Two Quants and a Financial Planner

Excess Returns
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Two Quants and a Financial Planner bridges the worlds of investing and financial planning to help investors achieve their long-term goals. Join Matt Zeigler, Jack Forehand and Justin Carbonneau as they cover a wide range of investing and financial planning topics that impact all of us and discuss how we can apply them in the real world to achieve the best outcomes in our financial lives.

  1. FEB 23

    The Question No One Asks | What Great Investors Taught Us About Portfolio and Purpose

    In this episode, we explore one of the most important but overlooked questions in investing: what is the purpose of your portfolio? Through a series of powerful clips and reflections from Aswath Damodaran, Meb Faber, Ben Hunt, Cullen Roche, Corey Hoffstein, Daniel Crosby, Larry Swedroe, and Wes Gray, we examine how goals like financial freedom, funded contentment, liability driven investing, retirement planning, and multi generational wealth shape the way we invest. This conversation goes beyond beating the market and focuses on preserving and growing wealth, reducing financial stress, aligning money with meaning, and defining what a life well lived truly looks like. Topics covered include: Why the end game of investing matters more than beating the market Preserving and growing wealth vs trying to get rich Freedom as the ultimate goal of financial independence Funded contentment and what it means to live a life well lived Liability driven investing and matching assets to future needs The difference between getting rich and staying rich Needs vs desires and understanding marginal utility of wealth Retirement planning and redefining success beyond a number Multi generational wealth and thinking beyond your own lifetime The psychological impact of growing up with or without money Financial freedom, stress reduction, and peace of mind Tactical financial goals vs long term purpose driven investing Education, legacy, and investing in the next generation Why once you win the game you may not need to keep playing Timestamps: 00:00 Aswath Damodaran on preserving and growing wealth 10:04 Meb Faber on freedom, contentment, and the hedonic treadmill 22:36 Ben Hunt on funded contentment and finding your pack 28:23 Cullen Roche on risk as uncertainty of consumption 33:25 Corey Hoffstein on liability driven investing and not worrying about money 41:50 Daniel Crosby on financial freedom and living life on your own terms 47:33 Larry Swedroe on needs vs desires and staying rich 55:54 Wes Gray on big blue arrows, tactical goals, and peace of mind

    1h 8m

  2. JAN 4

    The Retirement Rule No One Gets Right | Practical Lessons from Bill Bengen

    In this episode, we discuss our biggest lessons from our interview with Bill Bengen, the creator of the 4 percent rule, and are joined by special guest Ben Tuscai. We explore how one of the most widely cited ideas in retirement planning was developed, how it is often misunderstood, and how it should actually be used in real-world financial planning. The conversation bridges academic research and practical application, digging into safe withdrawal rates, sequence of returns risk, inflation, portfolio construction, and what retirement planning really looks like across decades of uncertainty. • How and why Bill Bengen originally developed the 4 percent rule • What the 4 percent rule actually means and the most common ways it is misapplied • Why inflation and sequence of returns risk are the biggest threats to retirees • The role of diversification and asset allocation in safe withdrawal strategies • How market valuations and bond yields affect sustainable withdrawal rates • Why higher equity exposure can sometimes increase retirement safety • The evolution from the original 4 percent rule to higher safe max withdrawal rates • The psychology of retirement spending and sleeping well during market stress • Planning for longer retirements, early retirement, and rising healthcare costs • U-shaped and rising equity glide paths and why they can improve outcomes • Bucket strategies, cash reserves, and managing withdrawals through bear markets • When spending more or taking less risk makes sense after you have already “won the game” 00:00 – Introduction and why the 4 percent rule still matters 03:00 – Bill Bengen explains how the 4 percent rule was created 06:00 – Worst historical retirement periods and inflation risk 10:30 – How advisors actually use the 4 percent rule in practice 15:30 – Inflation, bear markets, and sequence of returns risk 18:30 – Market valuations, CAPE ratios, and withdrawal rate adjustments 23:00 – Financial planning software versus simple rules of thumb 27:00 – Sequence risk explained and why retirees can get hurt early 31:00 – How diversification increased safe withdrawal rates over time 37:00 – Safe max withdrawal rates and optimal equity allocation 42:30 – Longer retirements, FIRE, and planning beyond 30 years 45:30 – U-shaped and rising equity glide paths explained 50:30 – Healthcare costs, longevity risk, and retirement stress testing 56:30 – Bucket strategies, cash reserves, and dynamic withdrawals Main Topics CoveredTimestamps

