The Rational Reminder Podcast – Détails, épisodes et analyse

Have you ever wondered how vibes can shape the economy? Or how the economy differs from financial markets? Or even how meme stocks operate? In this episode, we dive into the intersection of economic theory, social media, and public sentiment with Kyla Scanlon, an insightful economic commentator known for her relatable approach to explaining complex economic concepts. Kyla is a prolific content creator and founder of the financial education company, Bread. She produces a weekly newsletter, informative YouTube videos, the Let’s Appreciate Podcast, and (almost) daily short-form videos that break down complex economic concepts into engaging, bite-sized content. She’s also the author of In This Economy?: How Money & Markets Really Work, an indispensable guide to the “mad math and terrible terminology” of economics. Join us as we explore her unique vibecession concept, discuss the impact of social media-driven market movements, examine the housing crisis through the lens of generational wealth transfer and zoning laws, and much more. As Kyla explains it, economics isn't just about numbers. It’s about the stories we tell and how they influence the world around us. For a fun, fascinating, and highly accessible look at the state of the economy today, don’t miss this conversation with one of the internet’s favorite financial educators!

Key Points From This Episode:

(0:03:19) Kyla’s definition of economics, who the main players are, and how it's understood.

(0:05:04) How "vibes" influence the economy and intersect with economic theory and reality.

(0:07:07) Money, its impact on the economy, and whether GDP reflects economic health.

(0:09:45) Ways that expectations about inflation affect vibes in the economy.

(0:10:50) Kyla’s take on housing, what people get wrong about it, and renting versus owning.

(0:15:16) Surprisingly simple reasons for the housing crisis in the US and beyond.

(0:17:48) Key distinctions between financial markets, the economy, and the stock market.

(0:20:53) The difference between investing, speculating, and gambling.

(0:22:08) GameStop, meme stocks, and the power of social media.

(0:24:43) Reasons that “new era” thinking is dangerous and where crypto went wrong.

(0:29:49) How to know when we’re in a recession and what a “vibecession” is.

(0:33:52) Why US national debt isn’t always bad and why the Federal Reserve exists.

(0:39:43) Problems that can arise from strictly adhering to economic beliefs.

(0:42:53) Ways that the economy is connected to the mental health of individuals.

(0:45:10) The impact of social media and media business models on vibes.

(0:48:45) Kyla’s biggest learnings from her work and how she defines success.

Links From Today’s Episode:

Meet with PWL Capital — https://calendly.com/d/3vm-t2j-h3p

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 — [email protected]
Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/ 

Benjamin on X — https://x.com/benjaminwfelix

Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/

Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/

Cameron on X — https://x.com/CameronPassmore

Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/

Mark McGrath on LinkedIn — https://www.linkedin.com/in/markmcgrathcfp/
Mark McGrath on X — https://x.com/MarkMcGrathCFP

Kyla Scanlon — https://kylascanlon.com/

In This Economy?: How Money & Markets Really Work — https://www.penguinrandomhouse.com/books/737854/in-this-economy-by-kyla-scanlon/

Let’s Appreciate Podcast — https://open.spotify.com/show/6ziXCBAojpLDKtexx8bxds

TLDR Podcast — https://wealthsimple-tldr-podcast.simplecast.com/

Kyla Scanlon Newsletter — https://kyla.substack.com/

Kyla Scanlon on LinkedIn — https://www.linkedin.com/in/kylascanlon/

Kyla Scanlon on YouTube — https://www.youtube.com/@KylaScanlon/

Kyla Scanlon on Instagram — https://www.instagram.com/kylascan/

Kyla Scanlon on TikTok — https://www.tiktok.com/@kylascan

Kyla Scanlon on X — https://x.com/kylascan

‘The Vibecession: The Self-Fulfilling Prophecy’ — https://kyla.substack.com/p/the-vibecession-the-self-fulfilling

Federal Reserve DFA (Distributional Financial Accounts) Chart — https://www.federalreserve.gov/releases/z1/dataviz/dfa/distribute/chart/

Federal Reserve SLOOS Report — https://www.federalreserve.gov/data/sloos.htm

Michael Mauboussin — https://www.michaelmauboussin.com/

FedNow — https://www.frbservices.org/financial-services/fednow

National Bureau of Economic Research — https://www.nber.org/

Justin Wolfers on X — https://x.com/JustinWolfers

‘Why Gen Z is Rewriting the Rules of Work’ — https://www.fastcompany.com/90911399/kyla-scanlon-on-why-gen-z-is-redefining-the-concept-of-job-satisfaction

‘Loneliness as a "market opportunity”’ — https://youtu.be/UL9QiHYtajw

Journal of Economic Teaching Symposium on Economics Teaching (JETSET) — https://journalofeconomicsteaching.org/symposium/

Kyla’s Tweet about #JETSET24 — https://x.com/kylascan/status/1820242645672738938

Books From Today’s Episode:

The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing — https://www.amazon.com/dp/1422184234 

Papers From Today’s Episode: 

