Excess Returns Podcasts

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The Double-Edged Sword of Trend Following

The Double-Edged Sword of Trend Following

In this episode of Two Quants and a Financial Planner, we dive deep into the world of trend following investment strategies. We explain what trend following is, discuss the potential benefits such as ...

Finding Great Companies in a Challenging Macro Environment with Jeff Muhlenkamp
Excess ReturnsApril 18, 202401:08:51

Finding Great Companies in a Challenging Macro Environment with Jeff Muhlenkamp

In this episode of Excess Returns, we speak with Jeff Muhlenkamp, portfolio manager at Muhlenkamp and Company. We discuss Jeff's views on inflation, the likelihood of a recession, and the possibility ...

The Return of Volatility | The OPEX Effect Episode 7
The OPEX EffectApril 16, 202400:47:32

The Return of Volatility | The OPEX Effect Episode 7

In this episode of the OPEX Effect podcast, Brent Kochuba and Jack Forehand discuss the current market turmoil and its potential impact on options flows. They analyze how the geopolitical conflict in ...

The Importance of Managing Drawdowns in Retirement

The Importance of Managing Drawdowns in Retirement

In this episode of Two Quants and a Financial Planner, we dive into the important topic of withdrawal rates and retirement planning. We discuss how Monte Carlo simulations can help us understand the p...

Navigating the Islands of Macro with Andy Constan
Excess ReturnsApril 11, 202401:00:28

Navigating the Islands of Macro with Andy Constan

In this episode we are joined by Andy Constan, founder of Damped Spring Advisors. We discuss his outlook on the current economic landscape, why he left "higher for longer" island, inflation, the Fed's...

Defying the Risk and Return Tradeoff | An In Depth Look at Low Volatility Investing

Defying the Risk and Return Tradeoff | An In Depth Look at Low Volatility Investing

In investing, there is supposed to be a clear tradeoff between return and risk. Strategies that reduce risk are also supposed to come with a corresponding reduction in return But one factor defies tha...

The Case for Value Investing with Tobias Carlisle
Excess ReturnsApril 04, 202401:05:21

The Case for Value Investing with Tobias Carlisle

David Einhorn recently said that he thinks fundamental investing is broken. If he is right, there would certainly be significant long-term implications for value investing. We explored Einhorn's case ...

Lessons from Danny Kahneman | Investing in Practice Rather Than Theory

Lessons from Danny Kahneman | Investing in Practice Rather Than Theory

When we start in the investing world, many of us think building the perfect investment strategy is about data and numbers and theory. We think the strategy that works best on paper will also work best...

Value Investing, Inflation and Expected Returns with Rob Arnott
Excess ReturnsMarch 28, 202400:58:47

Value Investing, Inflation and Expected Returns with Rob Arnott

In this episode, Research Affiliates founder Rob Arnott returns for his third appearance on Excess Returns. We cover a wide range of topics, including inflation, the struggles of value investing, expe...

Understanding the Measurement of Inflation | The Behind-the-Scenes Details of CPI, PCE, OER and More

Understanding the Measurement of Inflation | The Behind-the-Scenes Details of CPI, PCE, OER and More

With the rise of inflation in the past few years, many investors have been paying attention to metrics that they largely ignored for decades. Measures like the CPI and PCE have now become front page n...

The AI Bubble Thesis with Doug Clinton | The Case for a Coming Tech Boom Bigger Than the Dotcom
Excess ReturnsMarch 21, 202400:59:17

The AI Bubble Thesis with Doug Clinton | The Case for a Coming Tech Boom Bigger Than the Dotcom

AI stocks have seen a big run recently. This has led many fundamental-based investors to suggest that things have gotten ahead of themselves. Some have even suggested AI is already in a bubble. But wh...

10 Lessons from Warren Buffett's Annual Letter | Munger, Apple and the Challenges of Scale

10 Lessons from Warren Buffett's Annual Letter | Munger, Apple and the Challenges of Scale

Warren Buffett recently released his 2024 annual letter. And this one was a particularly notable one since it was the first since the passing of Charlie Munger. Buffett wrote a beautiful tribute to Mu...

