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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

00:12:37

The Dangers of Hindsight Bias

Excess Returns ·

2020/04/12

Whenever any of us analyze the decisions we make in investing, there is always a tendency to think that what we end up knowing in retrospect was obvious at the time. There is a tendency to believe that decisions that we could have made were easier than they actually were. But that’s just not the way things work, especially when we are faced with high stress situations and very uncertain outcomes, which is the situation we all face today. In this episode, we discuss the challenge of analyzing the

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00:35:02

Interview: Value Investing with Tobias Carlisle

Excess Returns ·

2020/04/06

In this week’s Excess Returns, we are trying something new. In addition to our regular episodes, we have decided to periodically talk to some of the people we respect most in the investment community to get their insights on the issues facing investors today. For our first conversation, we talk to our friend Tobias Carlisle about value investing. Toby is probably the smartest value investor we know. He is the author of four books on value, including the Acquirer’s Multiple. He is also the founder of

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00:19:47

The Importance of Challenging Your Own Beliefs

Excess Returns ·

2020/03/29

Confirmation bias is one of the most damaging biases in investing. All of us want to be right. We all want to think that opinions that disagree with ours don’t have sensible arguments to support them. So we gravitate toward people who agree with ours. Whether it be in our personal relationships, or our virtual ones through things like social media, we all unconsciously want to seek out validation that proves that what we thought all along is correct. But during times like these that can be a major

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00:21:53

Looking at Different Ways to Manage Risk

Excess Returns ·

2020/03/22

There are many ways to manage risk in a portfolio. Traditional methods like blending stocks with bonds will work for most investors, but more creative methods can also make sense in some cases. One thing all risk management techniques have in common though, is that they come with trade offs. In this episode we look at some popular risk management approaches, and some lesser known ones, and examine the pros and cons of each. In addition to a traditional blended stock and bond approach, we also

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00:19:58

Q&A: Answering Investors' Questions in Uncertain and...

Excess Returns ·

2020/03/19

With the market in the midst of a significant decline and uncertainty reaching levels we haven't seen in many years, we have received many questions about what is going on, and where we go from here. So we decided to do a Q&A episode to do our best to answer some of these questions. In this bonus episode, we talk about why the market has fallen so quickly, whether stocks are cheap after the recent decline, and whether can can rely on past fundamental data to pick stocks in a time like this. We

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00:18:28

Some Thoughts on Market Panics

Excess Returns ·

2020/03/15

The argument that investors should stay the course during market declines is an easy one to make. It also in most cases is the correct one, since figuring out when to get out of the market, and when to get back in, is very difficult for most investors to do. Despite the strength of the stay the course argument, those of us who make it can sometimes fail to deliver it with the proper recognition of the pain that most investors feel during market declines. In this episode, we talk about some important

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00:13:39

Some Thoughts on the Struggles of Factor Investing in...

Excess Returns ·

2020/03/08

The long-term evidence to support factor investing is compelling. Academic work has shown that factors like value and momentum have produced an excess return relative to the market over time. But what occurred in the most recent decade was in many ways the opposite of what has happened over the long-term. Almost anything an investor did to get away from buying large growth companies over that period was a detraction from returns. In this episode, we try to put the struggles of factor investing in

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00:16:34

The Dangers of Headline Investing

Excess Returns ·

2020/03/01

The recent market sell off related to the Coronavirus has many investors worried. And with good reason. When panics like this set in, we all tend to focus on worst case scenarios and want to take action in response. But the process of analyzing headlines and figuring out how they will impact the market is challenging for even the most sophisticated investors. In this week's episode, we look at the dangers of investing based on headlines and why most investors are probably better off avoiding

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00:18:13

The Pros and Cons of Trend Following

Excess Returns ·

2020/02/23

To say that the track record of market timers in general is dismal would be an understatement. There are so many factors that impact market returns that getting them all right is next to impossible. And even if you do, figuring out what is and is not already priced in can be an equally fruitless exercise. Despite the fact that forecasters have consistently failed to predict market turns, there is an option that can help to limit losses in major downturns and can be beneficial for some investors

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00:16:44

The Pitfalls of Back Testing

Excess Returns ·

2020/02/16

Back testing is one of the most misused tools in investment management. Almost every back test outperforms the market, but those same strategies often struggle when run with actual money. In this episode, we discuss the reasons why back tested results often don't translate into the real world and talk about some things to look out for when evaluating back test results. ABOUT THE PODCAST Excess Returns is an investing podcast hosted by Jack Forehand (@practicalquant) and Justin Carbonneau

