Excess Returns
Jack Forehand and Justin Carbonneau
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Goodpods has curated a list of the 10 best Excess Returns episodes, ranked by the number of listens and likes each episode have garnered from our listeners. If you are listening to Excess Returns for the first time, there's no better place to start than with one of these standout episodes. If you are a fan of the show, vote for your favorite Excess Returns episode by adding your comments to the episode page.
Lu Zhang On The Evolution of Asset Pricing Models And His First Principles Approach to Improve Them
Excess Returns
11/21/21 • 55 min
Asset pricing models have evolved significantly over the past several decades. From the Capital Asset Pricing Model to Fama and French's 3 Factor Model to their more recent 5 and 6 Factor Models, academic research has continued to work to improve our understanding of what drives stock prices.
But our guest this week thinks asset pricing models might need a revolution more than evolution.
We speak with Lu Zhang, who is the John W. Galbreath Chair and Professor of Finance at the Fisher College of Business at Ohio State University. He is also the creator of the Q factor model, which takes a first principles approach to asset pricing that starts with economic theory rather than adopting the framework of previous models.
We discuss the evolution of asset pricing models over time and take a detailed look at the major models that have come along the way. We then look at the philosophical arguments for why traditional asset pricing models may be taking the wrong approach and look at the details of the Q factor model.
We hope you enjoy the discussion.
ABOUT THE PODCAST
Excess Returns is an investing podcast hosted by Jack Forehand (@practicalquant) and Justin Carbonneau (@jjcarbonneau), partners at Validea. Justin and Jack discuss a wide range of investing topics including factor investing, value investing, momentum investing, multi-factor investing, trend following, market valuation and more with the goal of helping those who watch and listen become better long term investors.
SEE LATEST EPISODES
https://www.validea.com/excess-returns-podcast
FIND OUT MORE ABOUT VALIDEA
FOLLOW OUR BLOG
FIND OUT MORE ABOUT VALIDEA CAPITAL
https://www.valideacapital.com
FOLLOW JACK
Twitter: https://twitter.com/practicalquant
LinkedIn: https://www.linkedin.com/in/jack-forehand-8015094
FOLLOW JUSTIN
Twitter: https://twitter.com/jjcarbonneau
LinkedIn: https://www.linkedin.com/in/jcarbonneau
10/31/21 • 63 min
Inflation is probably the most talked about topic in investing today. Some think it has become a major problem. Others (including the Fed) think it is transitory. While still others think we are headed for a repeat of the 1970s or even hyperinflation. But many of the opinions on both side are not informed by the facts. So we wanted to do an episode where we started with the basics to help us understand what is going on now, and what might happen in the future. To do that, we couldn't think of a better person to talk to than Discipline Funds founder and author of the Pragmatic Capitalism blog Cullen Roche. We look at inflation from the ground up.
We discuss:
the various ways to measure it and how they are different
the history of inflation in the US
why quantitative easing didn't cause inflation, but fiscal stimulus did
the major forces that have kept inflation down
the differences between now and the 1970s
what hyperinflation is and why it is very unlikely
We hope you enjoy the discussion.
ABOUT THE PODCAST
Excess Returns is an investing podcast hosted by Jack Forehand (@practicalquant) and Justin Carbonneau (@jjcarbonneau), partners at Validea. Justin and Jack discuss a wide range of investing topics including factor investing, value investing, momentum investing, multi-factor investing, trend following, market valuation and more with the goal of helping those who watch and listen become better long term investors.
SEE LATEST EPISODES
https://www.validea.com/excess-returns-podcast
FIND OUT MORE ABOUT VALIDEA
FOLLOW OUR BLOG
FIND OUT MORE ABOUT VALIDEA CAPITAL
https://www.valideacapital.com
FOLLOW JACK
Twitter: https://twitter.com/practicalquant
LinkedIn: https://www.linkedin.com/in/jack-forehand-8015094
FOLLOW JUSTIN
Twitter: https://twitter.com/jjcarbonneau
LinkedIn: https://www.linkedin.com/in/jcarbonneau
Combining Growth and Momentum Investing with O'Neil Global's Randy Watts and WisdomTree's Jeremy Schwartz
Excess Returns
08/12/21 • 37 min
Many investors tend to think growth and momentum investing are highly aligned with each other. But as we have seen recently, with many momentum funds making an aggressive move into value, they also can be very different. In this episode, we talk to Randy Watts, Chief Investment Officer at O'Neil Global Advisors and Jeremy Schwartz, Global Head of Research at WisdomTree about an interesting strategy they have created to combine the two together.
We discuss the challenges of growth investing, the best ways to measure growth, and how to identify it in its early stages. And on the momentum side, we cover combining momentum with mean reversion, the importance of the right rebalancing time frame, and the benefits of momentum consistency.
