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When we started Excess Returns, we stayed away from having a standard closing question for guests because we couldn’t come up with one that summed up the knowledge of our guests into something simple that your average investor could understand. But a little over a year ago, we came up with a question that we thought worked perfectly. If our goal was to help investors learn along with us, then it made the most sense to ask our guests the most important lesson they had learned themselves. So we finally settled on our standard closing question: Based on your experience in markets, if you could teach one lesson to your average investor, what would it be? Since we started asking the question, we have received some amazing answers and we thought it would be interesting to take a look at some of the best ones. Here are the top 10 lessons our guests would teach your average investor. ABOUT THE PODCAST 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. SEE LATEST EPISODES https://www.validea.com/excess-returns-podcast FIND OUT MORE ABOUT VALIDEA https://www.validea.com FOLLOW OUR BLOG https://blog.validea.com FIND OUT MORE ABOUT VALIDEA CAPITAL https://www.valideacapital.com FOLLOW JACK Twitter: https://twitter.com/practicalquant LinkedIn: https://www.linkedin.com/in/jack-forehand-8015094 FOLLOW JUSTIN Twitter: https://twitter.com/jjcarbonneau LinkedIn: https://www.linkedin.com/in/jcarbonneau

Welcome to Excess Returns, where our goal is to make you a better investor. If you enjoy this video, please like and subscribe to get more videos like it and to help us reach more investors like you. In this episode, we are going to try something a little different. Our goal at Validea is to capture quantitative strategies that work over the long-term. To do that, we go through books and academic papers to find factor-based models with results to back them up. We are going to periodically do some episodes for the podcast where we do a deep dive into these strategies and look at the factors behind them. In the first episode, we will take a detailed look at our strategy based on Warren Buffett, which was extracted from the book Buffettology. But before we look at the strategy's criteria in detail, we start with a more basic question: Can Warren Buffett be quantified? ABOUT THE PODCAST 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. SEE LATEST EPISODES https://www.validea.com/excess-returns-podcast FIND OUT MORE ABOUT VALIDEA https://www.validea.com FOLLOW OUR BLOG https://blog.validea.com FIND OUT MORE ABOUT VALIDEA CAPITAL https://www.valideacapital.com FOLLOW JACK Twitter: https://twitter.com/practicalquant LinkedIn: https://www.linkedin.com/in/jack-forehand-8015094 FOLLOW JUSTIN Twitter: https://twitter.com/jjcarbonneau LinkedIn: https://www.linkedin.com/in/jcarbonneau

Welcome to Excess Returns, where our goal is to make you a better investor. If you enjoy this video, please like and subscribe to get more videos like it and to help us reach more investors like you. In this week's episode we are privileged to be joined by Jim O'Shaughnessy. Jim is a pioneer in quantitative investing and the founder of O'Shaughnessy Asset Management. He is also the author of the best selling book What Works on Wall Street, which is now on its 4th edition and is considered by many to be the definitive guide to factor-based investing. In this discussion, we get Jim's takes on a wide range of topics both in and outside the investing world. We discuss: [1] The recent struggles of value investing and what it means for the future [2] The process of updating an investment strategy over time while still adhering to your core principles [3]The role that investor behavior should play in the construction of investment strategies [4] The advice Jim would give to new parents based on his experience raising 3 children [5] The long-term changes that the current COVID-19 crisis might have on the way people work in the investment industry We hope you enjoy the discussion. MORE INFO ON O'SHAUGHNESSY ASSET MANAGEMENT https://osam.com FOLLOW JIM ON TWITTER https://twitter.com/jposhaughnessy OSAM ORIGINAL RESEARCH MENTIONED IN THE PODCAST Change Your Focus Change Your Future https://osam.com/pdfs/research/_41_Commentary_Jan20-09.pdf A Generational Opportunity https://osam.com/Commentary/pdfsresearch40commentarymar09pdf Inflation and the US Bond and Stocks Markets https://osam.com/Commentary/inflation-and-the-us-bonds-and-stock-markets Factors from Scratch https://osam.com/Commentary/factors-from-scratch Value Is Dead, Long Live Value https://osam.com/Commentary/value-is-dead-long-live-value A History Opportunity in Small Cap Stocks https://osam.com/Commentary/a-historic-opportunity-in-small-cap ABOUT THE PODCAST 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. SEE LATEST EPISODES https://www.validea.com/excess-returns-podcast FIND OUT MORE ABOUT VALIDEA https://www.validea.com/ FOLLOW OUR BLOG https://blog.validea.com/ FIND OUT MORE ABOUT VALIDEA CAPITAL https://www.valideacapital.com/ FOLLOW JACK Twitter: https://twitter.com/practicalquant LinkedIn: https://www.linkedin.com/in/jack-forehand-8015094 FOLLOW JUSTIN Twitter: https://twitter.com/jjcarbonneau LinkedIn: https://www.linkedin.com/in/jcarbonneau/

