Excess Returns
Episodes
Mag Seven Margin Crunch | Cameron Dawson on Tariffs, Recession Risk and the Defensive Investing Trap
03 May 2025
Contributed by Lukas
Are we heading toward a recession—or just stuck in macroeconomic purgatory? In this episode of Excess Returns, Dave Nadig and Matt Zeigler sit down ...
The Market's Best-Kept Secret | Travis Prentice on Momentum's Surprising Edge
30 Apr 2025
Contributed by Lukas
In this episode of Excess Returns, Justin and Jack welcome Travis Prentice from Informed Momentum Company to discuss the ins and outs of momentum inve...
The Monumental Miscalculation | Jared Dillian on Tariffs, Fed Risks, and Where Markets Go from Here
26 Apr 2025
Contributed by Lukas
Join hosts Matt Ziegler and Jack Forehand as they interview Jared Dillian (@DailyDirtNap on Twitter) for a fascinating discussion on current market co...
The One Lesson: 50 Great Investors Share the One Thing They Would Teach You
21 Apr 2025
Contributed by Lukas
When we started Excess Returns, we wanted to come up with one way to boil down the best advice from the experts we have interviewed into one simple qu...
Behind the Scenes of the Madoff Scandal with a Trader on the Inside | Andrew Cohen
16 Apr 2025
Contributed by Lukas
In this episode of Excess Returns, Matt Zeigler sits down with Andrew Cohen, who shares his extraordinary journey from Goldman Sachs trader to working...
The Colossal Mistake | Richard Bernstein on the Risks of Tariffs and Passive Investing
13 Apr 2025
Contributed by Lukas
Join hosts Matt Zeigler and Justin Carbonneau as they sit down with Richard Bernstein, CEO and Chief Investment Officer of Richard Bernstein Advisors....
The Secular Bull Market Isn't Dead: Jim Paulsen on Why Tariffs Won't Break It
09 Apr 2025
Contributed by Lukas
In this episode of Excess Returns, we are joined by Jim Paulsen of Paulsen Perspectives. We unpack the complexities of tariffs, Federal Reserve polici...
100 Baggers Leave Fingerprints | Chris Mayer Wrote the Book and Tells You How to Find Them
07 Apr 2025
Contributed by Lukas
In this episode of Excess Returns, Matt Zeigler is joined by special co-host Bogumil Baranowski to sit down with Chris Mayer. As the author of the acc...
The Fastest Market Selloff Since 2020: Rick Ferri on Tactics to Survive and Thrive
05 Apr 2025
Contributed by Lukas
In this episode, we are joined by Rick Ferri, a renowned advocate for low-cost, evidence-based investing. With the market in the midst of a significan...
Heading to Recession Island | Will the Trump and Powell Puts Help Us Reverse Course? | Andy Constan
27 Mar 2025
Contributed by Lukas
In this episode, we dive into the current economic landscape and its implications for investors with Andy Constan, founder of Damped Spring Advisors. ...
The Soft Landing is a Myth: Here's What's Really Going on in the Economy | Cullen Roche
20 Mar 2025
Contributed by Lukas
Join us for an insightful conversation with Cullen Roche, a renowned financial expert from Discipline Funds, as he breaks down some of the most pressi...
Tariffs, Fed Policy, and Finding Value in a Volatile Market | Lindsey Bell and Shannon Saccocia
13 Mar 2025
Contributed by Lukas
In this episode of Excess Returns, Matt Ziegler is joined by Lindsey Bell, Chief Market Strategist of Clearnomics, and Shannon Saccocia, Chief Investm...
Money Delusions: Barry Ritholtz on the Elusive Definition of Money and How Not to Invest It
07 Mar 2025
Contributed by Lukas
Buy Barry's Bookhttps://amzn.to/3F7APZPIn this initial episode of Rabbithole of our new show Rabbithole, Dave Nadig explores the psychology of mon...
The Market Illusion: Mike Green on Inflation, Geopolitics and the Hidden Recession
27 Feb 2025
Contributed by Lukas
In this episode of Excess Returns, Justin and Matt welcome back investment strategist Mike Green for an in-depth conversation about the current state ...
Nine Timeless Lessons from 2024 | Larry Swedroe
21 Feb 2025
Contributed by Lukas
In this episode, Larry Swedroe shares nine critical lessons that the markets taught investors in 2024. Drawing from decades of experience, Larry expla...
