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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

01:15:57

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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01:09:25

Value Investing in a Changing World with Aswath...

Excess Returns ·

2024/08/29

In this episode of Excess Returns, we sat down with NYU professor Aswath Damodaran to discuss his new book on the corporate life cycle and get his insights on a wide range of investing topics.We cover: - How companies age and why they struggle to act their age - The importance of storytelling in valuation - Aswath's thoughts on factor investing and its limitations - The rise of passive investing and its impact on markets - Market concentration and the dominance of big tech companies - How

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01:01:49

Challenging "Stocks for the Long Run" with Jason Buck

Excess Returns ·

2024/08/22

In this episode of Excess Returns, we sit down with Jason Buck of Mutiny Funds to examine the idea of stocks for the long run and some potential challenges to it. We discuss: - Why the impressive historical returns of the US stock market may be an outlier - The importance of looking at real returns vs nominal returns - How to build a diversified portfolio to handle different economic scenarios - The concept of "fractal diversification" in portfolio construction - Rethinking sustainable

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01:02:31

The Mechanics of Deleveragings - And Where the...

Excess Returns ·

2024/08/15

In this episode of Excess Returns, we welcome back Andy Constan, founder of DampedSpring . We cover a wide range of topics, including recent market volatility, the broader economic outlook, and Andy's perspectives on inflation and monetary policy. Andy shares his framework for analyzing deleveraging events, emphasizes the importance of thinking in probabilities for market outcomes, and discusses potential long-term impacts of factors like AI and deglobalization on the economy. We explore his

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00:58:30

Challenging Conventional Investing Beliefs with Meb...

Excess Returns ·

2024/08/08

In this episode of Excess Returns, we sit down with Meb Faber, founder of Cambria Investment Management, to discuss his unconventional views on investing that often go against mainstream opinions. We explore a wide range of topics, including the Federal Reserve's performance, dividend investing strategies, international diversification for U.S. investors, trend following, and the relationship between interest rates and stock market valuations. Throughout our conversation, Meb challenges common

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01:02:50

A Safety First Retirement | The 4% Rule and Managing...

Excess Returns ·

2024/08/01

In this episode of Excess Returns, our good friend Matt Ziegler interviews retirement planning expert Wade Pfau. They discuss key concepts in retirement income planning, including the 4% rule, variable withdrawal strategies, and Pfau's "safety first" approach. They discuss Wade's work on retirement income styles and the RISA (Retirement Income Style Awareness) framework he developed to help retirees and advisors determine appropriate strategies. They also explore topics like the

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01:02:01

Value Investing, the Mag 7 and Making Sense of a...

Excess Returns ·

2024/07/25

In this episode of Excess Returns, we take a deep dive into value investing with our good friend Tobias Carlisle. We discuss the recent outperformance of small cap and value stocks, tackle the challenges of long periods of underperformance for value strategies, and examine how Tobias constructs his portfolios. We delve into his process for selecting stocks, including his focus on companies trading at discounts using the Acquirer's multiple and his approach to portfolio diversification. Our

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00:56:07

The Case for a Continued Rally with Warren Pies

Excess Returns ·

2024/07/18

In this episode of Excess Returns, we speak with Warren Pies of 3Fourteen Research about his unique systematic approach to analyzing markets. We explore his outlook for the second half of 2024, discussing topics like the future of the 60/40 portfolio, inflation trends, labor market indicators, earnings expectations, and the impact of AI on productivity. Warren shares insights on market breadth, his newly launched quality-driven ETF strategy, and interesting perspectives on seasonality and retail

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00:58:41

Passive Investing, Inflation and the Bifurcated...

Excess Returns ·

2024/07/11

In this episode we have a fascinating discussion with Mike Green of Simplify about the ongoing impact of passive investing on markets. Mike shares insights from recent academic research supporting his thesis and discusses how the risks of passive may play out over time. We also explore potential risks from increased options usage and the short volatility trade. In the second half, we turn to the economy. Mike provides his views on inflation, recession risks, and Fed policy. He explains his

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422 results

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