinkers shaped the way we invest today? In this episode, Ben and Cameron sit down with Professor Stephen Foerster from the Ivey Business School to explore the evolution of modern investing. As a...

Episode 328 - Prof. Stephen R. Foerster: Pursuing the Perfect Portfolio

What does it take to manage a $60 billion wealth management firm while keeping investment strategies grounded in scientific thinking? In this episode, we’re joined by Don Calcagni, Chief Investment Officer at Mercer Advisors. Don chairs the firm’s investment committee and provides guidance on mergers and acquisitions, investment integration, and long-term strategic planning. His expertise spans fiduciary oversight, portfolio management, private equity, and financial mathematics. In our conversation, we discuss how his firm constructs client portfolios, engages with academic and industry experts, and leverages a factor-based investment approach. He also explains the importance of having an investment philosophy rooted in fiduciary principles and delves into how Mercer Advisors manages fiduciary oversight for billions of dollars in assets across thousands of families. Explore the details of portfolio governance and the role of the firms’s alternative investment platform space. Gain insights on value metrics, factor investing, and how Mercer works to provide a family-office experience for everyday clients. Tune in for a deep dive into portfolio construction and the evolving landscape of wealth management with Don Calcagni! Key Points From This Episode:   (0:05:22) Learn about Mercer Advisors and the range of services it has on offer. (0:07:10) Unpack Mercer Advisors’ approach and philosophy to portfolio construction. (0:11:55) The Building Better Portfolio Summit and the purpose of the event. (0:17:08) How the meetings are structured and the main takeaways from the last event. (0:24:45) What topics cause extreme points of agreement and disagreement at the meetings. (0:29:21) Find out how takeaways from the events are implemented into client portfolios. (0:31:19) Mercer Advisors’ recently launched alternative investment platform space. (0:40:23) Don shares valuable recommendations and advice for the average investor. (0:42:23) Aftershow: the controversy surrounding the RBC options trading incident. (0:49:57) Listener feedback, reviews, updates, and upcoming events.   Links From Today’s Episode: Meet with PWL Capital: <a href= "https://calendly.com/d/3vm-t2j-h3p">https://calendly.com/d/3vm-t2j-h3p</a> Rational Reminder on iTunes — <a href= "https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582?mt=2">https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582</a>. Rational Reminder Website — <a href= "https://rationalreminder.ca/">https://rationalreminder.ca/</a>  Rational Reminder on Instagram — <a href= "https://www.instagram.com/rationalreminder/">https://www.instagram.com/rationalreminder/</a> Rational Reminder on X — <a href= "https://x.com/RationalRemind">https://x.com/RationalRemind</a>Rational Reminder on TikTok — <a href= "https://www.tiktok.com/@rationalreminder?