Excess Returns

By Excess Returns

Excess Returns is dedicated to making you a better long-term investor and making complex investing topics understandable. Join Jack Forehand, Justin Carbonneau and Matt Zeigler as they sit down with s... more

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How many episodes does Excess Returns have?

The podcast currently has 321 episodes available.

Excess Returns episodes:

March 07, 2025 Money Delusions: Barry Ritholtz on the Elusive Definition of Money and How Not to Invest It
Buy Barry's Book
https://amzn.to/3F7APZP

In this initial episode of Rabbithole of our new show Rabbithole, Dave Nadig explores the psychology of money and investing with Barry Ritholtz, author of "How Not to Invest."
Their conversation challenges conventional financial wisdom and reveals insights about what money is, and how we use and invest it.
Key topics include:
Why money is a tool for freedom and agency, not a store of value or end goal
How childhood experiences shape our lifelong money behaviors and attitudes
Why market crashes affect us differently at various life stages
The dangers of algorithmic social media and information overload for investors
Why avoiding mistakes is more important than chasing extraordinary returns
Rethinking Bitcoin and other investments through better framing
The wisdom of humility in financial decision-making
Barry shares candid personal stories and draws on decades of experience as a trader, strategist, and wealth manager to identify the ideas, numbers, and behaviors that typically destroy wealth.
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38min
February 27, 2025 The Market Illusion: Mike Green on Inflation, Geopolitics and the Hidden Recession
In this episode of Excess Returns, Justin and Matt welcome back investment strategist Mike Green for an in-depth conversation about the current state of markets, economic trends, and geopolitical developments.Mike shares his unique perspective on several key topics:Why traditional economic indicators like unemployment claims no longer accurately reflect economic reality due to the rise of the gig economy
How the Fed's interest rate hikes have counterintuitively benefited wealthy individuals through increased interest income
The strategic reasoning behind Trump administration policies, particularly regarding China, Russia, and global tradeAn analysis of market dynamics, including the mechanical nature of passive investing and its impact on price movements
Insights on inflation measurement challenges and the role of seasonal adjustments in recent dataThe conversation also explores how current political and economic conditions mirror historical patterns, with Mike drawing thought-provoking parallels to past societal transformations. He explains why the S&P 500's strong performance masks weakness in other market segments and offers his perspective on what investors should consider in today's environment.
Whether you're interested in markets, economics, or the intersection of politics and investing, this episode provides valuable insights from one of today's most original financial thinkers.
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58min
February 21, 2025 Nine Timeless Lessons from 2024 | Larry Swedroe
In this episode, Larry Swedroe shares nine critical lessons that the markets taught investors in 2024. Drawing from decades of experience, Larry explains why market forecasts consistently fail, why valuations can't be used for market timing, and how seemingly obvious economic events often lead to surprising market outcomes.
Larry dives deep into the concept of "self-healing mechanisms" in markets, explaining how periods of poor performance often set the stage for strong future returns. He uses fascinating examples from reinsurance to value stocks to illustrate this principle.
The discussion also covers why "Sell in May and Go Away" is a dangerous myth, why active management continues to disappoint, and why proper diversification means always having some parts of your portfolio that aren't performing well.
Larry also explains why investors keep making the same mistakes and how they can break free from common behavioral biases.
The conversation includes practical insights on:
Why even a perfect economic crystal ball wouldn't help you predict markets
The dangers of judging investment strategies by their outcomes rather than their process
Why patience and discipline are crucial for investment success
How to think about diversification in a world dominated by large tech stocks
Whether you're a seasoned investor or just starting out, this episode offers valuable perspectives on building resilient portfolios and avoiding common investment pitfalls.
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1h 6min
February 13, 2025 A $33 Billion Value Manager Who Has Actually Outperformed | Scott McBride
In this episode of Excess Returns, Justin and Jack sit down with Scott McBride, CEO and portfolio manager at Hotchkis and Wiley, to explore the approach that has allowed them to succeed during a time when many other value investors have failed. McBride, with 24 years at the firm, shares insights into how their team has achieved impressive results by being willing to think differently from consensus.
Key topics discussed:
How market sentiment and emotion create opportunities for long-term investors
The importance of having the right team culture and being comfortable with contrarian positions
Their approach to valuing companies beyond traditional metrics like P/E ratiosWhy catalysts aren't necessary for investment success if you get valuation and governance right
Their perspective on international markets, particularly opportunities in Europe and the UK
Thoughts on AI's impact on businesses and investment analysis
The growing influence of passive investing and how it creates opportunities
McBride explains why having fewer analysts covering certain stocks can create opportunities, and why focusing on business quality, strong balance sheets, and good governance is crucial for long-term success. He also shares valuable insights about maintaining flexibility in investment approach rather than being dogmatic about any single strategy.
Whether you're an experienced investor or just starting out, this conversation offers practical wisdom about what works in value investing over the long term.
SEE LATEST EPISODES⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://excessreturnspod.com
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50min
February 07, 2025 Show Us Your Portfolio: Mike Taylor | Inside the Investment Strategy of a Hedge Fund Veteran
In this episode of Excess Returns, we sit down with Mike Taylor, portfolio manager of Simplify's PINK healthcare ETF, for a fascinating discussion about how he mansges his personal portfolio. Drawing from his extensive experience at firms like Citadel and Millennium, Mike shares candid insights about what makes a successful investor and his portfolio construction process.
Key topics include:
Why having "skin in the game" matters when managing funds
The critical elements he looks for in high-conviction investments
His unique approach to international investing and macro trends
Valuable lessons learned from working at top hedge funds
His perspective on retirement and career longevity in finance
