Shows
Locked On Blackhawks - Daily Podcast On The Chicago BlackhawksScott Wheeler's Mock Draft 2.0 | Lukas Reichel Makes Germany's Olympic Team!Friday's episode begins with Scott Wheeler's Mock Draft 2.0, with just one week removed from the 2025 NHL Draft! Host Jack Bushman dives through the changes in Wheeler's second mock draft and goes over the Chicago Blackhawks' two picks in the first round. Then, Bushman breaks down Justin Carbonneau's 2025 NHL Draft Profile before getting into Lukas Reichel's selection to Germany's roster for the 2026 Olympics in Italy. All that and more on Locked On Blackhawks. Part of the Locked On Podcast Network. Your Team. Every Day. Wheeler's Mock Draft 2.0 (0:45)Carbonneau's Draft Profile (15:20)Reichel Named T...
2025-06-2131 min
Locked On Rangers - Daily Podcast On The New York RangersNew York Rangers Draft Targets at No. 12!! Radim Mrtka? Jack Nesbitt? Justin Carbonneau?Can the New York Rangers secure a game-changing talent with their #12 NHL draft pick? Explore the potential impact of top prospects Radim Mrtka, Jack Nesbitt, and Justin Carbonneau on the Rangers' future.
Dive into the analysis of towering defenseman Radim Mrtka from the Seattle Thunderbirds, known for his high hockey IQ and two-way play. Discover the fast-rising center Jack Nesbitt from the Windsor Spitfires, whose physicality and net-front presence could fill key gaps for the Rangers. Uncover insights on Justin Carbonneau, a well-rounded right winger, praised for his power forward style and high compete level.
Join the discussion to see...
2025-06-0327 min
TSLH Podcast#171. Transaction Rantanen-Necas, la bisbille à Vancouver et jasette Rocket-CH avec Jessika Lemay !Dans cet épisode, on jase de la transaction impliquant Mikko Rantanen et Martin Necas, mais surtout de Jack Drury, un espoir méconnu acquis par l'Avalanche. On parle aussi de la bisbille à Vancouver entre JT Miller et Elias Pettersson. Dans le Mock Draft TSLH, on vous présente deux cibles pour les Canadiens: Jack Nesbitt et Justin Carbonneau. Enfin, on reçoit Jessika Lemay pour une longue jasette sur ce qui se passe chez le Rocket et chez les Canadiens dans l'actualité !Pour afficher votre entreprise sur le podcast:infotslh@gmail.com===================...
2025-01-301h 59
Excess ReturnsRedefining Value Investing in a Magnificent Seven Dominated World | Jacob PozharnyIn this episode of Excess Returns, hosts Jack Forehand and Justin Carbonneau sit down with Jacob Pozharny, partner at Bridgeway Capital Management, to explore the increasingly important role of intangible assets in modern investing.
Jacob breaks down what intangible assets are - from intellectual property and proprietary algorithms to brand value and customer relationships - and explains how these harder-to-measure assets are changing traditional investment approaches. He discusses Bridgeway's pioneering research on "intangible intensity" and how it affects their investment strategy, particularly for high vs. low intangible companies.
Key topics covered:
How intangible assets complicate traditional valuation...
2024-12-2754 minExcess ReturnsDispelling Big Investing Myths | Dan RasmussenIn this episode of Excess Returns, Jack Forehand and Justin Carbonneau sit down with Dan Rasmussen from Verdad Advisers to discuss his firm's top research pieces from the past year.
They explore several fascinating market insights, including:
Why high bond yields don't necessarily translate to high returns
The dramatic outperformance of U.S. markets post-financial crisis and the potential opportunity in cheaper international stocks
How private equity return dispersion may be more about portfolio construction than manager skill
The promising changes happening in Japanese corporate governance
Britain's market valuation in the wake of Brexit
Dan also announces his upcoming...
2024-12-1255 min
TrillionsInside a LiquidationLaunching an exchange-traded fund is easy. Finding success is a different story entirely. About a quarter of all ETFs that have been launched have ended up having to liquidate. These stories can sometimes be forgotten given how much the successful ones are celebrated—but they can also provide a lesson about the marketplace and the importance of timing. On this episode of Trillions, Joel Weber and Eric Balchunas speak with Jack Forehand and Justin Carbonneau, respectively the president and vice president of of Validea. They launched the value-focused Validea Market Legends ETF (VALX) back in 2014, right around the s...
2024-02-1531 min
The Acquirers PodcastValue After Hours S06 E04 Validea's Jack Forehand and Justin Carbonneau on value, growth and momoValue: After Hours is a podcast about value investing, Fintwit, and all things finance and investment by investors Tobias Carlisle, and Jake Taylor. See our latest episodes at https://acquirersmultiple.com/podcast
We are live every Tuesday at 1.30pm E / 10.30am P.
About Jake
Jake's Twitter: https://twitter.com/farnamjake1
Jake's book: The Rebel Allocator https://amzn.to/2sgip3l
ABOUT THE PODCAST
Hi, I'm Tobias Carlisle. I launched The Acquirers Podcast to discuss the process of finding undervalued stocks, deep value investing, hedge funds, activism, buyouts, and special situations.
We uncover the tactics and strategies for finding good...
2024-02-051h 01The Acquirers PodcastValue After Hours S05 E21: Justin Carbonneau and Jack Forehand on What Factors Work in the MarketValue: After Hours is a podcast about value investing, Fintwit, and all things finance and investment by investors Tobias Carlisle and Jake Taylor. See our latest episodes at https://acquirersmultiple.com/
We are live every Tuesday at 1.30pm E / 10.30am P.
JUSTIN CARBONNEAU and JACK FOREHAND run Validea, which provides professional systematic stock and ETF models for all investors, and easy to follow models using factors backed by academic research Including value, momentum, quality and low volatility
Market-Level Valuation: https://www.validea.com/market-valuation
Twitter: https://twitter.com/
About Jake: Journalytic
J...
2023-06-051h 01
Excess ReturnsSix Experts Help Us Understand Momentum InvestingMomentum is one of the more challenging factors for investors. Although the long-term evidence that supports it is very strong, many investors have a difficult time understanding why something should be bought just because its price has gone up.
We have been fortunate to have some of the most knowledgeable experts on momentum we know on our podcast and we wanted to bring all their expertise together to help all of us better understand momentum. In this episode we combine the insights of Sheridan Titman, Jack Vogel, Harin de Silva, Jason Hsu, Gary Antonacci and Wes Gray an...
2022-06-2124 minExcess ReturnsJack Schwager on What We Can Learn From History’s Best TradersIn 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...
2022-04-211h 15Excess ReturnsIn Pursuit of the Perfect Portfolio with Stephen FoersterInvestors are constantly searching for the perfect portfolio. Although it may be elusive, there are common principles that can allow all of us to get closer to it. We speak to Stephen Foerster, co-author of the new book "In Pursuit of the Perfect Portfolio: The Stories, Voices, and Key Insights of the Pioneers Who Shaped the Way We Invest" about some of those principles, and what some of history's best investors and researchers can teach us about them.
