Excess Returns

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 and the Coca-Cola Company. We discuss his process for analyzing companies and his owner earnings-based approach that led him to companies like Amazon when many value investors avoided them. We also discuss his biggest lessons from his father and grandfather, both of whom were very successful investors as well, how Charlie Munger changed his life and his thoughts on concentration and position sizing.

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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. Adam is one of the smartest people we know and has been dedicating a large amount of his free time to utilizing the technology, so we couldn't think of a better person to help us better understand it. We discuss how it works, what it means for both people who build investing strategies and those that utilize them and how it might change the world.

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We have now conducted over 100 interviews on Excess Returns. At the end of all of them, we have asked the same closing question:

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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 original interview to dig into the details of his strategy and the individual components of it. In this interview, we correct that. We discuss Larry’s overall view of alternatives, the unique sources of risk he uses within his portfolio and how he combines them together to build an optimal portfolio.

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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 of ETFs and ETF Architect's mission to help firms launch them. And we get Wes' take on a variety of issues related to factor investing including the struggles of value in the past decade, how to tell when a factor no longer works, the evolution of his strategies over time and the pros and cons of sector neutral value investing.

We hope you enjoy the discussion.

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 Factor Zoo", and "Resurrecting the Value Premium." We also discuss the state of value investing in general and look at some interesting charts Matthias put together that put the current situation in value in context.

We hope you enjoy the discussion.

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 anyone better to help us pay tribute to Munger. We discuss Munger's life, his investing career, the core principles that governed him, his legacy and a lot more.

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, substantially outperforming the S&P 500 over his tenure. We talk to Joel about the biggest lessons from his career, his approach to finding undervalued stocks, what he learned from Peter Lynch, the most important advice he will give his successors and a lot more.

We hope you enjoy the discussion.

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 with basic indexes like the S&P 500 and NASDAQ and move to more complex ones like the Russell and S&P value and growth indexes. But in all cases, we look at the behind the scenes details of how the index is built and how that impacts the returns they generate for investors.

We hope you enjoy the discussion.

We hope you enjoy the discussion.