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The Most Important Lessons in Investing | Rational Reminder 299

Meet with PWL Capital: https://calendly.com/d/cpws-jyp-znp In this episode, we unpack key tenants of investing and the quality of financial advice in Canada's banking industry. In our conversation, we present a list of lessons we have learned about investing, which has been consolidated from contributions by the Twitter community and the Rational Reminder Community. In our conversation, we discuss ways to beat the market, how narratives can impact the economy, and why timing the market is a bad investment approach. Discover why performance chasing is not a successful strategy, why incentives matter, and why economic growth is a poor predictor of investment success. Learn about the nuanced relationship between expected economic growth and stock returns, why wealth does not give you access to market-beating investments, and the effectiveness of investing in low-cost total market index funds. Finally, in our after-show segment, we delve into the quality of fifinancial advice provided by Canada's six big banks, investment strategies, listener reviews, and much more. Gain valuable insights into navigating the complexities of investing and learn why simplicity, discipline, and skepticism towards overly complex or costly strategies are vital for financial success. Tune in now! Book a meeting with a PWL Financial Planner — https://calendly.com/d/3vm-t2j-h3p Timestamps: 0:00:00 Intro 0:04:26 Main Topic: The Most Important Lessons in Investing 0:05:33 #1: You're not That Smart Relative to the Market 0:08:45 #2: This Time is Always Different 0:12:09 #3: The Market is Forward-Looking 0:13:55 #4: Market Forecasts are not Useful 0:15:34 #5: Time in the Market Beats Timing the Market 0:18:06 #6: Most Funds do not Beat the Market 0:21:39 #7: Incentives Matter 0:28:06 #8: Expected Economic Growth and Stock Returns are not Related 0:30:41 #9: Good Portfolio Management does not Make up for Bad Financial Planning 0:34:24 #10: Risk and Expected Returns are Positively Related 0:36:17 #11: The Risk-Expected Return Trade-Off has a Term Structure 0:39:07 #12: Fees and Taxes Matter 0:45:21 #13: Complexity and Costs are Positively Related 0:47:19 #14: There is no Single Optimal Investment Strategy 0:50:44 #15: The Best Investment Strategy for You is the One that You can Stick With 0:52:56 #16: There is no Such Thing as a "Passive" Investment 0:57:49 #17: Wealth does not Give You Access to Market-Beating Investments 1:00:29 #18: Diversification is the Only Free Lunch in Investing 1:07:11 #19: Investments Should Be Evaluated on Process, not Outcome 1:09:27 #20: Investing has been Solved 1:11:21 Aftershow 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   Mark McGrath on LinkedIn —   / markmcgrathcfp   Mark McGrath on X —   / markmcgrathcfp   The Economist — https://www.economist.com/ ARK Invest — https://ark-funds.com/ The Canadian Investor Podcast — https://thecanadianinvestorpodcast.com/ Episode 257: Giorgio Ugazio (Mr. RIP) — https://rationalreminder.ca/podcast/257 Mr. RIP on YouTube —    / @mr_rip   The Money Scope Podcast: Episode 9 — https://moneyscope.ca/2024/03/15/epis... investing-in-canada/ Books From Today’s Episode: A Wealth of Well-Being — https://www.amazon.com/Wealth-Well-Be... Behavioral/dp/1394249675 Wealthier — https://wealthierbook.com/ Papers From Today’s Episode: ‘Where’s the Beef?’ — https://papers.ssrn.com/sol3/papers.c... ‘SPIVA® Canada Scorecard’ — https://www.spglobal.com/spdji/en/doc... canada-year-end-2023.pdf