Since we are both big fans of Jeremy's economic discussions with Jeremy Siegel on the Behind the Markets podcast, we also couldn't resist asking a couple of questions about the outlook for the economy and inflation.
We hope you enjoy the discussion.
ABOUT THE PODCAST
Excess Returns is an investing podcast hosted by Jack Forehand (@practicalquant) and Justin Carbonneau (@jjcarbonneau), partners at Validea. Justin and Jack discuss a wide range of investing topics including factor investing, value investing, momentum investing, multi-factor investing, trend following, market valuation and more with the goal of helping those who watch and listen become better long term investors.
SEE LATEST EPISODES
https://www.validea.com/excess-returns-podcast
FIND OUT MORE ABOUT VALIDEA
FOLLOW OUR BLOG
FIND OUT MORE ABOUT VALIDEA CAPITAL
https://www.valideacapital.com
FOLLOW JACK
Twitter: https://twitter.com/practicalquant
LinkedIn: https://www.linkedin.com/in/jack-forehand-8015094
FOLLOW JUSTIN
Twitter: https://twitter.com/jjcarbonneau
LinkedIn: https://www.linkedin.com/in/jcarbonneau
04/15/21 • 66 min
The last 40 years have been an exceptionally strong period for a portfolio of stocks and bonds. With stocks performing well and bonds benefitting from a tailwind of constantly falling interest rates, a portfolio consisting of only the two asset classes has been all investors have needed.
But a deeper look at market history reveals that there were significant periods where a standard stock and bond mix didn't serve investors well.
In this episode, we take a deep dive into the concept of all weather investing with Eric Crittenden of Standpoint Funds. All weather investing seeks to hold a diverse portfolio of assets that have the potential to perform well across a wide range of economic environments, including the inflationary environments that have tripped up the standard 60/40 portfolio in the past. We discuss the benefits of an all weather portfolio, the process of constructing a portfolio to stand up to a wide range of potential environments and the role of behavior in building an all weather strategy.
We hope you enjoy the discussion.
MORE ABOUT STANDPOINT FUNDS
Standpoint - Home (standpointfunds.com)
ABOUT THE PODCAST
Excess Returns is an investing podcast hosted by Jack Forehand (@practicalquant) and Justin Carbonneau (@jjcarbonneau), partners at Validea. Justin and Jack discuss a wide range of investing topics including factor investing, value investing, momentum investing, multi-factor investing, trend following, market valuation and more with the goal of helping those who watch and listen become better long term investors.
SEE LATEST EPISODES
https://www.validea.com/excess-returns-podcast
FIND OUT MORE ABOUT VALIDEA
FOLLOW OUR BLOG
FIND OUT MORE ABOUT VALIDEA CAPITAL
https://www.valideacapital.com
FOLLOW JACK
Twitter: https://twitter.com/practicalquant
LinkedIn: https://www.linkedin.com/in/jack-forehand-8015094
FOLLOW JUSTIN
Twitter: https://twitter.com/jjcarbonneau
LinkedIn: https://www.linkedin.com/in/jcarbonneau
11/12/20 • 55 min
Our economy is changing. The largest, most successful companies in the world no longer require substantial tangible assets to operate their businesses. The businesses that are disrupting our world and wielding monopolistic power aren't powered by plants and factories. Instead their value lies in things like brands and technology and the value of their networks.
This new world has challenged many traditional beliefs about investing. Everything from how we define value to how we look at growth has changed. More traditional methods are now being supplemented by things like alternative data and machine learning.
In this episode, we speak to Kai Wu of Sparkline Capital, who has written some of the best research we have seen on these topics.
We discuss:
The forces causing disruption in our economy and how to measure its impact
How to measure intangible assets using both traditional fundamentals and more advanced metrics
The rise of monopolies and the implications for investors
The impact of all of this for investors who use traditional fundamental strategies.
We hope you enjoy the discussion.
FIND OUT MORE ABOUT SPARKLINE CAPITAL
https://www.sparklinecapital.com/
FOLLOW KAI ON TWITTER
https://twitter.com/ckaiwu
ABOUT THE PODCAST
Excess Returns is an investing podcast hosted by Jack Forehand (@practicalquant) and Justin Carbonneau (@jjcarbonneau), partners at Validea. Justin and Jack discuss a wide range of investing topics including factor investing, value investing, momentum investing, multi-factor investing, trend following, market valuation and more with the goal of helping those who watch and listen become better long term investors.
