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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

01:00:21

Systematic Macro Investing with 42 Macro Founder...

Excess Returns ·

2022/02/20

Many investors see macro forecasting as a process about making bold binary predictions about the future of the economy and the market. Those predictions can gets lots of press when they are right, but the reality is that risk management and probabilities are much more important to a macro process than big, bold calls. In this episode we talk to Darius Dale of 42 Macro, who has developed a systematic process to address these issues. We talk about the process of identifying the market regime using

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01:08:27

An Inside Look at the GameStop Story and the...

Excess Returns ·

2022/02/13

The GameStop short squeeze in early 2021 was the talk of the investing world. It had all the parts of a great story. It had some investors making massive profits, while others suffered huge losses. It had anonymous investors on social media as its heroes and hedge fund managers as it villains. It also had a significant social side to it, with many seeing it as an example of individual investors getting the best of Wall Street professionals. But there is much more to the story than the popular

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01:09:15

Motley Fool Founder David Gardner on Finding Rule...

Excess Returns ·

2022/02/06

This week we are joined by David Gardner, founder of the Motley Fool. We discuss his unique Rule Breaker approach to finding long-term growth investments and the criteria that the most successful growth companies of our time have in common. We also cover a wide variety of other topics, including why having a sell discipline is overrated, the lessons from the biggest mistakes he has made and what he has learned from the Motley Fool's first venture capital fund. We hope you enjoy the discussion. ABOUT

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00:17:30

Some Thoughts on the Recent Market Decline

Excess Returns ·

2022/01/30

With the market experiencing its first correction in a while, we thought it would be interesting to look at some behind the scenes data we found interesting about the recent decline. We discuss the varying performance from value, the carnage in the growth space, the importance of discount rates and the impact of the decline on value and growth spreads. We hope you enjoy the discussion. ABOUT THE PODCAST Excess Returns is an investing podcast hosted by Jack Forehand (@practicalquant) and Justin

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00:59:08

In Pursuit of the Perfect Portfolio with Stephen...

Excess Returns ·

2022/01/25

Investors are constantly searching for the perfect portfolio. Although it may be elusive, there are common principles that can allow all of us to get closer to it. We speak to Stephen Foerster, co-author of the new book "In Pursuit of the Perfect Portfolio: The Stories, Voices, and Key Insights of the Pioneers Who Shaped the Way We Invest" about some of those principles, and what some of history's best investors and researchers can teach us about them. Along with his co-author Andrew Lo, Stephen

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00:51:02

A Deep Dive Into Quality Growth Investing with...

Excess Returns ·

2022/01/20

There is an interesting dichotomy in the growth investing space in that growth stocks as a whole tend to underperform the market over time, but the best performing individual stocks in the market also typically come from the growth space. This puts a premium on the ability to separate the winners from the losers for growth managers. Our guest this week has produced a very strong record of doing exactly that. We speak with Rick Schmidt, Partner and Portfolio Manager with Harding Loevner. We discuss

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00:25:06

Six Lessons We Learned While Navigating the Market in...

Excess Returns ·

2022/01/09

2021 has been a really interesting year for markets. In this episode we talk about the biggest lessons we learned from the year, and from the post pandemic period in general. We discuss the debate as to whether the market is a voting or a weighing machine, the true definition of long-term and the importance of thinking in probabilities, as well as other significant lessons we learned. We hope you enjoy the discussion. ABOUT THE PODCAST Excess Returns is an investing podcast hosted by Jack Forehand

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00:50:00

10 Lessons From Our 5 Most Popular Podcasts of 2021 -...

Excess Returns ·

2022/01/02

Our goal when we started the Excess Returns podcast was to hopefully use the platform to help educate investors, and to learn ourselves in the process. Initially, we didn’t have outside guests on the podcast, but it quickly became evident that bringing in voices other than our own would significantly help us in achieving our goal. Starting with our first interview in 2020 with Tobias Carlisle up until our most recent one with Dave Wright from Sierra Investment Management, we have tried to put

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00:43:57

A Tactical Approach to Conservative Investing with...

Excess Returns ·

2021/12/28

Conservative investing has a reputation for being boring. But our guest this week deploys a conservative approach that is far from that. We speak to Dave Wright of Sierra Investment Management. Sierra uses a unique trend following approach to manage its portfolios and mitigate risk.We discuss the current state of markets and the outlook for stocks and bonds as well as unique methods to manage risk in different market environments. We hope you enjoy the discussion. ABOUT THE PODCAST Excess Returns is

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00:58:03

Michael Mauboussin on Valuation, Base Rates and...

Excess Returns ·

2021/12/19

Michael Mauboussin is one of the most insightful long-term thinkers in the investing world. For decades, his research has taken deep dives into markets, valuation and how we can all become better long-term investors. He is currently Head of Consilient Research at Counterpoint Global. We talk to Michael about a wide range of topics, including factor investing, the dangers of simple valuation multiples, the importance of intangible assets, the proper application of base rates and the process of

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00:58:28

Is the Market Rigged in Favor of Corporate Insiders?...

