Best Justin Carbonneau Podcasts (2025)

1
The One Factor That Explains the Struggles of Value, International and Small-Cap Stocks | Kai Wu 1:00:48

7h ago1:00:48

1:00:48

In this episode of Excess Returns, we sit down with Kai Wu, founder of Sparkline Capital, for a fascinating discussion about intangible value investing and its global applications. Kai shares his expertise on using machine learning and natural language processing to identify companies rich in intellectual property, brand equity, human capital, and …

1
Do You Really Need International Diversification? 10 Top Investors Debate 56:37

3d ago56:37

56:37

In this episode, we explore one of investing's most debated topics: international diversification. Through clips from 10 different investing experts, we examine whether U.S. investors truly need international exposure in their portfolios.Key topics include:What actually constitutes "international exposure" in today's interconnected marketsWhy U.S. …

1
The Unforecast Episode: Making Our 2025 Market Calls to Show Why Forecasting is a Waste of Time 1:00:32

3d ago1:00:32

1:00:32

We're back with our annual predictions episode, where we look back at our (surprisingly not terrible) 2024 market calls and make fresh predictions for 2025 (which will likely be very wrong). In this episode, we're embracing the humbling experience of market forecasting to prove to everyone (and ourselves) why market forecasting is a waste of time.Y…

1
Redefining Value Investing in a Magnificent Seven Dominated World | Jacob Pozharny 54:39

6d ago54:39

54:39

In this episode of Excess Returns, hosts Jack Forehand and Justin Carbonneau sit down with Jacob Pozharny, partner at Bridgeway Capital Management, to explore the increasingly important role of intangible assets in modern investing.Jacob breaks down what intangible assets are - from intellectual property and proprietary algorithms to brand value an…

1
Do You Really Need International Diversification? 10 Top Investors Debate 57:06

10d ago57:06

57:06

In this episode of "Two Quants and a Financial Planner," we explore one of investing's most debated topics: international diversification. Through clips from 10 different investing experts, we examine whether U.S. investors truly need international exposure in their portfolios.Key topics include:What actually constitutes "international exposure" in…

1
Inside the Secretive World of Pod Shops | Bob Elliott 57:37

14d ago57:37

57:37

In this episode of Excess Returns, hosts Justin and Matt sit down with Bob Elliott, founder of Unlimited Funds, to explore the fascinating world of multi-strategy hedge funds, also known as "pod shops." Bob breaks down how these complex investment vehicles work, discussing their unique structure where multiple portfolio managers operate independent…

1
Practical Lessons from Andy Constan | Bridgewater, Macro Pillars and Navigating Deleveragings 1:00:54

16d ago1:00:54

1:00:54

Join Matt Zeigler and Jack Forehand as they break down some of the most insightful frameworks from our interviews with macro thinker Andy Constan. Drawing from multiple conversations with Andy, they explore:Andy's experience at Bridgewater Associates and their fascinating approach to systematic investingThe four pillars of macro analysis that help …

1
Dispelling Big Investing Myths | Dan Rasmussen 55:17

21d ago55:17

55:17

In this episode of Excess Returns, Jack Forehand and Justin Carbonneau sit down with Dan Rasmussen from Verdad Advisers to discuss his firm's top research pieces from the past year. They explore several fascinating market insights, including:Why high bond yields don't necessarily translate to high returnsThe dramatic outperformance of U.S. markets …

1
10 Great Investors Share Their Most Important Lesson 58:06

24d ago58:06

58:06

We ask one question at the end of each of our episodes:Based on your experience in markets, if you could teach one lesson to your average investor, what would it be? In this episode, we discuss our favorite answers from our guests in 2024. Featuring insights from:Jim Paulsen on understanding your true impact as an investorCliff Asness on the import…

1
Why Most Investors Won't Buy the Best Diversifier | Andrew Beer on Managed Futures 1:07:01

28d ago1:07:01

1:07:01

In this episode of Excess Returns, hosts Justin and Jack sit down with Andrew Beer of Dynamic Beta Investments to explore the fascinating world of managed futures and alternative investment strategies. Andrew, who manages over a billion dollars in assets, shares valuable insights on why managed futures remain underutilized despite their proven bene…

1
What the Rise of Passive Investing Means for Your Portfolio | Special Guest: Dave Nadig 1:04:07

1M ago1:04:07

1:04:07

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:W…

1
Practical Lessons from Ben Carlson 48:58

1M ago48:58

48:58

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 extr…

1
The Most Misunderstood Bull Market Ever | Jim Paulsen 1:05:09

1M ago1:05:09

1:05:09

In this episode of Excess Returns, we sit down with veteran investment strategist Jim Paulsen to discuss the current market landscape and economic outlook. Paulsen, author of Paulson Perspectives on Substack, shares unique insights on why traditional recession indicators have failed, how Main Street sentiment impacts markets, and why he remains opt…

