Shows / Excess Returns
Excess Returns
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.
Episodes
- Excess Returns
When Safe Becomes the Most Dangerous | The 100-Year Thinkers on AI, Staples and How Words Mislead
Subscribe to the 100 Year Thinkers of Spotify Subscribe to the 100 Year Thinkers of Apple In this episode of the 100 Year Thinkers, Matt Zeigler and Bogumil…
- Excess Returns
The Global Regime Change | Jason Hsu on AI, Factor Investing and What Investors Miss About China
In this episode of Excess Returns, Jason Hsu returns for a wide-ranging conversation on China’s economy, the global AI race, emerging markets, factor…
- Excess Returns
When the Data Stops Working | Cameron Dawson and Dave Nadig on What Aggregate Economic Numbers Hide
Subscribe to Click Beta on Spotify Subscribe to Click Beta on Apple Podcasts In this episode of Click Beta, Matt Zeigler sits down with Cameron Dawson of…
- Excess Returns
This Only Happens in Markets Down 30% | Brent Kochuba on the Rotation Indexes Hide
Subscribe to the OPEX Effect on Spotify Subscribe to the OPEX Effect on Apple Podcasts In this episode of The Opex Effect, Jack and Brent break down the…
- Excess Returns
Investing in a Fourth Turning | Neil Howe and Ben Hunt on Inflation, Trust and What Comes Next
In this episode of Excess Returns, we sit down with Neil Howe, author of The Fourth Turning Is Here and co-creator of the Fourth Turning generational…
- Excess Returns
You Can't Eat Risk-Adjusted Returns | AQR's Pete Hecht on Portable Alpha's Capital Efficient Edge
In this episode of Excess Returns, we sit down with Pete Hecht of AQR to break down portable alpha, capital efficient portfolio construction, and how investors…
- Excess Returns
46% of the S&P 500 is One AI Bet | Kai Wu on Why It’s Likely the Wrong One
In this episode of Excess Returns, Kai Wu of Sparkline Capital returns to discuss his latest research on AI adoption, ROI, and what it all means for investors…
- Excess Returns
It’s Only a Question of When | Nir Kaissar on AI, Private Credit and the Regime Shift Investors Miss
In this episode of Excess Returns, we sit down with Bloomberg Opinion columnist Nir Kaissar for a wide-ranging conversation on markets, AI, interest rates…
- Excess Returns
$70 Billion. 18 Straight Outperforming Years | David Giroux on the Index Trap and AI Hype
David Giroux, CIO of T. Rowe Price and manager of the Capital Appreciation strategy, joins Excess Returns for a wide ranging discussion on market valuation, AI…
- Excess Returns
Lowest Cash Levels Ever | Kevin Muir on Markets at Extremes
In this episode of Excess Returns, we sit down with Kevin Muir, author of The Macro Tourist, for a wide-ranging conversation on market sentiment, asset…
- Excess Returns
The Market That Bites Back | Victoria Greene on Surviving the Badger Market
In this episode of Excess Returns, we sit down with Victoria Greene of G Squared Private Wealth for a wide-ranging conversation on markets, macro risk…
- Excess Returns
Last Call: January 2026 | AI Capex, Private Credit Problems and the Unstable Market
Follow Last Call on Spotify Follow Last Call on Apple Podcasts Join Jack Forehand and Matt Zeigler for the premiere episode of Last Call, a new monthly market…
- Excess Returns
The Bubble You Can’t Exit | Dan Rasmussen on the Private Equity Trap
In this episode of Excess Returns, we’re joined again by Dan Rasmussen of Verdad Advisors for a wide-ranging conversation that challenges some of the most…
- Excess Returns
30 Times Earnings Isn't Expensive | Chris Mayer & Robert Hagstrom on the Labels That Destroy Returns
In this episode of our new show The 100 Year Thinkers, Chris Mayer and Robert Hagstrom explore how the words investors use quietly shape the decisions they…
- Excess Returns
60-20-20 Changed Everything | Tony Greer on the New Portfolio Regime