Along with his co-author Andrew Lo, Stephen spoke to investing legends like Harry Markowitz, William Sharpe, Jeremy Siegel, Jack Bo...
2022-01-2559 min
Validea's Guru Investor PodcastPut Down the Dividends - And Slowly Walk AwayIn this episode, Validea partner Jack Forehand reads his article "Put Down the Dividends - And Slowly Walk Away".
Full Article
https://blog.validea.com/put-down-the-dividends-and-slowly-walk-away/
Find Out More About Validea
https://www.validea.com
Follow Jack on Twitter
https://www.validea.com/practicalquant
Other Articles by Jack
Practical Quant Archives – Validea's Guru Investor Blog
Subscribe to Our Excess Returns Podcast
https://www.validea.com/excess-returns-podcast
2021-07-1403 minValidea's Guru Investor PodcastThe Most Ignored Investing PremiumIn this episode, Validea partner Jack Forehand reads his article "The Most Ignored Investing Premium".
Full Article
https://blog.validea.com/the-most-ignored-investing-premium/
Find Out More About Validea
https://www.validea.com
Follow Jack on Twitter
https://www.validea.com/practicalquant
Other Articles by Jack
Practical Quant Archives – Validea's Guru Investor Blog
Subscribe to Our Excess Returns Podcast
https://www.validea.com/excess-returns-podcast
2021-06-3004 minValidea's Guru Investor PodcastGoing from Dividend Aristocrats to Dividend Kings Using Quality and ValueIn this episode, Validea partner Justin Carbonneau reads his article "Going from Dividend Aristocrats to Dividend Kings Using Quality and Value".
Find Out More About Validea
https://www.validea.com
Follow Justin on Twitter
https://www.validea.com/jjcarbonneau
Other Articles by Justin
Factor Focus Archives – Validea's Guru Investor Blog
Subscribe to Our Excess Returns Podcast
https://www.validea.com/excess-returns-podcast
2021-06-2304 minValidea's Guru Investor PodcastWeekly Guru Investor Highlights: Alternatives to the 60-40, Factor Investing in China and How Your Personality Affects Your InvestingIn our weekly summary of the best posts on the Guru Investor blog, Jack Forehand and Justin Carbonneau discuss the original content we produced and their favorite outside articles we featured on the blog for the week ending 6/18/2021.
The Posts We Discuss
Quantitative Asset Allocation Approaches That Go Beyond Stocks and Bonds – Validea's Guru Investor Blog
A Deep Dive into Factor Investing and the Future Potential of China with Rayliant's Jason Hsu – Validea's Guru Investor Blog
A Repeat of the Roaring ‘20s Stock Market? Don’t Count on It – Validea's Guru Investor B...
2021-06-1810 minValidea's Guru Investor PodcastQuantitative Asset Allocation Approaches That Go Beyond Stocks and BondsIn this episode, Validea partner Jack Forehand reads his article "Quantitative Asset Allocation Approaches That Go Beyond Stocks and Bonds".
Full Article
https://blog.validea.com/quantitative-asset-allocation-approaches-that-go-beyond-stocks-and-bonds/
Find Out More About Validea
https://www.validea.com
Follow Jack on Twitter
https://www.validea.com/practicalquant
Other Articles by Jack
Practical Quant Archives – Validea's Guru Investor Blog
Subscribe to Our Excess Returns Podcast
https://www.validea.com/excess-returns-podcast
2021-06-1605 minValidea's Guru Investor PodcastWeekly Highlights: Robert Hagstrom on Buffett, Robinhood's Impact on Investing and The Danger of Counting on Bonds as a HedgeIn our weekly summary of the best posts on the Guru Investor blog, Jack Forehand and Justin Carbonneau discuss the original content we produced and their favorite outside articles we featured on the blog for the week ending 6/11/2021.
The Posts We Discuss
The Balance Between Edge and Conviction – Validea's Guru Investor Blog
Robert Hagstrom on Warren Buffett’s Money Mind, Successful Investing & Finding Quality Companies – Validea's Guru Investor Blog
Finding Quality Value Stocks With Joseph Piotroski's F Score Methodology – Validea's Guru Investor Blog
Robinhood and What Some Say Buffett is Missi...
2021-06-1113 minValidea's Guru Investor PodcastThe Balance Between Edge and ConvictionIn this episode, Validea partner Jack Forehand reads his article "The Balance Between Edge and Conviction".
Find Out More About Validea
https://www.validea.com
Follow Jack on Twitter
https://www.validea.com/practicalquant
Other Articles by Jack
Practical Quant Archives – Validea's Guru Investor Blog
Subscribe to Our Excess Returns Podcast
https://www.validea.com/excess-returns-podcast
2021-06-0904 minValidea's Guru Investor PodcastWeekly Highlights: The Risks of Ark, Inside the first Hedge Fund to ETF Conversion and Parallels with the Roaring 20sIn our weekly summary of the best posts on the Guru Investor blog, Jack Forehand and Justin Carbonneau discuss the original content we produced and their favorite outside articles we featured on the blog for the week ending 5/28/2021.
The Posts We Discuss
Ark Investments and the Potential Downsides of an ETF Structure – Validea's Guru Investor Blog
Inside the First Hedge Fund to ETF Conversion and Finding Long-Term Compounders with Robert Cantwell – Validea's Guru Investor Blog
The Economy is Coming Back, But Looking Different Than It Used To – Validea's Guru Investor Blog
...
2021-05-2811 minValidea's Guru Investor PodcastWeekly Highlights: The Graham Quote He Never Said, Risk Management Techniques and Lessons From Bill MillerIn our weekly summary of the best posts on the Guru Investor blog, Jack Forehand and Justin Carbonneau discuss the original content we produced and their favorite outside articles we featured on the blog for the week ending 5/21/2021.
The Posts We Discuss
The Voting Machine vs. the Weighing Machine – Validea's Guru Investor Blog
Some Options for Managing Risk After a Big Market Run – Validea's Guru Investor Blog
Bill Miller Roars Back with Amazon and Bitcoin – Validea's Guru Investor Blog
Zweig on How to Keep Your Cool in a Sizzling Market...
2021-05-2113 minValidea's Guru Investor PodcastThe Voting Machine vs. the Weighing MachineIn this episode, Validea partner Jack Forehand reads his article "The Voting Machine vs. the Weighing Machine".
Find Out More About Validea
https://www.validea.com
Follow Jack on Twitter
https://www.validea.com/practicalquant
Other Articles by Jack
Practical Quant Archives – Validea's Guru Investor Blog
Subscribe to Our Excess Returns Podcast
https://www.validea.com/excess-returns-podcast
2021-05-1904 minValidea's Guru Investor PodcastWeekly Highlights: Finding Value in an Expensive Market, A Deep Dive into Asset Allocation and Timeless Lessons From Warren BuffettIn our weekly summary of the best posts on the Guru Investor blog, Jack Forehand and Justin Carbonneau discuss the original content we produced and their favorite outside articles we featured on the blog for the week ending 5/14/2021.
