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Excess Returns

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

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.

PublishesDailyEpisodes548Founded7 years ago
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Latest Episodes

In this episode of The Jim Paulsen Show, Jim explains why weakening labor data, softening inflation, and lagged policy tightening could shift markets from inflation fears toward growth and recession fears. He also breaks down why the AI productivity ... more

T. Rowe Price technology portfolio manager Dom Rizzo joins Jack Forehand and Kai Wu to break down the AI investment cycle, hyperscaler capital spending, semiconductor demand, and why the recent tech selloff may look more like 1998 than the end of the... more

YouTube

Richard Bernstein and David Rosenberg reunite to debate the Federal Reserve, inflation, the AI investment boom, market bubbles, gold and the case for international diversification. The former Merrill Lynch colleagues examine whether the Fed should ra... more

YouTube

Tian Yang, head of research at Variant Perception and portfolio manager of the VPX ETF, explains how investors can use adaptive leading indicators, capital cycle analysis and behavioral signals to navigate a market shaped by AI spending, inflation an... more

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Recent Guests

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
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
Ben Hunt
Epsilon Theory founder; author and investor thinker featured on Perscient research
Perscient / Epsilon Theory
Episode: A War-Sized AI Bet. Private Credit Went All In. Will the Government End Up Owning It?
Rupert Mitchell
Investor guest, host of Blind Squirrel Macro
Private investment/Blinden Squirrel Macro
Episode: He Called It the Worst Chart Imaginable. Then He Bought It | Rupert Mitchell on Cracks in the Mag 7
Azeem Azhar
Exponential View founder, technologist, investor, author
Exponential View
Episode: We Asked the Man Who Mapped the AI Economy If the Boom Is Real — And Who Keeps the Money
Jack Schwager
Author of Market Wizards series; interviewer and featured trader stories
Market Wizards author and interviewer
Episode: Jack Schwager on Timeless Lessons from Elite Traders
Eric Pachman
Author and data nerd at Data 4 The People
Data 4 The People
Episode: The Recession the Unemployment Rate Can't See | Eric Pachman on the Data Beneath the Jobs Report
Matt Zenz
Founder and Chief Investment Officer of Longview Research Partners; Manager of Longview Advantage ETF and Longview Advantage Fixed Income ETF
Longview Research Partners
Episode: We Asked a $1 Billion Quant Manager Why Concentration Isn't a Warning — and Small Caps Aren't Dead

Hosts

Jack Forehand
Host of Excess Returns at Excess Returns
Justin Carbonneau
Co-host of Excess Returns at Excess Returns
Matt Zeigler
Host and co-host, known for Last Call and investing analysis

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 States6 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 States7 months ago

Listeners Say

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

Hosts let guests talk and challenge with solid questions.
Thoughtful guests and deep-dive data discussions are a hallmark.
Content is consistently valuable for long-term investing.

Chart Rankings

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

Apple Podcasts
#102
United States/Business/Investing
Apple Podcasts
#56
United Kingdom/Business/Investing
Apple Podcasts
#94
Canada/Business/Investing
Apple Podcasts
#180
United Kingdom/Business
Apple Podcasts
#250
Canada/Business
Apple Podcasts
#105
France/Business/Investing

Talking Points

Recent interactions between the hosts and their guests.

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.
Jim Paulsen Sees a Growth Scare Coming | The 34 Charts That Make Him Cautious
Q: What is the dominant market message you're seeing from the data right now?
The dominant message is a shift from inflation-driven concerns to growth concerns, with weak labor data and sticky policy dynamics suggesting a possible later-year slowdown that could pressure equities even as inflation moderates.
We Asked the Man Who Mapped the AI Economy If the Boom Is Real — And Who Keeps the Money
Q: Do we expect pressure from open-source models to reshape pricing and business models in the proprietary model space?
Yes, open-source models pressure proprietary providers on price and terms, pushing incumbents to innovate around pricing, data, and service, while allowing customers to choose more cost-effective or customizable solutions.
We Asked the Man Who Mapped the AI Economy If the Boom Is Real — And Who Keeps the Money
Q: How does vertical integration influence competition and pricing power across the AI ecosystem?
Vertical integration provides strategic control and could alter bargaining power among hyperscalers, labs, and customers. As more players own chips, hosting, and models, competition may become more fragmented, with some clusters of expertise forming around particular vertical needs (finance, legal, biotech).

Audience Metrics

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

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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 focuses on long-horizon investing, blending quantitative and fundamental approaches to value, factor, and macro themes. Episodes frequently cover market regimes, AI impacts on investing, capital cycles, and the tension between passive and active strategies, all with guests ranging from legendary value investors to quants and macro strategists. Listeners can expect rigorous analysis, data-driven discussions, and candid debates about risk, timing, and portfolio construction, with a practical emphasis on durable, repeatable approaches over short-term calls. A notable strength is the mix of deep-dive guests and accessible explanations, making sophisticated finance topics approachable for professional and serious individual investors a... 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. Forward Guidance
4. The Acquirers Podcast
5. Top Traders Unplugged

How many episodes of Excess Returns are there?

Excess Returns launched 7 years ago and published 548 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. Dom Rizzo
2. David Rosenberg
3. Tian Yang
4. Ben Hunt
5. Rupert Mitchell
6. Azeem Azhar
7. Jack Schwager
8. Eric Pachman

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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