{"podcast":{"title":"Excess Returns","slug":"excess-returns-902655","podcast_index_feed_id":902655,"rss_url":"https://anchor.fm/s/9a1dfac/podcast/rss","website_url":"https://excessreturnspod.com","image_url":"https://d3t3ozftmdmh3i.cloudfront.net/staging/podcast_uploaded_nologo/1516035/1516035-1743436234284-87994a171a4a2.jpg","author":"Excess Returns","episode_count":560,"summary":"Excess Returns is dedicated to making you a better long-term investor and making complex investing topics understandable. Join Jack Forehand, Justin Carbonneau and Matt Zeigler as they sit down with some of the most interesting names in finance to discuss topics like macroeconomics, value investing, factor investing, and more. Subscribe to learn along with us.","last_synced_at":"2026-09-13T06:18:13.262156+00:00","page_url":"https://stenobird.com/podcast/excess-returns-902655"},"episode":{"title":"Even God Would Be Fired | Wes Gray on Bubbles, AI Valuations and Why Size Was Never the Edge","slug":"even-god-would-be-fired-wes-gray-on-bubbles-ai-valuations-and-why-size-was-never-the-edge","published_at":"2026-07-25T09:00:00+00:00","page_url":"https://stenobird.com/podcast/excess-returns-902655/even-god-would-be-fired-wes-gray-on-bubbles-ai-valuations-and-why-size-was-never-the-edge","show_page_url":"https://stenobird.com/podcast/excess-returns-902655","url":"https://podcasters.spotify.com/pod/show/excess-returns/episodes/Even-God-Would-Be-Fired--Wes-Gray-on-Bubbles--AI-Valuations-and-Why-Size-Was-Never-the-Edge-e3mh17g","audio_url":"https://traffic.megaphone.fm/APO6735452877.mp3","summary":"Wes Gray joins us to explain how factor investors should think about high market valuations, S&P 500 concentration, value investing, small caps, artificial intelligence and the behavioral challenge of staying invested for the long term. He also breaks down Section 351 ETF exchanges, including how appreciated portfolios can move into an ETF without an immediate taxable sale, why direct-indexing portfolios are a major use case and how the ETF wrapper is reshaping asset management. Wes Gray on X https://x.com/alphaarchitect Alpha Architect https://alphaarchitect.com ETF Architect https://etfarchitect.com Long-Only Value Investing: Does Size Matter? https://alphaarchitect.com/wp-content/uploads/2022/11/AA-JBISFactorInvesting22LongOnlyValueInvesting.pdf Even God Would Get Fired as an Active Investor https://alphaarchitect.com/wp-content/uploads/2021/08/Even_God_Would_Get_Fired_as_an_Active_Investor.pdf Topics covered Why high valuations may lower long-term expected returns without providing a reliable market-timing signal How S&P 500 concentration creates a major large-cap, quality and growth factor bet Why earnings and operating income may be better value metrics than book-to-market in an intangible economy Why valuation may matter more than company size for long-only value investors How unprofitable companies and low-quality stocks can distort small-cap value indexes Whether AI has changed the historical relationship between growth and value investing How AI may eliminate short-term trading edges while leaving long-horizon opportunities intact Why even an investor with perfect foresight could suffer severe drawdowns and get fired How passive investing flows may affect market prices and factor returns How Section 351 exchanges can solve problems created by apprecia…","meta_description":"Wes Gray joins us to explain how factor investors should think about high market valuations, S&P 500 concentration, value investing, small caps, artif…","key_points":[],"chapters":[],"topics":[],"duration_seconds":3367,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/excess-returns-902655/episodes/even-god-would-be-fired-wes-gray-on-bubbles-ai-valuations-and-why-size-was-never-the-edge/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/excess-returns-902655/even-god-would-be-fired-wes-gray-on-bubbles-ai-valuations-and-why-size-was-never-the-edge.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}