In this episode of Excess Returns, we sit down with TG Macro founder Tony Greer to explore why markets are increasingly signaling a loss of faith in…
- Excess Returns
You’re Waiting for the Bubble to Burst | Jan van Eck on Why It Already Has
In this episode of Excess Returns, we sit down with Jan van Eck, CEO of VanEck, to discuss how long-term macro forces are shaping markets and investment…
- Excess Returns
The Crash That Won’t Come | Redfin Chief Economist Daryl Fairweather on the Great Housing Reset
In this episode of Excess Returns, Redfin Chief Economist Daryl Fairweather joins Matt Zeigler to unpack what she calls the Great Housing Reset. Rather than a…
- Excess Returns
The Chart of Truth Is Turning | Rupert Mitchell on the Regime Change Investors Are Missing
In this episode of Excess Returns, Rupert Mitchell returns to break down a rapidly shifting global macro landscape and explain how he is positioning across…
- Excess Returns
10 Cents on the Dollar | Gary Mishuris on Mispriced Fear and Lessons from Warner Brothers
In this episode of Excess Returns, we sit down with Gary Mishuris, Managing Partner and CIO of Silver Ring Value Partners, to explore how deep fundamental…
- Excess Returns
The Line We Can't Cross | Mike Green on the Passive Investing Endgame
In this episode of Excess Returns, we sit down with Mike Green of Simplify Asset Management for a deep dive into how passive investing has reshaped market…
- Excess Returns
Disbelief Is the Real Risk: Gene Munster and Doug Clinton on Why the AI Bubble is Just Getting Started
This episode of Excess Returns features Gene Munster and Doug Clinton breaking down their 2026 technology and market predictions, with a deep focus on…
- Excess Returns
The Bubble Most Will Get Wrong | Aswath Damodaran on How He is Managing His Own Money in a World of AI
In this episode of Excess Returns, Professor Aswath Damodaran joins Matt Zeigler and Kai Wu for a wide-ranging conversation on valuation, portfolio…
- Excess Returns
The Great Moderation Is Over | Liz Ann Sonders on What Replaces It
In this episode of Excess Returns, we welcome back Liz Ann Sonders to discuss the evolving market and economic landscape heading into 2026. The conversation…
- Excess Returns
The Regime Shift No One is Prepared For | Grant Williams on the 100 Year Pivot
This episode of Excess Returns features a wide ranging conversation with Grant Williams on what he calls the hundred year pivot. Grant explains why today’s…
- Excess Returns
Sold At "Irrational Exuberance". Still Lost Money | Sam Ro on the Bubble Paradox
In this episode of Excess Returns, we dive deep into one of the most pressing investing debates today: how to think about valuations, profit margins, and…
- Excess Returns
Long-Term Uptrend. Short-Term Warning Signs | Katie Stockton on What Charts Say About What's Next
In this episode of Excess Returns, Katie Stockton of Fairlead Strategies joins Matt Zeigler and Justin Carbonneau to walk through her technical outlook for…
- Excess Returns
It’s Not K-Shaped. It’s No Shaped | Jim Paulsen on What You're Getting Wrong About 2026
Subscribe to the Jim Paulsen Show on Apple Podcasts https://podcasts.apple.com/us/podcast/the-jim-paulsen-show/id1828054999 Subscribe on Spotify…
- Excess Returns
4% of Stocks. 100% of Wealth | Gautam Baid on the Brutal Math of Compounding
In this wide-ranging conversation, Gautam Baid joins Excess Returns to discuss the principles that shaped his investing philosophy, the lessons learned through…
- Excess Returns
We Read 22 2026 Market Forecasts So You Don't Have To | What You Need to Know
In this episode of Excess Returns, Jack Forehand and Matt Zeigler dig into forecast season by reviewing and synthesizing insights from 22 major Wall Street and…
- Excess Returns
The Truth No One Sees | 41 Great Investors Share Their Most Controversial Belief
