Ben Felix Talks Investing in Crypto, Revolutionary Tech, and Academic Research
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- Опубликовано: 2 июн 2024
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Ben’s channel: / benfelixcsi
Rational Reminder Podcast: / rationalreminder
This video is available as a podcast at www.theplainbagel.com and on Apple Podcasts (search "The Plain Podcast")!
00:00 - Introduction
03:45 - Ben's Investment Strategy
08:38 - Research Reports in the Investment Space
13:38 - Active vs Passive Management
21:39 - Are Markets Still Efficient?
29:18 - Sponsor
30:02 - Explaining Empirical Data
34:38 - Crypto vs Academics
51:20 - Investing in Revolutionary Tech
53:40 - Closing Tips
I had the privilege of speaking to Ben Felix, Ottawa-based PM and host of the Rational Reminder podcast and Common Sense Investing RUclips channel. We talked investing, market efficiency, and research around crypto.
If you'd like to support the channel, you can do so at / theplainbagel :)
DISCLAIMER:
This channel is for education purposes only and does not constitute financial advice - Richard is not responsible for investment actions taken by viewers. Please seek out a registered advisor if you require assistance (while Richard is a registered portfolio manager at WDS Investment Management, he does not provide advice through The Plain Bagel, which is not affiliated with his employer).
Happy Friday everyone! Visit the following link (or use coupon code BAGEL) to get a free 7 day trial of Noa's premium subscription, plus 37% off the annual fee: bit.ly/3wn8nfh
Ben is a genius
well, well, well. if it isn't number three.
I watch Ben Felix, Plain Bagel, Patrick Boyle, and How Money Works religiously. All four of you put research quality first and deserve massive followings for that effort.
Legit👌
@@ajrobbins368 add Paul Merriman
Really? How many kingdoms or revolutions has he led, made, found or grown? How many Nobel prizes, World cup or Olympic gold has he won? How many centi-millions has he made & saved?
Isn't that what people say about "geniuses" like Do Kwon, Su Zhu, Sam Bankman Fried, etc. before their fall? Are Xi, Hu, Jiang, Putin, Yeltsin, Biden, Trump, Obama, Bush, Clinton, etc. geniuses too? How about people like Washington, Sun, Lenin, Gandhi, Mohammed, Jesus, Gautama, Confucius, etc?
Love these two guys. Sane, rational, sound advice in a world so full of nonsense. These guys are the best in the business.
Also check out new money. He's very similar and from Australia. He's qualified legitimately and conservative
Lol at the big "SIMP" sign on Richard's frame
I can't unsee it 🤣
Ben felix is like the first academic finance "RUclipsr".
Not quite but he is pretty good.
My two favourite personal finance RUclipsrs?! So exciting to see you working together
The most ambitious cross-over since Endgame
Revolutionary tech or investments in new market segments is such a bad idea, Ben's completely right there! I would consider myself to be an early investor in a lot of areas and I still never touch anything if its less then 5 years old. You need time for anything to give you a track record and for all the speculation and hype to be wiped out. This guy is so smart and has such a wealth of knowledge! He's got my follow.
OIC. Since BTC is > 14 years old, ETH is > 7 years old, XRP > 10 years old & DOGE is > 9 years old, this would mean you would have invested or are investing in them. Or you are pro stock & have invested in Apple, Microsoft, Google, Amazon, etc. instead? Does this include currencies like USD, EUR, CNY, JPY, etc. land in/near cities like New York, Hong Kong, Singapore, Tokyo, etc. &/or commodities like oil, gold, rice, tea, pee, etc. too?
Ben is amazing. Love his videos. Very informative!
Had no idea he was 6'11"!!
It’s nice to see Ben take some time off from raising an army.
I see what you are doing here ;)
Bagel-Man your the MAN! Thanks for this. Love Rational Reminder and love hearing from Ben outside of his Podcast
Great episode! Thank you very much Richard and Ben. Keep up the good work! Greetings from Mexico.
Good interview, and great conversation. My only issue is that you tended to interrupt Ben while he was talking on a subject. It might make for a better time to let him finish his thought before speaking over him.
Ben & Richard, we are so lucky to have the internet connect us to your professional perspectives. Thank you for the great content you provide.
Fantastic! This was a great convo, and a great low down. Ben, you got a new subscriber out of this.
So many young finance RUclipsrs got cut from my playlist. Not the (anything but) Plain Bagel and Ben "Common Sense" Felix. Two quality influencers.
Wonderful! Been following both of you for quite a while. Nice to see the two of you in this collaboration.
Omg I waited long for this conversion. My two Favorit youtuber😍🥳
Amazing interview! now i've like a million things to check out, thanks
Hi Richard,
Thanks for the content. It could also be cool to list all the resources mentioned during the talk in the description.
