Excess Returns
Excess Returns
Aug 16, 2020
Interview: A Conversation about Buffett, Berkshire & High-Quality Shareholders w/ Professor Lawrence Cunningham
52 min

In this episode, we are joined by Lawrence Cunningham. He is a professor at George Washington University and one of the world's leading experts on Warren Buffett. He is also the author of many excellent investing books including "Dear Shareholder", "The Essays of Warren Buffett", "Quality Investing", and the upcoming "Quality Shareholders: How the Best Managers Attract and Keep Them".  

We discuss a wide range of topics, including:

- the key traits that have led to Warren Buffett's long-term success 

- the characteristics of a quality shareholder and what companies can do to attract and keep them 

- the impact of the rise of passive investing on corporate governance

- the most important attributes that can help to identify quality companies and whether they can be quantified. 

We hope you enjoy the discussion. 




Excess Returns is an investing podcast hosted by Jack Forehand (@practicalquant) and Justin Carbonneau (@jjcarbonneau), partners at Validea. Justin and Jack discuss a wide range of investing topics including factor investing, value investing, momentum investing, multi-factor investing, trend following, market valuation and more with the goal of helping those who watch and listen become better long term investors.











LinkedIn: https://www.linkedin.com/in/jack-forehand-8015094



LinkedIn: https://www.linkedin.com/in/jcarbonneau

This Week in Intelligent Investing
This Week in Intelligent Investing
MOI Global
Questions to Ask CEOs | Industry Research | Hindsight Bias and Overconfidence
In this episode, John Mihaljevic hosts a discussion of: Questions to ask management; doing industry research: Elliot Turner responds to a listener question on the investment research process -- how to talk to management teams, how to utilize industry experts, and how to develop industry-specific knowledge. We discuss some of our favorite questions for CEOs and how we try to get smarter on various industries. Hindsight bias and overconfidence: Phil Ordway observes that the exuberant market environment has led many investors to become overly confident, thereby displaying both hindsight bias and unwarranted certainty about the future. We discuss some of the causes and pitfalls of overconfidence and the need to maintain a common-sense approach to investing. Enjoy the discussion! The content of this podcast is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this podcast. The podcast participants and their affiliates may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated on this podcast.
53 min
The Intelligent Investing Podcast
The Intelligent Investing Podcast
Eric Schleien
#127: I wrote a book! | Principles of Power: The Art & Wisdom of Badassery
My New Book After 7 years in the making, my book Principles of Power has been released! ***THIS WEEK ONLY*** CYBER MONDAY SALE.... 90% off the Kindle Book...just 0.99 cents :) Summary "Principles of Power can be related to as an advanced Coaching Handbook for Leaders. If you are a leader, an aspiring leader, a coach, consultant, or program facilitator, this book is designed for you. The material is delivered inside of a modern leadership context of service and contribution. Eric features many partnerships in Principles of Power. His inclusion of useful quotes from Warren Buffett, Charlie Munger, Werner Erhard, Nassim Taleb, Seth Godin, and many other leaders attests to the thinking and the research that went into the writing of this book. It is now undeniable that the understanding and implementation of powerful Listening, authentic Relationship, and a recognizable Permission to Lead, are cardinal distinctions of effective leadership. The word, ’cardinal’ has a Latin root and means ‘hinge’ – like a hinge on a gate. So, like a hinge, cardinal distinctions are connected to every nuance of leadership. You will see these distinctions in action in the background of Eric’s many leadership conversations. Authentic Relationship, for example, is essential to the effectiveness and empowerment of the participants and the leader. If authentic Relationship is missing, any outcome or result devolves to the result of domination or force, and is not an outcome of effective leadership. Consider this: Leadership is granted by the permission of those being led. Take a moment and allow that to sink in.The job of the leader is that of an environmentalist, providing the space for people to collaborate, flourish, and create. These two different activities, management and leadership are often commingled, especially in business schools and in the workplace. They are distinct and operate under different rules and measures. It’s like Checkers and Chess – Same game board, different games with different rules and outcomes. Disentangling and distinguishing the two arenas of activity grants power to both managers and leaders. So, the fundamental exercise of listening for people’s greatness is in the background of every sentence in this book. And there is much more… Principles of Power is strongly influenced by the transformational work of Werner Erhard. Much of the author’s thinking is also grounded in the classic distinctions of Tribal Leadership and the thinking of Warren Buffett and his partner, Charlie Munger. Those, plus Eric’s own extensive practical experience renders Principles of Power to be an extremely useful ‘go-to’ resource, filled with useful, implementable information, sprinkled liberally with memorable quotations from intelligent diverse sources – all apt and worth adding to YOUR leadership lexicon."