# Excess Returns

Page: https://stenobird.com/podcast/excess-returns-902655
Text version: https://stenobird.com/podcast/excess-returns-902655.md
RSS feed: https://anchor.fm/s/9a1dfac/podcast/rss
Official site: https://excessreturnspod.com
Author: Excess Returns
Episodes: 538

## Resource

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.

## Machine-readable

JSON: https://stenobird.com/v1/public/podcasts/excess-returns-902655
Markdown: https://stenobird.com/podcast/excess-returns-902655.md

## Episodes
- [Not a Time for Big Bets | Aahan Menon on What 60 Years of Regime Data Says About Today’s Market](https://stenobird.com/podcast/excess-returns-902655/not-a-time-for-big-bets-aahan-menon-on-what-60-years-of-regime-data-says-about-today-s-market) — 2026-07-23T13:24:22+00:00
- [We Asked the Man Who Mapped the AI Economy If the Boom Is Real — And Who Keeps the Money](https://stenobird.com/podcast/excess-returns-902655/we-asked-the-man-who-mapped-the-ai-economy-if-the-boom-is-real-and-who-keeps-the-money) — 2026-07-21T23:17:13+00:00
- [It Only Happens at Bottoms | Andy Constan on the Options Extreme That Showed Up at the Highs](https://stenobird.com/podcast/excess-returns-902655/it-only-happens-at-bottoms-andy-constan-on-the-options-extreme-that-showed-up-at-the-highs) — 2026-07-18T19:38:12+00:00
- [Jack Schwager on Timeless Lessons from Elite Traders](https://stenobird.com/podcast/excess-returns-902655/jack-schwager-on-timeless-lessons-from-elite-traders) — 2026-07-16T19:31:53+00:00
- [The Recession the Unemployment Rate Can't See | Eric Pachman on the Data Beneath the Jobs Report](https://stenobird.com/podcast/excess-returns-902655/the-recession-the-unemployment-rate-can-t-see-eric-pachman-on-the-data-beneath-the-jobs-report) — 2026-07-14T13:13:51+00:00
- [Jim Paulsen Sees a Correction Coming | The 33 Charts That Turned Him Cautious](https://stenobird.com/podcast/excess-returns-902655/jim-paulsen-sees-a-correction-coming-the-33-charts-that-turned-him-cautious) — 2026-07-11T13:18:55+00:00
- [Big Uptrend. Tech Momentum Fading | Katie Stockton on the Rotation Investors Are Missing](https://stenobird.com/podcast/excess-returns-902655/big-uptrend-tech-momentum-fading-katie-stockton-on-the-rotation-investors-are-missing) — 2026-07-09T09:00:00+00:00
- [We Asked a $1 Billion Quant Manager Why Concentration Isn't a Warning — and Small Caps Aren't Dead](https://stenobird.com/podcast/excess-returns-902655/we-asked-a-1-billion-quant-manager-why-concentration-isn-t-a-warning-and-small-caps-aren-t-dead) — 2026-07-07T20:58:53+00:00
- [The $600 Billion Loop | Jeff Klingelhofer on AI, the Return of Bonds and the Fed's Third Mandate](https://stenobird.com/podcast/excess-returns-902655/the-600-billion-loop-jeff-klingelhofer-on-ai-the-return-of-bonds-and-the-fed-s-third-mandate) — 2026-07-06T20:10:22+00:00
- [We Asked Meb Faber Why US Stocks Won for 250 Years — And If It Can Continue](https://stenobird.com/podcast/excess-returns-902655/we-asked-meb-faber-why-us-stocks-won-for-250-years-and-if-it-can-continue) — 2026-07-05T11:20:25+00:00
- [Semis Gone Parabolic. Fed Credibility Reversal. Can the Rally Survive the Flows?](https://stenobird.com/podcast/excess-returns-902655/semis-gone-parabolic-fed-credibility-reversal-can-the-rally-survive-the-flows) — 2026-07-03T21:45:59+00:00
- [The AI Trade, the Fed and the Next Phase of the Bull Market | Warren Pies](https://stenobird.com/podcast/excess-returns-902655/the-ai-trade-the-fed-and-the-next-phase-of-the-bull-market-warren-pies) — 2026-07-02T08:54:58+00:00
