We filter through dozens of investing podcasts for our blog each week to identify the best episodes. Below are our favorites.
Podcasts are reviewed by Validea co-founder Jack Forehand. If you want updates when we add new podcasts, follow us on twitter at @practicalquant.
The Meb Faber Show
This podcast uses a radio show format and it covers a variety of different topics, all of which are important for long-term investors to understand. The initial focus is on the recent discussions that Meb had with investors during his office hours, which presented some common themes with respect to the mistakes investors have been making. After that, they cover a bunch of interesting topics, including valuing the market using CAPE, Buffett's recent comments that the market is cheap when compared to other alternatives, and why investing based on dividend yield can be a big problem for taxable accounts. So many things investors do are not backed up by evidence and this episode does a good job of counteracting a lot of that using facts.
One of the things all of us who invest have in common is that we make mistakes and are subject to investing biases. Some people believe that professionals are less prone to this, but that really isn't the case. The first episode of this new podcast from Michael Batnick and Ben Carlson of Ritholtz Wealth Management proves this point with some funny stories from both of their investing experiences. Michael and Ben combine a very strong depth of knowledge with the ability to not take themselves too seriously and this new podcast will certainly become one I follow regularly going forward.
Valuewalk - Ted Theodore
This podcast has some audio issues at the beginning, but once you get through that, the rest of it has some great information on a wide range of investing topics. Ted Theodore is the Chief Investment Officer of TrimTabs Investment Management. Their ETF, which used to be offered through AdvisorShares, but is now offered directly, has produced very strong performance over time. Their approach to investing is very simple, but also very sensible. They are primarily known for buying companies that have falling shares outstanding, but they also focus on companies with strong cash flow and solid balance sheets. This podcast offers some detail on that approach, but also covers many other issues that are very relevant today, such as the active vs. passive debate and whether we are in a stock pickers market, and the dangers of using market valuation to predict short-term market movements. If you are interested in evidence based investing, you will likely find this discussion very valuable.
Motley Fool Money - Michael Lewis
Michael Lewis is one of the best authors of this generation. The topics of his books run the gamut, ranging from the use of quantitative analysis in baseball, to the role of high frequency trading on Wall Street, to his latest book about two psychologists who created the field of Behavioral Economics. This interview covers all of those books and much more, including some interesting stories about how people featured in his books have sometimes not had great initial reactions to them. But its focus is his latest book, "The Undoing Project", which examines the relationship between Danny Kahneman and Amos Tversky. Their work has inspired a revolution in how we look at human behavior, and how it affect things like investing. It inspired the work of Richard Thaler, who just won the Nobel Prize. This podcast offers great insights into their relationship, and how their opposing personality types led to much of their success together.
The Meb Faber Show - Jason Goepfert
Sentiment can be one of the most difficult factors to use properly in investing. There are so many sentiment indicators out there and none of them consistently work, so it takes a lot of skill to piece them together into a complete picture. This podcast takes a look at how to better use sentiment in investing with Jason Goepfert, who is the founder of Sentimentrader. Jason reviews how to best use sentiment in an investment strategy, which sentiment indicators he findd useful, and his current opinion on a variety of asset classes based on sentiment. If you struggle to make sense of sentiment like I do, this podcast will be a great learning experience.
Invest Like the Best - Chris Burniske
With the rapid rise of cryptocurrencies, one of the major questions investors have been trying to figure out is how to value them. Since they don't have sales or earnings or other financials that would traditionally be used to value a stock, this can be a complicated process. I don't think anyone argues that a significant portion of their value isn't based on speculation about the future, but underneath that, there is a utility they provide that can be used in valuation. Chris Burniske is the first person I have seen who is trying to quantify that value. He uses the equation of exchange, which equates total expenditures with the product of the supply of money times its price. This podcast gets into detail regarding this framework and looks at how this calculation can be used to value the utility of cryptoassets. If you have a good understanding of cryptocurrencies and want to get into more detail on how to value them, it provides an excellent starting point.
Masters in Business - John Montgomery
It isn' very common for an investment advisory firm to give 50% of its profits to charity. In fact, I don't think I have ever heard of one example of this. But that is exactly what Houston based Bridgeway Capital Management does. They have found a way to balance great business success (they manage over $8 billion) with giving back and doing the right thing. It is a great story to contrast with all the negative stories about Wall Street that are common in the press. There is a lot more to this conversation than that, though. It includes some great discussion of the negative implications of human behavior on investing and a look at what does and doesn't work in quantitative investing.
