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Excess Returns

Excess Returns
Artificial Intelligence
Inflation
S&P 500
Investment Strategies
China
Tariffs
Options Trading
Value Investing
Federal Reserve
Volatility
Emerging Markets
Investment Strategy
Market Dynamics
Gold
Private Credit
Warren Buffett
Labor Market
Private Equity
Risk Management
Spacex

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.

PublishesDailyEpisodes553Founded7 years ago
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Latest Episodes

Kevin Muir of The MacroTourist joins Matt Zeigler to break down the bond market, Scott Bessent's Treasury buybacks, the Treasury General Account, AI-driven earnings growth, leveraged ETF risk, gold and the U.S.-Canada trade fight. Kevin explains why ... more

YouTube

Dan Rasmussen, founder and managing partner of Verdad Advisers and author of The Humble Investor, joins Kai Wu to examine the unraveling of private equity, the rise of private credit, and how AI is reshaping software, labor, and the economics of tech... more

Ian Cassel, founder of MicroCapClub and author of Stock Picker, joins Matt Zeigler to break down the mindset, temperament and core skills required to outperform as an active stock picker. They discuss microcap investing, position sizing, active patie... more

YouTube

Liz Ann Sonders, Chief Investment Strategist at Charles Schwab, joins us to explain why today's economy and stock market are increasingly defined by rotation, instability and a changing stock-bond relationship. We discuss AI capital spending and earn... more

YouTube

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Recent Guests

Bob Robotti
Founder and chief investment officer at Robotti & Company and Hay Value Investors
Robotti & Company; Hay Value Investors
Episode: We Asked Value Legend Bob Robotti Why the Real AI Trade Isn't AI — And Why Passive Helps Stock Pickers
Dom Rizzo
Portfolio manager of T. Rowe Price's global technology equity strategy and the firm's technology ETF
T. Rowe Price
Episode: We Asked T. Rowe's $8 Billion Tech Manager Why We Are in 1998 — And Why Software Is in Trouble
Richard Bernstein
Portfolio strategist and former Merrill Lynch colleague
Richard Bernstein Advisors
Episode: David Rosenberg and Rich Bernstein on What Ends the AI Trade — And What They Own Instead
David Rosenberg
Economist and former Merrill Lynch colleague
Rosenberg Research & Associates
Episode: David Rosenberg and Rich Bernstein on What Ends the AI Trade — And What They Own Instead
Tian Yang
Head of Research at Variant Perception; PM of VPX ETF
Variant Perception
Episode: 4% Inflation. Stretched Valuations. Why Is the Market Still Risk-On? | Tian Yang
Brent Donnelly
Trader, author of AlphaTrader and Trade Outside the Box
Cofactor/Trader
Episode: The Biggest Leak in Finance | Brent Donnelly on Why You're Probably Too Bearish
Dave Nadig
Director of research
ETFdb / ETF Trends
Episode: A $20B Blowup. A War-Sized AI Bet. Was the Bottom Just a Margin Call? | Last Call
Cameron Dawson
Research analyst, market strategist
Prosperant
Episode: A $20B Blowup. A War-Sized AI Bet. Was the Bottom Just a Margin Call? | Last Call
Robert Hagstrom
Author of The Warren Buffett Portfolio and 25th anniversary edition author
Warren Buffett Portfolio (book)
Episode: The Warren Buffett Portfolio: Robert Hagstrom on What Wall Street Gets Wrong About Risk

Hosts

Matt Zeigler
Host of Excess Returns; focus on macro, portfolios, and market structure
Jack Forehand
Host; leads discussions on macro, value, and systematized investing
Justin Carbonneau
Co-host; oversees research-driven investment discussions

Reviews

4.7 out of 5 stars from 182 ratings
  • Pick guests more carefully

    I very much enjoy your podcasts, topics and guests. However I feel you crossed the line with Tony Greer and let him move your Podcast into the political sphere. I am going to guess that’s not what your typical listeners want to hear. Still on board and looking forward to new and unique topics - but please stay away from extreme thinkers who spew garbage to churn their niche asset class.

    Apple Podcasts
    4
    Triple Gee
    United States7 months ago
  • Tony Greer

    Tony Greer= one star, hard to take investment advice from such a blow hard.

    Apple Podcasts
    1
    maybdihjlz
    United States7 months ago
  • Tony Greer's appearance

    This was by far the poorest show I've heard from an otherwise useful podcast series. Tony Greer spouts data-free opinions about directions of markets and the economy without any challenge from the host. I don't mind a contrarian, but I expect to hear a well-reasoned set of opinions backing up contrarian views. In this case nothing but tripe. And generally, great investors don't focus on politics, as they try to make money no matter who is running the show, but politics was a massive basis for ... more

    Apple Podcasts
    1
    Davechem 1
    United States7 months ago
  • Dichotomy

    This show has some of the best guests (thoughtful/apolitical/hard research based) and some of the worst guests (narrative based/psuedo-research based/politically biased). Too bad, it could easily be so much better.