Just started the video and I’m already super pumped for this podcast. All the guests have been amazing so far
Thanks, it's great to see an interview with someone who can help distill technical academic research on such topical issues. I probably won't get around to reading the actual papers, so the assumption is that the information is accurate, but he certainly seems legit.
Totally. But as people who are familiar with Market 101 &/or Investment 101, it's rarely a good idea to simply base one's investment on the opinion of a couple or handful of "experts" (or blogs/books) since markets are such a wide & abstract topic/concept.
excellent interview! thanks! I love Ben's content!
Your collab with TFD earlier this year, now this. Great news! The best of the financial youtubers together.
OMG BEN FELIX, BEST DAY EVER!
"Gold isnt historically money"
"We want to be balanced and objective in our analysis"
MY FUCKING SIDES
Been waiting on this meeting of the brain trust for years! Lovely stuff.
My two favourite Canadian financial educators (okay, along with Adam Bornn at Parallel Wealth and his retirement channel in Vancouver)! It doesn't get better. Thanks for showing us the way, and modelling responsible, personable, research-based investing and market information for Canadians.
North American, not only Canadian.
@@health_and_finance Fair enough, as their advice applies in the US and elsewhere too. I like the Money Guys (also financial educators on RUclips) out of Tennessee, for example. And Dave Ramsay's channel, based on his radio show, is helpful in addressing some issues, such as debt.
It would be great to see a conversation between the two of you about active vs passive investing! 🙂
Thank you for the education.
Instant like, thanks for the episode!
Mandatory like for two my favorite finance people on ytube
Thanks a lot for the, as always, great content
Wow, the two best Canadian RUclipsrs out there one screen. Your both amazing.🇨🇦🇨🇦🇨🇦
So cool to see you again do a video with Ben. Thanks to the first one I discovered his channel and now listen to his podcast every week! Shame that he deleted some videos from his YT though:/
More long form interview content please! Really looking forward to listening to this 🙏
Two best investing and finance content creators. They don't spew crap like a lot of these other RUclipsrs do. Not to mention they are both Canadians too!
Humbled. Thank you very much for this video. Lovely conversation that I honestly thoroughly enjoyed.
Fantastic chat!
Wow. Can't wait to watch this. Love Ben's content!
@12:30 The reason and intuition for me as to why economic growth results in negatives returns is because of implied disruption occurring based on the 'market moving forward'. Given this specific analysis is from a passive framework, it makes sense that a faster growing and moving market is more likely to specifically benefit from active investing over passive.
Dang, this was new and interesting, I have to watch it again!
I really enjoyed this one
Great talk, very little worthwhile financial discussion on this site but this is awesome.
Ben Felix - The interview guest who moves you to next next level.
Thank you. This is a very refreshing perspective
Excellent conversation. Thanks!
Banger episode!
I love Ben and "Rational Reminder" even though I'm still a stock picker! :D Gonna move all my money to index funds some day...
When two of your best finance people do a podcast together .. !!!
My 2 super stars in a single place ! I already enjoyed the video on Stiglitz-Grossman paradox.
What a wonderful cooperation.
Dayum that’s a killer colab!
Really appreciated this discussion. Thank you both!
Rewatched a year later... even more prophetic in some ways. Durable folks. Thank you!
One of my professors of economics who also worked in monetary policy of my country's central bank explained to us that the origin of money is debated, with the two main hypothesis being the one Ben criticized (gold, barter, etc.) and the other one being that the Government created money as a credit (something Keynes came up with).
Ultimately though, our professor concluded that it doesn't really matter how money was created since today money is better explained as credit. He was also very critical of crypto, saying it does not fulfill any requirements for it to be consider money. Overall very interesting vidro, thanks!
It's been hard to get away from market cap weighting, and don't really want to do equal weighting either... I did end up putting some money in the Dimensional Small Cap Value ETF... but their costs do sting a bit. I think even after costs they have been my best performing ETF though so far. From memory without puling it up I think I'm doing about 1 percent better in the Dimensional ETF than in SPY.
Some other anomalies per se can be things like HKD and MEGL recently.
Ben is my favorite Finance RUclipsr. I started investing becuz of him!
Great talk
hello richard, another great video and two of my fav fin youtuber in one frame. However, the audio seems kinda low at times.
Absolutely awesome.
I subscribed to your channel a while ago knowing one day I'll understand. Just took the CPCU 540 and finally understand wtf stocks are. I highly recommend doing an into for idiots for stocks! Dividend payments (and how they are decided; why corps issue benefits at all); time value of money (present value and future value concepts); basic concepts on corp financial determination (fundamental analysis, financial leverage, economic analysis, diversification strategies, quantitative measures of risk); value at risk; and the very basics of Greeks (I only got a 1000 ft view of Beta). Just a short video stating that all these concepts are things would be really helpful haha.
