Two Quants and a Financial Planner

In this episode of Two Quants and a Financial Planner, we explore the timeless investing wisdom of Ben Carlson. We break down several crucial investing concepts, including why investors shouldn't blindly follow billionaires' market moves, the importance of finding an investment strategy you can stick with, and why the market rarely operates at extremes despite what headlines might suggest. We exam...

In this episode, Jack Forehand and Matt Zeigler dive deep into one of the most debated topics in modern finance with special guest Dave Nadig. This episode explores how passive investing has transformed markets, featuring insights from leading experts including Mike Green, Aswath Damodaran, Rick Ferri, Rob Arnott, and Cliff Asness. Key discussions: Why active investing's poor performance led to pa...

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....

In this episode, we look at the biggest lessons we have learned from Cullen Roche, one of our most frequent and insightful guests. We cover: "All Duration Investing" - Cullen's framework for matching investments to specific time horizons The Fed as Chuck Norris - Why the threat of Fed action can be more powerful than the action itself QE vs Fiscal Stimulus - Understanding why QE wasn't inflationar...

In this episode, we sit down for a deep dive into lessons from value investor Tobias Carlisle, exploring several key insights from our conversations with him over the years. In this Halloween-themed episode (complete with plenty of Reese's cups), we break down Toby's perspectives on what makes an ideal business, the critical importance of survival in investing, portfolio concentration vs diversifi...

In this episode, we dive into our conversations with Meb Faber, analyzing some of his most interesting takes on investing and wealth management. We explore several clips from our interviews where Meb shares perspectives that often challenge conventional wisdom, including his thoughts on dividend investing, trend following, and the Federal Reserve. We discuss: - The limitations of dividend-focused...

In this episode of Two Quants and a Financial Planner, we dive deep into the insights we've gained from our conversations with investing legend Rob Arnott. We explore Rob's unique perspectives on identifying market bubbles, the challenges facing value investors in today's market, and how the rise of passive investing is reshaping market dynamics. We break down Rob's thoughts on the power of narrat...

In this episode, we dive deep into the world of trend following with legendary trader Jerry Parker. We explore key insights from our previous interviews with Jerry on Excess Returns, discussing his experiences as one of the original Turtle Traders and how his approach has evolved over time. We cover several important topics, including: - The challenges of sticking to a trading system, even when yo...

In this episode of Two Quants and a Financial Planner, we dig into the biggest lessons we learned from investing legend Guy Spier. Drawing from our extensive interview with Guy, we explore key insights that can benefit investors at all levels. We discuss: - The importance of learning from mistakes early in your career - Aligning your inner and outer self for authenticity and success - The power of...

In this episode of Two Quants and a Financial Planner, we dive deep into the investing wisdom of Chris Davis, exploring eight valuable lessons from our interview with this renowned investor. We break down Chris's insights on behavioral finance, the power of inversion in decision-making, the challenges of holding winning positions, and the pitfalls of blindly imitating successful strategies. We dis...

In this episode of Two Quants and a Financial Planner, we dive deep into the investing wisdom of Michael Mauboussin, one of the most respected thinkers in finance. We revisit our interview with Michael and distill 10 key lessons that are still incredibly relevant for investors today. We explore crucial concepts like: The difference between investing and speculating Understanding expectations inves...

In this episode of Two Quants and a Financial Planner, we dive deep into the world of quality and low volatility factors in investing. We explore how these factors work, their academic foundations, and their practical applications in portfolio construction. We discuss the definitions of quality and low volatility, examining how they're measured and why they can be valuable additions to investm...

In this episode, we dive into key lessons from our recent Excess Returns interview with valuation expert Aswath Damodaran. We unpack Damodaran's insights on: Why dogma in investing can be dangerous The evolving landscape of active vs passive investing Challenges facing factor investing The critical role of storytelling in valuation How AI and 'personal bots' might reshape investing careers Focusin...

In this episode, we tackle a question that is on many investor's minds: Is value investing dead? We explore various arguments for and against value investing's continued relevance in today's market. We discuss: The impact of low interest rates and Fed policy on value investing Whether too many investors have adopted value strategies How narrative-driven markets affect value investing T...

We ask all our guests on Excess Returns one closing question: If you could teach one lesson to the average investor, what would it be? In this episode of Two Quants and a Financial Planner, we compile and discuss the most impactful answers we have received to it. We break down valuable insights on investing and financial planning from experts like Michael Mauboussin, Rick Ferri, Bob Elliott, Andy...

In this episode, we explore common misconceptions about factor investing. We discuss why factors aren't less risky than the market, the challenges of diversification, and why adding more factors isn't always beneficial. We emphasize the importance of long-term perspectives when evaluating factor performance and the need for strategies to evolve with changing markets. We also touch on the e...

In this episode, we dive into recent market volatility and its implications for investors. We examine several intriguing charts highlighting unusual market behavior, including significant VIX spikes and their historical context. We discuss the importance of understanding market mechanics while maintaining a long-term perspective. Throughout our conversation, we emphasize key lessons for navigating...

In this episode, we dive into lessons long-term investors can learn from our interview with Jack Schwager, author of the Market Wizards series. Drawing on Schwager's insights, we explore ten key takeaways that can benefit long-term investors, including why trading is not for everyone, the importance of learning from failure, and how to pivot strategies when markets change. We discuss Schwager&...

In this episode, we dive deep into momentum investing, bringing you insights from some of the smartest investors we know. We explore the fundamentals of momentum, breaking down its types and examining the academic research that supports its effectiveness. We discuss why momentum works, looking at behavioral explanations and comparing it to other investment factors. We also share ways to enhance mo...

In this episode, we dive deep into practical alternatives to the traditional 60/40 portfolio. We explore various approaches like the Permanent Portfolio, risk parity and return stacking and take a detailed look at how we build alternative portfolios for our clients. We also examine Nomadic Samuel's innovative work on building diversified portfolios using new ETF products. Throughout our conver...

In this episode, we dive into the key takeaways from our recent interview with Mike Green of Simplify. We explore several important lessons, including the need to be open-minded about new ideas in investing, the potential unintended consequences of passive investing, and the importance of looking beyond market aggregates. We discuss how these concepts apply to the average investor and what they me...

In this episode, we take a look back at the first half of 2024 and examine some surprising trends in the economy and markets. We discuss how inflation has remained stickier than many expected, but wage growth has actually outpaced inflation for many workers. We analyze the extreme concentration of returns in the stock market, with a small number of large tech companies driving most of the gains wh...

In this episode, we dive into the key lessons from our recent conversation with Rick Ferri on the Excess Returns podcast. We explore Rick's approach to simple, low-cost investing and discuss how his insights apply to various investment strategies, including factor investing. We cover topics such as favoring simplicity, the enduring relevance of the 60/40 portfolio, the importance of fees, and...

In this episode, we explore the 4% rule for retirement withdrawals, discussing its origins, applications, and limitations. We delve into the importance of considering individual circumstances, market conditions, and the ability to adjust withdrawal rates over time. We also discuss the challenges of unsustainable withdrawal rates and the balance between sustaining one's lifestyle and leaving mo...

In this episode of the podcast, we dive into the world of backtesting investment strategies. We discuss the importance of approaching backtests with a healthy dose of skepticism, as it's easy to create a backtest that looks impressive but may not hold up in the real world. We explore various questions to ask when evaluating a backtest, such as whether it accounts for human emotions, has a soun...