Excess 공개
[search 0]

Download the App!

show episodes
 
E
Excess Returns

1
Excess Returns

Jack Forehand and Justin Carbonneau

Unsubscribe
Unsubscribe
주마다
 
Excess Returns is an investing podcast hosted by Jack Forehand and Justin Carbonneau, partners at Validea. Justin and Jack discuss a wide range of investing topics, including factor investing, value investing, momentum investing and behavioral finance, with the goal of helping those who watch and listen become better long term investors, all in twenty minutes or less per episode.
 
E
Excess Advantage

1
Excess Advantage

Christopher Ruthenbeck

Unsubscribe
Unsubscribe
매달
 
Excess Advantage is a fortnightly podcast dedicated to the Genesys RPG by Fantasy Flight Games. In this podcast, I go into options for players and GMs, setting ideas, customizing your game, and more! Support this podcast: https://anchor.fm/excess-advantage/support
 
Welcome to our podcast Excess thoughts. It's a platform for people to talk about typically sensitive subject matter. We also talk about just normal things in day to day life. I'd love to hear from you and make those thoughts you have bottled up into a funny, or heartfelt, or even an angry show. Basically this show is about feelings about life. So talk to me. I welcome anyone.Thanks for the listen. Support this podcast: https://anchor.fm/jt-brewer/support
 
Loading …
show series
 
In this episode, we speak with O'Shaughnessy Asset Management's Ehren Stanhope about his excellent research paper "The Great Inflation, Factors, and Stock Returns." We discuss the history of inflation and the major regime changes that have occurred throughout history and what we can learn from them to help evaluate the current inflationary picture.…
 
In this episode we take a deep dive into technical analysis with Andrew Thrasher, founder of Thrasher Analytics and portfolio manager at the Financial Enhancement Group. We look at the major tools that technicians use and the methods they utilize to apply them. We go through a real world example using the S&P 500 to see how these tools are put into…
 
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 migh…
 
We are currently in a very interesting time for investors. We have experienced a run in equities following the 2020 decline that many did not think was possible. We have seen unprecedented fiscal stimulus and many are worried about inflation. And despite all of that, bond yields remain very low. This week we take a look at all the major asset class…
 
Momentum was a factor that many academics were very reluctant to embrace. Our guest this week, Sheridan Titman, helped to change that with his 1993 paper "Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency" that he co-wrote with Narasimhan Jegadeesh. In this interview, we discuss both his original work on momentu…
 
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…
 
This week we talk to Ritholtz Wealth CFO Bill Sweet. Bill has had a very unique career, which started serving our country in the military and also included a stint in his family's tax business prior to his work at Ritholtz. We talk about the lessons Bill has learned in his career and how others can benefit from them. We also take an in depth look a…
 
Value investors currently love emerging markets. Whether you look at projections from GMO or Research Affiliates or any of the other major firms who look at expected returns, you will see a much more favorable outlook for emerging markets than the US. But there is another side of the emerging markets story that has little to do with traditional val…
 
The 60-40 portfolio has been a solid long-term performer for investors. It has worked in bull markets. It has also held up well in deflationary shocks. But with expected returns for both stocks and bonds well below their long-term averages and inflation potentially on the horizon, many have questioned whether it still makes sense. In this episode, …
 
Many factor investors tend to use similar approaches. You will typically see some value and momentum in their strategies. You will also likely see some quality, and maybe even some low volatility. Our guest this week has a more unique approach that is both more granular and dynamic than the typical factor approach and utilizes many unique factors o…
 
After years of struggle, it seemed like the big rebound value investors had been waiting for was upon us in the wake of the 2020 bear market. But recent months have seen a return to the dominance of growth, which has many investors believing value's rebound was nothing more than a head fake. This week, we are joined by GMO Head of Asset Allocation …
 
With bonds yields near all time lows and stock valuations near all time highs, the future returns of the 60/40 portfolio don't look promising. This has led many investors to move up the risk curve in an effort to boost their returns. But that increased risk also comes with an increased chance of significant problems in future market drawdowns. This…
 
