Shows / Excess Returns
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 ReturnsRob Arnott on Inflation, Bubbles and the Future of Value Investing
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…
- Excess Returns
Some Quantitative Alternatives to the 60-40 Portfolio
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…
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A Deep Dive into Factor Investing and the Future Potential of China with Jason Hsu
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…
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Finding Quality Value Stocks With Joseph Piotroski's F Score Methodology
Research shows that value stocks can generate an excess return because the market tends to overestimate their problems, and value investors benefit when it…
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Robert Hagstrom on Warren Buffett, Bill Miller and Finding High Quality Companies
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…
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Could ARK Pose a Systemic Risk to the Market? A Look at How ETFs Work Can Help Us Find Out
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…
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Inside the First Hedge Fund to ETF Conversion and Finding Long-Term Compounders with Robert Cantwell
With the rapid growth in ETFs, it seems like almost every product idea possible has been tried. So it is rare to find something that is unique and hasn't been…
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What Valuation Can Tell You About the Market – And What it Can’t
There is no shortage of discussion in the media about the valuation of the market. And with the big market run we have had recently, valuations have once again…
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A Safety First Approach to Retirement Planning and the Problems with the 4% Rule with Wade Pfau
The 4% rule has become one of the cornerstones of retirement planning. And in many ways that makes sense because investors who have spent 4% of their portfolio…
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Some Options for Managing Risk After a Big Market Run
The stock market has had a huge run since last March. That fact, combined with unprecedented government stimulus, the potential for future inflation and other…
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An In Depth Look at Asset Allocation with Jim Masturzo of Research Affiliates
We are currently in a very challenging time for building multi-asset portfolios. The 60-40 portfolios is coming off one of its best decades ever, but the…
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Strategy Focus: Low Volatility Investing and the Conservative Formula
The success of of the low volatility factor can be challenging to explain. Investing theory teaches us that to get an additional return, we need to take…
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Six Potential Metrics to Help Limit Value Traps
Deep value investing is about buying companies that other investors don’t want. It is about investing in companies where the current situation doesn’t look…
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Investing in Freedom in Emerging Markets with Perth Tolle, Founder of Life + Liberty Indexes
The emerging market universe includes a very diverse set of countries, many of which are sorely lacking in the types of freedom enjoyed by their people. Some…
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Academic Research Spotlight: Migration by Eugene Fama and Kenneth French
This week, we look at some interesting research that took a unique approach to explaining the value and size premiums. We examine the paper "Migration" by…
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The Three Keys to Understanding Investing Bubbles
With the stock market at all-time highs and returns over the past year some of the best in history, the word "bubble" is getting thrown around more and more by…
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A Detailed Look at All Weather Investing with Eric Crittenden
The last 40 years have been an exceptionally strong period for a portfolio of stocks and bonds. With stocks performing well and bonds benefitting from a…
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The Changing Nature of Momentum Investing
Investors tend to associate momentum with growth stocks. If you try to name a typical momentum stock off the top of your head, you will probably think of names…
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The Strengths and Weaknesses of the Major Value Metrics
Many investors think all value strategies are fairly similar to each other. And as a result they expect the value funds they invest in will all perform…
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The History of Berkshire Hathaway and Warren Buffett with Adam Mead
There have been hundreds of books written about Warren Buffett and Berkshire Hathaway. So it rare for a book come out that does something that none of the…
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Quantifying The Motley Fool’s Small Cap Growth Investment Strategy
The Motley Fool is not known for their quantitative models. They are known for a discretionary growth style of investing that attempts to identify game…
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Rafael Resendes On Intrinsic Value, Economic Margin and How Some Value Models Have Lost Their Way
Systematic value strategies have had one of the worst performing periods in their history in the past decade. This extended underperformance, coupled with…
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What Has Really Driven the Rebound in Value Stocks?
