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He Wrote the Book on Why Moats Fail | Ritavan on What Actually Compounds Instead
Ritavan joins Excess Returns to explain The System Gambit, a new framework for understanding competitive advantage, business strategy, AI disruption and long-term compounding. We discuss why traditional moat checklists can miss the real sou
The 100 Year Thinkers: Chris Mayer on SpaceX, AI Reckoning, and Why Early Is Overrated
On this episode of the 100 Year Thinkers, Chris Mayer and Matt Zeigler discuss long-term investing, 100-baggers, AI stocks, SpaceX valuation, founder-led companies, and why the best investments often come with brutal drawdowns. We also cove
We Asked GMO’s Head of Asset Allocation Why This Bubble is Easy — But Investors Will Get it Wrong
Ben Inker of GMO joins Excess Returns to break down whether the AI boom is an investment bubble, how it compares to 2000, 2007 and 2021, and why today’s risk may be more about earnings than valuations. We also discuss AI capital spending, m
Finding Quality Growth in Emerging Markets with Ian Smith
Ian Smith, portfolio manager at William Blair, joins Excess Returns to break down emerging markets, global diversification, and why EM may offer a very different opportunity set than US stocks. We discuss AI capex, the role of Korea, Taiwan
The $2 Trillion Question | Tobias Carlisle on SpaceX, the AI Buildout, and the Rotation No One Sees
Tobias Carlisle joins Excess Returns to discuss why today’s market may be setting up a major opportunity in value stocks, small caps and micro caps. We cover stretched market valuations, AI capex, SpaceX and other massive IPOs, the risk of
The Trillion Dollar Gap | Aswath Damodaran on SpaceX, AI and the Big Market Delusion
Professor Aswath Damodaran joins Kai Wu on The Intangible Economy to break down how to value SpaceX, AI companies, intangible assets, and the future of value investing. We discuss why big markets do not automatically create big value, how A
Andy Constan on the SpaceX IPO, AI CapEx, and the End of the Buyback Tailwind
In the third episode of First Principles with Andy Constan, Andy breaks down the changing structure of markets as the IPO window reopens, AI CapEx accelerates, and corporate buybacks shift toward new equity supply. We discuss what the Space
The SpaceX IPO Meets a Huge Options Expiration | Brent Kochuba on What Comes Next
In this episode of The OPEX Effect, Jack Forehand and Brent Kochuba break down the market structure impact of the SpaceX IPO, options expiration, dealer gamma, volatility, and the next major setup for the S&P 500 and Nasdaq. They discuss wh
Mike Green on What Happens When Passive Flows Meet the Largest IPO in History
Mike Green joins Excess Returns to explain why passive investing, index construction, SpaceX, AI IPOs and mega-cap concentration may be changing how the stock market actually works. We discuss how passive flows can affect prices, why AI ear
We Asked Vanguard’s Chief Economist Why AI Has Two Huge Tails — And Which One Wins
AI could become the next general purpose technology, reshaping economic growth, inflation, interest rates and portfolio construction. Vanguard Global Chief Economist Joe Davis joins Excess Returns to explain why AI, demographics, fiscal def
The SpaceX IPO… What Happens When $1.75 Trillion Meets 4% Float
On the latest Click Beta, Matt Zeigler, Dave Nadig and Cameron Dawson discuss what could happen when SpaceX goes public and why this IPO may be as much a market structure problem as a valuation problem. They break down the potential impact
Tech Spending Has a Cash Problem | Jim Paulsen on the Two Signals That Could Trigger a Correction
Jim Paulsen returns to Excess Returns to discuss why he is increasingly concerned about a meaningful stock market pullback, even though he does not expect a bear market. We cover the extreme divide between AI-driven “new era” stocks and the
He Quantified 200 Years of Disruption | Kai Wu on Separating Software Survivors from Value Traps
Kai Wu of Sparkline Capital joins Excess Returns to break down his latest research on AI disruption, software stocks, value traps, and intangible moats. We discuss why software valuations have collapsed, why traditional value investing can
The Three Cracks in the AI Trade | Ben Hunt, Brent Kochuba and Aahan Menon on What Could Derail the Market's Biggest Bet
In this episode of Last Call, we break down one of the most confusing market backdrops in years: AI-driven earnings optimism, rising oil and inflation risk, stretched options positioning, and the market impact of a potential SpaceX IPO. Jac
Cheap Is a Warning, Not a Thesis | Adam Parker on What This Market Is Really Pricing
