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
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...
The $40 Billion Trade Only Buffett Could Make | Tobias Carlisle on the Sun Tzu Lesson Behind It
Buy Toby's Book https://amzn.to/478SMBf In this episode of Excess Returns, we sit down with Tobias Carlisle, founder and portfolio manager at the Acquirers Fund, and author of the new book “Soldier of...
You're Optimizing for Comfort | Original Turtle Jerry Parker on Why That Destroys Returns
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 Traders, Jerry shares lessons from Richard D...
You're Getting the Regime Wrong | Warren Pies on What Debasement Means for Your Portfolio
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 post-GFC deflationary era. He explains the p...
7,500 Then 5,000. Or the Reverse? | Andy Constan on the Most Binary Market He's Ever Seen
Andy Constan returns to Excess Returns to break down today’s macro environment using his Four-Pillar Framework — growth, inflation, risk premia, and flows. Drawing on lessons from his time at Bridgewa...
You Have 95% in US Equities. It Should Be 35% | Julian Brigden on Where the Real Outperformance Is
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 discusses why he believes we’re in one of the...
The First Tech Sell Signal Since April | Katie Stockton on the Key VIX Tripwire to Watch
Katie Stockton, founder and managing partner at Fairlead Strategies, joins us for her quarterly technical outlook on markets, sectors, and asset classes. In this episode, Katie breaks down what her in...
You're Buying AI. You're Missing The Enabler | Rob Thummel on the Big Opportunity in AI Energy
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 why “electricity is the new oil” as AI an...
You're Missing 100x Returns | Bogumil Baranowski on the Expensive Truth About Cheap Investments
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 shifts: moving beyond cheap stocks to paying ...
You're Misreading Rate Cuts | Why Fed Cuts Could Cool the Economy This Time
When politics and markets collide, it’s easy to let emotions take over. In this episode of Click Beta, Matt Zeigler, Dave Nadig, and Cameron Dawson break down the latest government shutdown, how polit...
The Exit Door is Narrow | Matt Zenz on the Risks of Big Factor Funds
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 challenges and opportunities in today’s mark...
You're Trading Price, Not Risk | Noel Smith on Why Options See What Price Hides
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 and the military to market making, high-f...
You're Misreading Valuations | Ben Carlson on Why Tech Broke Mean Reversion
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, investor behavior, and what history can teach ...
You're Misreading This Bull Market | Jim Paulsen on the Major Supports That Are About to Flip
Follow Jim at https://paulsenperspectives.substack.com/ 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. J...
You’re Paying 25x for the Same Growth | Why Investors Misprice the Next Great Tech Compounders
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 journey began, the lessons he learned fro...
The Compounders Hiding in Plain Sight | Joseph Shaposhnik on Finding Decade-Long Winners
Find Out More About the Rainwater Equity ETF https://www.rainwateretf.com Follow Joseph on LinkedIn https://www.linkedin.com/in/joseph-shaposhnik-21424a5/ Follow Joseph on X https://x.com/JShaposhnik ...
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 discuss his widely read post “10 Stock Market Truths” and explore how each principle holds up in today’s market. From the long game of inv...
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 navigating AI, tariffs, inflation volatility, ma...
Bull Market on Borrowed Time | What Ned Davis Research’s Proven 45-Year System Says Now
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, sentiment, macro and valuation fit together—a...