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/ Ben Felix or any PWL employee will never reach out to you on social media platforms or WhatsApp to give financial advice. These are scammers trying to commit fraud. In this episode, we are joined by Mark Higgins, an award-winning author and institutional investment advisor, to discuss the power and importance of studying US financial history. Mark brings his wealth of knowledge as a financial historian to the show as he shares the value of studying financial history, the role the financial system plays in the overall success of the US, and the impact Alexander Hamilton made on the country. We unpack government debt, the concerning levels of it in America, and the impact of having a central bank before discussing what happens, historically, when a bank is unregulated. Mark describes some early warning signs of a bubble, touches on the historical origins of flawed financial practices, and shares some important lessons we can learn from the history of the US financial system. Hear all about alternative asset classes, evergreen funds, and red flags in the private market. Finally, our guest tells us how he defines his own personal and professional success. This conversation sheds light on the history of finance in the USA and how we can learn from it, so be sure to tune in now! Timestamps: 0:00:00 Intro 0:04:54 Mark articulates the value of studying financial history 0:06:05 The role the U.S. financial system played in the success of the country 0:12:43 How impactful a central bank, or the lack thereof, has been throughout U.S. financial history 0:19:10 How common extreme market events (like crashes and bubbles) throughout U.S. market history are 0:24:24 The historical parallels for crypto and meme stocks 0:27:41 The historical origins of the many flawed practices that are still so common in the investment industry today 0:32:08 The lessons from history the U.S. financial system is going to have to re-learn the hard way 0:38:06 Why so much capital has been allocated to alternatives in recent history 0:44:14 Mark's thoughts on the “evergreen funds” that many private equity managers are launching 0:49:38 The effect that reporting on one day gains on secondaries has on the reported performance of evergreen funds 0:51:54 The biggest red flags in private markets today 0:56:19 How often Mark sees institutions who have been sold alternatives 1:00:43 The main challenges in getting investment committees to adopt an indexing approach 1:05:15 Mark defines success in his life 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/ Cameron Passmore — https://pwlcapital.com/our-team/ Cameron on X — https://x.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/ Mark Higgins on LinkedIn — https://www.linkedin.com/in/markhiggins/ Books From Today’s Episode: Investing in US Financial History: Understanding the Past to Forecast the Future — https://enlightenedinvestor.com/ Security Analysis — https://www.amazon.com/Security-Analysis-Principles-Benjamin-Graham/dp/007141228X Pioneering Portfolio Management — https://www.amazon.com/Pioneering-Portfolio-Management-Unconventional-Institutional/dp/1416544690