Adam Parker returns to Excess Returns to explain why the market may be trading more on future fundamentals than investors think, how AI is reshaping stock selection, and why traditional valuation signals may be less useful than they once we
He Built the Fund He'd Hold 30 Years | Eric Crittenden on What Investors Pick When Labels Come Off
Eric Crittenden joins Matt Zeigler and Jason Buck for a deep dive into trend following and managed futures. They discuss why systematic macro trend investing works, how risk transfer creates a return premium, and how trend can fit inside a
Cliff Asness on Bubbles, Private Equity and His Research Greatest Hits
Cliff Asness returns to Excess Returns for a greatest hits tour through some of his most important and entertaining investing ideas. We discuss bubble logic, today’s AI market comparisons, why volatility still matters as a risk measure, pri
He Studied Every Bear Market Since 1929 | Ben Carlson on How the Worst Starting Point Still Made 8%
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, diversificatio
Is AI Still in 1995? Gene Munster and Doug Clinton on the Next Phase of the AI Boom
AI is moving from hype to real enterprise adoption, and Gene Munster and Doug Clinton join Excess Returns to explain what that means for investors, technology stocks, energy demand, jobs and the next phase of the AI trade. We discuss why AI
Jeremy Grantham on AI, Bubbles and Why Mean Reversion Lives On
Jeremy Grantham joins Excess Returns to discuss The Making of a Permabear, mean reversion, market bubbles, AI, the Magnificent 7, and the long-term lessons investors can take from his career at GMO. We cover why he rejects the simple “perma
He Studied the Financial System for Decades | Marc Rubinstein on Where the Real Risk Is
Marc Rubinstein joins Excess Returns to explain what private credit, bank earnings, insurance balance sheets, fintech growth, and arbitrage firms reveal about the modern financial system. The conversation covers why private credit risks may
Lessons from Investing Through Bubble Regimes with Andy Constan
First Principles with Andy Constan launches with a deep dive into market bubbles, AI, semiconductor stocks, and the financial conditions that can turn powerful technological change into a dangerous investment regime. Andy explains how bubbl
He Wrote the Book on Bubbles | Edward Chancellor on If AI is Different
Edward Chancellor joins Kai Wu on the latest episode of the Intangible Economy to discuss what financial history and capital cycle theory can teach investors about today’s AI boom. They explore why transformative technologies can still prod
We Asked an Options Expert Why This Melt Up Hasn’t Broken — and Which Signal Could End It
Brent Kochuba of SpotGamma joins Jack Forehand for the May 2026 OPEX Effect to break down what options positioning is saying after a massive AI and semiconductor-led market rally. They discuss SPX call volume, zero DTE options, dealer gamma
We Asked a $4.5B Quant Manager Why the S&P 500 Is Just 46 Stocks — and Why Small Caps Aren't Dead
Elena Khoziaeva, Co-Chief Investment Officer and Portfolio Manager at Bridgeway Capital Management, joins Excess Returns to discuss factor investing, small caps, value investing, market concentration, intangibles, passive investing, market
The Last Moat | Chris Mayer and Ian Cassel on the Stock Picking Edge AI Can’t Replicate
This episode of our new showThe 100 Year Thinkers brings together Chris Mayer and Ian Cassel for a deep discussion on long-term stock picking, microcap investing, business quality, AI disruption, management teams, and the behavioral skills
We Asked Rich Bernstein and Chris Davis Why This Market Isn’t as Safe as It Feels
This week’s Excess Returns Weekly Wrap examines what Chris Davis and Rich Bernstein can teach investors about letting winners run, inflation risk, market concentration, dividends, AI, and the difference between economic stories and investme
We Asked Ben Hunt, Jim Paulsen, Kevin Muir and Brent Kochuba Why Bad News Can’t Break This Market
This episode of Last Call breaks down one of the most confusing market environments in recent memory: why stocks continue to rise despite war, oil shocks, and growing macro risks. Through conversations with Jim Paulsen, Ben Hunt, Kevin Muir
The Opportunity No One Sees | Richard Bernstein on Finding Value in a Narrow Market
This episode explores one of the most important debates in markets today: whether investors are underestimating the risk of higher inflation and overconcentrating in a narrow group of growth stocks. Richard Bernstein of Janus Henderson Inve
Feeling Safe Is the Risk | Chris Davis on Finding Durable Companies in a Disrupted World
This episode with Chris Davis of Davis Advisors explores how investors should think about risk, valuation, and opportunity in a market defined by high valuations, technological disruption, and major macro shifts. Davis lays out a framework