- [He Wrote the Book on Why Moats Fail | Ritavan on What Actually Compounds Instead](https://stenobird.com/podcast/excess-returns-902655/he-wrote-the-book-on-why-moats-fail-ritavan-on-what-actually-compounds-instead) — 2026-07-01T11:56:53+00:00
- [The 100 Year Thinkers: Chris Mayer on SpaceX, AI Reckoning, and Why Early Is Overrated](https://stenobird.com/podcast/excess-returns-902655/the-100-year-thinkers-chris-mayer-on-spacex-ai-reckoning-and-why-early-is-overrated) — 2026-06-27T20:24:14+00:00
- [We Asked GMO’s Head of Asset Allocation Why This Bubble is Easy — But Investors Will Get it Wrong](https://stenobird.com/podcast/excess-returns-902655/we-asked-gmo-s-head-of-asset-allocation-why-this-bubble-is-easy-but-investors-will-get-it-wrong) — 2026-06-24T13:25:15+00:00
- [Finding Quality Growth in Emerging Markets with Ian Smith](https://stenobird.com/podcast/excess-returns-902655/finding-quality-growth-in-emerging-markets-with-ian-smith) — 2026-06-22T11:52:47+00:00
- [The $2 Trillion Question | Tobias Carlisle on SpaceX, the AI Buildout, and the Rotation No One Sees](https://stenobird.com/podcast/excess-returns-902655/the-2-trillion-question-tobias-carlisle-on-spacex-the-ai-buildout-and-the-rotation-no-one-sees) — 2026-06-20T13:10:11+00:00
- [The Trillion Dollar Gap | Aswath Damodaran on SpaceX, AI and the Big Market Delusion](https://stenobird.com/podcast/excess-returns-902655/the-trillion-dollar-gap-aswath-damodaran-on-spacex-ai-and-the-big-market-delusion) — 2026-06-19T01:00:00+00:00
- [Andy Constan on the SpaceX IPO, AI CapEx, and the End of the Buyback Tailwind](https://stenobird.com/podcast/excess-returns-902655/andy-constan-on-the-spacex-ipo-ai-capex-and-the-end-of-the-buyback-tailwind) — 2026-06-16T18:55:05+00:00
- [The SpaceX IPO Meets a Huge Options Expiration | Brent Kochuba on What Comes Next](https://stenobird.com/podcast/excess-returns-902655/the-spacex-ipo-meets-a-huge-options-expiration-brent-kochuba-on-what-comes-next) — 2026-06-13T18:27:46+00:00
- [Mike Green on What Happens When Passive Flows Meet the Largest IPO in History](https://stenobird.com/podcast/excess-returns-902655/mike-green-on-when-passive-flows-meet-the-largest-ipo-in-history) — 2026-06-11T13:10:07+00:00
- [We Asked Vanguard’s Chief Economist Why AI Has Two Huge Tails — And Which One Wins](https://stenobird.com/podcast/excess-returns-902655/we-asked-vanguard-s-chief-economist-why-ai-has-two-huge-tails-and-which-one-wins) — 2026-06-09T11:50:35+00:00
- [The SpaceX IPO… What Happens When $1.75 Trillion Meets 4% Float](https://stenobird.com/podcast/excess-returns-902655/the-spacex-ipo-what-happens-when-1-75-trillion-meets-4-float) — 2026-06-06T16:10:32+00:00
- [Tech Spending Has a Cash Problem | Jim Paulsen on the Two Signals That Could Trigger a Correction](https://stenobird.com/podcast/excess-returns-902655/tech-spending-has-a-cash-problem-jim-paulsen-on-the-two-signals-that-could-trigger-a-correction) — 2026-06-04T20:50:10+00:00
- [He Quantified 200 Years of Disruption | Kai Wu on Separating Software Survivors from Value Traps](https://stenobird.com/podcast/excess-returns-902655/he-quantified-200-years-of-disruption-kai-wu-on-separating-software-survivors-from-value-traps) — 2026-06-02T16:26:10+00:00
- [The Three Cracks in the AI Trade | Ben Hunt, Brent Kochuba and Aahan Menon on What Could Derail the Market's Biggest Bet](https://stenobird.com/podcast/excess-returns-902655/the-three-cracks-in-the-ai-trade-ben-hunt-brent-kochuba-and-aahan-menon-on-what-could-derail-the-market-s-biggest-bet) — 2026-05-30T20:00:01+00:00
- [Cheap Is a Warning, Not a Thesis | Adam Parker on What This Market Is Really Pricing](https://stenobird.com/podcast/excess-returns-902655/cheap-is-a-warning-not-a-thesis-adam-parker-on-what-this-market-is-really-pricing) — 2026-05-28T14:42:30+00:00