    Apple Podcasts
    3
    Davidjschultz
    United States7 months ago
  • 4th turning 🌎

    I’m so glad you guys have finished with Grant Williams now. Squee

    Apple Podcasts
    5
    Qrrvjkgxhjlkvg
    United States8 months ago

Listeners Say

Key themes from listener reviews, highlighting what works and what could be improved about the show.

Thoughtful, well-researched guests and deep-dive analyses.
Audience appreciates pragmatic investing takeaways and data-driven discussions.
High-quality guests and host questions drive clear explanations of complex topics.

Chart Rankings

How this podcast ranks in the Apple Podcasts, Spotify and YouTube charts.

Apple Podcasts
#77
United States/Business/Investing
Apple Podcasts
#250
United States/Business
Apple Podcasts
#46
Canada/Business/Investing
Apple Podcasts
#63
United Kingdom/Business/Investing
Apple Podcasts
#115
Canada/Business
Apple Podcasts
#226
United Kingdom/Business

Talking Points

Recent interactions between the hosts and their guests.

We Asked Andy Constan What Happens If AI Funding Breaks Before the Thesis — And if Warsh Blinks
Q: Can you explain what the 'script to kill inflation' was and how it would work?
The idea was that by forcing a broad decline in asset prices—stocks, bonds, and other assets—the wealth effect would shrink, reducing consumer demand and thus inflation; the mechanism relied on suppressing demand through asset-price dynamics rather than traditional rate hikes alone.
The Rally is Broadening. The Earnings Growth Isn't. Liz Ann Sonders on Which Breaks First
Q: What is driving the current concerns about deficits and debt?
Fundamentals matter; growth versus debt dynamics are central, and without a credible plan to manage the debt-growth relationship, the pressures on yields and macro stability persist.
The Rally is Broadening. The Earnings Growth Isn't. Liz Ann Sonders on Which Breaks First
Q: How should investors think about the current environment and diversification?
Diversification remains essential, with a shift toward broader exposure beyond traditional stocks and bonds and a greater emphasis on rebalancing and understanding labor markets, inflation, and global growth dynamics.
We Asked T. Rowe's $8 Billion Tech Manager Why We Are in 1998 — And Why Software Is in Trouble
Q: What makes the current market environment similar to or different from 1998?
The guest notes similarities in high momentum and volatility, but emphasizes that 1998 saw a revenue decline in semiconductors whereas 2026-27 are characterized by strong capex and potential revenue acceleration for hyperscalers, suggesting a different fundamental backdrop.
Jim Paulsen Sees a Growth Scare Coming | The 34 Charts That Make Him Cautious
Q: Do you expect the Fed to cut rates before the end of the year?
Yes, I think there's a good chance rates move toward easing later in the year, especially if growth indicators deteriorate and sentiment shifts further toward growth risk.

Audience Metrics

Listeners, social reach, demographics and more for this podcast.

Listeners per Episode
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Frequently Asked Questions About Excess Returns

What is Excess Returns about and what kind of topics does it cover?

A thoughtful, data-driven discussion on macroeconomics, investing strategies, and the evolving tech landscape, with frequent focus on AI capex, market regimes, and how capital allocation shapes asset prices. Episodes commonly explore how AI spending, policy, and monetary dynamics influence returns, along with practical portfolio construction ideas, risk management, and the pros/cons of active versus passive approaches. Notable twists include a strong emphasis on narrative frameworks, historical analogies, and a mix of veteran investors and macro researchers offering both cautionary and opportunistic takes. It's likely to appeal to listeners who enjoy rigorous analysis, quantitative context, and long-horizon investing perspectives that blend... more

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Which podcasts are similar to Excess Returns?

These podcasts share a similar audience with Excess Returns:

1. The Meb Faber Show - Better Investing
2. Monetary Matters with Jack Farley
3. Top Traders Unplugged
4. The Acquirers Podcast
5. Forward Guidance

How many episodes of Excess Returns are there?

Excess Returns launched 7 years ago and published 553 episodes to date. You can find more information about this podcast including rankings, audience demographics and engagement in our podcast database.

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What guests have appeared on Excess Returns?

Recent guests on Excess Returns include:

1. Bob Robotti
2. Dom Rizzo
3. Richard Bernstein
4. David Rosenberg
5. Tian Yang
6. Brent Donnelly
7. Dave Nadig
8. Cameron Dawson

To view more recent guests and their details, simply upgrade your Rephonic account. You'll also get access to a typical guest profile to help you decide if the show is worth pitching.

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