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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 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.

Latest Episodes:

Bridging Academic Research and Real World Investing with Vanguard's Kevin Khang May 18, 2023

Show notes

In this episode, we speak with Vanguard's Head of Active and Alternatives Research Kevin Khang. Kevin offers a unique perspective due to his experience both as a researcher and a practitioner. We discuss a variety of his research papers, including his work on tax loss harvesting, direct indexing, optimization in factor investing, using home equity in retirement and safe withdrawal rates.

We hope you enjoy the discussion.

SEE LATEST EPISODES

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New YouTube Episode: 70 Experts Share Their Most Important Investing Lesson May 15, 2023

Show notes

In the first 200+ episodes of our podcast, we have interviewed many investing experts. At the end of all of those episodes, we have asked the same closing question: Based on your experience in markets and your research, if you could teach one lesson to the average investor, what would it be? We created a YouTube only episode to bring all of those insights together in one place.

You can find the episode on our YouTube channel or via the link below.

https://youtu.be/bbjGnp8gvQM

We hope you enjoy it.

Show Us Your Portfolio: Harin de Silva May 11, 2023

Show notes

In our latest episode of Show Us Your Portfolio, we speak with Harin de Silva, Portfolio Manager at Allspring Global. We talk to Harin about how he manages his personal investments and his strategy for seeking out uncorrelated sources of return and dig into his unique approach to long short factor investing and how he incorporates it into his portfolio. We also discuss his view in international investing, his approach to private investing, the future of the 60-40 portfolio and a lot more.

SEE LATEST EPISODES

⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.validea.com/excess-returns-podcast⁠⁠⁠⁠⁠⁠⁠⁠⁠

FIND OUT MORE ABOUT VALIDEA

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FOLLOW OUR BLOG

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Show Us Your Portfolio: Mike Green May 04, 2023

Show notes

In this episode we talk to Simplify Asset Management's Mike Green about how he manages his personal portfolio. We discuss Mike's macro-based approach and how he has implemented it using an ETF strategy. We cover the unique components within his strategy and how Mike thinks about combining them together into a portfolio. We also talk about how working in the investment business impacts how Mike builds his portfolio, the importance of sabbaticals, his upcoming RV trip, how he is coping with his current lack of cooking tools and a lot more.

We hope you enjoy the discussion.

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

Show Us Your Portfolio: Jason Buck Apr 27, 2023

Show notes

In this episode we speak with Mutiny Funds co-founder Jason Buck about how he manages his personal portfolio. Jason couldn't find any publicly available funds that were running the unique all weather approach he wanted to use to manage his money, so he built it himself. We discuss the principles behind the cockroach portfolio he utilizes in his persona portfolio and take a detailed look at the individual components.

We hope you enjoy the discussion.

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

Talking Technical Analysis with Katie Stockton Apr 21, 2023

Show notes

In this episode we talk technical analysis with Fairlead Strategies founder Katie Stockton. As fundamental investors, this one was a great learning experience for us as we covered a wide range of ways in which technical analysis can help all of us in our investment strategies. We discuss the major tools available to technical analysts and how Katie thinks about deploying them, how Katie uses technical analysis to build a sector rotation portfolio that also manages risk and how fundamental investors can use technical analysis to improve their investment strategies.

We hope you enjoy the discussion.

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

Inside the High Yield Debt Market with Rajay Bagaria Apr 19, 2023

Show notes

In this episode, we talk high yield debt investing with Rajay Bagaria, CIO of Wasserstein Debt Opportunities and author of "High Yield Debt: An Insider’s Guide to the Marketplace." We look at the high yield debt market from the ground up and cover the major players, the types of high yield debt and the terms and concepts investors need to understand when looking at the space. We look at the fundamentals of high yield debt investing and the key concepts to understand, who the buyers and sellers are in the high yield market, the return profile of high yield debt and how it compares to other areas of the market and much more.

We hope you enjoy the discussion. 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

Show Us Your Portfolio: Cem Karsan Apr 13, 2023

Show notes

In this episode we speak with Cem Karsan, the most popular guest from our first 200 episodes. But this time, we changed things up and asked him to talk about how he manages his personal portfolio. Many investors are used to building their portfolios using long-term buy and hold allocations to stocks and bonds, but Cem turns that on its head and takes a very different approach. We talk about the principles that guide his investment strategy, how he thinks about portfolio construction, his views on inflation and a lot more. For followers of Cem, we also ask for some breadcrumbs on dealer positioning at the end too. We hope you enjoy the discussion. 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

Enduring Investing and Life Lessons with Guy Spier Apr 06, 2023

Show notes

In this episode, we speak with Guy Spier. Guy has built a very successful long-term track record as a value investor, but the lessons we can learn from him go far beyond investing and apply to so many aspects of life. We discuss Guy’s unique approach to investing, what he has learned from Buffett, the importance of learning in public and a lot more.

We hope you enjoy the discussion.

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

Factor Investing in Under the Radar Markets with Chris Covington Mar 30, 2023

Show notes

In this episode, we talk factor investing with AJO Vista Head of Investments Chris Covington. We discuss their unique approach to factor investing and how they apply it to less crowded markets. We take a detailed look at their strategy and discuss value, quality, momentum and their approach to measuring stability. We also cover a wide range of other topics including multi-factor investing, the impact of transaction costs, the dangers of overoptimization and a lot more. We hope you enjoy the discussion.

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