In this episode, we begin with our first client story, featuring Dr. Simon Bérubé, an interventional cardiologist and professor at the Université de Sherbrooke. Simon shares how listening to Rational Reminder helped him approach personal finance with the same evidence-based mindset he brings to medicine. He discusses why financial planning extends far beyond investing, what led him to work with PWL Capital, and how expertise, integration, and oversight can become increasingly valuable as family finances grow more complex. He also reflects on the importance of transparency, intellectual honesty, and using money as a tool to support a meaningful life.

Then, Ben Felix and Dan Bortolotti take a personal turn, discussing how they came to their investment philosophies and how they invest their own money. They trace their paths into evidence-based investing, explore how childhood experiences and research on happiness have shaped their views about wealth, and explain the reasoning behind their personal portfolios. From global equities and fixed income to private company ownership, homeownership, and cash reserves, they discuss the trade-offs behind decisions that may not be theoretically optimal but can still make sense for an individual. The conversation is a reminder that a good financial plan is about more than building the perfect portfolio—it is about understanding risk, opportunity cost, and what matters most in life.

Key Points From This Episode:

(0:33:00) First Rational Reminder client story: Why people hire financial advisors.

(2:38:00) Meet Dr. Simon Bérubé, interventional cardiologist and longtime listener.

(4:28:00) Applying evidence-based medicine principles to personal finance.

(5:30:00) Financial planning is broader than investing alone.

(7:43:00) Building an investment philosophy around diversification and low costs.

(12:20:00) Focus on processes, not outcomes.

(15:04:00) Similarities between health planning and financial planning.

(15:49:00) PWL’s transparency and intellectual honesty as a client.

(17:04:00) Why Simon still uses an advisor despite financial knowledge.

(18:15:00) Coordinating investments, insurance, corporations, and retirement planning.

(20:14:00) Sharing his story out of gratitude and a desire to help others.

(22:23:00) Success defined by relationships, purpose, and impact.

(24:00:00) Main topic: How Ben and Dan invest their own money.

(26:41:00) Ben’s exposure to wealthy families shaped his views on money and happiness.

(30:04:00) Research on affluent children and well-being.

(32:39:00) Income, happiness, and the concept of income satiation.

(36:32:00) Dan’s early lessons about saving, debt, and family.

(39:24:00) Ben’s early career selling insurance and mutual funds.

(40:38:00) The article that pushed Ben to question active management.

(43:35:00) Evidence on active funds and market underperformance.

(44:53:00) Dan discovers passive investing through MoneySense and Norbert Schlenker.

(47:35:00) Fama-French, Dimensional, and evidence-based investing.

(49:30:00) How Ben’s connection with Dimensional led him to PWL.

(51:03:00) Dan’s journey from financial journalism to financial planning.

(55:56:00) PWL’s foundation: financial planning plus low-cost portfolio management.

(56:45:00) Using money to support family, health, experiences, and time.

(59:39:00) Ben’s portfolio: globally diversified equity with factor tilts.

(1:00:55) Dan’s simple ETF portfolio and “benign neglect” approach.

(1:03:13) Ben’s 100% equity allocation versus Dan’s 70/30 portfolio.

(1:06:17) The lasting impact of experiencing the 2008 financial crisis.

(1:07:55) Choose an asset allocation you can stick with.

(1:09:47) Ben’s ownership stake in PWL became his best investment.

(1:16:00) Homeownership as a poor financial investment but excellent lifestyle choice.

(1:21:53) Cash reserves can provide peace of mind despite lower returns.

(1:24:08) “Suboptimal” financial decisions can still be rational.

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

Benjamin Felix — https://pwlcapital.com/our-team/

Benjamin on X — https://x.com/benjaminfelix

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

About The Author

Benjamin Felix

Benjamin is a Portfolio Manager and PWL Capital’s Chief Investment Officer. He co-hosts the Rational Reminder podcast and also hosts a popular YouTube series

Dan Bortolotti

Dan works with clients to combine investment management with long-term financial planning. He also promotes investor education through his blog, articles and podcast.