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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.

Electricity Is the New Oil | Rob Thummel on the Energy Opportunity from the AI Boom

55 mins; October 06, 2025

The Expensive Truth About Cheap Investing | Bogumil Baranowski

68 hours 35 mins; October 05, 2025

Evidence Based Factor Investing | Matt Zenz

58 mins; October 04, 2025

A Volatility Masterclass | Timeless Lessons from 30 Year Options Trader Noel Smith

61 hours 39 mins; October 02, 2025

A Practical Guide to Market Valuation with Ben Carlson

55 mins; September 29, 2025

The New Valuation Regime | Jim Paulsen on Confidence, Inflation and the Coming Market Supports

68 hours 41 mins; September 27, 2025

Finding the Next Great Tech Compounders | John Tinsman

57 mins; September 25, 2025

Finding Decade-Long Compounders with Joseph Shaposhnik

82 hours 5 mins; September 22, 2025

The Average Return That Never Comes | Sam Ro on 10 Stock Market Truths Investors Get Wrong

86 hours 29 mins; September 20, 2025

Exceptionalism Is Ending. New Winners Are Rising | Olga Bitel on the $2 Trillion Opportunity

56 mins; September 17, 2025

Bull Market on Borrowed Time | Ned Davis Chief Strategist Tim Hayes on the Indicators That Matter

59 mins; September 15, 2025

Brent Donnelly on the Fed, Inflation, and Why 2% No Longer Matters

63 hours 31 mins; September 12, 2025

Cullen Roche on Inflation, AI and Why the Debt Crisis is Overblown

67 hours 12 mins; September 10, 2025

This Hasn't Happened Since 1930 | Eric Pachman on Why the Labor Market is Lying to You

64 hours 32 mins; September 07, 2025

Cole Smead on Deficits, Inflation, and the Erosion of Earnings Quality in Technology Stocks

52 mins; September 03, 2025

31 Years of Lessons: Northwestern Mutual CIO Brent Schutte on Markets, Cycles, and Diversification

57 mins; August 31, 2025

The Hidden Risks of High Income Options Strategies | Shawn Gibson and Eric McArdle

61 hours 43 mins; August 29, 2025

Jim Paulsen on Growth, the Fed and the Case for a Broadening Rally

61 hours 55 mins; August 28, 2025

Mike Philbrick on Gold, Bitcoin, and Rethinking Diversification Beyond 60/40

63 hours 30 mins; August 26, 2025

An Inside Look at Buffer ETFs with Jeff Chang

53 mins; August 23, 2025

Record Valuations. Hidden Opportunity | Tobias Carlisle on Finding Value in an Expensive Market

62 hours 25 mins; August 21, 2025

Momentum is Everything | Leigh Drogen on Building Lasting Strategies in Crypto

68 hours 35 mins; August 19, 2025

Show Us Your Portfolio: Aswath Damodaran

60 hours 37 mins; August 16, 2025

64% Never Escape Level Four | Nick Maggiulli on Climbing the Wealth Ladder

60 hours 12 mins; August 14, 2025

What Really Drove Buffett’s Success | Kai Wu on Berkshire's Intangible Edge

62 hours 41 mins; August 07, 2025

The Seven Rules of Wall Street | Sam Stovall

33 mins; August 05, 2025

The 100 Year Pivot | Navigating a Changing Market with Grant Williams

59 mins; August 03, 2025

The Bubble No One Can Sell | Dan Rasmussen on the Private Equity Trap

55 mins; July 31, 2025

Darius Dale on the Fourth Turning, Fiscal Dominance, and the Case for a Melt-Up

57 mins; July 29, 2025

The Risks of the Rise of Passive Investing | Mike Green

82 hours 41 mins; July 27, 2025

The Case for a Broadening Bull Market | Jim Paulsen

57 mins; July 25, 2025

You’re Misreading the Rally | Liz Ann Sonders on What is Really Driving Market Returns

56 mins; July 23, 2025

This Isn’t Priced In | PIMCO’s Libby Cantrill on the Policy Risks Markets Are Missing

