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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

00:14:22

Why Eliminating Discretion from Quantitative Models...

Excess Returns ·

2020/11/29

There is a tendency for those of us who support quant models to talk about them as if they are these things that just run on autopilot over the long-term that are free from all the decision-making issues that plague us as human beings. That just isn’t the case, though. There are many decisions that go into the development, optimization, and evolution of quant models that require human intervention and a thoughtful, nuanced approach. In this episode, we discuss the human decisions that go into quant

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00:33:52

Is Value Investing Dead?

Excess Returns ·

2020/11/25

Value investing has struggled for over a decade now. Although no one will dispute that fact, there are significant disagreements about whether this is just another of the long periods of underperformance that have been common in the history of value or if something about the strategy has become broken. In the first year of our podcast, we have talked to some of the smartest people we know in the investing world about this topic, including Jim O'Shaughnessy, Tobias Carlisle, Adam Butler, Partha

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00:21:38

Why You Shouldn’t Try To Copy Warren Buffett

Excess Returns ·

2020/11/22

Warren Buffett is one of the greatest investors of all time. He has also been very generous in sharing the lessons he has learned over his career with all of us. There are many things all of us can and should learn from Buffett. But despite that, there are also many lessons that investors should not learn from what Buffett does. Like all investors, many of the things Buffett does are the result of his own unique situation. The majority of investors also have substantially smaller portfolios than

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00:20:03

The Fundamental Principles of Benjamin Graham and...

Excess Returns ·

2020/11/15

Benjamin Graham is considered by many to be the father of value investing. Not only did Graham produce an exceptional track record during his lifetime, but he also counts some of the most successful value investors of all time among his disciples, including Warren Buffett. But despite the long-term success of the deep value investing style popularized by Graham, many argue that things have changed and that value investors need to evolve to keep up with the times. In this episode, we take a deep dive

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00:55:01

Monopolies, Intangible Assets and the Disruptive...

Excess Returns ·

2020/11/12

Our economy is changing. The largest, most successful companies in the world no longer require substantial tangible assets to operate their businesses. The businesses that are disrupting our world and wielding monopolistic power aren't powered by plants and factories. Instead their value lies in things like brands and technology and the value of their networks. This new world has challenged many traditional beliefs about investing. Everything from how we define value to how we look at growth has

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00:23:12

Are Flows Into The S&P 500 And Other Passive Indexes...

Excess Returns ·

2020/11/08

There is little disagreement among market observers that passive investing is growing. There is also little dispute that the trend is likely to continue as a result of the rise of ETFs, investors’ focus on fees, the inconsistency of active manager outperformance, and numerous other factors. That is where the agreement ends, though. There are substantial disagreements as to if there has been an impact on the pricing of securities within the market, and if so, what that impact is. There are two ways

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00:59:33

Interview: The Birth, Growth & Death of Investing...

Excess Returns ·

2020/11/05

Many investors have come to accept the fact that the major factors like value and momentum will produce excess returns over the long-term. But what if the fact that these factors have become widely known and have strong evidence to support them has reduced or eliminated their effectiveness? In this episode, we discuss this idea with Adam Butler of Resolve Asset Management. Adam is one of the deepest thinkers that we know in the investing world. He is also a prolific writer and host of the popular

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00:16:22

Why Your Politics Shouldn't Affect Your Investment...

Excess Returns ·

2020/11/01

We all have our political views. We all have a series of policies that we think would make the world a better place than it is today. And in the polarized world we are in today, most people are more entrenched in these views than they ever have been. No matter what you think about politics, though, it is important to understand that it is likely best to separate those views from what you do with your investment portfolio. In this episode, we look at the historical data to explain why which party

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00:16:36

The Dangers of Trying to Outsmart the Market

Excess Returns ·

2020/10/25

All of us can fall into the trap of thinking that a certain outcome in investing is obvious. Whether it be the future direction of the market, which asset classes will perform best going forward, or the types of stocks that will lead the way, it is easy to think that certain outcomes are a virtual certainty. This can be particularly true during a period like the one we are in where opinions are polarized. But it is important to understand that the market's collective wisdom is usually smarter than

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00:44:13

Interview: Curating Investing Content and Sharing...

Excess Returns ·

2020/10/22

The volume of financial content that is produced these days can be completely overwhelming. Filtering through it to find the best articles is a task that most investors just don't have the time to complete. Thankfully, they don't have to. Tadas Viskanta helped solve this problem when he launched Abnormal Returns over 15 years ago. Every day, Tadas identifies the best financial content and distills it down to a condensed series of links. And he does it for free. Tadas is also the Director of Investor

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00:19:23

Why Growth Investing is Harder Than You Think

Excess Returns ·

2020/10/18

Growth investing has seemed easy in the past decade. Growth stocks have easily outpaced both value stocks and the market, which has led to great performance for many growth strategies. But it likely won't always be this easy. Over the long-term, growth stocks as a whole have trailed the market, and successful growth investors have had to identify a small group of stocks that perform well in a universe that typically does not. In this episode, we look at some of the realities of growth investing. We

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00:57:57

Interview: A Multi-Disciplinary Approach to Investing...