_t=8oTz7ldhMc1&_r=1&fbclid=IwZXh0bgNhZW0CMTAAAR1Z4A-2rKqQTivvuyU1-PssL9xfJn5myyaps6kQypAwHm7aL66qSajEhI0_aem_puLPWAK_S3Gk2bEmdXjohg">www.tiktok.com/@rationalreminder</a> Rational Reminder on YouTube — <a href= "https://www.youtube.com/channel/UCOErWFfNOQzXsgE7f5S_ULw">https://www.youtube.com/channel/</a> Rational Reminder Email — <a href= "mailto:info@rationalreminder.ca">info@rationalreminder.ca</a>Benjamin Felix — <a href= "https://pwlcapital.com/our-team/">https://pwlcapital.com/our-team/</a> Benjamin on X — <a href= "https://x.com/benjaminwfelix">https://x.com/benjaminwfelix</a> Benjamin on LinkedIn — <a href= "https://www.linkedin.com/in/benjaminwfelix/">https://www.linkedin.com/in/benjaminwfelix/</a> Cameron Passmore — <a href= "https://pwlcapital.com/our-team/">https://pwlcapital.com/our-team/</a> Cameron on X — <a href= "https://x.com/CameronPassmore">https://x.com/CameronPassmore</a> Cameron on LinkedIn — <a href= "https://www.linkedin.com/in/cameronpassmore/">https://www.linkedin.com/in/cameronpassmore/</a> Mark McGrath on LinkedIn — <a href= "https://www.linkedin.com/in/markmcgrathcfp/">https://www.linkedin.com/in/markmcgrathcfp/ </a>Mark McGrath on X — <a href= "https://x.com/MarkMcGrathCFP">https://x.com/MarkMcGrathCFP</a> Dan Bortolotti on LinkedIn — <a href= "https://linkedin.com/in/dan-bortolotti-8a482310/">https://linkedin.com/in/dan-bortolotti-8a482310/</a>  Canadian Couch Potato — <a href= "https://canadiancouchpotato.com/blog/">https://canadiancouchpotato.com/blog/</a>  Don Calcagni on LinkedIn — <a href= "https://linkedin.com/in/donald-calcagni-8104b546/">https://linkedin.com/in/donald-calcagni-8104b546/</a> Mercer Advisors — <a href= "https://merceradvisors.com/">https://merceradvisors.com/</a> ‘Building Better Portfolios | 2023 Summit’ — <a href= "https://youtu.be/TWYukQogQPA">https://youtu.be/TWYukQogQPA</a> Dimensional Fund Advisors — <a href= "https://dimensional.com/">https://dimensional.com/</a> BlackRock — <a href= "https://blackrock.com/">https://blackrock.com/</a> Avantis — <a href= "https://can01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.avantisinvestors.com%2F&data=05%7C02%7Camontagano%40pwlcapital.com%7C1fce351ce92146a530b708dcf44ec88b%7C073e50c5d27447ddae52d7b9631fa146%7C0%7C0%7C638653866429307632%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C4000%7C%7C%7C&sdata=hReNv7%2BhfYtRRm8dVosCbh%2FSkPN0vBE%2Blj4qlOr%2FnXk%3D&reserved=0"> https://www.avantisinvestors.com/</a> AQR — <a href= "https://aqr.com/">https://aqr.com</a> Carlyle — <a href= "https://carlyle.com/">https://carlyle.com/</a> Royal Bank of Canada (RBC) — <a href= "https://www.rbcroyalbank.com/">https://www.rbcroyalbank.com</a> Future Proof Festival — <a href= "https://futureproofhq.com/festival/">https://futureproofhq.com/festival/</a> Episode 316: Andrew Chen — <a href= "https://rationalreminder.ca/podcast/316">https://rationalreminder.ca/podcast/316</a> Episode 323: Renting Versus Buying a Home in Canada 2005-2024 — <a href= "https://rationalreminder.ca/podcast/323">https://rationalreminder.ca/podcast/323</a> Episode 325: Addressing 200+ Comments on Renting vs. Owning a Home — <a href= "https://rationalreminder.ca/podcast/325">https://rationalreminder.ca/podcast/325</a>   Papers From Today’s Episode:    ‘Portfolio Selection’ — <a href= "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x">https://doi.org/10.1111/j.1540-6261.1952.tb01525.x</a>

