Excess Returns

Excess Returns

Excess Returns is an investing podcast hosted by Jack Forehand and Justin Carbonneau, partners at Validea Capital Management. Justin and Jack discuss a wide range of investing topics, including factor investing, value investing, momentum investing and behavioral finance, and talk to interesting guests with the goal of helping those who watch and listen become better long term investors.
We Asked a Top Momentum Manager Why AI Could Break Passive's 25-Year Dominance
Excess ReturnsApril 24, 202600:59:19

We Asked a Top Momentum Manager Why AI Could Break Passive's 25-Year Dominance

This episode explores how massive structural shifts—AI, deglobalization, and the rise of passive investing—are reshaping markets and what that means for investors. Informed Momentum Company CIO Travis...

We Asked Chris Bloomstran Why He Won’t Own the S&P 500 At These Levels — And What He Does Instead
Excess ReturnsApril 22, 202601:08:38

We Asked Chris Bloomstran Why He Won’t Own the S&P 500 At These Levels — And What He Does Instead

This episode features Chris Bloomstran of Semper Augustus discussing market concentration, AI capital spending, Berkshire Hathaway, and the risks facing today’s equity investors. The conversation expl...

Priced for Perfection | David Rosenberg on Why Inflation Isn’t the Risk
Excess ReturnsApril 18, 202601:05:29

Priced for Perfection | David Rosenberg on Why Inflation Isn’t the Risk

This episode features David Rosenberg, founder of Rosenberg Research, breaking down why today’s market may be driven more by valuation excess and investor behavior than fundamentals. He explains why t...

We Asked a Macro Trader Why War and Oil Haven’t Broken This Market
Excess ReturnsApril 17, 202601:04:44

We Asked a Macro Trader Why War and Oil Haven’t Broken This Market

Brent Donnelly returns to Excess Returns to break down one of the most confusing market environments in years, where policy shocks, volatility, and positioning matter more than traditional fundamental...