88 episodes

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.

Excess Returns Jack Forehand and Justin Carbonneau

    • Investing
    • 5.0 • 24 Ratings

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.

    The Three Keys to Understanding Investing Bubbles

    The Three Keys to Understanding Investing Bubbles

    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 at bubbles through a framework based on the three questions that we think are most important for investors to ask. 

    1. What is a Bubble? 

    2. Can a Bubble Be Identified in Advance? 

    3. If We Are in a Bubble, What Can I Do About It? 

    We hope you enjoy the discussion.

    ABOUT THE PODCAST

    Excess Returns is an investing podcast hosted by Jack Forehand (@practicalquant) and Justin Carbonneau (@jjcarbonneau), partners at Validea. Justin and Jack discuss a wide range of investing topics including factor investing, value investing, momentum investing, multi-factor investing, trend following, market valuation and more with the goal of helping those who watch and listen become better long term investors.

    SEE LATEST EPISODES

    https://www.validea.com/excess-returns-podcast

    FIND OUT MORE ABOUT VALIDEA

    https://www.validea.com

    FOLLOW OUR BLOG

    https://blog.validea.com

    FIND OUT MORE ABOUT VALIDEA CAPITAL

    https://www.valideacapital.com

    FOLLOW JACK

    Twitter: https://twitter.com/practicalquant

    LinkedIn: https://www.linkedin.com/in/jack-forehand-8015094

    FOLLOW JUSTIN

    Twitter: https://twitter.com/jjcarbonneau

    LinkedIn: https://www.linkedin.com/in/jcarbonneau

    • 15 min
    A Detailed Look at All Weather Investing with Eric Crittenden

    A Detailed Look at All Weather Investing with Eric Crittenden

    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 significant periods where a standard stock and bond mix didn't serve investors well. 

    In this episode, we take a deep dive into the concept of all weather investing with Eric Crittenden of Standpoint Funds. All weather investing seeks to hold a diverse portfolio of assets that have the potential to perform well across a wide range of economic environments, including the inflationary environments that have tripped up the standard 60/40 portfolio in the past. We discuss the benefits of an all weather portfolio, the process of constructing a portfolio to stand up to a wide range of potential environments and the role of behavior in building an all weather strategy. 

    We hope you enjoy the discussion. 

    MORE ABOUT STANDPOINT FUNDS

    Standpoint - Home (standpointfunds.com)

    ABOUT THE PODCAST

    Excess Returns is an investing podcast hosted by Jack Forehand (@practicalquant) and Justin Carbonneau (@jjcarbonneau), partners at Validea. Justin and Jack discuss a wide range of investing topics including factor investing, value investing, momentum investing, multi-factor investing, trend following, market valuation and more with the goal of helping those who watch and listen become better long term investors.

    SEE LATEST EPISODES

    https://www.validea.com/excess-returns-podcast

    FIND OUT MORE ABOUT VALIDEA

    https://www.validea.com

    FOLLOW OUR BLOG

    https://blog.validea.com

    FIND OUT MORE ABOUT VALIDEA CAPITAL

    https://www.valideacapital.com

    FOLLOW JACK

    Twitter: https://twitter.com/practicalquant

    LinkedIn: https://www.linkedin.com/in/jack-forehand-8015094

    FOLLOW JUSTIN

    Twitter: https://twitter.com/jjcarbonneau

    LinkedIn: https://www.linkedin.com/in/jcarbonneau

    • 1 hr 6 min
    The Changing Nature of Momentum Investing

    The Changing Nature of Momentum Investing

    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 care about growth. It doesn't care about value either. It also doesn't care about quality. All it cares about is that a stock's price has gone up. 

    In this episode, we look at why momentum is a chameleon, and why that fact can make it challenging to follow for many investors. 

    We hope you enjoy the discussion. 

    ABOUT THE PODCAST

    Excess Returns is an investing podcast hosted by Jack Forehand (@practicalquant) and Justin Carbonneau (@jjcarbonneau), partners at Validea. Justin and Jack discuss a wide range of investing topics including factor investing, value investing, momentum investing, multi-factor investing, trend following, market valuation and more with the goal of helping those who watch and listen become better long term investors.

    SEE LATEST EPISODES

    https://www.validea.com/excess-returns-podcast

    FIND OUT MORE ABOUT VALIDEA

    https://www.validea.com

    FOLLOW OUR BLOG

    https://blog.validea.com

    FIND OUT MORE ABOUT VALIDEA CAPITAL

    https://www.valideacapital.com

    FOLLOW JACK

    Twitter: https://twitter.com/practicalquant

    LinkedIn: https://www.linkedin.com/in/jack-forehand-8015094

    FOLLOW JUSTIN

    Twitter: https://twitter.com/jjcarbonneau

    LinkedIn: https://www.linkedin.com/in/jcarbonneau

    • 17 min
    The Strengths and Weaknesses of the Major Value Metrics

    The Strengths and Weaknesses of the Major Value Metrics

    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 among value funds. In this episode, we take a look at one way that value strategies can differ - the metric they use to define value. We look at the major value metrics and the pros and cons of each of them. We also look at the construction of value composites and why their benefit might come from a different source than the one you think.

    We hope you enjoy the discussion. 

    ABOUT THE PODCAST

    Excess Returns is an investing podcast hosted by Jack Forehand (@practicalquant) and Justin Carbonneau (@jjcarbonneau), partners at Validea. Justin and Jack discuss a wide range of investing topics including factor investing, value investing, momentum investing, multi-factor investing, trend following, market valuation and more with the goal of helping those who watch and listen become better long term investors.

