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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.

The Signal Before the Spike | Katie Stockton on What the Charts Tell Us About What Comes Next

48 mins; April 03, 2026

Michael Mauboussin | AI, Base Rates, and Investing in the New Economy

61 hours 44 mins; April 02, 2026

The Stagflation Regime | Aahan Menon on What Works When Stocks and Bonds Don’t

58 mins; March 31, 2026

6x Earnings. 10x Potential. | Harris Kupperman on the Inflections Wall Street Misses

62 hours 48 mins; March 30, 2026

The Moment Common Knowledge Changed | Last Call - With Andy Constan, Ben Hunt, Brent Kochuba and Eric Pachman

69 hours 42 mins; March 28, 2026

The Private Credit Apocalypse That Isn’t Coming | Larry Swedroe Dispels the Myths

60 hours 9 mins; March 26, 2026

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

58 mins; March 25, 2026

The 0.1% Winners | Chris Mayer and Robert Hagstrom on Why Outliers Drive Returns

72 hours 13 mins; March 23, 2026

Big Decline. Options Support Gone | Brent Kochuba on the Fragile Market Setup

70 hours 26 mins; March 21, 2026

The War Markets Can't Price | Jared Dillian on the Regime Change Investors Miss

63 hours 18 mins; March 19, 2026

They Call It a Lottery Ticket. The Data Says Otherwise | D.A. Wallach on The Hidden Alpha of Biotech

65 hours 14 mins; March 16, 2026

14% for Tech. 1% for Everyone Else | The Weekly Wrap – 3/14/2026

65 hours 20 mins; March 15, 2026

The $1 Trillion Supercycle Hidden in Plain Sight | Joseph Shaposhnik

65 hours 54 mins; March 13, 2026

Survival First. Returns Second | Vitaliy Katsenelson on Investing Amid Extreme Uncertainty

72 hours 12 mins; March 10, 2026

What War Charts and AI Bubbles Miss | The Weekly Market Insight – March 8, 2026

61 hours 43 mins; March 09, 2026

1% Growth. Zero Jobs | Jim Paulsen on the Recession Hiding in Plain Sight

61 hours 53 mins; March 07, 2026

The Widest Valuation Gap in History | Rob Arnott on What Investors Are Missing About AI

63 hours 4 mins; March 05, 2026

100% Out of US Stocks | Andy Constan on AI, War Risk and the Shift Abroad

64 hours 3 mins; March 03, 2026

Is AI Replacing Workers Faster Than We Think? | We Break Down the Viral AI Doom Loop Article

60 hours 30 mins; March 01, 2026

The AI Panic Trade | What the Viral Doomsday AI Article Means for Markets

70 hours 11 mins; February 28, 2026

Most Portfolios Are Built Backwards | Cullen Roche on Building Your Perfect Portfolio

59 mins; February 27, 2026

The Edge Has Shifted | Matt Reustle on How the Best Investors Use AI

63 hours 36 mins; February 25, 2026

When You've Won the Game, Stop Playing | What Great Investors Taught Us About Portfolio and Purpose

68 hours 55 mins; February 23, 2026

When Safe Becomes the Most Dangerous | The 100-Year Thinkers on AI, Staples and How Words Mislead

76 hours 8 mins; February 21, 2026

The Global Regime Change | Jason Hsu on AI, Factor Investing and What Investors Miss About China

63 hours 4 mins; February 19, 2026

When the Data Stops Working | Cameron Dawson and Dave Nadig on What Aggregate Economic Numbers Hide

57 mins; February 17, 2026

This Only Happens in Markets Down 30% | Brent Kochuba on the Rotation Indexes Hide

67 hours 20 mins; February 15, 2026

Investing in a Fourth Turning | Neil Howe and Ben Hunt on Inflation, Trust and What Comes Next

71 hours 52 mins; February 13, 2026

You Can't Eat Risk-Adjusted Returns | AQR's Pete Hecht on Portable Alpha's Capital Efficient Edge

59 mins; February 12, 2026

46% of the S&P 500 is One AI Bet | Kai Wu on Why It’s Likely the Wrong One

62 hours 26 mins; February 10, 2026

It’s Only a Question of When | Nir Kaissar on AI, Private Credit and the Regime Shift Investors Miss

64 hours 35 mins; February 09, 2026

$70 Billion. 18 Straight Outperforming Years | David Giroux on the Index Trap and AI Hype