A $33 Billion Value Manager Who Has Actually Outperformed | Scott McBride
13 Feb 2025
Contributed by Lukas
In this episode of Excess Returns, Justin and Jack sit down with Scott McBride, CEO and portfolio manager at Hotchkis and Wiley, to explore the approa...
Show Us Your Portfolio: Mike Taylor | Inside the Investment Strategy of a Hedge Fund Veteran
07 Feb 2025
Contributed by Lukas
In this episode of Excess Returns, we sit down with Mike Taylor, portfolio manager of Simplify's PINK healthcare ETF, for a fascinating discussion...
Tariffs, Bear Markets and the Hidden Knowledge Worker Recession | Dave Nadig and Jason Buck
05 Feb 2025
Contributed by Lukas
Welcome to Click Beta - where three market professionals cut through the financial clickbait to have real conversations about what matters. In this p...
Timeless Lessons from History's Best Traders | Jack Schwager
30 Jan 2025
Contributed by Lukas
Market Wizards author Jack Schwager returns for another fascinating conversation about trading psychology, risk management, and lessons learned from ...
Practical Lessons from Cliff Asness
27 Jan 2025
Contributed by Lukas
In this episode, Jack Forehand and Matt Zeigler discuss their fascinating interview with AQR founder Cliff Asness. They explore several key topics fro...
Busting 50 Years of Investing Myths | Rob Arnott
23 Jan 2025
Contributed by Lukas
In this episode of Excess Returns, Jack Forehand and special guest host Perth Tolle sit down with Rob Arnott, founder of Research Affiliates and pione...
Building Intelligent Alpha Portfolios with ChatGPT | Doug Clinton
16 Jan 2025
Contributed by Lukas
In this episode of Excess Returns, we sit down with Doug Clinton of Intelligent Alpha to explore the fascinating intersection of AI and investment str...
Beyond the Magnificent Seven: Liz Ann Sonders on Markets, Cycles & Investing
09 Jan 2025
Contributed by Lukas
In this episode of Excess Returns, we sit down with Liz Ann Sonders, Chief Investment Strategist at Charles Schwab, for a wide-ranging discussion abou...
The One Factor That Explains the Struggles of Value, International and Small-Cap Stocks | Kai Wu
02 Jan 2025
Contributed by Lukas
In this episode of Excess Returns, we sit down with Kai Wu, founder of Sparkline Capital, for a fascinating discussion about intangible value investin...
Do You Really Need International Diversification? 10 Top Investors Debate
30 Dec 2024
Contributed by Lukas
In this episode, we explore one of investing's most debated topics: international diversification. Through clips from 10 different investing experts, ...
Redefining Value Investing in a Magnificent Seven Dominated World | Jacob Pozharny
27 Dec 2024
Contributed by Lukas
In this episode of Excess Returns, hosts Jack Forehand and Justin Carbonneau sit down with Jacob Pozharny, partner at Bridgeway Capital Management, to...
Inside the Secretive World of Pod Shops | Bob Elliott
19 Dec 2024
Contributed by Lukas
In this episode of Excess Returns, hosts Justin and Matt sit down with Bob Elliott, founder of Unlimited Funds, to explore the fascinating world of mu...
Dispelling Big Investing Myths | Dan Rasmussen
12 Dec 2024
Contributed by Lukas
In this episode of Excess Returns, Jack Forehand and Justin Carbonneau sit down with Dan Rasmussen from Verdad Advisers to discuss his firm's top rese...
Why Most Investors Won't Buy the Best Diversifier | Andrew Beer on Managed Futures
05 Dec 2024
Contributed by Lukas
In this episode of Excess Returns, hosts Justin and Jack sit down with Andrew Beer of Dynamic Beta Investments to explore the fascinating world of man...
What the Rise of Passive Investing Means for Your Portfolio | Special Guest: Dave Nadig
02 Dec 2024
Contributed by Lukas
In this episode, Jack Forehand and Matt Zeigler dive deep into one of the most debated topics in modern finance with special guest Dave Nadig. This ep...
The Most Misunderstood Bull Market Ever | Jim Paulsen
27 Nov 2024
Contributed by Lukas
In this episode of Excess Returns, we sit down with veteran investment strategist Jim Paulsen to discuss the current market landscape and economic out...