    SEE LATEST EPISODES

    https://www.validea.com/excess-returns-podcast

    FIND OUT MORE ABOUT VALIDEA

    https://www.validea.com

    FOLLOW OUR BLOG

    https://blog.validea.com

    FIND OUT MORE ABOUT VALIDEA CAPITAL

    https://www.valideacapital.com

    FOLLOW JACK

    Twitter: https://twitter.com/practicalquant

    LinkedIn: https://www.linkedin.com/in/jack-forehand-8015094

    FOLLOW JUSTIN

    Twitter: https://twitter.com/jjcarbonneau

    LinkedIn: https://www.linkedin.com/in/jcarbonneau

    • 22 min
    The History of Berkshire Hathaway and Warren Buffett with Adam Mead

    The History of Berkshire Hathaway and Warren Buffett with Adam Mead

    There have been hundreds of books written about Warren Buffett and Berkshire Hathaway. So it rare for a book come out that does something that none of the others have. But a new book coming out in April does exactly that by offering the first full chronological history of Berkshire Hathaway, from the period prior to Buffett all the way to the current day. In this episode, we talk to Adam Mead, the author of The Complete Financial History of Berkshire Hathaway: A Chronological Analysis of Warren Buffett and Charlie Munger's Conglomerate Masterpiece. 

    We discuss:

    - The origin story that brought Buffett together with Berkshire

    - Buffett's best and worst investments, and his best investment you probably haven't heard about

    - The key traits that led to Buffett's success

    - What it is like to attend the Berkshire annual meeting

    We hope you enjoy the discussion. 

    BUY THE BOOK

    The Complete Financial History of Berkshire Hathaway: A Chronological Analysis of Warren Buffett and Charlie Munger's Conglomerate Masterpiece: Mead, Adam J.: 9780857199126: Amazon.com: Books

    ADAM'S BLOG

    Home Page - The Oracle's Classroom

    FOLLOW ADAM ON TWITTER

    Adam J. Mead (@BRK_Student) / Twitter

    ABOUT THE PODCAST

    Excess Returns is an investing podcast hosted by Jack Forehand (@practicalquant) and Justin Carbonneau (@jjcarbonneau), partners at Validea. Justin and Jack discuss a wide range of investing topics including factor investing, value investing, momentum investing, multi-factor investing, trend following, market valuation and more with the goal of helping those who watch and listen become better long term investors.

    SEE LATEST EPISODES

    https://www.validea.com/excess-returns-podcast

    FIND OUT MORE ABOUT VALIDEA

    https://www.validea.com

    FOLLOW OUR BLOG

    https://blog.validea.com

    FIND OUT MORE ABOUT VALIDEA CAPITAL

    https://www.valideacapital.com

    FOLLOW JACK

    Twitter: https://twitter.com/practicalquant

    LinkedIn: https://www.linkedin.com/in/jack-forehand-8015094

    FOLLOW JUSTIN

    Twitter: https://twitter.com/jjcarbonneau

    LinkedIn: https://www.linkedin.com/in/jcarbonneau

    • 1 hr 3 min
    Quantifying The Motley Fool’s Small Cap Growth Investment Strategy

    Quantifying The Motley Fool’s Small Cap Growth Investment Strategy

    The Motley Fool is not known for their quantitative models. They are known for a discretionary growth style of investing that attempts to identify game changing companies and then holds them for the long-term, seeking to generate returns that are multiples of their original investment. 

    But despite their discretionary nature, their book The Motley Fool Investment Guide did contain a detailed quantitative model to select small-cap growth stocks. When we launched Validea in 2003, we wouldn't have guessed that this model would have outperformed all the other models we launched, but it has produced the best return of all the models we follow in the 18 years since. 

    In this episode, we take a look at the model we extracted from the Motley Fool Investment Guide and the criteria it uses to select small-cap growth stocks. 

    ABOUT THE PODCAST

    Excess Returns is an investing podcast hosted by Jack Forehand (@practicalquant) and Justin Carbonneau (@jjcarbonneau), partners at Validea. Justin and Jack discuss a wide range of investing topics including factor investing, value investing, momentum investing, multi-factor investing, trend following, market valuation and more with the goal of helping those who watch and listen become better long term investors.

    SEE LATEST EPISODES

    https://www.validea.com/excess-returns-podcast

    FIND OUT MORE ABOUT VALIDEA

    https://www.validea.com

    FOLLOW OUR BLOG

    https://blog.validea.com

    FIND OUT MORE ABOUT VALIDEA CAPITAL

    https://www.valideacapital.com

    FOLLOW JACK

    Twitter: https://twitter.com/practicalquant

    LinkedIn: https://www.linkedin.com/in/jack-forehand-8015094

    FOLLOW JUSTIN

    Twitter: https://twitter.com/jjcarbonneau

    LinkedIn: https://www.linkedin.com/in/jcarbonneau

    • 17 min

Customer Reviews

5.0 out of 5
24 Ratings

24 Ratings

L0vely88 ,

My New Favorite Pod!

Hosts are engaging experts that make concepts accessible to all audiences. My new favorite pod!

jftd88 ,

Excess Returns Review

Continue to love these discussions and the educational value they provide. Very generous opportunities to learn more by writing a review to receive relevant books, which provide deeper dives into the topics discussed

SEWWTR123124 ,

Essential Principles for Paper Asset Investing

I thought they provide valuable insights into the market. I just listened to their latest episode "Six Narratives Shaping The Stock Market In 2020".

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