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 welcome back David Booth, Co-Founder of Dimensional Fund Advisors and author of Stay Calm: Learn to Embrace Uncertainty in Investing and Life. David reflects on his remarkable career at the center of the evidence-based investing revolution, from studying under Eugene Fama at the University of Chicago to helping build investment strategies around decades of financial research. We explore what the data revealed about markets and professional money management, why implementation matters as much as great ideas, and how investors can make better decisions without trying to predict the unpredictable. David also shares his views on trust, financial advice, public versus private markets, human ingenuity, and the meaning of true wealth. Along the way, he explains why staying calm, having a process, and staying invested can matter far more than finding the next winning forecast. Stay Calm: Learn to Embrace Uncertainty in Investing and Life — https://www.amazon.com/gp/product/B0GPDHGH8K/?maas=maas_adg_54BAEC77E3D41A94AB054EADA1E259EE_afap_a%E2%80%A6 Timestamps: 0:00:00 "In This Episode" 0:00:19 Intro 0:01:46 The lesson that Davids' job at Arensberg's Shoe Store taught him 0:03:19 How he applied that lesson to the philosophy that underpins Dimensional 0:05:05 The "Gift of Being an Outsider" 0:08:09 The unexpected benefits and lessons of that mindset 0:11:35 How meeting Eugene Fama changed David's life 0:14:42 What the "nut to crack" was, regarding efficient markets 0:17:34 What David's joke about two fish can teach us about the history of the stock market 0:18:28 What the work of Jim Lorie and Lawrence Fisher teaches us about markets 0:20:26 What their work revealed about the broker/customer relationship 0:35:35 Whether David would rather be an investor starting out in 1971, or tday 0:37:33 Describing "Jensen's Alpha" 0:40:41 Why "Great Ideas Require Practical Implementation" 0:52:06 How humans' desire to improve helps explain markets 0:54:19 Why trust is "the ultimate product" 0:57:11 What it looks like for an investor to shift from "comprehending the science" to, as David puts it, "believing it down to [their] tippy toes" 0:57:51 What modern art's arrival in America teaches us about investing 0:59:09 What David enjoys about the art 1:01:49 The characteristics of a good financial plan 1:06:15 Whether David's goals have changed over time 1:07:18 How to distinguish between forecasts, wishes and worries 1:12:36 A practical framework for investors to identify and tune out noise 1:15:07 David's unfiltered thoughts on private markets 1:16:51 The sequence that underpins true wealth 1:20:26 What winning means to David 1:21:37 Why optimism is a "science-based hope" 1:24:25 What the title of David's book, "Stay Calm", means to him 1:25:50 Episode debrief 1:30:37 Disclaimer Links From Today’s Episode: Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on YouTube — https://www.youtube.com/channel/ Benjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/