The Posts We Discuss
Pockets of Value in an Expensive Market – Validea's Guru Investor Blog
An In Depth Look at Asset Allocation with Jim Masturzo of Research Affiliates – Validea's Guru Investor Blog
History Says Big Tech Stocks Could Fall – Validea's Guru Investor Blog
Investing Like Warren Buffett – Validea's Guru Investor Blog
Fi...
2021-05-1413 minValidea's Guru Investor PodcastWeekly Highlights: Potential Moves to Protect Gains, Royce on Small-Caps and Why Cash on the Sidelines is OverratedIn our weekly summary of the best posts on the Guru Investor blog, Jack Forehand and Justin Carbonneau discuss the original content we produced and their favorite outside articles we featured on the blog for the week ending 5/7/2021.
The Posts We Discuss
Moves to Consider to Help Protect Your Portfolio & Profits – Validea's Guru Investor Blog
Six Potential Metrics to Help Limit Value Traps – Validea's Guru Investor Blog
Small-Cap Recap from Royce – Validea's Guru Investor Blog
Cash on the Sidelines’ and What it Really Means – Validea's Guru Investor Blog
Find Out...
2021-05-0712 minValidea's Guru Investor PodcastMoves to Consider to Help Protect Your PortfolioIn this episode, Validea partner Justin Carbonneau reads his article "Moves to Consider to Help Protect Your Portfolio".
Find Out More About Validea
https://www.validea.com
Follow Justin on Twitter
https://www.validea.com/jjcarbonneau
Other Articles by Justin
Factor Focus Archives – Validea's Guru Investor Blog
Subscribe to Our Excess Returns Podcast
https://www.validea.com/excess-returns-podcast
2021-05-0506 minValidea's Guru Investor PodcastWeekly Highlights: The Basics of Low Volatility Investing, How Migration Drives the Value Premium and Greenblatt and Pzena on Value InvestingIn our weekly summary of the best posts on the Guru Investor blog, Jack Forehand and Justin Carbonneau discuss the original content we produced and their favorite outside articles we featured on the blog for the week ending 4/30/2021.
The Posts We Discuss
Some Thoughts on Low Volatility Investing – Validea's Guru Investor Blog
Academic Research Spotlight: Migration by Eugene Fama and Kenneth French (Ep. 85) – Validea's Guru Investor Blog
Hedge Fund Short Trade Collapses While Longs Rise – Validea's Guru Investor Blog
Greenblatt and Pzena on Active Management in 2021 – Validea's Guru Investor Blog...
2021-04-3012 minValidea's Guru Investor PodcastSome Thoughts on Low Volatility InvestingIn this episode, Validea partner Jack Forehand reads his article "Some Thoughts on Low Volatility Investing".
Find Out More About Validea
https://www.validea.com
Follow Jack on Twitter
https://www.validea.com/practicalquant
Other Articles by Jack
Practical Quant Archives – Validea's Guru Investor Blog
Subscribe to Our Excess Returns Podcast
https://www.validea.com/excess-returns-podcast
2021-04-2805 minValidea's Guru Investor PodcastWeekly Highlights: Avoiding Value Traps, Keys to Understanding Bubbles and Why Humans May Be Better Than Computers in ESGIn our weekly summary of the best posts on the Guru Investor blog, Jack Forehand and Justin Carbonneau discuss the original content we produced and their favorite outside articles we featured on the blog for the week ending 4/23/2021.
The Posts We Discuss
The Challenges of Avoiding Value Traps – And Some Criteria That Might Help – Validea's Guru Investor Blog
The Three Keys to Understanding Investing Bubbles (Ep. 84) – Validea's Guru Investor Blog
Goldman: Humans Beat Algorithms in ESG – Validea's Guru Investor Blog
Why Founder-Led Companies Outperform – Validea's Guru Investor Blog
Find Out...
2021-04-2310 minValidea's Guru Investor PodcastThe Challenges of Avoiding Value Traps – And Some Criteria That Might HelpIn this episode, Validea partner Jack Forehand reads his article "The Challenges of Avoiding Value Traps – And Some Criteria That Might Help".
Full Article
The Challenges of Avoiding Value Traps – And Some Criteria That Might Help – Validea's Guru Investor Blog
Find Out More About Validea
https://www.validea.com
Follow Jack on Twitter
https://www.validea.com/practicalquant
Other Articles by Jack
Practical Quant Archives – Validea's Guru Investor Blog
Subscribe to Our Excess Returns Podcast
https://www.validea.com/excess-r...
2021-04-2104 minValidea's Guru Investor PodcastWeekly Highlights: The Basics of SPACs, A Look at All Weather Investing and Leading Economists Weigh In on InflationIn our weekly summary of the best posts on the Guru Investor blog, Jack Forehand and Justin Carbonneau discuss the original content we produced and their favorite outside articles we featured on the blog for the week ending 4/16/2021.
The Posts We Discuss
The Explosion of SPACs -- Should You Care? – Validea's Guru Investor Blog
A Detailed Look at All Weather Investing With Standpoint's Eric Crittenden (Ep. 83) – Validea's Guru Investor Blog
Howard Marks: Now is the Time to Be Resourceful – Validea's Guru Investor Blog
Economist’s Views on Overheating – Validea's Guru Inves...
2021-04-1615 minValidea's Guru Investor PodcastThe Explosion of SPACs -- Should You Care?In this episode, Validea partner Justin Carbonneau reads his article "The Explosion of SPACs -- Should You Care?".
Full Article
The Explosion of SPACs -- Should You Care? – Validea's Guru Investor Blog
Find Out More About Validea
https://www.validea.com
Follow Justin on Twitter
https://www.validea.com/jjcarbonneau
Other Articles by Justin
Factor Focus Archives – Validea's Guru Investor Blog
Subscribe to Our Excess Returns Podcast
https://www.validea.com/excess-returns-podcast
2021-04-1405 minValidea's Guru Investor PodcastWeekly Highlights: The Challenges of Timing Bubbles, A Look at the Major Value Factors and A Different Way to Look at MoatsIn our weekly summary of the best posts on the Guru Investor blog, Jack Forehand and Justin Carbonneau discuss the original content we produced and their favorite outside articles we featured on the blog for the week ending 4/9/2021.
The Posts We Discuss
We Might Be in a Bubble, But You Probably Shouldn’t Care – Validea's Guru Investor Blog
The Strengths and Weaknesses of the Major Value Factors (Ep. 81) – Validea's Guru Investor Blog
Market Power or Moat? – Validea's Guru Investor Blog
The Biggest Risk to the Stock Market – Validea's Guru Investor B...
2021-04-0916 minValidea's Guru Investor PodcastWe Might Be in a Bubble, But You Probably Shouldn’t CareIn this episode, Validea partner Jack Forehand reads his article "We Might Be in a Bubble, But You Probably Shouldn’t Care".
