Excess Returns is dedicated to making you a better long-term investor and making complex investing topics understandable. Join Jack Forehand, Justin Carbonneau and Matt Zeigler as they sit down with some of the most interesting names in finance to discuss topics like macroeconomics, value investing, factor investing, and more. Subscribe to learn along with us.
Latest episodes
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50 min
Dr. Daniel Crosby on Behaviorally Optimal Portfolios, Risk Composure and the Casino Myth
Daniel Crosby explains why investors can lose money in winning funds and how to build a portfolio they can actually hold. Picking the right investment is only part of the challenge…
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1 h 04
Baird's Tech Strategist Says This Isn't 2000. So Why Is He Warning Against Buying the Dip?
Ted Mortonson of Baird explains why conviction in the AI boom doesn't mean buying every dip in tech stocks.He joins Jack Forehand and Justin Carbonneau to explain what experienced…
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57 min
He Asked 25 Finance Pros How They Invest Their Own Money: Brian Portnoy on What the Models Get Wrong
Brian Portnoy of Shaping Wealth explores why experienced investors build very different portfolios—and what that means for your own money.In How I Invest My Money Volume Two, 25 ne…
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1 h 09
Rob Arnott on the Hidden Costs of Passive Investing and the Real Winners From AI
Rob Arnott, founder of Research Affiliates and chairman of Syzygy Asset Management, examines S&P 500 concentration and who could benefit most from AI. Owning today’s market leaders…
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1 h 03
The S&P 500 Is Only 50 Stocks. 70% of the Index Is in a Correction. Did the Sell-Off Already Happen?
Paisley Nardini of Tema ETFs explores AI investing, S&P 500 concentration, and how to build a portfolio around changing market risks. How can investors participate in powerful grow…
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1 h 02
We Asked T. Rowe Price's $17B International Manager Why Value is Winning Again — and What the S&P 500 Leaves O…
Colin McQueen of T. Rowe Price explains what is changing for international value stocks and how he separates cheap businesses from opportunities that can improve. Higher interest r…
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1 h 03
Tech Is Rolling Over. Yields Are Falling. Why Jim Paulsen is Watching the Walmart Recession Signal
Jim Paulsen sees a risk of a stock market correction as financial conditions tighten and investors grow comfortable with tech's long run of leadership. But his warning does not req…
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1 h 06
AI Productivity Is Real. 83% of Stocks Are 10% Off Highs. Why Does Barry Ritholtz Like Bonds Again?
Barry Ritholtz, Dave Nadig and Matt Zeigler explore why AI's real productivity gains don't automatically translate into an investing edge. From stock picking and market concentrati…
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1 h 14
The Winners That Get Away | Chris Davis and Robert Hagstrom on Holding Great Businesses
Chris Davis and Robert Hagstrom explore the tension between holding great businesses and keeping a winning stock from becoming too much portfolio risk. Why do two investors who bel…
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42 min
Katie Stockton Still Sees a Bull Market. So Why Is Her ETF Only 50% in Stocks?
Katie Stockton of Fairlead Strategies explains why the S&P 500 can reach record highs while many individual stocks struggle. She sees the bull market as intact, but weaker particip…
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1 h 05
Tom Maher on Small-Cap Investing, AI Infrastructure and Opportunities Beyond Big Tech
Tom Maher of Hilton Capital Management explains what is changing for small-cap stocks as earnings improve and AI spending reaches beyond big tech. After years of justified large-ca…
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59 min
Ed Yardeni Still Sees S&P 10,000 by 2029. So Why Is He Getting More Cautious?
Ed Yardeni of Yardeni Research explains why he still sees the S&P 500 reaching 10,000 by 2029, even as higher oil prices and bond yields make him more cautious near term. His desti…
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56 min
The 10-Year Hit a 24-Year High. Nobody Is Buying Puts. Are You Watching the Wrong Market?
Andy Constan, Brent Kochuba and Eric Pachman examine rising bond yields, options positioning and the inflation risks facing stocks. What happens if the rate relief traders are bett…
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1 h 02
They Beat All US Stock Funds Since 2003 | Michael Baron on the AI Winners Investors Miss
Michael Baron of Baron Capital explains his case for AI beneficiaries beyond the biggest tech stocks, including software companies the market fears will be disrupted. He joins Matt…
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50 min
The Game Was Rigged in Their Favor. 28% Went Bust Anyway | Kris Abdelmessih on How to Size Bets
How much of your portfolio does a good investment idea deserve? Kris Abdelmessih of Moontower joins Matt Zeigler to explain why having an edge is only part of the decision: positio…
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1 h 13
We Asked the Data Journalist Who Rebuilt the Jobs Report What the Headline Number Hides
What are headline jobs and inflation numbers missing about the economy investors actually face? Eric Pachman of Data 4 The People joins Matt Zeigler to examine how a changing workf…
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60 min
He Lost $157,000 in 3 Minutes | Jack Raines on the Lesson Winning Never Taught Him
Jack Raines turned $6,000 into roughly $400,000 trading SPACs, then lost $157,000 in three minutes after taking a very different bet. The author of Young Money joins Matt Zeigler t…
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55 min
The AI Gap Is Closing | Jason Hsu on China, Momentum Crashes and the S&P’s Seven-Stock Bet
Jason Hsu, founder and CIO of Rayliant Global Advisors and co-founder of Research Affiliates, joins Excess Returns to discuss the US-China AI race, the economics of AI spending, an…
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1 h 01
David Rosenberg on Why He Wants the Bonds Everyone Hates — and Where He's Hiding in Stocks
David Rosenberg returns to Excess Returns to explain his bullish case for Treasury bonds, why he expects inflation and economic growth to slow, and the risks he sees in an AI-drive…
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56 min
Franklin Templeton CEO Jenny Johnson on AI, Private Markets, and the Hidden Risks in Index Funds
Franklin Templeton CEO Jenny Johnson joins Matt Zeigler to explore how AI, blockchain tokenization, and private markets are reshaping investing and asset management. They discuss w…