In this special compilation episode of Excess Returns, we ask one revealing question to some of the most respected investors, strategists, and market thinkers…
- Excess Returns
The Base Case is Wrong | Paul Eitelman on AI, Reacceleration and the Pause No One Sees
In this episode of Excess Returns, we sit down with Paul Eitelman, Global Chief Investment Strategist at Russell Investments, to unpack their 2026 outlook and…
- Excess Returns
Nothing Has a Right to Exist in Your Portfolio | What the Last 15 Years Has Taught Us
In the latest episode of Click Beta, Matt Zeigler, Dave Nadig and Cameron Dawson take a look back at 2025 and a look forward to 2026. Subscribe to Click Beta…
- Excess Returns
The Existential Spending Battle | Adrian Helfert on What You’re Missing in the AI Arms Race
In this episode of Excess Returns, we sit down with Adrian Helfert of Westwood to discuss how investors should be thinking about portfolio construction in a…
- Excess Returns
The Precarity Line | Ben Hunt and Adam Butler on the Broken Math of the American Dream
In this special episode, Adam Butler and Ben Hunt join Matt Zeigler to unpack one of the most charged debates in markets and economics today: whether our…
- Excess Returns
The Alpha No Human Can Find | David Wright on Machine Learning's Hidden Edge
In this episode of Excess Returns, we sit down with David Wright, Head of Quantitative Investing at Pictet Asset Management, for a deep and practical…
- Excess Returns
The 100 Year Thinkers | Chris Mayer and Robert Hagstrom on the Dangers of Abstraction
In this episode of our new show The 100 Year Thinkers, Robert Hagstrom, Chris Mayer, Bogumil Baranowki and Matt Zeigler explain how investors get trapped by…
- Excess Returns
Magnet Above. Trap Door Below | Inside the Options Flows Driving Markets with Brent Kochuba
Brent Kochuba takes a look behind the scenes at the options flows driving the market heading into the December options expiration and the end of 2025…
- Excess Returns
He Was Overweight Tech for 15 Years. He Just Downgraded the Mag Seven | Ed Yardeni Explains Why
Ed Yardeni returns to Excess Returns to break down the evolving market landscape, why he moved the Magnificent 7 to underweight, and how AI, productivity…
- Excess Returns
Why Most Investors Won't Buy the Best Diversifier | Andrew Beer on Managed Futures
In this episode of Excess Returns, we sit down with Andrew Beer to break down managed futures, hedge fund replication, diversification, and what investors can…
- Excess Returns
The Single Most Important Metric | Matt Reustle on the Patterns That Separate Great Businesses
We are including this episode from our separate show Teach Me Like I'm Five in the Excess Returns feed. If you would like to continue receiving new episodes…
- Excess Returns
The Risk is in the Water | Graeme Forster on Six Courageous Questions for 2026
In this episode of Excess Returns, Graeme Forster of Orbis joins us to discuss two major research papers: Six Courageous Questions for 2026 and Sunrise on…
- Excess Returns
The Thunderclap That Ends the Cycle | Jim Grant on the Risk No One Sees
James Grant, legendary founder of Grant’s Interest Rate Observer, joins us for a wide-ranging conversation on cycles, interest rates, inflation, credit, the…
- Excess Returns
3% Inflation Isn't the Problem | Jim Paulsen on Why 2% Growth is the Crisis
In this episode, we’re joined again by Jim Paulsen to break down the key themes shaping markets and the economy heading into 2026. Jim explains why…
- Excess Returns
The One Lesson | 50+ Great Investors Share the One Thing They Would Teach You
In this special episode of Excess Returns, we share the most important investing lessons from more than 50 of our top guests. After asking more than 200…
- Excess Returns
World War AI | Ben Hunt on the Economic Consequences of the AI Boom
