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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 and the consumer. They discuss financial repression, rising long-term ra
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 positioning. They examine whether midterm election volatility is underprice
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 growth, leveraged ETF risk, gold and the U.S.-Canada trade fight. Kevin exp
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 private credit, and how AI is reshaping software, labor, and the economi
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 active stock picker. They discuss microcap investing, position sizing, ac
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 and a changing stock-bond relationship. We discuss AI capital spendin
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 market risk may come from the financing behind the AI CapEx boom rath
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 opportunity sets in decades. They discuss AI and reindustrialization, infl
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 toward growth and recession fears. He also breaks down why the AI pro
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 demand, and why the recent tech selloff may look more like 1998 than the
David Rosenberg and Rich Bernstein on What Ends the AI Trade — And What They Own Instead
Richard Bernstein and David Rosenberg reunite to debate the Federal Reserve, inflation, the AI investment boom, market bubbles, gold and the case for international diversification. The former Merrill Lynch colleagues examine whether the Fed
4% Inflation. Stretched Valuations. Why Is the Market Still Risk-On? | Tian Yang
Tian Yang, head of research at Variant Perception and portfolio manager of the VPX ETF, explains how investors can use adaptive leading indicators, capital cycle analysis and behavioral signals to navigate a market shaped by AI spending, in
The Biggest Leak in Finance | Brent Donnelly on Why You're Probably Too Bearish
Brent Donnelly joins Matt Zeigler to explain how professional traders build a durable edge through risk management, trading psychology, probabilistic thinking, and creative market analysis. Drawing from his new book, Trade Outside the Box:
A $20B Blowup. A War-Sized AI Bet. Was the Bottom Just a Margin Call? | Last Call
On this episode of our new market wrap show Last Call, we examine the hidden rotation beneath calm stock market indexes, including sharp AI and semiconductor volatility, small-cap strength, forced fund liquidations, higher rates and changin
A War-Sized AI Bet. Private Credit Went All In. Will the Government End Up Owning It?
We are excited to announce the launch of a new podcast, Why Am I Reading This Now? with Ben Hunt. Stories and narratives are increasingly shaping markets, and Ben and his team at Perscient have developed a unique system for measuring how th
He Called It the Worst Chart Imaginable. Then He Bought It | Rupert Mitchell on Cracks in the Mag 7
Rupert Mitchell of Blind Squirrel Macro joins Matt Zeigler to explain how surging AI capital spending, mega-cap share issuance and expensive U.S. technology stocks could reshape global equity leadership. They discuss the case for equal-weig
The Warren Buffett Portfolio: Robert Hagstrom on What Wall Street Gets Wrong About Risk
On the latest 100 Year Thinkers, Robert Hagstrom joins Matt Zeigler and Bogumil Baranowski to revisit the 25th anniversary edition of The Warren Buffett Portfolio and explain why volatility is not the same as investment risk. They discuss c
Even God Would Be Fired | Wes Gray on Bubbles, AI Valuations and Why Size Was Never the Edge
Wes Gray joins us to explain how factor investors should think about high market valuations, S&P 500 concentration, value investing, small caps, artificial intelligence and the behavioral challenge of staying invested for the long term. He
Not a Time for Big Bets | Aahan Menon on What 60 Years of Regime Data Says About Today’s Market
Aahan Menon, founder of Prometheus Research, joins Jack Forehand to explain what systematic macro data says about economic growth, inflation, Federal Reserve policy, oil prices, AI investment and the outlook for stocks and bonds. They exami
We Asked the Man Who Mapped the AI Economy If the Boom Is Real — And Who Keeps the Money
Azeem Azhar joins Kai Wu to break down the real economics of the AI boom, including the $110 billion demand base, where profits may accrue across chips, hosting, foundation models and applications, and whether spending can translate into en
It Only Happens at Bottoms | Andy Constan on the Options Extreme That Showed Up at the Highs
On the Latest First Principles, Andy Constan explains what the options market is signaling about the AI and semiconductor boom, why he believes earnings expectations have outrun the size of the economy, and where the next risks may emerge.
Jack Schwager on Timeless Lessons from Elite Traders
Jack Schwager joins Excess Returns to discuss Market Wizards: The Next Generation and the extraordinary young traders profiled in the newest installment of the Market Wizards series. He explains how traders turned small accounts into fortun
The Recession the Unemployment Rate Can't See | Eric Pachman on the Data Beneath the Jobs Report
Eric Pachman of Data 4 The People joins Matt Zeigler to explain why headline employment and inflation data may be giving investors an incomplete picture of the U.S. economy. They examine falling labor force participation, Medicaid-funded he
Jim Paulsen Sees a Correction Coming | The 33 Charts That Turned Him Cautious
Jim Paulsen joins us to explain why weakening economic momentum, tightening financial conditions and extreme AI enthusiasm could set the stage for a 10% to 20% stock market correction. We discuss labor market weakness, the growing divide be
Big Uptrend. Tech Momentum Fading | Katie Stockton on the Rotation Investors Are Missing
Katie Stockton of Fairlead Strategies joins Excess Returns to break down the current technical setup for the S&P 500, Nasdaq 100, mega-cap tech, market breadth, sector rotation, international stocks and gold. We discuss why short-term momen
We Asked a $1 Billion Quant Manager Why Concentration Isn't a Warning — and Small Caps Aren't Dead
Matt Zenz of Longview Research Partners joins Excess Returns to explain how evidence-based investing can help investors navigate AI excitement, market concentration, high valuations, IPO hype, factor investing and fixed income tax drag. We
The $600 Billion Loop | Jeff Klingelhofer on AI, the Return of Bonds and the Fed's Third Mandate
Jeff Klingelhofer of Aristotle Pacific joins Excess Returns to break down the fragile circular relationship between AI capital spending, the stock market, the high-end consumer and the broader economy. We discuss fixed income markets, Fed p
We Asked Meb Faber Why US Stocks Won for 250 Years — And If It Can Continue
Meb Faber, co-founder and CIO of Cambria Investment Management, joins Excess Returns to discuss his new book, Investing in America: The Rise of a 250 Year Bull Market. We explore why the United States became one of the greatest long-term co
Semis Gone Parabolic. Fed Credibility Reversal. Can the Rally Survive the Flows?
In this episode of Last Call, we look back at June 2026 and break down the biggest market stories shaping investors’ outlook for the second half of the year. Matt Zeigler and Jack Forehand are joined by Andy Constan, Ben Hunt, Brent Kochuba
The AI Trade, the Fed and the Next Phase of the Bull Market | Warren Pies
Warren Pies of 3Fourteen Research joins Excess Returns to break down the AI bull market, the macro risks investors should watch, and why the data still supports continued strength in semiconductors and equities. We discuss GPU demand, token
