Excess Returns

He Lost $157,000 in 3 Minutes | Jack Raines on the Lesson Winning Never Taught Him

Jack Raines turned $6,000 into roughly $400,000 trading SPACs, then lost $157,000 in three minutes after taking a very different bet. The author of Young Money joins Matt

The AI Gap Is Closing | Jason Hsu on China, Momentum Crashes and the S&P’s Seven-Stock Bet

Jason Hsu, founder and CIO of Rayliant Global Advisors and co-founder of Research Affiliates, joins Excess Returns to discuss the US-China AI race, the economics of AI sp

David Rosenberg on Why He Wants the Bonds Everyone Hates — and Where He's Hiding in Stocks

David Rosenberg returns to Excess Returns to explain his bullish case for Treasury bonds, why he expects inflation and economic growth to slow, and the risks he sees in a

Franklin Templeton CEO Jenny Johnson on AI, Private Markets, and the Hidden Risks in Index Funds

Franklin Templeton CEO Jenny Johnson joins Matt Zeigler to explore how AI, blockchain tokenization, and private markets are reshaping investing and asset management. They

Jim Paulsen on the Weakening Economy, Tech Bear Market Risk and the Bull Market Built on Fear

Jim Paulsen joins Jack Forehand and Matt Zeigler on the latest Jim Paulsen Show to explore why booming AI earnings may be masking a weakening U.S. economy, and what that

We Asked Fidelity's Ex-President What Made Peter Lynch Great — and Where Private Credit Risk Hides

Former Fidelity president and MFS chairman Bob Pozen joins Excess Returns to discuss retirement investing, the risks in private credit, and why he favors a 90% stock and

Everyone Hates Bonds. Why Two Bond Managers Say You're Hating the Wrong Ones

John Kerschner and Michael Contopoulos of Janus Henderson join Matt Zeigler to explain why persistent inflation and higher interest rates call for a different approach to

All-In on the S&P 500 Worked for 18 Years | Jared Dillian on Why It's Still Wrong

Jared Dillian joins Matt Zeigler to discuss The Awesome Portfolio, his approach to asset allocation built around 20% each in stocks, bonds, gold, cash, and real estate. T

Nvidia Is Betting on Its Customers. Gen Z Is Betting on Sports. Will It All End the Same Way?

Cameron Dawson and Dave Nadig join Matt Zeigler on Click Beta to explore how sports betting, leveraged ETFs and speculative behavior are blurring the line between gamblin

Bearish Into November. Room to Run After: Why Dan Niles Is Watching Hyperscaler Credit Default Swaps

Dan Niles joins Excess Returns to explain why he believes AI is a genuine industrial revolution and a bubble at the same time, with significant opportunity still ahead bu

The Fed Credibility Narrative Has Turned | Ben Hunt on AI, the Consumer and Financial Repression

Ben Hunt joins Matt Zeigler to explain why damaged Fed and Treasury credibility could matter just as four major risks converge across private credit, AI financing, oil an

Sticky Inflation. Cheap Volatility. A Less Predictable Fed. Why Aren’t Markets More Worried?

This month on Last Call, Kevin Muir, Aahan Menon, Ben Hunt and Brent Kochuba break down the market through four lenses: macro, inflation data, narrative and options posit

The Profits Come Now. The Costs Come Later. Kevin Muir on Whether AI Earnings Are the Bubble

Kevin Muir of The MacroTourist joins Matt Zeigler to break down the bond market, Scott Bessent's Treasury buybacks, the Treasury General Account, AI-driven earnings growt

Private Equity Chased Software. Big Tech Is Chasing AI. Dan Rasmussen on If They Are Making the Same Mistake Twice

Dan Rasmussen, founder and managing partner of Verdad Advisers and author of The Humble Investor, joins Kai Wu to examine the unraveling of private equity, the rise of pr

Only 2.7% Beat the S&P for 20 Years | Ian Cassel on What Elite Stock Pickers Do Differently

Ian Cassel, founder of MicroCapClub and author of Stock Picker, joins Matt Zeigler to break down the mindset, temperament and core skills required to outperform as an act

The Rally is Broadening. The Earnings Growth Isn't. Liz Ann Sonders on Which Breaks First

Liz Ann Sonders, Chief Investment Strategist at Charles Schwab, joins us to explain why today's economy and stock market are increasingly defined by rotation, instability

We Asked Andy Constan What Happens If AI Funding Breaks Before the Thesis — And if Warsh Blinks

Andy Constan is back on First Principles to explain why record stock prices, rising long-term Treasury yields and sticky inflation can all coexist, and why the next major

We Asked Value Legend Bob Robotti Why the Real AI Trade Isn't AI — And Why Passive Helps Stock Pickers

Bob Robotti, founder and CIO of Robotti & Company, joins Matt Zeigler and Bogumil Baranowski to explain why bottom-up value investing may be entering one of its best oppo

Jim Paulsen Sees a Growth Scare Coming | The 34 Charts That Make Him Cautious

In this episode of The Jim Paulsen Show, Jim explains why weakening labor data, softening inflation, and lagged policy tightening could shift markets from inflation fears

We Asked T. Rowe's $8 Billion Tech Manager Why We Are in 1998 — And Why Software Is in Trouble

T. Rowe Price technology portfolio manager Dom Rizzo joins Jack Forehand and Kai Wu to break down the AI investment cycle, hyperscaler capital spending, semiconductor dem