Excess Returns Podcasts
- All
- Excess Returns
- Show Us Your Portfolio
- Two Quants and a Financial Planner
- The OPEX Effect
- PNL For a Purpose
- Click Beta
- Rabbithole
- Teach Me Like I'm Five: Investing Concepts Made Simple
- The Jim Paulsen Show
- The 100 Year Thinkers: Long-Term Compounding in a Short-Term World
The Wall Street Labels That Trap You: Chris Mayer & Robert Hagstrom on How Language Misleads Markets
In this episode of the 100 Year Thinkers, we bring together Robert Hagstrom and Chris Mayer for a wide-ranging conversation on how great investors really think. Rather than focusing on formulas, facto...
7000 Magnet. 6800 Trap Door | What the Options Market Tells Us About What Comes Next
In this episode of The Opex Effect, Jack Forehand and Brent Kochuba break down what could be the largest options expiration ever and explain why December options flows, seasonality, and volatility dyn...
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, interest rates, global markets, and sector le...
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 realistically expect from these alternati...
The One Metric That Actually Matters | Matt Reustle on the Patterns That Separate Great Businesses
In this episode of Excess Returns, Matt Zeigler sits down with Matt Reustle of Business Breakdowns to unpack how great businesses actually work, why pattern recognition matters more than stock picking...
The Water No One Can See | Graeme Forster on Six Courageous Questions for 2026
Full Paper: Six Courageous Questions for 2026 https://campaigns.orbis.com/6-courageous-questions-for-2026-us/ Full Paper: Sunrise on Venus https://www.orbis.com/au/media/v63850214696/10093/orbis-white...
The $20 Trillion Absurdity | 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 Federal Reserve, private markets, gold, and...
They’re Fighting Phantom Inflation | Jim Paulsen on the Real 20-Year Crisis the Fed Ignores
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 policymakers may be fighting the wrong battle, why r...
You’re Missing the Most Important Lesson | 50 Great Investors Share the One Thing They’d Teach You
In this special episode of Excess Returns, we share the most important investing lessons from our most popular guests. After asking more than 200 investors, strategists, academics, and market thinkers...
$4 Trillion for AI. Nothing for the Real Economy | Ben Hunt on the Impact of World War AI
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, markets, and Big Tech are rapidly shifting...
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 a wide-ranging and eye-opening conversation about China. Louis breaks down how China transformed its econ...
The Bubble That’s Just Getting Started | Mary Ann Bartels on Why Skepticism Means More Upside
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 500 forecast, why she believes we are sti...
The Risk Isn't Where You Think | Carl Kaufman on AI Capex, Private Credit and the Hidden Bond Play
Follow us on Substack https://excessreturnspod.substack.com In this episode of Excess Returns, we talk with Carl Kaufman, Co-President and Co-CIO of Osterweis Capital Management, about navigating toda...
The Bubble You Can't Short | Rob Arnott on What You Can Do Instead
In this episode, we sit down with Rob Arnott for a wide-ranging discussion on bubbles, valuations, AI spending, market history, index construction, and long-term return expectations. Rob explains how ...
The Bull Market Where Everyone Feels Broke | Behind the Rise of Financial Nihilism
In this episode of Click Beta, Matt Zeigler, Dave Nadig and Cameron Dawson dive into the concept of financial nihilism, exploring how market behavior, culture, and economic incentives shape decision-m...
The Two-Tailed Risk Trap | What the Options Market Tells Us About What Comes Next
In this month’s OPEX Effect, Brent Kochuba and Jack Forehand break down the forces driving markets into November expiration. They cover the surge in volatility, Nvidia’s critical earnings event, the c...
$1 Trillion AI Bet. $10 Billion in Profits | Bob Elliott on the AI Income That Isn’t Coming
In this episode, we sit down with Bob Elliott for a wide-ranging conversation about the late-cycle economic backdrop, the Fed’s dilemma, AI’s real economic impact, the cracks forming beneath the surfa...
