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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

00:53:22

Constructing a Crypto Index with Jeremy Schwartz and...

Excess Returns ·

2022/03/27

Many crypto investors tend to build their own portfolios and focus on the major coins like Bitcoin and Ethereum. But the crypto space is much more than that. Trying to get diversified exposure to crypto can be challenging, though. In this episode we talk to WisdomTree Global CIO Jeremy Schwartz and Ritholtz Wealth Director of Research Michael Batnick about the New Crypto Index they developed to help investors gain broad exposure to the space. We take in deep dive into the index construction process

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01:01:18

Breaking Down the Russia Ukraine Conflict with...

Excess Returns ·

2022/03/20

The Russian Ukraine conflict has been a challenging one for many of us to understand. In this episode, we speak with Ben Hunt of Epsilon Theory to help us understand how the conflict got to where it is today and what it means going forward. We discuss the lead up to the war, why Putin chose to invade and how the war can be won on the military, economic and narrative fronts. We also talk about its impact on the US economy and what it means for investors. We hope you enjoy the discussion. ABOUT THE

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00:18:34

Ten Great Investors Share the One Lesson They Would...

Excess Returns ·

2022/03/13

When we started Excess Returns, we stayed away from having a standard closing question for guests because we couldn’t come up with one that summed up the knowledge of our guests into something simple that your average investor could understand. But a little over a year ago, we came up with a question that we thought worked perfectly. If our goal was to help investors learn along with us, then it made the most sense to ask our guests the most important lesson they had learned themselves. So we

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00:43:27

Dual Momentum Investing with Gary Antonacci

Excess Returns ·

2022/03/08

In this episode, we speak with Gary Antonacci about his Dual Momentum investing approach. We look at both absolute and relative momentum individually, and the pros and cons of the measures that can be used to define them. We then discuss the process of combining them together into a dual momentum strategy. We also cover a wide variety of other momentum investing topics, including using modules to introduce uncorrelated assets into a strategy, whether value and quality can enhance momentum and how

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00:54:03

Gamma, Vanna, Charm and the Impact of Options on the...

Excess Returns ·

2022/03/03

While many investors are likely familiar with options, their impact on the stock market is much less understood. When an investor buys an option, it can kick off a series of flows into and out of the underlying stock or index that can have significant impact on the price of the instrument itself over time. And with options activity up dramatically in recent years, these flows have become much more important for investors to understand. This week we take a deep dive into options and their impact on

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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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426 results

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