A large portion of what we talk about on this show boils down to decision-making, and today we have our focus squarely on the fundamentals of this process. Professor Ralph Keeney joins us to discuss some of the simplest and most profound elements of decisions, and why we so often miss these aspects. Ralph is a true expert on decision analysis, and his systematic process for decision-making, as laid out in his new book, Give Yourself a Nudge, has truly life-altering potential for anyone looking to improve their future. The book and this conversation are jam-packed with insightful and understandable ideas and examples, including clarifying objectives, the vital role of our values, generating alternatives, and a comparison between decision problems and decision opportunities. Ralph lays out a great way to get started on the path to better decisions, so make sure to join us to hear it all.     Key Points From This Episode:    The focus of Ralph's research and how he articulates the importance of our conscious decisions. (0:03:48) The shortcomings of the trial and error approach that many of us naturally employ. (0:10:46) First steps towards being a better decision-maker; using personal decisions for practice. (0:13:08) Ralph explains his conception and use of the idea of 'nudges'. (0:14:30) A better awareness of the often-neglected front end of decision-making. (0:17:38) An explanation of Ralph's value-focused decision-making process. (0:22:25) Mistakes made around retirement decisions. (0:30:30) Why clarifying your personal decision values can be so difficult. (0:32:15) The process of translating values into objectives. (0:36:11) Ralph's important question around the different possible situations in the future. (0:41:49) Simple processes and common pitfalls for generating alternatives. (0:43:19) Exploring decisions that require third-party permission or commitment. (0:47:59) Differentiating between decision problems and decision opportunities. (0:52:27) The most important concepts for embodying value-focussed decision-making. (0:57:44) The role of financial advisors in aiding their clients to make good decisions. (1:03:28) Application of these ideas toward living a good life. (1:07:46) Ralph's simple definition of success in his own life. (1:10:53)      Participate in our 23 in 23 Reading Challenge: 23 in 23 Reading Challenge — https://rationalreminder.ca/23in23 23 in 23 Reading Challenge on Beanstalk — https://pwlcapital.beanstack.org/   Participate in our Community Discussion about this Episode:  https://community.rationalreminder.ca/t/episode-238-prof-ralph-keeney-decision-analysis-and-value-focused-thinking-discussion-thread/21795   Books From Today’s Episode: Give Yourself a Nudge — https://amzn.to/3WKMwZx Smart Choices — https://amzn.to/3Ho0vP6 Value-Focused Thinking — https://amzn.to/3HgC7yH Decisions with Multiple Objectives — https://amzn.to/3DywYRH   Links From Today’s Episode: Rational Reminder on iTunes —  htt

Prof. Ralph Keeney: Decision Analysis and Value-focused Thinking (EP.238)

Identifying your personal values is the foundation for making future decisions. In this episode, we discuss the profound ways in which personal values impact financial decision-making and share concrete steps to identify both your strategic and means objectives. Ben candidly shares his own objectives and expands on the other considerations involved in making major decisions. We then jump to the less abstract topic of 2022 returns, providing a thorough overview of the tilts and their consequences, followed by a brief summary of an early episode with Shane Parrish. In the latter half of this episode, we are joined by Zoobean co-founder and CEO Felix Lloyd to talk about Beanstack, the tech platform for reading, and Readwise co-founder Daniel Doyon. We also tackle the slightly left-field topic of marketing from a behavioural science standpoint through the lens of Nancy Harhut’s tellingly-titled book, Using Behavioral Science in Marketing. Tune in for upcoming developments in the Rational Reminder community, and to discover how to make financial decisions that align with who you are and who you want to become!   Key Points From This Episode:    How personal values impact financial decision-making. (0:00:25) How to identify your life’s values and objectives. (0:07:21) The significance of means objectives and strategic objectives, and how to identify them. (0:16:25) Ben’s strategic life objectives and means objectives. (0:18:27) Other considerations when making major decisions. (0:19:14) An overview of 2022 returns. (0:22:43) A summary of episode 19 with Shane Parrish. (0:28:59) A brief interview with Zoobean co-founder and CEO Felix Lloyd to talk about Beanstack, the tech platform for reading. (0:31:15) Cameron’s review of Using Behavioral Science in Marketing by Nancy Harhut. (0:43:09) What sells (from a behavioural science standpoint). (0:47:15) A brief interview with Readwise co-founder Daniel Doyon. (0:52:52) Summaries of recent Freakonomics, 10% Happier, and Capital Allocators (1:04:05) Developments in the Rational Reminder community. (1:05:30) Upcoming podcast guests and recent podcast reviews. (1:10:25)       Participate in our 23 in 23 Reading Challenge: 23 in 23 Reading Challenge — https://rationalreminder.ca/23in23 23 in 23 Reading Challenge on Beanstalk — https://pwlcapital.beanstack.org/   Participate in our Community Discussion about this Episode:  https://community.rationalreminder.ca/t/episode-237-who-are-you-and-who-do-you-want-to-be-discussion-thread/21665   Book From Today’s Episode: Using Behavioral Science in Marketing — https://amzn.to/3wuDnJO   Links From Today’s Episode: Rational Reminder on iTunes —  https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/ Shop Merch — https://shop.rationalreminder.ca/ Join the Community — https://community.rationalreminder.ca/ Follow us on Twitter — https://twitter.com/RationalRem

Who are you, and who do you want to be? (EP.237)

