In this episode of Excess Returns, we welcome back Andy Constan, founder of DampedSpring . We cover a wide range of topics, including recent market volatility, the broader economic outlook, and Andy's perspectives on inflation and monetary policy. Andy shares his framework for analyzing deleveraging events, emphasizes the importance of thinking in probabilities for market outcomes, and discusses potential long-term impacts of factors like AI and deglobalization on the economy. We explore his views on different economic scenarios and the Federal Reserve's actions. As always, Andy provides nuanced insights into market analysis and investment decisions, making for a thought-provoking conversation.

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In this episode of Excess Returns, we sit down with Meb Faber, founder of Cambria Investment Management, to discuss his unconventional views on investing that often go against mainstream opinions. We explore a wide range of topics, including the Federal Reserve's performance, dividend investing strategies, international diversification for U.S. investors, trend following, and the relationship between interest rates and stock market valuations. Throughout our conversation, Meb challenges common investing beliefs and provided evidence-based perspectives on various aspects of the market. We all can benefit from challenging our own strongly held investing beliefs and we hope this episode will help you do that as it did for us.

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In this episode of Excess Returns, our good friend Matt Ziegler interviews retirement planning expert Wade Pfau. They discuss key concepts in retirement income planning, including the 4% rule, variable withdrawal strategies, and Pfau's "safety first" approach. They discuss Wade's work on retirement income styles and the RISA (Retirement Income Style Awareness) framework he developed to help retirees and advisors determine appropriate strategies. They also explore topics like the benefits of delaying Social Security, the role of annuities in retirement planning, and managing sequence of returns risk. Wade also shares insights on tax-efficient withdrawals, evolving retirement challenges, and balancing frugality with enjoying life in the present.

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In this episode of Excess Returns, we take a deep dive into value investing with our good friend Tobias Carlisle. We discuss the recent outperformance of small cap and value stocks, tackle the challenges of long periods of underperformance for value strategies, and examine how Tobias constructs his portfolios. We delve into his process for selecting stocks, including his focus on companies trading at discounts using the Acquirer's multiple and his approach to portfolio diversification. Our conversation also touches on the dominance of large tech companies and whether their outsized returns can continue. Throughout our discussion, Tobias emphasizes the importance of patience, skepticism about growth projections, and prioritizing survival over maximizing returns when investing.

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In this episode of Excess Returns, we speak with Warren Pies of 3Fourteen Research about his unique systematic approach to analyzing markets. We explore his outlook for the second half of 2024, discussing topics like the future of the 60/40 portfolio, inflation trends, labor market indicators, earnings expectations, and the impact of AI on productivity. Warren shares insights on market breadth, his newly launched quality-driven ETF strategy, and interesting perspectives on seasonality and retail sentiment. We also touch on his approach to combining systematic and discretionary investing methods. This wide-ranging conversation offers valuable insights for investors navigating the current market environment, showcasing Warren's ability to think outside the box and identify unique market opportunities.

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In this episode we have a fascinating discussion with Mike Green of Simplify about the ongoing impact of passive investing on markets. Mike shares insights from recent academic research supporting his thesis and discusses how the risks of passive may play out over time. We also explore potential risks from increased options usage and the short volatility trade.

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In this episode from our sister podcast Two Quants and a Financial Planner, we dive into the key lessons we took from our recent conversation with Rick Ferrii on Excess Returns.

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We explore Rick's approach to simple, low-cost investing and discuss how his insights apply to various investment strategies, including factor investing. We cover topics such as favoring simplicity, the enduring relevance of the 60/40 portfolio, the importance of fees, and looking to history for guidance. Throughout the discussion, we relate Rick's ideas to our own experiences in quantitative investing and financial planning, offering our perspectives on how these principles can be applied in practice. We also have some fun connecting each lesson to a KISS song. Our goal is to break down Rick's wisdom and show how it can benefit investors across different approaches and philosophies.

In this episode of Excess Returns, we dive deep into the world of macroeconomics with Bob Elliott of Unlimited Funds. We explore a wide range of topics, including inflation, the Federal Reserve's policies, and the overall state of the economy. Bob shares his insights on how market price targets can be evaluated from a fundamental perspective and discusses the role of gold in a diversified portfolio. We also touch on the complexities of investing in hedge funds and the impact of fiscal policies on market dynamics.

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In our latest episode of Show Us Your Portfolio, we speak with Standpoint's Eric Crittenden. Eric discusses the all weather approach he uses to construct his personal portfoio. He emphasizes maximizing "true wealth" per unit of risk, which he defines as compounded returns after accounting for all costs, taxes, and inflation. Eric's all-weather investment approach, which combines global equities, bonds and a systematic global macro program investing in various uncorrelated markets. He discusses the importance of diversification beyond traditional stock and bond portfolios, his views on homeownership, wealth transfer to children, and the value of focusing on health and sleep. Eric also shares insights on risk management, the challenges of investor behavior, and the importance of getting the basics right in investing.

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In this episode of Excess Returns, we sit down with Rick Ferri to discuss a wide range of investing topics. We explore the concept of investing with simplicity, the importance of asset allocation, and the role of passive investing in today's market. Rick shares his insights on the stages investors go through to reach the point where simplicity is best, and how advisors can help clients gain buy-in for successful long-term investing. We also discuss Rick's thoughts on factor investing, ESG, and the key components of a successful retirement plan. Throughout the conversation, Rick emphasizes the importance of discipline, sticking to a strategy, and focusing on what you can control as an investor.

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