When we started Excess Returns, we stayed away from having a standard closing question for guests because we couldn’t come up with one that summed up the knowledge of our guests into something simple that your average investor could understand. But a little over a year ago, we came up with a question that we thought worked perfectly.   
If our goal was to help investors learn along with us, then it made the most sense to ask our guests the most important lesson they had learned themselves.  
So we finally settled on our standard closing question:   
Based on your experience in markets, if you could teach one lesson to your average investor, what would it be?   
Since we started asking the question, we have received some amazing answers and we thought it would be interesting to take a look at some of the best ones.   
Here are the top 10 lessons our guests would teach your average investor.
ABOUT THE PODCAST
Excess Returns is an investing podcast hosted by Jack Forehand (@practicalquant) and Justin Carbonneau (@jjcarbonneau), partners at Validea. Justin and Jack discuss a wide range of investing topics including factor investing, value investing, momentum investing, multi-factor investing, trend following, market valuation and more with the goal of helping those who watch and listen become better long term investors.
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