1
What the Rise of Passive Investing Means for Your Portfolio | Special Guest: Dave Nadig 1:04:16

1M ago1:04:16

1:04:16

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:W…

1
Bigger Extremes, Better Returns | Cliff Asness on the "Less Efficient Market Hypothesis" 1:15:57

1M ago1:15:57

1:15:57

In this episode of Excess Returns, we sit down with AQR founder Cliff Asness for a fascinating discussion about market efficiency, behavioral finance, and the future of quantitative investing. In this wide-ranging conversation, we explore Cliff's recent paper "The Less Efficient Market Hypothesis" and discuss why markets might actually be becoming …

1
The Six Most Controversial Takes from Excess Returns in 2024 57:21

2M ago57:21

57:21

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 …

1
Making Sense of Markets in a Post Election World | Grant Williams and Ben Hunt 1:09:51

2M ago1:09:51

1:09:51

In this episode of Excess Returns, Matt Zeigler is joined by Ben Hunt and Grant Williams for a candid discussion of the 2024 post-election landscape and its implications for markets. The guests explore how trust, or lack thereof, shapes both political and market narratives, examining the transformation of capital markets into what they describe as …

1
Practical Lessons from Cullen Roche 53:36

2M ago53:36

53:36

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 horizonsThe Fed as Chuck Norris - Why the threat of Fed action can be more powerful than the action itselfQE vs Fiscal Stim…

1
Making Money from Market Chaos | Inside the Volatility World with Kris Sidial 1:06:42

2M ago1:06:42

1:06:42

In this episode of Excess Returns, Jack Forehand and special guest host Brent Kochuba dive deep into the world of long volatility and tail risk strategies with Kris Sidial, founder of the Ambrus Group. Kris shares invaluable insights from his experience managing volatility-focused strategies and navigating major market events.🔑 Key Topics Covered:H…

1
Practical Lessons from Tobias Carlisle | Value Investing, Buffett and the Importance of Survival 53:18

2M ago53:18

53:18

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 …

1
A Deep Dive into Micro-Cap Investing | Ian Cassel 59:13

2M ago59:13

59:13

In this episode of Excess Returns, we sit down with Ian Cassel, founder of MicroCap Club and Intelligent Fanatics Capital Management. We explore the fascinating world of microcap investing, where Ian shares his expertise in finding and investing in ultra-small public companies.We dive deep into Ian's investment philosophy, discussing how he identif…

1
Practical Lessons from Meb Faber | Dividends, Trend Following and a Timeless Asset Allocation 48:29

2M ago48:29

48:29

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.W…

1
The Practical Implications of the Rise of Passive Investing | Mike Green 51:15

2M ago51:15

51:15

In this episode, we are joined by Simplify Asset Management's Mike Green. We build on our previous episodes with Mike where we discussed his research on the impact of passive investing on the market and focus on its practical implications and how it impacts how investors construct their portfolios. We discuss the types of equity strategies that wou…

1
Practical Lessons from Rob Arnott 58:12

2M ago58:12

58:12

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…

1
An Evidence-Based Look at the Struggles of Value Investing | Larry Swedroe 1:07:44

3M ago1:07:44

1:07:44

In this episode of Excess Returns, we sit down with Larry Swedroe to tackle some of the most pressing issues in investing today.We dive deep into topics that are on many investors' minds, including:Is value investing still effective in today's market?How is the rise of passive investing impacting market efficiency?Should we be concerned about marke…

1
Practical Lessons from Jerry Parker 56:05

3M ago56:05

56:05

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 challeng…

1
15 Ways to Lose Money in Markets | Ben Carlson 46:14

3M ago46:14

46:14

In this episode of Excess Returns, we sit down with Ben Carlson, Director of Institutional Asset Management at Ritholtz Wealth and author of the popular investing blog "A Wealth of Common Sense." We discussed his insightful article "15 Ways to Lose Money in the Markets," which outlines major mistakes investors make and how to avoid them.We explore …

1
Practical Lessons from Guy Spier 58:23

3M ago58:23

58:23

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 s…

1
Investing in a Flows Driven World | Cem Karsan 1:09:50

3M ago1:09:50

1:09:50

In this episode of Excess Returns, we welcome back Cem Karsan of Kai Volatility Advisors for an in-depth discussion on the current state of markets and the global economy. We explore:- How geopolitical events in the Middle East and Ukraine are impacting markets and risk- Cem's views on inflation, recent Fed actions, and market flows- The impact of …

1
Practical Lessons from Chris Davis 1:01:08

3M ago1:01:08

1:01:08

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 …

1
What Investors Can Learn from a Year-Long Trading Experiment | Brent Donnelly 1:02:30

3M ago1:02:30

1:02:30

In this episode, Matt sits down with Brent Donnelly, author of "50 Trades in 50 Weeks: One Year of Good Ideas, Dumb Mistakes, and Timeless Trading Lessons". Brent spent close to a year conducting a unique experiment where he created and executed one unique trade every week across a wide variety of markets and asset classes. We discuss what he learn…

1
Practical Lessons from Michael Mauboussin 1:01:49

3M ago1:01:49

1:01:49

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 …

1
What Regular Investors Need to Know About Options Flows | Brent Kochuba 1:03:49

4M ago1:03:49

1:03:49

In this episode, we dive deep into the world of options and their impact on market dynamics. We start with an "Options Dealer Flows 101" primer, explaining key concepts like delta hedging, gamma, charm, and vanna to help viewers understand how options flows can drive stock prices.We then analyze the current market situation heading into the Septemb…