Ahhhhh my two favorite Finance people!!!!
Thanks for such a great collaboration. Would love to see more of this duo
I’m here b/c of guy Benny, great professional and even Greater Person 🙏🏼
My two favourite financial creators! Perfect lunch time episode
That’s why I like Ben Felix so much. He hoops.
Two awesome gentlemen. Good work guys.
2 thumbs up for this pair 👍👍
Great episode, thanks for collaborating, have been subbed to you both for a long time now.
Check back in 5-10 yrs on digital space past and present. Good credible info avail.
Two of my favourites
So good! You’re a great interviewer/host and Ben is a very knowledgeable guy, looking forward to checking out his content. Great job long bois.
Now this is a crossover episode!
BEN! Let’s go!
Perfect duo.
I would like a debate between you and Ben about market efficiency. You are an active investor so this would be ideal
Good stuff
Please have a part 2! This was great btw.
In their respective books, Sahlins and Graeber offer interesting aspects on the credit system as a basis of money.
Thank you for your take on crypto, it's important for all investors in this asset class (me included btw) to hear the reality of it and try to stay objective about it.
Hey cheers another Ottawa man!
Pls do a 2.0 interv. with Ben Felix, ur both great!
Maybe a follow up?😊 Podcast with you, ben, Sven, and Patrick!
Terrific talk. I don't agree with all the takes, but you guys are coming from a place of knowledge and practice, and I'm glad I found this talk.
My two favorite finance youtubers!
Now if there's some Patrick Boyle and Coffezilla cameo.
Aww, my two favorites together
very informative
Excellent episode - I learned a lot even about things I assumed I already knew
Amazing duo.. I think we need more these kind of people to learn more about finance and of course to more rationall..👍👍👍
Love this crossover!
Nice one can you plz share links to those eugine /french research papers that Ben is referring to thanks.
Absolute top tier investing content, as always from these two lads
Hi Richard! Thank you for your content, I appreciate the lack of BS. Would it be possible for you to make a video on the right to transfer your stocks and etoro? I am not an experienced investor and recently discovered that I cannot transfer my portfolio (not cfd) from etoro, I can only sell them and withdraw the money(unlike robinhood for example). I've also recently discovered that "etoro does not support replacing one stock with another", meaning a company I had stocks in merged and I was supposed to get stocks in the newly formed one plus some dividends and got nothing,they just sold my old stock (at a loss) and I got what was left of the value. Thank you
Oooo! Crossover episode! :D
The strange thing about crypto people is when they evangelize about it in the breakroom at work and you explain the problems with it, sadly it becomes clear that they don't actually know much about crypto. There seem to be some very smart people who have a strong vision based on an ideology of decentralization and solving real work problems with crypto but, from my limited experience those don't seem to be the bulk of the people buying or talking about it, most of them seem to be very much buying in on blind faith rather than some sort of actual libertarian political position.
Well put , that’s been my experience as well. They also tend to subscribe quite passionately to the Austrian school of economics. I can’t tell which is the chicken and which is the egg though. Obviously Austrian economics is older , but it seemed to get re popularised since btc was invented.
But couldn't you say the say the same thing about any asset class? Most people couldn't tell you the first thing about how a mutual fund works your literally millions of people are invested in them through their 401(k)s. Lots of people are invested in stocks like Amazon or Walmart, but ask them to explain to you how global supply chains work.
@@tonioinverness It isn't the same thing at all. The same thing would be if people who talked about stocks didn't understand that companies sell goods and make profits, and sometimes issue dividends to people who hold the stock. What I mean is people who have to my face told me that I should buy crypto didn't know what a DAO was, or what proof of stake/proof of work was, or really anything other than their absolute certainty that blockchains are the future.
I think it is absolutely fair to expect someone to at least understand the absolute basics, I am not saying they need to have read and understood the whitepaper even, but they need to know fundamentally what a crypto currency is and what actual use it has or could likely have, and in my experience few people in the breakroom at work even get that far while saying that doge coin or shiba inu coin or whatever is going to go to the moon again.
now those screws of that microphone-stand are REALLY fixed now. but besides that: great content.
Danke!
dude finally someone who talks about real shit
Maybe I haven't studied CAPM enough, but when Ben Felix says: "under the efficient market hypothesis, prices can still differ from intrinsic value, but these occur randomly and cannot be reliably exploited for profit." Can you elaborate on this? What is meant by this, and why?
It means picking stocks, shorting, options, timing the market, etc etc is not a reliable strategy for beating the market, thus holding the market weighted portfolio is still the way to go, this is the proper understanding until the fama & french factor models also lead to the suggestion that overweighting specific factors like value and small cap over the market portfolio can lead to outperformance over a long time horizon.
Name a more iconic duo. I'll wait.