The Six Most Controversial Takes from Excess Returns in 2024

Nov 18, 2024

The discussion heats up with Aswath Damodaran's bold critique of the Berkshire annual meeting. Cem Karsan presents a mind-bending take, suggesting options are the 'dog,' challenging traditional views. Meb Faber stirs the pot by questioning the value of dividend investing, while fresh research calls into doubt the need for intuitive market explanations. A special guest simplifies options trading complexities, adding more spice to the conversation. Emphasis is placed on enjoying the investing journey, balancing risk with personal satisfaction.

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Intro

00:00 • 2min

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Exploring the Power of Controversial Takes in Investing

01:40 • 3min

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Challenging Investment Norms

04:51 • 7min

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Navigating Long-Term Stock Market Dynamics

12:15 • 17min

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Navigating the Evolving Landscape of Options and Dividend Investing

29:20 • 6min

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Rethinking Dividend Investing

34:53 • 15min

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Joyful Investing: Balancing Risk and Enjoyment

49:40 • 8min

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Stocks for the Long Run

The Definitive Guide to Financial Market Returns and Long-Term Investment Strategies

Jeremy Siegel

Stocks for the Long Run provides a detailed analysis of the stock market's historical trends and long-term investment strategies. The book, updated to reflect current market conditions, includes discussions on value investing, ESG issues, the impact of the financial crisis, and the role of international investing. Siegel argues that stocks have consistently outperformed other asset classes over the long term, averaging returns of 6. 5 to 7 percent per year after inflation. The book also addresses market valuation, the effects of inflation and interest rates, and the importance of diversification in a global economy.

Shareholder Yield

A Better Approach to Dividend Investing

First published in 1934, Security Analysis is a seminal work in the field of finance that lays the intellectual foundation for value investing. The book, written by Benjamin Graham and David L. Dodd, distinguishes between investing and speculating, emphasizes the importance of thorough financial analysis, and introduces key concepts such as the 'margin of safety. ' The sixth edition includes commentary from leading Wall Street money managers and a foreword by Warren E. Buffett, who has praised the book for its enduring relevance in modern markets.

Triumph of the Optimists

101 Years of Global Investment Returns

Elroy Dimson

Mike Staunton

Paul Marsh

This book provides an authoritative account of a century of investment returns in sixteen countries, including the U.S. , U.K. , Japan, France, Germany, and others. The authors present a clear and consistent analysis of total returns, including reinvested income, and address issues such as survivorship bias and the long-term equity risk premium. The book is essential reading for investment professionals, financial economists, and investors, offering insights into the broader tendencies of equity markets over the long term.

In this episode of Two Quants and a Financial Planner, Jack and Matt dive into some of the most controversial takes we've heard on Excess Returns in 2024. From Aswath Damodaran's spicy thoughts on the Berkshire annual meeting (spoiler: he's not a fan) to Cem Karsan's mind-bending perspective on options being the "dog" rather than the "tail," we're breaking down six of the hottest takes from 2024. We explore everything from Meb Faber challenging the sacred cow of dividend investing to groundbreaking research suggesting that maybe we don't need intuitive explanations for what works in the market. Plus, we bring in a special guest to help us mere mortals understand the complex world of options. As two self-proclaimed "non-controversial" guys, we try to find the nuance in these polarizing perspectives. Whether you're a quant, a value investor, or just someone interested in different ways of thinking about markets, there's something here for everyone. And yes, we even manage to work in references to everything from Little Rascals to My Fair Lady (Matt's brain works in mysterious ways). Join us for an episode that proves even "wildly controversial" Jack Forehand can stir things up once in a while! 😉

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