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
The $5 Trillion Question | Kai Wu on the Risks of the Mag Seven's Big AI CapEx Bet
Kai Wu of Sparkline Capital joins Excess Returns to discuss his paper Surviving the AI CapEx Boom. In this episode, Kai breaks down the unprecedented level of…
- Excess Returns
The Inflation Risk Investors Miss | Nancy Davis
In this episode of Excess Returns, we speak with Nancy Davis, founder and CIO of Quadratic Capital Management and the mind behind the innovative fixed income…
- Excess Returns
The 40 CAPE Conundrum | Meb Faber on What High Valuations Mean for Markets
In this episode of Excess Returns, Meb Faber joins the show to discuss valuations, diversification, trend following, value investing, and the evolution of…
- Excess Returns
Everyone Feared Recession. His Data Said Otherwise | US Bank CIO Eric Freedman on What It Says Now
Eric Freedman, Chief Investment Officer at US Bank Wealth, joins Excess Returns to discuss markets, the economy and his investment process. Freedman shares his…
- Excess Returns
Most Never Escape Stage 3 | Rick Ferri on the Education of an Index Investor
In this episode of Excess Returns, we welcome back Rick Ferri, founder of Ferri Investment Solutions and host of the Bogleheads on Investing podcast. Rick…
- Excess Returns
Investing in a Liquidity Dominated Market | Remi Tetot
In this episode of Excess Returns, Matt Zeigler talks with macro strategist and author Remi Tetot, known as “The Mad King.” They explore how liquidity, policy…
- Excess Returns
The 4% That Drive All Returns | Larry Swedroe on What You're Getting Wrong About the S&P 500
In this episode of Excess Returns, Larry Swedroe returns to discuss the biggest risks and opportunities facing investors today. From tariffs and immigration to…
- Excess Returns
The Regime Change No One Sees | Adam Parker on Why Valuations Are Lying to You
Adam Parker, founder and CEO of Trivariate and Trivector Research, joins Excess Returns to discuss how fundamental, quantitative, and macro perspectives…
- Excess Returns
The Bear Stearns Moment | Ben Hunt on How Private Credit Unravels
Ben Hunt returns to Excess Returns to break down the hidden risks building inside private credit and the parallels between today’s “alternative asset managers”…
- Excess Returns
The Case That We Are in the Early Stages of an AI Bull Market | Gene Munster and Doug Clinton
In this episode of Excess Returns, Gene Munster and Doug Clinton of Deepwater Asset Management join Justin and Jack to explore the technological, economic, and…
- Excess Returns
Buffett, Sun Tzu and the Ancient Art of Risk Taking | Tobias Carlisle
Buy Toby's Bookhttps://amzn.to/478SMBfIn this episode of Excess Returns, we sit down with Tobias Carlisle, founder and portfolio manager at the Acquirers Fund…
- Excess Returns
Timeless Lessons from a Trend Following Legend | Jerry Parker
In this episode of Excess Returns, Jerry Parker joins us for a deep dive into the philosophy and practice of trend following. As one of the original Turtle…
- Excess Returns
The 100 Year Thinkers | Chris Mayer and Robert Hagstrom on Finding the Next Great Compounders
Subscribe on Spotify https://open.spotify.com/show/5IsVVM27KWP6SUW6KN2ife Subscribe on Apple Podcasts…
- Excess Returns
Investing in a Debasement Regime | Warren Pies
Warren Pies joins Excess Returns to discuss why he believes we’ve entered a “Debasement Regime,” what that means for investors, and how it differs from the…
- Excess Returns
The Four Pillars of Macro - And What They Say About This Market | Andy Constan
Andy Constan returns to Excess Returns to break down today’s macro environment using his Four-Pillar Framework — growth, inflation, risk premia, and flows…
- Excess Returns
What a Global Regime Change Means for Investors | Julian Brigden
In this episode of Excess Returns, macro strategist Julian Brigden of MI2 Partners joins the show to break down today’s volatile market landscape. Brigden…
- Excess Returns
Big Rally. First Sell Signal Since April | Katie Stockton on What the Charts Say Could Come Next
Katie Stockton, founder and managing partner at Fairlead Strategies, joins us for her quarterly technical outlook on markets, sectors, and asset classes. In…
- Excess Returns
Electricity Is the New Oil | Rob Thummel on the Energy Opportunity from the AI Boom
In this episode of Excess Returns, we’re joined by Rob Thummel of Tortoise Capital to discuss the critical intersection of energy and technology. Rob explains…
- Excess Returns
The Expensive Truth About Cheap Investing | Bogumil Baranowski
In this episode of Excess Returns, Matt Zeigler sits down with investor and author Bogumil Baranowski to discuss one of investing’s most important mindset…
- Excess Returns
Evidence Based Factor Investing | Matt Zenz
In this episode of Excess Returns, we sit down with Matt Zenz of Longview Research Partners to explore factor investing, evidence-based strategies, and the…
- Excess Returns
