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Excess Returns

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

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.

PublishesDailyEpisodes477Founded6 years ago
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Latest Episodes

In this episode, Jared Dillian joins Excess Returns to break down why markets consistently misprice major regime shifts, geopolitical risks, and inflation shocks—and what that means for investors today. The conversation explores how changing correlat... more

Biotech is one of the few areas in investing where specialized knowledge may still generate persistent alpha. In this episode of Excess Returns, D.A. Wallach, venture capitalist and co-founder of Time BioVentures, joins us to explain how biotech inve... more

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In this episode, we break down the most important insights from the week on Excess Returns,, with insights from Vitaliy Katsenelson, Jim Pauls... more

On this episode of Excess Returns, Matt Zeigler and Bogumil Baranowski speak with Rainwater Equity ETF portfolio manager Joseph Shaposhnik about how long-term investors should think about markets in an era defined by geopolitical shocks, AI disruptio... more

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Recent Guests

Rupert Mitchell
Guest, Blind Squirrel Macro
Blind Squirrel Macro
Episode: The AI Panic Trade | What the Viral Doomsday AI Article Means for Markets
Nir Kaissar
Bloomberg columnist and founder of Unison Advisors
Bloomberg
Episode: It’s Only a Question of When | Nir Kaissar on AI, Private Credit and the Regime Shift Investors Miss
Victoria Greene
Regular contributor to CNBC and experienced market analyst.
G Squared Private Wealth
Episode: The Market That Bites Back | Victoria Greene on Surviving the Badger Market
Jan van Eck
CEO of VanEck and a prominent figure in the ETF and asset management industry.
VanEck
Episode: You’re Waiting for the Bubble to Burst | Jan van Eck on Why It Already Has
Aswath Damodaran
A renowned professor of finance known for his work on valuation and investment strategies
New York University
Episode: The Bubble Most Will Get Wrong | Aswath Damodaran on How He is Managing His Own Money in a World of AI
Gautam Baid
Managing Partner at Stellar Wealth Partners India Fund and author
Stellar Wealth Partners India Fund
Episode: 4% of Stocks. 100% of Wealth | Gautam Baid on the Brutal Math of Compounding
David Wright
Head of quantitative investing at Pictet Asset Management
Pictet Asset Management
Episode: The Alpha No Human Can Find | David Wright on Machine Learning's Hidden Edge
James Grant
Founder of Grant's Interest Rate Observer and a respected finance commentator
Episode: The Thunderclap That Ends the Cycle | Jim Grant on the Risk No One Sees
Mary Ann Bartels
Chief investment strategist at Sanctuary Wealth
Sanctuary Wealth
Episode: The Pattern Is Staggering | Mary Ann Bartels on Why This Bull Market Is Just Getting Started

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 States2 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.

1% Growth. Zero Jobs | Jim Paulsen on the Recession Hiding in Plain Sight
Q: What role does AI play in the economic outlook and inflation?
AI is seen as a disinflationary force that could free up wealth to be spent elsewhere, supporting growth in other sectors even as some jobs may be displaced in the short term; policy response to AI is nuanced and should consider longer-term productivity and demand effects.
1% Growth. Zero Jobs | Jim Paulsen on the Recession Hiding in Plain Sight
Q: How might policy changes affect the current market leadership and broader economy?
Easing policy could enable a shift in leadership from a technology-heavy rally to broader market segments, creating room for a more balanced bull market as policy juice flows through.
1% Growth. Zero Jobs | Jim Paulsen on the Recession Hiding in Plain Sight
Q: What is the relationship between the new era and the overall economy, and why does it matter for investors?
The new era, though only about 11% of private GDP, has grown much faster than the old economy, dominating growth and masking weakness elsewhere; this can mislead market readings since profits and employment outside tech lag behind.
When Safe Becomes the Most Dangerous | The 100-Year Thinkers on AI, Staples and How Words Mislead
Q: What is idealism and how does it relate to the performance of investments?
Idealism reflects unrealistic expectations concerning market performance, where investors expect to outperform consistently in short time frames, which is rarely achievable.
The Global Regime Change | Jason Hsu on AI, Factor Investing and What Investors Miss About China
Q: Do you think China now is probably a better opportunity relative to EM in general?
Yes, China has a significant advantage in tech manufacturing and the growth potential of intelligent services due to ongoing shifts and its market capacity.

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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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How many listeners does Excess Returns get?

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How many subscribers and views does Excess Returns have?

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Which podcasts are similar to Excess Returns?

These podcasts share a similar audience with Excess Returns:

1. The Memo by Howard Marks
2. Masters in Business
3. Capital Allocators – Inside the Institutional Investment Industry
4. Odd Lots
5. The Long View

How many episodes of Excess Returns are there?

Excess Returns launched 6 years ago and published 477 episodes to date. You can find more information about this podcast including rankings, audience demographics and engagement in our podcast database.

How do I contact Excess Returns?

Our systems regularly scour the web to find email addresses and social media links for this podcast. We scanned the web and collated all of the contact information that we could find in our podcast database. But in the unlikely event that you can't find what you're looking for, our concierge service lets you request our research team to source better contacts for you.

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What guests have appeared on Excess Returns?

Recent guests on Excess Returns include:

1. Rupert Mitchell
2. Nir Kaissar
3. Victoria Greene
4. Jan van Eck
5. Aswath Damodaran
6. Gautam Baid
7. David Wright
8. James Grant

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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