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PODCAST

Excess Returns

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.

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All Episodes

00:55:20

The Colossal Mistake | Richard Bernstein on the Risks...

Excess Returns ·

2025/04/13

Join hosts Matt Zeigler and Justin Carbonneau as they sit down with Richard Bernstein, CEO and Chief Investment Officer of Richard Bernstein Advisors. In this insightful conversation, Rich shares his expert perspective on today's market challenges, including the unprecedented narrowness of recent markets, the impact of tariffs on the US economy, and why the current environment calls for a shift toward value investing and greater diversification. Drawing on decades of experience, Bernstein offers

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01:02:49

The Secular Bull Market Isn't Dead: Jim Paulsen on...

Excess Returns ·

2025/04/09

In this episode of Excess Returns, we are joined by Jim Paulsen of Paulsen Perspectives. We unpack the complexities of tariffs, Federal Reserve policies, and investor psychology amidst a turbulent market environment. Jim brings his decades of experience to provide context, rational analysis, and long-term perspectives, steering clear of bold predictions and focusing instead on practical advice for navigating these uncertain times. Main Topics Covered:Jim’s perspective on market corrections and

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01:01:50

Future 100 Baggers in the Wreckage? Chris Mayer on...

Excess Returns ·

2025/04/07

In this episode of Excess Returns, Matt Zeigler is joined by special co-host Bogumil Baranowski to sit down with Chris Mayer. As the author of the acclaimed book 100 Baggers: Stocks That Return 100-to-1 and How to Find Them, former editor of influential newsletters, and co-founder of Woodlock House Family Capital, Chris brings a wealth of experience and a unique perspective to the table. In this conversation, we dive deep into the world of long-term investing, exploring timeless principles, the

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00:53:56

The Fastest Market Selloff Since 2020: Rick Ferri on...

Excess Returns ·

2025/04/05

In this episode, we are joined by Rick Ferri, a renowned advocate for low-cost, evidence-based investing. With the market in the midst of a significant selloff, it was a great time to get Rick’s practical wisdom on navigating market volatility, maintaining simplicity in investing, and making informed portfolio decisions amidst economic uncertainty. With his disciplined approach and decades of experience, Rick shares actionable advice for investors looking to stay the course through today’s

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01:02:21

Heading to Recession Island | Will the Trump and...

Excess Returns ·

2025/03/27

In this episode, we dive into the current economic landscape and its implications for investors with Andy Constan, founder of Damped Spring Advisors. Andy shares his expert analysis on the U.S. economy’s trajectory, the impact of policy shifts under the new administration, and the tools investors should consider—or avoid—in today’s volatile markets. From navigating the “slowdown sea” to unpacking the effects of tariffs and national debt, this conversation offers a deep dive into the forces shaping

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01:10:03

The Soft Landing is a Myth: Here's What's Really...

Excess Returns ·

2025/03/20

Join us for an insightful conversation with Cullen Roche, a renowned financial expert from Discipline Funds, as he breaks down some of the most pressing economic and market topics impacting investors today. Hosted by Justin and Jack, this episode of Excess Returns dives into a "fact and fiction" style discussion, where Cullen unpacks complex issues like Federal Reserve policies, tariffs, and the national debt with clarity and nuance. With his knack for simplifying the mechanics of markets and the

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01:03:18

Tariffs, Fed Policy, and Finding Value in a Volatile...

Excess Returns ·

2025/03/13

In this episode of Excess Returns, Matt Ziegler is joined by Lindsey Bell, Chief Market Strategist of Clearnomics, and Shannon Saccocia, Chief Investment Officer of Wealth at Neuberger Berman. They dive deep into the current market volatility and economic uncertainties facing investors. From tariff concerns to shifting consumer behaviors, they provide valuable insights on navigating these challenging times while maintaining a long-term investment perspective.Key topics discussed:• Tariffs and Market

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00:37:14

Money Delusions: Barry Ritholtz on the Elusive...

Excess Returns ·

2025/03/07

Buy Barry's Bookhttps://amzn.to/3F7APZPIn this initial episode of Rabbithole of our new show Rabbithole, Dave Nadig explores the psychology of money and investing with Barry Ritholtz, author of "How Not to Invest." Their conversation challenges conventional financial wisdom and reveals insights about what money is, and how we use and invest it. Key topics include:Why money is a tool for freedom and agency, not a store of value or end goalHow childhood experiences shape our lifelong

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00:57:01

The Market Illusion: Mike Green on Inflation,...

Excess Returns ·

2025/02/27

In this episode of Excess Returns, Justin and Matt welcome back investment strategist Mike Green for an in-depth conversation about the current state of markets, economic trends, and geopolitical developments.Mike shares his unique perspective on several key topics:Why traditional economic indicators like unemployment claims no longer accurately reflect economic reality due to the rise of the gig economyHow the Fed's interest rate hikes have counterintuitively benefited wealthy individuals

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01:05:13

Nine Timeless Lessons from 2024 | Larry Swedroe

Excess Returns ·

2025/02/21

In this episode, Larry Swedroe shares nine critical lessons that the markets taught investors in 2024. Drawing from decades of experience, Larry explains why market forecasts consistently fail, why valuations can't be used for market timing, and how seemingly obvious economic events often lead to surprising market outcomes.Larry dives deep into the concept of "self-healing mechanisms" in markets, explaining how periods of poor performance often set the stage for strong future returns

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00:49:42

A $33 Billion Value Manager Who Has Actually...