64 hours 42 mins; February 07, 2026

Lowest Cash Levels Ever | Kevin Muir on Markets at Extremes

70 hours 1 min; February 04, 2026

The Market That Bites Back | Victoria Greene on Surviving the Badger Market

60 hours 11 mins; February 02, 2026

Last Call: January 2026 | AI Capex, Private Credit Problems and the Unstable Market

67 hours 24 mins; January 31, 2026

The Bubble You Can’t Exit | Dan Rasmussen on the Private Equity Trap

55 mins; January 29, 2026

30 Times Earnings Isn't Expensive | Chris Mayer & Robert Hagstrom on the Labels That Destroy Returns

74 hours 44 mins; January 28, 2026

60-20-20 Changed Everything | Tony Greer on the New Portfolio Regime

60 hours 54 mins; January 27, 2026

You’re Waiting for the Bubble to Burst | Jan van Eck on Why It Already Has

63 hours 0 mins; January 25, 2026

The Crash That Won’t Come | Redfin Chief Economist Daryl Fairweather on the Great Housing Reset

60 hours 44 mins; January 24, 2026

The Chart of Truth Is Turning | Rupert Mitchell on the Regime Change Investors Are Missing

61 hours 5 mins; January 22, 2026

10 Cents on the Dollar | Gary Mishuris on Mispriced Fear and Lessons from Warner Brothers

63 hours 25 mins; January 21, 2026

The Line We Can't Cross | Mike Green on the Passive Investing Endgame

56 mins; January 20, 2026

Disbelief Is the Real Risk: Gene Munster and Doug Clinton on Why the AI Bubble is Just Getting Started

59 mins; January 18, 2026

The Bubble Most Will Get Wrong | Aswath Damodaran on How He is Managing His Own Money in a World of AI

62 hours 8 mins; January 16, 2026

The Great Moderation Is Over | Liz Ann Sonders on What Replaces It

59 mins; January 14, 2026

The Regime Shift No One is Prepared For | Grant Williams on the 100 Year Pivot

61 hours 24 mins; January 12, 2026

Sold At "Irrational Exuberance". Still Lost Money | Sam Ro on the Bubble Paradox

70 hours 28 mins; January 10, 2026

Long-Term Uptrend. Short-Term Warning Signs | Katie Stockton on What Charts Say About What's Next

62 hours 22 mins; January 08, 2026

It’s Not K-Shaped. It’s No Shaped | Jim Paulsen on What You're Getting Wrong About 2026

57 mins; January 06, 2026

4% of Stocks. 100% of Wealth | Gautam Baid on the Brutal Math of Compounding

56 mins; January 02, 2026

We Read 22 2026 Market Forecasts So You Don't Have To | What You Need to Know

62 hours 48 mins; December 31, 2025

The Truth No One Sees | 41 Great Investors Share Their Most Controversial Belief

63 hours 21 mins; December 28, 2025

The Base Case is Wrong | Paul Eitelman on AI, Reacceleration and the Pause No One Sees

57 mins; December 26, 2025

Nothing Has a Right to Exist in Your Portfolio | What the Last 15 Years Has Taught Us

57 mins; December 24, 2025

The Existential Spending Battle | Adrian Helfert on What You’re Missing in the AI Arms Race

61 hours 4 mins; December 21, 2025

The Precarity Line | Ben Hunt and Adam Butler on the Broken Math of the American Dream

79 hours 24 mins; December 19, 2025

The Alpha No Human Can Find | David Wright on Machine Learning's Hidden Edge

61 hours 22 mins; December 17, 2025

The 100 Year Thinkers | Chris Mayer and Robert Hagstrom on the Dangers of Abstraction

73 hours 28 mins; December 15, 2025

Magnet Above. Trap Door Below | Inside the Options Flows Driving Markets with Brent Kochuba

70 hours 11 mins; December 13, 2025

He Was Overweight Tech for 15 Years. He Just Downgraded the Mag Seven | Ed Yardeni Explains Why

49 mins; December 11, 2025

Why Most Investors Won't Buy the Best Diversifier | Andrew Beer on Managed Futures

60 hours 44 mins; December 10, 2025

The Single Most Important Metric | Matt Reustle on the Patterns That Separate Great Businesses

