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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.

Timestamps:
0:00 Intro
10:17 Charles D. Ellis: Why money management is a loser's game
13:31 Burton Malkiel: What the term "efficient markets" means
18:03 Pim van Vliet: The difference between a global factor premium and the cross-sectional premiums
22:54 Samuel Hartzmark: How investors treat price returns and dividend returns differently
29:01 William Goetzmann: Why it's important to collect and examine long-term historical returns data
31:54 William Goetzmann: How to estimate the expected long-term returns of both stocks and bonds
37:40 Robert C. Merton: The influence do you think time horizon should have on the mix between stocks and bonds in an investor's portfolio
44:80 Francisco Gomes: How optimal asset allocation changes over the life cycle
50:09 David Blanchett: What driving that regret in investing is
51:45 David Blanchett: The difference between risk aversion and regret aversion
53:39 Daniel H. Pink: How to optimize future regret
57:58 Charles D. Ellis: The most underappreciated action that individual investors can take to be more successful
59:08 John Y. Campbell: How much households differ in their beliefs and preferences
1:03:15 Ralph Keeney: Ralph describes the focus of his career’s research and his consulting work
1:07:54 Cass Sunstein: How people decide whether or not to obtain information that could help them make better decisions
1:11:59 Eric J. Johnson: Describing the hidden partner that accompanies us when we make decisions
1:14:50 Cass Sunstein: How people decide what information to believe, and when to update their beliefs
1:19:50 James Choi: Why economic theory often fails to describe how real people make personal finance decisions
1:22:51 Itzhak Ben-David: Defining miscalibration
1:28:33 Hal Hershfield: How connected people feel to their future selves
1:29:59 Hal Hershfield: Which emotion drives decisions that favour our current self or our future self
1:31:31 Hal Hershfield: What about our future selves makes them feel like a stranger
1:33:34 Meir Statman: What the third generation of behavioural finance is
1:36:11 Preet Banerjee: The value of having a financial plan
1:38:02 Darin Soat: Why it's harder for high-quality personal finance information to be seen on YouTube
1:42:08 Harold Geller: How to know whether an advisor is properly performing the KYC process
1:45:34 Robert C. Merton: The role of financial advisors
1:49:10 Preet Banerjee: The main problems with past research that's attempted to demonstrate the value of financial advice
1:54:20 Victor Haghani/James White: Explaining the puzzle of the missing billionaires
2:00:16 Rob Carrick: The proportion of Canadians that are getting comprehensive advice from their financial advisor
2:05:22 Juhani Linnainmaa: How investors can assess the quality of a potential advisor's beliefs
2:08:04 James Grubman: Advice for identifying advisors who get the importance of Wealth 3.0
2:14:16 James Grubman: What parents should be thinking about to prepare their children to receive wealth
2:20:33 Shane Parrish: How people should approach determining what their true goals are
2:22:15 Ending

Links From Today’s Episode:
Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/t....
Rational Reminder Website — https://rationalreminder.ca/
Rational Reminder on Instagram —   / rationalreminder  
Rational Reminder on X —   / rationalremind  
Rational Reminder on YouTube —    / channel  
Rational Reminder Email — [email protected]
Benjamin Felix — https://www.pwlcapital.com/author/ben...
Benjamin on X —   / benjaminwfelix  
Benjamin on LinkedIn —   / benjaminwfelix  
Cameron Passmore — https://www.pwlcapital.com/profile/ca...
Cameron on X —   / cameronpassmore  
Cameron on LinkedIn —   / cameronpassmore