Excess Returns Pod: Robert Hagstrom & Chris Mayer -- With the Concentrated Momentum Driven Almost Unbeatable Major Indices, What Does It Really Take These Days to Outperform the Market

Matt Zeigler and I had the privilege of hosting Robert Hagstrom (The Warren Buffett Way) and Chris Mayer (100 Baggers) for a special 100-Year Thinkers Edition of the Excess Returns Podcast. Two legendary investors and authors. One hour packed with timeless wisdom on long-term thinking and wealth creation. This is the conversation we’ve been wanting to have—and we think you’ll find it as valuable as we did. I’m excited to share this episode with you—it’s reposted here with permission and blessing from both Matt and Jack. Don’t miss it! And follow their work, links below. https://excessreturnspod.com/ https://cultishcreative.com/ — everyting Matt Zeigler. In a world that moves tick by tick and quarter by quarter, The 100-Year Thinkers zooms out to explore what it really means to invest with patience, discipline, and perspective. In this premiere episode, join Matt Zeigler, Bogumil Baranowski, Chris Mayer, and Robert Hagstrom as they discuss market concentration, the dominance of mega-cap stocks, and how investors can think in decades—not days. Together, they explore the evolution of active management, the role of the S&P 500, the challenge of private equity, and how to build portfolios that last. Topics covered Concentration and the rise of mega-cap dominance Equal-weight vs. market-cap-weighted indexes The role of the S&P 500 and how it shapes investor behavior Why the Magnificent Seven may not repeat past winners’ mistakes The differences between today’s tech leaders and the 1999 bubble The changing nature of private equity and illiquidity premiums How to define success as an investor beyond beating the index The importance of focusing on business economics over stock prices Lessons from Buffett, Bill Miller, and other long-term thinkers Timestamps 00:00 Concentration and portfolio construction 04:00 Market-cap dominance and equal vs. cap weighting 10:30 Active management, benchmarks, and the S&P 500 17:00 Economic realities of the top 10 stocks 23:00 Government policy and market intervention 26:00 Comparing 2024 to 1999 and lessons from past cycles 32:00 Innovation, Russell 2000, and private company growth 40:00 Active management and how the S&P wins 41:45 The private equity boom and its challenges 49:00 Redefining performance and investor goals 55:00 The importance of focusing on business economics 57:00 Closing thoughts and where to find the guests Podcast Program – Disclosure Statement Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.