In this episode of Excess Returns, we explore the profound impact of passive investing with one of the most provocative thinkers in the space—Mike Green. Mike has developed a framework that challenges traditional market assumptions, shedding light on how seemingly "passive" investment flows might be actively reshaping markets, valuations, and even systemic stability. Using clips from our interviews, Mike breaks down complex ideas with clarity, humor, and critical insight. This is a must-watch for anyone who wants to understand the hidden mechanics behind modern markets—and what they mean for your portfolio.

Topics Covered:

Why passive investors aren't truly passiveThe systemic risk behind the growth of index investingHow passive flows distort price discovery and market behavior

The QDIA effect and its unintended consequences

The breakdown of correlation between value and growth stocks

Why international markets continue to underperform

Mike's thoughts on unemployment data and the gig economy

The real lesson investors should take from all this

What individual investors can realistically do about it

In this episode, we dive deep into the fundamentals of retirement planning with one of the most respected researchers in the field—Wade Pfau. Wade is known for blending rigorous academic research with real-world financial advice. We explore his groundbreaking ideas on the 4% rule, sequence of returns risk, annuities, income frameworks, and his innovative Retirement Income Style Awareness (RISA) model. Whether you’re planning for retirement or advising others, this episode delivers valuable frameworks and perspectives you can apply immediately.

**Topics Covered:**

* Why the 4% rule is a U.S. artifact—and where it doesn’t work* The importance of sequence risk and how early retirement returns dominate long-term outcomes* Wade’s “Four Ls” of retirement planning: Lifestyle, Longevity, Liquidity, and Legacy* The limitations of fixed withdrawal strategies and the value of variable withdrawal rules* The misunderstood role of annuities and why risk pooling matters* How RISA helps investors match their personality and preferences to the right retirement strategy* The power of flexibility and focusing on what really matters in retirement

In this episode, we dive deep into some of the most thought-provoking ideas from two of the most original minds in investing: Ben Hunt and Grant Williams. Through a curated selection of powerful clips, we explore how markets have transformed from mechanisms of capital allocation to platforms of narrative and speculation. Ben and Grant challenge conventional wisdom, question the stories we tell ourselves about investing, and propose frameworks for navigating a radically different market landscape going forward. Whether it's the evolution of CEO incentives, the lifecycle of narratives, or why staying rich is harder than getting rich, this episode is packed with timeless insights.

Topics Covered:

Why what worked for 40 years may not work anymore

The market as a political utility and what that really means

The disconnection between stock prices and real businesses

How narratives shape market behavior and prices

The language of growth vs. value in investingThe CEO’s evolving role as a storytellerUsing the narrative lifecycle as an investment framework

Speculation vs. investing and how to tell the difference

How Ben Hunt applies the minimax regret framework to life decisions