A Volatility Masterclass | Timeless Lessons from 30 Year Options Trader Noel Smith
In this episode of Excess Returns, we’re joined by Noel Smith, co-founder and CIO of Convex Asset Management. Noel shares his unique journey from biochemistry…
- Excess Returns
A Practical Guide to Market Valuation with Ben Carlson
In this episode, we sit down with Ben Carlson of Ritholtz Wealth Management and A Wealth of Common Sense to talk about market valuations, the rise of AI…
- Excess Returns
The New Valuation Regime | Jim Paulsen on Confidence, Inflation and the Coming Market Supports
In this episode, we sit down with Jim Paulsen to analyze the latest economic and market data through his lens of decades of market experience. Jim shares…
- Excess Returns
Finding the Next Great Tech Compounders | John Tinsman
In this episode of Excess Returns, we sit down with John Tinsman, portfolio manager of the AOT Growth and Innovation ETF (AOTG). John shares how his investing…
- Excess Returns
Finding Decade-Long Compounders with Joseph Shaposhnik
In this episode of Excess Returns, we sit down with Joseph Shaposhnik, founder of Rainwater Equity and former star portfolio manager at TCW. Joseph shares the…
- Excess Returns
The Average Return That Never Comes | Sam Ro on 10 Stock Market Truths Investors Get Wrong
In this episode of Excess Returns, we sit down with Sam Ro to revisit his widely read post “10 Stock Market Truths” and explore how each principle holds up in…
- Excess Returns
Exceptionalism Is Ending. New Winners Are Rising | Olga Bitel on the $2 Trillion Opportunity
In this episode, William Blair Global Strategist Olga Bitel joins us to unpack her “Perpetual Growth Machine” framework and what it means for investors…
- Excess Returns
Bull Market on Borrowed Time | Ned Davis Chief Strategist Tim Hayes on the Indicators That Matter
Ned Davis Research’s Chief Global Investment Strategist Tim Hayes joins us to break down NDR’s “360°” weight-of-the-evidence framework—how price, breadth…
- Excess Returns
Brent Donnelly on the Fed, Inflation, and Why 2% No Longer Matters
In this episode of Excess Returns, we sit down with Brent Donnelly, veteran trader, author, and president of Spectra Markets, to dive deep into macro markets…
- Excess Returns
Cullen Roche on Inflation, AI and Why the Debt Crisis is Overblown
In this episode of Excess Returns, we welcome back Cullen Roche of Discipline Funds for an in-depth conversation on the economy, markets, demographics, AI, and…
- Excess Returns
This Hasn't Happened Since 1930 | Eric Pachman on Why the Labor Market is Lying to You
In this episode of Excess Returns, we sit down with EricPachman of Bancreek Capital to explore the intersection of data, economics, andinvesting. Eric shares…
- Excess Returns
Cole Smead on Deficits, Inflation, and the Erosion of Earnings Quality in Technology Stocks
In this episode of Excess Returns, we welcome back Cole Smead of Smead Capital for a wide-ranging conversation on markets, history, and the principles of value…
- Excess Returns
31 Years of Lessons: Northwestern Mutual CIO Brent Schutte on Markets, Cycles, and Diversification
In this episode of Excess Returns, we sit down with Brent Schutte, CIO of Northwestern Mutual, to discuss the current macro landscape and what it means for…
- Excess Returns
The Hidden Risks of High Income Options Strategies | Shawn Gibson and Eric McArdle
In this episode of Excess Returns, we sit down with Shawn Gibson and Eric McArdle of Liquid Strategies to explore the rapidly growing world of option-based ETF…
- Excess Returns
Jim Paulsen on Growth, the Fed and the Case for a Broadening Rally
In this episode, Jim Paulsen of Paulsen Perspectives joins us to break down the state of the economy, the Fed’s policy stance, inflation risks, and what’s…
- Excess Returns
Mike Philbrick on Gold, Bitcoin, and Rethinking Diversification Beyond 60/40
In this episode of Excess Returns, we sit down with Mike Philbrick of Resolve Asset Management to discuss why the traditional 60/40 portfolio may no longer be…
- Excess Returns
An Inside Look at Buffer ETFs with Jeff Chang
Defined outcome ETFs have exploded in popularity, offering investors a way to combine downside protection with upside participation. In this episode of Excess…
- Excess Returns
Record Valuations. Hidden Opportunity | Tobias Carlisle on Finding Value in an Expensive Market
In this episode of Excess Returns, we welcome back Tobias Carlisle — author, host of Value After Hours, and manager of the Acquirers Funds. Toby shares his…
- Excess Returns
Momentum is Everything | Leigh Drogen on Building Lasting Strategies in Crypto
In this episode, we sit down with Leigh Drogen of StarKiller Capital, alongside guest co-host Kai Wu, for a deep dive into crypto investing strategies…
- Excess Returns
Show Us Your Portfolio: Aswath Damodaran
How Aswath Damodaran Manages His Own Portfolio | Show Us Your Portfolio In this episode of our Show Us Your Portfolio series, we go inside the personal…