Our guest today, Harold Gellar, is a lawyer who helps clients dealing with fraud and negligence perpetrated by financial advisors, and is a passionate advocate for investors and their rights. Tuning in you’ll hear details of some of the most common issues Harold has come across in his work, along with his practical advice for financial advisors and investors. We discuss the importance of clear communication between advisors and their clients, the concept of KYC (Know Your Client), and simple steps investors can take to ensure that their advice is properly understood by their clients. Harold goes on to provide an outline of factors that could make individuals vulnerable to negligent financial advice (such as marital problems or a sudden health crisis) and how to gain perspective in extreme situations. We also discuss the key differences between salespeople and financial advisors, the type of credentials investors should be looking for, and how regulation needs to be modernized in Canada for investors to be properly protected. Harold has been in this industry for a long time and is immensely knowledgeable on the subject of fraud and negligent investment advice.   Key Points From This Episode:    An overview of Harold’s practice and how he helps clients get their money back. (0:03:22) The difference between salespeople and financial advisors and the vulnerability of investors. (0:05:40) Practical advice for investors to ensure their financial advisor is doing due diligence and the concept of KYP (Know Your Product). (0:10:46) The concept of KYC (Know Your Client) and how to be sure your financial advisor understands you as a client. (0:15:32) The type of individuals who are particularly vulnerable to negligent financial advice, and why we can all be vulnerable in certain situations. (0:18:33) The role of the trusted contact person in Canada specifically, and how to know when to take the advice of your financial advisor. (0:25:13) Harold’s thoughts on what is causing Canada’s slow adoption of low-cost index funds. (0:32:27) How financial advisors earn money and why we need an updated regulatory system. (0:34:21) Harold’s approach to crypto and why he classifies it as a speculative asset. (0:41:50) Examples of negligence when the investment made was too conservative and why clear communication between client and advisor is crucial. (0:44:20) The worst insurance products that Harold has come across. (0:46:10) What financial advisors should be doing to make sure that their advice is properly understood by their clients. (0:49:23) What investors can do to make sure that they understand what the advisor is saying to them. (0:51:16) Ontario’s recent implementation of title regulation for financial planners and advisors and some of its key flaws. (0:52:16) The credentials that investors should expect from their financial advisors. (0:55:34) The value of good advice when it comes to financial planning and investment, and what motivates Harold t

Harold Geller: "I Sue Financial Advisors" (EP.236)

As we kick off the new year, we wanted to look back at our biggest areas of learning from last year. So this episode serves as a great companion piece to our year-end recap from a couple of weeks ago, but the focus here is on the personal impact that specific guests, ideas, and topics had on each of our lives. We cover ICAPM thinking, the nature of money, financial literacy, setting financial goals, the history of index funds, and more. For the second half of the show, we are joined by the amazing Shaun Tomson, former world surfing champion, author, and renowned speaker. Shaun is here to talk a bit about his latest book, co-authored with Noah benShea, entitled The Surfer and the Sage. We get to hear about Shaun's belief in the power of words, the specific conditions that can enforce this power, the lessons he has taken from a life in the ocean, and how the tragedy of losing his son influenced his life's trajectory. Join us to catch it all.   Key Points From This Episode:    Differentiating between the CAPM and ICAPM theories. (0:08:02) Long-run risks in stocks and bonds; demystifying safety claims.  (0:14:46) Further illumination on the concept of money and how to think about it. (0:24:27) Learnings around the empirical side of financial literacy. (0:31:00) Improved setting of financial goals and common mistakes that many of us make. (0:32:24) Filling in the gaps in an understanding of the history of index funds. (0:35:57) A one-minute recap of our episode with Allison Schrager from last year. (0:37:47) A quick review of Shaun Tomson's book, The Surfer and the Sage. (0:39:38) Shaun explains the significance of the wave as a metaphor. (0:43:28) The tragic passing of Shaun's son in 2006 and how this redirected his life's purpose. (0:45:10) Shaun explains his CODE method for transformation. (0:49:35) The significance of the structure of the book and the motivation behind it. (0:56:38) Unpacking the importance of purpose when making financial decisions. (0:59:40) Shaun's tactical recommendations; resilience, hope, optimism, and discipline. (1:05:44) Upcoming book recommendations for our 23 in 23 Reading Challenge. (1:19:22)    Participate in our 23 in 23 Reading Challenge: 23 in 23 Reading Challenge — https://rationalreminder.ca/23in23 23 in 23 Reading Challenge on Beanstalk — https://pwlcapital.beanstack.org/   Participate in our Community Discussion about this Episode:  https://community.rationalreminder.ca/t/episode-235-top-learnings-from-2022-plus-23-in-23-special-guest-shaun-tomson-discussion-thread/21332    Books From Today’s Episode: The Surfer and the Sage: A Guide to Survive and Ride Life's Waves — https://amzn.to/3GytVJV The Code: The of Power of "I Will" — https://amzn.to/3ZEMUvg Surfer's Code: 12 Simple Lessons for Riding Through Life — https://amzn.to/3VZIcFb   Links From Today’s Episode: Rational Reminder on iTunes —  https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Remin

Top Learnings from 2022 (plus 23 in 23 Special Guest Shaun Tomson) (EP.235)

Few people have impacted the way the world works, and today, we have the privilege of speaking to one of them. Professor Robert C. Merton is the Distinguished Professor of Finance at The Massachusetts Institute of Technology (MIT) Sloan School of Management and Professor Emeritus at Harvard University. He has a Ph.D. in Economics from MIT and is currently the Resident Scientist at Dimensional Fund Advisors. Professor Merton was awarded the Alfred Nobel Memorial Prize in Economic Sciences in 1997 for his work establishing a new method to determine the value of derivatives. He also created the Intertemporal Capital Asset Pricing Model (ICAPM), a popular tool to help advisors make informed financial decisions and understand market trends. In our incredible conversation, we cover portfolio theory, moving from Capital Asset Pricing Model (CAPM) to the Intertemporal Capital Asset Pricing Model (ICAPM), and how financial models work. We also discuss the difference between the value of your capital and the value of the cash flow that can come from that capital, why size can't be a factor, what aspects to consider when calculating the worth of an account, and the definition of market efficiency. We also delve into retirement, how to safely invest for it, what pitfalls to avoid, and how retirement funds may change over time. He also shares his opinion about some popular financial advise and what the roles of financial advisors should be. For all this and more, tune in to hear from the man behind the model and Nobel laureate, Professor Robert C. Merton!   Key Points From This Episode:    We start with Professor Merton describing the concept of market efficiency. (0:04:28) He explains the basics of his ICAPM asset pricing model. (0:09:10) How portfolio theory changes when moving from single-period to multi-period. (0:10:46) Hear a practical example of expected returns changing over time. (0:14:15) Why ICAPM is dependent on the sensitivities to risk of an individual investor. (0:22:52) Find out how to determine if the correct proxy has been identified for a risk. (0:25:34) Learn how home country bias fits into portfolio choice from an ICAPM hedging perspective. (0:31:54) The definition of a risk-free asset and how it changes with time. (0:33:24) What influence the time horizon should have on the mix between stocks and bonds in an investor’s portfolio. (0:35:33) His opinion about young investors using leverage to make investments. (0:41:50) What people should be doing to get more accessibility to leverage. (0:47:39) Professor Merton tells us who should focus on value stocks and growth stocks. (0:51:34) Discover what makes retirement income a difficult problem to solve and tips to ensure your retirement. (0:56:47) We discuss using Monte Carlo simulations to estimate how much people can spend in retirement. (1:09:04) He provides insight into how to get more from your retirement investment. (1:13:04) Whether nominal annuities are considered low-risk assets fo

