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PODCAST

Excess Returns

Excess Returns is dedicated to making you a better long-term investor and making complex investing topics understandable. Join Jack Forehand, Justin Carbonneau and Matt Zeigler as they sit down with some of the most interesting names in finance to discuss topics like macroeconomics, value investing, factor investing, and more. Subscribe to learn along with us.

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All Episodes

01:04:27

Click Beta Ep. 1 | Tariffs, Bear Markets and the...

Excess Returns ·

2025/02/05

Welcome to Click Beta - where three market professionals cut through the financial clickbait to have real conversations about what matters. In this premiere episode, hosts Matt Zigler, Jason Buck, and Dave Nadig dive into pressing topics like trade wars, tariffs, and their real-world impacts on small businesses and manufacturing. The conversation flows from corporate-subsidized jobs to cryptocurrency grifts, and wraps up with a fascinating discussion about the future of local economies and digital

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01:07:43

Timeless Lessons from History's Best Traders | Jack...

Excess Returns ·

2025/01/30

Market Wizards author Jack Schwager returns for another fascinating conversation about trading psychology, risk management, and lessons learned from interviewing the world's top traders. In this wide-ranging discussion, Schwager shares stories from his early career as a market analyst in the 1970s, his transition to writing the influential Market Wizards series, and his personal journey understanding that his talents lay in analyzing and writing about trading rather than trading itself.Key

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00:57:29

Practical Lessons from Cliff Asness

Excess Returns ·

2025/01/27

In this episode, Jack Forehand and Matt Zeigler discuss their fascinating interview with AQR founder Cliff Asness. They explore several key topics from their conversation, including:Cliff's humorous take on morning routines and why correlation doesn't equal causation when it comes to success habits The "Less Efficient Market Hypothesis" and why Cliff believes markets may be becoming less efficient over time, particularly evident in the dot-com bubble and 2019-2020 market events A

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01:12:14

Busting 50 Years of Investing Myths | Rob Arnott

Excess Returns ·

2025/01/23

In this episode of Excess Returns, Jack Forehand and special guest host Perth Tolle sit down with Rob Arnott, founder of Research Affiliates and pioneer of fundamental indexing. Rob discusses his thought-provoking article "50 Years of Innovation, Myth Making and Myth Busting," written for the 50th anniversary of the Journal of Portfolio Management.The conversation covers several critical investing myths and insights, including: The evolution of fundamental indexing and why "smart

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00:58:09

Building Intelligent Alpha Portfolios with ChatGPT |...

Excess Returns ·

2025/01/16

In this episode of Excess Returns, we sit down with Doug Clinton of Intelligent Alpha to explore the fascinating intersection of AI and investment strategy. We discussed how Doug is using large language models (LLMs) like ChatGPT, Claude, and Gemini to build portfolios that aim to beat the market over time.Doug shares insights from his experience launching managing AI-powered investment strategies. We dive deep into how these models actually work behind the scenes, exploring everything from

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01:02:10

Beyond the Magnificent Seven: Liz Ann Sonders on...

Excess Returns ·

2025/01/09

In this episode of Excess Returns, we sit down with Liz Ann Sonders, Chief Investment Strategist at Charles Schwab, for a wide-ranging discussion about markets, the economy, and investing. We explore her unique perspective on the current market environment, including her views on the end of the "Great Moderation" era and the transition to what she calls the "Temperamental Era" - a period likely to bring more volatility in both inflation and economic growth.Liz Ann shares invaluable insights about

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01:00:48

The One Factor That Explains the Struggles of Value,...

Excess Returns ·

2025/01/02

In this episode of Excess Returns, we sit down with Kai Wu, founder of Sparkline Capital, for a fascinating discussion about intangible value investing and its global applications. Kai shares his expertise on using machine learning and natural language processing to identify companies rich in intellectual property, brand equity, human capital, and network effects.We explore why U.S. firms have historically outperformed many international counterparts, with Kai explaining how the gap in intangible

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00:56:37

Do You Really Need International Diversification? 10...

Excess Returns ·

2024/12/30

In this episode, we explore one of investing's most debated topics: international diversification. Through clips from 10 different investing experts, we examine whether U.S. investors truly need international exposure in their portfolios.Key topics include: What actually constitutes "international exposure" in today's interconnected markets Why U.S. stocks have dominated for so long and whether this trend can continue The role of currency exposure in international investing How passive investing

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00:54:39

Redefining Value Investing in a Magnificent Seven...