‘Why Do We Think That Inflation Expectations Matter for Inflation? (And Should We?)’ — https://www.federalreserve.gov/econres/feds/why-do-we-think-that-inflation-expectations-matter-for-Inflation-and-should-we.htm

‘Negativity drives online news consumption’ — https://www.researchgate.net/publication/369301406_Negativity_drives_online_news_consumption

Which account should you choose, a registered retirement savings plan (RRSP) or a Tax-free savings account (TFSA)? This is one of the most common decisions that Canadians must make when it comes to investing, but it will also elicit some of the most passionate responses. RRSPs especially get a lot of undue skepticism, with some even labelling it as a scam. Today we take a deep dive into both of these savings accounts, exploring the downsides and benefits of each, and how to decide which account is right for you based on your savings goals. With the help of Conquest Planning, a specialized, in-depth modelling tool, we look at a range of scenarios incorporating different variables, like income and family size, and break down our analysis regarding the RRSP vs. TFSA decision for each scenario. We discuss key factors to consider, including the basic personal amount tax credit, which allows RRSPs to act as a tax flow-through, and the guaranteed income supplement (GIS), which can impact retirement planning. Our conversation also examines how to approach family size and longevity, as RRSPs become more advantageous with longer lifespans. Join us today to learn about the benefits and flexibility of each of these accounts, the surprising ways RRSPs often outperform TFSAs, and find out which one is right for you!

Key Points From This Episode:

(0:00:20) An introduction to the RRSP vs. TFSA debate.

(0:08:11) How we used the Conquest Planning tool and the scenarios we analyzed.

(0:10:34) Taxation and contribution considerations and strategies for RRSPs and TFSAs.

(0:20:11) An analysis of scenario one; $60,000 income and no children.
(0:22:38) Basic personal amount tax credit; how it allows RRSPs to act as a tax flow-through.

(0:27:20) The Guaranteed Income Supplement (GIS) and its impact on RRSP vs. TFSA analysis in different scenarios.

(0:36:16) How GIS is tied to Old Age Security (OAS) payments.

(0:41:12) An analysis of scenario two; a couple with two children, and the impact of the Canada Child Benefit on RRSP vs. TFSA contributions.

(0:45:21) The impact of mortality and longevity on RRSP and TFSA in various scenarios.

(0:47:01) Main takeaways from today’s scenarios and the advice our hosts would give to different clients regarding TFSAs and RRSPs.

(0:50:50) Why RRSPs are of greater benefit if you live longer compared to TFSAs.

(0:52:13) Our aftershow section: listener feedback, what Ben is working on regarding renting versus buying, the zombie apocalypse, and more.

Links From Today’s Episode:

Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p

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 — [email protected]
Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/ 

Benjamin on X — https://x.com/benjaminwfelix

Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/

Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/

Cameron on X — https://x.com/CameronPassmore

Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/

Mark McGrath on LinkedIn — https://www.linkedin.com/in/markmcgrathcfp/
Mark McGrath on X — https://x.com/MarkMcGrathCFP

Brady Plunkett on LinkedIn — https://www.linkedin.com/in/brady-plunkett-712489105/

Lukas Fleck on LinkedIn — https://www.linkedin.com/in/lukasfleck/

Flossing for your Finances, Personal Financial Strategies for Dentists — https://us06web.zoom.us/webinar/register/9017236574029/WN_7O_JdvejRhmh-_LleBNRmQ#/registration
Episode 317: Kevin Milligan — https://rationalreminder.ca/podcast/317

Papers From Today’s Episode: 

‘Tax Uncertainty and Retirement Savings Diversification’ — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2799288

There is a huge range of factors that can impact our investment decisions, whether we realize it or not, from our level of financial literacy to our political affiliations. This is borne out in research conducted by today’s guest Professor Antoinette Schoar, the Stewart C. Myers-Horn Family Professor of Finance at MIT Sloan. Today, Antoinette joins us to share her insights and challenge conventional wisdom on various topics from target date funds to cryptocurrencies. Tuning in, you’ll learn about the transformative impact of target date funds on investment behaviours and asset allocation, before delving into the subject of financial literacy and financial advisors. Antoinette also sheds light on the unique dynamics of crypto trading and breaks down why retail investors' strategies in crypto differ significantly from those in traditional markets. We also discuss the complexities of private equity and venture capital, focusing on why these asset classes might not be suitable for retail investors due to high barriers and risks. Our conversation also covers the critical role of regulation in maintaining market stability and protecting investors. Join us for a thought-provoking discussion that promises to deepen your understanding of financial markets and enhance your investment decisions!

Key Points From This Episode:

(0:00:18) An introduction to today's guest, Antoinette Schoar, and her extensive research.

(0:03:44) The rise of target date funds in the American retirement system: how it’s affected asset allocation and trading behaviour of retail investors.

(0:09:39) The impact of target date funds: how they have affected mutual fund flows, arbitrage opportunities, market efficiency, the elasticity of aggregate demand, and trend-chasing anomalies.