Prof. Robert C. Merton: ICAPM, Retirement, and Models in Finance (EP.234)

It has been an amazing year for the podcast. We have had some incredible guests during 2022 who have provided us and listeners with insights and thought-provoking ideas about the world of finance. We covered a lot of ground and to wrap up the year we decided to recap some of our favourite moments for listeners. In this episode, we highlight the many themes covered during this year, such as the basics of investing, stocks and bonds, how to make wise investment decisions, gender inequality, asset management, index funds, market trends, and portfolio management. We also highlight some of the indirectly topics indirectly related to finance such as the value of happiness, enjoying the pursuit of happiness, the importance of goal setting, and much more. Join us as we reflect on some of our best moments from the year and provide an overview of the many vital lessons we have learned in this final episode of the year for the Rational Reminder podcast.   Key Points From This Episode:    Mac McQuown explains how the data revolution changed the game of investing. (0:09:05) Robin Wigglesworth and tracking the performance of portfolios in the 60s. (0:12:56) Professor Fama shares what it is like to see the impact of his academic work on the practice of asset management. (0:16:02) Gus Sauter tells us about the role the University of Chicago played in the index fund revolution. (0:18:41) Professor Fama unpacks what it means for a market to be efficient. (0:20:52) Gerard O’Reilly and the differences in the types of market strategies available. (0:24:27) Professor Betermier shares his research from multiple papers concerning tendencies towards growth and value stocks. (0:28:50) Eduardo Repetto tells us whether having a portfolio consisting of 100% small-cap value stocks makes sense. (0:36:06) Professor Koijen explains whether index funds distort market prices and make markets less efficient. (0:40:30) Professors Berk and van Binsbergen discuss if it is possible to find skilled fund managers before they are absorbed by their fund. (0:43:44) Professor Cederburg explains how data sets can be upwardly biased and why you need to be aware of it when looking at data. (0:48:15) Bill Janeway describes the three-player game regarding investments. (0:50:51) Professor Phalippou compares the performance of private equity relative to public equities. (0:53:42) Antti Ilmanen tells us how investors can stick with an investment strategy during times of low performance. (0:59:10) Professor List tells us how often people should check their investment portfolios. (1:01:56) Leonard Mlodinow explains how the rational mind and the emotional mind are intertwined. (1:04:56) Professor Edmans’s Grow the Pie and making the world a better place. (1:07:27) Rebecca Walker outlines the effect learning about money has on people. (1:11:15) Colleen Ammerman describes the current state of women in the workplace. (1:13:21) Find out why the pursuit of a goal should be enjoyable with Professor Fis

2022: A Year in Review (EP.233)

Gaining financial literacy is critical if you want to thrive in today’s society. And yet, only about a third of the global population can be described as being financially literate. Joining us today to unpack the concept of financial literacy and its impact is Dr. Annamaria Lusardi, Professor of Economics and Accountancy at George Washington University. Dr. Lusardi has taught Economics for over 20 years, and her passion for financial literacy is reflected in everything she does. Her career has been instrumental in furthering the cause of increased global financial literacy, from being the Founder and Academic Director of the Global Financial Literacy Excellence Center, to serving as the co-chair of the G53 Financial Literacy and Personal Finance Research Network. In our conversation, Dr. Lusardi breaks down the definition of financial literacy, how it’s measured by leading experts across the world, along with some of the key differences we see between people in richer and poorer countries. She explains why financial advice isn’t a replacement for financial literacy and provides guidance on what we should be doing to educate various population groups. We also discuss how global trends have created an increased need for financial literacy as an essential skill, especially for young people, and why greater global financial literacy is beneficial to everyone, including governments and wealthier individuals. Tune in as we delve into the many facets of financial literacy and the important role it plays in our collective health, happiness, and success!   Key Points From This Episode:    Lusardi defines the concept of financial literacy and the importance of being able to apply it as a skill. (0:04:30) How experts measure financial literacy and some of the key challenges involved. (0:07:55) The global survey that was conducted on financial literacy in 2014 and its dismal findings. (0:11:44) The areas of financial literacy that people struggle with most and why the need for financial literacy has increased over time. (0:15:26) The costs and benefits of gaining financial literacy and the concept of optimal financial knowledge. (0:22:42) An overview of the type of person who should be investing in financial literacy and why. (0:27:46) How the strength of your government’s social safety net affects financial literacy rates. (0:30:15) The extent to which financial literacy affects stock market participation and wealth accumulation. (0:31:18) Some of the common mistakes that those with low levels of financial literacy tend to make. (0:35:10) Why financial literacy’s end goal should be geared towards happiness and living a good life. (0:39:24) The impact that financial advice and financial advisors have on economic outcomes. (0:43:18) How financial literacy varies across demographic groups and some of the factors that account for disparities in financial literacy. (0:45:42) How financial education programs can yield positive results and where this e

Dr. Annamaria Lusardi: The Economic Importance of Financial Literacy (EP.232)