Excess Returns ·

2025/02/13

In this episode of Excess Returns, Justin and Jack sit down with Scott McBride, CEO and portfolio manager at Hotchkis and Wiley, to explore the approach that has allowed them to succeed during a time when many other value investors have failed. McBride, with 24 years at the firm, shares insights into how their team has achieved impressive results by being willing to think differently from consensus.Key topics discussed:How market sentiment and emotion create opportunities for long-term investorsThe

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01:05:14

Show Us Your Portfolio: Mike Taylor | Inside the...

Excess Returns ·

2025/02/07

In this episode of Excess Returns, we sit down with Mike Taylor, portfolio manager of Simplify's PINK healthcare ETF, for a fascinating discussion about how he mansges his personal portfolio. Drawing from his extensive experience at firms like Citadel and Millennium, Mike shares candid insights about what makes a successful investor and his portfolio construction process. Key topics include: Why having "skin in the game" matters when managing funds The critical elements he looks for

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01:04:27

Click Beta Ep. 1 | Tariffs, Bear Markets and the...

Excess Returns ·

2025/02/05

Welcome to Click Beta - where three market professionals cut through the financial clickbait to have real conversations about what matters. In this premiere episode, hosts Matt Zigler, Jason Buck, and Dave Nadig dive into pressing topics like trade wars, tariffs, and their real-world impacts on small businesses and manufacturing. The conversation flows from corporate-subsidized jobs to cryptocurrency grifts, and wraps up with a fascinating discussion about the future of local economies and digital

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01:07:43

Timeless Lessons from History's Best Traders | Jack...

Excess Returns ·

2025/01/30

Market Wizards author Jack Schwager returns for another fascinating conversation about trading psychology, risk management, and lessons learned from interviewing the world's top traders. In this wide-ranging discussion, Schwager shares stories from his early career as a market analyst in the 1970s, his transition to writing the influential Market Wizards series, and his personal journey understanding that his talents lay in analyzing and writing about trading rather than trading itself.Key

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00:57:29

Practical Lessons from Cliff Asness

Excess Returns ·

2025/01/27

In this episode, Jack Forehand and Matt Zeigler discuss their fascinating interview with AQR founder Cliff Asness. They explore several key topics from their conversation, including:Cliff's humorous take on morning routines and why correlation doesn't equal causation when it comes to success habits The "Less Efficient Market Hypothesis" and why Cliff believes markets may be becoming less efficient over time, particularly evident in the dot-com bubble and 2019-2020 market events A

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01:12:14

Busting 50 Years of Investing Myths | Rob Arnott

Excess Returns ·

2025/01/23

In this episode of Excess Returns, Jack Forehand and special guest host Perth Tolle sit down with Rob Arnott, founder of Research Affiliates and pioneer of fundamental indexing. Rob discusses his thought-provoking article "50 Years of Innovation, Myth Making and Myth Busting," written for the 50th anniversary of the Journal of Portfolio Management.The conversation covers several critical investing myths and insights, including: The evolution of fundamental indexing and why "smart

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00:58:09

Building Intelligent Alpha Portfolios with ChatGPT |...

Excess Returns ·

2025/01/16

In this episode of Excess Returns, we sit down with Doug Clinton of Intelligent Alpha to explore the fascinating intersection of AI and investment strategy. We discussed how Doug is using large language models (LLMs) like ChatGPT, Claude, and Gemini to build portfolios that aim to beat the market over time.Doug shares insights from his experience launching managing AI-powered investment strategies. We dive deep into how these models actually work behind the scenes, exploring everything from

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01:02:10

Beyond the Magnificent Seven: Liz Ann Sonders on...

Excess Returns ·

2025/01/09

In this episode of Excess Returns, we sit down with Liz Ann Sonders, Chief Investment Strategist at Charles Schwab, for a wide-ranging discussion about markets, the economy, and investing. We explore her unique perspective on the current market environment, including her views on the end of the "Great Moderation" era and the transition to what she calls the "Temperamental Era" - a period likely to bring more volatility in both inflation and economic growth.Liz Ann shares invaluable insights about

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01:00:48

The One Factor That Explains the Struggles of Value,...

Excess Returns ·

2025/01/02

In this episode of Excess Returns, we sit down with Kai Wu, founder of Sparkline Capital, for a fascinating discussion about intangible value investing and its global applications. Kai shares his expertise on using machine learning and natural language processing to identify companies rich in intellectual property, brand equity, human capital, and network effects.We explore why U.S. firms have historically outperformed many international counterparts, with Kai explaining how the gap in intangible

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00:56:37

Do You Really Need International Diversification? 10...

Excess Returns ·

2024/12/30

In this episode, we explore one of investing's most debated topics: international diversification. Through clips from 10 different investing experts, we examine whether U.S. investors truly need international exposure in their portfolios.Key topics include: What actually constitutes "international exposure" in today's interconnected markets Why U.S. stocks have dominated for so long and whether this trend can continue The role of currency exposure in international investing How passive investing

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