We filter through dozens of episodes each week to identify the best investing podcasts. 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.
Invest Like the Best - Alex Danco
This is a difficult podcast to classify because they cover so much ground. But the best compliment I can give a podcast is when it makes me rethink my current beliefs. And this certainly fits that bill when it comes to the role of technology. They cover why the future of technology will focus on bringing things to people vs. bringing people to things, scarcity and abundance and the role technology plays in turning one into the other, and why technology is shifting rents from the demand to the supply side. They also take a fascinating look at bubbles and how they can do both good and bad. Technology has changed business in so many ways, but the affects can be very hard to grasp. This podcast provides a framework to see things more clearly.
Young Money - Brian Portnoy
Many of us in the investing business tend to focus on the wrong things. We want to talk to clients about asset allocation. We want to talk to them about the active vs. passive debate. Those things can certainly be important, but most investors really care about their hopes and dreams. They want to know that they are going to be ok. This is an excellent interview with Brian Portnoy, the author of "The Geometry of Wealth" where they get at the heart of that issue and discuss the true meaning of wealth. They cover many interesting topics, including whether money can buy happiness (in some cases it can) and the constant battle we all fight between having enough and wanting more. We can all benefit from thinking more about what money means to us and how it can be used to live our best life. This podcast will help you do that.
i3 Institute Podcast - Mike Cantara
ESG investing hasn't taken off like many thought it would. Part of the reason for that is that many investors feel that there is a tradeoff between following an ESG approach and investment returns, and they would rather pick the latter. But it doesn't have to be that way. This podcast does the best job of any I have heard of explaining how ESG can actually be a value add to an investment process. It features Mike Cantara of MFS. They talk about how ESG can be incorporated as part of an investment process as opposed to just being a method to exclude securities. They also use examples like Tesla to discuss the balance between ESG issues and security analysis. ESG works best when it becomes an integral part of an investment process and a potential source of Alpha. This podcast offers some great examples of how that can be done.
Bogleheads on Investing - Dan Egan
Technology offers as lot of promise when it comes to improving investor behavior. Its ability to track things such as when investors log into their accounts and what types of messages they respond best to has the potential to prevent bad decisions before they are made. This episode takes a look at this issue with Dan Egan, the Director of Behavioral Investing at Betterment. They talk about what Betterment has learned so far in their study of investor behavior and also cover some other interesting topics, like why removing goals from a list works better than adding them from scratch, and how to better align advisor compensation with their value added. Investor behavior is a challenging problem to fix, but technology offers some promising solutions. This podcast offers a glimpse into its potential.
The Meb Faber Show - Ralph Acampora
Technical analysis has changed a lot over the years. But in many ways, it has also stayed the same. There is perhaps no one who is better equipped to look at both sides of that coin than Ralph Acampora, who is one of the pioneers in the space. In this interview, they talk about how technical analysis has changed over the years, the best way to integrate technicals into a fundamental process, and Ralph's view on the current market including why the setup in emerging markets may be a positive one. If you want to learn about technical analysis from one of the best, you will enjoy this podcast.
The Investors Podcast - Jesse Felder
It is market outlook season again. The time of year when all the Wall Street pundits tell you what will happen in the next year and even give you price targets for where the market will end the year. The problem, of course, is that they will all inevitably be wrong. This market outlook episode is a great antidote to all of that. It features Jesse Felder of the Felder Report. Instead of making short-term predictions or offering year end price targets, they instead offer some excellent context to help understand where the stock market is and how that relates to history. They also discuss bonds, gold and the dollar and what might work in the low return environment we likely have ahead of us. If you want to cut through the noise of year end price targets and forecasts and focus on the facts, you will enjoy this interview.
Invest Like the Best - Eugene Wei
This is a really interesting wide-ranging discussion that covers a variety of issues in technology, business and life. Eugene Wei has been on the front lines of technological change throughout his career, including stints at Amazon, Oculus and Hulu. In this conversation, they discuss a wide range of topics, including how proof of work applies to social networks, why you can learn more from people who don't use your product than those that do, why we are always the most biased observers of ourselves. The best podcasts have a way of changing the way you think. This one fits that bill.
The Knowledge Project - Josh Wolfe
Venture Capital is by its nature on the cutting edge with respect to companies that can change the world. But there is also a cutting edge within Venture Capital itself. Luxe Capital is a firm that invests in areas where other firms will not. That type of investing comes with the most risk, but it also offers the most potential to change the world. This is a very interesting interview with Luxe's founder Josh Wolfe. They talk about randomness and optionality, how killing risk can create value, and why your kids can always out negotiate you. Sometimes the best results come from pushing the limits. This podcast is an example of that.
Standard Deviations - Daniel Crosby
It is amazing to all of us to see how behavioral biases affect other investors. We look at the mistakes that others make and we can't believe they could be so dumb. The problem, of course, is that we don't recognize that these biases apply just as much to the person in the mirror. This episode flips the script and host Daniel Crosby is interviewed by Brian Portnoy, author of The Geometry of Wealth. They talk about the myriad of behavioral issues we face as investors, and the concrete steps we can take to combat them. A huge part of being a successful investor is learning to control your own behavior. This podcast will help with that process.