1
Quality and Low Volatility: The Factors That Get No Respect 1:00:10

4M ago1:00:10

1:00:10

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 …

1
The Case for a Roaring 2020s | Ed Yardeni 1:01:59

4M ago1:01:59

1:01:59

In this episode of Excess Returns, we sat down with Ed Yardeni, president of Yardeni Research and YardeniQuickTakes.com. Ed is one of the most accurate and respected Wall Street strategists, and we were excited to discuss his views on the economy, markets, and forecasting. We covered a wide range of topics, including:Ed's outlook for inflation and …

1
Practical Lessons from Aswath Damodaran 1:03:19

4M ago1:03:19

1:03:19

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 dangerousThe evolving landscape of active vs passive investingChallenges facing factor investingThe critical role of storytelling in valuationHow AI and 'personal …

1
The Harsh Truth About Investing Edge with Adam Butler 1:20:27

4M ago1:20:27

1:20:27

In this episode of Excess Returns, we sit down with our good friend Adam Butler, co-founder and Chief Investment Officer of ReSolve Asset Management. We cover a lot of ground, including: The challenge of distinguishing investment edge from noise over typical investing lifetimesThe concept of return stacking and how it allows investors to increase p…

1
The Case Against Value Investing 1:02:32

4M ago1:02:32

1:02:32

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 investingWhether too many investors have adopted value strategiesHow narrative-drive…

1
Value Investing in a Changing World with Aswath Damodaran 1:09:25

4M ago1:09:25

1:09:25

In this episode of Excess Returns, we sat down with NYU professor Aswath Damodaran to discuss his new book on the corporate life cycle and get his insights on a wide range of investing topics.We cover:- How companies age and why they struggle to act their age- The importance of storytelling in valuation- Aswath's thoughts on factor investing and it…

1
Our Guests Gave Us 119 of Their Most Important Investing Lessons: We Give You Our Favorite 12 1:11:43

4M ago1:11:43

1:11:43

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 …

1
Challenging "Stocks for the Long Run" with Jason Buck 1:01:49

4M ago1:01:49

1:01:49

In this episode of Excess Returns, we sit down with Jason Buck of Mutiny Funds to examine the idea of stocks for the long run and some potential challenges to it. We discuss:- Why the impressive historical returns of the US stock market may be an outlier- The importance of looking at real returns vs nominal returns- How to build a diversified portf…

1
10 Common Misconceptions About Factor Investing 1:02:39

5M ago1:02:39

1:02:39

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 wit…

1
The Mechanics of Deleveragings - And Where the Current One Fits In | Andy Constan 1:02:31

5M ago1:02:31

1:02:31

In this episode of Excess Returns, we welcome back Andy Constan, founder of DampedSpring . We cover a wide range of topics, including recent market volatility, the broader economic outlook, and Andy's perspectives on inflation and monetary policy. Andy shares his framework for analyzing deleveraging events, emphasizes the importance of thinking in …

1
Inside the Recent Market Volatility | What You Need to Know to Navigate It 59:54

5M ago59:54

59:54

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 con…

1
Challenging Conventional Investing Beliefs with Meb Faber 58:30

5M ago58:30

58:30

In this episode of Excess Returns, we sit down with Meb Faber, founder of Cambria Investment Management, to discuss his unconventional views on investing that often go against mainstream opinions. We explore a wide range of topics, including the Federal Reserve's performance, dividend investing strategies, international diversification for U.S. inv…

1
Lessons from Jack Schwager | 10 Things Long-Term Investors Can Learn from History's Best Traders 1:06:31

5M ago1:06:31

1:06:31

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 strate…

1
A Safety First Retirement | The 4% Rule and Managing Sequence of Returns Risk with Wade Pfau 1:02:50

5M ago1:02:50

1:02:50

In this episode of Excess Returns, our good friend Matt Ziegler interviews retirement planning expert Wade Pfau. They discuss key concepts in retirement income planning, including the 4% rule, variable withdrawal strategies, and Pfau's "safety first" approach. They discuss Wade's work on retirement income styles and the RISA (Retirement Income Styl…

1
What You Need to Know About Momentum Investing | Six Experts Help Us Understand the Basics 54:13

5M ago54:13

54:13

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 in…

1
Value Investing, the Mag 7 and Making Sense of a Changing Market with Tobias Carlisle 1:02:01

5M ago1:02:01

1:02:01

In this episode of Excess Returns, we take a deep dive into value investing with our good friend Tobias Carlisle. We discuss the recent outperformance of small cap and value stocks, tackle the challenges of long periods of underperformance for value strategies, and examine how Tobias constructs his portfolios. We delve into his process for selectin…

1
Practical Alternatives to the 60-40 Portfolio 1:01:33

6M ago1:01:33

1:01:33

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…

Podcasts Worth a Listen

Justin Carbonneau Podcasts

Podcasts Worth a Listen

Quick Reference Guide