# The Shock No One Can Price | The Weekly Wrap - 3/29/2026

Page: https://stenobird.com/podcast/two-quants-and-a-financial-planner-6020642/the-shock-no-one-can-price-the-weekly-wrap-3-29-2026
Text version: https://stenobird.com/podcast/two-quants-and-a-financial-planner-6020642/the-shock-no-one-can-price-the-weekly-wrap-3-29-2026.md
Podcast: [Two Quants and a Financial Planner](https://stenobird.com/podcast/two-quants-and-a-financial-planner-6020642)
Published: 2026-03-29T21:24:31+00:00
Episode link: https://podcasters.spotify.com/pod/show/education-financial-plan/episodes/The-Shock-No-One-Can-Price--The-Weekly-Wrap---3292026-e3h52go
Audio file: https://anchor.fm/s/d9f6e850/podcast/play/117655512/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-2-29%2F421005886-44100-2-0025e50da6b2f.mp3
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Duration seconds: 4028

## Resource

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 shocks translate into inflation and reduced consumer spending Why oil demand is inelastic and creates mechanical economic slowdowns The difference between consumer surplus and true productivity gains from AI Why better tools don’t necessarily translate into higher earnings Understanding base rates and when it makes sense to bet against them How extreme outliers drive market returns and portfolio construction Survivorship bias vs studying exceptional businesses the right way Private credit risks, liquidity mechanisms, and media-driven narratives Why redemption fears in private credit may be overstated The importance of intellectual humility in macro investing Why investors often have no edge in geopolitical forecasting Identifying cross-asset mispricings instead of predicting outcomes How AI may increase competition but not necessarily create more winners The persistence of winner-take-all dynamics across technological shifts How to think about conviction, uncertainty, and portfolio positioning in volatile environments Timestamps: 00:00 Oil shock impact on consumer spending and inflation mechanics 00:01:06 Why this market environment is unusually confusing for investors 00:02:22 How oil supply shocks translate into price spikes and inflation 00:05:20 The real-world impact of higher…

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