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 315 episodes available.

Excess Returns episodes:

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
January 09, 2025 Beyond the Magnificent Seven: Liz Ann Sonders on Markets, Cycles & Investing
In this episode of Excess Returns, we sit down with Liz Ann Sonders, Chief Investment Strategist at Charles Schwab, for a wide-ranging discussion about markets, the economy, and investing. We explore her unique perspective on the current market environment, including her views on the end of the "Great Moderation" era and the transition to what she calls the "Temperamental Era" - a period likely to bring more volatility in both inflation and economic growth.
Liz Ann shares invaluable insights about the importance of looking beyond headline index numbers to understand what's really happening in markets, the difference between behavioral and attitudinal sentiment indicators, and why changes in economic trends often matter more than absolute levels. We also discuss the evolution of market structure, including the impact of passive investing, and she shares some of the most important lessons she learned from working with legendary investor Marty Zweig.
Drawing on her decades of experience, Liz Ann explains why investors should focus less on trying to predict the future and more on making sound decisions along the way. Whether you're interested in understanding current market dynamics or looking for timeless investing wisdom, this conversation offers something for investors at every level.
Join us for this insightful discussion where we break down complex market topics into understandable concepts that can help inform your investment decisions.
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1h 3min
January 02, 2025 The One Factor That Explains the Struggles of Value, International and Small-Cap Stocks | Kai Wu
In this episode of Excess Returns, we sit down with Kai Wu, founder of Sparkline Capital, for a fascinating discussion about intangible value investing and its global applications. Kai shares his expertise on using machine learning and natural language processing to identify companies rich in intellectual property, brand equity, human capital, and network effects.
We explore why U.S. firms have historically outperformed many international counterparts, with Kai explaining how the gap in intangible asset investment has been a crucial factor.
We discuss:
How traditional value metrics miss important aspects of modern company value
The four pillars of intangible value: IP, brand equity, human capital, and network effects
Why international markets have lagged the U.S. and how intangible value can help close this gap
The role of AI and machine learning in modern investment analysis
A surprising analysis of global patent leadership
This episode offers valuable insights for investors interested in both value investing and international diversification. Whether you're a quantitative investor or just interested in understanding how modern companies create value, you'll find plenty to think about in this discussion.
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1h 1min
December 30, 2024 Do You Really Need International Diversification? 10 Top Investors Debate
In this episode, we explore one of investing's most debated topics: international diversification. Through clips from 10 different investing experts, we examine whether U.S. investors truly need international exposure in their portfolios.
Key topics include:
What actually constitutes "international exposure" in today's interconnected markets
Why U.S. stocks have dominated for so long and whether this trend can continue
The role of currency exposure in international investing
How passive investing flows affect international markets
Different perspectives on optimal international allocation strategies
Featuring insights from renowned investors and experts including Corey Hoffstein, Meb Faber, Dan Rasmussen, Larry Swedroe, Cullen Roche, Dan Villalon, Rick Ferri, Jason Buck, Mike Green, and Andy Constan, this episode offers a nuanced look at the complexities of global investing and helps viewers understand the various approaches to international diversification.
Whether you're wondering if you should invest internationally or questioning your current allocation, this discussion provides valuable perspectives to help inform your investment decisions.

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57min
December 27, 2024 Redefining Value Investing in a Magnificent Seven Dominated World | Jacob Pozharny
In this episode of Excess Returns, hosts Jack Forehand and Justin Carbonneau sit down with Jacob Pozharny, partner at Bridgeway Capital Management, to explore the increasingly important role of intangible assets in modern investing.
Jacob breaks down what intangible assets are - from intellectual property and proprietary algorithms to brand value and customer relationships - and explains how these harder-to-measure assets are changing traditional investment approaches. He discusses Bridgeway's pioneering research on "intangible intensity" and how it affects their investment strategy, particularly for high vs. low intangible companies.
Key topics covered:
How intangible assets complicate traditional valuation metrics
Why sentiment analysis matters more for high-intangible companies
The implications of AI for intangible asset valuation
Bridgeway's approach to long-short investing
International investing opportunities and market efficiency
The importance of understanding model assumptions and staying humble as an investor
Whether you're interested in quantitative investing, understanding modern valuation frameworks, or keeping up with evolving market dynamics, this conversation offers valuable insights into how one of the industry's leading firms approaches these challenges.
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55min
December 19, 2024 Inside the Secretive World of Pod Shops | Bob Elliott
In this episode of Excess Returns, hosts Justin and Matt sit down with Bob Elliott, founder of Unlimited Funds, to explore the fascinating world of multi-strategy hedge funds, also known as "pod shops." Bob breaks down how these complex investment vehicles work, discussing their unique structure where multiple portfolio managers operate independently while sharing infrastructure and risk management resources.
The conversation covers crucial topics including:
How pod shops attract and compensate top trading talent
The economics and fee structures of modern hedge funds
Risk management challenges when running multiple strategies
The evolution from traditional hedge funds to pod shop models
The impact of growing assets under management on performance
The emergence of ETFs as alternatives to hedge fund strategies
Drawing from his extensive experience in the hedge fund industry, Bob provides unique insights into why pod shops have captured headlines despite representing only a fraction of the overall hedge fund industry. He also discusses his current work at Unlimited Funds, where he's working to make hedge fund strategies more accessible through ETF structures.
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58min
December 12, 2024 Dispelling Big Investing Myths | Dan Rasmussen
In this episode of Excess Returns, Jack Forehand and Justin Carbonneau sit down with Dan Rasmussen from Verdad Advisers to discuss his firm's top research pieces from the past year.
They explore several fascinating market insights, including:
Why high bond yields don't necessarily translate to high returns
The dramatic outperformance of U.S. markets post-financial crisis and the potential opportunity in cheaper international stocks
How private equity return dispersion may be more about portfolio construction than manager skill
The promising changes happening in Japanese corporate governance
Britain's market valuation in the wake of Brexit
Dan also announces his upcoming book "The Humble Investor" which challenges common assumptions about predictability in markets. Throughout the conversation, he offers thought-provoking perspectives on market efficiency, the limitations of forecasting, and why humility is crucial for investment success.
Whether you're an institutional investor or individual market participant, this discussion provides valuable insights into contrarian investment opportunities and challenges prevailing market narratives with data-driven analysis.
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56min

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The podcast currently has 315 episodes available.

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