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Episode
AMA 9 – Covered Call ETFs, Currency Hedging, and Bond Misconceptions | Rational Reminder 379
The Rational Reminder PodcastHosted by
Ben Felix+2
Views
11K
1.2× the show’s average
Episode11K
Show avg9K
Published
12mo ago
Oct 16, 2025
Length
1h 34m
show avg 1h 11m
From the show
Chapters
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 AMA episode of the Rational Reminder Podcast, Ben Felix and Dan Bortolotti return to answer listener questions across a wide range of topics—from covered call ETFs and dividend tax credits to currency hedging, bond mechanics, leverage, and career reflections. They open with a striking quote from Harvard economist John Campbell on how markets cater to perceived benefits rather than real ones—a perfect setup for their recent discussions on the rise of covered call ETFs. 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/benjaminfelix 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
- 0:00Intro
- 11:44Main Topic: AMA 9
- 11:53Question 1: Are tax credits from domestic equity dividends already priced in? Secondly, is hedging equities towards currencies of commodity based economies a bad idea?
- 23:48Question 2a: Can you help me wrap my head around using bond funds when they lose nominal value in environments with rising interest rates (even TIPS), vs. individually held bonds to maturity? Is this just a cost of liquidity?
- 31:53Question 2b: If using funds (which I prefer), what is the best empirical method to duration-match when most funds have fixed duration ranges? iShares has a series of fixed date maturity US Treasury and TIPS funds in the US, but is there a way to accomplish this with typical bond funds?
- 35:42Question 2c: Is this an uncommon phenomenon driven by recent inflation coupled with a sustained inverted yield curve? Or, did we just become accustomed to bond price behaviour in a long-term regime of decreasing and then very low inflation?
- 41:17Question 3: Why market-cap weighting between countries and sectors is a good default (except maybe for transaction costs)? For example, why not equal weight between US, Dev and EM countries?
- 45:51Question 4: Over the last 6 years of the podcast what information has influenced your approach to clients and or client investing? How?
- 52:07Question 5: Do you recommend using Horizons (now global x) ETFs in corps or non-registered accounts for favorable tax treatments? Or will the government eventually come after this?
- 1:02:52Question 6: At which interest rate would you consider taking a personal loan to invest in stocks for the long term?
- 1:08:54Question 7: What have you found are the most fulfilling and the most frustrating parts of your career working in finance?
- 1:13:20VEQT is almost 5 years old now. And most of Vanguard's asset-allocation ETFs are almost 6. Question 8: Do you still think these are good choices for DIY investors? How have they performed (against benchmarks and also just in general as investment options) in your opinion/analyses?
Mentioned
Names dropped
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