    1h 3m

  3. 11/08/2025

    The Most Underutilized Concept in Investing | Four Lessons from Michael Mauboussin

    In this episode, we kick off our book project, "The Most Important Investing Lesson: What the World’s Best Investors Would Teach You", with a deep dive into the ideas of Michael Mauboussin. We explore his most enduring lessons—concepts that have reshaped how we think about investing, decision making, and life. From base rates to expectations investing, we unpack how Mauboussin’s frameworks can help investors build better models of the world and make more rational, probabilistic decisions. Main topics covered: Why base rates are the most underused yet powerful tool in investing and life How to apply expectations investing and reverse engineer stock prices Why multiples are not valuation and how to earn the right to use shortcuts Understanding the paradox of skill and why luck matters more when everyone is good Lessons investors can apply across fields like business, sports, and personal decision making How humility, reference classes, and feedback loops improve judgment Reflections on learning, writing, and how AI tools are changing the creative process Timestamps: 00:00 Introduction and the idea behind the book 04:00 Michael Mauboussin on base rates and decision making 10:00 Expectations investing and reversing the valuation process 19:00 Multiples are not valuation—understanding shortcuts 28:00 The paradox of skill and why luck matters more than we think 38:00 How to apply these ideas in investing and life 45:00 Closing thoughts and audience feedback on the book project

    47 min

  4. 08/11/2025

    How to Avoid Selling Your Next 100-Bagger | Practical Lessons from Chris Mayer

    In this special episode, Matt Zeigler and Bogumil Baranowski take you on a deep-dive mixtape journey through the best moments from their past three years of conversations with author and investor Chris Mayer. From the brutal patience required to ride out dead money periods to why the lack of a catalyst might be a feature, not a bug—this episode is packed with timeless investing wisdom. Whether you're chasing a hundred bagger or trying to hold through volatility, Mayer’s philosophy will challenge and inspire you. 🔑 Topics Covered: Why “dead money” is often harder than drawdowns The real challenge of holding long-term winners The myth of catalysts and the power of compounding How great businesses reveal their edge over time The emotional toll of patience—and how to cultivate it Aligning capital with the right investor mindset What Buffett’s evolution teaches us about reinvestment risk Why most investors can’t handle uncertainty—and how that creates opportunity How great investors and great CEOs think in decades, not quarters ⏱️ Timestamps: 00:00 Intro + Episode Setup 02:07 Dead Money vs. Drawdowns 10:00 Waiting Without a Catalyst 18:15 The Real Test of Holding 25:00 Aligning with Long-Term Capital 35:00 Buffett and Value Investing 2.0 44:00 Management and Short-Term Thinking 50:00 The True Meaning of Patience 54:18 Outro + Closing Thoughts

    55 min

  5. 07/14/2025

    The Fourth Turning is Here. But It Isn’t What You Think | Practical Lessons from Neil Howe

    In this episode, Matt Zeigler and Dave Nadig revisit one of the most popular interviews on Excess Returns—our deep-dive conversation with Neil Howe, co-author of The Fourth Turning. But instead of leaning into the usual doom-and-gloom narrative, they unpack the misunderstood lessons at the heart of Howe’s generational theory. From inflation and leadership to passive investing and community, Matt and Dave explore the deeper patterns shaping our society and markets—and why so many people miss the bigger picture. 🎙️ Topics discussed include: Why the Fourth Turning is more about renewal than collapse The misunderstood role of inflation in crisis periods How generational memory loss fuels leadership failure Why passive investing might be the ultimate Millennial move Gen X’s emergence as a uniquely flawed (and necessary) leadership class How conflict can become the incubator for lasting community This is not a forecast—it’s a framework. And it might just change how you see the world around you.

