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.
Market participants face a complex environment defined by the tension between transformative AI-driven growth and geopolitical instability, specifically regarding the Strait of Hormuz. While equity markets remain bullish, fueled by strong earnings in tech and energy sectors, political narratives increasingly push back ...
Successful long-term investing requires a systematic approach that minimizes emotional decision-making and prioritizes patience over market timing. Risk is not merely volatility, but the residual uncertainty that persists regardless of one's strategy, often obscured by sensational headlines that distract from fundament...
Investment success relies on recognizing mean reversion and identifying market bubbles, which historically occur when economic conditions are near-perfect and capital is abundant. Jeremy Grantham, a veteran investor and author of The Making of a Permabear, argues that while the "Magnificent Seven" companies currently e...
Investing success relies on deep relational understanding and the ability to maintain long-term conviction, especially as AI flattens the information playing field. While AI disrupts horizontal software, vertical market software remains durable because it serves as the essential system of record for specific industries...
Investment success hinges on behavioral discipline and the ability to distinguish between broad economic narratives and viable investment opportunities. Long-term wealth creation often requires holding winners rather than trimming positions, as evidenced by portfolios that avoid unnecessary selling. While inflation con...
Stock market resilience persists despite significant geopolitical instability, oil price shocks, and tightening credit conditions. This disconnect stems from robust corporate earnings and a pervasive "buy the dip" investor sentiment. While systemic risks—such as a private credit crunch and supply-side oil constraints—h...
Long-term capital compounding requires prioritizing business durability and resilience over short-term market fluctuations, particularly during periods of significant structural transition. Investors should focus on companies with strong balance sheets and the ability to adapt to shifting monetary policies, geopolitica...
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