Excess Returns

Updated: 23 Aug 2025 • 367 episodes
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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.

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Defined outcome ETFs have exploded in popularity, offering investors a way to combine downside protection with upside participation. In this episode of Excess Returns, we sit down with Jeff Chang of Vest Financial to break down the mechanics of buffer ETFs, how they fit into portfolios, the critiques they face, and whe

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In this episode of Excess Returns, we welcome back Tobias Carlisle — author, host of Value After Hours, and manager of the Acquirers Funds. Toby shares his candid perspective on market valuations, value investing’s long struggle, and why he still believes mean reversion will eventually swing back in favor of small caps

62 min
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In this episode, we sit down with Leigh Drogen of StarKiller Capital, alongside guest co-host Kai Wu, for a deep dive into crypto investing strategies, momentum in digital assets, and market-neutral DeFi yield opportunities. Leigh shares his perspective on where we are in the crypto evolution, the parallels with past t

68 min
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How Aswath Damodaran Manages His Own Portfolio | Show Us Your Portfolio In this episode of our Show Us Your Portfolio series, we go inside the personal investing approach of Aswath Damodaran — the “Dean of Valuation.” Known for his expertise in corporate valuation, Aswath rarely discusses how he manages his own money.

60 min
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In this episode of Excess Returns, Matt Zeigler sits down with Nick Maggiulli — author of Just Keep Buying and his new book The Wealth Ladder. Nick shares his six-level framework for building wealth, why mobility between wealth levels is rarer than most people think, and how your financial strategy should evolve as you

60 min
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In this episode of Excess Returns, we’re joined by Kai Wu of Sparkline Capital to explore one of the most important and overlooked aspects of Warren Buffett’s investing evolution: his shift from tangible to intangible value. Based on Kai’s research paper “Buffett’s Intangible Moats,” we examine how Buffett's portfolio

62 min
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