This week’s Excess Returns Weekly Wrap looks at what Ian Cassel, Chris Mayer, Jim Paulsen and Elena Khoziaeva can teach investors about stock picking skill, inflation risk, AI, software moats, small caps and market concentration. Jack Forehand and Matt Zeigler break down clips on why elite investors can be wrong almost half the time, why today may not be the 1970s or the 1990s, how AI is affecting software businesses, and why the S&P 500 may be far less diversified than investors think. Topi...
May 11, 2026•1 hr 7 min•Season 1Ep. 136
This week’s Excess Returns Weekly Wrap examines what Chris Davis and Rich Bernstein can teach investors about letting winners run, inflation risk, market concentration, dividends, AI, and the difference between economic stories and investment returns. Jack Forehand and Matt Zeigler break down clips on portfolio concentration, the 1960s vs. the 1970s, investor complacency, the Fed’s inflation target, durable businesses, and where the next market opportunity may be hiding. Topics Covered Why letti...
May 03, 2026•1 hr 10 min•Season 1Ep. 135
This week’s Excess Returns Weekly Wrap explores one of the most important questions in markets today: what’s really driving this rally, and how fragile is it beneath the surface. We break down the growing concentration in earnings, the role of passive flows, and why multiple top investors see structural risks building even as markets continue to rise. We highlight key insights from David Rosenberg, Chris Bloomstran, Cameron Dawson, Dave Nadig, and Travis Prentice on market concentration, the mac...
Apr 26, 2026•1 hr 12 min•Season 1Ep. 134
This week’s Excess Returns Weekly Wrap brings together insights from Jim Grant, Liz Ann Sonders, and Brent Donnelly to break down the biggest forces driving markets right now, including war-driven inflation, oil shocks, market resilience, and the evolving role of sentiment and policy reactions. The conversation connects macro history with real-time market behavior to help investors understand what actually matters beneath the headlines. Topics Covered: Why war has historically been one of the mo...
Apr 19, 2026•1 hr 6 min•Season 1Ep. 133
This week’s Excess Returns Weekly Wrap brings together insights from Jim Paulsen, Brent Kochuba, Anthony Wang, and Tom Hancock to break down what’s really driving markets right now—from recession signals and oil shocks to AI economics and options flows. We explore whether current conditions look more like the start of a new bull market or something more fragile beneath the surface. We dive into unique indicators like the “Walmart signal,” shifting oil/VIX correlations, the real economics behind ...
Apr 12, 2026•1 hr 10 min•Season 1Ep. 132
This episode of Excess Returns Weekly Wrap brings together the most important ideas from a packed week of interviews, covering AI and base rates, the Magnificent Seven, commodities, macro risks, and practical investing frameworks. Jack Forehand and Kai Wu break down key clips from Michael Mauboussin, Harris “Kuppy” Kupperman, Ben Hunt, Katie Stockton, and Aahan Menon to extract timeless lessons investors can apply across different market environments. The conversation moves from AI expectations ...
Apr 05, 2026•1 hr 7 min•Season 1Ep. 131
This episode of Excess Returns Weekly Recap breaks down one of the most complex market environments in recent memory, from the global oil shock and its economic ripple effects to base rates, AI-driven productivity, and private credit risks. Jack Forehand and Matt Zeigler synthesize insights from Bob Elliott, Chris Mayer, Robert, and Larry Swedroe to help investors understand what matters, what’s being mispriced, and where conviction should (and shouldn’t) exist. Topics covered: How oil supply sh...
Mar 29, 2026•1 hr 7 min•Season 1Ep. 130
This week’s Excess Returns Weekly Wrap breaks down the biggest market drivers right now, including how markets price (or fail to price) war risk, why volatility signals are flashing unusual warnings, and what options market positioning is telling us about potential downside. Featuring Jared Dillian, Brent Kochuba and D.A. Wallach, the episode also explores how macro regime shifts are changing diversification, how the Fed is reacting to rising oil prices, and why biotech investing is essentially ...
Mar 22, 2026•1 hr 11 min•Season 1Ep. 129
In this episode, we break down the most important insights from the week on Excess Returns,, with insights from Vitaliy Katsenelson, Jim Paulsen, and Joseph Shaposhnik. Markets today are being shaped by powerful crosscurrents including AI disruption, defense spending, macro policy shifts, and historically high valuations. In this episode, we highlight the biggest ideas from our conversations and explore what they mean for investors trying to navigate an uncertain world. Topics include the import...
Mar 14, 2026•1 hr 5 min•Season 1Ep. 128
In this episode of Two Quants and a Financial Planner, Jack Forehand and Matt Zeigler highlight the most important investing insights from recent conversations across the Excess Returns podcast network. Drawing on discussions with Andy Constan, Rob Arnott, Kai Wu, Ben Hunt, Rupert Mitchell, Meb Faber and others, the episode connects ideas across macro, markets, AI, credit cycles and valuation. The conversation focuses on timeless investing principles investors can apply today, including how to e...
