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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

00:54:21

Gregg Fisher on the Future of Value, Investing in...

Excess Returns ·

2021/09/16

Our guest in this episode is Gregg Fisher of Quent Capital. Gregg was a pioneer in factor investing and the founder of Gerstein Fisher, which he grew to over $5 billion in assets before selling it in 2016. We discuss Greg's current strategy, which seeks to bring a factor-based approach to investing in innovation. We also cover his extensive research on factor investing, including the future outlook for factor premiums, why dividend investing may be overrated and the importance of investor

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00:16:27

The Elusive Definition of Quality

Excess Returns ·

2021/09/12

Buying stocks of high quality companies is something investors are almost universally attracted to. But the details of how to define quality, and the reasons why it works can be more complicated to understand. In this episode, we look at the different ways to define quality, the arguments for why it works, and how it can be incorporated into an investment strategy. We hope you enjoy the discussion. ABOUT THE PODCAST Excess Returns is an investing podcast hosted by Jack Forehand (@practicalquant) and

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00:19:19

An In-Depth Look at Factor Valuation - And Which...

Excess Returns ·

2021/09/05

Valuing factors can be a confusing process. Not only are there are different factors to look at, there are also many ways to define them and a variety of different approaches to look at their valuation. In this episode, we look at what factor valuation can tell us and examine our process for valuing factors in detail. We also look at the current valuation of all the major factors. We hope you enjoy the discussion. ABOUT THE PODCAST Excess Returns is an investing podcast hosted by Jack Forehand

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00:49:35

Investing in Quality Dividend Growers to Achieve Your...

Excess Returns ·

2021/08/29

When many investors think about dividend investing they think about buying the highest yielding stocks. But investing in quality companies that are growing their dividends can in many ways be a superior approach. This week, we talk to Ryan Kruger of Freedom Day Solutions about their approach for finding high quality dividend payers. We also cover a variety of other topics including the two most important questions investors need to answer, his advice for new financial planners, what he has learned

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00:18:03

The Downside of Conviction

Excess Returns ·

2021/08/15

Conviction is probably the most important thing in investing. Regardless of the investment strategy you utilize, the ability to stick with it during the challenging periods is required to achieve its potential. But conviction can also sometimes be a bad thing. It can lead us to see certainty where it doesn't exist. It can also lead us to discount valid arguments against our investment approach. In this episode we discuss the downside of conviction and what investors can do to make sure it doesn't

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00:37:50

Combining Growth and Momentum Investing with O'Neil...

Excess Returns ·

2021/08/12

Many investors tend to think growth and momentum investing are highly aligned with each other. But as we have seen recently, with many momentum funds making an aggressive move into value, they also can be very different. In this episode, we talk to Randy Watts, Chief Investment Officer at O'Neil Global Advisors and Jeremy Schwartz, Global Head of Research at WisdomTree about an interesting strategy they have created to combine the two together. We discuss the challenges of growth investing, the best

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01:02:40

The Return of Tobias Carlisle

Excess Returns ·

2021/08/05

This week we bring back our first repeat guest on the podcast. And we can't think of a better person to have back than our good friend Tobias Carlisle. When Toby originally came on the podcast, we were in the middle of the COVID-19 crisis, the market was down, and value stocks were struggling badly. Since then, the situation has substantially improved both in the economy and in the stock market. We talk to Toby about the resurgence in value stocks and their outlook going forward, the changes in the

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00:40:53

A Deep Dive into Sector Investing with State Street's...

Excess Returns ·

2021/07/29

Investors tend to either invest in passive funds or operate at the other extreme and use active strategies that select individual stocks. But there is a case to be made for a strategy in the middle of those two that focuses on sectors. Sector investing allows investors to make active bets without the idiosyncratic risk that comes with picking individual stocks. In this episode, we cover sector investing in depth with Matt Bartolini, the Head of SPDR Americas Research at State Street. We cover the

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00:20:43

The Facts About Factor Timing

Excess Returns ·

2021/07/25

Factor timing seems so sensible on the surface. The idea of adding exposure to out of favor factors appeals to investors' desires to buy low and sell high. But the reality is much more complicated than that. In this episode, we look at what the academic research shows about factor timing and some different approaches to building investment strategies that time factors. We hope you enjoy the discussion. ABOUT THE PODCAST Excess Returns is an investing podcast hosted by Jack Forehand (@practicalquant)

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00:15:05

The Truth About Dividend Investing

Excess Returns ·

2021/07/18

Investors love dividends. They like them for their potential to beat the market. They like them for the income they provide. Some even like them because of their perceived safety. But the reality of all of those things is a little bit different than the common perception. When you look at each of the benefits that buying high yield stocks provides, you will typically find that there is a better way to accomplish that same thing using an alternative approach. In this episode, we look at the realities

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00:49:22

The Underrated Role of Behavior in Investing with Joe...

