Skip to content
PodcastsBusinessExcess Returns

Excess Returns

Excess Returns
Excess Returns
Latest episode

577 episodes

  • Excess Returns

    We Asked T. Rowe Price's $17B International Manager Why Value is Winning Again — and What the S&P 500 Leaves Out

    17/10/2026 | 1h 2 mins.
    Colin McQueen of T. Rowe Price explains what is changing for international value stocks and how he separates cheap businesses from opportunities that can improve. Higher interest rates, industrial investment, and corporate reform are reshaping the opportunity set, but his process still starts with free cash flow and the price investors pay for it.
    Colin joins Justin Carbonneau and Jack Forehand to discuss his evolution from deep value investing to a broader approach that includes quality businesses and restructuring opportunities. We explore why value struggled in the 2010s, what has changed outside the US, and how he uses valuation signals and diversification to manage risk.
    The conversation also covers AI suppliers and disruption, governance changes in Japan and Korea, opportunities and risks in China, and the case for financial stocks. Colin shares examples involving Samsung, Hitachi, and Rolls-Royce, along with his experiments using AI to challenge investment theses and recognize when conviction has become stubbornness.
    Topics covered:
    The lessons Colin McQueen learned from deep value, quality investing, and a difficult decade for value
    How higher rates and spending on infrastructure, defense, and power can change the opportunity set
    AI supply-chain opportunities and the uncertainty around future winners and losers
    Valuing tangible and intangible businesses through normalized free cash flow
    Using AI as an alternative voice when deciding whether an investment thesis is broken
    The US-international valuation gap, earnings growth, and diversification beyond tech
    Japan's corporate reforms, Korea's value-up effort, and the importance of what is already priced in
    China's contrarian appeal and the governance risks that accompany it
    How restructuring, management changes, and better capital allocation can unlock value
    Building a diversified portfolio and looking beyond quarterly earnings and market narratives

    T. Rowe Price International Value Fund
    https://www.troweprice.com/financial-intermediary/us/en/investments/mutual-funds/us-products/international-value-equity-fund/advisor-class.htmlTimestamps:
    00:00 Colin McQueen's evolution as a value investor
    07:04 Why deep value struggled in the 2010s
    11:20 Higher rates and a more balanced opportunity set
    16:20 International value, financials, and AI suppliers
    21:20 AI versus the dot-com era and managing valuation risk
    25:27 Free cash flow, restructuring, and AI-assisted research
    29:56 Comparing US and international valuations
    35:39 The risk dashboard and changing European markets
    40:00 Corporate reform and opportunities in Japan and Korea
    44:57 China, Asia ex Japan, and financial stocks
    49:31 Global connections and why a stock market isn't an economy
    54:55 Diversification and researching corporate turnarounds
    59:57 Looking beyond quarterly earnings and extreme narratives
    Learn more about the Excess Returns podcast network:
    https://excessreturns.co
    No information discussed in this podcast should be construed as investment advice. Securities discussed may be held by the hosts and guests, their firms or their clients.
  • Excess Returns

    Tech Is Rolling Over. Yields Are Falling. Why Jim Paulsen is Watching the Walmart Recession Signal

    16/10/2026 | 1h 3 mins.
    Jim Paulsen sees a risk of a stock market correction as financial conditions tighten and investors grow comfortable with tech's long run of leadership. But his warning does not require a recession or the end of the bull market.
    In this month's Jim Paulsen Show, Jim joins Justin Carbonneau and Jack Forehand to walk through the charts behind his cautious outlook. He explains how rising yields, oil prices, and a firmer dollar can affect the economy with a lag, why favorable seasonality may offer less support than investors expect, and how a slowdown in technology spending could challenge market leadership.
    We also explore the signals Jim sees in retail, housing, employment, and Walmart's relative performance. He closes with a possible path through a correction: slowing growth, lower inflation and yields, and a recovery that could give the bull market another run. His seven lagging sectors, the "Modest Seven," are central to that case.
    Topics covered:
    Why Jim Paulsen is cautious without making a recession or full bear-market call
    His financial-conditions gauge and the risks of tightening into an already pressured economy
    How restrictive conditions can weaken the November-to-April seasonal advantage
    The delayed effects of bond yields, oil prices, and the dollar on economic surprises
    Technology spending relative to GDP and why slower growth could matter for tech stocks
    AI adoption, pricing, and the challenge of turning investment into profits
    How two decades of tech leadership may encourage complacency and crowded positioning
    The divide between AI, inflation-assisted sectors, and the "Modest Seven"
    What sector performance, bond yields, and the Walmart Recession Signal suggest about growth
    Why rate cuts may initially accompany falling stocks, and how a correction could set up another advance
    Follow Jim Paulsen:
    Paulsen Perspectives
    Jim Paulsen on X
    Timestamps:
    00:00 Jim Paulsen's outlook: correction risk without a bear-market call
    07:41 Restrictive conditions and the seasonal buying period
    14:12 Why the Fed and investors interpret conditions differently
    20:28 Oil, yields, the dollar, and their lagged effects
    26:00 Technology spending relative to the economy
    30:18 Can AI break the historical pattern?
    35:00 Tech's long leadership cycle and investor complacency
    42:00 AI, inflation-assisted sectors, and the Modest Seven
    47:06 Market signals ahead of economic reports and bond pressure
    53:00 Bond competition and the Walmart Recession Signal
    58:11 How a correction could lead to another bull-market run
    Learn more about the Excess Returns podcast network:
    https://excessreturns.co
    No information discussed in this podcast should be construed as investment advice. Securities discussed may be held by the hosts and guests, their firms or their clients.
  • Excess Returns