- John King, co-author of Tribal Leadership ABOUT ERIC SCHLEIEN Over the past decade, Eric has trained thousands of individuals including board members of public companies as well as several Fortune 500 CEOs. Eric specializes in organizational culture and has become a leading authority on organizational culture in the investment industry. Eric has been investing for 15 years and has been using breakthrough coaching methodologies for over a decade. Eric had the insight to combine proven coaching methodologies with shareholder activism techniques to create an entirely new model for shareholder activism that was more reliable and created greater sustainable results in a rapid period of time. On average, Tribal Leadership produces a 3-5x increase in profits of culturally troubled companies within an average of 24 months or less. Eric currently resides in Philadelphia, PA. HELP OUT THE PODCAST If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page! You can subscribe to the podcast on the following platforms: * Apple Podcasts * Stitcher * TuneIn * Spotify * Podbean * iHeart Radio * YouTube CONTACT ERIC SCHLEIEN Facebook | LinkedIn | Twitter | YouTube | GSCM | Instagram Email: IntelligentInvesting@gmail.com
13 min
Value Investing with Legends
Value Investing with Legends
Columbia Business School
Howard Marks - Successful Investing Through Buying Things Well
The most successful investors combine a profound analytical understanding of financial markets and the economy at large with the ability to act on those ideas. My guest today has these two attributes in spades. Today’s conversation is with Howard Marks, the Co-Founder and Co-Chairman of Oaktree Capital Management, which is one of the largest credit investors in the world and certainly the largest investor in distressed securities. Howard started his career at Citicorp as an equity research analyst and then Director of Research, Vice President, and Senior Portfolio Manager overseeing convertible and high yield debt. After leaving Citicorp, he moved to The TCW Group, where once again, he was responsible for investments in distressed debt, high yield bonds, and convertible securities. In 1995 he and another group of partners from TCW founded Oaktree, where he remains today. Howard is known for his penetrating mind and his memos are a must-read for any serious student of the market and I can’t think of anyone better than him to discuss the many complexities of markets and the economy of today. On this episode, Howard and I discuss how he ended up in the high yields space, why running research at Citicorp was a low point in his career, the concept of “efficientization”, why Graham and Dodd called bond investing a negative art, why complexity and early adoption are your friends, the dominant challenge for investors today, Howard’s prolific writing, and so much more! Key Topics: * Howard’s early life from working adding machines in an accounting office to studying finance at university (3:30) * How Howard ended up working at Citicorp for his first job out of school (5:39) * Why running research at Citicorp was an extremely unsatisfactory role for Howard (7:25) * Howard’s involuntary transition from analyst into the high yield space (9:01) * The big difference between the market being efficient and being right (11:37) * The concept of “efficientization” (13:14) * Two main causes of mistakes in the market? (14:04) * Howard’s holy grail in investing (15:12) * Why Howard doesn’t use macro forecasting in his decision making (17:24) * The dawn of the high yield bond era (18:55) * Different approaches to the analysis of equities versus high yield bonds (20:07) * Why Graham and Dodd called bond investing a negative art (21:03) * Howard’s early days at The TCW Group (23:18) * Complexity and early adoption as an investor’s friends (24:53) * Why you must work at a firm that is in alignment with your investment philosophy (28:05) * Howard’s love for writing (31:49) * Using memos to shape the company culture (33:30) * Why you should analyze your winners (34:47) * The “I know” school versus the “I don’t know” school (36:01) * The dominant challenge for investors today (38:46) * What Howard thinks is behind consistently low yields (42:13) * What surprises me about the politics of populism and financial markets (46:43) * The rise of populism as a response to the shifting beliefs of the working class (48:16) * And much more! Mentioned in this Episode: * Oaktree Capital Management * Memos from Howard Marks * Howard Marks’ Book | The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor * Benjamin Graham & David Dodd’s Book | Security Analysis * Howard Marks’ Memos: * * Us and Them * Coming into Focus * Mysterious * Economic Reality * Political Reality * Political Reality Meets Economic Reality Thanks for Listening! Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at valueinvesting@gsb.columbia.edu. Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!
53 min
The Acquirers Podcast
The Acquirers Podcast
Tobias Carlisle
Smart Money: Steve Clapham on forensic accounting for hedge funds with Tobias Carlisle on The Acquiers Podcast
