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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.
Episodes
Excess ReturnsInvesting in a World of Low Expected Returns with AQR's Antti Ilmanen
Investors have enjoyed above average returns for decades now. But long-term evidence suggests that those lofty returns won't last forever. In this episode we…
Excess ReturnsThe Average Investor's Guide to the Current Bear Market
It would be an understatement to say there has been a lot going on in the market this year. Rising inflation has changed the game for economic policy makers…
- Excess Returns
The Case for Long-Term Value Investing with Jim Cullen
Value investing has been under fire in the past decade. Although value has performed much better since the COVID market bottom, it went through an extended…
- Excess Returns
Six Experts Help Us Understand Momentum Investing
Momentum is one of the more challenging factors for investors. Although the long-term evidence that supports it is very strong, many investors have a difficult…
- Excess Returns
Show Us Your Portfolio: Wes Gray
In this episode of Show Us Your Portfolio we speak with Alpha Architect founder Wes Gray. We discuss the three principles he uses to build his personal…
- Excess Returns
Everything Investors Need to Know About Risk Parity with Adam Butler
In this episode we take a deep dive into risk parity with Adam Butler of Resolve Asset Management. We discuss the foundational principles of the strategy and…
- Excess Returns
Systematic Global Macro Investing with GMO’s Martin Emery
This week we speak with Martin Emery from GMO's Systematic Global Macro team. We discuss the current macro environment and what it means for long-term…
- Excess Returns
Four Ways Value Investors Can Use Momentum
Value investors in general tend to have an aversion to using momentum in their investment strategies. But the long-term evidence suggests they should rethink…
- Excess Returns
What Investors Need to Know About the Impact of Options on the Stock Market with Brent Kochuba
Many investors think that options are just a vehicle that affects the portfolios of sophisticated investors. But their impact on the market goes well beyond…
- Excess Returns
Harnessing Empirical Finance in Long-Term Investing Strategies with Dimensional’s Savina Rizova
In this episode we talk with Dimensional Fund Advisors Director of Research Savina Rizova. We discuss her amazing story, from growing up in communist Bulgaria…
- Excess Returns
Mike Green on the Dangers of the Rise of Passive Investing
The case for passive investing is a very strong one. With most active managers failing to keep up with the market, the arguments for passive are difficult to…
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Navigating Bull and Bear Markets Using Trend Following
With the market in a significant drawdown, there has been a renewed interest from investors in trend following strategies. Given its ability to limit losses…
- Excess Returns
Ten of the Biggest Financial Mistakes Investors Make – And How To Avoid Them – With Peter Lazaroff
In this episode we change things up from our usual topics and focus on financial planning. No matter how much experience and training we have, all of us tend…
- Excess Returns
Show Us Your Portfolio: Meb Faber
We have always found it very informative when investors we respect talk about how they manage their personal portfolios. So we decided to start a new segment…
- Excess Returns
Jack Schwager on What We Can Learn From History’s Best Traders
In this episode we speak to Jack Schwager. Jack is the author of the Market Wizards series of books and has been studying the best traders for decades. He has…
- Excess Returns
Four Experts Help Us Understand Inflation - And What It Means for Investors
Inflation is probably the number one topic on investors' minds these days. But much of the information out there about it is either wrong or lacks the proper…
- Excess Returns
Applying Machine Learning to Value Investing with Euclidean’s John Alberg
Value investing has produced some of the greatest investors of all time. Whether it be Benjamin Graham's deep value approach or Warren Buffett's quality at a…
- Excess Returns
The Importance of Drawdown Management in Retirement Planning
Many investors think that the best way to maximum their spending rate in retirement is to invest in the asset classes with the highest long-term returns. And…
- Excess Returns
Constructing a Crypto Index with Jeremy Schwartz and Michael Batnick
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…
- Excess Returns
Breaking Down the Russia Ukraine Conflict with Epsilon Theory’s Ben Hunt
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…
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Ten Great Investors Share the One Lesson They Would Teach the Average Investor
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…
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Dual Momentum Investing with Gary Antonacci
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…
- Excess Returns
Gamma, Vanna, Charm and the Impact of Options on the Stock Market with Jason DeLorenzo
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…
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Systematic Macro Investing with 42 Macro Founder Darius Dale
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…
- Excess Returns
An Inside Look at the GameStop Story and the Revolution That Wasn't With Spencer Jakab
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…
- Excess Returns
Motley Fool Founder David Gardner on Finding Rule Breaking Growth Stocks
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…
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Some Thoughts on the Recent Market Decline
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…
- Excess Returns
In Pursuit of the Perfect Portfolio with Stephen Foerster
