RR

Рет қаралды 5,408

Күн бұрын

Welcome to another episode of the Rational Reminder Podcast. In today’s jam-packed episode, hear updates regarding our goals survey, the schedule for upcoming guests on the show, the latest news and highlights from the financial world, and some of the feedback we have received about the show. We also highlight interesting articles and papers regarding tech valuations, expected stock returns, the performance of venture capital funds, and a book recommendation that will help you understand the finance game. Tune in to learn about the results of the recent social survey in Canada, the basics of private equity funds, the challenges of calculating the Internal Rate of Returns for investors, some of the misconceptions surrounding private equity, and much more!
Timestamps:
0:00 Intro
11:19 Cameron's book recommendation
19:27 Recent news on Meta
22:35 Tech vs. value
26:40 David Blitz's new paper 'Expected Stock Returns When Interest Rates Are Low'
30:12 Discussion on Canada's quality of life framework
35:02 Private equity vs. public equity
Participate in our Community Discussion about this Episode:
community.rationalreminder.ca...
Book From Today’s Episode:
Finite and Infinite Games - amzn.to/3mPsygx
Links From Today’s Episode:
Ben’s Financial Goals Survey - forms.office.com/pages/respon...
Rational Reminder on iTunes - itunes.apple.com/ca/podcast/t....
Rational Reminder Website - rationalreminder.ca/
Shop Merch - shop.rationalreminder.ca/
Join the Community - community.rationalreminder.ca/
Follow us on Twitter - / rationalremind
Follow us on Instagram - @rationalreminder
Benjamin on Twitter - / benjaminwfelix
Cameron on Twitter - / cameronpassmore
'Migration' - www.tandfonline.com/doi/abs/1...
'Value Investing Is Not All About Tech' - www.aqr.com/Insights/Perspect...
'Expected Stock Returns When Interest Rates Are Low' - papers.ssrn.com/sol3/papers.c...
'The case for private equity at Vanguard' - institutional.vanguard.com/ia...
'The Performance of Private Equity Funds' - doi.org/10.1093/rfs/hhn014
'Private Equity Performance: Returns, Persistence, and Capital Flows' - doi.org/10.1111/j.1540-6261.2...
'Private Equity Performance: What Do We Know?' - onlinelibrary.wiley.com/doi/a...
'Has Persistence Persisted in Private Equity? Evidence from Buyout and Venture Capital Funds' - papers.ssrn.com/sol3/papers.c...
'Are Too Many Private Equity Funds Top Quartile?' - papers.ssrn.com/sol3/papers.c...
'An Inconvenient Fact: Private Equity Returns and the Billionaire Factory' - doi.org/10.3905/joi.2020.1.153
'Mutual Fund Flows and Performance in Rational Markets' - doi.org/10.1086/424739
'Demystifying Illiquid Assets: Expected Returns for Private Equity' - www.aqr.com/Insights/Research...
'Private Equity's Diversification Illusion: Economic Comovement and Fair Value Reporting' - www.hbs.edu/faculty/Pages/ite...
'Replicating Private Equity with Value Investing, Homemade Leverage, and Hold-to-Maturity Accounting' - academic.oup.com/rfs/article-...

Пікірлер: 11

@rationalreminder 2 жыл бұрын

Timestamps: 0:00 Intro 11:19 Cameron's book recommendation 19:27 Recent news on Meta 22:35 Tech vs. value 26:40 David Blitz's new paper 'Expected Stock Returns When Interest Rates Are Low' 30:12 Discussion on Canada's quality of life framework 35:02 Private equity vs. public equity

@danajepsen5760 2 жыл бұрын

Thank you Cameron and Ben. Ben and Cameron. I believe that it is largely due to you and your guests that I have felt very little fear or panic during the current correction.

@songshuntan9122 2 жыл бұрын

correction is the correct term

@clifcody 5 ай бұрын

The Private Equity vs. Public Equity discussion is so interesting and helpful! Thanks so much!

@luisluiscunha 2 жыл бұрын

I think I will like this podcast. Great style, and class.

@daves6488 2 жыл бұрын

I listen to the long view podcast as well. A while back they asked for ideas for people to interview. I suggested Ben. Hopefully they got my suggestion. That would be a good interview

@fib6156 2 жыл бұрын

Thanks for all. Good as always. Would be interesting to do an episode on the Yale model or general endowment models? Typically have high allocations to Private Equity. Harry Kat has done some work on capturing private equity returns in a cheaper way.

@implied321 2 жыл бұрын

Hi Ben and Cameron. Quick question and maybe an idea for future episode. We have spoken for active vs passive regarding returns, but what about passive vs high frequency trading?

@fib6156 2 жыл бұрын

Can you please explain in more detail why the Russell 2000 did poorly and is easy to beat and not a good benchmark to look at?

@tintedglass Жыл бұрын

Filled out the survey (as a woman) lol

@jeffsim4191 2 жыл бұрын

I thought this might be helpful for people looking for a small cap value tilt but want the simplicity of keeping everything Canadian listed: Positives: More of a value tilt through mid-large range than Ben's. Simple Canadian only listed etf's... so its just easier, 1 less ETF to balance. Negatives: Slightly more expensive MER (0.04 difference), not as tax efficient. Ben's model portfolio: XIC 30% Canadian Total market VUN 30% US total market XEF 16% Developed international AVUV 10% US Small Cap Value XEC 8% Emerging Markets AVDV 6% International Small Cap Value. Mine: XIC 29.5% Canadian total Market XUU 17% US total Market VIU 10.5% Developed International XEC 8% Emerging markets VVL 35% Global Value Factor Unlike most ETF's VVL tilts heavy towards Small/Medium (49.22%/17.03%) rather than Large (33.75%) The end result being an overall tilt to Small cap value that Ben adds with AVUV + AVDV. Additionally, VVL also adds an additional Value tilt to large + Medium holdings as well. XIC 29.5% Canadian total market + 0.51% added value tilt from VVL = 30.01% Canadian vs Ben's 30% XUU 17% US total Market + 11.75% added value tilt from VVL = 28.75% US vs Ben's 30% VIU 10.5% Developed International + 5.51% added value tilt from VVL = 16.01 Dev int. vs Ben's 16% Portion of VVL 11.39% US Small Cap value (like AVUV) = 11.39% US small cap val. vs Ben's 10% Portion of VVL 5.84% International Small cap value (like AVDV) = 5.84% Int. Small cap val vs Ben's 6% XEC 8% Emerging Markets = 8% Emerging vs Ben's 8% Weighted MER is .17 for Ben's and .21 for mine. Hope this all makes sense. Please rip apart the flaws!