Find Out More About Validea
https://www.validea.com
Follow Jack on Twitter
https://www.validea.com/practicalquant
Other Articles by Jack
Practical Quant Archives – Validea's Guru Investor Blog
Subscribe to Our Excess Returns Podcast
https://www.validea.com/excess-returns-podcast
2021-04-0705 minValidea's Guru Investor PodcastWeekly Highlights: Why Momentum is a Chameleon, The History of Berkshire Hathaway and Why Robinhood Traders Are So InfluentialIn our weekly summary of the best posts on the Guru Investor blog, Jack Forehand and Justin Carbonneau discuss the original content we produced and their favorite outside articles we featured on the blog for the week ending 4/2/2021.
The Posts We Discuss
The Changing Nature of Momentum – Validea's Guru Investor Blog
The History of Berkshire Hathaway and Warren Buffett with Adam Mead (Ep. 80) – Validea's Guru Investor Blog
Quantifying The Motley Fool’s Small Cap Growth Investment Strategy (Ep. 79) – Validea's Guru Investor Blog
Aswath Damodaran on Today’s Markets – Validea's Guru Investo...
2021-04-0215 minValidea's Guru Investor PodcastThe Changing Nature of MomentumIn this episode, Validea partner Jack Forehand reads his article "The Changing Nature of Momentum".
Full Article
The Changing Nature of Momentum – Validea's Guru Investor Blog
Find Out More About Validea
https://www.validea.com
Follow Jack on Twitter
https://www.validea.com/practicalquant
Other Articles by Jack
Practical Quant Archives – Validea's Guru Investor Blog
Subscribe to Our Excess Returns Podcast
https://www.validea.com/excess-returns-podcast
2021-03-3104 minValidea's Guru Investor PodcastWeekly Highlights: What Value Models are Getting Wrong, Dalio on "Stupid" Economics of Bonds and Buffett's Chinese Automaker BetIn our weekly summary of the best posts on the Guru Investor blog, Jack Forehand and Justin Carbonneau discuss the original content we produced and their favorite outside articles we featured on the blog for the week ending 3/25/2021.
The Posts We Discuss
The Five Horsemen of Valuation Ratios – Validea's Guru Investor Blog
Rafael Resendes On Intrinsic Value, Economic Margin and How Some Value Models Have Lost Their Way – Validea's Guru Investor Blog
Dalio Says It’s Time to Buy Amid “Stupid” Bond Economics – Validea's Guru Investor Blog
After Thirteen Years, Buffe...
2021-03-2613 minValidea's Guru Investor PodcastThe Five Horsemen of Valuation RatiosIn this episode, Validea partner Justin Carbonneau reads his article "The Five Horsemen of Valuation Ratios".
Full Article
The Five Horsemen of Valuation Ratios – Validea's Guru Investor Blog
Find Out More About Validea
https://www.validea.com
Follow Justin on Twitter
https://www.validea.com/jjcarbonneau
Other Articles by Justin
Factor Focus Archives – Validea's Guru Investor Blog
Subscribe to Our Excess Returns Podcast
https://www.validea.com/excess-returns-podcast
2021-03-2409 minValidea's Guru Investor PodcastWeekly Highlights: Is Quality on Sale?, An Intro to Machine Learning, and Why Peter Lynch May Be the Best Stock Picker of All TimeIn our weekly summary of the best posts on the Guru Investor blog, Jack Forehand and Justin Carbonneau discuss the original content we produced and their favorite outside articles we featured on the blog for the week ending 3/18/2021.
The Posts We Discuss
Is Quality on Sale? – Validea's Guru Investor Blog
Machine Learning, Fantasy Football and Factor Investing with Kevin Zatloukal (Ep. 76) – Validea's Guru Investor Blog
How Value Stocks Will Benefit from Economic Recovery – Validea's Guru Investor Blog
Ritholtz Says Lynch is the GOAT – Validea's Guru Investor Blog
Find Out...
2021-03-1911 minValidea's Guru Investor PodcastIs Quality on Sale?In this episode, Validea partner Jack Forehand reads his article "Is Quality on Sale?".
Full Article
Is Quality on Sale? – Validea's Guru Investor Blog
Find Out More About Validea
https://www.validea.com
Follow Jack on Twitter
https://www.validea.com/practicalquant
Other Articles by Jack
Practical Quant Archives – Validea's Guru Investor Blog
Subscribe to Our Excess Returns Podcast
https://www.validea.com/excess-returns-podcast
2021-03-1704 minValidea's Guru Investor PodcastWeekly Highlights: Is Value Really Back?, Lessons From Buffett's Annual Letter, and the Story of Wall Street's Charging BullIn our weekly summary of the best posts on the Guru Investor blog, Jack Forehand and Justin Carbonneau discuss the original content we produced and their favorite outside articles we featured on the blog for the week ending 3/11/2021.
The Posts We Discuss
Value Investing is Back! Or is it? – Validea's Guru Investor Blog
Lessons From Warren Buffett's 2021 Annual Letter (Ep. 75) – Validea's Guru Investor Blog
How Most Value Managers are Getting it All Wrong – Validea's Guru Investor Blog
“Charging Bull” Sculptor Remembered – Validea's Guru Investor Blog
Find Out More About V...
2021-03-1213 minValidea's Guru Investor PodcastValue Investing is Back! Or Is It?In this episode, Validea partner Jack Forehand reads his article "Value Investing is Back! Or is it?".
Full Article
Value Investing is Back! Or is it? – Validea's Guru Investor Blog
Find Out More About Validea
https://www.validea.com
Follow Jack on Twitter
https://www.validea.com/practicalquant
Other Articles by Jack
Practical Quant Archives – Validea's Guru Investor Blog
Subscribe to Our Excess Returns Podcast
https://www.validea.com/excess-returns-podcast
2021-03-1003 minValidea's Guru Investor PodcastWeekly Highlights: Is Ark a Systemic Risk?, the Maturation of Bitcoin and Why Everyone Needs Their Charlie MungerIn our weekly summary of the best posts on the Guru Investor blog, Jack Forehand and Justin Carbonneau discuss the original content we produced and their favorite outside articles we featured on the blog for the week ending 3/5/2021.
The Posts We Discuss
Bridgeway's John Montgomery On Their Unique Culture and Lessons From a 25+ Years in Quant Investing – Validea's Guru Investor Blog
Academic Research Spotlight: Replicating Anomalies by Lu Zhang, Chen Xue and Kewei Hou (Ep. 73) – Validea's Guru Investor Blog
Bitcoin Grows Up – Validea's Guru Investor Blog
Zweig: Every Investor Needs...
2021-03-0513 minValidea's Guru Investor PodcastBitcoin Grows UpIn this episode, Validea partner Justin Carbonneau reads his article "Bitcoin Grows Up".