Our guest in this episode is Gregg Fisher of Quent Capital. Gregg was a pioneer in factor investing and the founder of Gerstein Fisher, which he grew to over $5 billion in assets before selling it in 2016. We discuss Greg's current strategy, which seeks to bring a factor-based approach to investing in innovation. We also cover his extensive researc…
 
Buying stocks of high quality companies is something investors are almost universally attracted to. But the details of how to define quality, and the reasons why it works can be more complicated to understand. In this episode, we look at the different ways to define quality, the arguments for why it works, and how it can be incorporated into an inv…
 
Valuing factors can be a confusing process. Not only are there are different factors to look at, there are also many ways to define them and a variety of different approaches to look at their valuation. In this episode, we look at what factor valuation can tell us and examine our process for valuing factors in detail. We also look at the current va…
 
When many investors think about dividend investing they think about buying the highest yielding stocks. But investing in quality companies that are growing their dividends can in many ways be a superior approach. This week, we talk to Ryan Kruger of Freedom Day Solutions about their approach for finding high quality dividend payers. We also cover a…
 
Conviction is probably the most important thing in investing. Regardless of the investment strategy you utilize, the ability to stick with it during the challenging periods is required to achieve its potential. But conviction can also sometimes be a bad thing. It can lead us to see certainty where it doesn't exist. It can also lead us to discount v…
 
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 R…
 
This week we bring back our first repeat guest on the podcast. And we can't think of a better person to have back than our good friend Tobias Carlisle. When Toby originally came on the podcast, we were in the middle of the COVID-19 crisis, the market was down, and value stocks were struggling badly. Since then, the situation has substantially impro…
 
Investors tend to either invest in passive funds or operate at the other extreme and use active strategies that select individual stocks. But there is a case to be made for a strategy in the middle of those two that focuses on sectors. Sector investing allows investors to make active bets without the idiosyncratic risk that comes with picking indiv…
 
Factor timing seems so sensible on the surface. The idea of adding exposure to out of favor factors appeals to investors' desires to buy low and sell high. But the reality is much more complicated than that. In this episode, we look at what the academic research shows about factor timing and some different approaches to building investment strategi…
 
Investors love dividends. They like them for their potential to beat the market. They like them for the income they provide. Some even like them because of their perceived safety. But the reality of all of those things is a little bit different than the common perception. When you look at each of the benefits that buying high yield stocks provides,…
 
Sometimes as investors we tend to focus their efforts on the wrong things. We will spend a lot of time building complicated strategies. We will focus on trying to beat the market. We will trade when there is no need to. But in doing this we will often miss what is usually the biggest driver of our returns: our own behavior. In this episode, we spea…
 
David Dreman is a well known contrarian investor and the author of Contrarian Investment Strategies: The Next Generation. Dreman's Kemper-Dreman High Return Fund was one of the best-performing mutual funds ever, ranking as the best of 255 funds in its peer groups from 1988 to 1998, according to Lipper Analytical Services. In this episode, we take a…
 
Investors will seek any type of edge they can find. Many run complicated models to try to generate an excess return. Others endure the pain that generating long-term excess returns using factors often entails. But sometimes the easiest ways to boost returns are also the most simple. In this episode, we look at the rebalancing premium and how proper…
 
When we started our podcast in 2019, we were hoping we could create something that would be educational and informative for people who follow our content. But one of the biggest surprises for us is how much we have learned ourselves. We have been fortunate to interview some of the smartest investors we know, and each interview has taught us somethi…
 
Although the word unprecedented tends to be overused, we are seeing many things in the market currently that many of us haven't seen before. Fiscal stimulus has increased to levels that truly are unprecedented, inflation may become an issue for the first time in a long time, and many investors are arguing the fundamentals don't matter anymore This …
 
In a world where inflation is not a threat, a standard 60-40 portfolio does an excellent job of providing growth, while also limiting downside when stocks get choppy. You don’t need anything more than the last 40 years, when the 60-40 portfolio had its best stretch ever, to illustrate that. The 60/40 has produced a 9.2% annualized return going back…
 
We have had many experts in factor investing on the podcast. We have even had some who have published research in academic journals. But we haven't had anyone who has produced the volume of research that our guest this week has. Jason Hsu is the co-founder of Research Affiliates and founder of Rayliant. He is also an associate editor of the Journal…
 
