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.

Bio

PWL Capital

Rational Reminder podcast

“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.

“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.

“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

Hi, and welcome to The Long View. I’m Dan Lefkovitz, strategist for Morningstar Indexes. Our guest this week is Arunma Oteh, currently of the University of Oxford Saïd Business School. Arunma is a former treasurer of the World Bank and also served in various leadership roles in the African Development Bank. In 2010, she became Director General of Nigeria Securities and Exchange Commission, and she led that apex regulator for several years following the global financial crisis. She writes about the experience in the recently published book All Hands on Deck: Unleash Prosperity Through World Class Capital Markets. Arunma is a graduate of the University of Nigeria, UNN Nsukka, and Harvard Business School.

Bio

All Hands on Deck: Unleash Prosperity Through World Class Capital Markets

“Nigeria’s Iron Lady Takes on Fraudsters,” by Caroline Duffield, bbc.com, July 1, 2010.

“Changing the World One Bond at a Time,” Rita Stankeviciute and Kathleen Manahan, worldbank.org, July 18, 2018.

“Nigeria SEC Boss, Arunma Oteh, Fights Back,” YouTube video, March 15, 2012.

Securities and Exchange Commission, Nigeria

Nigerian Exchange Group NGX

FMDQ Group

“A Tale of 2 Exchanges: As FMDQ Thrives NGX Plays Catch Up,” by Bala Augie, moneycentral.com, Oct. 2, 2021.

Hi, and welcome to The Long View. I’m Dan Lefkovitz, strategist for Morningstar Indexes. Our guest this week is Daniel Rasmussen. He’s the founder and portfolio manager of Verdad Advisers, a hedge fund. Before starting Verdad, Dan worked at Bain Capital Private Equity and Bridgewater Associates. He’s a member of the investment committee of the trustees of donations of the Episcopal Church and he’s a contributor to The Wall Street Journal. Dan is author of the new book, The Humble Investor: How to find a winning edge in a surprising world. His earlier book was American Uprising: The Untold Story of America’s Largest Slave Revolt. Dan holds a bachelor’s from Harvard and an MBA from Stanford. Dan, thanks so much for joining us on The Long View.

Bio

Verdad

The Humble Investor: How to find a winning edge in a surprising world

American Uprising: The Untold Story of America’s Largest Slave Revolt

“Waves in Ship Prices and Investment,” by Sam Hanson and Robin Greenwood, Quarterly Journal of Economics, February 2014.

Superforecasting: The Art and Science of Prediction, by Philip Tetlock

“Gaining Edge by Forecasting Volatility and Correlations,” by Dan Rasmussen, Chris Satterthwaite, and Lionel Smoler Schatz, verdadcap.com, Oct. 30, 2023.

“Where the Value Investing Strategy Still Works,” by Dan Rasmussen, ft.com, May 23, 2024.

“Factors from Scratch: A Look Back, and Forward, at How, When and Why Factors Work,” by Chris Meredith, Jesse Livermore, and Patrick O’Shaughnessy, osam.com, May 2018.

“The Size Factor: Small Caps Are Trading at the Steepest Discount to Large Caps in Decades,” by Dan Rasmussen and Brian Chingono, verdadcap.com, Aug. 22, 2022.

“The Small Cap Amplifier,” by Dan Rasmussen and Brian Chingono, verdadcap.com, Oct. 21, 2024.

“Explaining International Valuations,” by Dan Rasmussen, verdadcap.com, Jan. 27, 2025.

“The ‘Fool’s Yield’ of Private Credit,” by Jamie Powell, ft.com, Jan. 28, 2020.

“Sizing Private Equity Allocations,” by Dan Rasmussen, verdadcap.com, May 13, 2024.

“The Best Macro Indicator: Why You Should Be Following High-Yield Spreads,” by Dan Rasmussen, verdadcap.com, May 17, 2021.

“Crisis Investing in Europe: The Unlikely Winners in the Most Difficult Times,” by Dan Rasmussen and Brian Chingono, verdadcap.com, May 16, 2022.

“EM Crisis Investing, A Deeper Dive: Understanding the Factors at Play in Emerging Markets,” by Verdad Research, verdadcap.com, May 3, 2022.

Our guest on the podcast today is David Booth. He’s the Chairman of Dimensional Fund Advisors, a firm he founded in 1981. David led Dimensional as CEO and later Co-CEO until 2017, when he stepped back from the daily management of the firm. David helped create one of the world’s first index funds in the 1970s and launched the first passively managed small-company strategy in the early 1980s. He received a bachelor’s degree in economics in 1968 and a master’s degree in business in 1969 from the University of Kansas. In 1971, he received an MBA from the University of Chicago. Over the years, David has been a benefactor to both schools, and the University of Chicago Booth School of Business is named in David’s honor. David, welcome to The Long View.