Today is our final episode featuring just the two of us before our annual wrap-up show, and we thought we would use this opportunity to cover some important foundational aspects of rational investing. Ben goes over some of the most fundamental concepts about market prices, risk, and actual returns before answering five common questions that relate to this level of information. From investing in an employer's stock to predicting the future and real estate comparisons, these five touch-points are always worth returning to, and should even interest the more experienced of our listeners. For the second half of the show, we offer a quick book review of The Culture Playbook by Daniel Coyle, and have a brief and illuminating conversation with Professor Amer Kaissi about his book, Humbitious, and some of his thoughts on the part that reading plays in rich and progressive life. Press play to catch all this and more on the Rational Reminder Podcast.   Key Points From This Episode:    Picking up a thread from our discussion on the 2% Rule. (0:06:05) Getting to grips with investing basics. (0:10:45) How market prices work in response to traders' actions and risk. (0:17:59) The main determinants of actual returns and starting points for your portfolio. (0:23:15) Unknowable futures and the eternal doom and gloom predictions. (0:35:43) Assessing the value of owning an employer's stock. (0:38:21) Holding stock picks in Tax-Free Savings Accounts. (0:42:07) How to prepare a portfolio when a recession is predicted. (0:43:49) Comparing investments in real estate with the stock market. (0:45:14) Weighing the value of building and emergency fund. (0:47:11) A thirty-second recap of our episode with Cliff Asness. (0:50:06) Today's book review focussing on the lesson from The Culture Playbook by Daniel Coyle. (0:51:48) Professor Kaissi shares a quick summary of his book, Humbitious. (0:58:40) The potential to develop characteristics and the role that reading plays. (0:59:38) Professor Kaissi talks about his reading habits. (1:02:12) Application of ideas from books and how Professor Kaissi captures and organizes information in his own reading. (1:05:15) A few of Professor Kaissi's favourite book recommendations and how to increase your reading habit. (1:08:52)      Participate in our Community Discussion about this Episode:  https://community.rationalreminder.ca/t/episode-231-investing-basics-and-common-questions-plus-reading-habits-w-amer-kaissi-discussion-thread/20716 Books From Today’s Episode: Humbitious: The Power of Low-Ego, High-Drive Leadership — https://amzn.to/3WjHjry Mindset — https://amzn.to/3Wzl7Kr Quiet — https://amzn.to/3htlN4X The Five Dysfunctions of a Team — https://amzn.to/3YmKqRv The SPEED of Trust — https://amzn.to/3UWCljq Top Five Regrets of the Dying — https://amzn.to/3uQcUWf The Assertiveness Workbook — https://amzn.to/3VVDVUf How to Raise Your Self Esteem — https://amzn.to/3BDM33p Ego Is the Enemy — https://amzn.to/3BAy

RR 231: Investing Basics and Common Questions  (plus Reading Habits w/ Amer Kaissi) (EP.231)

The world is a highly competitive place, and becoming successful requires hard work, dedication, and luck. This is the view of today’s guest, Professor Robert Frank, who helps us unravel the nuance of conspicuous consumption trends and the role of luck in gaining financial success. Professor Frank is the emeritus Henrietta Johnson Louis Professor of Management at Cornell University and holds an MA in statistics and a Ph.D. in Economics from UC Berkeley. He is also a prolific author, having written 12 books, financial textbooks, and many peer-reviewed articles in journals such as the American Economic Review, Econometrica, and Journal of Political Economy. He is passionate about how policy can help drive positive consumer behaviour, reduce inequality, and increase individual happiness. His work has also focused on the role of luck in achieving financial success which he covers in his book Success and Luck. In this episode, we unpack how individuals can improve societal collective action, the role of policy in driving those changes, and how luck interplays with success. We discuss economic and financial relativism, the dangers of conspicuous consumption, how expenditure cascades occur, and what influences consumption trends in society. We also dive into the topic of luck, whether wealthy people are happier, what behavioural changes are needed to create a better society, and more.   Key Points From This Episode:    Professor Frank describes the difference between departures from rational choice with regret and without regret. (0:04:34) Whether he classifies his work as behavioural economics. (0:07:38) An explanation of economic and financial relativism. (0:10:50) The role of economic and financial relativism in consumption trends. (0:12:44) Find out what constitutes a positional good. (0:16:56) How the consumption of positional goods affects psychological well-being. (0:19:32) Why people choose to engage in consumption arms races. (0:21:52) The relationship between the consumption of luxury goods and happiness. (0:24:45) What people can do to recognize and avoid negative consumption behaviours. (0:26:31) How the spending of the super-rich impacts the spending habits of the typical consumer. (0:27:38) Ways in which social media influencers have affected consumption. (0:30:32) We learn about the link between consumption and inequality. (0:32:40) How well differences in human capital explain differences in income. (0:35:04) Professor Frank explains how likely it is that the most skilled person gets the best outcome in a competitive market. (0:38:13) Professor Frank shares how they measure luck. (0:41:20) The influence luck has on achieving a successful outcome. (0:42:09) Find out if luck influences consumption trends and inequality. (0:44:03) A thought experiment concerning the wealthy and higher taxes. (0:46:56) We discuss whether winner-take-all markets are a good thing for society. (0:50:22) How people should behave differently to help drive p

Prof. Robert Frank: Success, Luck, and Luxury (EP.230)

Traditionally, people saving for retirement and financial advisors relied on the 4% rule when calculating how much to save for retirement and the associated income those savings would provide after retirement. What if you found out it does not work? Is there another option? Today, we offer you an alternative approach, which is the 2% rule for retirement spending. Before we delve into today’s main topic, we update listeners on the recent London meet-up, what to expect on upcoming shows, and who our special guest is to kick off the first episode of 2023. Then, we discuss today’s main topic and learn what the 2% rule is, how it compares to the 4% rule, and whether the safe percentage for retirement is actually higher. We unpack retirement spending through the lens of several empirical papers, historical data, and market comparisons. We also find out why the US market has always been able to bounce back from uncertainty and whether there is empirical data to support the 4% rule. We also talk about the many financial challenges and opportunities that young people face, the biggest mistake people make regarding retirement, the value of financial literacy, book reviews, and more!   Key Points From This Episode:    An update on the 22 in 22 Reading Challenge. (0:05:21) Outline of today’s content and the main topic: the 2% rule for retirement spending. (0:06:27) An overview of the “2% rule”, the motivation behind it, and how it was formulated. (0:08:17) We discuss if the safe withdrawal rate for retirement savings is higher than 4%. (0:13:31) The inspiration for the higher average realized rate of return on investment theory. (0:19:59) Whether the past returns on US stocks will repeat in the future. (0:21:54) Why the US stock market has been historically exceptional and resilient, and how other markets compare. (0:23:44) The biggest limitation of the seminal work which helped established the 4% rule. (0:28:38) How data gaps were dealt with in the paper by Scott Rieckens and results are discussed. (0:33:16) Other aspects to consider regarding the research on retirement funds. (0:38:35) The challenges and opportunities that young people face today. (0:42:24) How financial literacy impacts investment opportunities, returns, and overall happiness. (0:46:59) What are the potential solutions and reasons to be optimistic regarding the current financial market. (0:47:48) Our usual episode review under a minute: episode 30 with Larry Swedroe. (0:52:31) This week’s book review and choice architecture. (0:54:35) We discuss the reviews and feedback received on a previous episode. (1:02:32) Hear an update about our idea regarding CE credits and reviews about the show. (1:06:01)      Participate in our Community Discussion about this Episode:  https://community.rationalreminder.ca/t/episode-229-the-2-rule-for-retirement-spending-discussion-thread/20473   Book From Today’s Episode: The Elements of Choice: Why the Way We Decide Matters — https://amzn

