Excess Returns

By Jack Forehand and Justin Carbonneau

What's Excess Returns about?

Excess Returns is an investing podcast hosted by Jack Forehand and Justin Carbonneau, partners at Validea Capital Management. Justin and Jack discuss a wide range of investing topics, including factor investing, value investing, momentum investing and behavioral finance, and talk to interesting guests with the goal of helping those who watch and listen become better long term investors.

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Excess Returns episodes:

05.02.2024
Cem Karsan and Andy Constan | PNL For A Purpose
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 raise money for Susan G. Komen. In this episode we are providing two of our...
04.25.2024
Show Us Your Portfolio: Jared Dillian
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 Live a Stress-Free Financial Life," discusses his personal investing philosophy and portfolio. Dillian advocates...
04.18.2024
Evaluating the Macro Landscape and Finding Great Companies with Jeff Muhlenkamp
In this episode of Excess Returns, we speak with Jeff Muhlenkamp, portfolio manager at Muhlenkamp and Company. We discuss Jeff's views on inflation, the likelihood of a recession, and the possibility of another financial crisis. We also take a in...
04.11.2024
Navigating the Islands of Macro with Andy Constan
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 left "higher for longer" island, inflation, the Fed's actions, the bond market, and the influence...
04.04.2024
The Case for Value Investing with Tobias Carlisle
David Einhorn recently said that he thinks fundamental investing is broken. If he is right, there would certainly be significant long-term implications for value investing. We explored Einhorn's case in several of our episodes and so we thought it was...
03.28.2024
Value Investing, Inflation and Expected Returns with Rob Arnott
In this episode, Research Affiliates founder Rob Arnott returns for his third appearance on Excess Returns. We cover a wide range of topics, including inflation, the struggles of value investing, expected future returns, avoiding value traps, AI and a lot...
03.21.2024
The AI Bubble Thesis with Doug Clinton
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 have even suggested AI is already in a bubble. But what if we are still in...
03.14.2024
Inflation, Bank Failures, Bubbles and Other Lessons from Financial History with Mark Higgins
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. We have had a pandemic. We have even had a potential bubble developing in...
03.08.2024
Investing in the Future of Health Care with Mike Taylor
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 and has managed portfolios for Oppenheimer and major hedge funds like Citadel and...
02.29.2024
Show Us Your Portfolio: Bob Elliott
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 manage his personal portfolio. We cover the weaknesses of the 60-40 portfolio, the 4...
02.22.2024
Has Passive Investing Broken the Market? | Mike Green
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 as a result. Much of the basis for his assertion is based on the work...
02.15.2024
The Next Chapter for Inflation with Cullen Roche
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 episode, Discipline Funds founder Cullen Roche joins us to help work through it. We discuss...
02.08.2024
The No Landing Scenario with Cem Karsan
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 wide range of topics, including the future outlook for inflation, what the Fed is likely...
02.01.2024
Challenging the Foundation of Asset Pricing Theory with Andrew Chen and Alejandro Lopez-Lira
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 returns to persist in the future, there should be a behavioral or...
01.25.2024
Show Us Your Portfolio: Katie Stockton
In our latest episode of Show Us Your Portfolio, we are joined by Fairlead Strategies founder Katie Stockton. We discuss how Katie thinks about managing her personal portfolio and the investing process. We cover Katie's approach to asset allocation, how...
01.18.2024
Show Us Your Portfolio: Andrew Beer
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 portfolio in the context of his life goals, his views on stocks and bonds, how...
01.11.2024
High Conviction Value Investing with Chris Davis
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-term record as a value investor and also serves on the board of both Berkshire Hathaway...
01.04.2024
What Generative AI Means for Investors with Adam Butler
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 both our lives and the investing world with ReSolve Asset Management CIO Adam Butler....
01.04.2024
100+ Great Investors Share Their Most Important Investing Lesson
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 experience in markets and your research, if you could teach one lesson to the...
12.21.2023
Show Us of Your Portfolio II: Larry Swedroe on Alternatives and Interval Funds
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 illiquid alternatives within his portfolio. But we didn’t have time in the...
12.14.2023
Value, Momentum and Launching ETFs with Wes Gray
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 from a startup to over $5 billion in assets. We also discuss the rapid growth...
12.08.2023
Navigating the Factor Zoo with Matthias Hanauer
In this episode, we talk factor investing with Robeco's Matthias Hanauer. Matthias has written some excellent research papers on a variety of factor investing topics and we dig into the details behind two of our favorites: "Honey I Shrunk the...
12.06.2023
The Enduring Legacy of Charlie Munger with Lawrence Cunningham
In this episode, we discuss the incredible life and investing career of Charlie Munger with George Washington Professor Lawrence Cunningham. Lawrence in one of the world's leading experts on Berkshire Hathaway and Buffett and Munger and w couldn't think of...
11.30.2023
Lessons From a Legendary Fund Manager with Joel Tillinghast
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 managed the fund for over 30 years and built an impressive track record,...
11.22.2023
How Popular Market Indexes Are Constructed with Athanasios Psarofagis
Most investors reference the returns of popular indexes frequently. But most also do not understand the details of how those indexes are constructed. In this episode, we take a deep dive into index construction with Bloomberg's Athanasios Psarofagis. We start...
11.16.2023
From Quant Investing to Venture Capital with Jim O'Shaughnessy
In this episode we bring back one of our most popular guests. We speak with O'Shaughnessy Ventures founder Jim O'Shaughnessy about his transition from a factor investor to a venture capitalist and what he has learned along the way. We...
11.09.2023