Mar 08, 2026•1 hr 1 min•Season 1Ep. 127
In this episode, we explore one of the most important but overlooked questions in investing: what is the purpose of your portfolio? Through a series of powerful clips and reflections from Aswath Damodaran, Meb Faber, Ben Hunt, Cullen Roche, Corey Hoffstein, Daniel Crosby, Larry Swedroe, and Wes Gray, we examine how goals like financial freedom, funded contentment, liability driven investing, retirement planning, and multi generational wealth shape the way we invest. This conversation goes beyond...
Feb 23, 2026•1 hr 8 min•Season 1Ep. 126
In this episode, we discuss our biggest lessons from our interview with Bill Bengen, the creator of the 4 percent rule, and are joined by special guest Ben Tuscai. We explore how one of the most widely cited ideas in retirement planning was developed, how it is often misunderstood, and how it should actually be used in real-world financial planning. The conversation bridges academic research and practical application, digging into safe withdrawal rates, sequence of returns risk, inflation, portf...
Jan 04, 2026•1 hr 3 min•Season 1Ep. 125
In this episode, we kick off our book project, "The Most Important Investing Lesson: What the World’s Best Investors Would Teach You", with a deep dive into the ideas of Michael Mauboussin. We explore his most enduring lessons—concepts that have reshaped how we think about investing, decision making, and life. From base rates to expectations investing, we unpack how Mauboussin’s frameworks can help investors build better models of the world and make more rational, probabilistic decisions. Main t...
Nov 08, 2025•47 min•Season 1Ep. 124
In this special episode, Matt Zeigler and Bogumil Baranowski take you on a deep-dive mixtape journey through the best moments from their past three years of conversations with author and investor Chris Mayer. From the brutal patience required to ride out dead money periods to why the lack of a catalyst might be a feature, not a bug—this episode is packed with timeless investing wisdom. Whether you're chasing a hundred bagger or trying to hold through volatility, Mayer’s philosophy will challenge...
Aug 11, 2025•55 min•Season 1Ep. 123
In this episode, Matt Zeigler and Dave Nadig revisit one of the most popular interviews on Excess Returns—our deep-dive conversation with Neil Howe, co-author of The Fourth Turning . But instead of leaning into the usual doom-and-gloom narrative, they unpack the misunderstood lessons at the heart of Howe’s generational theory. From inflation and leadership to passive investing and community, Matt and Dave explore the deeper patterns shaping our society and markets—and why so many people miss the...
Jul 14, 2025•56 min•Season 1Ep. 121
In this episode, we highlight the biggest lessons from our Excess Returns interview with renowned strategist Richard Bernstein. We explore the paradox of today’s markets: why they feel easy, and what hard truths may be hiding beneath the surface. From the risks of narrow market leadership to the role of structural flows and investor complacency, Richard shares practical lessons drawn from decades of market experience. We discuss: Why narrow markets may signal greater risk than investors realize ...
Jul 06, 2025•1 hr•Season 1Ep. 120
Some of the most insightful investment conversations start with a single question: “What do you believe that most of your peers disagree with?” In this episode of Excess Returns, Jack Forehand and Matt Zeigler dive into 11 controversial investing takes—from QE and technical analysis to macro obsession and fee structures. You’ll hear nuanced perspectives from top investors who challenge conventional wisdom, and you might even find yourself rethinking your own beliefs. 🧠 This is a fast-paced, tho...
Jun 30, 2025•52 min•Season 1Ep. 119
In this special episode of Excess Returns, Matt Zeigler is joined by Bogumil Baranowski to reflect on one of the most emotional and historic moments in financial history: Warren Buffett’s surprise announcement at the 2024 Berkshire Hathaway Annual Meeting. With commentary from voices who were in the room—and some who weren’t—we explore what it felt like, what it meant, and what comes next for Berkshire and Buffett’s legacy. Featuring clips from John Candeto, Adam Mead, Eric Markowitz, and Ted Me...
Jun 09, 2025•1 hr 10 min•Season 1Ep. 118
In this episode of Excess Returns, we explore the profound impact of passive investing with one of the most provocative thinkers in the space—Mike Green. Mike has developed a framework that challenges traditional market assumptions, shedding light on how seemingly "passive" investment flows might be actively reshaping markets, valuations, and even systemic stability. Using clips from our interviews, Mike breaks down complex ideas with clarity, humor, and critical insight. This is a must-watch fo...
May 26, 2025•53 min•Season 1Ep. 117
In this episode, we dive deep into the fundamentals of retirement planning with one of the most respected researchers in the field—Wade Pfau. Wade is known for blending rigorous academic research with real-world financial advice. We explore his groundbreaking ideas on the 4% rule, sequence of returns risk, annuities, income frameworks, and his innovative Retirement Income Style Awareness (RISA) model. Whether you’re planning for retirement or advising others, this episode delivers valuable frame...