Research shows that value stocks can generate an excess return because the market tends to overestimate their problems, and value investors benefit when it realizes that. But despite that being true on average, many value stocks actually have even bigger problems than the market has priced in. This week, we look at one of the quantitative strategie…
 
There have been so many books written about Warren Buffett that it can be hard to keep track of them. But before all of that could happen, someone had to be the first. This week we are joined by Robert Hagstrom, whose book The Warren Buffett Way was the first book that took a detailed look at Buffett's investment strategy. And subsequent to that, h…
 
The growth of ARK investments has been one of the biggest stories of the past decade in the ETF space. its flagship fund, the ARK Innovation ETF has seen its asset explode over the past year or so. In January of 2020 the fund had about $1.8B in assets and at the peak earlier this year the fund was at $27B. But many in the investing community have w…
 
With the rapid growth in ETFs, it seems like almost every product idea possible has been tried. So it is rare to find something that is unique and hasn't been done before. This week, we talk to someone who has done not one, but two things that were never done before in the ETF space. We speak with Robert Cantwell, the founder and CEO of Upholdings.…
 
There is no shortage of discussion in the media about the valuation of the market. And with the big market run we have had recently, valuations have once again become stretched. But what does market valuation tell us about the future returns of the market? And is there anything investors can do to adjust their portfolios based on market valuations?…
 
The 4% rule has become one of the cornerstones of retirement planning. And in many ways that makes sense because investors who have spent 4% of their portfolio annually have historically had a very high chance of making their money last. But with expected returns on both stocks and bonds at historical lows, the 4% rule may not work as well in the f…
 
The stock market has had a huge run since last March. That fact, combined with unprecedented government stimulus, the potential for future inflation and other risk factors has many investors worried. In this episode, we look at some things investors can do to deal with high levels of uncertainly, and the risks associated with them. We also look at …
 
We are currently in a very challenging time for building multi-asset portfolios. The 60-40 portfolios is coming off one of its best decades ever, but the expected future returns on both stocks and bonds are very low. And unprecedented monetary and fiscal stimulus have added additional variables into the equation. This week we talk to Jim Masturzo, …
 
The success of of the low volatility factor can be challenging to explain. Investing theory teaches us that to get an additional return, we need to take additional risk and if we reduce risk, our return should come down with it. But low volatility seems to defy that rule. In this episode, we look at the low volatility factor, how it is defined, and…
 
Deep value investing is about buying companies that other investors don’t want. It is about investing in companies where the current situation doesn’t look great – actually in many cases it looks horrible. On average, investors tend to overestimate the problems in these types of businesses and as a result, stocks of these companies get cheap. But f…
 
The emerging market universe includes a very diverse set of countries, many of which are sorely lacking in the types of freedom enjoyed by their people. Some of the biggest countries in emerging market indexes like China are also some of the worst offenders in this regard. It has been commonly accepted by many that investing in these types of compa…
 
This week, we look at some interesting research that took a unique approach to explaining the value and size premiums. We examine the paper "Migration" by Eugene Fama and Kenneth French. The paper grouped stocks into categories based on their size and valuation and then looked at how the migration between those groups impacted both the value and si…
 
With the stock market at all-time highs and returns over the past year some of the best in history, the word "bubble" is getting thrown around more and more by investors. But before we jump to conclusions, it is first important to understand what a bubble is and what the term means from a practical standpoint for investors. In this episode, we look…
 
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 s…
 
Investors tend to associate momentum with growth stocks. If you try to name a typical momentum stock off the top of your head, you will probably think of names like Google or Facebook or Amazon. And that is especially true when we have gone through a growth dominated period like we have in the past decade. But the reality is that momentum doesn't c…
 
Many investors think all value strategies are fairly similar to each other. And as a result they expect the value funds they invest in will all perform similarly over time. But the reality is that the behind the scenes details that go into building a value strategy can play a major role in how it performs and lead to major deviations in performance…
 
Loading …

빠른 참조 가이드

Google login Twitter login Classic login