The Wealthy Barber Podcast

• #9 — Dan Bortolotti: Index Investing, ETFs and Financial Planning

  We’re joined this episode by Dan Bortolotti—Portfolio Manager at PWL Capital, creator of the hugely popular “Canadian Couch Potato” blog, author of “Reboot Your Portfolio: 9 Steps to Successful Investing with ETFs” and co-host of the “Rational Reminder” podcast. In this episode, Dan and Dave dive deep into index investing, covering everything from active vs. passive investing styles to tips for DIY investors, asset allocation strategies, the pros and cons of all-in-one ETFs in Canada and much more. There’s a lot to unpack, but Dan and Dave make it all easy to understand. This episode is a must-listen for anyone serious about DIY investing—tune in now!   Show Notes (00:00:00) Intro & Disclaimer (00:00:55) Intro to Dan Bortolotti (00:02:04) The Origins of the “Canadian Couch Potato” (00:06:56) What is an Index Fund (00:08:52) Why Don't Most Active Managers Outperform the Market? (00:15:12) How Dave's Dad Can Beat Professional Money Managers (00:16:57) Group Retirement Plans (00:19:25) Mutual Fund Underperformance (00:22:42) Should People Speculate with 5-10% of Their Portfolio? (00:26:31) The Financial-Planning-First Model (00:35:52) How to Construct An Index-Fund Portfolio (00:34:57) Risk Tolerance and Asset Allocation (00:42:50) When Stocks & Bonds Both Went Down (00:44:56) What Goes Into a Financial Plan? (00:46:34) Get Life Insurance! (00:47:59) There is No "Optimal" Financial Plan (00:49:52) When to Take CPP (00:51:21) The Risks of Helping Kids/Grandkids with Down Payments (00:53:52) All-in-One ETFs (00:58:16) Withholding Taxes on US Stocks (01:02:27) Online Investment Platform Recommendations (01:04:26) Conclusion

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• #8 — Ron Butler: Real Estate, Mortgages and The Housing-Affordability Crisis

  Our guest this episode is Ron Butler—a 30-year veteran of the mortgage industry and owner of Butler Mortgage. Some of you may recognize Ron from his social media rants or his “Angry Mortgage Podcast” where he uses colourful language and profanity to express his opinions (and share his wisdom!) on the world of real estate and mortgages.  In this episode, Dave and Ron discuss all things real estate including the pros/cons of using a mortgage broker, where they think interest rates are headed, whether people should use fixed- or variable-rate mortgages and much, much more.  Enjoy this entertaining and insightful episode. Show Notes 00:00 – Intro & Disclaimer 00:57 – Intro to Ron Butler 03:20 – Pros/Cons of Using a Mortgage Broker 05:29 – Canada vs. USA Use of Mortgage Brokers 08:19 –  Where Ron Thinks Interest Rates Are Headed 09:47 –  Divergence Between Haves vs. Have-Not 11:48 – Fixed vs. Variable Mortgage Rates 13:54 – Parents Helping with Down Payments 18:02 –  The Financialization of Housing 20:07 – Where Are Housing Prices Headed? 25:51 – The Small-Condo Market 30:09 – 30-Year Amortizations 32:10 – High Transaction Costs in Real Estate 34:46 – Renovations 39:37 – Big vs. Small Homes 43:23 – High Housing Costs Causing People to Leave Canada 46:10 –  The Housing-Affordability Crisis 51:42 – Rapid-Fire Questions 57:16 – An F-Bomb-Filled Ron Rant 59:03 – Conclusion

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• #7 — Richard Coffin (The Plain Bagel): "Finfluencers" and Behavioural Finance

  Our guest this episode is Richard Coffin—better known to many as "The Plain Bagel." Richard is a CFA and CFP professional working as a Portfolio Manager in Ottawa. He has nearly 1 million subscribers on his YouTube channel where he creates entertaining and educational videos on finance, investing and economics. In this episode, Dave and Richard discuss the rise of "Finfluencers" in today’s social-media-driven world and explore the fascinating landscape of behavioural finance. They cover everything from the origins of “The Plain Bagel,” to the pros and cons of getting financial advice online, to the biases that affect us all and much, much more.  Enjoy this fantastic episode featuring two of Canada’s top financial educators. Show Notes 00:00:00 – Intro & Disclaimer 00:00:55 – Intro to Richard Coffin 00:03:28 – Origin of “The Plain Bagel” 00:08:13 – Richard’s Work & Educational Background 00:12:13 – The Rise of Finfluencers 00:16:34 –   The Laws Around Giving Financial Advice Online 00:20:14 –  How to Evaluate Online Financial Advice 00:21:24 – Trusting Finfluencers More than Wall Street 00:25:20 – The “Beginner” Finfluencer 00:28:58 – Investing Courses 00:38:42 – Trustworthy Canadian Finfluencers 00:44:41 – It’s Easy to Fake Wealth Online 00:47:57 –  YouTubers Being Paid to Promote Stocks 00:55:27 – Behavioural Finance & Loss Aversion 01:02:56 – Confirmation Bias 01:06:35 –  The Skills Behind Creating Content People Enjoy Watching 01:08:46 – Recency Bias 01:13:41 – Framing Bias 01:19:02 – Conclusion