Invest Like the Best - Brad Katsuyama
Most people assume that when you send an order to a stock exchange, it will be treated fairly. Most people also assume that the way stock exchanges make money is consistent with the best interests of those who trade on them. But both of those turn out not to be true. As was profiled in Michael Lewis' book, "Flash Boys", much of stock trading is about one person trying to gain a millisecond advantage over another, and the exchanges profit from that process. This podcast with Brad Katsuyama, the founder of the IEX exchange and the protagonist of the book, examines that issue in much more detail. Even if you are a professional investor who thinks you know a lot about how trading works, this podcast will open your eyes to issues you were probably not even aware existed.
Capital Allocators - Larry Mestel
It is always interesting to learn about new areas of investing that are well outside my core competency. This podcast certainly fit that bill, as music royalties couldn't be any further from my day job of analyzing stocks. It turns out it is a very interesting area, though, where there are many nuances, and where marketing skill is especially important to maximize the value of the assets. This podcast covers many areas within the space, including the process of identifying and purchasing music rights, and maximizing their value once you have them, with Larry Mestel, founder of Primary Wave. If you are interested in learning about this very interesting asset class, this podcast is a great place to start.
The Investors Podcast - Jesse Itzler and Colin O'Brady
This episode is not about investing directly, but if you have ever tried to reach a big goal and thought you weren't capable of it, it will help you to see that anything is possible. It starts by talking about an endurance challenge called the 29029, which was created by Jesse Itzler, who is the founder of Marquis Jet. The challenge was to simulate the vertical distance of climbing Mt. Everest by climbing Stratton Mountain in VT 17 times. For those who haven't been to Stratton, that is a huge climb and took the competitors multiple days. But the amazing thing about this podcast is that the climb wasn't even the most impressive and inspirational part. That was saved for the story of Colin O'Brady, who after suffering severe burns across his body during a freak accident in his early 20s went on to achieve things that most would consider impossible. I won't spoil it by saying what he did, but if you are looking for a source of motivation and belief that you can accomplish anything, this podcast is it.
Adventures in Finance - Bruce Kleinman and Trace Meyer
There have been many podcasts that seek to explain cryptocurrencies and the BlockChain, but most of them omit one very important part - the history of how we got to where we are today. This podcast provides a great overview of the history of cryptocurrency, starting with the 2008 white paper published under the pseudonym Satoshi Nakamoto that started it all. It also provides the best explanation I have heard of forks, including the upcoming hard fork in BitCoin, and the impact of them.
Masters in Business - Scott Galloway
If you are concerned about the power that the big 4 technology companies (Facebook, Amazon, Apple and Google) currently wield over all of our lives, this is a podcast you should listen to. Scott Galloway is a professor at NYU and a leading marketing expert. This podcast covers many of the wide reaching implications of the big four's dominance in our lives, including why Facebook continues to avoid being considered a media company and why Apple has positioned itself as a luxury brand instead of a technology company.
Behind the Markets - Andrew Lo
Most people accept that the Efficient Markets Hypothesis holds most of the time. But what explains the times it doesn't? Andrew Lo, a professor at MIT, has developed a new version called the Adaptive Markets Hypothesis that attempts to incorporate Behavioral Economics into the concept of efficient markets. This podcast discusses that research as well as a range of topics, with Professor Lo and Professor Jeremy Siegel, including how a disciplined strategy to get into and out of the market could potentially benefit investors, as well as how profit motives could potentially be applied to early stage Cancer research.
The Meb Faber Show - Tobias Carlisle
On the surface, buying companies that earn high returns on capital seems like a great way to invest. By using that approach, you typically find very profitable firms that are leaders in their industries and are delivering strong results. The only problem: it doesn't work at all. Buying cheap out of favor companies turns out to be a much better approach. This episode gets into why that is, along with many other interesting investing topics, with Tobias Carlisle, the author of The Acquirer's Multiple and founder of Carbon Beach Asset Management. View Blog Article
Super Investors - Peter Atwater
Socionomics is a really interesting field, especially as it relates to the stock market. It is defined as the study of how social mood affects behavior. Peter Atwater is a leading voice in the field and this podcasts covers his take on how social mood affects things like the market, the economy and politics. One of the most interesting topics is his study of under confidence and how it currently pervades many aspects of life. Peter also provides some great insights on the domination of major tech companies like Facebook and Google and how that may produce a significant backlash going forward.