Stephen Clapham, the forensic accounting expert and founder of Behind the Balance Sheet, on his new book The Smart Money Method: How to pick stocks like a hedge fund pro  Stephen Clapham runs Behind the Balance Sheet https://www.behindthebalancesheet.com/  Stephen's Twitter account: https://twitter.com/steveclapham ABOUT THE PODCAST Hi, I'm Tobias Carlisle. I've launched a new podcast called The Acquirers Podcast. The podcast is about finding undervalued stocks, deep value investing, hedge funds, activism, buyouts, and special situations. We uncover the tactics and strategies for finding good investments, managing risk, dealing with bad luck, and maximizing success. SEE LATEST EPISODES https://acquirersmultiple.com/podcast/ SEE OUR FREE DEEP VALUE STOCK SCREENER https://acquirersmultiple.com/screener/ FOLLOW TOBIAS Firm: https://acquirersfunds.com/ Website: https://acquirersmultiple.com/ Twitter: https://twitter.com/Greenbackd LinkedIn: https://www.linkedin.com/in/tobycarlisle Facebook: https://www.facebook.com/tobiascarlisle Instagram: https://www.instagram.com/tobias_carlisle ABOUT TOBIAS CARLISLE Tobias Carlisle is the founder of The Acquirer’s Multiple®, and Acquirers Funds®. He is best known as the author of the #1 new release in Amazon’s Business and Finance The Acquirer’s Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, the Amazon best-sellers Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014) (https://amzn.to/2VwvAGF), Quantitative Value: A Practitioner’s Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012) (https://amzn.to/2SDDxrN), and Concentrated Investing: Strategies of the World’s Greatest Concentrated Value Investors (2016) (https://amzn.to/2SEEjVn). He has extensive experience in investment management, business valuation, public comp
54 min
The Rational Reminder Podcast
The Rational Reminder Podcast
Benjamin Felix & Cameron Passmore
Dr. Brian Portnoy and Josh Brown: Beyond the Orthodoxy - How Financial Pros Invest (EP.126)
Dr. Brian Portnoy and Josh Brown’s book How I Invest My Money, captures the stories and investment strategies of 25 top financial advisors. The book highlights that while there are established dogmas that tell you how and why you ought to invest, there is no ‘one-size-fits-all’ way to invest. Today we speak with Brian and Josh about the key insights that we can derive from their work. We open our conversation by exploring how they conceived and developed their book before talking about why fully rational investing is a myth. After diving into how we allocate money to solve our unique needs, Brian and Josh share how people use their portfolios to express themselves. We then discuss common investing themes in the book, including how most advisors have an aversion to debt, and how their experiences have guided their strategies and outlooks. From why we should place more value on social and human capital, we look into why financial planning has a profound impact on how you manage your investments. We touch on direct indexing, the relationship between money and happiness, and the unexpected yet incredible perspectives that came from giving advisors a license to tell their stories. Near the end of the episode, Brian and Josh reflect on how their book might have changed their views and how their work fits into their visions for the financial industry. Tune in to hear more on the usually secretive topic of how financial advisors invest their money. Key Points From This Episode: * Introducing Brian Portnoy and Josh Brown, authors of How I Invest My Money. [0:0:15] * Why we invest and reflections on commentary made by the Rational Reminder community. [0:02:58] * Josh shares his motivations for being transparent on where and how he invests. [0:05:25] * Hear about the genesis and subsequent development of Brian and Josh’s book. [0:07:19] * The common needs that individual investors have beyond getting a return. [0:10:18] * How the uniqueness of everyone’s life affects their investing decisions. [0:13:09] * Why there is no strict ‘right way’ to invest — invest according to what’s right for you. [0:14:35] * ESG investment and seeing your portfolio as a form of expression. [0:17:21] * Exploring common investment themes that arise in Josh and Brian’s book. [0:20:07] * How Brian and Josh developed their personal investing outlooks. [0:21:44] * Why we should place more value in human and social capital. [0:25:16] * Brian expands on why we should invest in human and social capital. [0:28:35] * The importance of financial planning in managing both your life and investments. [0:31:50] * Answering the question: is direct indexing the future for outcome-driven portfolios? [0:36:55] * Assessing a client’s risk profile as central to modern financial advising. [0:39:34] * Portfolio customization and direct indexing versus helping clients create a portfolio around their purposes. [0:40:58] * Funding contentment and the relationship between money and happiness. [0:42:22] * Whether the stories featured in their book have Brian and Josh’s views. [0:46:18] * When your life is your benchmark, how do you derive your portfolio benchmark. [0:49:15] * How their book fits into Brian and Josh’s visions for their industry. [0:54:43]
57 min
Consuelo Mack
Medicare & Lockdown: Better than Ever? (U.S.)