The Hidden Compounder Blueprint | Chris Mayer and Robert Hagstrom on Finding the Perfect Business
This episode of The 100 Year Thinkers brings together Robert Hagstrom, Chris Mayer, and Bogumil Baranowski for a deep conversation on what makes a great business, why long-term investing is so hard, a...
He Invented the 4% Rule. He Now Believes Retirees Can Withdraw 5% | Bill Bengen Explains Why
Bill Bengen, the creator of the 4% rule, joins us to revisit one of the most important ideas in financial planning and retirement research. In this conversation, he explains the origins of the 4% rule...
The Most Powerful Investing Tool You Aren’t Using | Four Lessons from Michael Mauboussin
The Full Michael Mauboussin Book Chapter https://excessreturnspod.substack.com/p/michael-mauboussin-the-benefits-of In this episode, we kick off our book project, "The Most Important Investing Lesson:...
The Mag Seven is Spending. China is Winning | Rupert Mitchell on the Coming Regime Change
For transcripts, episode summaries and more, follow up on Substack https://excessreturnspod.substack.com/ Rupert Mitchell of Blind Squirrel Macro joins Matt Zeigler to talk global markets, China’s res...
You're Falling in Love with the Story | Richard Bernstein on Why You Won't Like the Ending
In this episode, we are joined by Richard Bernstein, CIO and CEO of Richard Bernstein Advisors. We discuss why this is one of the most speculative market environments he has seen in his 40-year career...
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 hedge fund strategies to adopting a simpli...
Your Valuation Scale is Broken | Jim Paulsen on Why the Mean Reversion You Expect May Never Come
In this episode, Jim Paulsen returns to dive deep into market valuations, why the traditional valuation range may have permanently shifted higher, and how shifts in recession frequency, liquidity, inn...
The Liquidity Trap Door | Cem Karsan on Why This Bubble Could Get Bigger – And What Pops It
In this episode, Cem Karsan returns to Excess Returns to break down the market through the lens of liquidity, reflexivity, and options-driven market structure. We cover why he believes we are in a bub...
The $5 Trillion Trap | Kai Wu on the Risks of the Mag Seven's Big AI CapEx Bet
Read Kai's Paper https://www.sparklinecapital.com/post/surviving-the-ai-capex-boom Kai Wu of Sparkline Capital joins Excess Returns to discuss his paper Surviving the AI CapEx Boom. In this episode, K...
You're Short Volatility (And Don't Know It) | Nancy Davis on the Bond Risk Investors Haven’t Hedged
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 ETFs IVOL and BNDD. Nancy shares her insig...
Zero Times in History | Meb Faber on What Happens After We Cross 40 CAPE
In this episode of Excess Returns, Meb Faber joins the show to discuss valuations, diversification, trend following, value investing, and the evolution of markets and investor behavior over the past t...
How a $200B CIO Stayed Calm When Everyone Panicked | Eric Freedman on What He Sees Next
Eric Freedman, Chief Investment Officer at US Bank Wealth, joins Excess Returns to discuss markets, the economy and his investment process. Freedman shares his “control the controllables” investment f...
Most Never Escape Stage 3 | Rick Ferri on How You Can Beat the Complexity Trap
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 shares timeless insights on the evolution of ...
The $37 Trillion Trap | Remi Tetot on Why Liquidity Drives What's Next
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, and narratives have reshaped markets ove...
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 AI and private credit, Larry shares evid...
14x Earnings is Cheaper than 6 | Adam Parker on What You’re Getting Wrong About Valuation
Adam Parker, founder and CEO of Trivariate and Trivector Research, joins Excess Returns to discuss how fundamental, quantitative, and macro perspectives intersect to shape markets today. Parker shares...
The Loans No One Can Exit | 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” and the shadow banking system that trigg...
Fragile Rally. Big Vol Spike. Credit Risks Rising | What the Options Market Says About What's Next
In this episode, Brent Kochuba of SpotGamma joins Jack Forehand to break down the October options expiration and the surge in volatility that hit markets. They discuss record-breaking options volumes,...
Bubbles Don't Fail. They Subsidize. | Gene Munster and Doug Clinton on What Comes Next for AI
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 investing implications of AI. They discu...