Excess Returns
Episodes
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...
Show Us Your Portfolio: Cullen Roche
07 Sep 2023
Contributed by Lukas
In this episode, our good friend Cullen Roche returns to the podcast for his 5th appearance. But this time, instead of talking about the macroeconomy ...
High Quality Growth Investing in Europe with Alistair Wittet
31 Aug 2023
Contributed by Lukas
In this episode, we speak with Comgest portfolio manager Alistair Wittet We discuss his approach for building a focused portfolio of high-quality Euro...
The Opportunity in Emerging Markets with AQR's Dan Villalon
24 Aug 2023
Contributed by Lukas
International stocks, and particularly emerging market stocks, have struggled relative to US stocks for a long time. That has led some to suggest tha...
Lessons from Evaluating Investment Managers with Clare Flynn Levy
17 Aug 2023
Contributed by Lukas
In this episode, we speak with Essentia Analytics founder Clare Flynn Levy. Essentia has developed software to evaluate investment managers and help t...
A Quant and a Financial Planner Discuss Factor Investing
15 Aug 2023
Contributed by Lukas
In this episode Jack and Matt Zeigler look at factor investing from both the perspective of someone who builds quantitative strategies and someone who...
Show Us Your Portfolio: Gary Antonacci
10 Aug 2023
Contributed by Lukas
In this episode, we speak with Optimal Momentum founder and author of "Dual Momentum Investing: An Innovative Strategy for Higher Returns with L...
Narrative as an Investing Factor with Ben Hunt
03 Aug 2023
Contributed by Lukas
Narratives are everywhere in the investing world. They influence what we think as investors. They also influence the decisions we make. Behind the sc...
Show Us Your Portfolio: Adam Butler
27 Jul 2023
Contributed by Lukas
In this episode we speak with ReSolve Asset Management CIO Adam Butler about how he manages his personal portfolio. We discuss how Adam builds a portf...
Finding Great Growth Companies with David Rolfe
20 Jul 2023
Contributed by Lukas
In this episode, we talk growth investing with Wedgewood Partners Chief Investment Officer David Rolfe. We discuss the characteristics of great growth...
What Investors Need to Know About Emerging Market Debt with VanEck's Eric Fine
13 Jul 2023
Contributed by Lukas
In this episode, we take a deep dive into emerging market debt with VanEck's Eric Fine. We discuss Eric's unique background that led him to th...
Investing in Companies That Put Shareholders First with Joseph Boskovich
06 Jul 2023
Contributed by Lukas
In this episode, we speak with Old West's Joseph Boskovich about their process for uncovering companies that focus on adding value for their share...
Building a Six Factor Model Using Intangible Value with Kai Wu
29 Jun 2023
Contributed by Lukas
In this episode, we speak with Sparkline Capital founder Kai Wu about his excellent recent paper "Intangible Value: A Sixth Factor". We disc...
Show Us Your Portfolio: Larry Swedroe
23 Jun 2023
Contributed by Lukas
In our latest episode of Show Us Your Portfolio, we speak with Buckingham Strategic Wealth's Larry Swedroe. Larry has dedicated his career to educatin...
Factor Investing for Retirement with DFA's Mathieu Pellerin
21 Jun 2023
Contributed by Lukas
In this episode, we combine two of the topics we often cover on the podcast. We talk both retirement planning and factor investing with Dimensional Fu...
A Tour Around the Options World with SpotGamma's Brent Kochuba
15 Jun 2023
Contributed by Lukas
There has been a lot going on in the options world that is impacting the stock market. The use of 0DTE (0 days to expiration) options has risen dramat...
Replicating Hedge Funds, Lessons from Bridgewater and the Outlook for Inflation with Bob Elliott
09 Jun 2023
Contributed by Lukas
In this episode, we speak with Unlimited Funds founder Bob Elliott. We discuss the general landscape of the hedge fund industry including the strategi...
Seeking Persistent Growth in Technology Investing with Deepwater’s Gene Munster and Doug Clinton
07 Jun 2023
Contributed by Lukas
Finding companies that can sustain persistent growth over long periods of time can lead to exceptional returns. Those of us who have witnessed the ret...
Bridging Financial Planning and Factor Investing with Northern Trust's Peter Mladina
01 Jun 2023
Contributed by Lukas
In this episode, we speak with Northern Trust's Peter Mladina. Peter has published extensive research in the areas of both financial planning and ...
The Impact of ChatGPT on Investing with Alejandro Lopez-Lira
25 May 2023
Contributed by Lukas
Like many investors, we have been thinking a lot about the impact that AI and large language models will have on investing. In this episode, we bring ...