Excess Returns ·

2021/12/12

There is a perception many have that the market is rigged in favor of corporate insiders. And there is certainly justification for that perception. In this episode we take an in depth look at the issue with Wharton professor and insider trading expert Daniel Taylor. We start with the basics, including how insider trading is defined and the laws that govern it. Then we dig deep into his research and what it tells us about the behavior of insiders and whether they have an unfair advantage. We hope you

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00:53:05

Inflation, Factors and Stock Returns with Ehren Stanhope

Excess Returns ·

2021/12/05

In this episode, we speak with O'Shaughnessy Asset Management's Ehren Stanhope about his excellent research paper "The Great Inflation, Factors, and Stock Returns."We discuss the history of inflation and the major regime changes that have occurred throughout history and what we can learn from them to help evaluate the current inflationary picture. And we look at how different factors and assets have performed in high inflation environments. We hope you enjoy the discussion. ABOUT THE PODCAST Excess

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00:47:23

Andrew Thrasher Schools Two Value Guys on Technical...

Excess Returns ·

2021/11/28

In this episode we take a deep dive into technical analysis with Andrew Thrasher, founder of Thrasher Analytics and portfolio manager at the Financial Enhancement Group. We look at the major tools that technicians use and the methods they utilize to apply them. We go through a real world example using the S&P 500 to see how these tools are put into practice. We also cover his excellent paper "Forecasting Volatility Tsunamis" and discuss the conditions that he found were typically present prior

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00:55:46

Lu Zhang On The Evolution of Asset Pricing Models And...

Excess Returns ·

2021/11/21

Asset pricing models have evolved significantly over the past several decades. From the Capital Asset Pricing Model to Fama and French's 3 Factor Model to their more recent 5 and 6 Factor Models, academic research has continued to work to improve our understanding of what drives stock prices. But our guest this week thinks asset pricing models might need a revolution more than evolution. We speak with Lu Zhang, who is the John W. Galbreath Chair and Professor of Finance at the Fisher College of

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00:55:04

An In Depth Look at Multi-Asset Investing with...

Excess Returns ·

2021/11/16

We are currently in a very interesting time for investors. We have experienced a run in equities following the 2020 decline that many did not think was possible. We have seen unprecedented fiscal stimulus and many are worried about inflation. And despite all of that, bond yields remain very low. This week we take a look at all the major asset classes and how we can make sense of the current situation with Westwood's Adrian Helfert. We discuss the future of stocks and bonds, as well as the outlook

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00:35:12

Sheridan Titman On His Seminal Paper on Momentum...

Excess Returns ·

2021/11/07

Momentum was a factor that many academics were very reluctant to embrace. Our guest this week, Sheridan Titman, helped to change that with his 1993 paper "Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency" that he co-wrote with Narasimhan Jegadeesh. In this interview, we discuss both his original work on momentum and what he has learned since. We also cover his research on combining value and momentum and the relationship between location and firm value, and what

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01:03:06

Everything You Need to Know About Inflation with...

Excess Returns ·

2021/10/31

Inflation is probably the most talked about topic in investing today. Some think it has become a major problem. Others (including the Fed) think it is transitory. While still others think we are headed for a repeat of the 1970s or even hyperinflation. But many of the opinions on both side are not informed by the facts. So we wanted to do an episode where we started with the basics to help us understand what is going on now, and what might happen in the future. To do that, we couldn't think of a

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00:59:48

Ritholtz Wealth CFO Bill Sweet Talks the Biden Tax...

Excess Returns ·

2021/10/24

This week we talk to Ritholtz Wealth CFO Bill Sweet. Bill has had a very unique career, which started serving our country in the military and also included a stint in his family's tax business prior to his work at Ritholtz. We talk about the lessons Bill has learned in his career and how others can benefit from them. We also take an in depth look at the Biden tax plan and cover the major points investors should be aware of in it. And we discuss what he has learned as an early adopter of direct

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00:54:37

The Underappreciated Growth Story of Emerging Markets...

Excess Returns ·

2021/10/17

Value investors currently love emerging markets. Whether you look at projections from GMO or Research Affiliates or any of the other major firms who look at expected returns, you will see a much more favorable outlook for emerging markets than the US. But there is another side of the emerging markets story that has little to do with traditional value investing. There is also a significant growth story being driven by the emerging market consumer, and that story is being fueled by the internet. In

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00:21:46

Worried About the Future of the 60-40 Portfolio? We...

Excess Returns ·

2021/10/10

The 60-40 portfolio has been a solid long-term performer for investors. It has worked in bull markets. It has also held up well in deflationary shocks. But with expected returns for both stocks and bonds well below their long-term averages and inflation potentially on the horizon, many have questioned whether it still makes sense. In this episode, we look at the future of the 60-40 portfolios and some potential alternatives to it. We hope you enjoy the discussion. ABOUT THE PODCAST Excess Returns is

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