Bigger Extremes, Better Returns | Cliff Asness on the "Less Efficient Market Hypothesis"
20 Nov 2024
Contributed by Lukas
In this episode of Excess Returns, we sit down with AQR founder Cliff Asness for a fascinating discussion about market efficiency, behavioral finance,...
Making Sense of Markets in a Post Election World | Grant Williams and Ben Hunt
14 Nov 2024
Contributed by Lukas
In this episode of Excess Returns, Matt Zeigler is joined by Ben Hunt and Grant Williams for a candid discussion of the 2024 post-election landscape a...
Making Money from Market Chaos | Inside the Volatility World with Kris Sidial
07 Nov 2024
Contributed by Lukas
In this episode of Excess Returns, Jack Forehand and special guest host Brent Kochuba dive deep into the world of long volatility and tail risk strate...
A Deep Dive into Micro-Cap Investing | Ian Cassel
31 Oct 2024
Contributed by Lukas
In this episode of Excess Returns, we sit down with Ian Cassel, founder of MicroCap Club and Intelligent Fanatics Capital Management. We explore the f...
The Practical Implications of the Rise of Passive Investing | Mike Green
24 Oct 2024
Contributed by Lukas
In this episode, we are joined by Simplify Asset Management's Mike Green. We build on our previous episodes with Mike where we discussed his research ...
An Evidence-Based Look at the Struggles of Value Investing | Larry Swedroe
17 Oct 2024
Contributed by Lukas
In this episode of Excess Returns, we sit down with Larry Swedroe to tackle some of the most pressing issues in investing today. We dive deep into to...
15 Ways to Lose Money in Markets | Ben Carlson
10 Oct 2024
Contributed by Lukas
In this episode of Excess Returns, we sit down with Ben Carlson, Director of Institutional Asset Management at Ritholtz Wealth and author of the popul...
Investing in a Flows Driven World | Cem Karsan
03 Oct 2024
Contributed by Lukas
In this episode of Excess Returns, we welcome back Cem Karsan of Kai Volatility Advisors for an in-depth discussion on the current state of markets an...
What Investors Can Learn from a Year-Long Trading Experiment | Brent Donnelly
26 Sep 2024
Contributed by Lukas
In this episode, Matt sits down with Brent Donnelly, author of "50 Trades in 50 Weeks: One Year of Good Ideas, Dumb Mistakes, and Timeless Trading Le...
What Regular Investors Need to Know About Options Flows | Brent Kochuba
18 Sep 2024
Contributed by Lukas
In this episode, we dive deep into the world of options and their impact on market dynamics. We start with an "Options Dealer Flows 101" primer, expla...
The Case for a Roaring 2020s | Ed Yardeni
12 Sep 2024
Contributed by Lukas
In this episode of Excess Returns, we sat down with Ed Yardeni, president of Yardeni Research and YardeniQuickTakes.com. Ed is one of the most accurat...
The Harsh Truth About Investing Edge with Adam Butler
05 Sep 2024
Contributed by Lukas
In this episode of Excess Returns, we sit down with our good friend Adam Butler, co-founder and Chief Investment Officer of ReSolve Asset Management. ...
Value Investing in a Changing World with Aswath Damodaran
29 Aug 2024
Contributed by Lukas
In this episode of Excess Returns, we sat down with NYU professor Aswath Damodaran to discuss his new book on the corporate life cycle and get his ins...
Challenging "Stocks for the Long Run" with Jason Buck
22 Aug 2024
Contributed by Lukas
In this episode of Excess Returns, we sit down with Jason Buck of Mutiny Funds to examine the idea of stocks for the long run and some potential chall...
The Mechanics of Deleveragings - And Where the Current One Fits In | Andy Constan
15 Aug 2024
Contributed by Lukas
In this episode of Excess Returns, we welcome back Andy Constan, founder of DampedSpring . We cover a wide range of topics, including recent market vo...
Challenging Conventional Investing Beliefs with Meb Faber
08 Aug 2024
Contributed by Lukas
In this episode of Excess Returns, we sit down with Meb Faber, founder of Cambria Investment Management, to discuss his unconventional views on invest...