The 2% (!?) Rule for Retirement Spending (EP.229)

In this episode, we are joined by the CIO of Avantis Investors, Eduardo Repetto, to have an in-depth conversation about his philosophy and approach to many of the central concepts that are important to our listeners. Eduardo weighs in on asset pricing factor investing, premiums, and also shares some of his perspectives on what makes Avantis different from its competitors. Eduardo's wealth of experience and technical know-how make this very practical exploration, complete with some inventive and demonstrative analogies. Despite the high-level concepts discussed, our guest's ability to communicate these in an accessible manner also helped maintain a level of approachability throughout. Toward the end of the episode, we get to hear a little about Eduardo's Ph.D. in aeronautics and some of the surprising overlaps he sees between his two fields of interest.   Key Points From This Episode:  Eduardo's approach to communicating what Avantis can offer their clients. (0:02:57) Advantages of the ETF structure for managing portfolios. (0:05:07) Advice for investors for quantitatively assessing the expected return advantage of a factor-tilted portfolio. (0:10:26) Practical approaches for individual investors when assessing a factor tilt in portfolios. (0:13:54) Eduardo unpacks the idea of trust in relation to the premium. (0:20:45) When does a completely small-cap value portfolio make sense? (0:27:23) Avantis' method for targeting value and profitability. (0:31:03) The weighting of different metrics that Avantis uses when building portfolios. (0:34:43) Eduardo unpacks cash profitability versus operating profitability. (0:36:53) The approach at Avantis to sector weights. (0:39:56) Understanding adjusted book value when pricing a company. (0:43:53) Eduardo describes the premium for the Goodwill adjustment. (0:50:02) How Avantis views pursuing credit premium in fixed income investments. (0:51:32) Determining the size of factors tilts on particular products. (0:57:05) Reasons that there are no emerging market small cap value strategies. (0:59:48) Comparing the research behind inflation-focused equity strategy to a more general value profitability premium. (1:06:03) Avantis' strategy for staying on the cutting edge of the latest research. (1:10:34) Conversations between Avantis and American Century Investments about different investment philosophies. (1:18:22) Eduardo shares his opinion about Avantis' competitive advantage. (1:19:56) Where Avantis and Eduardo are aiming their energy in the near future, and the succession plan for the company. (1:23:11) Some surprising similarities between aeronautics and asset management. (1:27:21) Eduardo talks about his personal definition of success. (1:31:31)    Links From Today’s Episode: Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582.  Rational Reminder Website — https://rationalreminder.ca/ Eduardo Repetto —  https://www.avantisinvestors.com/content/a

Eduardo Repetto: Deep Dive with Avantis Investors' CIO (EP.228)

In today’s episode, we pull relevant quotes from past guests (namely John Cochrane, Gene Fama, and Jonathan Berk) to extricate who should own market cap funds. We look at the variable risks of value stocks and factor investing and hear counter-views on owning the market. We also delve into the hot topic of tax loss selling, with an overview of a recent Financial Analyst Journal paper on loss harvesting outcomes, sorted by investor profiles. This episode will get you up to date on the biggest finance news of the week, from crypto collapses to Amazon’s catapulting gains and losses. Tune in to hear all of this and more, including a recap of our conversation with Dave Goetsch and our Financial Literacy Month book reviews.    Key Points From This Episode:    A neat way to keep track of the value of your purchases over time. (0:00:33) The results of the Rational Reminder financial literacy survey. (0:02:44) An overview of this episode’s topics. (0:05:45) Who should invest in market cap-weighted index funds. (0:07:28) How to determine whether you’re different from the average investor. (0:16:13) Gene Fama’s take on the possibility of identifying state factors. (0:22:13) The variable risks of value stocks. (0:23:25) What drives people to increase their value tilts over time. (0:25:11) The risks of factor investing, and trading in general. (0:28:26) Jonathan Berk’s take on owning the market. (0:31:53) A summary of who should invest in total market index funds. (0:33:20) The big crypto news of the week! (0:38:21) Other significant market news. (0:42:17) An overview of a recent Financial Analyst Journal paper on loss harvesting outcomes, sorted by investor profiles. (0:44:59) Our book reviews for Financial Literacy Month. (0:55:15) A recap of our conversation with Dave Goetsch. (1:01:47) A few of our listeners’ reviews. (1:02:50)    Participate in our RR CE Credits Survey:  https://forms.office.com/Pages/ResponsePage.aspx?id=xVA-B3TS3UeuUte5Yx-hRi0Vpj3fzvhNpOTm6eRMYJ5UN0tOM1A5MFdPQzJFT1hZOTJLN1pHRVFYSS4u Participate in our Community Discussion about this Episode:  https://community.rationalreminder.ca/t/episode-227-who-should-invest-in-cap-weighted-index-funds-discussion-thread/20230 Books From Today’s Episode: The Geometry of Wealth: How to shape a life of money and meaning — https://amzn.to/3Od9J3N Retirement Income for Life: Getting More without Saving More — https://amzn.to/3GpkHRN We're Talking Millions!: 12 Simple Ways to Supercharge Your Retirement — https://amzn.to/3UI3uaE Common Sense on Mutual Funds — https://amzn.to/3AjUsIM The Investment Answer: Learn to Manage Your Money and Protect Your Financial Future — https://amzn.to/3UWeSPM Money Like You Mean It: Personal Finance Tactics for the Real World — https://amzn.to/3g9bT7Q  Links From Today’s Episode: Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalrem

Who Should Invest in (Cap Weighted) Index Funds? (EP.227)

