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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

00:55:47

Investing in the Future of Health Care with Mike Taylor

Excess Returns ·

2024/03/08

In this episode, we are joined by Mike Taylor, manager of the Simplify Health Care ETF (PINK). Mike is one of the best healthcare investors out there and has managed portfolios for Oppenheimer and major hedge funds like Citadel and Millennium. PINK is the only ETF in existence that donates all its profits to charity with its proceeds benefitting the Susan G. Komen foundation. We talk to Mike about the exciting developments going on in the healthcare space and how he thinks about constructing a

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01:00:12

Show Us Your Portfolio: Bob Elliott

Excess Returns ·

2024/02/29

In this episode of Show Us Your Portfolio, we speak with Unlimited Funds founder Bob Elliott. We discuss the unique multi strategy approach he uses to manage his personal portfolio. We cover the weaknesses of the 60-40 portfolio, the 4 buckets Bob uses as the building blocks for his investment strategy, the benefits of simplicity, how Bob views home ownership, leaving money to children, gardening and a lot more.SEE LATEST

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00:59:27

Has Passive Investing Broken the Market? | Mike Green

Excess Returns ·

2024/02/22

David Einhorn said in a recent podcast interview that he feels that the market is broken. He has made significant changes to his investment approach as a result. Much of the basis for his assertion is based on the work of Simplify's Mike Green, who has been warning investors about the dangers of passive investing for many years. In this episode, we are fortunate to have Mike back for his third appearance on the podcast. We discuss the impact that the rise of passive investing has had on the

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01:01:34

The Next Chapter for Inflation with Cullen Roche

Excess Returns ·

2024/02/15

With inflation off its highs, but still elevated relative to the Fed's target, there are differing opinions on where we go from here. In this episode, Discipline Funds founder Cullen Roche joins us to help work through it. We discuss the challenge of measuring inflation, the relationship between inflation and the labor market, the potential future path of inflation and what to expect from the Fed going forward.SEE LATEST

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01:01:18

The No Landing Scenario with Cem Karsan

Excess Returns ·

2024/02/08

In this episode, our most popular guest returns for his third appearance on Excess Returns. We talk with Kai Volatility founder Cem Karsan about a wide range of topics, including the future outlook for inflation, what the Fed is likely to do going forward, structured products, ODTE options, the importance of thinking in probabilities and a lot more. We also get some crumbs and get Cem's take on option dealer flows and the potential coming February window of weakness. SEE LATEST

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00:53:01

Challenging the Foundation of Asset Pricing Theory...

Excess Returns ·

2024/02/01

Those of us that invest using factors have been taught that there needs to be a reason why they work. We have been taught that for their excess returns to persist in the future, there should be a behavioral or risk-based explanation as to why they exist in the first place. If that assumption is wrong, it would call into question the validity of much of the work that has been done in asset pricing research and would also have significant implications for real world investment strategies build using

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00:52:47

Show Us Your Portfolio: Katie Stockton

Excess Returns ·

2024/01/25

In our latest episode of Show Us Your Portfolio, we are joined by Fairlead Strategies founder Katie Stockton. We discuss how Katie thinks about managing her personal portfolio and the investing process. We cover Katie's approach to asset allocation, how she incorporates technical analysis into her strategy, international diversification, the benefits of a financial advisor, her views on leaving money to kids and a lot more. SEE LATEST

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01:11:44

Show Us Your Portfolio: Andrew Beer

Excess Returns ·

2024/01/18

In this episode, we speak with DBi founder Andrew Beer about his approach to managing his personal portfolio. We discuss how Andrew looks at his portfolio in the context of his life goals, his views on stocks and bonds, how he incorporates managed futures into his portfolio, his views on homeownership and charitable giving and a lot more. SEE LATEST EPISODES ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.validea.com/excess-returns-podcast⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ FIND OUT MORE ABOUT

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01:04:07

High Conviction Value Investing with Chris Davis

Excess Returns ·

2024/01/11

In this episode, we are privileged to be joined by Chris Davis, Chairman and Portfolio Manager of Davis Advisors. Chris has built an outstanding long-term record as a value investor and also serves on the board of both Berkshire Hathaway and the Coca-Cola Company. We discuss his process for analyzing companies and his owner earnings-based approach that led him to companies like Amazon when many value investors avoided them. We also discuss his biggest lessons from his father and grandfather, both of

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01:03:43

What Generative AI Means for Investors with Adam Butler

Excess Returns ·

2024/01/04

Generative AI is probably the most rapidly developing technology we have ever seen. In this episode, we dig deep into it and its potential impact on both our lives and the investing world with ReSolve Asset Management CIO Adam Butler. Adam is one of the smartest people we know and has been dedicating a large amount of his free time to utilizing the technology, so we couldn't think of a better person to help us better understand it. We discuss how it works, what it means for both people who build

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02:32:45

100+ Great Investors Share Their Most Important...