A Safety First Retirement | The 4% Rule and Managing Sequence of Returns Risk with Wade Pfau
01 Aug 2024
Contributed by Lukas
In this episode of Excess Returns, our good friend Matt Ziegler interviews retirement planning expert Wade Pfau. They discuss key concepts in retireme...
Value Investing, the Mag 7 and Making Sense of a Changing Market with Tobias Carlisle
25 Jul 2024
Contributed by Lukas
In this episode of Excess Returns, we take a deep dive into value investing with our good friend Tobias Carlisle. We discuss the recent outperformance...
The Case for a Continued Rally with Warren Pies
18 Jul 2024
Contributed by Lukas
In this episode of Excess Returns, we speak with Warren Pies of 3Fourteen Research about his unique systematic approach to analyzing markets. We explo...
Passive Investing, Inflation and the Bifurcated Economy with Mike Green
11 Jul 2024
Contributed by Lukas
In this episode we have a fascinating discussion with Mike Green of Simplify about the ongoing impact of passive investing on markets. Mike shares ins...
Nine Lessons from Rick Ferri | Simplicity, Fees, Market Efficiency and Lessons from History
08 Jul 2024
Contributed by Lukas
In this episode from our sister podcast Two Quants and a Financial Planner, we dive into the key lessons we took from our recent conversation with Ric...
A Tour of the Macroeconomic Landscape with Bob Elliott
03 Jul 2024
Contributed by Lukas
In this episode of Excess Returns, we dive deep into the world of macroeconomics with Bob Elliott of Unlimited Funds. We explore a wide range of topic...
Show Us Your Portfolio: Eric Crittenden
27 Jun 2024
Contributed by Lukas
In our latest episode of Show Us Your Portfolio, we speak with Standpoint's Eric Crittenden. Eric discusses the all weather approach he uses to constr...
The Benefits of a Simple Investment Approach with Rick Ferri
20 Jun 2024
Contributed by Lukas
In this episode of Excess Returns, we sit down with Rick Ferri to discuss a wide range of investing topics. We explore the concept of investing with s...
Inflation, Valuations and the Benefits of Dividend Growth with Simeon Hyman
13 Jun 2024
Contributed by Lukas
In this episode of Excess Returns, we sit down with Simeon Hyman, Global Investment Strategist at ProShares, for a wide-ranging discussion on the curr...
Investing in India's Huge Future Potential with Anupam Ghose
06 Jun 2024
Contributed by Lukas
In this episode of Excess Returns, we sit down with Anupam Ghose, co-founder of System2 Advisors and sub-advisor to the Simplify Tara India Opportunit...
Energy Infrastructure Investing with Greg Reid
30 May 2024
Contributed by Lukas
In this episode of Excess Returns, we speak with Greg Reid, President of Real Assets at Westwood Group Holdings and lead portfolio manager for their $...
Redefining Moat Investing with Yuri Khodjamirian
23 May 2024
Contributed by Lukas
In this episode of Excess Returns, we talk Moat investing with Yuri Khodjamirian, CIO of Tema ETFs. We discuss his unique approach to identifying comp...
Inside the Berkshire Hathaway Annual Meeting with Adam Mead
16 May 2024
Contributed by Lukas
In this episode of Excess Returns, we sit down with Adam Mead, founder of Mead Capital Management and author of the Complete Financial History of Berk...
Corey Hoffstein and Ben Hunt | PNL For a Purpose
09 May 2024
Contributed by Lukas
On April 30th, 2024, Excess Returns and SpotGamma brought together 24 of the smartest minds in the investing world for an all-day interview event to r...
Mike Green and Mike Taylor | PNL For a Purpose
06 May 2024
Contributed by Lukas
On April 30th, 2024, Excess Returns and SpotGamma brought together 24 of the smartest minds in the investing world for an all-day interview event to r...
Cem Karsan and Andy Constan | PNL For A Purpose
02 May 2024
Contributed by Lukas
On April 30th, 2024, Excess Returns and SpotGamma brought together 24 of the smartest minds in the investing world for an all-day interview event to r...
Show Us Your Portfolio: Jared Dillian
25 Apr 2024
Contributed by Lukas
In this episode of Show Us Your Portfolio, Jared Dillian, author of the investment newsletter The Daily Dirt Nap and the book "No Worries: How to...
