Episode 285: A Year in Review

It’s hard to believe, but today’s episode marks our fifth annual year-in-review episode — where
we look back at some of our favourite conversations and takeaways from the past year! If
there’s one overarching theme that stood out amongst our guests in 2023 it would be the
power of purposeful decision-making to impact our future selves. Tuning in, you’ll hear our
guests’ remarkable views on the topic, from the power of regret when it comes to long-term
decisions to the ‘hidden partner’ that accompanies us in all our decision-making. Another key
theme that emerged is how the role of financial advisors is evolving. Key insights include why
your financial advisor should collaborate with other advisors, why trust is essential, and how to
prepare your children for wealth. We wrap things up with reflective tips on how to identify what
your true goals are with a profound lesson on why setting your own scoreboard is essential.
Tune in as we share some of our favourite moments from the past year and look back at the
incredible guests we’ve had on the show in 2023!

Key Points From This Episode:

(0:00:19) Our year with the Rational Reminder community: 23 in 23 reading challenge, memorable
meetups, live recordings, a shoutout to our community moderators, and more.

(0:08:42) Looking back at our conversation with Charles Ellis and Burton Malkiel on why money
management is a loser’s game and navigating market efficiency.

(0:16:19) Pim Van Vliet’s insights on the evidence supporting higher expected returns related to
certain stock characteristics.

(0:19:42) Discussing the relevance (and irrelevance) of dividends and why people tend to view
dividends as particularly special, with Professor Samuel Hartzmark.

(0:24:58) Our conversation with Will Goetzmann on the value of very long-term data and why historical
data is still relevant today.

(0:32:35) Nobel laureate, Robert Merton’s insights on putting together a long-term asset mix and
taking into account your time horizon.

(0:39:14) Highlights from our conversation with Professor Francisco Gomes on how asset allocation
should (and should not) change over the lifecycle.

(0:43:58) Our second interview with David Blanchett on how regret informs our long-term decisions
and Daniel Pink’s insights on optimizing for future regret.

(0:50:50) Hear from Charles Ellis on the most under-appreciated action that every investor should take
to be more successful.

(0:51:53) Making decisions on personal finance and John Cambell’s insights on how household beliefs
tend to differ.

(0:54:54) Professor Ralph Keeney on why decision-making is the only purposeful way you can
influence anything in your life.

(0:59:25) Input from Cass Sunstein on the extensive research he’s done on decision-making and how
acquiring more information can help your decisions.

(01:03:09) We hear from Professor Eric Johnson about the ‘hidden partner’ that accompanies us when we make decisions and Cass Sunstein explains when we should update our beliefs.

(01:10:26) Professor James Choi shares his profound insights on why financial decisions are not always
explained by economic theory.

(01:12:53) Unpacking the effect of overconfidence on our decision-making with Itzhak Ben-David,
along with his key ideas on miscalibration.

(01:17:20) Answering the question “How good are we at understanding our future selves?” with Hal
Hershfield.

(01:21:13) Our conversation with Meir Statman on the third generation of behavioural finance and what
that means for decision-making and advice.

(01:23:48) Dr. Preet Banerjee’s research and insight on the value of having a financial plan.

(01:25:02) Talking with YouTuber, Darin Soat, about the struggle to find high-quality financial information
online and understanding YouTube as an entertainment-first platform.

(01:28:27) Harold Geller on how to determine whether your advisor is properly understanding you and
Robert Merton’s thoughts on how he views the role of financial advisors.

(01:35:02) We hear from Dr. Preet Banerjee on the business of financial advice and how it has changed
over time.

(01:39:21) Victor Haghani and James White on the topic of intergenerational billionaires and why there
are fewer than you might expect.

(01:44:09) An update from Rob Carrick on the state of financial planning for the average Canadian in 2023.

(01:48:48) Juhani Linnainmaa unpacks the impact of financial advisors on decision-making and the
challenges of choosing a financial advisor.

(01:51:21) Dr. James Grubman on identifying a financial advisor who understands the importance of
Wealth 3.0, why collaboration is key, and how to prepare children for wealth.

(02:02:28) A final takeaway from Shane Parrish on taking stock of your year and how to determine what
your true goals are.

Participate in our Community Discussion about this Episode:

https://community.rationalreminder.ca/t/episode-285-a-year-in-review-discussion-thread/26544

Books From Today’s Episode:

Winning the Loser’s Game: Timeless Strategies for Successful Investing — https://
www.amazon.com/Winning-Losers-Game-Strategies-Successful/dp/1264258461

A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing —
https://www.amazon.com/Random-Walk-Down-Wall-Street/dp/0393358380

Your Future Self: How to Make Tomorrow Better Today — https://www.halhershfield.com/
yourfutureself

A Wealth of Well-Being: A Holistic Approach to Behavioral Finance — https://
www.amazon.com/Wealth-Well-Being-Holistic-Approach-Behavioral/dp/1394249675

Strangers in Paradise: How Families Adapt to Wealth Across Generations — https://
www.amazon.com/Strangers-Paradise-Families-Wealth-Generations/dp/0615894356

Wealth 3.0: The Future of Family Wealth Advising — https://www.amazon.com/Wealth-3-0-
Future-Family-Advising/dp/B0C9SHFSGM

Clear Thinking: Turning Ordinary Moments into Extraordinary Results — https://
www.amazon.com/Clear-Thinking-Turning-Ordinary-Extraordinary/dp/0593086112

30 Lessons for Living — https://www.karlpillemer.com/books/30-lessons-for-living/

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/

Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/

Rational Reminder on X — https://twitter.com/RationalRemind

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

Rational Reminder Email — info@rationalreminder.ca

Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/

Benjamin on X — https://twitter.com/benjaminwfelix

Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/

Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/

Cameron on X — https://twitter.com/CameronPassmore

Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/

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

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

Episode 285: A Year in Review

Participate in our Community Discussion about this Episode:

Books From Today’s Episode:

Links From Today’s Episode:

More from Cameron Passmore

Episode 302 – Michael Green: Market Efficiency Is Not The Question

Bonus Episode – Prof. Meir Statman: A Wealth of Well-Being

Episode 301 – Optimal Government Pension Claiming

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