Find Out More About Validea
https://www.validea.com
Follow Justin on Twitter
https://www.validea.com/jjcarbonneau
Other Articles by Justin
Factor Focus Archives – Validea's Guru Investor Blog
Subscribe to Our Excess Returns Podcast
https://www.validea.com/excess-returns-podcast
2021-03-0306 minValidea's Guru Investor PodcastWeekly Highlights: Dot-com Bubble Parallels, Whether Technology is an Asset Class and Building Multi-Factor PortfoliosIn our weekly summary of the best posts on the Guru Investor blog, Jack Forehand and Justin Carbonneau discuss the original content we produced and their favorite outside articles we featured on the blog for the week ending 2/26/2020.
The Posts We Discuss
Some Practical Ways to Look at Blending Factors – Validea's Guru Investor Blog
GameStop: What Happened, How it Happened, and Lessons We Can Learn From It (Ep. 72) – Validea's Guru Investor Blog
Technology: A New Asset Class – Validea's Guru Investor Blog
Parallels Between Today’s Market and the Dot-Com Bubb...
2021-02-2621 minValidea's Guru Investor PodcastSome Practical Ways to Look at Blending FactorsIn this episode, Validea partner Jack Forehand reads his article "Some Practical Ways to Look at Blending Factors".
Find Out More About Validea
https://www.validea.com
Follow Jack on Twitter
https://www.validea.com/practicalquant
Other Articles by Jack
Practical Quant Archives – Validea's Guru Investor Blog
Subscribe to Our Excess Returns Podcast
https://www.validea.com/excess-returns-podcast
2021-02-2406 minValidea's Guru Investor PodcastWeekly Guru Investor Highlights: Lessons From Gamestop, Practical Ways to Measure Risk and Drawbacks of the Buffett IndicatorIn our weekly summary of the best posts on the Guru Investor blog, Jack Forehand and Justin Carbonneau discuss the original content we produced and their favorite outside articles we featured on the blog for the week ending 2/19/2020.
The Posts We Discuss
What GameStop’s Crazy Ride Can Teach Us About Investing – Validea's Guru Investor Blog
The Elusive Definition of Risk – And Some Practical Ways to Measure It (Ep. 71) – Validea's Guru Investor Blog
Market Cap-to-GDP valuations: The Buffett Indicator Revisited – Validea's Guru Investor Blog
Commodities Set to Boom after 10 Years of U...
2021-02-1915 minValidea's Guru Investor PodcastWhat GameStop's Crazy Ride Can Teach Us About InvestingIn this episode, Validea partner Justin Carbonneau reads his article "What GameStop's Crazy Ride Can Teach Us About Investing".
Find Out More About Validea
https://www.validea.com
Follow Justin on Twitter
https://www.validea.com/jjcarbonneau
Other Articles by Justin
Factor Focus Archives – Validea's Guru Investor Blog
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2021-02-1709 minValidea's Guru Investor PodcastWeekly Guru Investor Highlights: The Basics of Value Investing, Why Market Timing is Even Worse Than We Thought and the Evolution of Investing FactorsIn our weekly summary of the best posts on the Guru Investor blog, Jack Forehand and Justin Carbonneau discuss the original content we produced and their favorite outside articles we featured on the blog for the week ending 2/12/2020.
The Posts We Discuss
The Basics of Value Investing – Validea's Guru Investor Blog
A Detailed Look At Joel Greenblatt’s Magic Formula Method – A Model that Blends Value & Quality (Ep. 70) – Validea's Guru Investor Blog
Why Investors Should Not Try to Time the Market – Validea's Guru Investor Blog
Swedroe on the Battle of Factor...
2021-02-1211 minValidea's Guru Investor PodcastThe Basics of Value InvestingIn this episode, Validea partner Jack Forehand reads his article "The Basics of Value Investing".
Find Out More About Validea
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Follow Jack on Twitter
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Other Articles by Jack
Practical Quant Archives – Validea's Guru Investor Blog
Subscribe to Our Excess Returns Podcast
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2021-02-1006 minValidea's Guru Investor PodcastWeekly Guru Investor Highlights: Defining Risk, The Basics of Momentum Investing and Lessons From Bill Miller's Latest Quarterly LetterIn our weekly summary of the best posts on the Guru Investor blog, Jack Forehand and Justin Carbonneau discuss the original content we produced and their favorite outside articles we featured on the blog for the week ending 2/4/2020.
The Posts We Discuss
What is Risk? – Validea's Guru Investor Blog
An In Depth Look at Momentum Investing and Trend Following with Jack Vogel (Ep. 69) – Validea's Guru Investor Blog
Bill Miller’s Market Insights from Q4 Letter – Validea's Guru Investor Blog
As Companies Trounce Earnings Estimates, S&P 500 Profit Recession May End – Va...
2021-02-0511 minExcess ReturnsAn In Depth Look at Momentum Investing and Trend Following with Jack VogelThere is perhaps no investment factor with more long-term data to support it than momentum. But despite that, its real world usage lags far behind other factors like value. Part of the reason for this is the fact that momentum can be much less intuitive for investors. It is easy for investors to understand why they should buy a stock that trades at a discounted valuation, but it is much more difficult to understand why they should invest in a stock solely because its price has gone up.
In this episode, we take a deep dive into m...
2021-02-0446 minValidea's Guru Investor PodcastWhat is Risk?In this episode, Validea partner Jack Forehand reads his article "What is Risk?".
Find Out More About Validea
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Practical Quant Archives – Validea's Guru Investor Blog
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2021-02-0304 minValidea's Guru Investor PodcastWeekly Guru Investor Highlights: High Correlations Pose Problems for Quants, Replicating Private Equity in Public Markets and Robert Shiller on NarrativesIn our weekly summary of the best posts on the Guru Investor blog, Jack Forehand and Justin Carbonneau discuss the original content we produced and their favorite outside articles we featured on the blog for the week ending 1/29/2020.
The Posts We Discuss
Where’s the Beef? Where’s the Value? – Validea's Guru Investor Blog
Interview: Replicating Private Equity in Public Markets with Verdad's Brian Chingono (Ep. 67) – Validea's Guru Investor Blog
Quants Seeing Record High Correlations – Validea's Guru Investor Blog
Robert Shiller on the Narratives Driving the Market – Validea's Guru Investor Blog...
2021-01-2913 minValidea's Guru Investor PodcastWhere's the Beef? Where's the Value?In this episode, Validea partner Justin Carbonneau reads his article "Where's the Beef? Where's the Value?".
Find Out More About Validea
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Follow Justin on Twitter
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Factor Focus Archives – Validea's Guru Investor Blog
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2021-01-2705 minValidea's Guru Investor PodcastWeekly Guru Investor Highlights: Rob Arnott Sees Big Opportunity in Value, The Basics of Momentum and Why You Should Ignore Market ForecastsIn our weekly summary of the best posts on the Guru Investor blog, Jack Forehand and Justin Carbonneau discuss whether intangible assets have broken value investing, why investors may focus too much on dividends, the pros and cons of fractional shares, and the investment strategy of Peter Lynch.
