13 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 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 Carbon…

    • Investing

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 with the goal of helping those who watch and listen become better long term investors, all in twenty minutes or less per episode.

    The Pitfalls of Back Testing

    The Pitfalls of Back Testing

    Back testing is one of the most misused tools in investment management. Almost every back test outperforms the market, but those same strategies often struggle when run with actual money. In this episode, we discuss the reasons why back tested results often don't translate into the real world and talk about some things to look out for when evaluating back test results. 

    • 16 min
    Lessons From Our Most Read Five Questions Interviews

    Lessons From Our Most Read Five Questions Interviews

    In this week's episode, we talk about the biggest lessons from the first year of our Five Questions interview series. Our Five Questions series features in depth interviews with leaders in the investing industry.  We discuss the five most important lessons we learned from our interviews with Jim O'Shaughnessy, Corey Hoffstein, Michael Mauboussin, Ben Hunt and Wes Gray.  

    • 17 min
    The Benefits of a Value Composite

    The Benefits of a Value Composite

    Picking the right value metric can be one of the biggest challenges of quantitative value investing. Although the Price/Book is the most widely used value metric, its struggles in recent years and valid concerns that have been raised about its viability in a world dominated by intangible assets have led many to question whether it still works. But the other widely used value metrics also have their own problems.  In this week's episode, we discuss the benefits of using a value composite and how it can enhance the risk/return profile of a value strategy. 

    • 15 min
    The Perils of Market Forecasting

    The Perils of Market Forecasting

    We have just completed market prediction season. Its the time of year where there are countless forecasts about what the economy will do in the new year. Its when experts tell you what interest rates will do for the year. And most of all, its when you see a variety of predictions for where the S&P 500 is heading this year. The experts making these predictions even do you the favor of giving you exact price targets so you know exactly what will happen. But there will be one major problem with almost all of these predictions: they will be wrong. In this week's episode, we discuss why market forecasting is so difficult and highlight some of the tricks that market forecasters use to make their predictions seem better in retrospect than they actually were. 

    • 16 min
    The Challenges of Developing a Sell Strategy

    The Challenges of Developing a Sell Strategy

    As difficult as it is to figure out the right stocks to buy, determining when to sell can be even more challenging. In this episode, we look at the important factors to consider when deciding when to sell and develop a systematic sell framework that can be used for both quantitative and traditional investors. 

    • 17 min
    Bonus: Long Live Value Investing?

    Bonus: Long Live Value Investing?

    After we finished recording this week's episode on the case against value stocks, we kept the recorder rolling and we have included that audio in this short bonus episode. We discuss the challenges of figuring out whether you have overcome your confirmation bias, how long it would take to officially say value investing is dead, and whether we remain believers in value after the exercise of challenging our belief in it. We hope you enjoy this bonus audio. 

    • 7 min

Customer Reviews

Andrew ODU ,

Excess return

Good insights into using quantitative approaches to gain excess return using value and other metrics

ForTHREE ,

Concise and Intelligent

Quick hit of information, basically a deeper dive into a classic Validea blog!

scottworxshop ,

???

Very Interesting!

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