About this episode

This episode discusses key investing lessons from various experts, focusing on volatility, bubble regimes, and private equity risks.

This week’s Excess Returns Weekly Wrap breaks down the biggest investing lessons from our conversations with Cliff Asness, Andy Constan, Gene Munster, Doug Clinton, and Ben Carlson. Jack Forehand and Matt Zeigler discuss volatility, bubble regimes, AI infrastructure, private equity risk, investor behavior, and why doing nothing is often harder than it looks. Main topics covered: Cliff Asness on why volatility is not a perfect risk measure, but still matters for real investors The limits of defining risk only as permanent loss of capital Andy Constan on why bubbles can feel low risk because they trend with low volatility How leverage, confidence, and investor behavior can inflate bubble regimes Gene Munster and Doug Clinton on AI, electricity, data centers, hyperscaler CapEx, and energy demand Why AI infrastructure constraints may affect whether the AI boom becomes a classic bubble Ben Carlson on Shark Week, vivid risks, and why investors often fear the wrong things Cliff Asness on private equity, volatility laundering, and the illusion of smooth returns Andy Constan on what active investors should do in bubble regimes and why mean reversion can fail Doug Clinton and Gene Munster…

People in this episode

Hosts: Jack Forehand, Matt Zeigler

Guests: Cliff Asness, Andy Constan, Gene Munster, Doug Clinton, Ben Carlson

Topics covered

• volatility
• bubble regimes
• private equity risk
• investor behavior
• AI infrastructure
• mean reversion
• action bias

Keywords

• investing lessons
• volatility illusion
• private equity
• AI boom
• bubble risks
• investor behavior
• action bias

Mentioned in this episode

Organizations: Excess Returns

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