Excess Returns ·

2024/01/04

We have now conducted over 100 interviews on Excess Returns. At the end of all of them, we have asked the same closing question: Based on your experience in markets and your research, if you could teach one lesson to the average investor, what would it be? In this episode, we bring all of their episodes together into one episode and share the answers from all our guests, including Guy Spier, Rob Arnott, Michael Mauboussin, Steve Romick, Joel Tillinghast, Cem Karsan, Bob Elliott, Jerry Parker, Andy

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01:06:44

Show Us of Your Portfolio II: Larry Swedroe on...

Excess Returns ·

2023/12/21

This episode is the first part II our Show Us Your Portfolio series. When we originally spoke to Larry Swedroe, we were very intrigued by his use of illiquid alternatives within his portfolio. But we didn’t have time in the original interview to dig into the details of his strategy and the individual components of it. In this interview, we correct that. We discuss Larry’s overall view of alternatives, the unique sources of risk he uses within his portfolio and how he combines them together to build

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01:03:03

Value, Momentum and Launching ETFs with Wes Gray

Excess Returns ·

2023/12/14

In this episode, we are joined by Wes Gray, founder of Alpha Architect and ETF Architect. We cover his biggest lessons from growing the businesses from a startup to over $5 billion in assets. We also discuss the rapid growth of ETFs and ETF Architect's mission to help firms launch them. And we get Wes' take on a variety of issues related to factor investing including the struggles of value in the past decade, how to tell when a factor no longer works, the evolution of his strategies over

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00:46:25

Navigating the Factor Zoo with Matthias Hanauer

Excess Returns ·

2023/12/08

In this episode, we talk factor investing with Robeco's Matthias Hanauer. Matthias has written some excellent research papers on a variety of factor investing topics and we dig into the details behind two of our favorites: "Honey I Shrunk the Factor Zoo", and "Resurrecting the Value Premium." We also discuss the state of value investing in general and look at some interesting charts Matthias put together that put the current situation in value in context. We hope you enjoy

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00:52:04

The Enduring Legacy of Charlie Munger with Lawrence...

Excess Returns ·

2023/12/06

In this episode, we discuss the incredible life and investing career of Charlie Munger with George Washington Professor Lawrence Cunningham. Lawrence in one of the world's leading experts on Berkshire Hathaway and Buffett and Munger and w couldn't think of anyone better to help us pay tribute to Munger. We discuss Munger's life, his investing career, the core principles that governed him, his legacy and a lot more. We hope you enjoy the discussion. SEE LATEST

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00:41:49

Lessons From a Legendary Fund Manager with Joel...

Excess Returns ·

2023/11/30

In this episode, we speak with Joel Tillinghast, who will retire as the manager of the Fidelity Low-Priced Stock Fund at the end of this year. Joel managed the fund for over 30 years and built an impressive track record, substantially outperforming the S&P 500 over his tenure. We talk to Joel about the biggest lessons from his career, his approach to finding undervalued stocks, what he learned from Peter Lynch, the most important advice he will give his successors and a lot more. We hope you

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00:54:39

How Popular Market Indexes Are Constructed with...

Excess Returns ·

2023/11/22

Most investors reference the returns of popular indexes frequently. But most also do not understand the details of how those indexes are constructed. In this episode, we take a deep dive into index construction with Bloomberg's Athanasios Psarofagis. We start with basic indexes like the S&P 500 and NASDAQ and move to more complex ones like the Russell and S&P value and growth indexes. But in all cases, we look at the behind the scenes details of how the index is built and how that

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00:59:58

From Quant Investing to Venture Capital with Jim...

Excess Returns ·

2023/11/16

In this episode we bring back one of our most popular guests. We speak with O'Shaughnessy Ventures founder Jim O'Shaughnessy about his transition from a factor investor to a venture capitalist and what he has learned along the way. We cover the current state of factor investing, Jim's biggest lessons from his career, his approach to venture capital, the attributes of successful founders and a lot more. We hope you enjoy the discussion. SEE LATEST

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01:00:35

Understanding the Changing Macro Landscape with...

Excess Returns ·

2023/11/09

In this episode, we speak with 3Fourteen Research founders Warren Pies and Fernando Vidal. We discuss 3Fourteen’s systematic macro process and how they are using it to analyze the current challenging environment. We also cover a wide range of macro topics, including the importance of the duration of treasury issuance, Fed policy, the changing correlation dynamics of stocks and bonds, their unique drawdown prediction model and their outlook for housing. We hope you enjoy the discussion. SEE LATEST

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01:03:06

A Deep Dive into Credit Investing with Joe Hegener

Excess Returns ·

2023/11/01

In this episode, we take an in depth look at the credit market with Asterozoa Capital CIO Joe Hegener. We cover the basics of the credit market, the current state of the market, the potential upcoming refinancing wall and the most important fundamental criteria Joe looks at when evaluating companies. We hope you enjoy the discussion. SEE LATEST EPISODES ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.validea.com/excess-returns-podcast⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ FIND OUT MORE ABOUT

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