Excess Returns Bonus Episode: Six Narratives Shaping The Market In 2020
In this bonus episode, we we discuss a presentation Justin recently gave to Fidelity customers about some of the major narratives shaping the current market. The word "unprecedented" tends to be overused in investing, but 2020 has certainly seen many occurrences that many investors have never seen before, and may not again.
We talk about some of these things and what they mean for investors going forward.
We discuss:
- Why 2020 has turned the factors that have worked over the long-term in investing upside down
- How the current dominance of large-cap stocks fits in a historical context
- The historic pace of both the decline and recovery we saw this year
- Whether you can read anything into the large amount of cash Warren Buffett is holding
- The implications of the massive government stimulus
- The future outlook for the newly minted retail traders who came into the market in the wake of the Coronavirus crisis.
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.
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