Excess Returns
Episodes
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...
The Art and Science of Intelligent Fund Selection with Joe Wiggins
02 Feb 2023
Contributed by Lukas
In this episode we talk fund selection with Joe Wiggins, author of the new book "The Intelligent Fund Investor: Practical steps for better results in ...
Inside the Madoff Scandal with Madoff Trader and Investor Andrew Cohen
26 Jan 2023
Contributed by Lukas
With the recent release of the Netflix documentary "Madoff: The Monster of Wall Street," many of us have been learning more of the details behind the ...
Value Investing and Lifelong Learning with Cole Smead
19 Jan 2023
Contributed by Lukas
In this episode, we speak with Smead Capital CEO and Portfolio Manager Cole Smead. Smead Capital has built a strong long-term record using a unique ap...
A Complete Guide to Factor Investing with Andy Berkin
13 Jan 2023
Contributed by Lukas
In this episode, we speak with Andy Berkin, Head of Research at Bridgeway and co-author of "Your Complete Guide to Factor Investing: The Way Smart Mon...
The Biggest Lessons From Our Five Most Popular Podcasts of 2022
05 Jan 2023
Contributed by Lukas
2022 was a great year for Excess Returns. We were able to interview some of the smartest people we know and more than doubled our audience as a result...
High Quality Value Investing with a Tactical Twist With Jeff Muhlenkamp
29 Dec 2022
Contributed by Lukas
In this episode, we speak with Jeff Muhlenkamp. Jeff is the manager of the Muhlenkamp Fund, which has managed client money for over three decades. We ...
Innovative Small ETF Firms Challenging the Big Players
22 Dec 2022
Contributed by Lukas
The ETF industry is dominated by the big players. They control most of the assets and they have some clear advantages over the smaller companies withi...
What Investors Need to Know About Geopolitics with Marko Papic
15 Dec 2022
Contributed by Lukas
In this episode, we talk Geopolitics with Marko Papic, Chief Strategist at the Clocktower Group. We look at his framework for analyzing the geopo...
An Evidence-Based Approach to Markets with Larry Swedroe
08 Dec 2022
Contributed by Lukas
In this episode we speak with Buckingham Strategic Wealth's Head of Financial and Economic Research Larry Swedroe. Larry is one of the most prolific p...
Talking Convexity, Interest Rates and the Future of Inflation with Harley Bassman
29 Nov 2022
Contributed by Lukas
In this episode we are joined by Harley Bassman, Managing Partner at Simplify ETFs. Harley's work on convexity and how to utilize it in portfolios ear...
A Common Sense Approach to Markets with Ben Carlson
22 Nov 2022
Contributed by Lukas
In this episode we talk with Ben Carlson, author of the popular A Wealth of Common Sense blog and Director of Institutional Asset Management at Rithol...
Show Us Your Portfolio: Ben Hunt
17 Nov 2022
Contributed by Lukas
When we started Show Us Your Portfolio, we assumed there would be one major requirement for each interview - a portfolio. But it turns out one of the ...
Talking Trend Following with Original Turtle Trader Jerry Parker
10 Nov 2022
Contributed by Lukas
In this episode, we talk Trend Following with Chesapeake Capital founder Jerry Parker. We talk about his participation in Richard Dennis' famous turtl...
Show Us Your Portfolio: Ryan Kirlin
03 Nov 2022
Contributed by Lukas
In our first nine episodes of Show Us Your Portfolio, we spoke to some great investors and looked at some really interesting investment approaches. Bu...
Show Us Your Portfolio: Rob Arnott
27 Oct 2022
Contributed by Lukas
In this episode we speak with Research Affiliates founder Rob Arnott about how he manages his personal portfolio. We talk about how Rob thinks about t...
Replicating Hedge Fund Strategies with Andrew Beer
20 Oct 2022
Contributed by Lukas
Hedge funds are typically considered a place where high net worth investors can invest in sophisticated investment strategies that the average investo...
Show Us Your Portfolio: Dr. Daniel Crosby
13 Oct 2022
Contributed by Lukas
In this edition of Show Us Your Portfolio, we speak with Dr. Daniel Crosby. Daniel is an expert an investor behavior and the Chief Behavioral Officer ...