Bio

Tune Out the Noise

DFA US Small Cap

DFA US Micro Cap

“Stocks, Bonds, Bills and Inflation: Year-by-Year Historical Returns (1926-1974),” by Roger Ibbotson and Rex Siquefield, The Journal of Business, January 1976.

“The Cross-Section of Expected Stock Returns,” by Eugene Fama and Kenneth French, jstor.org, June 1992.

“Why Investors Missed Out on 15% of Total Fund Returns,” by Jeffrey Ptak, Morningstar.com, Aug. 15, 2024.

Errol Morris

Merton Miller

Eugene Fama

Mac McQuown

Rex Sinquefield

Robert Merton

Dan Wheeler

Daniel Kahneman

“Everything You Need to Know About ‘MADOFF: The Monster of Wall Street,’” by Ingrid Ostby, netflix.com, Jan. 4, 2023.

“DFA vs. Vanguard,” The Rational Reminder podcast, Episode 351, youtube.com.

“PHOTOS: A Look Inside the Booth Estate,” Austin American-Statesman, Feb. 13, 2020.

Today on the podcast we welcome back Cullen Roche. Cullen is the founder and chief investment officer of the Discipline Funds, which manages the Discipline Fund ETF. In addition, he heads up Orcam Group, a registered investment advisory firm he established in 2012. He’s authored several books, including Pragmatic Capitalism: What Every Investor Needs to Know About Money and Finance, and he has a new book coming out next year called Your Perfect Portfolio. Cullen started his career as an advisor at Merrill Lynch and worked at an event-driven hedge fund before starting his RIA firm. He received his bachelor’s degree in finance from Georgetown University’s McDonough School of Business. Cullen, welcome back to The Long View.

Bio

Discipline Funds

Discipline Fund ETF

Pragmatic Capitalism: What Every Investor Needs to Know About Money and Finance

Your Perfect Portfolio

“Let’s Talk About Tariffs,” by Cullen Roche, disciplinefunds.com, Feb. 3, 2025.

“Weekend Reading—How Did We Get Here?” by Cullen Roche, disciplinefunds.com, April 4, 2025.

“Three Things—Tariffs, Of Course,” by Cullen Roche, disciplinefunds.com, April 7, 2025.

“American Economic Association 2021-2022 Universal Academic Questionnaire Summary Statistics,” by Charles E. Scott and John J. Siegfried, jstor.org.

“Three Things—Is a Recession Coming?” by Cullen Roche, disciplinefunds.com, Feb. 8, 2025.

“What Is Defined Duration Investing?” by Cullen Roche, disciplinefunds.com, Feb. 21, 2023.

“Defined Duration Investing,” by Cullen Roche, paper.ssrn.com, Aug. 8, 2022.

“Three Things—State of the Markets,” by Cullen Roche, disciplinefunds.com, Feb. 22, 2025.

“Why Is International Investing Working Again?” by Cullen Roche, disciplinefunds.com, March 26, 2025.

“Three Things—Weekend Reading,” by Cullen Roche, disciplinefunds.com, April 19, 2025.

“Cullen Roche: Macro Is About Understanding the World for What It Is,” The Long View podcast, Morningstar.com, Jan. 11, 2022.

Milton Friedman

“NY Empire State Index: Meaning, Benefits, Example,” by Adam Hayes, Investopedia.com, June 30, 2022.

William Bernstein’s No-Brainer Portfolio

Meb Faber

The Humble Investor, by Dan Rasmussen

Our guest this week is Vincent Montemaggiore. Vince is a portfolio manager at Fidelity where he manages the Overseas Fund. The strategy is highly regarded by Morningstar’s manager research team. Prior to taking over Fidelity Overseas in 2012, Vince ran Fidelity Select Banking from June 2008. He joined Fidelity as an equity analyst in 2004. Vince has a bachelor’s from the University of Pennsylvania and an MBA from Columbia Business School. Vince, welcome to The Long View.

Bio

Fidelity Series Overseas FSOSX

“2025 Global Investing Outlook: Unsettling International Headlines Are Creating Opportunities for US Investors,” fidelity.com, Jan. 6, 2025.

“Trump Tariffs and Investors: What They Mean for Inflation, Stocks, and the Economy,” fidelity.com, April 9, 2025.

“Europe’s Magnificent 7 Stocks Are Profitable—And Cheaper,” by Jocelyn Jovene, morningstar.co.uk, Feb. 19, 2024.

GSK

Roche

ASML

Nestle

Novartis

SAP

RELX

LSEG and Microsoft Partnership

Hitachi

Tokio Marine

Bill Kennedy

Sammy Simnegar

Jed Weiss