Excess Returns
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
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
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...
The Bear Market No One Sees | Liz Ann Sonders on the Violent Rotation Investors Miss
Liz Ann Sonders of Schwab joins Excess Returns to break down how war, an oil shock, and shifting market dynamics are reshaping the investing landscape. She explains why the surface-level strength in m...
You’re Getting AI Wrong | GMO’s Tom Hancock on Finding Conviction Amid the Hype
This episode of Excess Returns features GMO’s Tom Hancock on how to think about AI as an investment opportunity and what truly defines “quality” in today’s market. The conversation breaks down the AI ...
When Agents Replace Labor | $11 Billion Tech Manager on What Investors Miss About AI
This episode of Excess Returns features Tony Wang of T. Rowe Price discussing how investors can identify “inevitabilities” in technology and position portfolios to benefit from long-term innovation tr...
The Signal Before the Spike | Katie Stockton on What the Charts Tell Us About What Comes Next
This episode explores the growing signs of a shift beneath the surface of the market, as technical indicators point to weakening momentum in equities and a potential change in leadership. Katie Stockt...
The Stagflation Trap | Aahan Menon on What Works When Stocks and Bonds Don’t
This episode of Excess Returns features Aahan Menon of Prometheus Research breaking down the growing risk of an inflation shock driven by energy markets and what it means for investors. The discussion...
6x Earnings. 10x Potential. | Harris Kupperman on the Inflections Wall Street Misses
This episode explores Harris “Kuppy” Kupperman’s framework for “inflection investing” and how he identifies asymmetric opportunities across global markets. The conversation dives into why he believes ...
The Apocalypse That Isn’t Coming | Larry Swedroe Busts Private Credit Myths
In this episode of Excess Returns, we sit down with Larry Swedroe to break down one of the most debated topics in markets today: private credit. Larry walks through what private credit actually is, wh...
Nothing Is Priced In | Bob Elliott on Why Investors Are Misreading the Oil Shock
This episode of Excess Returns features Bob Elliott discussing the growing fragility in the global economy as an oil shock collides with a shift from an income-driven to a savings-driven system. The c...
Down 50%. Up 200% | Jared Dillian on the Regime Change Investors Aren't Ready For
In this episode, Jared Dillian joins Excess Returns to break down why markets consistently misprice major regime shifts, geopolitical risks, and inflation shocks—and what that means for investors toda...