Evaluating the Macro Landscape and Finding Great Companies with Jeff Muhlenkamp
18 Apr 2024
Contributed by Lukas
In this episode of Excess Returns, we speak with Jeff Muhlenkamp, portfolio manager at Muhlenkamp and Company. We discuss Jeff's views on inflatio...
Navigating the Islands of Macro with Andy Constan
11 Apr 2024
Contributed by Lukas
In this episode we are joined by Andy Constan, founder of Damped Spring Advisors. We discuss his outlook on the current economic landscape, why he lef...
The Case for Value Investing with Tobias Carlisle
04 Apr 2024
Contributed by Lukas
David Einhorn recently said that he thinks fundamental investing is broken. If he is right, there would certainly be significant long-term implication...
Value Investing, Inflation and Expected Returns with Rob Arnott
28 Mar 2024
Contributed by Lukas
In this episode, Research Affiliates founder Rob Arnott returns for his third appearance on Excess Returns. We cover a wide range of topics, including...
The AI Bubble Thesis with Doug Clinton
21 Mar 2024
Contributed by Lukas
AI stocks have seen a big run recently. This has led many fundamental-based investors to suggest that things have gotten ahead of themselves. Some hav...
Inflation, Bank Failures, Bubbles and Other Lessons from Financial History with Mark Higgins
14 Mar 2024
Contributed by Lukas
There have been many significant events in the economy and stock market over the past several years. We have had inflation. We have had bank failures....
Investing in the Future of Health Care with Mike Taylor
08 Mar 2024
Contributed by Lukas
In this episode, we are joined by Mike Taylor, manager of the Simplify Health Care ETF (PINK). Mike is one of the best healthcare investors out there ...
Show Us Your Portfolio: Bob Elliott
29 Feb 2024
Contributed by Lukas
In this episode of Show Us Your Portfolio, we speak with Unlimited Funds founder Bob Elliott. We discuss the unique multi strategy approach he uses to...
Has Passive Investing Broken the Market? | Mike Green
22 Feb 2024
Contributed by Lukas
David Einhorn said in a recent podcast interview that he feels that the market is broken. He has made significant changes to his investment approach a...
The Next Chapter for Inflation with Cullen Roche
15 Feb 2024
Contributed by Lukas
With inflation off its highs, but still elevated relative to the Fed's target, there are differing opinions on where we go from here. In this epis...
The No Landing Scenario with Cem Karsan
08 Feb 2024
Contributed by Lukas
In this episode, our most popular guest returns for his third appearance on Excess Returns. We talk with Kai Volatility founder Cem Karsan about a wid...
Challenging the Foundation of Asset Pricing Theory with Andrew Chen and Alejandro Lopez-Lira
01 Feb 2024
Contributed by Lukas
Those of us that invest using factors have been taught that there needs to be a reason why they work. We have been taught that for their excess return...
Show Us Your Portfolio: Katie Stockton
25 Jan 2024
Contributed by Lukas
In our latest episode of Show Us Your Portfolio, we are joined by Fairlead Strategies founder Katie Stockton. We discuss how Katie thinks about managi...
Show Us Your Portfolio: Andrew Beer
18 Jan 2024
Contributed by Lukas
In this episode, we speak with DBi founder Andrew Beer about his approach to managing his personal portfolio. We discuss how Andrew looks at his portf...
High Conviction Value Investing with Chris Davis
11 Jan 2024
Contributed by Lukas
In this episode, we are privileged to be joined by Chris Davis, Chairman and Portfolio Manager of Davis Advisors. Chris has built an outstanding long-...
What Generative AI Means for Investors with Adam Butler
04 Jan 2024
Contributed by Lukas
Generative AI is probably the most rapidly developing technology we have ever seen. In this episode, we dig deep into it and its potential impact on b...
100+ Great Investors Share Their Most Important Investing Lesson
04 Jan 2024
Contributed by Lukas
We have now conducted over 100 interviews on Excess Returns. At the end of all of them, we have asked the same closing question: Based on your experi...
Show Us of Your Portfolio II: Larry Swedroe on Alternatives and Interval Funds
21 Dec 2023
Contributed by Lukas
This episode is the first part II our Show Us Your Portfolio series. When we originally spoke to Larry Swedroe, we were very intrigued by his use of i...
Value, Momentum and Launching ETFs with Wes Gray
14 Dec 2023
Contributed by Lukas
In this episode, we are joined by Wes Gray, founder of Alpha Architect and ETF Architect. We cover his biggest lessons from growing the businesses fro...