Thoughts on demographic challenges facing global markets
Mike brings both humor and deep expertise to this conversation, offering rare insights into how a veteran hedge fund manager thinks about markets, risk, and portfolio construction. Whether you're a professional investor or individual managing your own portfolio, this episode provides valuable perspectives on navigating today's complex market environment.
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1h 6min
February 05, 2025 Tariffs, Bear Markets and the Hidden Knowledge Worker Recession | Dave Nadig and Jason Buck
Welcome to Click Beta - where three market professionals cut through the financial clickbait to have real conversations about what matters. In this premiere episode, hosts Matt Zigler, Jason Buck, and Dave Nadig dive into pressing topics like trade wars, tariffs, and their real-world impacts on small businesses and manufacturing. The conversation flows from corporate-subsidized jobs to cryptocurrency grifts, and wraps up with a fascinating discussion about the future of local economies and digital communities.
Unlike typical financial content, Click Beta brings you unscripted, unfiltered perspectives from three different corners of the financial world - financial planning, fund management, and product strategy. Join us monthly as we analyze headlines, share insights, and figure out what really matters for investors and professionals alike.
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1h 5min
January 30, 2025 Timeless Lessons from History's Best Traders | Jack Schwager
Market Wizards author Jack Schwager returns for another fascinating conversation about trading psychology, risk management, and lessons learned from interviewing the world's top traders. In this wide-ranging discussion, Schwager shares stories from his early career as a market analyst in the 1970s, his transition to writing the influential Market Wizards series, and his personal journey understanding that his talents lay in analyzing and writing about trading rather than trading itself.
Key highlights include:
The origin story of how Schwager landed his first job and serendipitously replaced Michael Marcus
Critical insights about the unchanging nature of human psychology in markets despite technological evolution
Why risk management principles remain constant even as trading strategies evolve
Fascinating stories about legendary traders like George Soros, Stanley Druckenmiller, and Ed Thorp
The important distinction between volatility and true risk in markets
A preview of Schwager's upcoming book project with co-author George Coyle
Whether you're a veteran trader or new to markets, this conversation offers timeless wisdom about successful trading, the entrepreneurial mindset required to succeed, and the importance of understanding your own strengths and limitations.
Watch for Jack's memorable explanation of Bruce Kovner's famous advice: "Know where you're getting out before you get in."
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1h 8min
January 27, 2025 Practical Lessons from Cliff Asness
In this episode, Jack Forehand and Matt Zeigler discuss their fascinating interview with AQR founder Cliff Asness. They explore several key topics from their conversation, including:
Cliff's humorous take on morning routines and why correlation doesn't equal causation when it comes to success habits
The "Less Efficient Market Hypothesis" and why Cliff believes markets may be becoming less efficient over time, particularly evident in the dot-com bubble and 2019-2020 market events
A thoughtful discussion on passive investing's impact on markets, including Cliff's perspective on what percentage of passive investing might be sustainable
The importance of getting comfortable with investment discomfort, especially when following factor strategies that can experience long periods of underperformance
An insightful discussion about the evolution of factor investing and whether factors need intuitive explanations to be valid
Cliff's key advice for average investors: look at your portfolio as little as possible to avoid making emotional decisions
The episode showcases Cliff's unique ability to combine deep quantitative insights with humor and practical wisdom, making complex investment concepts accessible and entertaining. Don't miss this conversation with one of the most influential figures in quantitative investing.
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58min
January 23, 2025 Busting 50 Years of Investing Myths | Rob Arnott
In this episode of Excess Returns, Jack Forehand and special guest host Perth Tolle sit down with Rob Arnott, founder of Research Affiliates and pioneer of fundamental indexing. Rob discusses his thought-provoking article "50 Years of Innovation, Myth Making and Myth Busting," written for the 50th anniversary of the Journal of Portfolio Management.
The conversation covers several critical investing myths and insights, including:
The evolution of fundamental indexing and why "smart beta" has lost its meaning
Why historical returns can be deceptive when estimating future equity risk premiums
The surprising truth about long-term forecasting in markets
The impact of index funds on market efficiency and stock prices
Why buybacks aren't necessarily equivalent to dividends
The challenges facing U.S. growth stocks at current valuations
Rob brings over four decades of investment experience to this discussion, offering candid perspectives on market valuation, index fund dynamics, and the future of passive investing. His insights are particularly valuable for investors trying to navigate today's complex market environment.
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1h 13min
January 16, 2025 Building Intelligent Alpha Portfolios with ChatGPT | Doug Clinton
In this episode of Excess Returns, we sit down with Doug Clinton of Intelligent Alpha to explore the fascinating intersection of AI and investment strategy. We discussed how Doug is using large language models (LLMs) like ChatGPT, Claude, and Gemini to build portfolios that aim to beat the market over time.
Doug shares insights from his experience launching managing AI-powered investment strategies. We dive deep into how these models actually work behind the scenes, exploring everything from portfolio construction and stock selection to position sizing and rebalancing. Doug explains how LLMs can combine quantitative and qualitative analysis in ways that traditional quant models can't, while maintaining the advantage of being free from emotional biases that often plague human investors.
We also explore broader implications for the future of investment management, discussing whether AI might eventually replace human analysts and portfolio managers, or if the future lies in human-AI collaboration. The conversation wraps up with Doug's thoughts on the rapid evolution of AI technology beyond investing, including his predictions for personal AI assistants and the potential emergence of artificial general intelligence (AGI).
Whether you're an investment professional curious about AI's role in the industry or simply interested in understanding how technology is reshaping asset management, this episode offers valuable insights into what the future might hold.
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59min

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