The Posts We Discuss
The Basics of Momentum Investing – Validea's Guru Investor Blog
Why Dividend Investing May Be Overrated (Ep. 65) – Validea's Guru Investor Blog
Rob Arnott on Value Investing Outlook – Validea's Guru Investor Blog
Wall Street Forecasters Are At It Again for 20...
2021-01-2209 minValidea's Guru Investor PodcastThe Basics of Momentum InvestingIn this episode, Validea partner Jack Forehand reads his article "The Basics of Momentum Investing".
Find Out More About Validea
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Follow Jack on Twitter
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Other Articles by Jack
Practical Quant Archives – Validea's Guru Investor Blog
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2021-01-2006 minValidea's Guru Investor PodcastWeekly Guru Investor Highlights: Intangible Assets and Value Investing, Breaking Down Peter Lynch, Dividend Investing & MoreIn our weekly summary of the best posts on the Guru Investor blog, Jack Forehand and Justin Carbonneau discuss whether intangible assets have broken value investing, why investors may focus too much on dividends, the pros and cons of fractional shares, and the investment strategy of Peter Lynch.
The Posts We Discuss
Considerations For Investors Seeking High Dividend Paying Stocks
Breaking Down the Investment Strategy of Legendary Fund Manager Peter Lynch (Ep. 64)
Are Intangibles to Blame for Value’s Pain?
The Pros and Cons of Fractional Share Trading
Find...
2021-01-1515 minValidea's Guru Investor PodcastConsiderations For Investors Seeking High Dividend Paying StocksIn this episode, Validea partner Justin Carbonneau reads his article "Considerations For Investors Seeking High Dividend Paying Stocks".
Find Out More About Validea
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Factor Focus Archives – Validea's Guru Investor Blog
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2021-01-1205 minValidea's Guru Investor PodcastWeekly Highlights: The Case Against Value, Retirement Mistakes to Avoid & MoreIn our weekly summary of the best posts on the Guru Investor blog, Jack Forehand and Justin Carbonneau discuss the case against value investing, the importance of expectations in investing, why value performs better during periods of extreme optimism and pessimism, and common retirement mistakes that investors make.
The Posts We Discuss
The Case Against Value Stocks – Part II
The Importance of Expectations in Investing
The Best Time to Invest in Value
Don't Derail Your Retirement - Avoid These Mistakes
Find Out More About Validea
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2021-01-0811 minValidea's Guru Investor PodcastThe Case Against Value Stocks - Part IIIn this episode, Validea partner Jack Forehand reads his article "The Case Against Value Stocks - Part II".
Find Out More About Validea
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Practical Quant Archives – Validea's Guru Investor Blog
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2021-01-0606 minValidea's Guru Investor PodcastThe Five Podcasts That I Never Miss an Episode OfIn this episode, Validea partner Jack Forehand reads his article "The Five Podcasts That I Never Miss an Episode Of".
Find Out More About Validea
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Follow Jack on Twitter
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Other Articles by Jack
Practical Quant Archives – Validea's Guru Investor Blog
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2020-12-3004 minValidea's Guru Investor PodcastSeven Lessons from Mr. Market in 2020In this episode, Validea partner Justin Carbonneau reads his article "Seven Lessons from Mr. Market in 2020".
Find Out More About Validea
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Factor Focus Archives – Validea's Guru Investor Blog
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2020-12-2207 minValidea's Guru Investor PodcastTen Amazing Facts as Tesla Zooms into the S&P 500In this episode, Validea partner Justin Carbonneau reads his article "Ten Amazing Facts as Tesla Zooms into the S&P 500".
Find Out More About Validea
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Follow Justin on Twitter
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Factor Focus Archives – Validea's Guru Investor Blog
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2020-12-0803 minValidea's Guru Investor PodcastThe Assets We Can’t SeeIn this episode, Validea partner Jack Forehand reads his article "The Assets We Can’t See".
Find Out More About Validea
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Follow Jack on Twitter
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Practical Quant Archives – Validea's Guru Investor Blog
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2020-12-0106 minExcess ReturnsWhy Eliminating Discretion from Quantitative Models is Harder Than You ThinkThere is a tendency for those of us who support quant models to talk about them as if they are these things that just run on autopilot over the long-term that are free from all the decision-making issues that plague us as human beings. That just isn’t the case, though.
There are many decisions that go into the development, optimization, and evolution of quant models that require human intervention and a thoughtful, nuanced approach.
In this episode, we discuss the human decisions that go into quant models and how to develop a thoughtful framework to...
2020-11-2914 minValidea's Guru Investor PodcastKnowledge Mining in the Market’s Past ReturnsIn this episode, Validea partner Justin Carbonneau reads his article Knowledge Mining in the Market’s Past Returns,
View Full Article
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2020-11-2404 minValidea's Guru Investor PodcastFour Things Warren Buffett Does Most Investors Couldn’t or Shouldn’t DoIn this episode, Validea partner Justin Carbonneau reads his article that looks at some of the lessons that investors should not learn from Warren Buffett.
Full Article
https://blog.validea.com/four-things-buffett-does-most-investors-couldnt-or-shouldnt-do/
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2020-11-2106 minValidea's Guru Investor PodcastThe Life Cycle of Investing FactorsIn this episode, Validea partner Jack Forehand reads his article on the life cycle of investing factors, and why widespread adoption can reduce or eliminate factor premiums.
Full Article
https://blog.validea.com/the-life-cycle-of-investing-factors/
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2020-11-1805 minExcess ReturnsBonus Episode: Six Narratives Shaping The Market In 2020In this bonus episode, we we discuss a presentation Justin recently gave to Fidelity customers about some of the major narratives shaping the current market. The word "unprecedented" tends to be overused in investing, but 2020 has certainly seen many occurrences that many investors have never seen before, and may not again.
We talk about some of these things and what they mean for investors going forward.
We discuss:
- Why 2020 has turned the factors that have worked over the long-term in investing upside down
- How the current dominance of large-cap stocks...
2020-09-2430 minExcess ReturnsIs Direct Indexing the Future of Investing?Technology has allowed all of us to personalize many aspects of our lives. Rather than accept products tailored to a wide range of people, we are now able to customize products we use based on our specific needs and preferences.
But in the world of investing, most investors continue to invest in prepackaged indexes like the S&P 500 that are the same for everyone. That may be about to change, though.
The combination of new technology, the elimination of brokerage commissions, and the ability of investors to purchase partial shares of individual securities have come to...
2020-09-1317 minExcess ReturnsSix Lessons New Robinhood Traders Could Learn From Peter LynchTrading volumes at online brokers have skyrocketed since the Coronavirus crisis began. If there is one lesson these newly minted traders have learned so far, it is that the market does nothing but go up. But more seasoned investors know that the market, and these traders, will eventually fall upon tough times. In this episode, we discuss some investing lessons that these new traders could learn from legendary investor Peter Lynch.
We discuss:
- The importance of understanding the businesses behind stocks you invest in
- How to distinguish luck from skill
...