Excess Returns ·

2020/10/15

Investing in today's world requires an ability to understand multiple disciplines. In addition to understanding markets and having the ability to put current events in a long-term context, it also requires an understanding of economics. And with governments playing an increasing role in markets, it requires an ability to understand public policy and interpret its impact. Nir Kaissar is unique in his ability to offer insights into each of these areas. He is the founder of Unison Advisors and a

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00:57:17

Interview: Liquidity Cascades with Corey Hoffstein

Excess Returns ·

2020/10/11

It has been said that the most dangerous words in investing are "this time is different". But sometimes a confluence of factors come together to significantly change the character of the market. In the best research paper we have read this year, Corey Hoffstein argues this is one of those times. In this interview, we go through all the details of Corey's argument and how they fit together to form a very compelling argument that this time might in fact be different. We discuss: - Why the "moneyness"

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00:20:02

Why the S&P 500 is an Active Portfolio, and Other...

Excess Returns ·

2020/10/04

Active management deserves all the criticism it gets. After all, over 80% of equity managers underperform their benchmarks over the long-term and active managers charge vastly higher fees compared to passive indices. But active management also gets a bad rap. There are many active strategies that perform very well over time, and justify the fees they charge. How can both of these conflicting statements simultaneously be true? The answer lies of the definition of the term “active management” and the

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00:53:17

Interview: The Past, Present and Future of Investing...

Excess Returns ·

2020/09/27

John Rekenthaler is Vice President of Research for Morningstar, the author of the Rekenthaler Report column, and a leading expert on the mutual fund industry. John has been with Morningstar almost since the beginning and has witnessed the evolution of the mutual fund and investing industries first hand. In this interview, we draw on John's extensive experience to cover a variety of topics related to the fund industry and investing in general. We discuss: - the key attributes to look at when

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00:30:35

Bonus Episode: Six Narratives Shaping The Market In 2020

Excess Returns ·

2020/09/24

In this bonus episode, we we discuss a presentation Justin recently gave to Fidelity customers about some of the major narratives shaping the current market. The word "unprecedented" tends to be overused in investing, but 2020 has certainly seen many occurrences that many investors have never seen before, and may not again. We talk about some of these things and what they mean for investors going forward. We discuss: - Why 2020 has turned the factors that have worked over the long-term in investing

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00:20:46

Why the Stock Market is Near All Time Highs Despite...

Excess Returns ·

2020/09/20

We are currently in one of the most difficult economic environments many of us will see if our lifetimes. Even though the unemployment rate has fallen from its high of 15% to a level below 10%, it still exceeds the peak from the 2008 crisis, which itself was one of the deepest recessions ever. Small businesses and entire industries, like air travel, cruise lines and hotels are struggling mightily as the various degrees of lockdowns we have experienced in recent months have taken a huge toll. But

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00:17:45

Is Direct Indexing the Future of Investing?

Excess Returns ·

2020/09/13

Technology has allowed all of us to personalize many aspects of our lives. Rather than accept products tailored to a wide range of people, we are now able to customize products we use based on our specific needs and preferences. But in the world of investing, most investors continue to invest in prepackaged indexes like the S&P 500 that are the same for everyone. That may be about to change, though. The combination of new technology, the elimination of brokerage commissions, and the ability of

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00:21:11

Six Lessons New Robinhood Traders Could Learn From...

Excess Returns ·

2020/09/06

Trading volumes at online brokers have skyrocketed since the Coronavirus crisis began. If there is one lesson these newly minted traders have learned so far, it is that the market does nothing but go up. But more seasoned investors know that the market, and these traders, will eventually fall upon tough times. In this episode, we discuss some investing lessons that these new traders could learn from legendary investor Peter Lynch. We discuss: - The importance of understanding the businesses behind

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01:01:43

Interview: Bridging Academic Research and Real World...

Excess Returns ·

2020/08/30

In this episode we are joined by Professor Partha Mohanram. Professor Mohanram is the John H. Watson Chair in Value Investing at the Rotman School at the University of Toronto. His paper "Separating Winners from Losers among Low Book-to-Market Stocks using Financial Statement Analysis" is also the basis for one of the quantitative models we run on Validea. In this interview, we cover a wide range of topics based on Professor Mohanram's research, including: - The criteria of his G Score strategy -

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421 results

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