Excess Returns

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Mike Green on the Dangers of the Rise of Passive Investing May 12, 2022

Show notes

The case for passive investing is a very strong one. With most active managers failing to keep up with the market, the arguments for passive are difficult to refute. But has the rise of passive introduced significant risks to the market? Our guest this week thinks it has. We talk to Simplify Asset Management's Mike Green about the potential dangers of the rise of passive investing and what they mean for investors. We also get his take on comparisons between the current market and the 2000 bear market, inflation and Fed policy, and the future of fundamental investing.

We hope you enjoy the discussion.

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Navigating Bull and Bear Markets Using Trend Following May 08, 2022

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With the market in a significant drawdown, there has been a renewed interest from investors in trend following strategies. Given its ability to limit losses during drawdowns and reduce volatility, that is certainly understandable. But like any investment strategy, it has both its strengths and its weaknesses. In this episode, we cover both of them and take a balanced look at the strategy. We also look at the details of implementing trend following strategies and what we have learned using them in the real world.

We hope you enjoy the discussion.

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Ten of the Biggest Financial Mistakes Investors Make – And How To Avoid Them – With Peter Lazaroff May 05, 2022

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In this episode we change things up from our usual topics and focus on financial planning. No matter how much experience and training we have, all of us tend to make mistakes with our finances. We talk with Plancorp CIO Peter Lazaroff about ten of the most common financial planning mistakes he has seen, and how we can avoid making them. We discuss the importance of not interrupting compounding, the dangers of lifestyle creep, why buying a starter home often isn't a good idea and the importance of aligning your spending with your values, as well as many other topics.

We hope you enjoy the discussion.

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Show Us Your Portfolio: Meb Faber Apr 26, 2022

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We have always found it very informative when investors we respect talk about how they manage their personal portfolios. So we decided to start a new segment of the podcast where we talk to some of the smartest investors we know about their personal investment strategy. And we can't think of a better person to start with than Cambria founder Meb Faber. Meb has been very open publicly about how he manages his portfolio and uses a unique approach that blends public and private investing. In this episode, we dig into his investment approach, the thought process behind it and what we all can learn from it.

We hope you enjoy the discussion.

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Jack Schwager on What We Can Learn From History’s Best Traders Apr 21, 2022

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In this episode we speak to Jack Schwager. Jack is the author of the Market Wizards series of books and has been studying the best traders for decades. He has interviewed some of history's most successful traders and investors for the series, including Paul Tudor Jones, Steve Cohen, Joel Greenblatt, Michael Steinhardt and many others. We discuss the biggest lessons investors can learn from these legendary investors and get his take on a variety of other topics including what makes a good interview, the impact of technology on trading and his outlook for the new Robinhood traders that have entered the market in recent years.

We hope you enjoy the discussion.

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Four Experts Help Us Understand Inflation - And What It Means for Investors Apr 14, 2022

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Inflation is probably the number one topic on investors' minds these days. But much of the information out there about it is either wrong or lacks the proper context. We have discussed the topic with many of the guests on Excess Returns and we wanted to put together a compilation of the best insights we have received. We talk with Orcam Financial's Cullen Roche, Epsilon Theory's Ben Hunt, O'Shaughnessy Asset Management's Ehren Stanhope and 42 Macro's Darius Dale about what causes inflation, its history and what we can learn from it, the Fed's ability to control it, and the types of investments that work best in an inflationary environment.

We hope you enjoy the discussion.

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Applying Machine Learning to Value Investing with Euclidean’s John Alberg Apr 10, 2022

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Value investing has produced some of the greatest investors of all time. Whether it be Benjamin Graham's deep value approach or Warren Buffett's quality at a reasonable price strategy, value has a long track record of success. But what if the great value investors of the future won't be human at all? What if machines can be trained to identify the best value stocks?

In this episode, we talk to John Alberg of Euclidean Technologies about applying machine learning to the process of selecting value stocks. We talk about the different types of machine learning and how these techniques can be utilized to select fundamentally sound stocks, We also discuss using machine learning techniques to avoid value traps, whether intuitive factors are more successful, areas where humans can still perform better than machines and much more.

We hope you enjoy the discussion.

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The Importance of Drawdown Management in Retirement Planning Apr 03, 2022

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Many investors think that the best way to maximum their spending rate in retirement is to invest in the asset classes with the highest long-term returns. And that is true to an extent, but managing drawdowns also plays a very important role in maximizing withdrawal rates. In this episode, we take an in depth look at the management of sequence risk in retirement and the different ways to approach it.

We discuss the importance of diversification, different withdrawal strategies and the potential role of alternative asset classes in retirement portfolios. We also look at how low future expected returns for both stocks and bonds impact withdrawal rates.

We hope you enjoy the discussion.

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Constructing a Crypto Index with Jeremy Schwartz and Michael Batnick Mar 27, 2022

Show notes

Many crypto investors tend to build their own portfolios and focus on the major coins like Bitcoin and Ethereum. But the crypto space is much more than that. Trying to get diversified exposure to crypto can be challenging, though. In this episode we talk to WisdomTree Global CIO Jeremy Schwartz and Ritholtz Wealth Director of Research Michael Batnick about the New Crypto Index they developed to help investors gain broad exposure to the space. We take in deep dive into the index construction process including the major categories of coins represented, the process of combining them together and the challenges of building a rebalancing strategy within the rapidly changing world of crypto.

We hope you enjoy the discussion.

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