67 hours 52 mins; December 08, 2025

The Risk is in the Water | Graeme Forster on Six Courageous Questions for 2026

60 hours 11 mins; December 06, 2025

The Thunderclap That Ends the Cycle | Jim Grant on the Risk No One Sees

60 hours 35 mins; December 04, 2025

3% Inflation Isn't the Problem | Jim Paulsen on Why 2% Growth is the Crisis

62 hours 49 mins; December 02, 2025

The One Lesson | 50+ Great Investors Share the One Thing They Would Teach You

79 hours 37 mins; November 30, 2025

World War AI | Ben Hunt on the Economic Consequences of the AI Boom

63 hours 26 mins; November 28, 2025

The Real Estate Bust Was the Plan | Louis-Vincent Gave on China's Brute Force Growth Strategy

64 hours 15 mins; November 26, 2025

The Pattern Is Staggering | Mary Ann Bartels on Why This Bull Market Is Just Getting Started

55 mins; November 23, 2025

The Risk Isn't Where You Think | Carl Kaufman on AI Capex, Private Credit and the Hidden Bond Play

55 mins; November 21, 2025

The Bubble You Can't Short | Rob Arnott on What You Can Do Instead

60 hours 26 mins; November 19, 2025

The Bull Market Where Everyone Feels Broke | Behind the Rise of Financial Nihilism

53 mins; November 18, 2025

The Two Tailed Market Risk | Brent Kochuba on What the Options Market Tells Us About What Comes Next

69 hours 37 mins; November 16, 2025

$1 Trillion AI Bet. $10 Billion in Profits | Bob Elliott on the AI Income That Isn't Coming

60 hours 14 mins; November 14, 2025

The Hidden Fingerprints of 100 Baggers | Chris Mayer and Robert Hagstrom on Finding the Perfect Business

63 hours 0 mins; November 13, 2025

He Invented the 4% Rule | Bill Bengen on Why He Now Thinks 5% Works

41 mins; November 11, 2025

The Most Powerful Investing Tool You Aren’t Using | Four Lessons from Michael Mauboussin

47 mins; November 09, 2025

The Bull Market You Don’t Want to Believe | Rupert Mitchell on China vs. the Mag Seven

54 mins; November 07, 2025

The Most Extreme Speculation in 40 Years | Richard Bernstein on What It Means for Markets

59 mins; November 05, 2025

99.9% Focus on the Wrong Question | Victor Haghani on Why Static Allocation Fails

65 hours 37 mins; November 04, 2025

The Case for Permanently Higher Market Valuations | Jim Paulsen

68 hours 52 mins; November 02, 2025

The Liquidity Trap Door | Cem Karsan on Why We Are Likely in a Bubble, It Could Get Bigger, And What Pops It

64 hours 48 mins; October 31, 2025

The $5 Trillion Question | Kai Wu on the Risks of the Mag Seven's Big AI CapEx Bet

67 hours 18 mins; October 29, 2025

The Inflation Risk Investors Miss | Nancy Davis

39 mins; October 28, 2025

The 40 CAPE Conundrum | Meb Faber on What High Valuations Mean for Markets

60 hours 47 mins; October 27, 2025

Everyone Feared Recession. His Data Said Otherwise | US Bank CIO Eric Freedman on What It Says Now

59 mins; October 26, 2025

Most Never Escape Stage 3 | Rick Ferri on the Education of an Index Investor

61 hours 59 mins; October 25, 2025

Investing in a Liquidity Dominated Market | Remi Tetot

65 hours 40 mins; October 24, 2025

The 4% That Drive All Returns | Larry Swedroe on What You're Getting Wrong About the S&P 500

65 hours 4 mins; October 22, 2025

The Regime Change No One Sees | Adam Parker on Why Valuations Are Lying to You

58 mins; October 21, 2025

The Bear Stearns Moment | Ben Hunt on How Private Credit Unravels

62 hours 25 mins; October 19, 2025

The Case That We Are in the Early Stages of an AI Bull Market | Gene Munster and Doug Clinton

55 mins; October 17, 2025

Buffett, Sun Tzu and the Ancient Art of Risk Taking | Tobias Carlisle

65 hours 10 mins; October 16, 2025

Timeless Lessons from a Trend Following Legend | Jerry Parker

59 mins; October 15, 2025

The 100 Year Thinkers | Chris Mayer and Robert Hagstrom on Finding the Next Great Compounders

59 mins; October 13, 2025

Investing in a Debasement Regime | Warren Pies

62 hours 25 mins; October 11, 2025

The Four Pillars of Macro - And What They Say About This Market | Andy Constan

67 hours 47 mins; October 09, 2025

What a Global Regime Change Means for Investors | Julian Brigden

62 hours 56 mins; October 08, 2025

Big Rally. First Sell Signal Since April | Katie Stockton on What the Charts Say Could Come Next

52 mins; October 08, 2025

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