(0:16:48) The influence of individual beliefs, like political affiliation, on financial decision-making and portfolio adjustments, and how to counteract it.

(0:21:54) Perceptions of risk in housing investments: how this affects the rent versus buy decision, what changes people’s housing risk perceptions, and how to make better housing decisions.

(0:29:29) Findings from Antoinette’s study on financial advisors and their effectiveness at undoing bias in their prospective clients.

(0:33:51) How investors' prior beliefs affect their receptiveness to receiving financial advice and why better financial literacy is essential.

(0:41:38) What consumers need to know about advisor compensation structures and what they should look for when seeking out financial advice.

(0:47:05) How Antoinette’s students motivated her to research cryptocurrency and teach it.

(0:49:40) Antoinette’s insights on the applications of cryptocurrency and blockchain, and some of the surprising positive outcomes from the rise in cryptocurrency.

(0:52:13) The trading behaviours of retail investors in cryptocurrencies compared to traditional asset classes.

(0:57:30) An analysis of the Terra Luna collapse explaining the systemic issues and resulting financial impact on smaller investors.

(01:02:14) The broader implications of cryptocurrency trading and the need for regulatory oversight to protect investors.

(01:06:05) An overview of the challenges and risks of investing in private equity and venture capital for retail investors.

(01:11:56) Antoinette’s reflections on success, professional goals, and the broader impact of research on financial markets and investor behaviour.

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 YouTube — https://www.youtube.com/channel/

Rational Reminder Email — [email protected]
Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/ 

Benjamin on X — https://x.com/benjaminwfelix

Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/

Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/

Cameron on X — https://x.com/CameronPassmore

Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/

Antoinette Schoar — https://mitsloan.mit.edu/faculty/directory/antoinette-schoar

Monika Piazzesi — https://economics.stanford.edu/people/monika-piazzesi

Papers From Today’s Episode: 

‘Belief Disagreement and Portfolio Choice’ — https://www.nber.org/papers/w25108

‘Credit Supply and House Prices: Evidence from Mortgage Market Segmentation’ — https://www.nber.org/papers/w17832

‘Retail Investors’ Contrarian Behavior Around News, Attention, and the Momentum Effect’ — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3544949
‘Anatomy of a Run: The Terra Luna Crash’ — https://www.nber.org/papers/w31160

Of course, you want to protect your family and your savings from unforeseen consequences, but is life insurance the best option? Can life insurance be an investment rather than a cost? In today's episode of the Rational Reminder Podcast, we take a look at everything life insurance and dig into some hard-hitting research on the subject. We break down the various insurance products available and unravel the nuances regarding returns, dividends, and the associated fees. We discuss why there is so much confusion regarding returns and associated risk, how your contribution can affect your returns, and why you may not get the payout you expected. We also delve into what makes each insurance product different from the next, whether predictions on insurance policy returns are possible, and how insurance compares to other asset classes. If you’re looking for insight into the potential tax benefits of life insurance and a breakdown of the different scenarios where life insurance is needed, this is the episode for you!

Key Points From This Episode:

• The main topic of the episode: permanent life insurance. (0:04:29)
• Defining insurance and how it is typically structured. (0:04:44)
• ‘Term life insurance’ and how it works. (0:05:41)
• A brief outline of the differences between term insurance and permanent insurance. (0:07:37)
• Details about term life insurance and the benefits to the policyholder. (0:09:37)
• Another type of life insurance: universal life insurance. (0:11:05)
• How investments within a life insurance policy are designed. (0:13:20)
• An interesting insight Ben came across while researching insurance. (0:14:38)
• Non-participating whole life insurance and the associated cash value. (0:16:00)
• A breakdown of participating life insurance and what makes it different. (0:18:42)
• The basis for performance and premiums on participating insurance. (0:21:43)
• Whether or not it’s possible to predict returns from insurance products. (0:25:25)
• Reasons for the obscurity surrounding insurance products and expected returns. (0:25:49)
• The policy illustration software that many insurance companies use. (0:29:35)
• Insight into post-tax returns of permanent insurance on death. (0:35:23)
• An overview of when you would need life insurance. (0:40:58)
• The long-term expected death benefits compared to other assets. (0:43:03)
• Insight into the commission incentive associated with insurance policies. (0:45:47)
• Highlights of a recent presentation that Ben gave at an IAFP conference. (0:46:53)
• Feedback received about the Jonathan Berk and Jules van Binsbergen episode. (0:49:01)
• A summary of recent news about rate changes and developments at Vanguard. (0:56:23)
• This week’s review of The Art of Gathering, about meeting more effectively. (01:00:55)
• An honourable mention of another book, Your Investment Philosophy. (1:06:22)

Do you feel like you have a good grasp of financial markets? Think again! In this episode, we take a plunge into the world of financial markets with experts Jules van Binsbergen and Jonathan Berk. Jules is a Professor of Finance at the Wharton School of the University of Pennsylvania and Jonathan is a Professor of Finance at Stanford Graduate School of Business. They also host a popular podcast called Else Equal, which explores the science and strategy of making better financial decisions, and have written several academic papers that challenge the status quo. In our conversation, we discuss their research on the relationship between manager skill and fund performance, the best ways to measure performance, and reasons why benefits are in favour of the managers. We also explore the dogma surrounding mutual funds, the differences between active and passive management, and how to measure efficient capital markets. Listeners will also hear perspectives that challenge their understanding of capital markets and viewpoints that completely disagree with previous guests. Although we have covered this topic before in previous episodes, this conversation will fundamentally change the way you view financial markets and how to think about them.