There is a popular narrative out there that value investing is back. And it makes sense given the huge run that many value funds have had off the market…
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Machine Learning, Fantasy Football and Factor Investing with Kevin Zatloukal
In this episode, we are joined by Kevin Zatloukal. Kevin teaches Computer Science at the University of Washington and has his Ph.D. in Computer Science from…
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Lessons From Warren Buffett's 2021 Annual Letter
In this episode, we discuss the major points Warren Buffett covered in his 2021 annual letter and talk about some lessons investors can learn from them. We…
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Bridgeway Founder John Montgomery On Their Unique Culture and Lessons From a 25+ Year Career in Quant Investing
In this episode, we are joined by John Montgomery, the founder and CIO of Bridgeway Capital Management. Bridgeway is unique in the world of Wall Street, where…
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Academic Research Spotlight: Replicating Anomalies by Lu Zhang, Chen Xue and Kewei Hou
In this episode, we are trying something new. There is so much academic research out there about markets, and what drives their returns over time, that it can…
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GameStop: What Happened, How it Happened, and Lessons We Can Learn From It
The rapid rise and fall of GameStop earlier this year was unlike anything many of us have seen in our investing careers. The stock's price went from the single…
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The Elusive Definition of Risk – And Some Practical Ways to Measure It
Risk is one of the most difficult concepts in investing to define. Part of that is because we face many risks as investors that come from many different…
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A Detailed Look at Joel Greenblatt's Magic Formula Method
Joel Greenblatt produced exceptional returns as managing partner at Gotham Capital, a New York City-based hedge fund he founded. The firm averaged a remarkable…
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An In Depth Look at Momentum Investing and Trend Following with Jack Vogel
There is perhaps no investment factor with more long-term data to support it than momentum. But despite that, its real world usage lags far behind other…
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The Impact of Intangible Assets on Value Investing
Our economy is changing. Gone are the days where the biggest companies require substantial physical assets to operate and grow their businesses. Most of the…
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Interview: Replicating Private Equity Returns In Public Markets with Verdad’s Brian Chingono
There are many misconceptions about private equity. Most investors see it as a domain where high net worth investors and institutions earn returns that can't…
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Examining the Arguments Against Value Investing
After a decade of struggle, the past six months have finally given value investors reasons for optimism. Although the recent outperformance pales in comparison…
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Why Dividend Investing May Be Overrated
Dividend based investing strategies are very popular among investors. The ability to receive regular cash payments from the equities they own and a belief that…
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Breaking Down the Investment Strategy of Peter Lynch
Peter Lynch is one of the most successful mutual fund managers of all time. Lynch guided Fidelity Investment's Magellan Fund to a 29.2 percent average annual…
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The Importance of Expectations in Investing
There is a common misconception that a good company is always a good investment. But that sometimes isn't the case. The reason for that comes down to the role…
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The Biggest Lessons From Our Five Most Popular Interviews of 2020
When we started our podcast late last year, we were hoping we could create something that would be educational and informative for people who follow our…
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Eight Timeless Lessons All Investors Can Learn From Warren Buffett
No investor can match the combination of Warren Buffett's annual returns and the period of time he has been able to sustain them. Buffett has generated those…
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Making Sense of Fed Intervention, Fiscal Stimulus and MMT with Cullen Roche
The way economic policy is implemented has undergone some major changes in the past decade. The Federal Reserve's response to the Great Financial Crisis, and…
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Twin Momentum: Combining Fundamental and Price Momentum Together In One Quantitative Model
The academic research supporting the momentum factor is very strong. But most of that research focuses on the momentum in a stock's price. An interesting…
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Lessons From Our First Year of Podcasting
We have reached the one year anniversary of the podcast so we wanted to take a break from our regular investing episodes for a week and reflect back on our…
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Why Eliminating Discretion from Quantitative Models is Harder Than You Think
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…
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Is Value Investing Dead?
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…
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Why You Shouldn’t Try To Copy Warren Buffett
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…
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The Fundamental Principles of Benjamin Graham and Whether They Still Work Today
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…
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Monopolies, Intangible Assets and the Disruptive Economy with Kai Wu
Our economy is changing. The largest, most successful companies in the world no longer require substantial tangible assets to operate their businesses. The…
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Are Flows Into The S&P 500 And Other Passive Indexes Distorting The Market?
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…
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Interview: The Birth, Growth & Death of Investing Factors with Adam Butler
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…
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Why Your Politics Shouldn't Affect Your Investment Portfolio
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…
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The Dangers of Trying to Outsmart the Market
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…
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Interview: Curating Investing Content and Sharing Knowledge w/ Tadas Viskanta of Abnormal Returns and Ritholtz Wealth Management
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…
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Why Growth Investing is Harder Than You Think
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…
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Interview: A Multi-Disciplinary Approach to Investing and Learning with Nir Kaissar
Investing in today's world requires an ability to understand multiple disciplines. In addition to understanding markets and having the ability to put current…
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Interview: Liquidity Cascades with Corey Hoffstein
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…
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Why the S&P 500 is an Active Portfolio, and Other Observations on the Stages of Active Management
Active management deserves all the criticism it gets. After all, over 80% of equity managers underperform their benchmarks over the long-term and active…
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Interview: The Past, Present and Future of Investing with Morningstar's John Rekenthaler
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…
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Bonus Episode: Six Narratives Shaping The Market In 2020
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…
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Why the Stock Market is Near All Time Highs Despite the Major Issues in the Economy
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…
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Is Direct Indexing the Future of Investing?
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…