The Meb Faber Show - Yariv Haim
Good investing is often simple (but not easy). Good investing is also often boring. As investors, we want the next hot thing or we want to believe we can time the market, but the reality is that those desires do nothing but hurt our long-term returns. This podcast does an excellent job of getting that point across, as well as offering many excellent investing lessons. It features Yariv Haim of Sparrows Capital. They discuss why market declines are the worst time to reassess your risk tolerance, why actions speak louder than words in investing, and the danger of making binary investing choices. No matter how experienced you are in investing, this discussion will offer you some actionable tips you can benefit from.
Invest Like the Best - Michael Duda
We all know a good brand when we see it. Brands can produce incredible loyalty. They can even cause us to buy an inferior product to other available options. Identifying a good brand is easy. But understanding what goes into creating one is much more complicated. This podcast looks at how good brands are created and sustained, and how to invest in them. They talk about why getting the brand right helps to limit marketing expense, what brands should stand for, and the difference between brand and product quality. In today's digital world, brands are more important than ever and this podcast offers an excellent look at the challenges that go into creating them.
Super Investors - Diego Parilla
There is lots of talk among investors about bubbles. Whether it be how to identify bubbles in advance or analyzing past bubbles, it seems like there is endless discussion of the topic. But every bubble has a flipside. This podcast discusses the concept of the anti-bubble with author and portfolio manager Diego Parilla. They discuss how to identify anti-bubbles, and how they relate to the bubbles that cause them. They also review past anti-bubbles and discuss where they may exist today. If you are interested in learning from bubbles, you could also benefit from thinking about their opposite. This podcast will help you do that.
FT Alphachat - Robert Shiller
In an ideal world, markets would be driven by facts. They would go up when the data supports it, and down when it doesn't. But that isn't the way it works. In the real world, markets are driven by humans, and humans are driven by their emotions. In this type of world, the narratives surrounding facts can often be more important than the facts themselves. This interview looks at the rising importance of narratives with Yale Economist Robert Shiller. They discuss why narratives can be like diseases, and look at some of the narratives driving the market now, including narratives about politics and Fed policy. To understand today's market you need to understand narratives and this podcast will help you do that.
Young Money - Ashby Daniels
There is no bigger killer of investment returns than emotion. But despite all the evidence of its negative effects, investors continue to buy during periods of strong performance and sell during periods of panic. This podcast offers some innovative approaches to addressing that. It features Ashby Daniels, who is a financial advisor with Shorebridge Wealth Management. They discuss why market timing is a losing proposition, and how treating your stock and bond investments as two separate portfolios can help produce better outcomes. They also talk about the dangers of market timing in disguise, and how to redeploy capital into the market using a systematic approach. We all know that market timing is bad, yet many of us continue to try to do it. This podcast offers some interesting tools to help avoid it.
One of the most important issues for the growth of cryptocurrencies may be the successful development of stablecoins. The volatility within the space makes the use of cryptocurrencies challenging as a medium of exchange and also makes things like issuing debt very difficult and stablecoins can help address that. Despite the importance of this issue, the initial attempts at developing stablecoins have been subject to a variety of problems. This podcast covers where things currently stand with stablecoins, what the future might look like, and the many capabilities they can potentially unlock if they become mainstream. You can argue this is one of the more important areas of the crypto space and this podcast offers an excellent overview.
Invest Like the Best - Keith Rabois
In the new technology driven world, business strategy is a field undergoing rapid change. Many of the approaches that have worked in the past no longer do today, and the ability to adopt to changing times is essential. This podcast offers a variety of insights on business strategy in this new world. It features Keith Rabois, a partner at Khosla Ventures. They talk about the importance of controlling your own fate, the difference between secrets and anomalies, and why startups are like movies. If you want to learn what drives business success in modern times, this interview offers some excellent lessons.
Resolve 12 Days of Christmas
This is a twelve part series rather than a single episode but it offers an excellent overview of the full process of building an efficient portfolio. They start with the importance of asset allocation and why it is the most important decision in portfolio construction and move through the benefits of uncorrelated assets and how to properlu use factors withn a portfolio. They also cover how to properly set return expectations, tracking error, the importance of sticking to a strategy through long periods of underperformance and the importance of sequence risk. Building a portfolio can seem like a simple process, but it is far from it. This is one of the best overviews I have seen.
Standard Deviations - Tyrone Ross
We featured a separate interview with Tyrone Ross a few months ago, but his story is such a powerful one that it is worth listening to again. Although the story Tyrone has to tell is a very inspirational one, the best part about it isn't the story itself. The best part are the lessons all of us can take from it - lessons about overcoming adversity, the importance of grit, and why it is essential to always maintain hope. In addition to that, this podcast also offers a great overview of the crypto space. They talk about why focusing on only the fluctuations in prices of cryptoasssets may lead you to miss the big picture and why the common argument that Blockchain can succeed without Bitcoin may not make us much sense as many seem to think. If you want to expand your investment knowledge and get a little inspiration along the way, this podcast will give you a little of both.