Excess Returns ·

2024/12/27

In this episode of Excess Returns, hosts Jack Forehand and Justin Carbonneau sit down with Jacob Pozharny, partner at Bridgeway Capital Management, to explore the increasingly important role of intangible assets in modern investing. Jacob breaks down what intangible assets are - from intellectual property and proprietary algorithms to brand value and customer relationships - and explains how these harder-to-measure assets are changing traditional investment approaches. He discusses Bridgeway's

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00:57:37

Inside the Secretive World of Pod Shops | Bob Elliott

Excess Returns ·

2024/12/19

In this episode of Excess Returns, hosts Justin and Matt sit down with Bob Elliott, founder of Unlimited Funds, to explore the fascinating world of multi-strategy hedge funds, also known as "pod shops." Bob breaks down how these complex investment vehicles work, discussing their unique structure where multiple portfolio managers operate independently while sharing infrastructure and risk management resources.The conversation covers crucial topics including: How pod shops attract and compensate

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00:55:17

Dispelling Big Investing Myths | Dan Rasmussen

Excess Returns ·

2024/12/12

In this episode of Excess Returns, Jack Forehand and Justin Carbonneau sit down with Dan Rasmussen from Verdad Advisers to discuss his firm's top research pieces from the past year. They explore several fascinating market insights, including: Why high bond yields don't necessarily translate to high returns The dramatic outperformance of U.S. markets post-financial crisis and the potential opportunity in cheaper international stocks How private equity return dispersion may be more about portfolio

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01:07:01

Why Most Investors Won't Buy the Best Diversifier |...

Excess Returns ·

2024/12/05

In this episode of Excess Returns, hosts Justin and Jack sit down with Andrew Beer of Dynamic Beta Investments to explore the fascinating world of managed futures and alternative investment strategies. Andrew, who manages over a billion dollars in assets, shares valuable insights on why managed futures remain underutilized despite their proven benefits for portfolio diversification.The conversation dives deep into several key topics: How to effectively communicate complex investment strategies to

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01:04:07

What the Rise of Passive Investing Means for Your...

Excess Returns ·

2024/12/02

In this episode, Jack Forehand and Matt Zeigler dive deep into one of the most debated topics in modern finance with special guest Dave Nadig. This episode explores how passive investing has transformed markets, featuring insights from leading experts including Mike Green, Aswath Damodaran, Rick Ferri, Rob Arnott, and Cliff Asness.Key discussions: Why active investing's poor performance led to passive's rise How index fund flows might affect market dynamics The difference between stocks in and

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01:05:09

The Most Misunderstood Bull Market Ever | Jim Paulsen

Excess Returns ·

2024/11/27

In this episode of Excess Returns, we sit down with veteran investment strategist Jim Paulsen to discuss the current market landscape and economic outlook. Paulsen, author of Paulson Perspectives on Substack, shares unique insights on why traditional recession indicators have failed, how Main Street sentiment impacts markets, and why he remains optimistic despite widespread pessimism.Key topics include: Why the Fed's recent approach differs from historical patterns The changing nature of market

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01:15:57

Bigger Extremes, Better Returns | Cliff Asness on the...

Excess Returns ·

2024/11/20

In this episode of Excess Returns, we sit down with AQR founder Cliff Asness for a fascinating discussion about market efficiency, behavioral finance, and the future of quantitative investing. In this wide-ranging conversation, we explore Cliff's recent paper "The Less Efficient Market Hypothesis" and discuss why markets might actually be becoming less efficient over time, despite advances in technology – a counterintuitive but compelling argument. We dig into how social media and constant

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01:09:51

Making Sense of Markets in a Post Election World |...

Excess Returns ·

2024/11/14

In this episode of Excess Returns, Matt Zeigler is joined by Ben Hunt and Grant Williams for a candid discussion of the 2024 post-election landscape and its implications for markets. The guests explore how trust, or lack thereof, shapes both political and market narratives, examining the transformation of capital markets into what they describe as a "political utility" where "number go up" has become the prevailing faith.Key topics include: Analysis of shifting market dynamics and investment

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01:06:42

Making Money from Market Chaos | Inside the...

Excess Returns ·

2024/11/07

In this episode of Excess Returns, Jack Forehand and special guest host Brent Kochuba dive deep into the world of long volatility and tail risk strategies with Kris Sidial, founder of the Ambrus Group. Kris shares invaluable insights from his experience managing volatility-focused strategies and navigating major market events.🔑 Key Topics Covered: How long volatility strategies work and their role in investment portfolios Behind-the-scenes look at managing vol strategies during market

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00:59:13

A Deep Dive into Micro-Cap Investing | Ian Cassel

Excess Returns ·

2024/10/31

In this episode of Excess Returns, we sit down with Ian Cassel, founder of MicroCap Club and Intelligent Fanatics Capital Management. We explore the fascinating world of microcap investing, where Ian shares his expertise in finding and investing in ultra-small public companies.We dive deep into Ian's investment philosophy, discussing how he identifies promising microcap companies, the importance of finding exceptional management teams, and his approach to portfolio management. We cover: - What

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00:51:15

The Practical Implications of the Rise of Passive...

Excess Returns ·

2024/10/24

In this episode, we are joined by Simplify Asset Management's Mike Green. We build on our previous episodes with Mike where we discussed his research on the impact of passive investing on the market and focus on its practical implications and how it impacts how investors construct their portfolios. We discuss the types of equity strategies that would benefit the most from the rise of passive, whether a factor could be constructed based on Mike's research, different strategies that might hedge a

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01:07:44

An Evidence-Based Look at the Struggles of Value...

Excess Returns ·

2024/10/17

In this episode of Excess Returns, we sit down with Larry Swedroe to tackle some of the most pressing issues in investing today.We dive deep into topics that are on many investors' minds, including: Is value investing still effective in today's market? How is the rise of passive investing impacting market efficiency? Should we be concerned about market concentration? Is international diversification still important? What role will artificial intelligence play in investing? Larry brings his

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