Meet with PWL Capital: https://pages.pwlcapital.com/en-ca/contact-us?utm_source=content&utm_medium=youtube&utm_campaign=rationalreminder_yt Avoid Online Scams: https://pwlcapital.com/stay-safe-online/ What if the hardest part of investing isn’t building a portfolio—but sticking to it? In this AMA edition of the Rational Reminder podcast, Ben Felix and Dan Bortolotti tackle listener questions ranging from sustainable retirement withdrawals to the dangers of structured products, with plenty of philosophical insights on risk, behavior, and financial planning. The episode opens with a deep dive into the 4% rule, exploring how time horizon, asset allocation, and global data can shift the definition of “safe.” They also explore the behavioral challenges of the “boring middle” of investing and why consistency may be the greatest alpha. Other standout segments include a sharp critique of bank-sold structured notes, an evidence-based takedown of trend following, and a fascinating discussion on the long-term impact of demographic shifts and index investing. Throughout, Ben and Dan blend technical insight with practical wisdom and academic research, delivering a thoughtful and entertaining conversation for both DIY investors and those working with advisors. Timestamps: 0:00:00 Intro 0:01:31 Question 1: Withdrawal rate and its corresponding estimated years of retirement. I.e. early and late retirees with a 100 equity position in VEQT 0:14:20 Question 2: Don’t you think that the most difficult part about investing is to forget you’re invested? I mean, once you set your goals, asset allocation and monthly savings to invest, then it starts the hard part, so-called “boring middle”. How can you forget you’re in the market if we receive daily news from everywhere about everything? 0:23:47 Question 3: What if 2025 will start with the worst crash of all time? How do you think people will react? 0:30:16 Question 4: Can you do an episode or video about commissions and incentives in the financial industry? Specifically calling out all of the investment advisors at banks who roll A class structured notes for 3% a pop and do not manage portfolios. 0:46:32 Question 5: Based on available evidence, is trend following anything other than glorified technical analysis used to justify market timing? Has it been proven to have ex ante returns beyond a buy and hold strategy that survives transaction costs and expenses? 0:53:15 Question 6: We often talk about how best to manage our income or invest our savings. If we thought about our year as 52 units, and life as units (decade blocks), how do you plan on spending yours? How would you diversify your life for the maximum returns on our sacrifices? 1:01:14 Question 7: What is a safe strategy to invest with leverage (apart from mortgage)? 1:07:19 Question 8: What is your view on the potential impact of demographic changes and what is 'trendy' in investment, for those who buy and hold ETFs over the long haul (20+ years). They're super trendy now for good reason. But what happens when the current wave of investors wants to cash out in retirement, if trends or demographics have changed and there are fewer buyers? Even if the underlying asset prices are good, could the sell price of the ETF suffer? Is there any research or modelling on this possibility, and what is your view? 1:20:22 Aftershow Links From Today’s Episode: Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/ Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on X — https://x.com/RationalRemind Rational Reminder on TikTok — www.tiktok.com/@rationalreminder Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.ca Benjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Dan Bortolotti — https://pwlcapital.com/our-team/ Dan Bortolotti on LinkedIn — https://ca.linkedin.com/in/dan-bortolotti-8a482310 Episode 261: Felix Fattinger - https://rationalreminder.ca/podcast/261 Episode 314: Valentin Haddad - https://rationalreminder.ca/podcast/314 Episode 302: Michael Green - https://rationalreminder.ca/podcast/302 Episode 222: Cassie Holmes - https://rationalreminder.ca/podcast/222 Episode 278: Juhani Linnainmaa - https://rationalreminder.ca/podcast/278 Episode 212: Ralph S.J. Koijen - https://rationalreminder.ca/podcast/212 Episode 322: Marco Sammon — https://rationalreminder.ca/podcast/322Marco Sammon