Excess Returns

Join Jeff Chang from Vest Financial, where he crafts innovative investment strategies including popular buffer ETFs. He dives into how these ETFs offer downside protection while allowing upside participation, especially relevant after the challenges of 2022. Jeff discusses their mechanics, focusing on the first 10-15% of market drawdowns, and how behavioral finance plays a role in making hedging accessible. Discover the future of these strategies and their potential impact in the crypto space.

In a riveting discussion, Tobias Carlisle, author and host of Value After Hours, delves into the intricacies of market valuations and the ongoing struggle for value investing. He argues that today's market may be more overvalued than during historical peaks. Carlisle highlights the potential for mean reversion favoring small caps and value stocks despite an earnings recession. He also explores the transformative impact of AI, contrasts U.S. and Chinese markets, and discusses housing affordability challenges facing the economy.

Leigh Drogen, founder of StarKiller Capital, brings his expertise in crypto investing strategies, focusing on momentum and market dynamics. He discusses the evolution of cryptocurrency, comparing it to the tech transitions from Web1 to Web2. Drogen highlights the shifting role of Bitcoin and Ethereum, emphasizing the importance of systematic strategies for navigating volatility. With co-host Kai Wu, they delve into market-neutral DeFi approaches and the changing behavior of venture capitalists in the crypto landscape.

Aswath Damodaran, Professor of Finance at NYU and the 'Dean of Valuation,' shares his unique investment philosophy. He reveals why he avoids bonds in favor of equity appreciation and discusses the importance of lifecycle diversification. Aswath dives into risk management, position sizing, and when to cut losses or trim winners. He also touches on alternative assets, international exposure, and how personal values shape spending habits, all while balancing the art and science of investing.

In this engaging discussion, Nick Maggiulli, author of Just Keep Buying and The Wealth Ladder, introduces his six-level framework for building wealth. He tackles concepts like "grocery freedom" and the challenges of moving between wealth levels. Nick emphasizes that upward mobility is tricky, sharing strategies for increasing your net worth, from focusing on education to smart investing. He also addresses the risks of ego and the importance of diversification as wealth grows, offering listeners practical insights for financial success.

In this discussion, Kai Wu of Sparkline Capital sheds light on Warren Buffett's significant evolution as an investor. Kai explores how Buffett transitioned from valuing tangible assets to recognizing the power of intangible ones like brand equity and intellectual property. He highlights the surprising fact that Buffett often invests in high price-to-book stocks, rarely buying below book value. Additionally, Kai explains how quantitative methods can help replicate Buffett's successful strategies, emphasizing the future importance of intangible value in investing.

Sam Stovall, the Chief Investment Strategist at CFRA and author of The Seven Rules of Wall Street, delves into crucial investing principles grounded in historical data. He highlights the predictive power of January market trends and discusses the merits of momentum investing versus mean reversion. The conversation covers effective sector strategies, the viability of traditional portfolios in today’s climate, and the emotional challenges of investing. Stovall emphasizes the importance of disciplined investment approaches and offers insights into client behavior amidst market volatility.

Grant Williams, a financial expert and writer, shares his insights on navigating today's rapidly shifting market landscapes. He discusses the 'Hundred Year Pivot' as a significant turning point reshaping global economics and societal values. The conversation delves into the implications of the freezing of Russian assets and the increasing trend of central banks investing in gold. Williams also critiques the 'buy the dip' mentality, emphasizing the return to capital preservation and the importance of community and trust in an evolving financial ecosystem.

Dan Rasmussen from Verdad Advisors joins Kai Wu, guest host from Sparkline Capital, to dissect the hidden perils of private equity. A seasoned critic of this asset class, Rasmussen argues that illiquidity and stale pricing can lead to misallocated capital. They discuss the breakdown of the Yale model and the stark decline in private equity distributions, touching on the allure of small-cap value as an alternative. The conversation also explores potential opportunities in biotech and the impact of AI on economic dynamics.

Macro strategist Darius Dale, from 42 Macro, dives into the significant shifts affecting today's markets. He discusses the Fourth Turning's implications on fiscal dominance and income inequality. Dale explains his innovative market regime model, Dr. Mo, which adapts to risk effectively. With insights on inflation, tariffs, and AI, he outlines the KISS portfolio strategy that has outperformed the traditional 60/40 model. Despite chaos, Dale maintains a structurally bullish long-term outlook, urging both retail and institutional investors to navigate these turbulent times wisely.