    56 min

  6. 07/06/2025

    When Easy Markets Hide Hard Truths | Practical Lessons from Richard Bernstein

    In this episode, we highlight the biggest lessons from our Excess Returns interview with renowned strategist Richard Bernstein. We explore the paradox of today’s markets: why they feel easy, and what hard truths may be hiding beneath the surface. From the risks of narrow market leadership to the role of structural flows and investor complacency, Richard shares practical lessons drawn from decades of market experience. We discuss: Why narrow markets may signal greater risk than investors realize The danger of mistaking easy markets for safe ones How structural flows can prop up markets despite rising risks The behavioral traps investors fall into during seemingly easy times What history teaches us about mispricings and market resilience Whether you’re focused on protecting capital or positioning for the next cycle, this conversation offers valuable insights into today’s market dynamics.

    1 hr

  7. 06/30/2025

    QE Myths. Free Trade Lies. Fatal Mistakes | 12 Great Investors Share Their Most Unpopular Beliefs

    Some of the most insightful investment conversations start with a single question: “What do you believe that most of your peers disagree with?” In this episode of Excess Returns, Jack Forehand and Matt Zeigler dive into 11 controversial investing takes—from QE and technical analysis to macro obsession and fee structures. You’ll hear nuanced perspectives from top investors who challenge conventional wisdom, and you might even find yourself rethinking your own beliefs. 🧠 This is a fast-paced, thought-provoking ride through the investment ideas most likely to start a debate at your next finance happy hour. Topics Covered: Why QE may always be inflationary (Andy Constan) The case for separating advice fees from asset management fees (Rick Ferri) Why trimming and adding to positions might be a waste of time (Chris Mayer) A defense of free trade in a protectionist world (Jared Dillian) Why turnover isn't always a bad thing (Travis Prentice) Multidisciplinary investing vs. deep specialization (Cameron Dawson vs. Katie Stockton) When it’s OK to override your quant model (Joe Gubler) The trap of emulating famous investors (Rupert Mitchell) The entertainment vs. value tradeoff of macro (David Giroux) Rethinking shareholder primacy in today’s political landscape (Peter Atwater) Timestamps: 00:00 - Intro & Why QE is Inflationary (Andy Constan) 07:20 - Separate Fees for Advice & Management (Rick Ferri) 11:00 - No Trimming or Trading Around Positions (Chris Mayer) 15:30 - AI Will Be a Net Positive (Andrew Cohen) 19:00 - The Case for Free Trade (Jared Dillian) 23:30 - Turnover Isn't Always Bad (Travis Prentice) 27:00 - Multidisciplinary Investing (Cameron Dawson) 31:00 - Investing Solely on Technicals (Katie Stockton) 34:00 - Overriding the Quant Model (Joe Gubler) 41:00 - Don’t Try to Be the Next Buffett (Rupert Mitchell) 44:00 - Macro Doesn’t Always Add Value (David Giroux) 48:00 - Shareholders Don’t Come First Anymore (Peter Atwater)

    52 min

  8. 06/09/2025

    20,000 Watched in Silence. Then Buffett Dropped the Bombshell. | What It Means for Berkshire

    In this special episode of Excess Returns, Matt Zeigler is joined by Bogumil Baranowski to reflect on one of the most emotional and historic moments in financial history: Warren Buffett’s surprise announcement at the 2024 Berkshire Hathaway Annual Meeting. With commentary from voices who were in the room—and some who weren’t—we explore what it felt like, what it meant, and what comes next for Berkshire and Buffett’s legacy. Featuring clips from John Candeto, Adam Mead, Eric Markowitz, and Ted Merz, this is both a tribute and a thoughtful discussion on culture, succession, and enduring business values. Topics Covered: The emotional weight and historic nature of Buffett’s resignation Firsthand reactions from inside the room at the Berkshire meeting Why Buffett’s delivery was masterful—and why it mattered Reflections on the unique culture of Berkshire and its shareholder community The Buffett “shield” and what it means for Greg Abel and Berkshire's future Why more companies don’t emulate the Berkshire approach The role of tradition in building enduring businesses Personal stories of shareholders whose lives were changed by long-term compounding

    1h 10m
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Ratings & Reviews

5
out of 5
7 Ratings

About

Two Quants and a Financial Planner bridges the worlds of investing and financial planning to help investors achieve their long-term goals. Join Matt Zeigler, Jack Forehand and Justin Carbonneau as they cover a wide range of investing and financial planning topics that impact all of us and discuss how we can apply them in the real world to achieve the best outcomes in our financial lives.

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