    AI Productivity Is Real. 83% of Stocks Are 10% Off Highs. Why Does Barry Ritholtz Like Bonds Again?

    14/10/2026 | 1h 6 mins.
    Barry Ritholtz, Dave Nadig and Matt Zeigler explore why AI's real productivity gains don't automatically translate into an investing edge. From stock picking and market concentration to the financing behind the AI buildout, they separate enthusiasm for the technology from the economics of owning it.
    Subscribe to Click Beta on Spotify⁠⁠⁠
    ⁠⁠⁠Subscribe to Click Beta on Apple Podcasts
    In this episode of Click Beta, Barry Ritholtz and Dave Nadig join Matt Zeigler for a conversation about where AI is already changing their work and where investors should ask harder questions. Barry shares how his team uses AI to analyze portfolio drift and identify clients who may need a rebalance. The discussion also covers client relationships, consumer pricing, creative side projects, and why Barry is increasingly enthusiastic about bonds without calling an end to the equity bull market.
    Topics covered:
    Why widely available AI tools may improve research without creating a lasting stock-picking advantage
    Market breadth, mega-cap concentration, and the potential impact of large tech IPOs
    Data center financing, credit quality, and the risk of rapid technological change
    Barry Ritholtz's use of AI to analyze allocation drift, taxes, and household circumstances
    How better meeting records can strengthen the human side of financial advice
    Learning to collaborate with AI and asking better questions
    The debate over dynamic pricing, consumer data, and whose interests AI agents serve
    Baseball tools, astronomy dashboards, music discovery, and the joy of experimenting
    Deciding which tasks to automate and which activities are worth doing yourself
    Barry Ritholtz's case for bonds, municipal income, and avoiding the reach for yield
    Find our guests:
    Barry Ritholtz — The Big Picture - https://ritholtz.com
    Ritholtz Wealth Management - https://www.ritholtzwealth.com
    Barry Ritholtz on X - https://x.com/Ritholtz
    Dave Nadig's work at etf.com - https://www.etf.com
    Dave Nadig on X - https://x.com/DaveNadig
    Timestamps:
    00:00 Meet Click Beta: AI and the stock-picking question
    05:14 AI concentration and market breadth
    10:08 Tech IPO valuations and data center financing
    15:22 Barry Ritholtz: AI and portfolio rebalancing analysis
    20:58 Can AI improve the human side of financial advice?
    25:49 Better client questions and better prompts
    30:13 The AI imagination gap: collaboration versus search
    36:48 Dynamic pricing and the consumer-retailer arms race
    41:26 Consumer data and the incentives behind AI agents
    45:54 Astronomy, music, and testing your assumptions
    51:18 Automating busywork to make room for curiosity
    55:39 Creative experiments and choosing what to automate
    01:00:11 Why Barry Ritholtz is excited about bonds
    01:04:37 Bonds versus equity income and closing thoughts
    Learn more about the Excess Returns podcast network:
    https://excessreturns.co
    No information discussed in this podcast should be construed as investment advice. Securities discussed may be held by the hosts and guests, their firms or their clients.
  • Excess Returns

    The Winners That Get Away | Chris Davis and Robert Hagstrom on Holding Great Businesses