SEE LATEST EPISODES
https://www.validea.com/excess-returns-podcast
FIND OUT MORE ABOUT VALIDEA
https://www.validea.com
FOLLOW OUR BLOG
https://blog.validea.com
FIND OUT MORE ABOUT VALIDEA CAPITAL
https://www.valideacapital.com
FOLLOW JACK
Twitter:
https://twitter.com/practicalquant
LinkedIn:
https://www.linkedin.com/in/jack-forehand-8015094
FOLLOW JUSTIN
Twitter:
https://twitter.com/jjcarbonneau
LinkedIn:
https://www.linkedin.com/in/jcarbonneau
11/05/20 • 59 min
Many investors have come to accept the fact that the major factors like value and momentum will produce excess returns over the long-term. But what if the fact that these factors have become widely known and have strong evidence to support them has reduced or eliminated their effectiveness? In this episode, we discuss this idea with Adam Butler of Resolve Asset Management. Adam is one of the deepest thinkers that we know in the investing world. He is also a prolific writer and host of the popular Gestalt University podcast. We discuss: - The life cycle of investment factors and why the factors that have the strongest evidence to support them may be the most vulnerable to having their premiums reduced or eliminated - The framework for judging whether a factor has lost its effectiveness - How to construct an equity portfolio in a world where it is difficult to determine which factors will work going forward - The benefits of risk parity and why more investors don't use it. We hope you enjoy the discussion.
FIND OUT MORE ABOUT RESOLVE ASSET MANAGEMENT
https://investresolve.com/
FOLLOW THEIR PODCAST
https://investresolve.com/podcasts/
FOLLOW ADAM ON TWITTER
https://twitter.com/gestaltu
ABOUT THE PODCAST Excess Returns is an investing podcast hosted by Jack Forehand (@practicalquant) and Justin Carbonneau (@jjcarbonneau), partners at Validea. Justin and Jack discuss a wide range of investing topics including factor investing, value investing, momentum investing, multi-factor investing, trend following, market valuation and more with the goal of helping those who watch and listen become better long term investors.
SEE LATEST EPISODES
https://www.validea.com/excess-returns-podcast
FIND OUT MORE ABOUT VALIDEA
https://www.validea.com
FOLLOW OUR BLOG
https://blog.validea.com
FIND OUT MORE ABOUT VALIDEA CAPITAL
https://www.valideacapital.com
FOLLOW JACK
Twitter:
https://twitter.com/practicalquant
LinkedIn:
https://www.linkedin.com/in/jack-forehand-8015094
FOLLOW JUSTIN
Twitter:
https://twitter.com/jjcarbonneau
LinkedIn:
https://www.linkedin.com/in/jcarbonneau
The volume of financial content that is produced these days can be completely overwhelming. Filtering through it to find the best articles is a task that most investors just don't have the time to complete.
Thankfully, they don't have to.
Tadas Viskanta helped solve this problem when he launched Abnormal Returns over 15 years ago. Every day, Tadas identifies the best financial content and distills it down to a condensed series of links. And he does it for free. Tadas is also the Director of Investor Education at Ritholtz Wealth Management.
In this episode, we discuss:
the process Tadas uses to filter the vast amount of financial content that is out there
his views on audio and video and the future of content
the role of content in communicating with current and prospective clients
the importance of authenticity
We hope you enjoy the discussion.
ABNORMAL RETURNS
https://abnormalreturns.com/
FOLLOW TADAS ON TWITTER
https://twitter.com/abnormalreturns
ABOUT THE PODCAST
Excess Returns is an investing podcast hosted by Jack Forehand (@practicalquant) and Justin Carbonneau (@jjcarbonneau), partners at Validea. Justin and Jack discuss a wide range of investing topics including factor investing, value investing, momentum investing, multi-factor investing, trend following, market valuation and more with the goal of helping those who watch and listen become better long term investors.
SEE LATEST EPISODES
https://www.validea.com/excess-returns-podcast
FIND OUT MORE ABOUT VALIDEA
FOLLOW OUR BLOG
FIND OUT MORE ABOUT VALIDEA CAPITAL
https://www.valideacapital.com
FOLLOW JACK
Twitter: https://twitter.com/practicalquant
LinkedIn: https://www.linkedin.com/in/jack-forehand-8015094
FOLLOW JUSTIN
Twitter: https://twitter.com/jjcarbonneau
LinkedIn: https://www.linkedin.com/in/jcarbonneau
10/15/20 • 57 min
Investing in today's world requires an ability to understand multiple disciplines. In addition to understanding markets and having the ability to put current events in a long-term context, it also requires an understanding of economics. And with governments playing an increasing role in markets, it requires an ability to understand public policy and interpret its impact. Nir Kaissar is unique in his ability to offer insights into each of these areas. He is the founder of Unison Advisors and a regular columnist for Bloomberg.
In this interview, we discuss each of these areas, and the unprecedented times all of us are currently living through.