- Excess Returns
64% Never Escape Level Four | Nick Maggiulli on Climbing the Wealth Ladder
In this episode of Excess Returns, Matt Zeigler sits down with Nick Maggiulli — author of Just Keep Buying and his new book The Wealth Ladder. Nick shares his…
- Excess Returns
What Really Drove Buffett’s Success | Kai Wu on Berkshire's Intangible Edge
In this episode of Excess Returns, we’re joined by Kai Wu of Sparkline Capital to explore one of the most important and overlooked aspects of Warren Buffett’s…
- Excess Returns
The Seven Rules of Wall Street | Sam Stovall
📈 In this episode of Excess Returns, we’re joined by Sam Stovall, Chief Investment Strategist at CFRA and author of The Seven Rules of Wall Street. We explore…
- Excess Returns
The 100 Year Pivot | Navigating a Changing Market with Grant Williams
In this episode of Excess Returns, Matt Zeigler sits down with Grant Williams for a wide-ranging conversation on what he calls the “Hundred Year Pivot.” Grant…
- Excess Returns
The Bubble No One Can Sell | Dan Rasmussen on the Private Equity Trap
In this episode of Excess Returns, Justin and special guest host Kai Wu of Sparkline Capital are joined by Verdad’s Dan Rasmussen for a deep dive into the…
- Excess Returns
Darius Dale on the Fourth Turning, Fiscal Dominance, and the Case for a Melt-Up
Macro strategist Darius Dale returns to Excess Returns with a deep dive into the seismic shifts shaping markets today. From the implications of the Fourth…
- Excess Returns
The Risks of the Rise of Passive Investing | Mike Green
In this episode of Excess Returns, Mike Green returns to dissect the structural transformation underway in public markets due to the rise of passive investing…
- Excess Returns
The Case for a Broadening Bull Market | Jim Paulsen
Subscribe on Apple Podcsasts https://podcasts.apple.com/us/podcast/the-jim-paulsen-show/id1828054999 Subscribe on Spotify…
- Excess Returns
You’re Misreading the Rally | Liz Ann Sonders on What is Really Driving Market Returns
📉 What the Market Is Getting Wrong | Liz Ann Sonders on Debt, Tariffs, and the Fed In this episode of Excess Returns, we welcome back Liz Ann Sonders, Chief…
- Excess Returns
This Isn’t Priced In | PIMCO’s Libby Cantrill on the Policy Risks Markets Are Missing
Policy uncertainty is rising—but markets seem unfazed. In this episode, we sit down with Libby Cantrill, Head of Public Policy at PIMCO, to explore the…
- Excess Returns
False Recession Alarms. Real Risks. | Aahan Menon on What Investors Are Missing
Why didn’t the long-predicted recession arrive? In this episode, we talk with Aahan Menon, founder of Prometheus Research, about why traditional macro models…
- Excess Returns
How Option Dealer Flows Impact the Stock Market
Billions are moving through the stock market every day—but not for the reasons most investors think. In this episode, Brent Kochuba of SpotGamma breaks down…
- Excess Returns
The Great Moderation is Over. The Great Convergence is Here | Luca Paolini on What Comes Next
In this episode, we speak with Luca Paolini, Chief Strategist at Pictet Asset Management, about the firm’s 2025 Secular Outlook and the unfolding shift in…
- Excess Returns
Whipsaws, Drawdowns, and Disbelief | Eric Crittenden on the Best Diversifier No One Buys
In this episode of Excess Returns, Matt Zeigler and Jason Buck sit down with Eric Crittenden, CIO of Standpoint Funds, for a wide-ranging and candid discussion…
- Excess Returns
Broken Models. Misleading Yields | Ryan Krueger on Avoiding the Dividend Trap
Most investors chase yield. But what if the very models they rely on — from dividend screens to the 4% rule — are fundamentally broken? In this episode, we’re…
- Excess Returns
500,000 More Sellers Than Buyers. First Time in a Decade | Daryl Fairweather on What Comes Next
In this episode, we’re joined by Daryl Fairweather, Chief Economist at Redfin and author of Hate the Game, to explore the most dramatic shift in the U.S…
- Excess Returns
Buffett Does It. Most Value Investors Don’t | Robert Hagstrom on the Real Key to Compounding
Robert Hagstrom returns to discuss the investing principle he believes most value investors still misunderstand—despite decades of evidence from Warren…
- Excess Returns
Recession Indicators Are Breaking. Inflation Isn’t | Megan Horneman on What Comes Next
Megan Horneman: Fragile Optimism, Hidden Inflation Risks, and What Investors Are Missing In this episode, we’re joined by Megan Horneman, Chief Investment…
- Excess Returns
Broken Data. Hidden Opportunity | GMO's Warren Chiang on Deep Value’s Historic Setup
GMO’s Warren Chiang joins us for a deep dive into the art and science of systematic value investing. In this episode, Warren shares how his team has refined…
- Excess Returns
Blind to Power: The Hidden Investing Risk of Rising Strongmen | Peter Atwater
In this episode of Excess Returns, Matt Zeigler sits down with Peter Atwater—President of Financial Insyghts, author of The Confidence Map, and expert on…