According to Medicare benefits expert, Dr. Katy Votava COVID-19 has altered several aspects of Medicare coverage and procedures. She will tell us what’s different and how to take advantage of the changes. She will also help us meet the deadline for Medicare’s annual enrollment period which ends on December 7th and allows medicare beneficiaries to evaluate their Medicare Advantage Plans and part D, prescription drug plans, and shift to different providers if it makes sense.  Votava is a Medicare expert who advises individuals, small businesses, and financial planners from her healthcare consulting business, GOODCARE.com. She is also the author of Making The Most Of Medicare: A Guide For Baby Boomers, now in its 7th edition and an Amazon bestseller. It is a straightforward, easy to navigate guide to Medicare which is a very complex multi-part system that frequently does warrant annual updating by its beneficiaries. An estimated 90 percent of Americans pay too much for their Medicare coverage.  WEALTHTRACK # 1722 published on November 27, 2020 More info: https://wealthtrack.com/how-covid-19-has-changed-medicare-coverage-and-procedures-with-benefits-expert-katy-votava/ Medicare.gov – The official U.S. Government site for Medicare 1-800-MEDICARE Shiptacenter.org – The State Health Insurance Assistance Program (SHIP) site that directs consumers to free Medicare counseling and assistance Eldercare.acl.gov - Eldercare locator, a public service of the U.S. Administration of Aging, connecting you to services for older adults and their families. 1-800-677-1116    Making The Most Of Medicare: A Guide For Baby Boomers: https://amzn.to/33mW4Rs --- Support this podcast: https://anchor.fm/wealthtrack/support
19 min
Value Hive Podcast
Value Hive Podcast
Brandon Beylo
How To Find Life-Changing Stocks w/ @FromValue (Episode 53)
This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap and enterprise value. I couldn't be more excited to partner with TIKR. Kris (@FromValue on Twitter) is the author of From Value To Growth premium research service on Seeking Alpha. Kris has grown his audience to >21K followers on Twitter and Seeking Alpha each. Kris' job is simple: he tries to find stocks that he can own for the next 10-20 years. Then he wants to hold them for the long-term. Some of his most recent winners include Shopify (up >1,000%), Livongo (up >400%) and Okta (up >200%).  Here's Kris' investment thesis from his Seeking Alpha page: "That means that I look for stocks that have either growth or value or combine the two. It has been proven that the group of dividend initiators and fastest dividend growers outperforms the markets by far in the long run. So I select stocks from this group, although I also select high growth non-dividend payers that I believe will grow out to great multibaggers." I loved this conversation as it got to the heart of why we invest: to create life-changing wealth through high risk-adjusted compound returns. Here's the time-stamp:  * [0:00] Who is Kris? * [10:00] Kris’ Investing Style * [14:00] Potential Multi baggers * [18:00] Portfolio Management * [22:00] Kris’ Exclusive Metrics * [30:00] Is Value Investing Market Timing? * [35:00]  How to Cope with Drawdowns? * [44:00] Multi Baggers can Change Lives * [50:00] Conviction in your Investments * [56:00] Beginners Mistakes * [59:00] More from Kris and Closing Questions If you liked this conversation, check out some more @FromValue resources:  * FromValue Twitter * From Growth To Value Seeking Alpha
1 hr 6 min
InvestED: The Rule #1 Investing Podcast
InvestED: The Rule #1 Investing Podcast
Phil Town & Danielle Town
293- Company Analysis and Tony Hsieh
Investing has changed drastically over the years. Many of the tools that were hardly accessible or cost money to use are now available at the click of a button. For instance, one of the best tools that investors can access online is the Securities and Exchange Commission, or SEC. The SEC is an independent federal regulatory agency tasked with protecting investors and capital, overseeing the stock market and proposing and enforcing federal securities laws. By using the SEC, you can view information about brokerage firms, investment advisor representatives, and their professional background and conduct. This could include current registrations, employment history, and disclosures about certain disciplinary events involving the individuals. However, these tools that are accessible online can only effectively be used if you have a solid understanding of basic investing principles. One in which includes only purchasing businesses that have excellent management. When you are looking to trust your money inside the walls of a business, you need to have confidence in the people leading the company. Management capable of taking the company to new heights. People who live and breathe the business. Responsible individuals who make decisions that lead the company in the right direction. Tony Hsieh, former CEO of Zappos, a great example of an effective and honest leader, who cultivated a strong sense of culture in his company. He once stated, “In addition to trying to WOW our customers, we also try to WOW our employees and the vendors and business partners that we work with. We believe that it creates a virtuous cycle, and in our own way, we're making the world a better place and improving people's lives. It's all part of our long term vision to deliver happiness to the world." This week, Danielle discusses why company analysis is so important in the investing process, and why a strong leader such as Tony Hsieh is one of the key factors to a high-performance business. Learn more about finding quality stocks to invest in with the Rule #1 Four Ms for Successful Investing Guide. Click here to download: https://bit.ly/2JzMXpC Learn more about your ad choices. Visit megaphone.fm/adchoices
23 min
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