49 mins; July 19, 2025

False Recession Alarms. Real Risks. | Aahan Menon on What Investors Are Missing

57 mins; July 16, 2025

How Option Dealer Flows Impact the Stock Market

50 mins; July 11, 2025

The Great Moderation is Over. The Great Convergence is Here | Luca Paolini on What Comes Next

58 mins; July 08, 2025

Whipsaws, Drawdowns, and Disbelief | Eric Crittenden on the Best Diversifier No One Buys

89 hours 43 mins; June 28, 2025

Broken Models. Misleading Yields | Ryan Krueger on Avoiding the Dividend Trap

59 mins; June 25, 2025

500,000 More Sellers Than Buyers. First Time in a Decade | Daryl Fairweather on What Comes Next

50 mins; June 23, 2025

Buffett Does It. Most Value Investors Don’t | Robert Hagstrom on the Real Key to Compounding

76 hours 45 mins; June 21, 2025

Recession Indicators Are Breaking. Inflation Isn’t | Megan Horneman on What Comes Next

55 mins; June 19, 2025

Broken Data. Hidden Opportunity | GMO's Warren Chiang on Deep Value’s Historic Setup

57 mins; June 15, 2025

Blind to Power: The Hidden Investing Risk of Rising Strongmen | Peter Atwater

59 mins; June 12, 2025

Finding Great GARP Stocks with David Giroux

61 hours 1 min; June 09, 2025

The $9 Trillion Risk | Rupert Mitchell on the Unwind of US Dominance - And What Comes After It

53 mins; June 07, 2025

Inside a Top Quant's Playbook | Joe Gubler on the Hidden Drivers of Alpha

67 hours 40 mins; June 05, 2025

Big Decline. Big Rally. What the Charts Tell Us About What Comes Next | Katie Stockton

54 mins; June 02, 2025

The Stimulus Deception | Rob Arnott Explains What Economists Are Getting Wrong

55 mins; May 31, 2025

The Hidden Logic of Options | Put-Call Parity Explained with Legos

29 mins; May 28, 2025

Too Much Google, Tesla, Nvidia? | Wes Gray & Sri Narayan Explain a Smarter Way Out

56 mins; May 24, 2025

The Fourth Turning Is Now | Neil Howe on the Coming Financial Reset and Who Rebuilds What’s Broken

53 mins; May 17, 2025

What Investors Get Wrong About Trade Wars | Kai Wu

56 mins; May 14, 2025

The Retail Rally Trap | Kris Sidial on Market Fragility and the Risks of Buy the Dip

59 mins; May 06, 2025

Mag Seven Margin Crunch | Cameron Dawson on Tariffs, Recession Risk and the Defensive Investing Trap

51 mins; May 03, 2025

The Market's Best-Kept Secret | Travis Prentice on Momentum's Surprising Edge

50 mins; April 30, 2025

The Monumental Miscalculation | Jared Dillian on Tariffs, Fed Risks, and Where Markets Go from Here

54 mins; April 26, 2025

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

71 hours 52 mins; April 21, 2025

Behind the Scenes of the Madoff Scandal with a Trader on the Inside | Andrew Cohen

59 mins; April 16, 2025

The Colossal Mistake | Richard Bernstein on the Risks of Tariffs and Passive Investing

55 mins; April 13, 2025

The Secular Bull Market Isn't Dead: Jim Paulsen on Why Tariffs Won't Break It

62 hours 49 mins; April 09, 2025

100 Baggers Leave Fingerprints | Chris Mayer Wrote the Book and Tells You How to Find Them

61 hours 50 mins; April 07, 2025

The Fastest Market Selloff Since 2020: Rick Ferri on Tactics to Survive and Thrive

53 mins; April 05, 2025

Heading to Recession Island | Will the Trump and Powell Puts Help Us Reverse Course? | Andy Constan

62 hours 21 mins; March 27, 2025

The Soft Landing is a Myth: Here's What's Really Going on in the Economy | Cullen Roche

70 hours 3 mins; March 20, 2025

Tariffs, Fed Policy, and Finding Value in a Volatile Market | Lindsey Bell and Shannon Saccocia