Bridging Academic Research and Real World Investing with Vanguard's Kevin Khang
18 May 2023
Contributed by Lukas
In this episode, we speak with Vanguard's Head of Active and Alternatives Research Kevin Khang. Kevin offers a unique perspective due to his exper...
New YouTube Episode: 70 Experts Share Their Most Important Investing Lesson
15 May 2023
Contributed by Lukas
In the first 200+ episodes of our podcast, we have interviewed many investing experts. At the end of all of those episodes, we have asked the same clo...
Show Us Your Portfolio: Harin de Silva
11 May 2023
Contributed by Lukas
In our latest episode of Show Us Your Portfolio, we speak with Harin de Silva, Portfolio Manager at Allspring Global. We talk to Harin about how he ma...
Show Us Your Portfolio: Mike Green
04 May 2023
Contributed by Lukas
In this episode we talk to Simplify Asset Management's Mike Green about how he manages his personal portfolio. We discuss Mike's macro-based approach ...
Show Us Your Portfolio: Jason Buck
27 Apr 2023
Contributed by Lukas
In this episode we speak with Mutiny Funds co-founder Jason Buck about how he manages his personal portfolio. Jason couldn't find any publicly ava...
Talking Technical Analysis with Katie Stockton
21 Apr 2023
Contributed by Lukas
In this episode we talk technical analysis with Fairlead Strategies founder Katie Stockton. As fundamental investors, this one was a great learning ex...
Inside the High Yield Debt Market with Rajay Bagaria
19 Apr 2023
Contributed by Lukas
In this episode, we talk high yield debt investing with Rajay Bagaria, CIO of Wasserstein Debt Opportunities and author of "High Yield Debt: An I...
Show Us Your Portfolio: Cem Karsan
13 Apr 2023
Contributed by Lukas
In this episode we speak with Cem Karsan, the most popular guest from our first 200 episodes. But this time, we changed things up and asked him to ta...
Enduring Investing and Life Lessons with Guy Spier
06 Apr 2023
Contributed by Lukas
In this episode, we speak with Guy Spier. Guy has built a very successful long-term track record as a value investor, but the lessons we can learn fro...
Factor Investing in Under the Radar Markets with Chris Covington
30 Mar 2023
Contributed by Lukas
In this episode, we talk factor investing with AJO Vista Head of Investments Chris Covington. We discuss their unique approach to factor investing and...
A Deep Dive into Custom and Direct Indexing with Ehren Stanhope
23 Mar 2023
Contributed by Lukas
Direct Indexing has experienced rapid growth in recent years. Falling transaction costs and improving technology has allowed more and more investors ...
Building an Inflation Fighting Portfolio With Dave Schassler
17 Mar 2023
Contributed by Lukas
With inflation returning after being dormant for decades, many investors have had a renewed interest in adding inflation fighting assets to their port...
What Investors Need to Know About the Collapse of Silicon Valley Bank with Cullen Roche
15 Mar 2023
Contributed by Lukas
With the failure of Silicon Valley Bank last week, we wanted to do a special episode to better understand what happened, and what all of us can learn ...
A Detailed Look at the "Night Effect" with Bruce Lavine
09 Mar 2023
Contributed by Lukas
You might think that the return profile of the market looks similar during the day and overnight. But research has shown that isn't the case. In this ...
The Education of a Financial Planner: A Primer on College Saving and Planning
06 Mar 2023
Contributed by Lukas
We are happy to announce the launch of our second podcast, The Education of a Financial Planner. We have been doing more financial planning with clien...
Show Us Your Portfolio: Corey Hoffstein
02 Mar 2023
Contributed by Lukas
In our latest Show Us Your Portfolio episode, we speak with Newfound Research founder Corey Hoffstein. We discuss how he constructs his personal portf...
New Podcast - The Education of a Financial Planner: Episode 1: Goals-Based Planning
27 Feb 2023
Contributed by Lukas
We are happy to announce the launch of our second podcast, The Education of a Financial Planner. We have been doing more financial planning with clien...
The Four Pillars of Macro with Andy Constan
23 Feb 2023
Contributed by Lukas
In this episode we speak with Damped Spring Advisors founder Andy Constan. Andy has built a unique macro framework that incorporates growth, inflation...
A Deep Dive Into Earnings Quality with Columbia Professor Doron Nissim
16 Feb 2023
Contributed by Lukas
Many investors take for granted that the earnings and other financial data that companies report provides an accurate representation of their business...
Relative Sentiment Investing with Ray Micaletti
09 Feb 2023
Contributed by Lukas
We all often hear about the importance of sentiment in investing. But how to use it can be elusive. This week we are joined by someone who has done th...