Stock Returns in Recessions, and FSRA's Approach to Regulation | Rational Reminder 279

In this episode, we start by learning about the complex relationship between recessions and stock returns before welcoming Huston Loke and Jordan Solway from the Financial Services Regulatory Authority (FSRA) to discuss protecting consumers in the financial investment space. Huston is the Executive Vice President of Market Conduct, and Jordan is the Executive Vice President of Legal and Enforcement at FSRA. The FSRA supervises insurance companies, mortgage brokers, credit unions, pensions and other non-securities areas of the financial services sector. We discuss the objectives of the FSRA, their approach to protecting consumers, enforcement strategies, upcoming regulations, and more. Then, we welcome back Mark McGrath to learn about the Passive Investment Grind (PIG) concept for this week's Mark to Market segment, and we take a look back at a previous episode with Ted Seides of Capital Allocators. Finally, we are joined by author Tim Hale to discuss the new edition of his book Smarter Investing before closing off with our usual after-show roundup. Tune in now!
Timestamps:
0:00:00 Intro
0:03:44 Main Topic 1: Recessions and Stock Returns
0:15:49 Main Topic 2: FSRA
1:07:58 Mark to Market
1:18:40 Episode 61: 60 Seconds
1:23:11 Book Review w/ Special Guest Tim Hale
1:41:32 Aftershow
Join Our Live Events:
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Links From Today’s Episode:
‘Should my investment strategy change during a recession?’ - www.theglobeandmail.com/inves...
C.D. Howe Institute Business Cycle Council - www.cdhowe.org/council/busine...
Episode 171: Prof. Campbell R. Harvey - rationalreminder.ca/podcast/171
‘Conditional Skewness in Asset Pricing Tests’ - www.jstor.org/stable/222452
‘… and the Cross-Section of Expected Returns’ - faculty.fuqua.duke.edu/~charv...
Huston Loke - www.fsrao.ca/about-fsra/leade...
Huston Loke on LinkedIn - / hloke
Jordan Solway - www.fsrao.ca/about-fsra/leade...
Jordan Solway on LinkedIn - / jordan-solway-4a261314
Financial Services Regulatory Authority of Ontario (FSRA) - www.fsrao.ca/
Mark McGrath on LinkedIn - / markmcgrathcfp
Mark McGrath on X - / markmcgrathcfp
Mark McGrath on Calendly - calendly.com/mark_mcgrath/
Episode 61: Ted Seides - rationalreminder.ca/podcast/61
Ted Seides on LinkedIn - / tedseides
Ted Seides on Twitter - / tseides
Capital Allocators - www.capitalallocators.com/
Tim Hale on LinkedIn - / tim-hale-4b67ba24
Smarter Investing - www.amazon.com/Smarter-Invest...
Albion Strategic Consulting - albionstrategic.com/
Winning the Loser's Game - www.amazon.com/Winning-Losers...
Life on Our Planet - www.imdb.com/title/tt23181388/
Same as Ever - www.amazon.com/Same-Ever-Guid...
The Behavioral Divide Podcast - podcasts.apple.com/us/podcast...
Tightwads and Spendthrifts - www.amazon.com/Tightwads-Spen...
Clear Thinking - www.amazon.com/Clear-Thinking...
Strangers in Paradise - www.amazon.com/Strangers-Para...
Wealth 3.0 - www.amazon.com/Wealth-3-0-Fut...
Episode 278: Juhani Linnainmaa - rationalreminder.ca/podcast/278
Rational Reminder on iTunes - itunes.apple.com/ca/podcast/t....
Rational Reminder Website - rationalreminder.ca/
Rational Reminder on Instagram - / rationalreminder
Rational Reminder on X - / rationalremind
Rational Reminder on RUclips - / channel
Rational Reminder Email - [e-mail]
Benjamin Felix - www.pwlcapital.com/author/ben...
Benjamin on X - / benjaminwfelix
Benjamin on LinkedIn - / benjaminwfelix
Cameron Passmore - www.pwlcapital.com/profile/ca...
Cameron on X - / cameronpassmore
Cameron on LinkedIn - / cameronpassmore

[@owlegrad]

Great episode. This one and the one that had the lawyer that sues financial planners are both amazing. More episodes that focus on accountability please!

[@briansmith5239]

Another stellar episode gentlemen, keep up the good work.👍

[@Rational_Investor]

I just wanted to say that your content is invaluable and incredibly interesting right from day 1! Thank you for all of your efforts and taking the time to provide such valuable education and enlightenment. I am really interested in the 2 upcoming webinars and I have registered for them; unfortunately, I won't be able to attend at the times for which they are scheduled. Would you consider recording them and posting them to your RUclips channel or PWL Website for people to be able to view afterwards, please? Thank you again for all the education as well as entertainment that you provide!

[@rationalreminder]

We do post the webinars on the PWL YT channel.

[@Rational_Investor]

That is great! Thank you so much! I am very much looking forward to listening and learning even more!

[@thomas6502]

Great discussion as always. Thank you!
One observation: A prickly question might have been, "how do you assess whether title enforcement serves the public as intended?" (A hypothetical skeptics' argument might be that once regulators and incumbents are incentivized by a regulation's continuing existence, it becomes more difficult to correct or undo as a byproduct of the perverse incentive. There's concern in the States that a flavor of that impedes controlling costs in the housing market for example--as unravelling reams of well-intended rules is counter-productive. Maybe skeptics and introspection are just a feature of the USA--it did start as a rebellion after all. 🙂)

[@lorenzom7237]

Thanks

[@philipstone6497]

I’m trying to find more info around the Tuesday webinar. Went to the PWL site and it wasn’t obvious ( to me! )
Do you have a registration link?
Thanks

[@rationalreminder]

us06web.zoom.us/webinar/register/4416996396442/WN_35_OSP3XT9Gabu6KjIT4Tg

[@keepitsimple710]

Excellent episode as always. You guys ever try to get Dr Peter Attia on your podcast? I think you guys would have a lot to discuss. He is Canadian born and raised. Spent some time in the financial world and may have a unique perspective on finance given his interest in longevity. I don't know what kind of connections you guys have, but you three together would be great!

[@rationalreminder]

We just might know the right people to swing that.