2020-09-0621 minExcess ReturnsInterview: Bridging Academic Research and Real World Investing with Professor Partha MohanramIn this episode we are joined by Professor Partha Mohanram. Professor Mohanram is the John H. Watson Chair in Value Investing at the Rotman School at the University of Toronto. His paper "Separating Winners from Losers among Low Book-to-Market Stocks using Financial Statement Analysis" is also the basis for one of the quantitative models we run on Validea. In this interview, we cover a wide range of topics based on Professor Mohanram's research, including:
- The criteria of his G Score strategy
- Whether accounting standards should change to account for intangible assets
...
2020-08-301h 01Excess ReturnsFour Reasons Value Investing Might Not be Dead YetValue investors have fallen on difficult times in the most recent decade. Value's extended underperformance has led many to question whether the strategy still works or if it is broken in some fundamental way. In this episode, we look at these arguments and discuss why we still believe in value.
We discuss:
- Whether value is cheap on a relative and absolute basis
- If the risk- and behavioral-based arguments for value still hold
- Why history gives us some reason for optimism
- Why underperfomance would not be w...
2020-08-2319 minExcess ReturnsInterview: A Conversation about Buffett, Berkshire & High-Quality Shareholders w/ Professor Lawrence CunninghamIn this episode, we are joined by Lawrence Cunningham. He is a professor at George Washington University and one of the world's leading experts on Warren Buffett. He is also the author of many excellent investing books including "Dear Shareholder", "The Essays of Warren Buffett", "Quality Investing", and the upcoming "Quality Shareholders: How the Best Managers Attract and Keep Them".
We discuss a wide range of topics, including:
- the key traits that have led to Warren Buffett's long-term success
- the characteristics of a quality shareholder and what companies can do to at...
2020-08-1651 minExcess ReturnsHave the Fed, Narratives and Passive Flows Broken Fundamental Investing?Valuing a company (or the market in general) typically involves looking at its price and judging that price relative to its current and projected future fundamentals. But some have argued that this process has become broken in the most recent decade and other factors have become more important than actual results. In this episode, we talk about some of these factors, how they have impacted the market, and what they might mean for the future.
We discuss:
- How Fed policy has impacted the market in general and the relative valuations of value and growth...
2020-08-0921 minExcess ReturnsFinding Diamonds in the Rough Among Growth StocksBuying expensive stocks has historically been a terrible investing strategy. On average, expensive stocks significantly underperform the market as a whole over time. But despite the poor performance of the group, the absolute best performing individual stocks typically come from within this universe. The difficult part is trying to identify them in advance. In this episode, we look at a quantitative growth strategy developed by Partha Mohanram, a professor at the University of Toronto, and how it seeks to find diamonds in the rough among growth stocks.
ABOUT THE PODCAST
Excess Returns is an investing p...
2020-08-0218 minExcess ReturnsThe Danger of Learning From Your MistakesThe process of learning from your mistakes is an important part of improving yourself over time both as an investor and as a person. But it requires that you learn the right lessons and don’t draw the wrong conclusions from your failures. And sometimes that is easier said than done. In this episode, we talk about some ways that learning from your mistakes can be counterproductive.
We discuss:
- Why a significant failure early in our careers led us to overcompensate later on
- Why learning the right lesson at the wrong time...
2020-07-2617 minExcess ReturnsActive Value Investing in a Changing World with Vitaliy KatsenelsonIn this episode we are joined by Vitaliy Katsenelson. Vitaliy is the author of the popular Contrarian Edge blog and the CEO of investment firm IMA.
As quantitative investors, we often find we learn the most from investors who use very different approaches than we do. As a discretionary value investor and long-term student of value investing, Vitaliy provides us with an alternate take on value and the advantages a discretionary approach can offer in uncertain times.
We discuss:
- How COVID-19 has changed the game of value investing
- Why buy...
2020-07-1949 minExcess ReturnsIs the Price/Book Ratio Dead?The Price/Book ratio has probably been the most important valuation ratio of the past century. If you look at the academic research that supports value investing, you won’t find any other ratio that is referenced more often. There is also no ratio that is used more by systematic value funds.
But the rise on intangible assets and other factors have led many to question whether the ratio has value any more.
In this episode, we look at the arguments for and against the Price/Book and whether it should still have a place in v...
2020-07-1216 minExcess ReturnsCan Warren Buffett Be Quantified?In this episode, we are going to try something a little different. Our goal at Validea is to capture quantitative strategies that work over the long-term. To do that, we go through books and academic papers to find factor-based models with results to back them up. We are going to periodically do some episodes for the podcast where we do a deep dive into these strategies and look at the factors behind them. In the first episode, we will take a detailed look at our strategy based on Warren Buffett, which was extracted from the book Buffettology. But before...
2020-07-0516 minExcess ReturnsThe Pros and Cons of Quantitative and Discretionary InvestingWe all have a tendency to believe that the way we invest is the best way. As quantitative investors, we can sometimes feel that there is no reason anyone should ever use a discretionary strategy. But like most issues in investing, there are two sides to this argument. In this episode, we talk about the benefits of both quantitative and discretionary investing.
We discuss:
- Why quantitative strategies can limit the impact of emotion and biases
- Why discretionary strategies can work better in situations where a more detailed analysis is needed
...
2020-06-2819 minExcess ReturnsInterview: Timeless Investing and Life Lessons with Jim O’ShaughnessyIn this week's episode we are privileged to be joined by Jim O'Shaughnessy. Jim is a pioneer in quantitative investing and the founder of O'Shaughnessy Asset Management. He is also the author of the best selling book What Works on Wall Street, which is now on its 4th edition and is considered by many to be the definitive guide to factor-based investing.
In this discussion, we get Jim's takes on a wide range of topics both in and outside the investing world.
We discuss:
- the recent struggles of value investing and what it...
2020-06-211h 09Excess ReturnsThe Danger of Focusing on What Should Be and Missing What IsWe all have our beliefs about the way that things should work in investing. When the market gets overvalued, we think it should go down. When value stocks struggle for a long period of time, we think they should outperform. When central banks or governments implement policies we don't agree with, we think they will inevitably end in disaster. But that focus on the way we think things should be can sometimes lead us to miss the reality of what is. In this episode, we talk about the balance between having conviction in the way things should work out...
2020-06-1415 minExcess ReturnsQuality and Low Volatility: The Factors That Shouldn't WorkInvesting factors that work over time typically do so for one of two reasons: they either produce an excess return by taking on additional risk or they benefit from the tendency of investors to systematically misprice certain types of securities. Factors like value and momentum are easy to explain using this framework, but the outperformance of quality and low volatility offers more of a challenge.
In this episode, we take an in depth look at these two factors.
We discuss:
- the different ways to define each factor and the common metrics used.
- the explanations that explain the excess ret...
2020-06-0718 minExcess ReturnsInterview: Systematic Value Investing with Wes GrayWes Gray is the founder of Alpha Architect, the author of Quantitative Value and Quantitative Momentum, and an expert in systematic investing. In this interview, we discuss the recent struggles of value investing and how the current period fits into a long-term context. We also talk about the nuts and bolts of building a value strategy, including the pros and cons of value composites and the role of quality in a value portfolio. We hope you enjoy the discussion.
