Excess Returns

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.

Ian Cassel, founder of MicroCap Club and Intelligent Fanatics Capital Management, dives deep into the fascinating realm of microcap investing. He discusses his strategy for identifying promising small companies and highlights the importance of exceptional management teams. Listeners gain insights into the concept of 'intelligent fanatics' and learn about key filters like profitability and management quality. Cassel also shares strategies for position sizing and the benefits of turnover in microcap portfolios, offering valuable tips for both new and seasoned investors.

Mike Green, from Simplify Asset Management, is a leading expert on passive investing and its market implications. He delves into how passive strategies influence investor behavior and market dynamics, challenging traditional metrics of stock liquidity. The conversation highlights monopolistic tendencies among major firms and the risks of rigid portfolio structures relying on historical data. Green also discusses how to navigate portfolio volatility and adjust expectations in light of potential market downturns, offering valuable insights for modern investors.

Larry Swedroe, a renowned author and financial expert, shares his insights on value investing and market trends. He questions the effectiveness of value investing today, especially amid passive investing's rise. The discussion covers the importance of international diversification and the risks of market concentration. Swedroe emphasizes the long-term view and warns against recency bias while exploring alternatives like private credit. He also touches on how AI is reshaping research and trading strategies in the investing landscape.

Ben Carlson, Director of Institutional Asset Management at Ritholtz Wealth and author of 'A Wealth of Common Sense', shares his expertise on investing mistakes. He discusses the risks of market timing and the pitfalls of following celebrity investors. The importance of long-term strategies shines through as he advises against selling during bear markets and overreacting to short-term volatility. Ben emphasizes the need for a tailored investment approach, valuing disciplined strategies over chasing trends.

Cem Karsan, a financial expert from Kai Volatility Advisors, shares insights on how current geopolitical tensions in the Middle East and Ukraine are shaping market risk. He discusses the influence of inflation, Fed policies, and the evolving role of options trading in managing volatility. Cem also examines historical election patterns and their implications for markets, critiques the rise of passive investing, and explores AI’s impact on productivity and investment strategies. His perspectives illuminate the complex interplay of today’s market dynamics.

Brent Donnelly, author and trading expert, shares insights from his year-long experiment of executing a unique trade each week. He discusses key lessons on the psychological resilience needed for trading and the importance of adapting strategies as markets evolve. Brent emphasizes understanding the interplay between market prices and narratives, and how cognitive biases can impact decisions. He also highlights the unpredictability of trade outcomes and the necessity for robust risk management and performance tracking to achieve long-term trading success.

Brent Kochuba, an expert in options and market dynamics, reveals the intricate world of options flows and their far-reaching impact on stock prices. He breaks down key concepts like delta hedging and their influence during major events, particularly Nvidia's actions. The discussion navigates the importance of understanding options even for long-term investors, highlighting market volatility and shifts in bond-equity correlations. With insights into the September 2024 expiration and the aftermath of Federal Reserve announcements, Kochuba provides crucial strategies for navigating today's unpredictable market landscape.

In this discussion with Ed Yardeni, president of Yardeni Research, hear insights from one of Wall Street's most respected strategists. He predicts a potential 'Roaring 20s' for the stock market and shares his views on inflation, Fed rate cuts, and the economic impact of AI. Yardeni explains the underperformance of value stocks compared to growth and emphasizes the need for a diversified portfolio. He also highlights the political climate's influence on market strategies, advocating for adaptability in investment approaches.

In this engaging discussion, Adam Butler, co-founder and Chief Investment Officer of ReSolve Asset Management, shares his insights on the complex world of investing. He addresses how to differentiate investment edge from market noise and delves into the innovative concept of return stacking for portfolio diversification. Adam explores the implications of passive investing flows and shares his thoughts on AI's role in enhancing productivity. With his extensive background in quantitative investing, he provides a fresh perspective on navigating today's challenging market dynamics.