In this episode, we speak to renowned Canadian figure Colonel Chris Hadfield. For those who don't know, Chris is a heavily decorated astronaut, engineer, and pilot, and has received many awards, such as the Order of Canada, the Meritorious Service Cross and the NASA Exceptional Service Medal. Colonel Hadfield became a worldwide sensation with his video of David Bowie's "Space Oddity" which was viewed by over 75 million people. He aims to make space more accessible and continues to share the wonders of outer space and science with as many people as possible. Besides his phenomenal professional background, he is also known for his music which he writes and plays on earth and in space! He is also the author of several books, namely An Astronaut's Guide to Life on Earth, You Are Here, and a children's book, The Darkest Dark. Although Colonel Hadfield has a very different background from previous guests, his 35-year career has afforded him many lessons that apply to life, which he shares in our conversation with him. We learn the importance of goals and why reaching your goals should not define your happiness. Hear ways to overcome fear when facing uncertainty, the value of competence, and why enjoying the road to success is more important than success itself. Find out why sweating the small is essential to success, whether Colonel Hadfield suffers from imposter syndrome, and where true happiness comes from. Tune in and discover the secret to success and happiness in this one-of-a-kind conversation with special guest, Colonel Chris Hadfield!   Key Points From This Episode:    What motivated Commander Hadfield to take pictures onboard the International Space Station. (0:04:10) He briefly explains the amount of effort that went into taking pictures for his book You Are Here. (0:05:14) What lessons Commander Hadfield learned as an astronaut that he applies to life. (0:06:34) How to keep motivated to achieve your goals with the knowledge that you probably won’t achieve them. (0:08:41) Why his goal was becoming an astronaut and not to be an astronaut. (0:11:05) Whether there is a time to reconsider or quit a goal that you have set for yourself. (0:12:46) The best way to prepare for situations with uncertain outcomes. (0:14:51) How to prepare for situations that you cannot prepare or practice for. (0:18:18) Ways to mitigate fear when dealing with risk and uncertainty. (0:20:55) Learn if building competence is different for different people. (0:23:48) Hear the benefits of negative thinking and sweating the small stuff. (0:25:33) Commander Hadfield explains how to prepare for novel situations. (0:29:07) He shares where he thinks life satisfaction comes from. (0:31:49) Find out if Commander Hadfield ever suffers from imposter syndrome. (0:34:14) What life lessons he hopes to impart to his grandchildren. (0:36:09) How Commander Hadfield defines success in his life. (0:38:04) We highlight the main takeaways from our conversation with Commander Hadfield. (0:4

Colonel Chris Hadfield: An Astronaut's Guide to Life on Earth (EP.226)

Are index funds a menace to the market? Are pension funds still a wise way to secure your financial future? In this episode, we discuss index funds, the state-sponsored pension plan in Canada, and much more. First, we unpack the nuances of index funds and take a look at the impact that active and passive investors have on the market. We discuss current index fund trends, when to switch from a passive to an active investor, and the dreaded index fund tipping point. To help us understand pension funds, we also chat with Jordan Tarasoff, a financial planner at PWL Capital, about the recent controversy regarding state pension schemes in Canada, and he provides us with some valuable insights into the government’s upcoming plan. We switch up our usual book review to celebrate Financial Literacy Month and share five recommended books that will help you improve your understanding of finance. We also try something new by giving listeners a condensed overview of a previous episode with one of our favourite guests, Scott Rieckens. Finally, we go through some of the feedback and comments we’ve received from the growing Rational Reminder community about the show and our recent financial goals survey.   Key Points From This Episode:    What to look forward to in next week’s episode. (0:05:08) Hear about a special promotion to celebrate Financial Literacy Month. (0:05:43) Introducing today’s topic and what to expect in the episode. (0:05:56) Worries and biggest critiques of index funds. (0:08:23) Current trends regarding index funds in relation to the market. (0:09:40) When investors should switch from passive to active. (0:12:45) Some good news about the index fund tipping point. (0:15:46) What investors should be aware of when actively investing. (0:16:32) How informed and misinformed managers contribute to the index fund tipping point. (0:19:38) Who the investors and managers are that change to passive investment. (0:20:52) How switching from active to passive investing affects the value of the market. (0:25:38) Unpacking the concept of markets being ‘inelastic’ as a result of index funds. (0:28:52) Whether passive investing undermines price efficiency concerning index funds. (0:30:03) What would cause the index tipping point to occur. (0:31:40) A brief background on today’s guest, Jordan Tarasoff. (0:35:00) Details about the Canada Pension Plan (CPP) and how it works. (0:35:28) Jordan outlines the benefits of deferring a pension plan claim. (0:36:28) Recent changes that make deferring your pension plan non-beneficial. (0:38:20) What age group the recent pension plan changes impact the most. (0:42:14) Why the Consumer Price Index (CPI) can’t be used to predict wage growth. (0:43:53) How Jordan is approaching his clients’ pensions regarding the new changes. (0:45:10) Review of our top five books for increasing financial literacy. (0:48:57) Our new segment: summarizing a past episode in sixty seconds. (0:56:57) We ‘talk cents’ about fin

The Index Fund "Tipping Point" (EP.225)

Are stocks and bonds good in the long game? What are the best long-term investment options? In this episode, we speak to Professor Scott Cederburg about the nuance surrounding the stock market, bonds, and other investment types in the long term. He has a Ph.D. in Finance from the University of Iowa and is currently the Associate Professor of Finance at Eller College of Management at the University of Arizona. His research focuses on the long-horizon performance of a range of asset classes and investment types and has published in high-ranking academic journals, making him the perfect person to speak to about the subject. We discuss the topic through the lens of several papers he has written on stocks, bonds, retirement savings, and return predictability. In our conversation, we unravel the nuance of the returns on long-term stocks and bonds, hear details about his research design, and learn how unanticipated events can affect the market. He also provides insight into the different biases surrounding long-term investments, the block bootstrap approach, reasons why the block bootstrap approach is needed, and why bonds and bills may not be the long-term investment you were hoping for. We also discuss the best options for investors regarding pre-tax and post-tax accounts and the differences between high-beta and low-beta portfolios. He also shares some basic steps for investors to help them protect their investments. Join us as we dig into the past to uncover the financial future with Professor Scott Cederburg.   Key Points From This Episode:    We begin with Professor Cederburg describing his research design for his work investigating long-term returns on stocks and bonds. (0:04:20) Hear examples of how unanticipated events lead to impacts on stocks and bonds. (0:08:08) What the overall trend in the data was from his research on stocks and bonds. (0:11:05) Why considering different biases is essential for financial decision-making. (0:11:45) How the historical experience in the US stock and bond markets compare to other developed markets. (0:12:45) Details about the data he collected regarding domestic stocks and investors. (0:13:55) Learn how probable it is that domestic stocks will deliver losses in the long term. (0:16:41) Outline of the factors which tend to cause long-term stock losses. (0:17:36) What potential losses are in the long-term for international stocks. (0:18:58) How likely stocks will deliver catastrophic losses as opposed to traditional forms of loss. (0:22:15) Find out how much the probability of loss decreases with longer horizons. (0:23:59) The contribution of currency and domestic inflation to the trends in the data. (0:24:52) We compare how well international stocks hedge against long-term real losses in domestic stocks. (0:25:25) He shares how he thinks investors should approach the home country bias. (0:26:34) A rundown of the expropriations that exist in Professor Cederburg’s data. (0:27:34) We talk about long-term stoc

