Benjamin Felix
@benjaminfelix
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Helping Canadians make better financial decisions. Chief Investment Officer, Portfolio Manager @PWLCapital; co-host @RationalRemind. Meet with PWL ⬇️
Canada
Joined March 2013
I will be speaking at The Globe and Mail’s upcoming event - The New Investor Playbook: Setting up your financial future. Wednesday, March 11, 2026 | 12:30pm - 1:30pm EST. It's a webcast designed for new investors who want to learn how to invest confidently.
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Worth noting that using the data series from the Dallas Fed, which follows a different methodology, the 1980 decline was -31%. https://t.co/oZM8cOHizI
dallasfed.org
The international house price database comprises quarterly house price and personal disposable income (PDI) series for a number of countries.
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Data from BIS via FRED (Q1 1975-Q3 2025) and CREA + Statistics Canada (Q4 2025). https://t.co/RiQKEeXe1F
https://t.co/l0WcEZSqdt
crea.ca
Encouraging, empowering and enabling REALTORS® in support of Canadian real estate journeys.
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It looks like we are in the worst real drawdown on record for Canadian residential real estate prices. Q4 1980-Q3 1984: -21% Q1 1989-Q4 1998: -20% Q1 2008-Q1 2009: -9% Q3 2017-Q3 2019: -3% Q1 2022-Q4 2025: -29%
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Covered Calls: What People (Still) Get Wrong https://t.co/FxCgelKDJD
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Psychological income/mental accounting arguments aside, if there's a case for covered calls for long-term investors, I have not been able to find it. (Yes, I am aware of the volatility risk premium.)
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On average, mixing 26% cash with the underlying equities gives the same result as holding covered calls. Keep in mind that you're also paying higher fees and potentially introducing tax inefficiency to effectively add a large cash position to the portfolio.
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Covered calls underperform. On average, they leave 26% less wealth after 10 years, holding spending constant. Since covered calls reduce exposure to the underlying, I looked at the cash allocations required for the ending wealth of the two scenarios to be equal.
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The common response is that covered call investors care about income, not total returns. I took 5 covered funds (4 shown here) and compared spending their distributions to investing in their underlying equities while spending the exact same dollar amount over 10 years.
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Total returns for covered call funds with reasonably long histories typically show consistent underperformance. I'd love to see an example of a covered call fund with 10+ years of history that has outperformed its underlying equity. I have not found one yet.
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