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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

01:00:48

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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00:46:14

15 Ways to Lose Money in Markets | Ben Carlson

Excess Returns ·

2024/10/10

In this episode of Excess Returns, we sit down with Ben Carlson, Director of Institutional Asset Management at Ritholtz Wealth and author of the popular investing blog "A Wealth of Common Sense." We discussed his insightful article "15 Ways to Lose Money in the Markets," which outlines major mistakes investors make and how to avoid them.We explore a variety of topics, including: - The dangers of market timing and why it's so difficult to get right - Why investors shouldn't blindly follow advice

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01:09:50

Investing in a Flows Driven World | Cem Karsan

Excess Returns ·

2024/10/03

In this episode of Excess Returns, we welcome back Cem Karsan of Kai Volatility Advisors for an in-depth discussion on the current state of markets and the global economy. We explore: - How geopolitical events in the Middle East and Ukraine are impacting markets and risk - Cem's views on inflation, recent Fed actions, and market flows - The impact of options positioning and market structure on volatility - Cem's outlook for the remainder of 2023 and into 2024 - Historical patterns around

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01:02:30

What Investors Can Learn from a Year-Long Trading...

Excess Returns ·

2024/09/26

In this episode, Matt sits down with Brent Donnelly, author of "50 Trades in 50 Weeks: One Year of Good Ideas, Dumb Mistakes, and Timeless Trading Lessons". Brent spent close to a year conducting a unique experiment where he created and executed one unique trade every week across a wide variety of markets and asset classes. We discuss what he learned from the experience. We also delve into the concept of edge in investing and the challenges of maintaining one in evolving markets, the

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01:03:49

What Regular Investors Need to Know About Options...

Excess Returns ·

2024/09/18

In this episode, we dive deep into the world of options and their impact on market dynamics. We start with an "Options Dealer Flows 101" primer, explaining key concepts like delta hedging, gamma, charm, and vanna to help viewers understand how options flows can drive stock prices.We then analyze the current market situation heading into the September 2024 options expiration, one of the biggest of the year. We explore the outsized influence of Nvidia options activity, discuss potential

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01:01:59

The Case for a Roaring 2020s | Ed Yardeni

Excess Returns ·

2024/09/12

In this episode of Excess Returns, we sat down with Ed Yardeni, president of Yardeni Research and YardeniQuickTakes.com. Ed is one of the most accurate and respected Wall Street strategists, and we were excited to discuss his views on the economy, markets, and forecasting.We covered a wide range of topics, including: Ed's outlook for inflation and the economy Why he believes we could be entering a "Roaring 20s" period for the stock market His thoughts on why we might see fewer Fed

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01:20:27

The Harsh Truth About Investing Edge with Adam Butler

Excess Returns ·

2024/09/05

In this episode of Excess Returns, we sit down with our good friend Adam Butler, co-founder and Chief Investment Officer of ReSolve Asset Management. We cover a lot of ground, including: The challenge of distinguishing investment edge from noise over typical investing lifetimes The concept of return stacking and how it allows investors to increase portfolio diversification The process of determining sources of return to stack on top of stock and bond portfolios The impact of passive investing

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410 results

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