In each episode of Excess Returns we ask all our guests one standard closing question: Based on your experience in markets, if you could teach one lesson to your average investor, what would it be? The question has allowed us to distill the major lessons that some of the best investors we know have learned in their careers into easy to understand principles that all of us can learn from. In this episode, we bring together all the best answers we have received so far in 2022. Here are the top 10 lessons our guests would teach your average investor. ABOUT THE PODCAST 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. SEE LATEST EPISODES https://www.validea.com/excess-returns-podcast FIND OUT MORE ABOUT VALIDEA https://www.validea.com FOLLOW OUR BLOG https://blog.validea.com FIND OUT MORE ABOUT VALIDEA CAPITAL https://www.valideacapital.com FOLLOW JACK Twitter: https://twitter.com/practicalquant LinkedIn: https://www.linkedin.com/in/jack-forehand-8015094 FOLLOW JUSTIN Twitter: https://twitter.com/jjcarbonneau LinkedIn: https://www.linkedin.com/in/jcarbonneau

Welcome to Excess Returns, where our goal is to make you a better investor. If you enjoy this video, please like and subscribe to get more videos like it and to help us reach more investors like you. Warren Buffett is one of the greatest investors of all time. He has also been very generous in sharing the lessons he has learned over his career with all of us. There are many things all of us can and should learn from Buffett. But despite that, there are also many lessons that investors should not learn from what Buffett does. Like all investors, many of the things Buffett does are the result of his own unique situation. The majority of investors also have substantially smaller portfolios than Buffett and much shorter time frames. In this episode, we look at some lessons that investors should not learn from Warren Buffett. ABOUT THE PODCAST 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. Justin's Article: https://blog.validea.com/four-things-buffett-does-most-investors-couldnt-or-shouldnt-do/ SEE LATEST EPISODES https://www.validea.com/excess-returns-podcast FIND OUT MORE ABOUT VALIDEA https://www.validea.com/ FOLLOW OUR BLOG https://blog.validea.com/ FIND OUT MORE ABOUT VALIDEA CAPITAL https://www.valideacapital.com/ FOLLOW JACK Twitter: https://twitter.com/practicalquant LinkedIn: https://www.linkedin.com/in/jack-forehand-8015094 FOLLOW JUSTIN Twitter: https://twitter.com/jjcarbonneau LinkedIn: https://www.linkedin.com/in/jcarbonneau/

There have been hundreds of books written about Warren Buffett and Berkshire Hathaway. So it rare for a book come out that does something that none of the others have. But a new book coming out in April does exactly that by offering the first full chronological history of Berkshire Hathaway, from the period prior to Buffett all the way to the current day. In this episode, we talk to Adam Mead, the author of The Complete Financial History of Berkshire Hathaway: A Chronological Analysis of Warren Buffett and Charlie Munger's Conglomerate Masterpiece. We discuss: - The origin story that brought Buffett together with Berkshire; - Buffett's best and worst investments, and his best investment you probably haven't heard about; - The key traits that led to Buffett's success; - What it is like to attend the Berkshire annual meeting. We hope you enjoy the discussion. #warrenbuffet #charliemunger #berkshirehathaway The Complete Financial History of Berkshire Hathaway: A Chronological Analysis of Warren Buffett and Charlie Munger's Conglomerate Masterpiece: Mead, Adam J.: 9780857199126: Amazon.com: Books https://www.amazon.com/Complete-Financial-History-Berkshire-Hathaway/dp/0857199129/ ADAM'S BLOG Home Page - The Oracle's Classroom https://theoraclesclassroom.com/ FOLLOW ADAM ON TWITTER Adam J. Mead (@BRK_Student) / Twitter https://twitter.com/brk_student ABOUT THE PODCAST 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. SEE LATEST EPISODES https://www.validea.com/excess-returns-podcast FIND OUT MORE ABOUT VALIDEA https://www.validea.com FOLLOW OUR BLOG https://blog.validea.com FIND OUT MORE ABOUT VALIDEA CAPITAL https://www.valideacapital.com FOLLOW JACK Twitter: https://twitter.com/practicalquant LinkedIn: https://www.linkedin.com/in/jack-forehand-8015094 FOLLOW JUSTIN Twitter: https://twitter.com/jjcarbonneau LinkedIn: https://www.linkedin.com/in/jcarbonneau