{"podcast":{"title":"Excess Returns","slug":"excess-returns-902655","podcast_index_feed_id":902655,"rss_url":"https://anchor.fm/s/9a1dfac/podcast/rss","website_url":"https://excessreturnspod.com","image_url":"https://d3t3ozftmdmh3i.cloudfront.net/staging/podcast_uploaded_nologo/1516035/1516035-1743436234284-87994a171a4a2.jpg","author":"Excess Returns","episode_count":538,"summary":"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.","last_synced_at":"2026-07-24T02:20:13.514542+00:00","page_url":"https://stenobird.com/podcast/excess-returns-902655"},"episode":{"title":"He Studied Every Bear Market Since 1929 | Ben Carlson on How the Worst Starting Point Still Made 8%","slug":"he-studied-every-bear-market-since-1929-ben-carlson-on-how-the-worst-starting-point-still-made-8","published_at":"2026-05-21T11:15:53+00:00","page_url":"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","show_page_url":"https://stenobird.com/podcast/excess-returns-902655","url":"https://podcasters.spotify.com/pod/show/excess-returns/episodes/He-Studied-Every-Bear-Market-Since-1929--Ben-Carlson-on-How-the-Worst-Starting-Point-Still-Made-8-e3jmko0","audio_url":"https://traffic.megaphone.fm/APO5753980965.mp3","summary":"Ben Carlson joins Excess Returns to discuss his new book Risk and Reward and the biggest lessons investors can learn from market history. We cover how to think about risk, inflation, market timing, bear markets, lost decades, diversification, compounding and why surviving volatility is the key to building long-term wealth. Ben's Book https://amzn.to/4dFHsQz Ben Carlson on X https://x.com/awealthofcs Ben's Blog https://awealthofcommonsense.com/ Main topics covered: Why risk is hard to define and always involves trade-offs How vivid risks like sharks and headlines distort investor decision-making Why doing nothing can be one of the hardest parts of investing How inflation should be viewed through personal finance, human capital and long-term investing Why stocks can be an inflation hedge even if they struggle during inflation spikes Why waiting for the market coast to clear often fails What the world’s worst market timer teaches about saving and staying invested How loss aversion shapes investor behavior What the Great Depression, bear markets and 30-year returns teach about long-term investing Why there is no perfect portfolio and the best strategy is one you can actually stick with Timestamps: 00:00 Ben Carlson on why risk and reward are attached 06:35 Doing nothing, action bias and better investing behavior 11:51 Inflation psychology and lessons from the 1970s 16:55 Why stocks can hedge inflation over the long run 21:07 Why waiting for the coast to clear is a market timing trap 26:30 Time horizons, loss aversion and portfolio behavior 31:49 Government rescue, left-tail risk and unintended consequences 35:54 Recessionary vs non-recessionary bear markets 42:09 Why the stock market and economy can diverge 47:24 Why compounding is about holding, not trading 51:37 Starting…","meta_description":"Ben Carlson joins Excess Returns to discuss his new book Risk and Reward and the biggest lessons investors can learn from market history. We cover how to…","key_points":[],"chapters":[],"topics":[],"duration_seconds":3426,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/excess-returns-902655/episodes/he-studied-every-bear-market-since-1929-ben-carlson-on-how-the-worst-starting-point-still-made-8/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"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.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}