Prof Scott Cederburg: Long-Horizon Losses in Stocks, Bonds, and Bills (EP.224)

We recently created and conducted a very interesting survey based on financial goals, and today, we get to share some of the data we collected and the answers that were given to the questions. Although there are some definite limitations to our expertise as surveyors and data collectors, the findings are most definitely illuminating, surprising, and useful. Listeners will get to hear a bit about the process of building the survey as well as some of the raw numbers and data before we get into the list of goals that were submitted, collated, and ranked. We also share some of the ways that these were split across demographics such as age and gender. Apart from this focus on the survey, we share some thoughts on Eat the Rich, Coin, and The Next Millionaire Next Door, and finish off the show with some very impactful letters from listeners that we have received recently.   Key Points From This Episode:    Thoughts on the new Netflix show, Eat the Rich, and the story of GameStop. (0:01:58) What to expect on the podcast in November during Canadian Financial Literacy Month. (0:05:17) Reflections on the new film, Coin, and the founding of Coinbase. (0:08:08) Introducing the results from our recent survey on goals. (0:11:23) The process of building the survey and the questions we included. (0:18:22) A look over the basic data of the survey. (0:22:27) Popular objectives from the survey and how these were split across different demographics. (0:23:17) The answers that were given in relation to each specific question. (0:28:02) Developing best practices for goal setting for an advisor environment. (0:30:17) Limitations to our expertise in designing this survey and analyzing the data. (0:32:43) Running through the complete list of goals in order. (0:34:29) Introducing this week's book discussion on The Next Millionaire Next Door. (0:39:46) Standout findings from the research that was conducted for the book. (0:44:00) Utilization of an 'expected net worth test' in the book. (0:49:50) A look at some of the listener messages we have received lately. (0:52:29)      Participate in our Community Discussion about this Episode: https://community.rationalreminder.ca/t/episode-223-a-financial-goals-master-list-n-310-discussion-thread/19742   Books From Today’s Episode: The Next Millionaire Next Door —  https://www.amazon.com/Next-Millionaire-Door-Enduring-Strategies/dp/1493035355   Links From Today’s Episode: Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582.  Rational Reminder Website — https://rationalreminder.ca/  Shop Merch — https://shop.rationalreminder.ca/ Join the Community — https://community.rationalreminder.ca/ Follow us on Twitter — https://twitter.com/RationalRemind Follow us on Instagram — @rationalreminder Benjamin on Twitter — https://twitter.com/benjaminwfelix Cameron on Twitter — https://twitter.com/CameronPassmore Financial Goals Summary - https://www.pwlcapit

A Financial Goals Master List (n=310) (EP.223)

There is more and more research on the determinants and results of happiness in human life, and on the show today we get to do an amazing deep dive on this subject with social psychologist, and author of Happier Hour, Cassie Holmes. Cassie is currently running a course at UCLA Anderson School of Management called 'Applying the Science of Happiness to Life Design', and her book draws directly from the content of this course. In our chat, Cassie shares some definitive data on what actually influences our happiness in significant ways, how to invest and allocate your available time, approaches to offsetting hedonic adaptation, and the vital importance of relationships and exercise. Our guest also talks about popular misconceptions and cultural perceptions about success, and why assessing your values and purpose can make achieving more happiness much more realistic. It is here that we find Cassie's main thesis; that through reflection and tracking we can determine more accurately how to use our time in the different parts of our lives and increase our day-to-day happiness, so make sure to join us for this episode of the Rational Reminder.   Key Points From This Episode:    The science behind the important benefits of happiness. (0:02:17) Current research into the measurement of happiness. (0:04:27) Cassie talks about the roots of the course she teaches on happiness. (0:07:02) Misconceptions about what makes us happy and the lasting power of notions of success. (0:10:25) The cultural roots of our perceptions of happiness. (0:14:58) Determinants of happiness; Cassie shares the biggest factors in our emotional landscape. (0:20:16) Working towards a goal, time tracking, and entering flow states. (0:25:28) Happiness as a decision and as a disposition; how much control do we have? (0:30:26) How comparison undermines and robs us of happiness. (0:37:01) Cassie unpacks how to understand the role of relationships in our lives. (0:38:30) A story from Cassie illustrating the links between discretionary time and happiness. (0:43:35) Amounts of discretionary time to allocate to yourself each day. (0:49:39) The worst ways to use time and the activities that enhance feelings of loneliness. (0:52:02) Cassie's advice on how to avoid time poverty and what to refuse. (0:55:53) The dangers of an over-emphasis on productivity and urgency. (0:58:21) Aligning your values and purpose in the professional sphere of your life. (1:01:38) How the remote landscape and work-from-home model has impacted happiness. (1:03:03) Going over the exercises and assignments that Cassie finds to be most impactful for her students. (1:06:36) Cassie's definition of success and its relation to her clearly defined purpose. (1:11:33)   

Cassie Holmes: Being Happier (EP.222)

