Podcast Episodes

The Limits to Lessons From Past Bear Markets

Season 1 Episode 20

Whenever we are confronted with a bear market, we all want to figure out how it will play out. We want to know how big the decline will be. We want to know when it will end. We want to know what stoc…

Published on 5 years, 8 months ago

The Dangers of Hindsight Bias

Season 1 Episode 19

Whenever any of us analyze the decisions we make in investing, there is always a tendency to think that what we end up knowing in retrospect was obvious at the time. There is a tendency to believe th…

Published on 5 years, 8 months ago

Interview: Value Investing with Tobias Carlisle

Season 1 Episode 18

In this week’s Excess Returns, we are trying something new. In addition to our regular episodes, we have decided to periodically talk to some of the people we respect most in the investment community…

Published on 5 years, 8 months ago

The Importance of Challenging Your Own Beliefs

Season 1 Episode 17

Confirmation bias is one of the most damaging biases in investing. All of us want to be right. We all want to think that opinions that disagree with ours don’t have sensible arguments to support them…

Published on 5 years, 8 months ago

Looking at Different Ways to Manage Risk

Season 1 Episode 16

There are many ways to manage risk in a portfolio. Traditional methods like blending stocks with bonds will work for most investors, but more creative methods can also make sense in some cases. One t…

Published on 5 years, 9 months ago

Q&A: Answering Investors' Questions in Uncertain and Volatile Times

With the market in the midst of a significant decline and uncertainty reaching levels we haven't seen in many years, we have received many questions about what is going on, and where we go from here.…

Published on 5 years, 9 months ago

Some Thoughts on Market Panics

Season 1 Episode 15

The argument that investors should stay the course during market declines is an easy one to make. It also in most cases is the correct one, since figuring out when to get out of the market, and when …

Published on 5 years, 9 months ago

Some Thoughts on the Struggles of Factor Investing in the Past Decade

Season 1 Episode 14

The long-term evidence to support factor investing is compelling. Academic work has shown that factors like value and momentum have produced an excess return relative to the market over time. But wha…

Published on 5 years, 9 months ago

The Dangers of Headline Investing

Season 1 Episode 13

The recent market sell off related to the Coronavirus has many investors worried. And with good reason.  When panics like this set in, we all tend to focus on worst case scenarios and want to take ac…

Published on 5 years, 9 months ago

The Pros and Cons of Trend Following

Season 1 Episode 12

To say that the track record of market timers in general is dismal would be an understatement. There are so many factors that impact market returns that getting them all right is next to impossible. …

Published on 5 years, 10 months ago