Optimism Bias with John De Goey, Investment Advisor and Author
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Getting to Know John De Goey
Bestselling author John De Goey is a portfolio manager with Designed Wealth Management and a national authority on professional, transparent and evidence-based financial advice. John is a regular contributor to a number of media outlets, including MoneySense, The Globe and Mail and The National Post. He has made numerous appearances on a variety of television programs, including CBC’s Marketplace, The National, BNN’s Market Call, and CTV’s Canada AM. His previous book, The Professional Financial Advisor, released in 2003, is now in its fourth edition.
For over 25 years, John has been an advisor to Canadian families and a frequent investment industry thought leader. His commitment to community service and his advocacy for the Canadian investor has not gone unnoticed. John has twice been named one of Canada’s Top 50 advisors and has won a Lifetime Contribution Award for his contribution to financial planning. John has been a tireless champion for Canadian investors and has contributed to bringing positive change to the industry. The STANDUP movement is simply a vehicle for consumer advocacy.
Questions Asked:
7:31 Why would advisors change an investor’s holdings when they get commissions?
10:43 Let’s talk about your current book “Bullshift” and what got you started on optimism bias.
12:19 Optimism Bias also occurs in Real Estate.
15:11 When it comes to optimism in the stock market - although it goes down, it always comes back and rises to a higher level eventually - nobody knows what the future holds.
19:39 There’s is also optimism about new trends and people tend to hop on the bandwagon very quickly. I’m thinking about AI and Cannabis stocks.
23:29 What advice would you give investors in dealing with Optimism Bias?
26:34 How should you shop around for a new investment advisor?
31:00 When you meet with clients, probably a lot of them are disappointed even at the 4% - 7% return on stocks.
32:18 What do you think the average investor should take away from your book “Bullshift”
34:12 How are you bringing these theories and materials to people’s attention?
35:49 Would you describe yourself as a “cautious optimist”?
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