Navigating the Factor Zoo with Matthias Hanauer
08 Dec 2023
Contributed by Lukas
In this episode, we talk factor investing with Robeco's Matthias Hanauer. Matthias has written some excellent research papers on a variety of fact...
The Enduring Legacy of Charlie Munger with Lawrence Cunningham
06 Dec 2023
Contributed by Lukas
In this episode, we discuss the incredible life and investing career of Charlie Munger with George Washington Professor Lawrence Cunningham. Lawrence ...
Lessons From a Legendary Fund Manager with Joel Tillinghast
30 Nov 2023
Contributed by Lukas
In this episode, we speak with Joel Tillinghast, who will retire as the manager of the Fidelity Low-Priced Stock Fund at the end of this year. Joel ma...
How Popular Market Indexes Are Constructed with Athanasios Psarofagis
22 Nov 2023
Contributed by Lukas
Most investors reference the returns of popular indexes frequently. But most also do not understand the details of how those indexes are constructed. ...
From Quant Investing to Venture Capital with Jim O'Shaughnessy
16 Nov 2023
Contributed by Lukas
In this episode we bring back one of our most popular guests. We speak with O'Shaughnessy Ventures founder Jim O'Shaughnessy about his transi...
Understanding the Changing Macro Landscape with Warren Pies and Fernando Vidal
09 Nov 2023
Contributed by Lukas
In this episode, we speak with 3Fourteen Research founders Warren Pies and Fernando Vidal. We discuss 3Fourteen’s systematic macro process and how t...
A Deep Dive into Credit Investing with Joe Hegener
01 Nov 2023
Contributed by Lukas
In this episode, we take an in depth look at the credit market with Asterozoa Capital CIO Joe Hegener. We cover the basics of the credit market, the c...
Quantifying Self Attribution Bias with Meng Wang
26 Oct 2023
Contributed by Lukas
When fund managers outperform, they tend to attribute it to their skill. When they underperform, they tend to blame external factors. While that infor...
All Weather Investing with Eric Crittenden
26 Oct 2023
Contributed by Lukas
In this episode, we talk all weather investing with Standpoint's Eric Crittenden. We discuss the case for an all weather strategy relative to a st...
The OPEX Effect with Jack, Justin and Brent Kochuba
17 Oct 2023
Contributed by Lukas
We have launched a new podcast called the OPEX Effect with Spotgamma's Brent Kochuba. The monthly podcast will look at the impact of options on th...
Behind the Podcast: Flirting with Models | Corey Hoffstein
12 Oct 2023
Contributed by Lukas
In this episode we take a behind the scenes look at one of our favorite podcasts, Flirting with Models, with its host Corey Hoffstein. We discuss the ...
Show Us Your Portfolio: Jerry Parker
05 Oct 2023
Contributed by Lukas
In this episode we speak with Chesapeake Capital founder Jerry Parker about how he manages his personal portfolio. We discuss Jerry's trend follow...
Lessons From 30 Years as a Value Investor | Steve Romick
29 Sep 2023
Contributed by Lukas
In this episode, we speak with FPA Crescent Manager Steve Romick. Steve has built an exceptional long-term record using an approach that combines valu...
Excess Returns After Hours with Tobias Carlisle | Some Much Needed Therapy for Value Investors
27 Sep 2023
Contributed by Lukas
It has been a painful last decade for value investors. In this episode, our good friend Tobias Carlisle returns to commiserate about the struggles of ...
Quantitative Asset Management - Building Systematic Real-World Strategies with Michael Robbins
22 Sep 2023
Contributed by Lukas
In this episode, we take a deep div into quantitative investing with Michael Robbins, author of the new book "Quantitative Asset Management: Fact...
Conservative Investing - Using Trend Following to Manage Risk and Drawdowns with James St. Aubin
20 Sep 2023
Contributed by Lukas
In this episode, we talk trend following and conservative investing with Sierra Mutual Funds CIO James St. Aubin. We talk about their unique banded mo...
Show Us Your Portfolio: Andy Constan
14 Sep 2023
Contributed by Lukas
In this episode of Show Us Your Portfolio, we speak with Damped Spring Advisors founder Andy Constan. Andy has spent his career working at some of the...