Low Volatility Investing and the Conservative Formula with Pim van Vliet
06 Oct 2022
Contributed by Lukas
In this episode we talk Low Volatility investing with Pim van Vliet, who is the Head of Conservative Equities and Quantitative Equities at Robeco. Pim...
Show Us Your Portfolio: Brent Kochuba
29 Sep 2022
Contributed by Lukas
In this episode of Show Us Your Portfolio, we speak with SpotGamma founder Brent Kochuba. We had Brent on the podcast previously in episode 151 where ...
Six Experts Help Us Understand the Future of the 60-40 Portfolio – And Some Alternatives to It
22 Sep 2022
Contributed by Lukas
The 60-40 portfolio forms the core of many investors' long-term portfolio allocations. And it has worked exceptionally well over the past 40 years. Bu...
Show Us Your Portfolio: Darius Dale
15 Sep 2022
Contributed by Lukas
In our latest episode of Show Us Your Portfolio we speak with 42 Macro founder Darius Dale. We discuss his systematic macro process and how he applies...
Show Us Your Portfolio: Ryan Krueger
08 Sep 2022
Contributed by Lukas
We have looked at a variety of different investing strategies so far in our Show Us Your Portfolio series. We have talked to investors who use factor-...
Everything Investors Need to Know About Federal Reserve Policy with Cullen Roche
01 Sep 2022
Contributed by Lukas
There has been a lot of debate about Federal Reserve policy in the wake of the pandemic. But many of those involved in that debate want to promote a s...
Talking All Things Value Investing with Tobias Carlisle
25 Aug 2022
Contributed by Lukas
This week we are joined by our good friend and first three time guest on the podcast Tobias Carlisle. We talk about a wide range of value investing to...
Show Us Your Portfolio: Rick Ferri
18 Aug 2022
Contributed by Lukas
Our first few episodes of Show Us Your Portfolio looked at some thoughtful, evidence-based approaches to portfolio construction. But we also noticed a...
Show Us Your Portfolio: Phil Huber
11 Aug 2022
Contributed by Lukas
In our latest episode of Show Us Your Portfolio we speak to Savant Wealth CIO Phil Huber. We discuss Phil's approach to building his personal portfoli...
Constructing an Intangible Asset Based Value Strategy with Kai Wu
04 Aug 2022
Contributed by Lukas
Research has shown that value investing needs to change. Our economy has transitioned from one dominated by tangible assets like buildings and equipme...
What is the One Lesson You Would Teach the Average Investor? Ten Great Investors Tell Us
28 Jul 2022
Contributed by Lukas
In each episode of Excess Returns we ask all our guests one standard closing question: Based on your experience in markets, if you could teach o...
Value Investing, Compounding and Lifelong Learning with Gautam Baid
25 Jul 2022
Contributed by Lukas
In this episode we speak with Gautam Baid, author of The Joys Of Compounding: The Passionate Pursuit Of Lifelong Learning. We talk about the power of ...
Finding Opportunity in the Technology Stock Storm with Robert Cantwell and Lars Cianciolo
20 Jul 2022
Contributed by Lukas
After years of very strong performance, technology and growth stocks have had a much more difficult time in the last 18 months. Many of the highest mu...
Option Dealer Flows, Inflation and Investing in a Changing World with Cem Karsan
15 Jul 2022
Contributed by Lukas
In this episode we are joined by Kai Volatility founder Cem Karsan. Cem has led the way in educating investors about the importance of option dealer f...
Investing in a World of Low Expected Returns with AQR's Antti Ilmanen
12 Jul 2022
Contributed by Lukas
Investors have enjoyed above average returns for decades now. But long-term evidence suggests that those lofty returns won't last forever. In this epi...
The Average Investor's Guide to the Current Bear Market
01 Jul 2022
Contributed by Lukas
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 ...
The Case for Long-Term Value Investing with Jim Cullen
28 Jun 2022
Contributed by Lukas
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 ext...
