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Excess Returns

Excess Returns
Inflation
Artificial Intelligence
S&P 500
Investment Strategies
Tariffs
Value Investing
Federal Reserve
China
Investment Strategy
Options Trading
Investing
Risk Management
Volatility
Market Dynamics
Passive Investing
Market Trends
Labor Market
Behavioral Finance
Diversification
Active 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.

PublishesDailyEpisodes498Founded6 years ago
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Latest Episodes

This episode explores one of the most important debates in markets today: whether investors are underestimating the risk of higher inflation and overconcentrating in a narrow group of growth stocks.

Richard Bernstein of Janus Henderson Investors joi... more

This episode with Chris Davis of Davis Advisors explores how investors should think about risk, valuation, and opportunity in a market defined by high valuations, technological disruption, and major macro shifts. Davis lays out a framework for naviga... more

This episode explores how massive structural shifts—AI, deglobalization, and the rise of passive investing—are reshaping markets and what that means for investors.

Informed Momentum Company CIO Travis Prentice breaks down why 52 week highs don't me... more

This episode features Chris Bloomstran of Semper Augustus discussing market concentration, AI capital spending, Berkshire Hathaway, and the risks facing today’s equity investors. The conversation explores whether we are at a secular valuation plateau... more

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Recent Guests

Brent Donnelly
Spectra Markets, author of Alpha Trader, publisher of AMFX
Spectra Markets
Episode: The Resilience No One Trusts | Brent Donnelly on Why War and Oil Haven’t Broken This Market
Jim Grant
Creator of Grant's Interest Rate Observer
Grant's Interest Rate Observer
Episode: The Forever Invariable Truth | Jim Grant on War, Inflation, and What Comes Next
Tom Hancock
Head of Focused Equity and Quality Portfolio Manager at GMO
GMO
Episode: The Risk at the End of the Whip | GMO’s Tom Hancock on Finding Conviction Amid the AI Hype
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
Jared Dillian
Investor, author of Daily Dirt Nap and The Awesome Portfolio
Daily Dirt Nap / The Daily Dirt Nap newsletter
Episode: The War Markets Can't Price | Jared Dillian on the Regime Change Investors Miss
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

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 172 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 States3 months ago
  • Tony Greer

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

    Apple Podcasts
    1
    maybdihjlz
    United States3 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 States3 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 States3 months ago
  • 4th turning 🌎

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

    Apple Podcasts
    5
    Qrrvjkgxhjlkvg
    United States4 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

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Talking Points

Recent interactions between the hosts and their guests.

The Bear Market No One Sees | Liz Ann Sonders on the Real Story Indexes Hide
Q: Why is this next quarter's earnings season viewed as extra consequential given the current geopolitical and energy backdrop?
Because analysts are adjusting to war-related disruptions, energy price dynamics, and the potential spillovers into margins and guidance, with earnings revisions and forward estimates likely to reflect those changes.
We Asked David Rosenberg Why He Owns Almost No US Stocks — and What He Holds Instead
Q: Why did Rosenberg delay giving an immediate answer to the 'plan B' question, and what did he do instead?
He felt a full, thoughtfully constructed response with multiple scenarios and probabilities was needed, so he returned about a month later with a detailed, scenario-based presentation.
We Asked David Rosenberg Why He Owns Almost No US Stocks — and What He Holds Instead
Q: What is the distinction Rosenberg makes between left tail risk and right tail risk, and how does it inform his outlook?
He emphasizes evaluating the fat tail versus the thin tail and staying vigilant for extreme outcomes, using a probabilistic framework to assess how different scenarios could unfold rather than relying on a single point forecast.
The Forever Invariable Truth | Jim Grant on War, Inflation, and What Comes Next
Q: At a broader scale, what's the historical framing for how war leads to sustained inflation?
Historically, inflation was viewed as wartime phenomena until the mid-20th century, and sustained inflation emerged with fiat money regimes and policy choices that allowed monetary expansion to outpace real output, especially during and after large conflicts; the guest argues that wars push up prices by consuming resources, expanding money supply, and entrenching expectations.
The Risk at the End of the Whip | GMO’s Tom Hancock on Finding Conviction Amid the AI Hype
Q: What is the dominant investment takeaway from your paper Hype vs. High Conviction for AI investors?
Treat AI as a structural shift where the place you invest matters as much as the product; focus on durable, high-return opportunities in the upper layers of the AI stack, while ensuring balance-sheet strength and the ability to weather cycles in the more capital-intensive lower layers.

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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How many listeners does Excess Returns get?

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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. Forward Guidance
5. The Acquirers Podcast

How many episodes of Excess Returns are there?

Excess Returns launched 6 years ago and published 498 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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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. Brent Donnelly
2. Jim Grant
3. Tom Hancock
4. Aahan Menon
5. Harris Kupperman
6. Eric Pachman
7. Jared Dillian
8. DA. Wallach

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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