The Ted Interview - Daniel Kahneman
If you were to make a short list of the most influential people in the field of Behavioral Economics, Danny Kahneman would be right near the top of it. His work has played a significant role in shaping the field into what it is today. In this interview, they cover a wide range of topics within the field. They talk about his book Thinking Fast and Slow and why it important to understand the difference between system one and system two thinking. They also cover the contrast between our remembering self and experiencing self and how they impact the way we view the events of our lives, and why minimizing misery may be a better approach than maximizing pleasure. Our minds can often play tricks on us, and that can learn to poor decision making. This interview offers some excellent insights into the reasons why and what we can do about it.
Odd Lots - Chris Cole
Many investors didn't pay much attention to volatility-based strategies until January when they blew up and brought the market down with them. The rapid spike in volatility in January caused the failure of some prominent short volatility funds, and the damage spilled over into the equity market. Chris Cole of Artemis Capital had been warning about the exact situation that occurred well before it did. Today, he remains concerned that the indirect short volatility trades in the market could eventually be much more problematic than those direct ones were. In this interview, they talk about the many surprising investment strategies that are indirectly short volatility, and the effect that a rise in volatility could have on them. They also talk about why bonds may not be the hedge they were in 2008 during the next bear market. If you want to understand the role that volatility plays in the market and what it might mean for your investment portfolio, you will learn a lot from this interview.
Standard Deviations - Dan Egan
It is widely accepted that our behavior significantly detracts from our investment returns. What is not widely accepted, though, is what to do about it. Much of the debate about behavior in investing tends to get bogged down with complicated theories and academic terms. This podcast is unique in that it avoids all of that and instead focuses on actual real-world solutions. It features Dan Egan, who is the Director of Behavioral Finance and Investments at Betterment, and is on the front lines of implementing solutions to behavioral problems for investors. They discuss why having faith in your investment strategy is so important, how making pain a virtue can increase the odds investors will stick with their investment strategy, and why thinking one step ahead can improve decision making. It is easy to say that you will improve your investing behavior. It is much harder to do it. This podcast will help educate you on how to change that.
i3 Institute Podcast - Rob Arnott
Any short list of the greatest quantitative investors of all time would have to include Rob Arnott. The strategies developed by his firm Research Affiliates are currently used in the management of almost $200 billion in assets. This podcast is one of the best I have heard on quantitative investing. They tackle some of the most difficult debates in quant, including whether it is possible to enhance returns with factor timing and the balance between producing the best long-term returns and being able to stick with a strategy during extended down periods. They also cover a wide range of other quant related topics, including the small-cap premium and why most of it comes from a small number of stocks, why companies with higher dividend payouts actually tend to have higher earnings growth, and the challenges of multi-factor investing when most of the factors are expensive. Being a successful quantitative investor requires a constant process of learning and this podcast has a lot to offer to enhance that process.
Super Investors - Eric Townsend
We have featured several podcasts recently that made the bullish case for cryptocurrencies. This podcast is one of the most compelling I have heard that makes the counterargument. Eric Townsend is a hedge fund manager and the host of the popular MacroVoices podcast. His new book Beyond Blockchain makes the case that distributed ledger technology will be world changing, but it won't be the current batch of cryptocurrencies that will benefit. In this interview, they discuss why governments and central banks are likely to use the technology to create their own digital currencies and why those currencies are likely to be the ultimate winners given the power these entities have. This could result in the technology ultimately giving them more power, not less. They also talk about why proof of work will likely be superseded by a superior, more efficient technology with less limitations. Even if you are a Bitcoin believer, it is important to understand both sides of the argument. This podcast explains why things may play out differently than the bulls think.
FT Alphachat - David Autor
There is so much misinformation out there on trade. When this misinformation is used to inform policy decisions it can lead to significant unintended consequences. This podcast provides an excellent overview of trade with David Autor, who is an Economics professor at MIT. They cover a wide range of trade related topics including the role of China in trade, the impacts of globalization in industries like Steel, and why automation can cause job losses in specific industries, but gains for the economy as a whole. As the US struggles with trade policy, it is important to understand the facts. This podcast provides them.
The Meb Faber Show - David Rosenberg
Analyzing where are in the economic cycle can be a very complicated process. There are so many variables and moving parts that the process is an inexact science at best. But that doesn't mean it isn't important to try to understand the process that goes into evaluating the economy and the variables that matter. This podcast offers a take an where we are in the economic cycle, but more importantly if offers a framework for analyzing the economy and the most important things to look at. It features David Rosenberg, who is the Chief Economist at Gluskin Sheff and Associates. They discuss why we don't see recessions until after the fact, why the yield curve and unemployment rate may be the most important economic variables, and where David thinks we currently are in the economic cycle. If you want to learn more about how to analyze economic cycles, this podcast offers some good lessons.