63 hours 18 mins; March 13, 2025

Money Delusions: Barry Ritholtz on the Elusive Definition of Money and How Not to Invest It

37 mins; March 07, 2025

The Market Illusion: Mike Green on Inflation, Geopolitics and the Hidden Recession

57 mins; February 27, 2025

Nine Timeless Lessons from 2024 | Larry Swedroe

65 hours 13 mins; February 21, 2025

A $33 Billion Value Manager Who Has Actually Outperformed | Scott McBride

49 mins; February 13, 2025

Show Us Your Portfolio: Mike Taylor | Inside the Investment Strategy of a Hedge Fund Veteran

65 hours 14 mins; February 07, 2025

Tariffs, Bear Markets and the Hidden Knowledge Worker Recession | Dave Nadig and Jason Buck

64 hours 27 mins; February 05, 2025

Timeless Lessons from History's Best Traders | Jack Schwager

67 hours 43 mins; January 30, 2025

Practical Lessons from Cliff Asness

57 mins; January 27, 2025

Busting 50 Years of Investing Myths | Rob Arnott

72 hours 14 mins; January 23, 2025

Building Intelligent Alpha Portfolios with ChatGPT | Doug Clinton

58 mins; January 16, 2025

Beyond the Magnificent Seven: Liz Ann Sonders on Markets, Cycles & Investing

62 hours 10 mins; January 09, 2025

The One Factor That Explains the Struggles of Value, International and Small-Cap Stocks | Kai Wu

60 hours 48 mins; January 02, 2025

Do You Really Need International Diversification? 10 Top Investors Debate

56 mins; December 30, 2024

Redefining Value Investing in a Magnificent Seven Dominated World | Jacob Pozharny

54 mins; December 27, 2024

Inside the Secretive World of Pod Shops | Bob Elliott

57 mins; December 19, 2024

Dispelling Big Investing Myths | Dan Rasmussen

55 mins; December 12, 2024

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

67 hours 1 min; December 05, 2024

What the Rise of Passive Investing Means for Your Portfolio | Special Guest: Dave Nadig

64 hours 7 mins; December 02, 2024

The Most Misunderstood Bull Market Ever | Jim Paulsen

65 hours 9 mins; November 27, 2024

Bigger Extremes, Better Returns | Cliff Asness on the "Less Efficient Market Hypothesis"

75 hours 57 mins; November 20, 2024

Making Sense of Markets in a Post Election World | Grant Williams and Ben Hunt

69 hours 51 mins; November 14, 2024

Making Money from Market Chaos | Inside the Volatility World with Kris Sidial

66 hours 42 mins; November 07, 2024

A Deep Dive into Micro-Cap Investing | Ian Cassel

59 mins; October 31, 2024

The Practical Implications of the Rise of Passive Investing | Mike Green

51 mins; October 24, 2024

An Evidence-Based Look at the Struggles of Value Investing | Larry Swedroe

67 hours 44 mins; October 17, 2024

15 Ways to Lose Money in Markets | Ben Carlson

46 mins; October 10, 2024

Investing in a Flows Driven World | Cem Karsan

69 hours 50 mins; October 03, 2024

What Investors Can Learn from a Year-Long Trading Experiment | Brent Donnelly

62 hours 30 mins; September 26, 2024

What Regular Investors Need to Know About Options Flows | Brent Kochuba

63 hours 49 mins; September 18, 2024

The Case for a Roaring 2020s | Ed Yardeni

61 hours 59 mins; September 12, 2024

The Harsh Truth About Investing Edge with Adam Butler

80 hours 27 mins; September 05, 2024

Value Investing in a Changing World with Aswath Damodaran

69 hours 25 mins; August 29, 2024

Challenging "Stocks for the Long Run" with Jason Buck

61 hours 49 mins; August 22, 2024

The Mechanics of Deleveragings - And Where the Current One Fits In | Andy Constan

62 hours 31 mins; August 15, 2024

Challenging Conventional Investing Beliefs with Meb Faber

58 mins; August 08, 2024

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