We discuss:
The COVID-19 crisis and the government response to it and what they mean for investors
Why the struggles of value investing in the past decade aren't enough to tell you it is dead
Whether bonds still make sense for investors with yields near all time lows
The role of market valuation in analyzing future returns
Whether passive investing is distorting the market
We hope you enjoy the discussion
NIR'S BLOOMBERG ARTICLES
https://www.bloomberg.com/authors/ASlX9_7a5l8/nir-kaissar
FOLLOW NIR ON TWITTER
https://twitter.com/nirkaissar
ABOUT THE PODCAST
Excess Returns is an investing podcast hosted by Jack Forehand (@practicalquant) and Justin Carbonneau (@jjcarbonneau), partners at Validea. Justin and Jack discuss a wide range of investing topics including factor investing, value investing, momentum investing, multi-factor investing, trend following, market valuation and more with the goal of helping those who watch and listen become better long term investors.
SEE LATEST EPISODES
https://www.validea.com/excess-returns-podcast
FIND OUT MORE ABOUT VALIDEA
FOLLOW OUR BLOG
FIND OUT MORE ABOUT VALIDEA CAPITAL
https://www.valideacapital.com
FOLLOW JACK
Twitter: https://twitter.com/practicalquant
LinkedIn: https://www.linkedin.com/in/jack-forehand-8015094
FOLLOW JUSTIN
Twitter: https://twitter.com/jjcarbonneau
LinkedIn: https://www.linkedin.com/in/jcarbonneau
09/20/20 • 20 min
We are currently in one of the most difficult economic environments many of us will see if our lifetimes. Even though the unemployment rate has fallen from its high of 15% to a level below 10%, it still exceeds the peak from the 2008 crisis, which itself was one of the deepest recessions ever. Small businesses and entire industries, like air travel, cruise lines and hotels are struggling mightily as the various degrees of lockdowns we have experienced in recent months have taken a huge toll. But despite all of that, the stock market currently sits at all time highs.
In this episode, we look at the reasons for this disconnect.
We discuss:
Why it is not uncommon for the stock market to become disconnected from the economy
Why the businesses we see struggling in our everyday lives aren't the most important ones to the market
The implications of unprecedented levels of government stimulus
Why psychology can often explain short-term market moves better than fundamentals
ABOUT THE PODCAST
Excess Returns is an investing podcast hosted by Jack Forehand (@practicalquant) and Justin Carbonneau (@jjcarbonneau), partners at Validea. Justin and Jack discuss a wide range of investing topics including factor investing, value investing, momentum investing, multi-factor investing, trend following, market valuation and more with the goal of helping those who watch and listen become better long term investors.
SEE LATEST EPISODES
https://www.validea.com/excess-returns-podcast
FIND OUT MORE ABOUT VALIDEA
FOLLOW OUR BLOG
FIND OUT MORE ABOUT VALIDEA CAPITAL
https://www.valideacapital.com
FOLLOW JACK
Twitter: https://twitter.com/practicalquant
LinkedIn: https://www.linkedin.com/in/jack-forehand-8015094
FOLLOW JUSTIN
Twitter: https://twitter.com/jjcarbonneau
LinkedIn: https://www.linkedin.com/in/jcarbonneau
Investing in the Future of Health Care with Mike Taylor
Excess Returns
03/08/24 • 55 min
In this episode, we are joined by Mike Taylor, manager of the Simplify Health Care ETF (PINK). Mike is one of the best healthcare investors out there and has managed portfolios for Oppenheimer and major hedge funds like Citadel and Millennium. PINK is the only ETF in existence that donates all its profits to charity with its proceeds benefitting the Susan G. Komen foundation. We talk to Mike about the exciting developments going on in the healthcare space and how he thinks about constructing a portfolio to profit from them. We also discuss his work as a scientist, the lessons from his hedge fund career and his views on the current macro environment.
SEE LATEST EPISODES https://www.validea.com/excess-returns-podcast
FIND OUT MORE ABOUT VALIDEA https://www.validea.com
FIND OUT MORE ABOUT VALIDEA CAPITAL https://www.valideacapital.com
FOLLOW JACK Twitter: https://twitter.com/practicalquant LinkedIn: https://www.linkedin.com/in/jack-forehand-8015094
FOLLOW JUSTIN Twitter: https://twitter.com/jjcarbonneau LinkedIn: https://www.linkedin.com/in/jcarbonneau
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FAQ
How many episodes does Excess Returns have?
Excess Returns currently has 311 episodes available.
What topics does Excess Returns cover?
The podcast is about Investing, Podcasts and Business.
What is the most popular episode on Excess Returns?
The episode title 'The Opportunity in Emerging Markets with AQR's Dan Villalon' is the most popular.
What is the average episode length on Excess Returns?
The average episode length on Excess Returns is 46 minutes.
How often are episodes of Excess Returns released?
Episodes of Excess Returns are typically released every 6 days, 23 hours.
When was the first episode of Excess Returns?
The first episode of Excess Returns was released on Nov 25, 2019.
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