Excess Returns

The debate on international diversification vs. U.S. dominance unfolds among ten investing experts. They tackle what international exposure really means in today’s interconnected market. Explore the risks of relying solely on U.S. stocks and the impact of currency fluctuations. Perspectives on passive investing reveal its role in global asset distribution. The conversation emphasizes the necessity of balancing international investments to align with personal risk tolerance and navigate the complexities of global markets.

Jacob Pozharny, a partner at Bridgeway Capital Management, dives into the world of intangible assets and their critical role in modern investment strategies. He explains how elements like intellectual property and brand value complicate traditional valuation metrics. Jacob highlights the growing importance of sentiment analysis for high-intangible companies and discusses the implications of AI on valuation methods. He also shares insights on long-short investing, the importance of humility in investing, and opportunities in international markets.

Bob Elliott, founder of Unlimited Funds, is on a mission to democratize hedge fund strategies through ETFs. In this chat, he unpacks the intriguing world of multi-strategy hedge funds, known as "pod shops," where portfolio managers collaborate yet operate independently. Bob discusses how these funds lure top talent and their unique fee structures. He also highlights the rise of ETFs as a competitive alternative and emphasizes the importance of efficiently managing risks and performance metrics in this evolving landscape.

Dan Rasmussen, founder of Verdad Advisers and author of "The Humble Investor," discusses compelling market insights. He explains why high bond yields may not equal high returns and the potential in undervalued international stocks. Dan explores how private equity performance hinges more on portfolio construction than manager skill. He highlights positive changes in Japanese corporate governance and assesses UK market valuations post-Brexit. With a focus on humility in investing, he challenges prevailing market assumptions, offering valuable perspectives for all investors.

Andrew Beer, managing over a billion dollars at Dynamic Beta Investments, dives into managed futures and their potential for portfolio diversification. He discusses the misconceptions surrounding these strategies and the challenge of getting investors on board despite their benefits. The conversation highlights the importance of clear communication, simplicity over complexity, and adapting to market conditions. Andrew also touches on the evolving ETF landscape and the role of AI in investment management, offering insights valuable to both professionals and individual investors.

In this discussion, finance expert Dave Nadig dives into the rise of passive investing and its effects on the markets. He explores why active strategies have faltered, leading to increased popularity in passive funds. The conversation delves into how index fund flows impact market dynamics and the potential risks of passive investing on stability. Nadig also addresses generational wealth transfers and the influence of investor behavior on market strategies, providing valuable insights for both individual and institutional investors.

Jim Paulsen, a veteran investment strategist and author of Paulson Perspectives, dives into the current market and economic landscape. He discusses how traditional recession indicators are failing us and why consumer confidence is surprisingly low. Paulsen emphasizes the Fed's unique actions and the evolving nature of market valuations, particularly due to technological advancements. His insights extend to the importance of Main Street sentiment, suggesting that everyday economic policies might hold more weight than major Federal decisions.

Cliff Asness, founder of AQR Capital Management and a leading voice on market efficiency, dives into the intriguing concept of the 'Less Efficient Market Hypothesis.' He discusses how social media and constant connectivity might be fueling market extremes. Through humor and insight, Asness explores the implications of passive investing and its distortion of market dynamics. He advises on the importance of intuition in factor investing, inflation's effects on markets, and shares valuable tips for individual investors navigating today's volatile landscape.

In this engaging discussion, Ben Hunt, a market analyst known for his deep insights, and Grant Williams, a financial author with a global perspective, tackle the post-election market landscape. They explore how trust, or the erosion of it, shapes market behaviors and investment philosophies. Key topics include the shift from wealth accumulation to preservation, the challenges in a speculation-driven environment, and the impact of inflation on trust in institutions. Their candid insights offer valuable perspectives for navigating today's complex financial terrain.

Join Kris Sidial, founder of the Ambrus Group, and Brent Kochuba, founder of Spot Gamma, as they dissect the intriguing world of volatility trading. Kris breaks down long volatility strategies and the psychological hurdles traders face during market chaos. They touch on the August 2023 volatility spike and the evolving derivatives market. With insights on retail trading dynamics and the importance of tail risk hedging, this discussion is a must-listen for anyone wanting to grasp the nuances of making money amid market turmoil.