- [He Built the Fund He'd Hold 30 Years | Eric Crittenden on What Investors Pick When Labels Come Off](https://stenobird.com/podcast/excess-returns-902655/he-built-the-fund-he-d-hold-30-years-eric-crittenden-on-what-investors-pick-when-labels-come-off) — 2026-05-26T13:59:39+00:00
- [Cliff Asness on Bubbles, Private Equity and His Research Greatest Hits](https://stenobird.com/podcast/excess-returns-902655/cliff-asness-on-bubbles-private-equity-and-his-research-greatest-hits) — 2026-05-23T09:00:00+00:00
- [He Studied Every Bear Market Since 1929 | Ben Carlson on How the Worst Starting Point Still Made 8%](https://stenobird.com/podcast/excess-returns-902655/he-studied-every-bear-market-since-1929-ben-carlson-on-how-the-worst-starting-point-still-made-8) — 2026-05-21T11:15:53+00:00
- [Is AI Still in 1995? Gene Munster and Doug Clinton on the Next Phase of the AI Boom](https://stenobird.com/podcast/excess-returns-902655/is-ai-still-in-1995-gene-munster-and-doug-clinton-on-the-next-phase-of-the-ai-boom) — 2026-05-19T13:58:55+00:00
- [Jeremy Grantham on AI, Bubbles and Why Mean Reversion Lives On](https://stenobird.com/podcast/excess-returns-902655/jeremy-grantham-on-ai-bubbles-and-why-mean-reversion-lives-on) — 2026-05-16T16:16:46+00:00
- [He Studied the Financial System for Decades | Marc Rubinstein on Where the Real Risk Is](https://stenobird.com/podcast/excess-returns-902655/he-studied-the-financial-system-for-decades-marc-rubinstein-on-where-the-real-risk-is) — 2026-05-15T15:55:45+00:00
- [Lessons from Investing Through Bubble Regimes with Andy Constan](https://stenobird.com/podcast/excess-returns-902655/lessons-from-investing-through-bubble-regimes-with-andy-constan) — 2026-05-14T00:10:36+00:00
- [He Wrote the Book on Bubbles | Edward Chancellor on If AI is Different](https://stenobird.com/podcast/excess-returns-902655/he-wrote-the-book-on-bubbles-edward-chancellor-on-if-ai-is-different) — 2026-05-12T23:41:28+00:00
- [We Asked an Options Expert Why This Melt Up Hasn’t Broken — and Which Signal Could End It](https://stenobird.com/podcast/excess-returns-902655/we-asked-an-options-expert-why-this-melt-up-hasn-t-broken-and-which-signal-could-end-it) — 2026-05-10T19:57:15+00:00
- [We Asked a $4.5B Quant Manager Why the S&P 500 Is Just 46 Stocks — and Why Small Caps Aren't Dead](https://stenobird.com/podcast/excess-returns-902655/we-asked-a-4-5b-quant-manager-why-the-s-p-500-is-just-46-stocks-and-why-small-caps-aren-t-dead) — 2026-05-08T15:20:05+00:00
- [The Last Moat | Chris Mayer and Ian Cassel on the Stock Picking Edge AI Can’t Replicate](https://stenobird.com/podcast/excess-returns-902655/the-last-moat-chris-mayer-and-ian-cassel-on-the-stock-picking-edge-ai-can-t-replicate) — 2026-05-06T10:52:53+00:00
- [We Asked Rich Bernstein and Chris Davis Why This Market Isn’t as Safe as It Feels](https://stenobird.com/podcast/excess-returns-902655/we-asked-rich-bernstein-and-chris-davis-why-this-market-isn-t-as-safe-as-it-feels) — 2026-05-04T14:46:07+00:00
- [We Asked Ben Hunt, Jim Paulsen, Kevin Muir and Brent Kochuba Why Bad News Can’t Break This Market](https://stenobird.com/podcast/excess-returns-902655/we-asked-ben-hunt-jim-paulsen-kevin-muir-and-brent-kochuba-why-bad-news-can-t-break-this-market) — 2026-05-01T19:51:48+00:00
- [The Opportunity No One Sees | Richard Bernstein on Finding Value in a Narrow Market](https://stenobird.com/podcast/excess-returns-902655/the-opportunity-no-one-sees-richard-bernstein-on-finding-value-in-a-narrow-market) — 2026-04-29T13:13:47+00:00