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00:17:19

Lessons From Our Most Read Five Questions Interviews

Excess Returns ·

2020/02/09

In this week's episode, we talk about the biggest lessons from the first year of our Five Questions interview series. Our Five Questions series features in depth interviews with leaders in the investing industry. We discuss the five most important lessons we learned from our interviews with Jim O'Shaughnessy, Corey Hoffstein, Michael Mauboussin, Ben Hunt and Wes Gray. ABOUT THE PODCAST Excess Returns is an investing podcast hosted by Jack Forehand (@practicalquant) and Justin Carbonneau

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00:15:35

The Benefits of a Value Composite

Excess Returns ·

2020/02/02

Picking the right value metric can be one of the biggest challenges of quantitative value investing. Although the Price/Book is the most widely used value metric, its struggles in recent years and valid concerns that have been raised about its viability in a world dominated by intangible assets have led many to question whether it still works. But the other widely used value metrics also have their own problems. In this week's episode, we discuss the benefits of using a value composite and how it

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00:16:34

The Perils of Market Forecasting

Excess Returns ·

2020/01/26

We have just completed market prediction season. Its the time of year where there are countless forecasts about what the economy will do in the new year. Its when experts tell you what interest rates will do for the year. And most of all, its when you see a variety of predictions for where the S&P 500 is heading this year. The experts making these predictions even do you the favor of giving you exact price targets so you know exactly what will happen. But there will be one major problem with

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00:17:12

The Challenges of Developing a Sell Strategy

Excess Returns ·

2020/01/19

As difficult as it is to figure out the right stocks to buy, determining when to sell can be even more challenging. In this episode, we look at the important factors to consider when deciding when to sell and develop a systematic sell framework that can be used for both quantitative and traditional investors. ABOUT THE PODCAST Excess Returns is an investing podcast hosted by Jack Forehand (@practicalquant) and Justin Carbonneau (@jjcarbonneau), partners at Validea. Justin and Jack discuss a wide

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00:07:30

Bonus: Long Live Value Investing?

Excess Returns ·

2020/01/17

After we finished recording this week's episode on the case against value stocks, we kept the recorder rolling and we have included that audio in this short bonus episode. We discuss the challenges of figuring out whether you have overcome your confirmation bias, how long it would take to officially say value investing is dead, and whether we remain believers in value after the exercise of challenging our belief in it. We hope you enjoy this bonus audio. ABOUT THE PODCAST Excess Returns is an

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00:19:05

The Case Against Value Stocks

Excess Returns ·

2020/01/12

Confirmation bias is one of the biggest problems in investing. We all have a set of core beliefs, and we tend to surround ourselves with people who also believe them and focus on information that validates them. That can be dangerous, though, because it can blind you to valid arguments that contradict your own. In this episode, we challenge our belief in value investing and discuss some of the reasons why we could be wrong. ABOUT THE PODCAST Excess Returns is an investing podcast hosted by Jack

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00:14:10

The Double Edged Sword of Avoiding Value Traps

Excess Returns ·

2020/01/05

Many value stocks are cheap because they deserve to be. Some of them no longer have sustainable businesses, and as a result their current discounted multiple will look really expensive relative to where their business is headed. These types of stocks are often referred to as “value traps” and value investors do everything they can to avoid them. In this episode, we talk about value traps, why they are impossible to avoid completely, and some rules that can help minimize them. ABOUT THE

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00:15:47

Lessons From the March For the Fallen

Excess Returns ·

2019/12/29

In this episode, we discuss Justin's experience participating on the Alpha Architect team in last year's March for the Fallen. and how some of the lessons he learned from it can be applied to investing. The March for the Fallen is an event hosted by the Pennsylvania Army National Guard Training Center at Fort Indiantown Gap to honor the memory of all that have fallen in the defense of our nation. For more information on the March for the Fallen, click here. ABOUT THE PODCAST Excess Returns is an

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00:23:50

Six Common Misconceptions About Factor-Based Strategies

Excess Returns ·

2019/12/22

Factor strategies have grown exponentially in the past decade. Almost every major asset manager now offers their variation of things like value, momentum, quality, and low volatility. But to use them properly, it is important to understand what they can and can't do. In this week's episode, we discuss the common misconceptions about factor strategies and what they can deliver for investors. ABOUT THE PODCAST Excess Returns is an investing podcast hosted by Jack Forehand (@practicalquant) and Justin

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00:17:56

The Rising Bar for Active Management

Excess Returns ·

2019/12/15

The market has always been tough to beat, but the ability to investors to gain inexpensive exposure to factors like value and momentum has made the job of active managers even harder. In this week's episode, we talk about why the pursuit of alpha has become more difficult over time. ABOUT THE PODCAST Excess Returns is an investing podcast hosted by Jack Forehand (@practicalquant) and Justin Carbonneau (@jjcarbonneau), partners at Validea. Justin and Jack discuss a wide range of investing topics

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422 results

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