Adventures in Finance
One of the things I have learned about bear markets is that seeing them on a chart is very different than living through them in real life. I wasn't in the investing business in 1987, so I like to take any opportunity I can to try to understand what happened on Black Friday from those who went through it. This podcast offers interviews with several investors who were on the ground during the 1987 crash and provides an in depth look at what happened before, during and after the crash.
Epsilon Theory - Peter Cecchini
With the massive asset buying that central banks have been conducting for years now, you would expect inflation to have become an issue. But it hasn't. This podcast looks at why that might be with Peter Cecchini, who is Chief Market Strategist at Cantor Fitzgerald. He also discusses how the policies of central banks have affected the global economy, caused inflated profit margins, and changed the slope of the yield curve. If you are looking for a good overview of the potential impacts of central bank policies as we operate in uncharted territory with respect to what they have done, this podcast is a great source of information.
Invest Like the Best - Tim Urban
Every once in a while, I listen to a podcast that makes me totally revisit the way I think about things. This was one of those examples. Tim Urban is the writer of the popular Wait But Why blog and a really impressive high level thinker. I have seen many people try to separate what distinguishes the most successful people in the world from the rest of us, but this podcast offered the best explanation I have seen. View Blog Article
Masters in Business - Paul Wilmott
So much of investing today is built on models. As a quantitative investor, I am a huge believer in the ability of models to perform better than humans. But what happens when models don't work? One of the biggest things any user of models needs to understand is that none of them work all the time and they all have their strengths and weaknesses. That is where Paul Wilmott comes in. View Blog Article
The Investors Podcast - Charlie Lee and Tuur Demeester
This is not a podcast for people who are just getting into Bitcoin and Cryptocurrency because it is very detailed. But once you have spent some time to familiarize yourself with the major concepts, this is a great place to learn much more about the technical details behind them. The guests are Charlie Lee, the founder of LiteCoin and Tuur Demeester, a leading expert in the field. They cover some of the latest technical developments like potential changes to the block size and the Segwit2x hard fork, as well as why cryptocurrencies are so important in a world where central banks are flooding the financial system with money.
Behind the Markets - Wesley Gray and Lu Zhang
Factor investing is all about using academic research to identify market anomalies. There have been countless academic papers showing that value or momentum or high quality stocks outperform over time. But what if many of those anomalies don't hold up in the real world? That is what the research of Dr. Lu Zhang takes a look at. He tested an extensive list of market anomalies that other researchers have found and discovered that many of them do not work as advertised.
Trend Following - Rob Arnott
When it comes to quantitative and factor-based investing, my two go to resources are Cliff Asness and Rob Arnott. So when either of them does an in depth podcast interview, I always make sure to pay attention. This interview was a little different than previous ones I have seen Rob do, and there were some useful things I hadn't heard before. View Blog Article
Adventures in Finance - Preston Pysh
I have been a listener to the Investors Podcast, which is hosted by Preston Pysh and Stig Brodersen, for a long time now and really enjoy their take on investing. Despite listening to many episodes of the podcast, I didn't know a lot about Preston's background and what he did before he got into investing. That turns out to be a really interesting story. View Blog Article
The Meb Faber Show - Jeffrey Sherman
Since my day job is investing in equities, I enjoy using podcasts to expand my knowledge in other areas of investing. Fixed Income is one of my primary areas of interest because what goes on in the bond market has so much to do with the stock market and the economy. This interview with Jeffrey Sherman, who is the Deputy CIO of DoubleLine, is a great one because it discusses some of the major concepts that affect what is currently going on in the bond market in a simple and understandable way. View Blog Article
Money Tree Investing - Ken French
Eugene Fama tends to get a lot of press for his views on efficient markets, but his partner Ken French, who is a professor at Dartmouth Univerisity, is also a leading voice in the field. This podcast talks about how French would go about building a perfect portfolio. Although many investors seek to use short-term timing in portfolio construction, French explains why building a portfolio for the long-term based on how each investor differs from the average investor is most important.