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2020-05-3141 minExcess ReturnsAn In Depth Look at Momentum InvestingMomentum investing is difficult to understand for many investors. While a concept like value that involves trying to buy stocks at a discount to what they are worth resonates with many, the idea of betting that stocks that have already gone up will go up more can be much more difficult to understand. In this episode, we take an in depth look at momentum investing. We discuss why momentum works, the different types of momentum, and some of the drawbacks of a momentum based approach. We also talk about some additional variables that can potentially enhance a momentum approach...
2020-05-2418 minExcess ReturnsThe Pros and Cons of Factor TimingWe are all trained to buy low and sell high, and it is tempting to conclude that we can do the same thing with factors. But the research suggests that factor timing strategies are extremely difficult to implement in practice. In this episode, we discuss the pros and cons of factor timing and look at some of the approaches that investors can use to time factors.
We discuss:
- Why most investors should avoid attempting to time factors
- The common factor timing approaches, including value, momentum, macroeconomic and dispersion
- W...
2020-05-1716 minExcess ReturnsThe Challenges of Multi-Factor InvestingThe basic theory of multi-factor investing is pretty simple. It has been widely proven that factors like value and momentum can outperform the market over long periods of time. But no reward comes without risk. In this case, the risk is the significant periods of underperformance that the factors can endure. That is where multi-factor investing comes in. It offers investors an opportunity to blend factors together to reduce risk and smooth out those bad periods.
But building a multi-factor investment strategy can be much more difficult than it seems and requires a series of decisions that c...
2020-05-1015 minExcess ReturnsThe Impact of COVID-19 on Value InvestingThe process of using past fundamentals to try to predict future prices has been in place for a very long time, and there is substantial academic evidence to support it. One of the major challenges of it; however, is what happens when we are confronted with breaking points that are so large that a company’s past results prior to it occurring might tell us very little about what it will look like after. The current situation with COVID-19 might be the most significant situation of this type that any of us will experience in our investing lifetimes.
...
2020-05-0314 minExcess ReturnsPsychology and COVID-19 with Dr. Daniel CrosbyIn this week's episode we shift gears a little from our usual investing focus. We wanted to spend some time talking about the current COVID-19 crisis and its impact on all of us as people. To do that, we brought in an expert of human psychology and behavioral finance, Dr. Daniel Crosby. Daniel is the author of the Behavioral Investor and the Chief Behavioral Officer at Brinker Capital.
In the interview, we discuss what we are going through as a society with the COVID-19 crisis, how we can all learn to better cope with the stress it b...
2020-04-2636 minExcess ReturnsThe Limits to Lessons From Past Bear MarketsWhenever we are confronted with a bear market, we all want to figure out how it will play out. We want to know how big the decline will be. We want to know when it will end. We want to know what stocks we should buy to limit losses during it and to outperform the market after it. To answer these questions, our minds tend to point us to the simplest solution we can find. That solution is often to find the bear market in history that was most comparable to this one, and to assume that what happened...
2020-04-1915 minExcess ReturnsThe Dangers of Hindsight BiasWhenever any of us analyze the decisions we make in investing, there is always a tendency to think that what we end up knowing in retrospect was obvious at the time. There is a tendency to believe that decisions that we could have made were easier than they actually were. But that’s just not the way things work, especially when we are faced with high stress situations and very uncertain outcomes, which is the situation we all face today.
In this episode, we discuss the challenge of analyzing the current market environment and how what might se...
2020-04-1212 minExcess ReturnsInterview: Value Investing with Tobias CarlisleIn this week’s Excess Returns, we are trying something new. In addition to our regular episodes, we have decided to periodically talk to some of the people we respect most in the investment community to get their insights on the issues facing investors today. For our first conversation, we talk to our friend Tobias Carlisle about value investing. Toby is probably the smartest value investor we know. He is the author of four books on value, including the Acquirer’s Multiple. He is also the founder of Acquirer’s Funds. In the conversation, we talk about the things that le...
2020-04-0635 minExcess ReturnsThe Importance of Challenging Your Own BeliefsConfirmation bias is one of the most damaging biases in investing. All of us want to be right. We all want to think that opinions that disagree with ours don’t have sensible arguments to support them. So we gravitate toward people who agree with ours. Whether it be in our personal relationships, or our virtual ones through things like social media, we all unconsciously want to seek out validation that proves that what we thought all along is correct. But during times like these that can be a major problem. In this episode, we discuss some of our cu...
2020-03-2919 minExcess ReturnsLooking at Different Ways to Manage RiskThere are many ways to manage risk in a portfolio. Traditional methods like blending stocks with bonds will work for most investors, but more creative methods can also make sense in some cases. One thing all risk management techniques have in common though, is that they come with trade offs. In this episode we look at some popular risk management approaches, and some lesser known ones, and examine the pros and cons of each. In addition to a traditional blended stock and bond approach, we also discuss the Permanent Portfolio, and more advanced quantitative approaches like Trend Following, Protective...
2020-03-2221 minExcess ReturnsQ&A: Answering Investors' Questions in Uncertain and Volatile TimesWith the market in the midst of a significant decline and uncertainty reaching levels we haven't seen in many years, we have received many questions about what is going on, and where we go from here. So we decided to do a Q&A episode to do our best to answer some of these questions. In this bonus episode, we talk about why the market has fallen so quickly, whether stocks are cheap after the recent decline, and whether can can rely on past fundamental data to pick stocks in a time like this. We hope you enjoy this...
2020-03-2019 minExcess ReturnsSome Thoughts on Market PanicsThe argument that investors should stay the course during market declines is an easy one to make. It also in most cases is the correct one, since figuring out when to get out of the market, and when to get back in, is very difficult for most investors to do. Despite the strength of the stay the course argument, those of us who make it can sometimes fail to deliver it with the proper recognition of the pain that most investors feel during market declines. In this episode, we talk about some important lessons to keep in mind during...
2020-03-1518 minExcess ReturnsSome Thoughts on the Struggles of Factor Investing in the Past DecadeThe long-term evidence to support factor investing is compelling. Academic work has shown that factors like value and momentum have produced an excess return relative to the market over time. But what occurred in the most recent decade was in many ways the opposite of what has happened over the long-term. Almost anything an investor did to get away from buying large growth companies over that period was a detraction from returns. In this episode, we try to put the struggles of factor investing in context and talk about some lessons we can learn from this difficult decade.
2020-03-0813 minExcess ReturnsThe Dangers of Headline InvestingThe recent market sell off related to the Coronavirus has many investors worried. And with good reason. When panics like this set in, we all tend to focus on worst case scenarios and want to take action in response. But the process of analyzing headlines and figuring out how they will impact the market is challenging for even the most sophisticated investors. In this week's episode, we look at the dangers of investing based on headlines and why most investors are probably better off avoiding it.
ABOUT THE PODCAST
Excess Returns is an investing podcast ho...
2020-03-0116 min