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• #6 — Barry Choi: Credit Cards and Loyalty Points—How to Get the Most Value

  Our guest this episode is Barry Choi, the ultimate expert on all things credit card points and loyalty programs in Canada. You may also know him from his frequent TV appearances or his personal finance website www.moneywehave.com. In this episode Dave asks Barry everything Canadians need to know about credit card points and loyalty programs including which programs offer the most lucrative sign-up bonuses, tips for how to maximize the value of your points, which card is best for travel and much, much more.  This is a highly informative episode and you’ll be sure to take away a few valuable tips by listening.   Show Notes 00:00 – Intro & Disclaimer 00:56 – Intro to Barry Choi 03:02 – Loyalty Programs and Data 06:35 – Learn a Few Programs Inside Out 08:51 – Transferring Points to Increase Value 10:47 – Credit Card Points as an Employee Benefit 12:04 – Tips to Maximize Points 14:39 – How to Optimize Points for Travel 17:12 – Which Credit Card is Right for You 18:56 – Sign-Up Bonuses 22:16 – Dave’s Reservations About Credit Cards 25:32 – High-Income Canadians with Credit-Card Balances 28:01 – Barry’s Spending 30:02 – When Barry Took His Family to Hong Kong 34:09 – American Express 37:37 – Dave Doesn't Use Airport Lounges 38:26 – Non-Point Benefits 41:20 – The Lifecycle of a Fintech Company 42:25 – Consumerism & Stuff 45:49 – Donating Loyalty Points 46:58 – Fraud with Loyalty Points 48:37 – Conclusion

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• #5 — Ben Felix: A Deep Dive Into the World of Investing

  Our guest this episode is Ben Felix—Chief Investment Officer at PWL Capital and co-host of “The Rational Reminder” podcast. You might also know him from his popular YouTube channel where he creates meticulously researched videos on investing, financial decision-making and living a good life (although you may not recognize his stunning new hairstyle!).   In this episode Dave and Ben dive deeply into the world of investing. They cover everything from active versus passive styles to why CPP is a one-of-a-kind asset to why people underperform so badly in mutual funds and much, much more.    This is a must-listen episode featuring two of Canada’s top financial educators.   Show Notes: 00:00:00 – Intro & Disclaimer 00:00:55 – Intro to Ben Felix 00:04:25 – Ben’s New Hair 00:05:50 – Why Is It So Difficult to Beat the Market? 00:08:02 – Why It's Hard for Active Managers to Consistently Outperform 00:11:42 – “Buy the Haystack” (Passive Investing) 00:13:55 – The Market is Forward Looking 00:17:45 – Why Dave & Ben Don't Listen to Market Forecasts 00:21:46 – Dave's Only Market-Timing Story (Gone Wrong) 00:25:22 – Performance Gaps for Individual vs. Fund Performance 00:29:55 – Lump Sum vs. Dollar-Cost Averaging 00:35:18 – Everyone's Risk Tolerance is Different 00:36:56 – Countries With High Economic Growth ≠ High Stock Returns 00:41:35 – Beware of High Growth Industries & Thematic ETFs 00:46:00 – The Difference Between Investment Planning & Financial Planning 00:51:20 – How Can Everyday Canadians Get Good Financial Advice? 00:55:44 – Trust is Key in Financial Planning 00:57:26 – Why a 2% Mutual Fund Fee Is So Costly 00:59:11 – Canadian Banks 01:01:19 – Keep it Simple! Complexity Underperforms 01:04:09 – Venture Capital 01:05:42 – Can the US Market Continue to Outperform? 01:13:36 – Robo-Advisors 01:17:44 – Would Ben Ever Be a Landlord? 01:20:00 – CPP – Four Reasons Why You Should Wait to Take It 01:26:11 – Conclusion

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