Key Points From This Episode:

• What information fund performance contains about manager skill. (0:04:04)
• Reasons why manager skill and performance are unrelated. (0:04:59)
• We learn how manager skills should be measured. (0:06:57)
• How to choose the appropriate benchmark to measure value added. (0:09:26)
• Find out if you can use factor-mimicking portfolios to measure risk-adjusted returns. (0:12:05)
• Whether funds that directly target risk factors can be used as an investable benchmark. (0:16:35)
• What the skill of active managers are when skill is measured as value-added. (0:20:52)
• The proportion of value-added between security selection and market timing. (0:23:20)
• Discussion about how persistence manifests when it is measured by value-added. (0:25:43)
• Find out if investors should analyze mutual fund companies as opposed to managers. (0:32:36)
• Discover why research has focused on individual security pricing and not on evaluating manager skill. (0:34:25)
• We unpack the reasons why it's a zero net alpha as opposed to a negative net alpha in equilibrium. (0:38:19)
• We delve into why the research took so long to apply rational expectations to fund investors as with the stock market. (0:42:46)
• An explanation of how equilibrium zero net alpha fits into Bill Sharpe's arithmetic of active management. (0:48:16)
• Who benefits from the high amount of skill available within the sector. (0:51:11)
• Whether the increase in millionaires around the world drives inequality. (0:56:12)
• Hear if it is possible to identify skilled fund managers before the benefits of their skills are absorbed by fund size. (01:01:41)
• The implications on efficient market hypothesis for the stock market. (01:05:36)
• Advice for investors, considering that the benefits of skill are in favour of managers. (01:08:37)
• Details about their research on how multi-factor asset pricing models are not representative of risk. (01:12:45)
• We end the show by learning how our guests define success in their lives. (01:19:08)

Links From Today’s Episode:

Jules van Binsbergen — https://sites.google.com/view/jules-van-binsbergen/

Jules van Binsbergen on LinkedIn — https://www.linkedin.com/in/jules-van-binsbergen-a7b21a2/

Jules van Binsbergen on Google Scholar — https://scholar.google.com/citations/

Wharton School of the University of Pennsylvania — https://www.wharton.upenn.edu/

Jonathan Berk — https://www.gsb.stanford.edu/faculty-research/faculty/jonathan-b-berk

Jonathan Berk on LinkedIn — https://www.linkedin.com/in/jonathan-berk-07874a3b/

Jonathan Berk on Google Scholar — https://scholar.google.com/citations/

Stanford Graduate School of Business — https://www.gsb.stanford.edu/

Else Equal: Making Better Decisions — https://www.gsb.stanford.edu/business-podcasts/all-else-equal-making-better-decisions

Passive in Name Only — https://heinonline.org/HOL/LandingPage/

The Emperor of All Maladies — https://www.amazon.com/Emperor-All-Maladies-Biography-Cancer/dp/1439170916

Unsettled — https://www.amazon.com/Unsettled-Climate-Science-Doesnt-Matters/dp/1950665798

‘Episode 200 with Prof. Eugene Fama’ — https://podcasts.google.com/feed/aHR0cHM6Ly9yYXRpb25hbHJlbWluZGVyLmxpYnN5bi5jb20vcnNz/episode/MzA2MjM2OTctOTc5Yy00MDU4LWE3YzMtYTdmMGU4NGQ0Y2Jj?sa=X&ved=0CAIQuIEEahgKEwjI27ng_rH6AhUAAAAAHQAAAAAQsQQ

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/?hl=en

Rational Reminder on YouTube — https://www.youtube.com/channel/
Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/

Benjamin on Twitter — https://twitter.com/benjaminwfelix

Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/

Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/

Cameron on Twitter — https://twitter.com/CameronPassmore

Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/

Critics of blockchain often say that it is nothing more than a database, but today’s guest, Ari Juels, has a different opinion. His technical expertise (he is a Professor of Computer Science at Cornell Tech), combined with his ability to understand both sides of a divisive topic like this one, make for a very insightful conversation about Bitcoin, NFTs, and smart contracts. We talk about the reasons for the valid skepticism that surrounds blockchain technology, the various reasons that Ari believes that it is a powerful, useful tool, despite its downfalls, pyramid schemes, decentralized exchanges and more!

