Cameron Passmore is a portfolio manager with PWL Capital Inc. and is securities-licensed by the Investment Industry Regulatory Organization of Canada (IIROC). Benjamin Felix is a portfolio manager with PWL Capital Inc. and is securities-licensed by the Investment Industry Regulatory Organization of Canada (IIROC).
Portfolio Management and brokerage services are offered by PWL Capital Inc, which is regulated by Investment Industry Regulatory Organization of Canada (IIROC), and is a member of the Canadian Investor Protection Fund (CIPF).
Financial planning and insurance products are offered by PWL Advisors Inc., and is regulated in Ontario by Financial Services Commission of Ontario (FSCO) and in Quebec by the Autorité des marchés financiers (AMF). PWL Advisors Inc. is not a member of CIPF.
Is it just me, or are these pre-configured bond based pension schemes rigged to ensure the population's money flows into bonds on purpose to allow governments to print?
Is it just me, or are these pre-configured bond based pension schemes rigged to ensure the population's money flows into bonds on purpose to allow governments to print?
Heard about this podcast in a previous episode and this one did not disappoint. I may have missed it but did Mike give any indication of a timeline? I know there is no real answer to this but were his flags raising a near impending or a just a vague future impending?
Great analysis! Shouldn't OAS clawback calculations be done on an after-tax basis? They cannot claw back OAS that has already been taxed away. If someone's income results in OAS clawback, they will be paying significant tax on their OAS. Say someone's marginal tax rate is 40%, then the net clawback is 15% x (1 - 0.4) = 9% net after-tax clawback effect, not 15%
I don’t get her point on not using factor funds in portfolio. So I shouldn’t use dimensional ETFs for large value, small Value, high profitability? And instead just invest in core funds? Why not use core funds, but add in the component funds for higher factor tilts? In fact dimensional core wealth plus model does this, so her points contradict that strategy
Came here from twitter, it's so funny he looks exactly like you would think he looks based on his stance on crypto. Frail leftist programmer trope; his arguments are lazy and bad, he's not here because he is thinking, he is here because he's an idealogue who hates crypto bros.
so true. They tend to drift too often away from what people came here for. Better to have fewer, more focused episodes, in my view. This is what we want.
Are there any retirement calculators that model their results the same way that was done by Prof. Cederburg for the research that was covered during this video?
You can't see the forest for the fees! The managed fund version of DACE has beaten the ASX 300 (after fees) by 0.54% pa over the past ten years, factor in tax and it's even further ahead. DFA smashes index funds on tax efficiency.
Don’t be afraid to ask how to pronounce words from your guests! Her university in Zhejiang specifically in the intro is perhaps closer in our standard of English as “Juh Jawng”.
I wonder to what degree it is harder for DFA to implement its trading approach in the ETF versions of their strategies compared to the mutual fund versions of their strategies? How much return is an investor sacrificing by buying the ETF versions of DFA funds?
Fantastic episode. For all my fellow Canadian plebs without DFA fund access, hear me out: Equities: 25% FCUV - fidelity US large-mid cap value 25% FCCV - fidelity Canadian large-mid cap value 25% ZGQ - Global large-mid cap quality stocks following msci all country quality index. Includes emerging markets. 25% VVL - vanguard global value developed markets. Includes about 30% small cap allocation. For fixed income allocation: Throw in VGAB to your preference. Vanguard global bonds hedged to CAD scrutinize away. I might be a bit USA heavy
It was an interesting discussion, but I have a question. David Gerard said that crypto is marketed to poor people who want to get out of their economic despair. On the other hand, Prof. Tobin Hanspal in Episode 4 said that crypto investors in Germany are wealthier and have higher portfolio balances than non-crypto investors. This is an inconsistency. Who buys crypto? Mostly poor people, mostly rich people, or both?
private credit investor here. If you do private credit against real estate assets at low LTVs (70% or lower), it is my view you are generating alpha. Prove me wrong please!
The criticism that investing was only for the rich before the 1950’s doesn’t really make sense to me either. An example is president Herbert Hoover. He encouraged the population during the 1920’s to participate actively in economic growth as much as possible and, above all, to invest in shares ("A small amount every month", was his advice). I’m sure that he had quite an audience that approved that message
This is some of the dumbest shit I’ve ever heard. “I broke my first marriage, but it was worth it?” That is not a edgy take that is just flat out dumb. He is so in love with himself. And desperately wants you to know how great he is. I had no idea who he was, and after this looked him up. He does marketing. What a joke.
In their pitches, they talk about how it’s uncorrelated to public markets…well yeah if you don’t allow your clients to sell, of course it’s going to look uncorrelated.
Every time Scott Galloway mentioned Ben’s age. I couldn’t help but chuckle. 🤭 The best part was Ben bringing it up and asking Scott to guess his age. I guessed 34 i was close it’s 36.
The guys are making the common mistake of lumping all private credit together. There are big firms like Apollo and Blue Owl that are generating investment-grade credit. The CEO of Blue Owl specifically describes themselves as a lender of first choice, not a lender of last resort. You can look at some of the companies they work with to see this. There are benefits to a company doing a private credit deal as opposed to doing a public listing and are willing to pay a premium for this. I'm not sure that the investor receives this premium, but I just wanted to push back on the idea that all private credit is inherently more risky than public credit.
Jeez, it’s painful to sit back and listen to this buffoon do all the talking with people as knowledgeable as the hosts in the meeting. I know they don’t generally challenge the guests directly on their views or opinions but this really merited it. Vague nonsense paraded about as authoritative financial advice AND a whole bunch of semi misogynistic rhetoric to boot. Seems like they wanted to branch out a little but you can’t just sit back and let your guest broadly label women as “mates” several times like some sort of weird incel with no commentary, it’s nice in theory to be completely neutral but in practice they’re platforming and endorsing this guy. This episode gets a big thumbs down from me.