    11/10/2026 | 1h 14 mins.
    Chris Davis and Robert Hagstrom explore the tension between holding great businesses and keeping a winning stock from becoming too much portfolio risk. Why do two investors who believe in letting winners compound also use 10% position limits?
    On this episode of 100 Year Thinkers, Chris Davis of Davis Funds and Robert Hagstrom of EquityCompass join Matt Zeigler and Bogumil Baranowski to discuss position sizing, selling mistakes, index concentration and the cost of growth. From Chris Davis’s experience selling Costco to the debate over who will capture AI’s economic benefits, they examine what it takes to hold a business through uncertainty without ignoring risk. Stay for Matt and Bogumil’s closing discussion of the lessons for investors.
    Subscribe to the 100 Year Thinkers of Spotify⁠⁠
    ⁠⁠Subscribe to the 100 Year Thinkers of Apple

    Topics covered:
    Why selling a genuinely great business can be an investor’s most expensive mistake
    How client behavior and fund constraints influence 10% position limits
    Chris Davis’s concerns about index concentration, momentum and future IPO incentives
    Robert Hagstrom on trimming positions as the margin of safety shrinks
    The bull-case pre-mortem: asking what could make selling today a mistake
    What Chris Davis missed about Costco’s growth and ability to adapt
    Why identical earnings growth can produce different shareholder returns
    Whether AI spending builds durable pricing power or delivers more value to users
    How customer trust and restraint on margins can strengthen competitive advantages
    Balance sheets, circular financing and the humility required to size a position
    ⁠Chris Davis / Davis Funds⁠
    ⁠Robert Hagstrom / EquityCompass⁠
    Chapters:
    00:00 Holding great businesses and the case for position limits
    06:47 Robert Hagstrom on concentration and client risk
    12:40 Index concentration, momentum and IPO incentives
    19:03 Trimming winners, margin of safety and the Costco lesson
    30:09 Valuation, return on capital and the cost of growth36:01 Is AI’s capital spending cycle temporary?
    40:10 AI pricing power: builders versus users
    45:35 Competitive advantage, margins and customer trust51:45 Balance sheets and circular AI financing
    55:53 Evaluating the AI investment cycle
    01:00:23 Matt and Bogumil’s takeaways: position sizing and AI
    01:10:25 Being an AI user versus an AI investor
    Learn more about the ⁠Excess Returns podcast network⁠.
    No information discussed in this podcast should be construed as investment advice. Securities discussed may be held by the hosts and guests, their firms or their clients.
  • Excess Returns

    Katie Stockton Still Sees a Bull Market. So Why Is Her ETF Only 50% in Stocks?

    08/10/2026 | 41 mins.
    Katie Stockton of Fairlead Strategies explains why the S&P 500 can reach record highs while many individual stocks struggle. She sees the bull market as intact, but weaker participation raises an important question for diversified investors: is the pullback creating opportunity, or signaling a more lasting change?
    In this episode of Excess Returns, Katie Stockton joins Matt Zeigler and Justin Carbonneau to examine market breadth, rising Treasury yields, sector leadership and the signals that would change her outlook. She also explains why the Fairlead Tactical Sector ETF holds roughly half its assets in equities at the time of the conversation, and walks through the charts for gold, oil and Bitcoin.
    Topics covered:
    Why narrow leadership can sustain the index while diversified portfolios lag
    The difference between an overbought market and a downturn in momentum
    Why weak breadth alone is not a reliable market-timing signal
    Small-cap support levels and the difference between a relief rally and a lasting recovery
    The Treasury-yield breakout and credit spreads as a longer-term risk gauge
    Sector relative strength, technology leadership and international market concentration
    How the TACK ETF's rules-based approach produces more defensive positioning
    Gold's role as a potential hedge despite a weakening price trend
    Crude oil's support and resistance levels and Katie Stockton's Bitcoin outlook
    The BNAV ETF's tactical Bitcoin strategy and the risk signals to watch into year-end
    Learn more about Fairlead Strategies.
    Follow Katie Stockton on X.
    Chapters:
    00:00 The bull market and weakening breadth
    06:02 Narrow leadership and small-cap weakness
    13:43 Treasury yields, breakouts and resistance
    18:56 Credit spreads and sector leadership
    24:53 TACK positioning, semiconductors and international stocks
    30:22 Gold, oil and Bitcoin: reading the trends
    35:30 Bitcoin indicators and the BNAV strategy
    39:47 Credit, volatility and tech: the year-end risk watch
    Learn more about the Excess Returns podcast network.
    No information discussed in this podcast should be construed as investment advice. Securities discussed may be held by the hosts and guests, their firms or their clients.
More Business podcasts
About Excess Returns
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.
Podcast website

Listen to Excess Returns, Better With Money and many other podcasts from around the world with the radio.net app

Get the free radio.net app

  • Stations and podcasts to bookmark
  • Stream via Wi-Fi or Bluetooth
  • Supports Carplay & Android Auto
  • Many other app features
Excess Returns: Podcasts in Family