Key Points From This Episode:

• The significance of the Bitcoin innovation to Ari’s field of study. (0:03:40)
• What piqued Ari’s initial interest in digital currency. (0:04:46)
• Ari explains the difference between permission and permissionless blockchains. (0:06:27)
• Comparing a permission blockchain with a distributed-append-only database with authorized contributors. (0:08:34)
• A number of reasons why permissionless blockchains have been so widely embraced (despite Ari’s initial prediction to the contrary). (0:12:24)
• Fraud in the cryptocurrency space; Ari shares his thoughts. (0:14:28)
• The benefits of the cultural phenomenon of NFTs. (0:19:25)
• Examples of NFT-related issues that still need to be addressed. (0:26:04)
• How smart contracts can be used by criminals to their advantage. (0:30:09)
• Why smart contracts are well suited for compliance. (0:32:02)
• An example of a smart contract pyramid scheme. (0:35:48)
• Some of the pros and cons of the inflexibility of smart contracts. (0:41:09)
• What flash loans are and what they can be used for. (0:46:11)
• Understanding the value of oracle systems. (0:50:04)
• How the Candid system that Ari’s group developed helps to mitigate the problem of lost Bitcoin keys. (0:57:04)
• Ari explains the advantages and disadvantages of a decentralized exchange. (01:01:19)
• How the blockchain has improved code writing. (01:07:57)
• The importance of balancing privacy and accountability in DeFi systems. (01:09:38)
• Ari’s thoughts about the future potential of blockchain technology. (01:14:03)
• The biggest concerns that Ari has about the blockchain space. (01:15:24)
• Why skepticism about blockchain technology is valid. (01:17:31)
• The facet of the blockchain space that Ari is most excited about. (01:19:51)

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/ 

Shop Merch — https://shop.rationalreminder.ca/

Join the Community — https://community.rationalreminder.ca/

Follow us on Twitter — https://twitter.com/RationalRemind

Follow us on Instagram — @rationalreminder

Benjamin on Twitter — https://twitter.com/benjaminwfelix

Cameron on Twitter — https://twitter.com/CameronPassmore

Ari Juels on Twitter — https://twitter.com/AriJuels

Ari Juels — https://www.arijuels.com/

The Ring of Gyges: Using Smart Contracts for Crime — http://www.arijuels.com/wp-content/uploads/2013/09/Gyges.pdf

NFTs for Art and Collectables: Primer and Outlook — https://www.arijuels.com/wp-content/uploads/2022/04/NFTs__Primer_and_Outlook.pdf

‘Huge mess of theft and fraud:’ artists sound alarm as NFT crime proliferates — https://www.theguardian.com/global/2022/jan/29/huge-mess-of-theft-artists-sound-alarm-theft-nfts-proliferates

Incomplete Contracts and Control — https://www.nobelprize.org/uploads/2018/06/hart-lecture.pdf

Chainlink 2.0: Next Steps in the Evolution of Decentralized Oracle Networks — https://research.chain.link/whitepaper-v2.pdf?_ga=2.99068702.124468793.1661870135-1990502175.1661870135

Flash Boys 2.0: Frontrunning, Transaction Reordering, and Consensus Instability in Decentralized Exchanges — https://arxiv.org/pdf/1904.05234.pdf

Themis: Fast, Strong Order-Fairness in Byzantine Consensus — https://eprint.iacr.org/2021/1465.pdf

Cleaning Up Cryptocurrency: The Energy Impacts of Blockchains — https://energycommerce.house.gov/sites/democrats.energycommerce.house.gov/files/documents/Witness%20Testimony_Juels_OI_2022.01.20.pdf

The Seven Grand Challenges — https://www.initc3.org/projects.html

The type of assets which usually come to mind when considering investments are stocks, bonds, or cash, but what are the alternatives? And what kind of returns do alternative asset classes offer? In today’s episode, we delve into the returns which can be expected from alternative asset classes such as private equity, venture capital, angel investing, private credit, hedge funds, direct real estate, and cryptocurrencies. Hear an in-depth analysis based on empirical studies and the expertise of your hosts, Ben and Cameron, to discover whether there is any merit to alternative asset classes as investments. We unpack the extra layer of complexity associated with predicting returns on alternative assets, how to approach calculating returns, and why the associated fees are an essential consideration. We also hear details about an interesting conference Cameron recently attended and briefly recap cryptocurrencies as an investment. You’ll also hear our conversation with our 22 in 22 reading challenge guest David Senra about his reading habits, the books that most inspire him, and his advice for people who want to read more.