<description>&lt;p dir="ltr"&gt;What does it take to manage a $60 billion wealth management firm while keeping investment strategies grounded in scientific thinking? In this episode, we’re joined by Don Calcagni, Chief Investment Officer at Mercer Advisors. Don chairs the firm’s investment committee and provides guidance on mergers and acquisitions, investment integration, and long-term strategic planning. His expertise spans fiduciary oversight, portfolio management, private equity, and financial mathematics. In our conversation, we discuss how his firm constructs client portfolios, engages with academic and industry experts, and leverages a factor-based investment approach. He also explains the importance of having an investment philosophy rooted in fiduciary principles and delves into how Mercer Advisors manages fiduciary oversight for billions of dollars in assets across thousands of families. Explore the details of portfolio governance and the role of the firms’s alternative investment platform space. Gain insights on value metrics, factor investing, and how Mercer works to provide a family-office experience for everyday clients. Tune in for a deep dive into portfolio construction and the evolving landscape of wealth management with Don Calcagni!&lt;br /&gt; &lt;br /&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Key Points From This Episode:&lt;/p&gt; &lt;p&gt;&lt;strong&gt; &lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;(0:05:22) Learn about Mercer Advisors and the range of services it has on offer.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:07:10) Unpack Mercer Advisors’ approach and philosophy to portfolio construction.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:11:55) The Building Better Portfolio Summit and the purpose of the event.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:17:08) How the meetings are structured and the main takeaways from the last event.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:24:45) What topics cause extreme points of agreement and disagreement at the meetings.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:29:21) Find out how takeaways from the events are implemented into client portfolios.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:31:19) Mercer Advisors’ recently launched alternative investment platform space.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:40:23) Don shares valuable recommendations and advice for the average investor.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:42:23) Aftershow: the controversy surrounding the RBC options trading incident.&lt;/p&gt; &lt;p dir="ltr"&gt;(0:49:57) Listener feedback, reviews, updates, and upcoming events.&lt;/p&gt; &lt;p&gt; &lt;/p&gt; &lt;p dir="ltr"&gt;Links From Today’s Episode:&lt;br /&gt; &lt;br /&gt; Meet with PWL Capital: &lt;a href= "https://calendly.com/d/3vm-t2j-h3p"&gt;https://calendly.com/d/3vm-t2j-h3p&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Rational Reminder on iTunes — &lt;a href= "https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582?mt=2"&gt;https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582&lt;/a&gt;.&lt;br /&gt; Rational Reminder Website — &lt;a href= "https://rationalreminder.ca/"&gt;https://rationalreminder.ca/&lt;/a&gt; &lt;/p&gt; &lt;p dir="ltr"&gt;Rational Reminder on Instagram — &lt;a href= "https://www.instagram.com/rationalreminder/"&gt;https://www.instagram.com/rationalreminder/&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Rational Reminder on X — &lt;a href= "https://x.com/RationalRemind"&gt;https://x.com/RationalRemind&lt;br /&gt;&lt;/a&gt;Rational Reminder on TikTok — &lt;a href= "https://www.tiktok.com/@rationalreminder?_t=8oTz7ldhMc1&amp;_r=1&amp;fbclid=IwZXh0bgNhZW0CMTAAAR1Z4A-2rKqQTivvuyU1-PssL9xfJn5myyaps6kQypAwHm7aL66qSajEhI0_aem_puLPWAK_S3Gk2bEmdXjohg"&gt;www.tiktok.com/@rationalreminder&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Rational Reminder on YouTube — &lt;a href= "https://www.youtube.com/channel/UCOErWFfNOQzXsgE7f5S_ULw"&gt;https://www.youtube.com/channel/&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Rational Reminder Email — &lt;a href= "mailto:info@rationalreminder.ca"&gt;info@rationalreminder.ca&lt;br /&gt;&lt;/a&gt;Benjamin Felix — &lt;a href= "https://pwlcapital.com/our-team/"&gt;https://pwlcapital.com/our-team/&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Benjamin on X — &lt;a href= "https://x.com/benjaminwfelix"&gt;https://x.com/benjaminwfelix&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Benjamin on LinkedIn — &lt;a href= "https://www.linkedin.com/in/benjaminwfelix/"&gt;https://www.linkedin.com/in/benjaminwfelix/&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Cameron Passmore — &lt;a href= "https://pwlcapital.com/our-team/"&gt;https://pwlcapital.com/our-team/&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Cameron on X — &lt;a href= "https://x.com/CameronPassmore"&gt;https://x.com/CameronPassmore&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Cameron on LinkedIn — &lt;a href= "https://www.linkedin.com/in/cameronpassmore/"&gt;https://www.linkedin.com/in/cameronpassmore/&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Mark McGrath on LinkedIn — &lt;a href= "https://www.linkedin.com/in/markmcgrathcfp/"&gt;https://www.linkedin.com/in/markmcgrathcfp/&lt;br /&gt; &lt;/a&gt;Mark McGrath on X — &lt;a href= "https://x.com/MarkMcGrathCFP"&gt;https://x.com/MarkMcGrathCFP&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Dan Bortolotti on LinkedIn — &lt;a href= "https://linkedin.com/in/dan-bortolotti-8a482310/"&gt;https://linkedin.com/in/dan-bortolotti-8a482310/&lt;/a&gt; &lt;/p&gt; &lt;p dir="ltr"&gt;Canadian Couch Potato — &lt;a href= "https://canadiancouchpotato.com/blog/"&gt;https://canadiancouchpotato.com/blog/&lt;/a&gt; &lt;/p&gt; &lt;p dir="ltr"&gt;Don Calcagni on LinkedIn — &lt;a href= "https://linkedin.com/in/donald-calcagni-8104b546/"&gt;https://linkedin.com/in/donald-calcagni-8104b546/&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Mercer Advisors — &lt;a href= "https://merceradvisors.com/"&gt;https://merceradvisors.com/&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;‘Building Better Portfolios | 2023 Summit’ — &lt;a href= "https://youtu.be/TWYukQogQPA"&gt;https://youtu.be/TWYukQogQPA&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Dimensional Fund Advisors — &lt;a href= "https://dimensional.com/"&gt;https://dimensional.com/&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;BlackRock — &lt;a href= "https://blackrock.com/"&gt;https://blackrock.com/&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Avantis — &lt;span lang="EN-US" style= "font-size: 10.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: Aptos; mso-fareast-theme-font: minor-latin; color: black; mso-ansi-language: EN-US; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;" xml:lang="EN-US"&gt;&lt;a href= "https://can01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.avantisinvestors.com%2F&amp;data=05%7C02%7Camontagano%40pwlcapital.com%7C1fce351ce92146a530b708dcf44ec88b%7C073e50c5d27447ddae52d7b9631fa146%7C0%7C0%7C638653866429307632%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C4000%7C%7C%7C&amp;sdata=hReNv7%2BhfYtRRm8dVosCbh%2FSkPN0vBE%2Blj4qlOr%2FnXk%3D&amp;reserved=0"&gt; https://www.avantisinvestors.com/&lt;/a&gt;&lt;/span&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;AQR — &lt;a href= "https://aqr.com/"&gt;https://aqr.com&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Carlyle — &lt;a href= "https://carlyle.com/"&gt;https://carlyle.com/&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Royal Bank of Canada (RBC) — &lt;a href= "https://www.rbcroyalbank.com/"&gt;https://www.rbcroyalbank.com&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Future Proof Festival — &lt;a href= "https://futureproofhq.com/festival/"&gt;https://futureproofhq.com/festival/&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Episode 316: Andrew Chen — &lt;a href= "https://rationalreminder.ca/podcast/316"&gt;https://rationalreminder.ca/podcast/316&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Episode 323: Renting Versus Buying a Home in Canada 2005-2024 — &lt;a href= "https://rationalreminder.ca/podcast/323"&gt;https://rationalreminder.ca/podcast/323&lt;/a&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Episode 325: Addressing 200+ Comments on Renting vs. Owning a Home — &lt;a href= "https://rationalreminder.ca/podcast/325"&gt;https://rationalreminder.ca/podcast/325&lt;/a&gt;&lt;/p&gt; &lt;p&gt;&lt;strong&gt; &lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;Papers From Today’s Episode: &lt;/p&gt; &lt;p&gt;&lt;strong&gt; &lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;‘Portfolio Selection’ — &lt;a href= "https://doi.org/10.1111/j.1540-6261.1952.tb01525.x"&gt;https://doi.org/10.1111/j.1540-6261.1952.tb01525.x&lt;/a&gt;&lt;/p&gt; &lt;p&gt; &lt;/p&gt;</description>

What does it take to manage a $60 billion wealth management firm while keeping investment strategies grounded in scientific thinking? In this episode, we’re joined by Don Calcagni, Chief Investment Officer at Mercer Advisors. Don chairs the firm’s...

Episode 327 - Building Better Portfolios with Don Calcagni

A weekly reality check on sensible investing and financial decision-making, from two Canadians. Hosted by Benjamin Felix and Cameron Passmore, Portfolio Managers at PWL Capital.

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