128 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

    • Business
    • 5.0 • 27 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.

    Andrew Thrasher Schools Two Value Guys on Technical Analysis and Forecasting Volatility Tsunamis

    Andrew Thrasher Schools Two Value Guys on Technical Analysis and Forecasting Volatility Tsunamis

    In this episode we take a deep dive into technical analysis with Andrew Thrasher, founder of Thrasher Analytics and portfolio manager at the Financial Enhancement Group. We look at the major tools that technicians use and the methods they utilize to apply them. We go through a real world example using the S&P 500 to see how these tools are put into practice. We also cover his excellent paper "Forecasting Volatility Tsunamis" and discuss the conditions that he found were typically present prior to significant spikes in market volatility. 

    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

    • 47 min
    Lu Zhang On The Evolution of Asset Pricing Models And His First Principles Approach to Improve Them

    Lu Zhang On The Evolution of Asset Pricing Models And His First Principles Approach to Improve Them

    Asset pricing models have evolved significantly over the past several decades. From the Capital Asset Pricing Model to Fama and French's 3 Factor Model to their more recent 5 and 6 Factor Models, academic research has continued to work to improve our understanding of what drives stock prices. 

    But our guest this week thinks asset pricing models might need a revolution more than evolution. 

    We speak with Lu Zhang, who is the John W. Galbreath Chair and Professor of Finance at the Fisher College of Business at Ohio State University. He is also the creator of the Q factor model, which takes a first principles approach to asset pricing that starts with economic theory rather than adopting the framework of previous models. 

    We discuss the evolution of asset pricing models over time and take a detailed look at the major models that have come along the way. We then look at the philosophical arguments for why traditional asset pricing models may be taking the wrong approach and look at the details of the Q factor model. 

    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

    • 55 min
    An In Depth Look at Multi-Asset Investing with Westwood's Adrian Helfert

    An In Depth Look at Multi-Asset Investing with Westwood's Adrian Helfert

    We are currently in a very interesting time for investors. We have experienced a run in equities following the 2020 decline that many did not think was possible. We have seen unprecedented fiscal stimulus and many are worried about inflation. And despite all of that, bond yields remain very low. This week we take a look at all the major asset classes and how we can make sense of the current situation with Westwood's Adrian Helfert. We discuss the future of stocks and bonds, as well as the outlook for alternative assets like commodities and gold. We also discuss the lessons he learned from his experience as a combat medic and how his background in physics has helped him as an investor. 

    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

    • 55 min
    Sheridan Titman On His Seminal Paper on Momentum Investing and What He Has Learned Since

    Sheridan Titman On His Seminal Paper on Momentum Investing and What He Has Learned Since

    Momentum was a factor that many academics were very reluctant to embrace. Our guest this week, Sheridan Titman, helped to change that with his 1993 paper "Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency" that he co-wrote with Narasimhan Jegadeesh. In this interview, we discuss both his original work on momentum and what he has learned since. We also cover his research on combining value and momentum and the relationship between location and firm value, and what he thinks practitioners get wrong about academic research. 

    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

    • 35 min
    Everything You Need to Know About Inflation with Cullen Roche

    Everything You Need to Know About Inflation with Cullen Roche

    Inflation is probably the most talked about topic in investing today. Some think it has become a major problem. Others (including the Fed) think it is transitory. While still others think we are headed for a repeat of the 1970s or even hyperinflation.  But many of the opinions on both side are not informed by the facts. So we wanted to do an episode where we started with the basics to help us understand what is going on now, and what might happen in the future. To do that, we couldn't think of a better person to talk to than Discipline Funds founder and author of the Pragmatic Capitalism blog Cullen Roche.  We look at inflation from the ground up.  

    We discuss: 

    -  the various ways to measure it and how they are different  

    - the history of inflation in the US 

    - why quantitative easing didn't cause inflation, but fiscal stimulus did 

    - the major forces that have kept inflation down  

    - the differences between now and the 1970s 

    - what hyperinflation is and why it is very unlikely  

    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

    • 1 hr 3 min
    Ritholtz Wealth CFO Bill Sweet Talks the Biden Tax Plan, Direct Indexing and Lessons From Their Rapid Growth

    Ritholtz Wealth CFO Bill Sweet Talks the Biden Tax Plan, Direct Indexing and Lessons From Their Rapid Growth

    This week we talk to Ritholtz Wealth CFO Bill Sweet. Bill has had a very unique career, which started serving our country in the military and also included a stint in his family's tax business prior to his work at Ritholtz. We talk about the lessons Bill has learned in his career and how others can benefit from them. We also take an in depth look at the Biden tax plan and cover the major points investors should be aware of in it. And we discuss what he has learned as an early adopter of direct indexing for clients. 

    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

    • 59 min

Customer Reviews

5.0 out of 5
27 Ratings

27 Ratings

Ryan Krueger ,

World class hosts

Deep dive research + authentic curiosity = hard to beat

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

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