Excess Returns

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Show Us Your Portfolio: Ryan Krueger Sep 08, 2022

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We have looked at a variety of different investing strategies so far in our Show Us Your Portfolio series. We have talked to investors who use factor-based approaches. We have talked to investors who use trend following and managed futures. We have talked to investors who use passive approaches. But regardless of the approach any of us use in our personal portfolios, we can often lose sight of what we are actually trying to achieve. We can lose sight of the importance of aligning our portfolio with our purpose.

In this episode of Show Us Your Portfolio, we speak with our good friend Ryan Krueger of Freedom Day Solutions. We discuss how he aligns his personal portfolio with the most important things he is trying to achieve in his life. We work through his unique system of classifying his investments and how he uses that to connect his investments with his purpose in life.

We hope you enjoy the discussion.

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Everything Investors Need to Know About Federal Reserve Policy with Cullen Roche Sep 01, 2022

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There has been a lot of debate about Federal Reserve policy in the wake of the pandemic. But many of those involved in that debate want to promote a specific position and interpret the facts in a way to accomplish that goal. In this episode, we wanted to take a step back cover the facts about the Federal Reserve and how it operates. And we couldn't think of a better person to do that with than our friend Cullen Roche. We discuss the history of the Fed, what its mandates are, the tools it can use to achieve its goals, and how all of that applies to the situation we find ourselves in today.

We hope you enjoy the discussion.

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Talking All Things Value Investing with Tobias Carlisle Aug 25, 2022

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This week we are joined by our good friend and first three time guest on the podcast Tobias Carlisle. We talk about a wide range of value investing topics, including the current state of value investing and how value looks relative to growth. We also compare the current period for value to the early 2000s period and look at what we can learn from that period. Finally, we take a deep dive into the many issues value investors face when constructing a value strategy in the real world, including using single metrics vs. composites, portfolio sizing, industry concentration, how to handle intangible assets and a lot more.

We hope you enjoy the discussion.

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Show Us Your Portfolio: Rick Ferri Aug 18, 2022

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Our first few episodes of Show Us Your Portfolio looked at some thoughtful, evidence-based approaches to portfolio construction. But we also noticed after listening to them that many of the concepts we discussed might be too sophisticated for the average investor. Given that simplicity often works best in investing, we wanted to talk to someone about the benefits of using a less complex approach. And we couldn't think of anyone better to talk to about that than Rick Ferri. Rick is the President of the John C. Bogle Center for Financial Literacy, the host of the Bogleheads on Investing Podcast and a long-time advocate for low fee investing.

We discuss how Rick thinks about building his personal portfolio and his Core 4 approach to investing. We also discuss why all of us tend to overcomplicate our portfolios and what we can do to correct that.

We hope you enjoy the discussion.

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Show Us Your Portfolio: Phil Huber Aug 11, 2022

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In our latest episode of Show Us Your Portfolio we speak to Savant Wealth CIO Phil Huber. We discuss Phil's approach to building his personal portfolio and the core principles that guide it. We also discuss Phil's view on the expected returns of stocks and bonds, his approach to selecting alternative investments and a lot more,

We hope you enjoy the discussion.

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Constructing an Intangible Asset Based Value Strategy with Kai Wu Aug 04, 2022

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Research has shown that value investing needs to change. Our economy has transitioned from one dominated by tangible assets like buildings and equipment to one dominated by intangible assets such as brands and intellectual property. Although many researchers have looked at the issue of how to value intangible assets, far fewer are looking at how to translate that into an actual investment strategy.

Our guest this week has done exactly that.

We speak to Sparkline Capital founder Kai Wu about how he looks at intangible assets and the machine learning based methods he uses to value them. We also get into the nuts and bolts of constructing an intangible focused value strategy and discuss issues such as selecting an investment universe, determining the number of stocks to hold, position sizing, industry concentration and a lot more.

We hope you enjoy the discussion.

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What is the One Lesson You Would Teach the Average Investor? Ten Great Investors Tell Us Jul 28, 2022

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In each episode of Excess Returns we ask all our guests one standard closing question:

Based on your experience in markets, if you could teach one lesson to your average investor, what would it be?

The question has allowed us to distill the major lessons that some of the best investors we know have learned in their careers into easy to understand principles that all of us can learn from.

In this episode, we bring together all the best answers we have received so far in 2022.

Here are the top 10 lessons our guests would teach your average investor.

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https://www.amazon.com/Joys-Compounding-Passionate-Lifelong-Learning/dp/9390351014/

Value Investing, Compounding and Lifelong Learning with Gautam Baid Jul 25, 2022

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In this episode we speak with Gautam Baid, author of The Joys Of Compounding: The Passionate Pursuit Of Lifelong Learning. We talk about the power of compounding and the criteria he uses to identify long-term compounders. We also cover a wide range of other topics, including why value investing works over the long-term, what to make of the recent struggles of value and the long-term potential of the Indian market.

We hope you enjoy the discussion.

GAUTAM'S BOOK

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Finding Opportunity in the Technology Stock Storm with Robert Cantwell and Lars Cianciolo Jul 20, 2022

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After years of very strong performance, technology and growth stocks have had a much more difficult time in the last 18 months. Many of the highest multiple names are now 70%-90% off their highs, and even the FAANG stocks have joined in this year and seen major declines. In this episode, we bring in two experts to help us analyze the situation.

We speak with Upholdings' Robert Cantwell and Lars Cianciolo about how we got here with technology stocks, where we are today, and what the opportunity for the future looks like. We compare the current situation to the 2000 tech bubble, talk about the most important metrics to look at when valuing tech companies and discuss the application of quant strategies to tech and growth investing.

We hope you enjoy the discussion.

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