Our guest today on the Rational Reminder Podcast is Dr. Wendall Mascarenhas. Wendall is a listener, DIY investor a medical professional. He actually reached out to us on Twitter and suggested this episode, a listener-centric discussion as well as one comparing the different approaches to evidence from the medical and the financial communities. We thought this was a great idea and the perspective that Wendall offers is very illuminating and thought-provoking. We discuss some of Wendall's own experience and background in both investing and medicine and from there go onto a more theoretical discussion of evidence and literature, asking the question why the financial industry is not more concerned with data. Wendall lays out the evidence pyramid and explains a few of its layers, we discuss a few tips and think about the extent to which DIY investors should involve themselves in their money with things like factor investing. Wendall also offers some of his thoughts on financial advice and the emergence of new information. Key Points From This Episode: 3:01 Why Wendall chose to reach out to us over Twitter; Wendall's medical background and the perspective he brings to investing. 6:41 Index funds and diversified portfolios instead of active management. 8:17 The role of evidence and literature in medical prescriptions and treatment; Trying to account for the differences in approach to medicine and investing. 12:23 A description of the different levels of the evidence pyramid. 19:20 Five tips for do-it-yourself investing from our guest! 24:24 Should you worry about factors as a DIY investor? 26:17 Wendall's thoughts on the value of good financial advice. 30:11 How new information is circulated in the medical community. 31:49 Why expert opinion is the least valuable type of evidence. 35:07 Wendall's definition of success in his life. Links From Today’s Episode: Rational Reminder Website - https://rationalreminder.ca/podcast/65 Dr. Wendall Mascarenhas — https://www.osteoscience.org/who-we-are/our-people/wendall-mascarenhas/ Evidence Pyramid — https://academicguides.waldenu.edu/library/healthevidence/evidencepyramid Fama and French — https://www.investopedia.com/terms/f/famaandfrenchthreefactormodel.asp Canadian Couch Potato — https://canadiancouchpotato.com Jack Bogle — https://www.cnbc.com/2018/12/14/jack-bogle-founder-of-vanguard-group-and-creator-of-the-index-fund-dies-at-age-89.html Vanguard — https://investor.vanguard.com/corporate-portal/ MD Management — https://mdm.ca/md-wealth-management Uber — https://www.uber.com Common Sense Investing on YouTube — https://www.youtube.com/watch?v=tvXw2Jfqz9w Robert Downey Jr. — https://www.imdb.com/name/nm0000375/ Iron Man — https://marvelcinematicuniverse.fandom.com/wiki/Iron_Man_(film) You can find the Rational Reminder podcast on 🍏 Apple Podcasts: https://podcasts.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582?mt=2 🎤 Spotify Podcasts: https://open.spotify.com/show/6RHWTH9iW7hdnA7eAg7ukO?si=hjZNfLKuSjSeWX38GPqhVA 🕵️‍♂️ Google Podcasts: https://podcasts.google.com/?feed=aHR0cHM6Ly9yYXRpb25hbHJlbWluZGVyLmxpYnN5bi5jb20vcnNz as well as on all major podcatchers You can follow Cameron Passmore and Ben Felix on Twitter: ➡️ https://twitter.com/CameronPassmore ➡️ https://twitter.com/benjaminwfelix Check out Ben's YouTube channel. 📺 https://www.youtube.com/benfelixcsi Catch up on the latest in wealth management and investing insights from the Passmore-Felix Team at PWL Capital. https://www.pwlcapital.com/teams/passmore-felix/?utm_source=youtube&utm_medium=copy&utm_campaign=rr&utm_content=rrvideo The Rational Reminder is presented as an educational resource and should not be construed as individualized investment advice, nor as a recommendation to buy or sell specific securities. The funds and portfolios discussed are examples only and may not be appropriate for your individual circumstances. #rationalreminder #investing #podcast