Carl Wells is a systematic equity researcher and entrepreneur building an investment analytics platform focused on company quality, using CFROI and return on invested capital, along with deep accounting adjustments, to reveal the true economics behind financial statements.

In this episode, Carl shares his journey from physics to hedge funds, and how the 2008 crisis pushed him to unify fundamentals and quant through rigorous backtesting and factor research. We talk about why macro and liquidity regimes can break even great fundamental portfolios, and how systematic equity investing evolved from classic anomalies to today’s quality-driven frameworks.

Carl also explains the mechanics behind his platform: restating financials, treating R&D as investment, handling leases and intangibles, correcting recurring “one-offs", and building more stable, predictive metrics. We then dive into how he uses machine learning for forecasting while staying disciplined about interpretability, risk management, and deployment.

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The information shared on this podcast is for educational and informational purposes only and reflects the personal opinions of the hosts and guests at the time of recording. Nothing in this podcast constitutes financial, investment, legal, tax, or trading advice, and nothing should be interpreted as a recommendation to buy, sell, or hold any security, cryptocurrency, derivative, or financial product.

Trading and investing involve substantial risk, including the possible loss of all or part of your capital. You are solely responsible for your own decisions, and you should consult a qualified professional before making financial decisions. By listening to this podcast, you agree that the hosts, guests, and producers are not liable for any losses or damages arising from the use of any information discussed.