Excess Returns ·

2021/07/15

Sometimes as investors we tend to focus their efforts on the wrong things. We will spend a lot of time building complicated strategies. We will focus on trying to beat the market. We will trade when there is no need to. But in doing this we will often miss what is usually the biggest driver of our returns: our own behavior. In this episode, we speak to Joe Wiggins, author of the Behavioural Investment blog about the detrimental effect our behavior can have on our investing returns, and some ways we

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00:14:35

An Inside Look at the Contrarian Investment Strategy...

Excess Returns ·

2021/07/11

David Dreman is a well known contrarian investor and the author of Contrarian Investment Strategies: The Next Generation. Dreman's Kemper-Dreman High Return Fund was one of the best-performing mutual funds ever, ranking as the best of 255 funds in its peer groups from 1988 to 1998, according to Lipper Analytical Services. In this episode, we take a detailed look at the investment strategy Dreman outlined in his book, how it has performed since we first starting tracking it in 2003, and the outlook

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00:18:11

The Hidden Benefits of Rebalancing - And Some Tactics...

Excess Returns ·

2021/07/04

Investors will seek any type of edge they can find. Many run complicated models to try to generate an excess return. Others endure the pain that generating long-term excess returns using factors often entails. But sometimes the easiest ways to boost returns are also the most simple. In this episode, we look at the rebalancing premium and how properly rebalancing a portfolio can outperform the returns of the assets within it. We look at why rebalancing works and discuss some tactics that can increase

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00:38:59

The Biggest Lessons From Our First 100 Episodes

Excess Returns ·

2021/07/01

When we started our podcast in 2019, we were hoping we could create something that would be educational and informative for people who follow our content. But one of the biggest surprises for us is how much we have learned ourselves. We have been fortunate to interview some of the smartest investors we know, and each interview has taught us something new and expanded our understanding of some complex and interesting concepts. To celebrate our 100th episode, we have pulled together our favorite clips

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00:55:15

Rob Arnott on Inflation, Bubbles and the Future of...

Excess Returns ·

2021/06/24

Although the word unprecedented tends to be overused, we are seeing many things in the market currently that many of us haven't seen before. Fiscal stimulus has increased to levels that truly are unprecedented, inflation may become an issue for the first time in a long time, and many investors are arguing the fundamentals don't matter anymore This week, we are fortunate to be joined by Research Affiliates founder Rob Arnott to help us work through all of it. We discuss the implications of

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00:21:43

Some Quantitative Alternatives to the 60-40 Portfolio

Excess Returns ·

2021/06/20

In a world where inflation is not a threat, a standard 60-40 portfolio does an excellent job of providing growth, while also limiting downside when stocks get choppy. You don’t need anything more than the last 40 years, when the 60-40 portfolio had its best stretch ever, to illustrate that. The 60/40 has produced a 9.2% annualized return going back to 1988 – that is an impressive return for a portfolio that buys the overall market and aggregate bond index, rebalances once a year and calls it a

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00:40:59

A Deep Dive into Factor Investing and the Future...

Excess Returns ·

2021/06/13

We have had many experts in factor investing on the podcast. We have even had some who have published research in academic journals. But we haven't had anyone who has produced the volume of research that our guest this week has. Jason Hsu is the co-founder of Research Affiliates and founder of Rayliant.He is also an associate editor of the Journal of Investment Management and serves on the editorial board of the Financial Analysts Journal. We discuss the current state of factor investing and get his

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00:14:32

Finding Quality Value Stocks With Joseph Piotroski's...

Excess Returns ·

2021/06/06

Research shows that value stocks can generate an excess return because the market tends to overestimate their problems, and value investors benefit when it realizes that. But despite that being true on average, many value stocks actually have even bigger problems than the market has priced in. This week, we look at one of the quantitative strategies we follow that attempts to separate the winners from the losers within the value investing space. We discuss Joseph Piotroski's paper "Value Investing:

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00:50:50

Robert Hagstrom on Warren Buffett, Bill Miller and...

Excess Returns ·

2021/06/03

There have been so many books written about Warren Buffett that it can be hard to keep track of them. But before all of that could happen, someone had to be the first. This week we are joined by Robert Hagstrom, whose book The Warren Buffett Way was the first book that took a detailed look at Buffett's investment strategy. And subsequent to that, he has also published The Warren Buffett Portfolio and Warren Buffett: Inside the Ultimate Money Mind, which looked at how Buffett constructs portfolios

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00:21:32

Could ARK Pose a Systemic Risk to the Market? A Look...

Excess Returns ·

2021/05/30

The growth of ARK investments has been one of the biggest stories of the past decade in the ETF space. its flagship fund, the ARK Innovation ETF has seen its asset explode over the past year or so. In January of 2020 the fund had about $1.8B in assets and at the peak earlier this year the fund was at $27B. But many in the investing community have worried that the firm's rapid growth and concentrated approach to investing could have a significant downside if investor sentiment turns against the

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