In this episode of Excess Returns, Matt sits down with Ben Hunt to break down his new Epsilon Theory essay, World War AI. They explore how the US government…
- Excess Returns
The Real Estate Bust Was the Plan | Louis-Vincent Gave on China's Brute Force Growth Strategy
In this episode of Excess Returns, we sit down with Louis-Vincent Gave of Gavekal Research for one of the most wide-ranging and eye-opening conversations we…
- Excess Returns
The Pattern Is Staggering | Mary Ann Bartels on Why This Bull Market Is Just Getting Started
In this episode, we sit down with Sanctuary Wealth Chief Investment Strategist Mary Ann Bartels to break down her new 2026 outlook. We cover her long-term S&P…
- Excess Returns
The Risk Isn't Where You Think | Carl Kaufman on AI Capex, Private Credit and the Hidden Bond Play
In this episode of Excess Returns, we talk with Carl Kaufman, Co-President and Co-CIO of Osterweis Capital Management, about navigating today’s fixed income…
- Excess Returns
The Bubble You Can't Short | Rob Arnott on What You Can Do Instead
Follow Us on Substack: https://excessreturnspod.substack.com/ In this episode, we sit down with Rob Arnott for a wide-ranging discussion on bubbles…
- Excess Returns
The Bull Market Where Everyone Feels Broke | Behind the Rise of Financial Nihilism
Follow Click Beta: Spotify https://open.spotify.com/show/0u1fxie4C4vHXIJPUMhvUs Apple Podcasts https://podcasts.apple.com/ky/podcast/click-beta/id1793929457…
- Excess Returns
The Two Tailed Market Risk | Brent Kochuba on What the Options Market Tells Us About What Comes Next
Subscribe on Spotify https://open.spotify.com/show/4KR2YVJqk2lnVETMKDavJf Subscribe on Apple Podcasts…
- Excess Returns
$1 Trillion AI Bet. $10 Billion in Profits | Bob Elliott on the AI Income That Isn't Coming
Follow us on Substack https://excessreturnspod.substack.com In this episode, we sit down with Bob Elliott for a wide-ranging conversation about the late-cycle…
- Excess Returns
The Hidden Fingerprints of 100 Baggers | Chris Mayer and Robert Hagstrom on Finding the Perfect Business
Subscribe on Spotify https://open.spotify.com/show/5IsVVM27KWP6SUW6KN2ife Subscribe on Apple Podcasts…
- Excess Returns
He Invented the 4% Rule | Bill Bengen on Why He Now Thinks 5% Works
Follow us on Substack https://excessreturnspod.substack.com Bill Bengen, the creator of the 4% rule, joins us to revisit one of the most important ideas in…
- Excess Returns
The Most Powerful Investing Tool You Aren’t Using | Four Lessons from Michael Mauboussin
Follow us on Substack https://excessreturnspod.substack.com In this episode, we kick off our book project, The Most Important Investing Lesson: What the…
- Excess Returns
The Bull Market You Don’t Want to Believe | Rupert Mitchell on China vs. the Mag Seven
Rupert Mitchell of Blind Squirrel Macro joins Matt Zeigler to talk global markets, China’s resurgence, the AI CapEx boom, and where investors can still find…
- Excess Returns
The Most Extreme Speculation in 40 Years | Richard Bernstein on What It Means for Markets
Follow us on Substack https://excessreturnspod.substack.com In this episode, we are joined by Richard Bernstein, CIO and CEO of Richard Bernstein Advisors. We…
- Excess Returns
99.9% Focus on the Wrong Question | Victor Haghani on Why Static Allocation Fails
In this episode, we sit down with Victor Haghani, founder of Elm Wealth and one of the original partners at LTCM, to explore his journey from running complex…
- Excess Returns
The Case for Permanently Higher Market Valuations | Jim Paulsen
Subscribe on Apple Podcsasts https://podcasts.apple.com/us/podcast/the-jim-paulsen-show/id1828054999 Subscribe on Spotify…
- Excess Returns
The Liquidity Trap Door | Cem Karsan on Why We Are Likely in a Bubble, It Could Get Bigger, And What Pops It
Follow us on Substack https://excessreturnspod.substack.com In this episode, Cem Karsan returns to Excess Returns to break down the market through the lens of…