Nothing Is Priced In | Bob Elliott on Why Investors Are Misreading the Oil Shock

Excess Returns · Mar 25, 2026 · 58m

This episode of Excess Returns features Bob Elliott discussing the growing fragility in the global economy as an oil shock collides with a shift from an income-driven to a savings-driven system.

The conversation explores why markets may be mispricing the economic impact of higher oil prices, how inflation and growth dynamics could unfold, and what this means for investors navigating an increasingly volatile macro environment.

Bob also breaks down how to think about global macro investing today, including why traditional portfolios may be poorly positioned for a wider range of outcomes, how…