Six Experts Help Us Understand Momentum Investing
21 Jun 2022
Contributed by Lukas
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 ...
Show Us Your Portfolio: Wes Gray
14 Jun 2022
Contributed by Lukas
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 persona...
Everything Investors Need to Know About Risk Parity with Adam Butler
07 Jun 2022
Contributed by Lukas
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 strat...
Systematic Global Macro Investing with GMO’s Martin Emery
02 Jun 2022
Contributed by Lukas
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...
Four Ways Value Investors Can Use Momentum
31 May 2022
Contributed by Lukas
Value investors in general tend to have an aversion to using momentum in their investment strategies. But the long-term evidence suggests they should ...
What Investors Need to Know About the Impact of Options on the Stock Market with Brent Kochuba
24 May 2022
Contributed by Lukas
Many investors think that options are just a vehicle that affects the portfolios of sophisticated investors. But their impact on the market goes well ...
Harnessing Empirical Finance in Long-Term Investing Strategies with Dimensional’s Savina Rizova
19 May 2022
Contributed by Lukas
In this episode we talk with Dimensional Fund Advisors Director of Research Savina Rizova. We discuss her amazing story, from growing up in communist ...
Mike Green on the Dangers of the Rise of Passive Investing
12 May 2022
Contributed by Lukas
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 diffi...
Navigating Bull and Bear Markets Using Trend Following
08 May 2022
Contributed by Lukas
With the market in a significant drawdown, there has been a renewed interest from investors in trend following strategies. Given its ability to ...
Ten of the Biggest Financial Mistakes Investors Make – And How To Avoid Them – With Peter Lazaroff
05 May 2022
Contributed by Lukas
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 ...
Show Us Your Portfolio: Meb Faber
26 Apr 2022
Contributed by Lukas
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 ...
Jack Schwager on What We Can Learn From History’s Best Traders
21 Apr 2022
Contributed by Lukas
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...
Four Experts Help Us Understand Inflation - And What It Means for Investors
14 Apr 2022
Contributed by Lukas
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...
Applying Machine Learning to Value Investing with Euclidean’s John Alberg
10 Apr 2022
Contributed by Lukas
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 quali...
The Importance of Drawdown Management in Retirement Planning
03 Apr 2022
Contributed by Lukas
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 retur...
Constructing a Crypto Index with Jeremy Schwartz and Michael Batnick
27 Mar 2022
Contributed by Lukas
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 tha...
Breaking Down the Russia Ukraine Conflict with Epsilon Theory’s Ben Hunt
20 Mar 2022
Contributed by Lukas
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 hel...
Ten Great Investors Share the One Lesson They Would Teach the Average Investor
13 Mar 2022
Contributed by Lukas
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 u...
Dual Momentum Investing with Gary Antonacci
08 Mar 2022
Contributed by Lukas
In this episode, we speak with Gary Antonacci about his Dual Momentum investing approach. We look at both absolute and relative momentum individually,...
Gamma, Vanna, Charm and the Impact of Options on the Stock Market with Jason DeLorenzo
03 Mar 2022
Contributed by Lukas
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 c...
Systematic Macro Investing with 42 Macro Founder Darius Dale
20 Feb 2022
Contributed by Lukas
Many investors see macro forecasting as a process about making bold binary predictions about the future of the economy and the market. Those predictio...
An Inside Look at the GameStop Story and the Revolution That Wasn't With Spencer Jakab
13 Feb 2022
Contributed by Lukas
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 mass...
Motley Fool Founder David Gardner on Finding Rule Breaking Growth Stocks
06 Feb 2022
Contributed by Lukas
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 investme...
Some Thoughts on the Recent Market Decline
30 Jan 2022
Contributed by Lukas
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 inter...
In Pursuit of the Perfect Portfolio with Stephen Foerster
25 Jan 2022
Contributed by Lukas
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 ...
A Deep Dive Into Quality Growth Investing with Harding Loevner's Rick Schmidt
20 Jan 2022
Contributed by Lukas
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 be...
Six Lessons We Learned While Navigating the Market in 2021
09 Jan 2022
Contributed by Lukas
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 pan...