Lessons from Financial History with Mark Higgins | Inflation, Bank Failures, Bubbles and More
Excess ReturnsMarch 14, 202400:54:11

Lessons from Financial History with Mark Higgins | Inflation, Bank Failures, Bubbles and More

There have been many significant events in the economy and stock market over the past several years. We have had inflation. We have had bank failures. We have had a pandemic. We have even had a potent...

The Nvidia Conundrum | The OPEX Effect | March 2024
The OPEX EffectMarch 12, 202401:13:11

The Nvidia Conundrum | The OPEX Effect | March 2024

In this episode, we take a deep dive into the March 2024 options expiration and its potential implications for the market. We discuss dealer positioning into the expiration, whether the call buying in...

Ten Simple Lessons from Fama and French

Ten Simple Lessons from Fama and French

Academic research can seem inaccessible for many investors. But behind all the complicated concepts and formulas are usually some simple core lessons that all investors can benefit from. In this episo...

Investing in the Future of Health Care with Mike Taylor | Ozempic, Cancer, Aging and More
Excess ReturnsMarch 08, 202400:55:48

Investing in the Future of Health Care with Mike Taylor | Ozempic, Cancer, Aging and More

In this episode, we are joined by Mike Taylor, manager of the Simplify Health Care ETF (PINK). Mike is one of the best health care investors out there and has managed portfolios for Oppenheimer and ma...

The S&P 500 Is Highly Concentrated | Should You Be Worried?

The S&P 500 Is Highly Concentrated | Should You Be Worried?

The top ten companies in the S&P 500 currently represent 35% of the index. Some market pundits have talked about that being a significant risk factor for the market going forward. In this episode, we ...

Show Us Your Portfolio: Bob Elliott
Show Us Your PortfolioFebruary 29, 202401:00:13

Show Us Your Portfolio: Bob Elliott

In this episode of Show Us Your Portfolio, we speak with Unlimited Funds founder Bob Elliott. We discuss the unique multi strategy approach he uses to manage his personal portfolio. We cover the weakn...

David Einhorn Says the Market is Broken | We Debate Whether He is Right
Two Quants and a Financial PlannerFebruary 26, 202400:58:34

David Einhorn Says the Market is Broken | We Debate Whether He is Right

In a recent appearance on the Masters in Business podcast, David Einhorn claimed that the stock market is broken. He discussed how he has adjusted his strategy to reflect his belief that the market do...

Has Passive Investing Broken the Market? | Mike Green
Excess ReturnsFebruary 22, 202400:59:28

Has Passive Investing Broken the Market? | Mike Green

David Einhorn said in a recent podcast interview that he feels that the market is broken. He has made significant changes to his investment approach as a result. Much of the basis for his assertion is...

The Intentional Investor | Justin Castelli
Two Quants and a Financial PlannerFebruary 19, 202401:11:46

The Intentional Investor | Justin Castelli

In our Show Us Your Portfolio series, we have take a deep dive into the investment strategies of many great investors. But one thing we noticed was missing from those episodes was how that strategy in...

The Next Chapter for Inflation with Cullen Roche
Excess ReturnsFebruary 15, 202401:01:35

The Next Chapter for Inflation with Cullen Roche

With inflation off its highs, but still elevated relative to the Fed's target, there are differing opinions on where we go from here. In this episode, Discipline Funds founder Cullen Roche joins us to...

Extreme Call Buying | The OPEX Effect | February 2024
The OPEX EffectFebruary 13, 202401:07:43

Extreme Call Buying | The OPEX Effect | February 2024

In this episode, we take a deep dive into the February 2024 options expiration and its potential implications for the market. We discuss the extreme level of call buying occurring in the tech space an...

The Two Sides of Risk | And How to Manage It
Two Quants and a Financial PlannerFebruary 12, 202400:51:25

The Two Sides of Risk | And How to Manage It

We all know risk in investing when we see it. But defining it can be a much bigger challenge. In this episode, we work through the concept of risk from both an investing and financial planning perspec...

The No Landing Scenario | Cem Karsan |The Case for Structural Inflation
Excess ReturnsFebruary 08, 202401:01:15

The No Landing Scenario | Cem Karsan |The Case for Structural Inflation

In this episode, our most popular guest returns for his third appearance on Excess Returns. We talk with Kai Volatility founder Cem Karsan about a wide range of topics, including the future outlook fo...