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…
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A Deep Dive Into Quality Growth Investing with Harding Loevner's Rick Schmidt
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…
- Excess Returns
Six Lessons We Learned While Navigating the Market in 2021
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…
- Excess Returns
10 Lessons From Our 5 Most Popular Podcasts of 2021 - Rob Arnott, Michael Mauboussin, Ben Inker, Cullen Roche, Tobias Carlisle
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…
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A Tactical Approach to Conservative Investing with Sierra Investment Management's Dave Wright
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…
- Excess Returns
Michael Mauboussin on Valuation, Base Rates and Expectations Investing
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…
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Is the Market Rigged in Favor of Corporate Insiders? We Talk to Wharton Professor Daniel Taylor to Find Out
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…
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Inflation, Factors and Stock Returns with Ehren Stanhope
In this episode, we speak with O'Shaughnessy Asset Management's Ehren Stanhope about his excellent research paper "The Great Inflation, Factors, and Stock…
- Excess Returns
Andrew Thrasher Schools Two Value Guys on Technical Analysis and Forecasting Volatility Tsunamis
In this episode we take a deep dive into technical analysis with Andrew Thrasher, founder of Thrasher Analytics and portfolio manager at the Financial…
- Excess Returns
Lu Zhang On The Evolution of Asset Pricing Models And His First Principles Approach to Improve Them
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…
- Excess Returns
An In Depth Look at Multi-Asset Investing with Westwood's Adrian Helfert
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…
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Sheridan Titman On His Seminal Paper on Momentum Investing and What He Has Learned Since
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…
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Everything You Need to Know About Inflation with Cullen Roche
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…
- Excess Returns
Ritholtz Wealth CFO Bill Sweet Talks the Biden Tax Plan, Direct Indexing and Lessons From Their Rapid Growth
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…
- Excess Returns
The Underappreciated Growth Story of Emerging Markets with Kevin Carter
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…
- Excess Returns
Worried About the Future of the 60-40 Portfolio? We Look at Some Alternatives
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…
- Excess Returns
Balancing Return and Risk in Factor Investing with Harin de Silva
Many factor investors tend to use similar approaches. You will typically see some value and momentum in their strategies. You will also likely see some…
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Dispelling Myths in the Value vs. Growth Debate with GMO's Ben Inker
After years of struggle, it seemed like the big rebound value investors had been waiting for was upon us in the wake of the 2020 bear market. But recent months…
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Return Stacking with Corey Hoffstein and Rodrigo Gordillo
With bonds yields near all time lows and stock valuations near all time highs, the future returns of the 60/40 portfolio don't look promising. This has led…
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Gregg Fisher on the Future of Value, Investing in Innovation and Lessons From 20+ Years as a Quant
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…
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The Elusive Definition of Quality
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…
- Excess Returns
An In-Depth Look at Factor Valuation - And Which Factors Look Cheap Today
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…
- Excess Returns
Investing in Quality Dividend Growers to Achieve Your "Freedom Day" With Ryan Krueger
When many investors think about dividend investing they think about buying the highest yielding stocks. But investing in quality companies that are growing…
- Excess Returns
The Downside of Conviction
Conviction is probably the most important thing in investing. Regardless of the investment strategy you utilize, the ability to stick with it during the…
- Excess Returns
Combining Growth and Momentum Investing with O'Neil Global's Randy Watts and WisdomTree's Jeremy Schwartz
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…
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The Return of Tobias Carlisle
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…
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A Deep Dive into Sector Investing with State Street's Matt Bartolini
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…
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The Facts About Factor Timing
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…
- Excess Returns
The Truth About Dividend Investing
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…
- Excess Returns
The Underrated Role of Behavior in Investing with Joe Wiggins
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…
- Excess Returns
An Inside Look at the Contrarian Investment Strategy of David Dreman
David Dreman is a well known contrarian investor and the author of Contrarian Investment Strategies: The Next Generation. Dreman's Kemper-Dreman High Return…
- Excess Returns
The Hidden Benefits of Rebalancing - And Some Tactics to Optimize the Process
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…
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The Biggest Lessons From Our First 100 Episodes
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…