Key Points From This Episode:

• Outline of today’s main topic: expected returns for alternative asset classes. (0:01:51)
• Why predicting returns of alternative asset classes has an extra layer of complexity. (0:03:18)
• How to approach estimating the returns of private equity, specifically buyouts. (0:05:04)
• We unpack historical data regarding the returns of private equity. (0:07:35)
• Calculating the returns on venture capital and reasons to be cautious about it as an asset class. (0:16:35)
• The distribution of returns from venture capital based on the market numbers. (0:20:09)
• Learn what angel investing is and its associated returns. (0:20:54)
• What returns on angel investing are most dependent on and why. (0:22:21)
• The different types and the associated returns. (0:25:23)
• Hear about the fees associated with private credit. (0:27:42)
• We unravel the concept of hedge funds, the associated fees, and expected returns. (0:29:29)
• A limiting factor on hedge funds: capacity constraints. (0:33:38)
• The takeaway regarding private real estate investments. (0:36:25)
• How private real estate is valued as an asset class. (0:37:48)
• Cryptocurrencies and the returns to be expected. (0:39:34)
• We discuss some of the key takeaways from today’s main topic. (0:43:30)
• We follow up on a previous topic we covered: financial literacy. (0:45:10)
• Find out about an interesting conference that Cameron recently attended. (0:48:46)
• Hear about the recent reviews we have received about the podcast. (0:57:58)
• We introduce our 22 and 22 reading challenge guest, David Senra. (01:00:15)
• Where David’s passion for reading about founders originates from. (01:02:25)
• David shares details about his reading habits. (01:05:57)
• His approach to finding founders that he wants to read about. (01:08:49)
• David’s approach to note taking while reading a book. (01:11:07)
• We learn about the stories that have impacted David the most. (01:13:53)
• He explains the benefits of reading a book for a second time. (01:17:11)
• Books about founders that he thinks everyone should read. (01:19:20)
• David’s observation of the role of luck in a founder’s success story. (01:23:19)
• Advice he has for people who want to read more. (01:29:33)

Links From Today’s Episode:

AQR Capital Management — https://www.aqr.com/

BlackRock Asset Management — https://www.blackrock.com

Bank of America — https://www.bankofamerica.com/

‘The risk and return of venture capital’ — https://www.sciencedirect.com/science/article/pii/S0304405X04001564

‘Performance of Private Credit Funds: A First Look' — https://jai.pm-research.com/content/21/2/31.short

‘Do Hedge Funds Hedge?’ — https://jpm.pm-research.com/content/28/1/6.short

‘The Performance of Hedge Fund Performance Fees’ — https://www.nber.org/papers/w27454

‘Higher risk, lower returns: What hedge fund investors really earn’ — https://www.sciencedirect.com/science/article/abs/pii/S0304405X1100016X

‘Another Look at Private Real Estate Returns by Strategy’ — https://jpm.pm-research.com/content/45/7/95/tab-pdf-trialist

'The Characteristics and Portfolio Behavior of Bitcoin Investors: Evidence from Indirect Cryptocurrency Investments' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3501549

‘Beliefs and the Disposition Effect’ — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3516567

‘Once Bitten, Twice Shy: The Power of Personal Experiences in Risk Taking’ — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2506627

S&P Global FinLit Survey — https://gflec.org/initiatives/sp-global-finlit-survey/

Future Proof Conference — https://futureproof.advisorcircle.com/

Invest Like the Best Podcast — https://investlikethebest.libsyn.com/

David Senra on LinkedIn — https://www.linkedin.com/in/david-senra-278843236/

David Senra on Twitter — https://twitter.com/FoundersPodcast?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor

David Senra on Facebook — https://www.facebook.com/david.senra.1

The Founders Podcast — https://founders.simplecast.com/

A Triumph of Genius — https://www.amazon.com/Triumph-Genius-Edwin-Polaroid-Patent/dp/1627227695

Cable Cowboy — https://www.amazon.com/Cable-Cowboy-Malone-Modern-Business/

Titan — https://www.amazon.com/Rare-Chernow-Titan-Life-Rockefeller/

A Man for All Markets — https://www.amazon.com/Man-All-Markets-Street-Dealer/

Against the Odds — https://www.amazon.com/Against-Odds/

Estee: A Success Story — https://www.amazon.com/Estee-Success-Story-Lauder/

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/?hl=en

Rational Reminder on YouTube — https://www.youtube.com/channel/
Ben Felix — https://www.pwlcapital.com/author/benjamin-felix/

Ben on Twitter — https://twitter.com/benjaminwfelix

Ben on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/

Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/

Cameron on Twitter — https://twitter.com/CameronPassmore

Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/

In this episode, we speak to Chris DeRose, software developer and former co-host of the Bitcoin Uncensored podcast, about both the downsides and upsides of cryptocurrencies and the associated technologies. We took the time to dive deep into the subject with Chris and learned about some of the common misconceptions about blockchain technology, the value of cryptocurrencies to society, ways in which the crypto space has evolved, using economic theories to understand financial systems, the definition of money, what he thinks about the associated technologies, the role blockchain technology can have in society and why cryptocurrencies will not replace the dollar.

