Excess Returns
Episodes
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...
10 Lessons From Our 5 Most Popular Podcasts of 2021 - Rob Arnott, Michael Mauboussin, Ben Inker, Cullen Roche, Tobias Carlisle
02 Jan 2022
Contributed by Lukas
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...
A Tactical Approach to Conservative Investing with Sierra Investment Management's Dave Wright
28 Dec 2021
Contributed by Lukas
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 D...
Michael Mauboussin on Valuation, Base Rates and Expectations Investing
19 Dec 2021
Contributed by Lukas
Michael Mauboussin is one of the most insightful long-term thinkers in the investing world. For decades, his research has taken deep dives into market...
Is the Market Rigged in Favor of Corporate Insiders? We Talk to Wharton Professor Daniel Taylor to Find Out
12 Dec 2021
Contributed by Lukas
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...
Inflation, Factors and Stock Returns with Ehren Stanhope
05 Dec 2021
Contributed by Lukas
In this episode, we speak with O'Shaughnessy Asset Management's Ehren Stanhope about his excellent research paper "The Great Inflation, Factors, and S...
Andrew Thrasher Schools Two Value Guys on Technical Analysis and Forecasting Volatility Tsunamis
28 Nov 2021
Contributed by Lukas
In this episode we take a deep dive into technical analysis with Andrew Thrasher, founder of Thrasher Analytics and portfolio manager at the Financial...
Lu Zhang On The Evolution of Asset Pricing Models And His First Principles Approach to Improve Them
21 Nov 2021
Contributed by Lukas
Asset pricing models have evolved significantly over the past several decades. From the Capital Asset Pricing Model to Fama and French's 3 Factor Mode...
An In Depth Look at Multi-Asset Investing with Westwood's Adrian Helfert
16 Nov 2021
Contributed by Lukas
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 wa...
Sheridan Titman On His Seminal Paper on Momentum Investing and What He Has Learned Since
07 Nov 2021
Contributed by Lukas
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 pa...
Everything You Need to Know About Inflation with Cullen Roche
31 Oct 2021
Contributed by Lukas
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...
Ritholtz Wealth CFO Bill Sweet Talks the Biden Tax Plan, Direct Indexing and Lessons From Their Rapid Growth
24 Oct 2021
Contributed by Lukas
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 inc...
The Underappreciated Growth Story of Emerging Markets with Kevin Carter
17 Oct 2021
Contributed by Lukas
Value investors currently love emerging markets. Whether you look at projections from GMO or Research Affiliates or any of the other major firms who l...
Worried About the Future of the 60-40 Portfolio? We Look at Some Alternatives
10 Oct 2021
Contributed by Lukas
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...
Balancing Return and Risk in Factor Investing with Harin de Silva
03 Oct 2021
Contributed by Lukas
Many factor investors tend to use similar approaches. You will typically see some value and momentum in their strategies. You will also likely see som...
Dispelling Myths in the Value vs. Growth Debate with GMO's Ben Inker
26 Sep 2021
Contributed by Lukas
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 rece...
Return Stacking with Corey Hoffstein and Rodrigo Gordillo
19 Sep 2021
Contributed by Lukas
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 ha...
Gregg Fisher on the Future of Value, Investing in Innovation and Lessons From 20+ Years as a Quant
16 Sep 2021
Contributed by Lukas
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 ...
The Elusive Definition of Quality
12 Sep 2021
Contributed by Lukas
Buying stocks of high quality companies is something investors are almost universally attracted to. But the details of how to define quality, and the ...
An In-Depth Look at Factor Valuation - And Which Factors Look Cheap Today
05 Sep 2021
Contributed by Lukas
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...
Investing in Quality Dividend Growers to Achieve Your "Freedom Day" With Ryan Krueger
29 Aug 2021
Contributed by Lukas
When many investors think about dividend investing they think about buying the highest yielding stocks. But investing in quality companies that are gr...
The Downside of Conviction
15 Aug 2021
Contributed by Lukas
Conviction is probably the most important thing in investing. Regardless of the investment strategy you utilize, the ability to stick with it during t...
Combining Growth and Momentum Investing with O'Neil Global's Randy Watts and WisdomTree's Jeremy Schwartz
12 Aug 2021
Contributed by Lukas
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 ...
The Return of Tobias Carlisle
05 Aug 2021
Contributed by Lukas
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...
A Deep Dive into Sector Investing with State Street's Matt Bartolini
29 Jul 2021
Contributed by Lukas
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...
The Facts About Factor Timing
25 Jul 2021
Contributed by Lukas
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 ...
The Truth About Dividend Investing
18 Jul 2021
Contributed by Lukas
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 becau...
The Underrated Role of Behavior in Investing with Joe Wiggins
15 Jul 2021
Contributed by Lukas
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 ...
An Inside Look at the Contrarian Investment Strategy of David Dreman
11 Jul 2021
Contributed by Lukas
David Dreman is a well known contrarian investor and the author of Contrarian Investment Strategies: The Next Generation. Dreman's Kemper-Dreman High ...
The Hidden Benefits of Rebalancing - And Some Tactics to Optimize the Process
04 Jul 2021
Contributed by Lukas
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 gener...
The Biggest Lessons From Our First 100 Episodes
01 Jul 2021
Contributed by Lukas
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 cont...
Rob Arnott on Inflation, Bubbles and the Future of Value Investing
24 Jun 2021
Contributed by Lukas
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 st...
Some Quantitative Alternatives to the 60-40 Portfolio
20 Jun 2021
Contributed by Lukas
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 st...
A Deep Dive into Factor Investing and the Future Potential of China with Jason Hsu
13 Jun 2021
Contributed by Lukas
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 ha...
Finding Quality Value Stocks With Joseph Piotroski's F Score Methodology
06 Jun 2021
Contributed by Lukas
Research shows that value stocks can generate an excess return because the market tends to overestimate their problems, and value investors benefit wh...
Robert Hagstrom on Warren Buffett, Bill Miller and Finding High Quality Companies
03 Jun 2021
Contributed by Lukas
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...
Could ARK Pose a Systemic Risk to the Market? A Look at How ETFs Work Can Help Us Find Out
30 May 2021
Contributed by Lukas
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 s...
Inside the First Hedge Fund to ETF Conversion and Finding Long-Term Compounders with Robert Cantwell
27 May 2021
Contributed by Lukas
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 has...
What Valuation Can Tell You About the Market – And What it Can’t
24 May 2021
Contributed by Lukas
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 o...
A Safety First Approach to Retirement Planning and the Problems with the 4% Rule with Wade Pfau
20 May 2021
Contributed by Lukas
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 ...