Excess Returns
We Asked a $4.5B Quant Manager Why the S&P 500 Is Just 46 Stocks — and Why Small Caps Aren't Dead
Elena Khoziaeva, Co-Chief Investment Officer and Portfolio Manager at Bridgeway Capital Management, joins Excess Returns to discuss factor investing, small caps, value investing, market concentration,...
We Asked Rich Bernstein Why He Won’t Own the S&P 500 — And What He Owns Instead
This episode explores one of the most important debates in markets today: whether investors are underestimating the risk of higher inflation and overconcentrating in a narrow group of growth stocks. R...
We Asked Chris Davis What Investors Are Getting Wrong About Risk
This episode with Chris Davis of Davis Advisors explores how investors should think about risk, valuation, and opportunity in a market defined by high valuations, technological disruption, and major m...
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
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...