Understanding the Changing Macro Landscape with Warren Pies and Fernando Vidal
In this episode, we speak with 3Fourteen Research founders Warren Pies and Fernando Vidal. We discuss 3Fourteen’s systematic macro process and how they are using it to analyze the current challenging environment. We also cover a wide range of macro...
11.01.2023
A Deep Dive into Credit Investing with Joe Hegener
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 current state of the market, the potential upcoming refinancing wall and the...
10.26.2023
Quantifying Self Attribution Bias with Meng Wang
When fund managers outperform, they tend to attribute it to their skill. When they underperform, they tend to blame external factors. While that information has been known for some time, it wasn't something that researchers were able to quantify. But...
10.26.2023
All Weather Investing with Eric Crittenden
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 stock and bond portfolio, the challenges of looking different than the market, portfolio construction, international diversification,...
10.17.2023
The OPEX Effect with Jack, Justin and Brent Kochuba
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 the stock market and how long-term investors can better understand it. We have included the...
10.12.2023
Behind the Podcast: Flirting with Models | Corey Hoffstein
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 podcast's origin story, how Corey thinks about selecting guests, what he has learned...
10.05.2023
Show Us Your Portfolio: Jerry Parker
In this episode we speak with Chesapeake Capital founder Jerry Parker about how he manages his personal portfolio. We discuss Jerry's trend following based approach and how he uses it to construct a portfolio that balances risk and return. We...
09.29.2023
Lessons From 30 Years as a Value Investor | Steve Romick
In this episode, we speak with FPA Crescent Manager Steve Romick. Steve has built an exceptional long-term record using an approach that combines value investing with protection of capital and drawdown management. We discuss the biggest lessons he has learned...
09.27.2023
Excess Returns After Hours with Tobias Carlisle | Some Much Needed Therapy for Value Investors
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 value and also to talk about the future opportunity it may create. We discuss value...
09.22.2023
Quantitative Asset Management - Building Systematic Real-World Strategies with Michael Robbins
In this episode, we take a deep div into quantitative investing with Michael Robbins, author of the new book "Quantitative Asset Management: Factor Investing and Machine Learning for Institutional Investing." We discuss data science and machine learning, factor investing, risk...
09.20.2023
Conservative Investing - Using Trend Following to Manage Risk and Drawdowns with James St. Aubin
In this episode, we talk trend following and conservative investing with Sierra Mutual Funds CIO James St. Aubin. We talk about their unique banded moving average approach to trend following and how they utilize it to manage risk in client...
09.14.2023
Show Us Your Portfolio: Andy Constan
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 most successful firms in the asset management industry, including Bridgewater and Brevan Howard...
09.07.2023
Show Us Your Portfolio: Cullen Roche
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 as we have in his previous appearances, we discuss how he manages his personal portfolio....
08.31.2023
High Quality Growth Investing in Europe with Alistair Wittet
In this episode, we speak with Comgest portfolio manager Alistair Wittet We discuss his approach for building a focused portfolio of high-quality European growth companies and the most important criteria he looks at. We also dig into the characteristics that...
08.24.2023
The Opportunity in Emerging Markets with AQR's Dan Villalon
International stocks, and particularly emerging market stocks, have struggled relative to US stocks for a long time. That has led some to suggest that international diversification no longer makes sense for investors. But valuations in the space and lessons from...
08.17.2023
Lessons from Evaluating Investment Managers with Clare Flynn Levy
In this episode, we speak with Essentia Analytics founder Clare Flynn Levy. Essentia has developed software to evaluate investment managers and help them improve as investors. We discuss what Clare has learned through that process and the lessons all of...
08.15.2023
A Quant and a Financial Planner Discuss Factor Investing
In this episode Jack and Matt Zeigler look at factor investing from both the perspective of someone who builds quantitative strategies and someone who utilizes them. They discuss what factors are, why they work, the different ways to combine them...
08.10.2023
Show Us Your Portfolio: Gary Antonacci
In this episode, we speak with Optimal Momentum founder and author of "Dual Momentum Investing: An Innovative Strategy for Higher Returns with Lower Risk" Gary Antonacci about the process he uses to construct his personal portfolio. We talk with Gary...
08.03.2023
Narrative as an Investing Factor with Ben Hunt
Narratives are everywhere in the investing world. They influence what we think as investors. They also influence the decisions we make. Behind the scenes, there is a science to how narratives work. They follow a predictable life cycle and technology...
07.27.2023
Show Us Your Portfolio: Adam Butler
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 portfolio of uncorrelated return streams to optimize both return and risk. We also cover how...
07.20.2023
Finding Great Growth Companies with David Rolfe
In this episode, we talk growth investing with Wedgewood Partners Chief Investment Officer David Rolfe. We discuss the characteristics of great growth companies and the details of their process to identify them. We cover the importance of dominant products, the...
07.13.2023
What Investors Need to Know About Emerging Market Debt with VanEck's Eric Fine
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 the emerging market space and how that has influenced his approach to it. We then...
07.06.2023
Investing in Companies That Put Shareholders First with Joseph Boskovich
In this episode, we speak with Old West's Joseph Boskovich about their process for uncovering companies that focus on adding value for their shareholders. We discuss thy key criteria they use to find these types of companies, the importance of...
06.29.2023
Building a Six Factor Model Using Intangible Value with Kai Wu
In this episode, we speak with Sparkline Capital founder Kai Wu about his excellent recent paper "Intangible Value: A Sixth Factor". We discuss his research on the importance of intangible assets, how to measure them and turn them into a...