May 19, 2025•1 hr 3 min•Season 1Ep. 116
In this episode, we dive deep into some of the most thought-provoking ideas from two of the most original minds in investing: Ben Hunt and Grant Williams. Through a curated selection of powerful clips, we explore how markets have transformed from mechanisms of capital allocation to platforms of narrative and speculation. Ben and Grant challenge conventional wisdom, question the stories we tell ourselves about investing, and propose frameworks for navigating a radically different market landscape...
May 12, 2025•1 hr 6 min•Season 1Ep. 115
In this episode, Jack and Matt revisit one of the most debated topics in investing: the fate of the classic 60/40 portfolio. Drawing on insights from some of the smartest minds in finance—Bob Elliott, Adam Butler, Warren Pies, Rick Ferri, Jared Dillian, Andrew Beer, and Cliff Asness—they explore whether the traditional stock/bond mix still makes sense in today's environment or if investors need to rethink diversification, risk, and portfolio construction entirely. With perspectives ranging from ...
May 07, 2025•1 hr•Season 1Ep. 114
In this episode, Matt Zeigler and Bogumil Baranowski dive deep into the timeless investing wisdom of Guy Spier. Drawing from Spier’s interviews on both Excess Returns and Talking Billions, they explore crucial ideas about investing, risk, decision-making, and living a meaningful life. From understanding why letting your winners run can enhance returns to redefining true success, this episode is packed with practical insights for both investors and anyone seeking a richer, more thoughtful life.To...
Apr 28, 2025•1 hr 7 min•Season 1Ep. 113
Join Matt Zeigler and Bogumil Baranowski as they play our favorite clips from both the Excess Returns and Talking Billions podcast interviews with Aswath Damodaran. This conversation unpacks Damodaran’s timeless insights on navigating uncertainty, embracing the process of investing, and finding comfort in a volatile market. From the ritualistic allure of the Berkshire Hathaway meeting to the pitfalls of factor investing, Main Topics Covered:The dangers of rigid, ritualistic value investing and t...
Apr 16, 2025•1 hr 8 min•Season 1Ep. 112
In this episode, dive into the complex world of tariffs, national debt, and economic policies under the current administration. With the S&P down 4% and markets reacting to recent policy shifts, we bring you insights from our previous interviews with Cullen Roche and Andy Constan to break down these pressing issues. This episode is designed for everyday investors and money managers alike, offering a balanced, practical perspective on navigating short-term market pain for potential long-term ...
Apr 03, 2025•1 hr 5 min•Season 1Ep. 111
In this episode, Matt and Jack dive into the timeless wisdom of Jack Schwager, renowned author of the Market Wizards series. Drawing from two insightful interviews with Schwager, they explore key lessons from some of the greatest traders he’s interviewed, like Paul Tudor Jones and Steve Cohen, and unpack how these principles apply not only to trading but also to long-term investing and life. From risk management to overcoming failure, this episode blends Schwager’s expertise with Jack and Matt’s...
Mar 31, 2025•49 min•Season 1Ep. 110
In this episode, we dive into the most controversial takesfrom our podcast guests. Inspired by a brilliant question from Meb Faber(thanks, Meb!), we’ve compiled insights from top financial minds to explorebeliefs that challenge conventional wisdom. From debunking dividend hype toreimagining the role of options and AI in investing, this episode is packedwith thought-provoking perspectives. Main Topics Covered: - Meb Faber challenges the obsession with dividends - Mike Green introduces Goodhart’s ...
Mar 24, 2025•56 min•Season 1Ep. 109
In this episode, we break down key lessons from our conversation with Liz Ann Sonders, Chief Investment Strategist at Charles Schwab, exploring timeless investment principles and market dynamics that remain relevant regardless of current market conditions. From the end of the "Great Moderation" era to practical insights about market timing and portfolio management, Liz Ann's wisdom offers valuable perspective for investors of all levels. Main topics covered: • The transition from the "Great Mode...
Mar 17, 2025•53 min•Season 1Ep. 108
In this episode, Jack and Matt dive deep into the state of value investing with special guest Tobias Carlisle, founder of the Acquirers Funds and author of multiple books on value investing. In this insightful conversation, they look at some of the most insightful clips from our guests including Cliff Asness, Aswath Damodaran, Kai Wu, Scott McBride, Larry Swedroe and Dan Rasmussen. They explore why value investing has struggled in recent years, examine value spreads, and discuss whether this tim...
Mar 10, 2025•1 hr 8 min•Season 1Ep. 107
In this compilation episode, Jack Forehand and Matt Zeigler bring you the most valuable insights from our interviews with Bob Elliott, founder of Unlimited Funds and former head of Ray Dalio's research team at Bridgewater. 🔑 Key Topics Covered: Markets and Macroeconomic Reality Elliott dismantles the notion that markets can permanently detach from economic fundamentals, walking through how earnings, margins, and wage growth are all interconnected. He explains why claims of "this time it's diffe...
Mar 03, 2025•58 min•Season 1Ep. 106