- [Feeling Safe Is the Risk | Chris Davis on Finding Durable Companies in a Disrupted World](https://stenobird.com/podcast/excess-returns-902655/feeling-safe-is-the-risk-chris-davis-on-finding-durable-companies-in-a-disrupted-world) — 2026-04-27T13:48:17+00:00
- [Buy High, Sell Higher | Travis Prentice on Dispersion, Passive's Structural Risk and Why 52 Week Highs Don't Mean What You Think](https://stenobird.com/podcast/excess-returns-902655/buy-high-sell-higher-travis-prentice-on-dispersion-passive-s-structural-risk-and-why-52-week-highs-don-t-mean-what-you-think) — 2026-04-24T13:24:35+00:00
- [The Secular Plateau | Chris Bloomstran on Why We May Be at Peak Valuations](https://stenobird.com/podcast/excess-returns-902655/the-secular-plateau-chris-bloomstran-on-why-we-may-be-at-peak-valuations) — 2026-04-22T10:47:20+00:00
- [We Asked David Rosenberg Why He Owns Almost No US Stocks — and What He Holds Instead](https://stenobird.com/podcast/excess-returns-902655/we-asked-david-rosenberg-why-he-owns-almost-no-us-stocks-and-what-he-holds-instead) — 2026-04-19T13:35:03+00:00
- [The Resilience No One Trusts | Brent Donnelly on Why War and Oil Haven’t Broken This Market](https://stenobird.com/podcast/excess-returns-902655/the-resilience-no-one-trusts-brent-donnelly-on-why-war-and-oil-haven-t-broken-this-market) — 2026-04-17T13:41:41+00:00
- [The Bear Market No One Sees | Liz Ann Sonders on the Real Story Indexes Hide](https://stenobird.com/podcast/excess-returns-902655/the-bear-market-no-one-sees-liz-ann-sonders-on-the-real-story-indexes-hide) — 2026-04-15T13:17:16+00:00
- [The Forever Invariable Truth | Jim Grant on War, Inflation, and What Comes Next](https://stenobird.com/podcast/excess-returns-902655/the-forever-invariable-truth-jim-grant-on-war-inflation-and-what-comes-next) — 2026-04-13T13:05:37+00:00
- [The Market the Tweets Can’t Break | What the Options Market Tells Us About What Comes Next](https://stenobird.com/podcast/excess-returns-902655/the-market-the-tweets-can-t-break-what-the-options-market-tells-us-about-what-comes-next) — 2026-04-11T23:45:58+00:00
- [The Risk at the End of the Whip | GMO’s Tom Hancock on Finding Conviction Amid the AI Hype](https://stenobird.com/podcast/excess-returns-902655/the-risk-at-the-end-of-the-whip-gmo-s-tom-hancock-on-finding-conviction-amid-the-ai-hype) — 2026-04-09T16:44:00+00:00
- [The Walmart Indicator Just Hit 2008 Levels | Jim Paulsen on the Big Difference This Time](https://stenobird.com/podcast/excess-returns-902655/the-walmart-indicator-just-hit-2008-levels-jim-paulsen-on-the-big-difference-this-time) — 2026-04-08T14:08:20+00:00
- [The Inevitability No One Sees | $11 Billion Tech Manager on What Investors Miss About AI](https://stenobird.com/podcast/excess-returns-902655/the-inevitability-no-one-sees-11-billion-tech-manager-on-what-investors-miss-about-ai) — 2026-04-06T13:24:55+00:00
- [The Signal Before the Spike | Katie Stockton on What the Charts Tell Us About What Comes Next](https://stenobird.com/podcast/excess-returns-902655/the-signal-before-the-spike-katie-stockton-on-what-the-charts-tell-us-about-what-comes-next) — 2026-04-03T13:26:30+00:00
- [Michael Mauboussin | AI, Base Rates, and Investing in the New Economy](https://stenobird.com/podcast/excess-returns-902655/michael-mauboussin-ai-base-rates-and-investing-in-the-new-economy) — 2026-04-02T10:53:50+00:00
- [The Stagflation Regime | Aahan Menon on What Works When Stocks and Bonds Don’t](https://stenobird.com/podcast/excess-returns-902655/the-stagflation-regime-aahan-menon-on-what-works-when-stocks-and-bonds-don-t) — 2026-03-31T18:08:24+00:00

## Actions

Episode pages expose an explicit `request_transcript` action. A page view does not automatically enqueue transcription.