When we started Excess Returns, we wanted to come up with one way to boil down the best advice from the experts we have interviewed into one simple question. That led us to create a standard closing question that we ask all of our guests, “Based on your experience in the markets, if you could teach one lesson to your average investor, what would that be?”.

Over the history of the podcast, we have asked that question to close to 200 guests ranging from great investors to academic experts to options and macro traders. In this episode, we share the answers from our 50 most popular guests all in one episode. Featured guests include Liz Ann Sonders, Cliff Asness, Guy Spier, Michael Mauboussin, Mike Green, Cem Karsan, Chris Davis, Aswath Damodaran, Jack Schwager, Rick Ferri and many others.

Topics Covered:The fundamental purpose of investing: preserving and growing wealth rather than getting rich quick

The importance of base rates in investment decisions

Portfolio monitoring frequency and its impact on investment psychology

Viewing stocks as ownership in actual businesses rather than trading vehicles

The value of patience, humility, and self-forgiveness in the investment process

Diversification across asset classes, strategies, and time frames

The benefits of simplicity in investment approaches

The psychological challenges of investing and how to overcome them

Compounding as a fundamental wealth-building tool

The danger of performance chasing and overconfidence

The value of a rules-based investment process

In this episode of Excess Returns, Matt Zeigler sits down with Andrew Cohen, who shares his extraordinary journey from Goldman Sachs trader to working directly with Bernie Madoff and ultimately becoming a victim of history's largest Ponzi scheme. Now a respected finance professor, Cohen offers unique insights into Wall Street's trading culture, the shock of Madoff's fraud, and how he rebuilt his life in academia after losing almost everything.

Topics Covered:

Andrew's early career at Goldman Sachs and how basketball gambling on the trading floor taught him market-making skills

The trading operations and technology at Bernard L. Madoff Investment Securities in the early 1990s

Working dynamics with Bernie Madoff's sons, Mark and Andy, and office politics

How Andrew was invited to invest in Madoff's "exclusive" fund

Andrew's decision to leave Wall Street at the height of his success

The devastating moment Andrew learned about Madoff's arrest and the Ponzi scheme

The additional ordeal of facing clawback lawsuits after losing his investment

Transitioning to academia and finding a more fulfilling career path

Lessons for investors and finance students about risk, technology, and communication

Join hosts Matt Zeigler and Justin Carbonneau as they sit down with Richard Bernstein, CEO and Chief Investment Officer of Richard Bernstein Advisors. In this insightful conversation, Rich shares his expert perspective on today's market challenges, including the unprecedented narrowness of recent markets, the impact of tariffs on the US economy, and why the current environment calls for a shift toward value investing and greater diversification. Drawing on decades of experience, Bernstein offers practical wisdom for navigating today's uncertain investment landscape.

Topics Covered:

The difference between the 2008 financial crisis and today's economic challengesWhy 2023-2024 saw the most narrow stock market since the Great DepressionThe potential impact of tariffs as "the biggest tax on consumers in our professional careers"Why investors should err on the side of value over growth in the current marketHow US debt levels impact interest rates and economic competitivenessThe role of the Federal Reserve as a lagging rather than leading indicatorWhy gold serves as an effective hedge against uncertaintyBernstein's skeptical view on cryptocurrency and Bitcoin valuationThe limitations of index funds in today's market environmentTimeless advice for wealth building: stick to fundamentals and avoid "get rich quick" thinking