What's Excess Returns about?

Download our free app to listen on your phone

Excess Returns episodes:

Cem Karsan and Andy Constan | PNL For A Purpose

Show Us Your Portfolio: Jared Dillian

Evaluating the Macro Landscape and Finding Great Companies with Jeff Muhlenkamp

Navigating the Islands of Macro with Andy Constan

The Case for Value Investing with Tobias Carlisle

Value Investing, Inflation and Expected Returns with Rob Arnott

The AI Bubble Thesis with Doug Clinton

Inflation, Bank Failures, Bubbles and Other Lessons from Financial History with Mark Higgins

Investing in the Future of Health Care with Mike Taylor

Show Us Your Portfolio: Bob Elliott

Has Passive Investing Broken the Market? | Mike Green

The Next Chapter for Inflation with Cullen Roche

The No Landing Scenario with Cem Karsan

Challenging the Foundation of Asset Pricing Theory with Andrew Chen and Alejandro Lopez-Lira

Show Us Your Portfolio: Katie Stockton

Show Us Your Portfolio: Andrew Beer

High Conviction Value Investing with Chris Davis

What Generative AI Means for Investors with Adam Butler

100+ Great Investors Share Their Most Important Investing Lesson

Show Us of Your Portfolio II: Larry Swedroe on Alternatives and Interval Funds

Value, Momentum and Launching ETFs with Wes Gray

Navigating the Factor Zoo with Matthias Hanauer

The Enduring Legacy of Charlie Munger with Lawrence Cunningham

Lessons From a Legendary Fund Manager with Joel Tillinghast

How Popular Market Indexes Are Constructed with Athanasios Psarofagis

From Quant Investing to Venture Capital with Jim O'Shaughnessy

Understanding the Changing Macro Landscape with Warren Pies and Fernando Vidal

A Deep Dive into Credit Investing with Joe Hegener

Quantifying Self Attribution Bias with Meng Wang

All Weather Investing with Eric Crittenden

The OPEX Effect with Jack, Justin and Brent Kochuba

Behind the Podcast: Flirting with Models | Corey Hoffstein

Show Us Your Portfolio: Jerry Parker

Lessons From 30 Years as a Value Investor | Steve Romick

Excess Returns After Hours with Tobias Carlisle | Some Much Needed Therapy for Value Investors

Quantitative Asset Management - Building Systematic Real-World Strategies with Michael Robbins

Conservative Investing - Using Trend Following to Manage Risk and Drawdowns with James St. Aubin

Show Us Your Portfolio: Andy Constan

Show Us Your Portfolio: Cullen Roche

High Quality Growth Investing in Europe with Alistair Wittet

The Opportunity in Emerging Markets with AQR's Dan Villalon

Lessons from Evaluating Investment Managers with Clare Flynn Levy

A Quant and a Financial Planner Discuss Factor Investing

Show Us Your Portfolio: Gary Antonacci

Narrative as an Investing Factor with Ben Hunt

Show Us Your Portfolio: Adam Butler

Finding Great Growth Companies with David Rolfe

What Investors Need to Know About Emerging Market Debt with VanEck's Eric Fine

Investing in Companies That Put Shareholders First with Joseph Boskovich

Building a Six Factor Model Using Intangible Value with Kai Wu