45 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 & Justin Carbonneau

    • Investing
    • 4.9 • 18 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.

    Why the Stock Market is Near All Time Highs Despite the Major Issues in the Economy

    Why the Stock Market is Near All Time Highs Despite the Major Issues in the Economy

    We are currently in one of the most difficult economic environments many of us will see if our lifetimes. Even though the unemployment rate has fallen from its high of 15% to a level below 10%, it still exceeds the peak from the 2008 crisis, which itself was one of the deepest recessions ever. Small businesses and entire industries, like air travel, cruise lines and hotels are struggling mightily as the various degrees of lockdowns we have experienced in recent months have taken a huge toll. But despite all of that, the stock market currently sits at all time highs. 

    In this episode, we look at the reasons for this disconnect. 

    We discuss: 

    - Why it is not uncommon for the stock market to become disconnected from the economy

    - Why the businesses we see struggling in our everyday lives aren't the most important ones to the market

    - The implications of unprecedented levels of government stimulus

    - Why psychology can often explain short-term market moves better than fundamentals

    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

    • 20 min
    Is Direct Indexing the Future of Investing?

    Is 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 together to create a product that allows investors to build indexes that meet their individual preferences. 

    That product is direct indexing.

    In this episode we talk about the pros and cons of direct indexing and the details of how it works. 

    We discuss:

    - the potential tax benefits of owning the individual stocks within an index instead of an index fund

    - the double edged sword of personalization

    - the behind the scenes details that are important to understand when looking at direct indexing strategies 

    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
    Six Lessons New Robinhood Traders Could Learn From Peter Lynch

    Six Lessons New Robinhood Traders Could Learn From Peter Lynch

    Trading 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

    - Why investors should avoid "Cutting Their Flowers and Watering Their Weeds"

    - Why making mistakes early in your investing career can be a good thing 

    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

    • 21 min
    Interview: Bridging Academic Research and Real World Investing with Professor Partha Mohanram

    Interview: Bridging Academic Research and Real World Investing with Professor Partha Mohanram

    In 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

    - The balance between quality and value in portfolio construction 

    - Separating winners from losers in Financial stocks

    - Whether investors can profit from information on Twitter 

    FOLLOW PROFESSOR MOHANRAM ON TWITTER

    https://twitter.com/pmohanram

    PROFFESSOR MOHANRAM'S RESEARCH

    https://www.rotman.utoronto.ca/FacultyAndResearch/Faculty/FacultyBios/Mohanram

    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 1 min
    Four Reasons Value Investing Might Not be Dead Yet

    Four Reasons Value Investing Might Not be Dead Yet

    Value 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 what we would expect if value is truly dead 

    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

    • 19 min
    Interview: A Conversation about Buffett, Berkshire & High-Quality Shareholders w/ Professor Lawrence Cunningham

    Interview: A Conversation about Buffett, Berkshire & High-Quality Shareholders w/ Professor Lawrence Cunningham

    In 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 attract and keep them 

    - the impact of the rise of passive investing on corporate governance

    - the most important attributes that can help to identify quality companies and whether they can be quantified. 

    We hope you enjoy the discussion. 

    FOLLOW PROFESSOR CUNNINGHAM ON TWITTER

    https://twitter.com/cunninghamprof

    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

    • 51 min

Customer Reviews

4.9 out of 5
18 Ratings

18 Ratings

MH Moose ,

Why I believe market is overvalued

When the market is going in one direction and the economy is going in another directions; it leaves a dangerous condition.
This is similar to 1929 market. The reason the stock market is going is from artificial government money. This can’t last forever. When it does stop there can be a big problem.
The market is in a very dangerous position. I’m concerned for the everyday investors who can be really hurt.
Michael Haberman

jftd88 ,

Excess Returns Review

Jack and Justin do a great job presenting a mix of fundamental and quantitative analysis on a variety of rotating topics. Their discussions are useful for beginning and advanced investors.

lew725 ,

Excellent investing insights

Jack and Justin do a great job of taking complex investing topics and making them understandable.

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