Our guest on the podcast today is Ben Felix. Ben is chief investment officer for PWL Capital, a Canadian wealth management firm. He also co-hosts the Rational Reminder podcast and is the host of a YouTube channel that covers finance and investing-related topics. He joined PWL Capital in 2013 after completing a degree in mechanical engineering as well as an MBA. He is a CFA charter holder and a CFP professional. Ben, welcome to The Long View.

Background

Bio

PWL Capital

Rational Reminder podcast

Canadian Market and Home-Country Bias

“The Passive vs. Active Fund Monitor,” by Raymond Kerzerho, pwlcapital.com, Winter 2024.

“Passive Beats Active Again in 2024,” by James Parkyn, capitaltopics.com, April 30, 2025.

“Canadians Reducing Home Bias, Eh? Vanguard Research Finds That Investors Are Increasingly Going Global,” vanguard.ca, June 2024.

Rational Reminder Podcast

“Episode 169: Prof. John Cochrane: (Modern) Modern Portfolio Theory,” Rational Reminder Podcast, Sept. 30, 2021.

“Understanding Crypto 14: Prof. John Cochrane: Money, (Fiscal) Inflation, and Political Freedom,” Rational Reminder Podcast, Sept. 2, 2022.

“Episode 284: Prof. Scott Cederburg: Challenging the Status Quo on Lifecycle Asset Allocation,” Rational Reminder Podcast, Dec. 21, 2023.

“Episode 350: Scott Cederburg: A Critical Assessment of Lifecycle Investment Advice,” Rational Reminder Podcast, March 27, 2025.

“Episode 316: Andrew Chen: ‘Is Everything I Was Taught About Cross-Sectional Asset Pricing Wrong?!’” Rational Reminder Podcast, Aug. 1, 2024.

“Episode 102: Dr. Brian Portnoy: Underwriting a Meaningful Life,” Rational Reminder Podcast, June 11, 2020.

“Episode 171: Prof. Campbell R. Harvey: The Past and Future of Finance,” Rational Reminder Podcast, Oct. 14, 2021.

Other

“The Misguided Beliefs of Financial Advisors,” by Juhani T. Linnainmaa, Brian Melzer, and Alessandro Previtero, Journal of Finance, March 22, 2021.

Rational Reminder Community

“OneDigital Expands Into Canada With Investment in PWL Capital, Expanding Wealth Management Services Across Borders,” OneDigital.com, Jan. 23, 2025.

“Beyond the Status Quo: A Critical Assessment of Lifecycle Investment Advice,” by Scott Cederburg, Aizhan Anarkulova, and Michael S. O’Doherty, papers.ssrn.com, March 5, 2025.

The Fiscal Theory of the Price Level, by John Cochrane

Ben Felix: Rational Reminders for Good Financial Decisions

The Long View