Key Points From This Episode:

• The motivation behind Chris’s decision to get involved with Bitcoin in 2010. (0:00:48)
• How the Bitcoin community has evolved since Chris got involved in 2010. (0:03:00)
• Some of the common misconceptions associated with blockchain technology. (0:06:03)
• Whether new technologies pushing back against regulations is common. (0:08:08)
• Ways in which Chris’s perception of crypto has changed since he discovered it. (0:09:53)
• Chris explains what his definition of money is. (0:11:19)
• Find out what Bitcoin actually is, if it is not money. (0:14:39)
• Aspects of the current financial system that Bitcoin improves on. (0:16:42)
• A discussion around the recent controversy regarding Canadian trucker convoys. (0:17:54)
• Some of the problems anonymity associated with cryptocurrencies causes. (0:20:33)
• Why not being able to verify transactions is a problem for privacy coins. (0:21:18)
• A discussion about the US monetary system and the US dollar. (0:24:12)
• Chris discusses the reliance on economic theories to understand the economy. (0:30:59)
• What he thinks about crypto markets through the lens of market efficiency. (0:32:26)
• Whether crypto markets can be manipulated or not. (0:33:49)
• Why Chris thinks Bitcoin will not make traditional regulations around payments obsolete. (0:35:32)
• Another discussion regarding the economy through a theoretical lens. (0:39:15)
• Reasons why Chris thinks cryptocurrencies have value. (0:40:32)
• Chris explains what fungible value is. (0:45:49)
• Why Bitcoin is regarded as digital gold. (0:49:25)
• How possible it is for Bitcoin to replace the dollar. (0:50:46)
• Chris tells us if he thinks Bitcoin and Ethereum are (0:53:39)
• Why Chris thinks there is a mythical aspect to the economy. (1:00:49)
• We find out if Chris thinks blockchains are immutable. (1:02:29)
• Immutability: find out if this is a good aspect of cryptocurrencies. (1:03:37)
• An explanation of consensus and if proof of work alternatives offer solutions. (1:04:33)
• Reasons why he thinks Vitalik Buterin is a charlatan. (1:09:22)
• Chris tells us if Vitalik’s claims are living-up to the expectations. (1:12:41)
• The role that blockchains can play regarding international money transfers. (1:15:22)
• Outline of how ransomware could be beneficial to society. (1:16:20)
• How possible is it to see nation-states existing only on the blockchain. (1:17:43)
• Learn what value private blockchains offer. (1:18:37)
• What are the most promising crypto products/technologies in Chris’s opinion. (1:19:49)
• The technical aspects of NFTs are explained. (1:21:23)
• Find out what his opinion on DAOs is. (1:24:20)
• Examples of the best application of smart contracts that Chris has seen. (1:25:13)
• Whether cryptocurrencies and public blockchains are revolutionary technology. (1:27:38)
• What role cryptocurrencies can play in reducing wealth inequality. (1:28:35)

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/ 

Shop Merch — https://shop.rationalreminder.ca/

Join the Community — https://community.rationalreminder.ca/

Follow us on Twitter — https://twitter.com/RationalRemind

Follow us on Instagram — @rationalreminder

Benjamin on Twitter — https://twitter.com/benjaminwfelix

Cameron on Twitter — https://twitter.com/CameronPassmore

Chris DeRose — http://www.chrisderose.com

The gender pay gap is still a persistent problem in today's society, reflecting the overall state of gender inequality. It is full of complexity and comprises different facets, making it hard to understand the overall situation. We have covered the topic before, but in this episode, we go into a whole new level of detail. To help us unpack the nuance of this essential topic is Colleen Ammerman, Director of the Gender Initiative at Harvard Business School. She is also the author of Glass Half-Broken, providing readers with hard evidence and detailed analysis of the different drivers of gender inequality in the workplace. We cover the basics of gender inequality, such as how it currently exists, how it manifests in the workplace, and the subtle and less obvious ways it occurs. We also find out whether men are generally aware of the problem, the obstacles that prevent men from taking action, and the power men have to initiate positive change within organizations. Colleen also untangles the intricacies of the topic, explaining why gender equality is still a pervasive problem, how gender inequality extends to promotions, how management explains away the issue, how gender equality is also beneficial for men, and the influence of perceived gender roles in career decisions. Tune in and learn about the intricacies of gender inequality, as well as the possible solutions, with Colleen Ammerman!

Key Points From This Episode:

