Join Matt Zeigler and Bogumil Baranowski as they play our favorite clips from both the Excess Returns and Talking Billions podcast interviews with Aswath Damodaran. This conversation unpacks Damodaran’s timeless insights on navigating uncertainty, embracing the process of investing, and finding comfort in a volatile market. From the ritualistic allure of the Berkshire Hathaway meeting to the pitfalls of factor investing,

Main Topics Covered:The dangers of rigid, ritualistic value investing and the Berkshire Hathaway meeting’s cult-like atmosphere, contrasted with its networking value.

Embracing uncertainty as a feature of investing, not a bug, and avoiding unhealthy coping mechanisms like denial or outsourcing.

The limitations of factor investing, emphasizing the need to bring unique value to the table to achieve excess returns.The stock market as a reflection of real-world business value, not a place where money is made, and the futility of fighting market dynamics.

The importance of loving the investing process over obsessing about beating the market, with diversification as a safeguard against hubris.

Balancing comfort investments with high-risk, high-reward opportunities to build a resilient portfolio.

The rise of passive investing and its potential to create opportunities for active investors as fewer people seek market mistakes.

The "sleep test" for investors—framing choices with gratitude and perspective to maintain peace of mind.

In this episode, dive into the complex world of tariffs, national debt, and economic policies under the current administration. With the S&P down 4% and markets reacting to recent policy shifts, we bring you insights from our previous interviews with Cullen Roche and Andy Constan to break down these pressing issues.

This episode is designed for everyday investors and money managers alike, offering a balanced, practical perspective on navigating short-term market pain for potential long-term gains.

Tune in as we hash out the facts, explore the implications, and share strategies to keep your portfolio steady amid the storm.

Main Topics Covered:

Tariffs Explained: A deep dive into how tariffs function as a corporate tax, their impact on domestic companies, and the challenges of passing costs to consumers.

Market Reactions and Short-Term Pain: Analysis of the current market downturn and how policies like tariffs, immigration, and spending cuts contribute to anti-growth sentiment.

Long-Term Goals of Policy Shifts: Discussion on the administration’s aim to onshore manufacturing and critical technologies, and the trade-offs involved.

National Debt Concerns: Perspectives on whether the U.S. national debt poses an immediate crisis or a creeping inflationary risk, with insights from Cullen Roche and Andy Constan.

DOGE Initiative: Examination of the Department of Government Efficiency (DOGE) as a propaganda tool and realistic estimates of potential budget savings.Investment Strategies: Practical advice on staying long-term focused, rebalancing portfolios, and seizing opportunities during market volatility.

In this episode, Matt and Jack dive into the timeless wisdom of Jack Schwager, renowned author of the Market Wizards series. Drawing from two insightful interviews with Schwager, they explore key lessons from some of the greatest traders he’s interviewed, like Paul Tudor Jones and Steve Cohen, and unpack how these principles apply not only to trading but also to long-term investing and life.

From risk management to overcoming failure, this episode blends Schwager’s expertise with Jack and Matt’s commentary, offering valuable takeaways for investors of all kinds.

Main Topics Covered:

Paul Tudor Jones’ approach to avoiding complacency by evaluating your portfolio as if you started it today.Steve Cohen’s strategy of cutting positions in half when uncertain to manage indecision effectively.

The commonality of early failures among top traders and the resilience needed to learn from them.

Debunking the myth that good money management can salvage a poor trading system—why edge is essential.

Jack Schwager’s personal realization that he wasn’t suited for trading and how he found his strength in curating trading wisdom.

The necessity of adapting trading strategies as markets evolve over time.

How Schwager found discretionary trading less emotionally taxing than systematic approaches.

Stanley Druckenmiller’s bold position sizing under George Soros’ influence and when to break the rules.

Joel Greenblatt’s lesson on waiting for the right opportunity rather than forcing trades.

Simplifying risk management with straightforward rules that anyone can follow.

The value investor’s dilemma of buying more as prices drop versus cutting losses.

How technology, like social media, has opened new trading strategies unavailable in the past.

Position sizing as an extension of risk management, determined by acceptable loss levels.