70 Experts Share the Most Important Lesson
When podcasts first got started, it was interesting to hear. Great investors we knew about only in books or articles came to talk about a variety of things. Learning became interesting.
Today, we are overwhelmed by content, and this includes podcasts. On any given day, I assume there are hundreds of new podcasts that are churned out. some good but most barely worth the time. Since a hour is these days the standard length, its tough to go through even the ones that come well recommended for there is so many of them.
Excess Returns is an investing podcast hosted by Justin Carbonneau and Jack Forehand, partners at Validea. They have had some great guests and some great discussions. But over 3 years, I would think they have talked to guests for more than 140 hours of discussions.
Recently they came out with a summary of the advice given out by 70 of their guests. Just this is two hours long but more importantly, it’s tough to remember. I have tried to reduce their advice to one to two lines. It’s amazing that despite them being a diverse set with diverse beliefs, how when it comes to advise, there is so much of overlap between them.
The full video
Summary of the guest’s advice.
The only thing that is important is Supply and Demand. Never lose sight of that. Liquidity is everything.
Michael Mauboussin, Couterpoint Global
Learn and apply Base Rates.
Recognize that you are average. Find a niche where you think you can be better.
Understand that markets are political utility. Find something that is real, that is close to you and where you are not being told a story.
Ben Carlson, Ritholtz Wealth Management
Pick a strategy and stick with it come high or hell water. Good strategy that you can stick with is better than a Great strategy that you cannot stick with
Adam Butler. Resolve Asset Management
Diversify. Be humble on what you know and what you don’t know.
Tobias Carlisle, Acquirer’s Funds
Write down what you are doing at the time you are doing. Only way to learn is by looking at outcomes and decisions that were made.
Andy Constan, Damped Spring Advisors
Find a portfolio you can live with. Manage it passively. Don’t think you have an edge because probably you don’t.
Rodrigo Gordillo, Resolve Asset Management
Predicting the future is nearly impossible. Diversification is the first place to start. Create a do no harm portfolio.
Corey Hoffstein, Newfound Research
Alpha can be created through portfolio structure.
Valuation doesn’t have to work in 1,2 or 3 years. It takes time for things to be realized, understood, appreciated and priced in.
Larry Swedroe, Buckingham Wealth
Don’t confuse information with knowledge. Any strategy that invests in risky assets can go through long periods of underperformance. Diversify across factors.
We are going to be wrong a lot. It’s okay to make mistakes but learn from the mistakes.
Think through your strategy. Stick to what you believe in and try not to react to markets too much
Cullen Roche, Discipline Funds
Be open minded. Diversify your portfolio to ensure that it can weather any kind of markets.
Jack Schwager on Paul Tudor Jones
Don’t get too complacent. Look at the portfolio as if it was put on just today.
Katie Stockton, Fairlead Strategies
Have a suite of indicators that you can come back to implement and one that can help overcome the noise. Know your investing style.
Keep it simple. Key to success is minimizing mistakes and not interrupting compounding.
Make the portfolio secondary to your life. News is not sold to you for your benefit. Question everything.
Invest as much as you can and then forget about it. Spend less time on negativity and forecasting.
Know what you own. Do whatever you can to keep Fees and Taxes to the minimum. Simple is beautiful
Rick Ferri, Ferri Investment Solutions
Simpler the better.
Money is only as good as the life it builds and the people it serves.
Focus on providing more value in life than you take.
Law of Compounding. Buy and Hold works over time.
Stop thinking of your savings as investments.
Harin de Silva, Allspring Global
Important to Rebalance regularly. Know where the return is coming from.
Over time one’s investment philosophy is going to evolve. Don’t cling too tightly to current investments beliefs
Corey Hoffstein, New Found Research
Think holistically.
Rob Arnott, Research Affiliates
Don’t chase performance. Be disciplined
Ryan Krueger, Freedom Day Solutions
Keep it simple.
Michael Batnick, Ritholtz Wealth Management
There is no universal playbook for investing. Do what works for you. Have a philosophy that governs you.
John Alberg, Euclidean Technologies
Easy way to do okay in the stock market is buying the Index. Picking stocks is incredibly competitive and hard.
Character is more important than IQ for long term success.
Ray Micaletti, Relative Sentiment Technologies
Don’t listen to the news. Don’t read research reports brought out by Institutions.
Ryan Krueger, Freedom Day Solutions
Play the long game.
Wade Pfau, Retirement Researcher
Strike the right balance between enjoying the present while also being responsible about protecting the future.
Rajay Bagaria, Wasserstein Debt Opportunities
Be confident but be flexible.
Gautam Baid, Stellar Wealth Partners
Stay the course for the long term.
Andy Berkin, Bridgeway Capital Management
Make your plan, Stock with it. Be invested. Keep costs low.
Be humble and Be patient.
Savina Rizova, Dimensional Fund Advisors
Have a framework.
Focus on Diversification, Ignore short term movements in markets.
Harley Bassman, Simplify Asset Management
Know what you know and Know what you don’t know. Be diversified. Control your ego.
Jack Schwager on Steve Cohen
If a trade is not working, get out at least 50%. It doesn’t have to be binary of Zero or 100.
Understand why you should get the returns.
Jerry Parker, Chesapeake Capital
Don’t be skeptical. Follow the trend. Don’t overanalyze.
Robert Hagstrom, EquityCompass
Be patient.
Stay humble. Learn from your mistakes
Make sensible long term decisions and stick with them.
Research, Understand history on how markets and humans react to events.
Be Open. Learn and keep updating your knowledge.
Buy things that are excellent. Try never to sell.
Sit on your hands. Buy things and hold them for long periods of time and Save more.
Buy and Hold.
Build a stable Asset Allocation. Stay strategic.
Ehren Stanhope, O’Shaughnessy Asset Management
Security Selection, Portfolio Construction, Risk Management. Study yourself.
Gary Antonacci, Optimal Momentum
Investigate carefully, choose wisely, follow faithfully.
Invest 80% to 90% in a diversified index fund.
Andrew Thrasher, Thrasher Analytics
Have an open mind. Let price confirm your thesis.
Jeff Muhlenkamp, Muhlenkamp Funds
Focus on Time, Taxes and Rate of Returns.
Adrian Helfert, Westwood Group
Have a framework, trust your gut.
Don’t do stupid things.
Learn Accounting.
Think in terms of 4 levers, size of financial goal, how much one can contribute regularly,time available to reach the goal, expected returns.
Jim Cullen, Schafer Cullen Capital Management
Have Balance .
Bill Sweet, Ritholtz Wealth Management
Think in perpetuity.
Jack Schwager on Joel Greenblatt
Don’t swing at every pitch.
Sheridan Titman, University of Texas
Have a well diversified portfolio.
Jason Delorenzo, Ad Deum Funds
Be patient, Be humble, Be disciplined
Jim Masturzo, Research Affiliates
Be humble.
Diversify.
Jason Hsu, Rayliant Global Advisors
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Justin Carbonneau, Validea Capital Management
Save when possible, Invest Prudently.
Jack Forehand, Validea Capital Management
Be humble, be willing to change, think in terms of probabilities.
Matt Zeigler, Sunpointe Investments
Have a framework and understand the why’s.
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