• We start by finding out what the current situation is for women in the workplace. (0:03:22)
• How to quantify gender inequality symptoms in the workplace. (0:04:12)
• Whether there are similar effects of gender inequality for men of colour. (0:05:03)
• Why people might still deny that there is a problem concerning gender inequality. (0:05:35)
• An outline of the career obstacles that uniquely affect women. (0:07:18)
• Find out if men are aware that women have additional barriers to overcome. (0:12:03)
• Reasons why women may leave the workplace before retaining a leadership role. (0:14:05)
• Colleen explains how we know from the data that women have less interest in higher-paying technical jobs. (0:16:14)
• Learn if the adjusted gender pay gap data diminish the findings of using unadjusted gender pay gap data. (0:18:47)
• Ways in which the gender pay gap extends to promotions and compensation. (0:20:34)
• Colleen tells us why it is important for society to strive for more women in leadership positions. (0:21:26)
• The general response from men to workplace diversity initiatives. (0:22:07)
• What men should be doing in the workplace to help reduce inequalities that exist. (0:26:25)
• The ways corporate directors explain the underrepresentation of women and people of colour on boards. (0:29:15)
• Why we don't see more men taking action to combat gender inequality issues. (0:31:05)
• She explains what homophily is and its role in workplace diversity. (0:33:13)
• How the language in job descriptions determines who applies for the position. (0:37:04)
• Whether there is evidence to support the notion that women prefer a growth-mindset environment to a fixed-mindset environment. (0:40:00)
• What men, who are not in leadership positions, can do to overcome gender inequality problems in the workplace. (0:43:02)
• What companies need to be aware of regarding hybrid and remote-work models. (0:47:14)
• The steps men can take to overcome gender inequality outside of the workplace. (0:50:29)
• We learn what managers can do to attract more diverse candidates. (0:52:52)
• Whether there is data on the effect that gender has on hiring decisions. (0:54:22)
• How gender norms or biases affect employee evaluation. (0:56:01)
• Actions that women can take to advance their careers in an unequal environment. (0:59:53)
• Colleen explains the issues of negotiations for men and women. (01:04:03)
• The role parents can play to combat the issues of gender parity. (01:05:13)
• We end the episode by learning how Colleen defines success in her life. (01:06:03)

Glass Half-Broken: Shattering the Barriers That Still Hold Women Back at Work — https://amzn.to/3xbp2CG

Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582.

Rational Reminder Website — https://rationalreminder.ca/

Benjamin on Twitter — https://twitter.com/benjaminwfelix

Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/

Cameron on Twitter — https://twitter.com/CameronPassmore

Colleen Ammerman on Twitter — https://twitter.com/colleenammerman

Colleen Ammerman on LinkedIn — https://www.linkedin.com/in/colleenammerman/

Today, we speak to Vili Lehdonvirta, Professor of Economics, Sociology, and Digital Social Research at the Oxford Internet Institute at the University of Oxford. Professor Lehdonvirta is a social scientist whose research focuses on ways digital technologies are reshaping the organization of economies, including their associated social effects. He is also the author of two books, Cloud Empires and Virtual Economies, which provide readers with an in-depth look into the power that crypto platforms hold and a well-rounded characterization of digital markets. In this episode, we talk about the ideological underpinnings of crypto and the role of governance in making cryptocurrencies possible. We discuss the role of states in scaling markets, how states and platform companies differ, the impacts of smart contracts on governance issues, and how control and power are centralized within crypto markets, as well as the social implications of blockchain technology. Listeners will also learn about past controversies within the crypto space, why people are still needed within crypto, and the blockchain paradox, plus more!

Key Points From This Episode:

• We start by learning about John Perry Barlow’s vision for cyberspace. [0:05:06]
• Find out about the role that states play in markets. [0:07:03]
• How markets function at scale if the state is not involved. [0:07:55]
• Professor Lehdonvirta’s view on whether governance may precede markets. [0:08:59]
• The role massive platform companies play in today’s economy. [0:09:44]
• Ways in which states and platform companies differ. [0:10:42]
• Why he thinks public blockchain technology has garnered so much attention. [0:11:27]
• An explanation of the influence John Perry Barlow’s vision had on cryptocurrencies. [0:13:04]
• Learn what a Kleroterion is and the role it played in Athenian democracy. [0:14:01]
• Professor Lehdonvirta shares what it means to ‘trust in the code.’ [0:17:05]
• An outline of the new properties smart contracts created. [0:18:59]
• Social and economic implications of unstoppable censorship-resistant contracts. [0:21:08]
• A brief rundown of how impactful smart contracts have been. [0:22:27]
• How the trustless and unstoppable claims of cryptocurrencies and DAOs were affected by the DAO story. [0:24:20]
• Whether the Bitcoin block-size conflict affected the perception of crypto as a trustless system. [0:28:17]
• We find out the current size of the Bitcoin development team. [0:31:05]
• Other examples of human discretion affecting the direction of Bitcoin. [0:31:46]
• Professor Lehdonvirta explains the strategies used to preserve trustlessness after the human interventions took place. [0:35:16]
• Details about an important strategy: the appeal to technical expertise. [0:38:53]
• Find out if the ability to fork blockchain networks restores trustless claims of crypto. [0:39:42]
• Whether users of a blockchain network, who are not miners, can influence crypto markets. [0:45:02]
• Professor Lehdonvirta’s opinion on who has the most control over cryptocurrency networks. [0:49:35]
• Hear what aspect of Athenian democracy Nakamoto failed to replicate. [0:54:26]
• We learn what the blockchain paradox is (also known as the governance paradox). [0:56:50]
• Find out if Professor Lehdonvirta thinks technology changes the fundamental aspects which shape how societies are organized. [01:00:11]
• Find out if blockchain has eliminated the need for nation-states. [01:02:11]
• What cryptocurrencies have accomplished since their inception. [01:03:40]