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Excess Returns

Excess Returns
Value Investing
Investing
Market Volatility
Risk Management
Long-Term Investing
Factor Investing
Investment Philosophy
Diversification
Federal Reserve
Asset Allocation
Inflation
Investment Management
Charlie Munger
Behavioral Finance
Generative AI
Asset Pricing Theory
Momentum Investing
Momentum
Resurrecting the Value Premium
Alpha Architect

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.

PublishesDailyEpisodes489Founded6 years ago
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Latest Episodes

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 value chain, challenges common assumptions about w... more

This episode of Excess Returns features Jim Paulsen breaking down the current macro environment through a series of powerful indicators, including oil, interest rates, consumer behavior, and market sentiment. The discussion explores whether today’s e... more

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 trends. The conversation explores AI, semiconductors... more

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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 Stockton joins the show to break down what recent signal... more

YouTube

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Recent Guests

Aahan Menon
Researcher at Prometheus Research
Prometheus Research
Episode: The Stagflation Regime | Aahan Menon on What Works When Stocks and Bonds Don’t
Harris Kupperman
Praetorian Capital investor, known as Kuppy
Praetorian Capital
Episode: 6x Earnings. 10x Potential. | Harris Kupperman on the Inflections Wall Street Misses
Eric Pachman
Data analyst focusing on labor force data and unemployment trends
Data for the People
Episode: The Moment Common Knowledge Changed | Last Call - With Andy Constan, Ben Hunt, Brent Kochuba and Eric Pachman
DA. Wallach
Venture capitalist, musician, co-founder of Time BioVentures
Time BioVentures
Episode: They Call It a Lottery Ticket. The Data Says Otherwise | D.A. Wallach on The Hidden Alpha of Biotech
Joseph Shaposhnik
Rainwater Equity ETF portfolio manager
Rainwater ETF
Episode: The $1 Trillion Supercycle Hidden in Plain Sight | Joseph Shaposhnik
Bogumil Baranowski
CEO of Investment Management Associates in Denver; author of Soul in the Game
Investment Management Associates
Episode: Survival First. Returns Second | Vitaliy Katsenelson on Investing Amid Extreme Uncertainty
Vitaliy Katsenelson
Founder of Investments Management Associates; author of Soul in the Game
Investment Management Associates
Episode: Survival First. Returns Second | Vitaliy Katsenelson on Investing Amid Extreme Uncertainty
Rob Arnott
Co-founder of Research Affiliates, investor and author
Research Affiliates
Episode: What War Charts and AI Bubbles Miss | The Weekly Market Insight – March 8, 2026
Kai Wu
Investment writer/analyst
Cetrine piece discussion participant
Episode: What War Charts and AI Bubbles Miss | The Weekly Market Insight – March 8, 2026

Hosts

Jack Forehand
Host of Excess Returns Podcast and network creator; provides macro and market insights.
Justin Carbonneau
Host focusing on macro cycles, portfolio strategies, and data-driven investment thinking.
Matt Zeigler
Co-host and production lead; adds research-focused perspective and helps drive episode structure.

Reviews

4.7 out of 5 stars from 169 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 States2 months ago
  • Tony Greer

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

    Apple Podcasts
    1
    maybdihjlz
    United States2 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 States2 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 States2 months ago
  • 4th turning 🌎

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

    Apple Podcasts
    5
    Qrrvjkgxhjlkvg
    United States3 months ago

Listeners Say

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

Guests are consistently thoughtful analysts who bring deep, research-based insights.
Overall, the podcast is a must-listen for long-term investors seeking rigorous analysis.
The show occasionally features controversial guests; some listeners feel balance varies.
Episodes often deliver practical frameworks for investing beyond hype.
Production and host questions are typically well-structured and respectful of guests.

Chart Rankings

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

Talking Points

Recent interactions between the hosts and their guests.

Michael Mauboussin | AI, Base Rates, and Investing in the New Economy
Q: Can you define intangible assets and why they matter?
An intangible asset is something not tangible like software, R&D, or branding that typically shows up as an expense rather than on the balance sheet; understanding the true investment behind these intangibles—separating maintenance from discretionary investment—helps explain growth prospects and how much value is being created, beyond what is visible in reported free cash flow.
Big Decline. Options Support Gone | Brent Kochuba on the Fragile Market Setup
Q: What is driving the current volatility environment?
A confluence of geopolitical tensions (notably Iran), credit stress, and a persistent, large options hedging footprint is driving volatility. The discussion emphasizes the tug-of-war between hedging needs and the possibility of a volatility spill if hedges unwind, especially around OPEX dates.
The Stagflation Regime | Aahan Menon on What Works When Stocks and Bonds Don’t
Q: What does the team see as the most important takeaway for investors in this regime?
Investors should think about commodity exposure for diversification and have a solid understanding of their risk tolerance, because traditional stock-bond allocations are likely to experience higher volatility and potentially worse risk-adjusted returns in a sustained inflationary environment.
The Moment Common Knowledge Changed | Last Call - With Andy Constan, Ben Hunt, Brent Kochuba and Eric Pachman
Q: What should investors like me take from how to think about the impact of an oil shock?
Oil shocks move prices because supply shocks are instant and demand remains relatively inelastic; the larger effect is on growth, inflation, and consumption, with oil's impact bleeding into inflation and policy. The best takeaway is to consider how different scenarios (end of the conflict, escalation, or persistence) would shape growth, inflation, and asset prices, and to prepare for a range of outcomes rather than a single forecast.
6x Earnings. 10x Potential. | Harris Kupperman on the Inflections Wall Street Misses
Q: Walk me through the process of applying your top-down inflection framework in a real-world example.
We start with a macro thesis, identify where politics, currencies, and commodities are likely to move, then pick specific assets—usually equities or country-specific opportunities—that are likely to inflect, such as the Argentine stock exchange or UAE components. We stay in the position long enough to realize the inflection, monitor for changes, and be ready to exit when tailwinds fade or new evidence arises.

Audience Metrics

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Frequently Asked Questions About Excess Returns

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

This show delivers long-form discussions on investing, macro themes, and portfolio strategy through expert guests and quantitative perspectives. Topics frequently center on AI implications for productivity, market structure, value vs. growth, global diversification, and practical frameworks for building and managing portfolios. The hosts emphasize rigorous analysis, data-driven reasoning, and a patient, long-horizon approach to investing, often featuring counterpoints from guests to challenge conventional narratives. Notable strengths include deep-dive research, a willingness to dissect controversial ideas with methodological rigor, and a track record of drawing on established investing frameworks to evaluate new trends.

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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 6 years ago and published 489 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. Aahan Menon
2. Harris Kupperman
3. Eric Pachman
4. DA. Wallach
5. Joseph Shaposhnik
6. Bogumil Baranowski
7. Vitaliy Katsenelson
8. Rob Arnott

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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