Of course, you want to protect your family and your savings from unforeseen consequences, but is life insurance the best option? Can life insurance be an investment rather than a cost? In today's episode of the Rational Reminder Podcast, we take a look at everything life insurance and dig into some hard-hitting research on the subject. We break down the various insurance products available and unravel the nuances regarding returns, dividends, and the associated fees. We discuss why there is so much confusion regarding returns and associated risk, how your contribution can affect your returns, and why you may not get the payout you expected. We also delve into what makes each insurance product different from the next, whether predictions on insurance policy returns are possible, and how insurance compares to other asset classes. If you’re looking for insight into the potential tax benefits of life insurance and a breakdown of the different scenarios where life insurance is needed, this is the episode for you!   Key Points From This Episode:    The main topic of the episode: permanent life insurance. (0:04:29) Defining insurance and how it is typically structured. (0:04:44) ‘Term life insurance’ and how it works. (0:05:41) A brief outline of the differences between term insurance and permanent insurance. (0:07:37) Details about term life insurance and the benefits to the policyholder. (0:09:37) Another type of life insurance: universal life insurance. (0:11:05) How investments within a life insurance policy are designed. (0:13:20) An interesting insight Ben came across while researching insurance. (0:14:38) Non-participating whole life insurance and the associated cash value. (0:16:00) A breakdown of participating life insurance and what makes it different. (0:18:42) The basis for performance and premiums on participating insurance. (0:21:43) Whether or not it’s possible to predict returns from insurance products. (0:25:25) Reasons for the obscurity surrounding insurance products and expected returns. (0:25:49) The policy illustration software that many insurance companies use. (0:29:35) Insight into post-tax returns of permanent insurance on death. (0:35:23) An overview of when you would need life insurance. (0:40:58) The long-term expected death benefits compared to other assets. (0:43:03) Insight into the commission incentive associated with insurance policies. (0:45:47) Highlights of a recent presentation that Ben gave at an IAFP conference. (0:46:53) Feedback received about the Jonathan Berk and Jules van Binsbergen episode. (0:49:01) A summary of recent news about rate changes and developments at Vanguard. (0:56:23) This week’s review of The Art of Gathering, about meeting more effectively. (01:00:55) An honourable mention of another book, Your Investment Philosophy. (1:06:22)   

Permanent Life Insurance (EP.221)

Do you feel like you have a good grasp of financial markets? Think again! In this episode, we take a plunge into the world of financial markets with experts Jules van Binsbergen and Jonathan Berk. Jules is a Professor of Finance at the Wharton School of the University of Pennsylvania and Jonathan is a Professor of Finance at Stanford Graduate School of Business. They also host a popular podcast called Else Equal, which explores the science and strategy of making better financial decisions, and have written several academic papers that challenge the status quo. In our conversation, we discuss their research on the relationship between manager skill and fund performance, the best ways to measure performance, and reasons why benefits are in favour of the managers. We also explore the dogma surrounding mutual funds, the differences between active and passive management, and how to measure efficient capital markets. Listeners will also hear perspectives that challenge their understanding of capital markets and viewpoints that completely disagree with previous guests. Although we have covered this topic before in previous episodes, this conversation will fundamentally change the way you view financial markets and how to think about them.   Key Points From This Episode:    What information fund performance contains about manager skill. (0:04:04) Reasons why manager skill and performance are unrelated. (0:04:59) We learn how manager skills should be measured. (0:06:57) How to choose the appropriate benchmark to measure value added. (0:09:26) Find out if you can use factor-mimicking portfolios to measure risk-adjusted returns. (0:12:05) Whether funds that directly target risk factors can be used as an investable benchmark. (0:16:35) What the skill of active managers are when skill is measured as value-added. (0:20:52) The proportion of value-added between security selection and market timing. (0:23:20) Discussion about how persistence manifests when it is measured by value-added. (0:25:43) Find out if investors should analyze mutual fund companies as opposed to managers. (0:32:36) Discover why research has focused on individual security pricing and not on evaluating manager skill. (0:34:25) We unpack the reasons why it's a zero net alpha as opposed to a negative net alpha in equilibrium. (0:38:19) We delve into why the research took so long to apply rational expectations to fund investors as with the stock market. (0:42:46) An explanation of how equilibrium zero net alpha fits into Bill Sharpe's arithmetic of active management. (0:48:16) Who benefits from the high amount of skill available within the sector. (0:51:11) Whether the increase in millionaires around the world drives inequality. (0:56:12) Hear if it is possible to identify skilled fund managers before the benefits of their skills are absorbed by fund size. (01:01:41) The implications on efficient market hypothesis for the stock market. (01:05:36) Advice for investors, considering that the b

Jonathan Berk and Jules van Binsbergen: The Arithmetic of Active Management, Revisited (EP.220)

Critics of blockchain often say that it is nothing more than a database, but today’s guest, Ari Juels, has a different opinion. His technical expertise (he is a Professor of Computer Science at Cornell Tech), combined with his ability to understand both sides of a divisive topic like this one, make for a very insightful conversation about Bitcoin, NFTs, and smart contracts. We talk about the reasons for the valid skepticism that surrounds blockchain technology, the various reasons that Ari believes that it is a powerful, useful tool, despite its downfalls, pyramid schemes, decentralized exchanges and more!   Key Points From This Episode:    The significance of the Bitcoin innovation to Ari’s field of study. (0:03:40) What piqued Ari’s initial interest in digital currency. (0:04:46) Ari explains the difference between permission and permissionless blockchains. (0:06:27) Comparing a permission blockchain with a distributed-append-only database with authorized contributors. (0:08:34) A number of reasons why permissionless blockchains have been so widely embraced (despite Ari’s initial prediction to the contrary). (0:12:24) Fraud in the cryptocurrency space; Ari shares his thoughts. (0:14:28) The benefits of the cultural phenomenon of NFTs. (0:19:25) Examples of NFT-related issues that still need to be addressed. (0:26:04) How smart contracts can be used by criminals to their advantage. (0:30:09) Why smart contracts are well suited for compliance. (0:32:02) An example of a smart contract pyramid scheme. (0:35:48) Some of the pros and cons of the inflexibility of smart contracts. (0:41:09) What flash loans are and what they can be used for. (0:46:11) Understanding the value of oracle systems. (0:50:04) How the Candid system that Ari’s group developed helps to mitigate the problem of lost Bitcoin keys. (0:57:04) Ari explains the advantages and disadvantages of a decentralized exchange. (01:01:19) How the blockchain has improved code writing. (01:07:57) The importance of balancing privacy and accountability in DeFi systems. (01:09:38) Ari’s thoughts about the future potential of blockchain technology. (01:14:03) The biggest concerns that Ari has about the blockchain space. (01:15:24) Why skepticism about blockchain technology is valid. (01:17:31) The facet of the blockchain space that Ari is most excited about. (01:19:51)      Links From Today’s Episode: Rational Reminder on iTunes —  https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/  Shop Merch — https://shop.rationalreminder.ca/ Join the Community — https://community.rationalreminder.ca/ Follow us on Twitter — https://twitter.com/RationalRemind Follow us on Instagram — @rationalreminder Benjamin on Twitter — https://twitter.com/benjaminwfelix Cameron on Twitter — https://twitter.com/CameronPassmore Ari Juels on Twitter — https://twitter.com/AriJuels Ari Juels — https://www.arij

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