January 4, 2024 Personal Wealth Episode 285: A Year in Review It’s hard to believe, but today’s episode marks our fifth annual year-in-review episode — wherewe look back at some of our favourite conversations and takeaways from the past year! Ifthere’s one overarching theme that stood out amongst our guests in 2023 it would be thepower of purposeful decision-making to impact our future selves. Tuning in, you’ll hear ourguests’ remarkable views on the topic, from the power of regret when it comes to long-termdecisions to the ‘hidden partner’ that accompanies us in all our decision-making. Another keytheme that emerged is how the role of financial advisors is evolving. Key insights include whyyour financial advisor should collaborate with other advisors, why trust is essential, and how toprepare your children for wealth. We wrap things up with reflective tips on how to identify whatyour 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 theincredible 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, memorablemeetups, 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 moneymanagement 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 tocertain stock characteristics. (0:19:42) Discussing the relevance (and irrelevance) of dividends and why people tend to viewdividends 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 historicaldata is still relevant today. (0:32:35) Nobel laureate, Robert Merton’s insights on putting together a long-term asset mix andtaking into account your time horizon. (0:39:14) Highlights from our conversation with Professor Francisco Gomes on how asset allocationshould (and should not) change over the lifecycle. (0:43:58) Our second interview with David Blanchett on how regret informs our long-term decisionsand 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 taketo be more successful. (0:51:53) Making decisions on personal finance and John Cambell’s insights on how household beliefstend to differ. (0:54:54) Professor Ralph Keeney on why decision-making is the only purposeful way you caninfluence anything in your life. (0:59:25) Input from Cass Sunstein on the extensive research he’s done on decision-making and howacquiring 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 alwaysexplained 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 HalHershfield. (01:21:13) Our conversation with Meir Statman on the third generation of behavioural finance and whatthat 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 informationonline and understanding YouTube as an entertainment-first platform. (01:28:27) Harold Geller on how to determine whether your advisor is properly understanding you andRobert 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 changedover time. (01:39:21) Victor Haghani and James White on the topic of intergenerational billionaires and why thereare 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 thechallenges of choosing a financial advisor. (01:51:21) Dr. James Grubman on identifying a financial advisor who understands the importance ofWealth 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 whatyour 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 Share: Facebook Twitter LinkedIn Email CIRO Advisor Report
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