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Excess Returns episodes
- Timeless Lessons from History's Best Traders | Jack SchwagerMarket 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 MarcusCritical insights about the unchanging nature of human psychology in markets despite technological evolutionWhy risk management principles remain constant even as trading strategies evolveFascinating stories about legendary traders like George Soros, Stanley Druckenmiller, and Ed ThorpThe important distinction between volatility and true risk in marketsA preview of Schwager's upcoming book project with co-author George CoyleWhether 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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Twitter: https://twitter.com/jjcarbonneauLinkedIn: https://www.linkedin.com/in/jcarbonneau1 hr 8 min - 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 habitsThe "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 eventsA thoughtful discussion on passive investing's impact on markets, including Cliff's perspective on what percentage of passive investing might be sustainableThe importance of getting comfortable with investment discomfort, especially when following factor strategies that can experience long periods of underperformanceAn insightful discussion about the evolution of factor investing and whether factors need intuitive explanations to be validCliff's key advice for average investors: look at your portfolio as little as possible to avoid making emotional decisionsThe 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.58 min - 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 meaningWhy historical returns can be deceptive when estimating future equity risk premiumsThe surprising truth about long-term forecasting in marketsThe impact of index funds on market efficiency and stock pricesWhy buybacks aren't necessarily equivalent to dividendsThe challenges facing U.S. growth stocks at current valuationsRob 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.SEE LATEST EPISODES
https://excessreturnspod.comFIND OUT MORE ABOUT VALIDEA
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Twitter: https://twitter.com/practicalquantLinkedIn: https://www.linkedin.com/in/jack-forehand-8015094FOLLOW JUSTIN
Twitter: https://twitter.com/jjcarbonneauLinkedIn: https://www.linkedin.com/in/jcarbonneau1 hr 13 min - 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.SEE LATEST EPISODES
https://excessreturnspod.comFIND OUT MORE ABOUT VALIDEA
https://www.validea.comFIND OUT MORE ABOUT VALIDEA CAPITAL
https://www.valideacapital.comFOLLOW JACK
Twitter: https://twitter.com/practicalquantLinkedIn: https://www.linkedin.com/in/jack-forehand-8015094FOLLOW JUSTIN
Twitter: https://twitter.com/jjcarbonneauLinkedIn: https://www.linkedin.com/in/jcarbonneau59 min - 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.SEE LATEST EPISODES
https://excessreturnspod.comFIND OUT MORE ABOUT VALIDEA
https://www.validea.comFIND OUT MORE ABOUT VALIDEA CAPITAL
https://www.valideacapital.comFOLLOW JACK
Twitter: https://twitter.com/practicalquantLinkedIn: https://www.linkedin.com/in/jack-forehand-8015094FOLLOW JUSTIN
Twitter: https://twitter.com/jjcarbonneauLinkedIn: https://www.linkedin.com/in/jcarbonneau1 hr 3 min - 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 valueThe four pillars of intangible value: IP, brand equity, human capital, and network effectsWhy international markets have lagged the U.S. and how intangible value can help close this gapThe role of AI and machine learning in modern investment analysisA surprising analysis of global patent leadershipThis 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.SEE LATEST EPISODES
https://excessreturnspod.comFIND OUT MORE ABOUT VALIDEA
https://www.validea.comFIND OUT MORE ABOUT VALIDEA CAPITAL
https://www.valideacapital.comFOLLOW JACK
Twitter: https://twitter.com/practicalquantLinkedIn: https://www.linkedin.com/in/jack-forehand-8015094FOLLOW JUSTIN
Twitter: https://twitter.com/jjcarbonneauLinkedIn: https://www.linkedin.com/in/jcarbonneau1 hr 1 min - 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 marketsWhy U.S. stocks have dominated for so long and whether this trend can continueThe role of currency exposure in international investingHow passive investing flows affect international marketsDifferent perspectives on optimal international allocation strategiesFeaturing 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.57 min - 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 metricsWhy sentiment analysis matters more for high-intangible companiesThe implications of AI for intangible asset valuationBridgeway's approach to long-short investingInternational investing opportunities and market efficiencyThe importance of understanding model assumptions and staying humble as an investorWhether 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.SEE LATEST EPISODES
https://excessreturnspod.comFIND OUT MORE ABOUT VALIDEA
https://www.validea.comFIND OUT MORE ABOUT VALIDEA CAPITAL
https://www.valideacapital.comFOLLOW JACK
Twitter: https://twitter.com/practicalquantLinkedIn: https://www.linkedin.com/in/jack-forehand-8015094FOLLOW JUSTIN
Twitter: https://twitter.com/jjcarbonneauLinkedIn: https://www.linkedin.com/in/jcarbonneau55 min - 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 talentThe economics and fee structures of modern hedge fundsRisk management challenges when running multiple strategiesThe evolution from traditional hedge funds to pod shop modelsThe impact of growing assets under management on performanceThe emergence of ETFs as alternatives to hedge fund strategiesDrawing 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.58 min - 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 returnsThe dramatic outperformance of U.S. markets post-financial crisis and the potential opportunity in cheaper international stocksHow private equity return dispersion may be more about portfolio construction than manager skillThe promising changes happening in Japanese corporate governanceBritain's market valuation in the wake of BrexitDan 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.SEE LATEST EPISODES
https://excessreturnspod.comFIND OUT MORE ABOUT VALIDEA
https://www.validea.comFIND OUT MORE ABOUT VALIDEA CAPITAL
https://www.valideacapital.comFOLLOW JACK
Twitter: https://twitter.com/practicalquantLinkedIn: https://www.linkedin.com/in/jack-forehand-8015094FOLLOW JUSTIN
Twitter: https://twitter.com/jjcarbonneauLinkedIn: https://www.linkedin.com/in/jcarbonneau56 min
About Excess Returns
From the publisher's feed
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…
some of the most interesting names in finance to discuss topics like macroeconomics, value investing, factor investing, and more. Subscribe to learn along with us.
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