{"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":"The Bear Market No One Sees | Liz Ann Sonders on the Real Story Indexes Hide","slug":"the-bear-market-no-one-sees-liz-ann-sonders-on-the-real-story-indexes-hide","published_at":"2026-04-15T13:17:16+00:00","page_url":"https://stenobird.com/podcast/excess-returns-902655/the-bear-market-no-one-sees-liz-ann-sonders-on-the-real-story-indexes-hide","show_page_url":"https://stenobird.com/podcast/excess-returns-902655","url":"https://podcasters.spotify.com/pod/show/excess-returns/episodes/The-Bear-Market-No-One-Sees--Liz-Ann-Sonders-on-the-Real-Story-Indexes-Hide-e3huoum","audio_url":"https://traffic.megaphone.fm/APO1382354913.mp3","summary":"Liz Ann Sonders of Schwab joins Excess Returns to break down how war, an oil shock, and shifting market dynamics are reshaping the investing landscape. She explains why the surface-level strength in markets is misleading, what’s really happening beneath the index, and how investors should think about inflation, the Fed, AI, and the evolving role of retail traders. Follow Liz Ann on Twitter https://twitter.com/LizAnnSonders Liz Ann's Research and Commentary https://www.schwab.com/learn/author/liz-ann-sonders Topics Covered How war and oil shocks are impacting markets, inflation, and Fed policy Why the US being a “net energy exporter” doesn’t protect investors The hidden bear market beneath index-level resilience Rotation vs. correction and what it means for portfolios The rise of retail traders and the shift away from “dumb money” Why better or worse data matters more than good or bad data The K-shaped economy and its impact on consumption and markets AI’s three phases and its real impact on jobs and productivity Why this earnings season may be more important than usual The shifting role of the Mag 7 and broader market participation Why the bond market may be the true driver of equities Risks in credit markets and what investors should watch Labor market dynamics and challenges for younger workers How investors and young professionals should think about AI Timestamps 00:00 Intro and current market environment 04:05 Why the US isn’t immune to oil price shocks 05:35 Lessons from past oil shocks and inflation 07:22 Why markets seem resilient despite macro risks 08:00 The hidden drawdowns beneath the index surface 10:13 Rolling recessions and sector-level weakness 10:37 Are investors conditioned to buy every dip 12:58 What happens when the dip doesn’t get bought 14:36 Valua…","meta_description":"Liz Ann Sonders of Schwab joins Excess Returns to break down how war, an oil shock, and shifting market dynamics are reshaping the investing landscape. Sh…","key_points":[],"chapters":[],"topics":[],"duration_seconds":3896,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/excess-returns-902655/episodes/the-bear-market-no-one-sees-liz-ann-sonders-on-the-real-story-indexes-hide/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/the-bear-market-no-one-sees-liz-ann-sonders-on-the-real-story-indexes-hide.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}