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 Volatility Shift No One Sees | What the Options Market Says About What Comes Next
In this episode, Jack Forehand is joined by Brent Kochuba from SpotGamma to break down how options market flows are increasingly shaping equity market behavior. The conversation focuses on January opt...
Rising Risk. Raising Cash | Aswath Damodaran on 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 construction, and how investors should think about r...
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 focuses on why this cycle feels fundamental...
The 100 Year Pivot | Grant Williams on the Regime Shift No One is Prepared For
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 environment feels fundamentally different fr...
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 artificial intelligence in a market that feels...
Long-Term Uptrend. Short-Term Warning Signs | Katie Stockton on What the Charts Say About 2026
In this episode of Excess Returns, Katie Stockton of Fairlead Strategies joins Matt Zeigler and Justin Carbonneau to walk through her technical outlook for markets as we head into 2026. The conversati...
The Data is Hot. The Economy is Not | Jim Paulsen on What You're Getting Wrong About 2026
In this episode of the Jim Paulsen Show, Jim Paulsen joins Jack Forehand and Justin Carbonneau to break down what the economy and markets may really be signaling beneath the headline numbers. Drawing ...
The Retirement Rule No One Gets Right | Practical Lessons from Bill Bengen
In this episode, we discuss our biggest lessons from our interview with Bill Bengen, the creator of the 4 percent rule, and are joined by special guest Ben Tuscai. We explore how one of the most widel...
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 bear markets, and why compounding, patie...
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 institutional market outlooks. Rather th...
The Fed Pause No One Sees | Why the 2026 Base Case Is Already Wrong with Paul Eitelman
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 the idea of a “Great Inflection Point” fo...
Nothing Has a Right to Exist in Your Portfolio | What the Last 15 Years Has Taught Us
In this wide-ranging year-end conversation, Cameron Dawson, Dave Nadig and Matt Zeigler reflect on what worked, what failed, and what the last decade has revealed about markets, diversification, and p...
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 market shaped by artificial intelligence, h...
The Bureau of Missing Children | 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 official statistics still reflect lived realit...
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 conversation about how artificial intelligence and...
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...