Private Investing for the Average Investor | The Pros and Cons of Evergreen and Interval Funds
Two Quants and a Financial PlannerFebruary 05, 202400:54:38

Private Investing for the Average Investor | The Pros and Cons of Evergreen and Interval Funds

Private equity, private credit and private real estate have traditionally been areas that are reserved for large investors and institutions. But new fund structures are beginning to change that. The q...

Challenging the Foundation of Asset Pricing Theory with Andrew Chen and Alejandro Lopez-Lira
Excess ReturnsFebruary 01, 202400:53:02

Challenging the Foundation of Asset Pricing Theory with Andrew Chen and Alejandro Lopez-Lira

Those of us that invest using factors have been taught that there needs to be a reason why they work. We have been taught that for their excess returns to persist in the future, there should be a beha...

Fact or Fiction: Limitations of the 60-40, Dave Ramsey's 8% Rule, Factor Investing, AI and More
Two Quants and a Financial PlannerJanuary 29, 202401:05:48

Fact or Fiction: Limitations of the 60-40, Dave Ramsey's 8% Rule, Factor Investing, AI and More

In our first "Fact of Fiction" episode, we tackle some of the questions we have been asked or have seen out in the world recently. We discuss whether stocks and bonds are sufficient in a portfolio, re...

Show Us Your Portfolio: Katie Stockton
Show Us Your PortfolioJanuary 25, 202400:52:48

Show Us Your Portfolio: Katie Stockton

In our latest episode of Show Us Your Portfolio, we are joined by Fairlead Strategies founder Katie Stockton. We discuss how Katie thinks about managing her personal portfolio and the investing proces...

The Key Criteria to Look at When Evaluating Active ETFs
Two Quants and a Financial PlannerJanuary 22, 202401:02:01

The Key Criteria to Look at When Evaluating Active ETFs

Active ETFs have grown exponentially in recent years, especially in the equity space. One of the big benefits of that for investors in more investment strategies to choose from. The challenge, though,...

Show Us Your Portfolio: Andrew Beer
Show Us Your PortfolioJanuary 18, 202401:11:45

Show Us Your Portfolio: Andrew Beer

In this episode, we speak with DBi founder Andrew Beer about his approach to managing his personal portfolio. We discuss how Andrew looks at his portfolio in the context of his life goals, his views o...

A Massive Expiration | The OPEX Effect | January 2024
The OPEX EffectJanuary 17, 202401:04:25

A Massive Expiration | The OPEX Effect | January 2024

In this episode, we take a deep dive into the January 2024 options expiration and its potential implications for the market. We discuss why this expiration could be a significant market event, what th...

Lessons from Launching (and Shutting Down) a Small-Cap Value ETF
Two Quants and a Financial PlannerJanuary 15, 202401:01:35

Lessons from Launching (and Shutting Down) a Small-Cap Value ETF

In this episode, we walk through our experience of launching a small-cap value ETF in 2014, running it for 6 years and then shutting it down in 2020. We look at what we learned from the experience and...

High Conviction Value Investing | Chris Davis |Timeless Investing Lessons
Excess ReturnsJanuary 11, 202401:03:45

High Conviction Value Investing | Chris Davis |Timeless Investing Lessons

In this episode, we are privileged to be joined by Chris Davis, Chairman and Portfolio Manager of Davis Advisors. Chris has built an outstanding long-term record as a value investor and also serves on...

Lessons from the Rise and Fall (And Rise Again?) of ARK
Two Quants and a Financial PlannerJanuary 08, 202400:37:49

Lessons from the Rise and Fall (And Rise Again?) of ARK

Technology booms can lead to massive change in our society. They can also lead to huge profits for investors who invest in them. But those huge gains can also be followed by major losses when they ine...

What Generative AI Means for Investors with Adam Butler
Excess ReturnsJanuary 04, 202401:03:44

What Generative AI Means for Investors with Adam Butler

Generative AI is probably the most rapidly developing technology we have ever seen. In this episode, we dig deep into it and its potential impact on both our lives and the investing world with ReSolve...