In this episode, Matt Zeigler and Dave Nadig revisit one of the most popular interviews on Excess Returns—our deep-dive conversation with Neil Howe, co-author of The Fourth Turning. But instead of leaning into the usual doom-and-gloom narrative, they unpack the misunderstood lessons at the heart of Howe’s generational theory.

From inflation and leadership to passive investing and community, Matt and Dave explore the deeper patterns shaping our society and markets—and why so many people miss the bigger picture.

🎙️ Topics discussed include:

• Why the Fourth Turning is more about renewal than collapse

• The misunderstood role of inflation in crisis periods

• How generational memory loss fuels leadership failure

• Why passive investing might be the ultimate Millennial move

• Gen X’s emergence as a uniquely flawed (and necessary) leadership class

• How conflict can become the incubator for lasting community

This is not a forecast—it’s a framework. And it might just change how you see the world around you.

In this episode, we highlight the biggest lessons from our Excess Returns interview with renowned strategist Richard Bernstein. We explore the paradox of today’s markets: why they feel easy, and what hard truths may be hiding beneath the surface. From the risks of narrow market leadership to the role of structural flows and investor complacency, Richard shares practical lessons drawn from decades of market experience.

We discuss:

• Why narrow markets may signal greater risk than investors realize

• The danger of mistaking easy markets for safe ones

• How structural flows can prop up markets despite rising risks

• The behavioral traps investors fall into during seemingly easy times

• What history teaches us about mispricings and market resilience

Whether you’re focused on protecting capital or positioning for the next cycle, this conversation offers valuable insights into today’s market dynamics.

Some of the most insightful investment conversations start with a single question: “What do you believe that most of your peers disagree with?” In this episode of Excess Returns, Jack Forehand and Matt Zeigler dive into 11 controversial investing takes—from QE and technical analysis to macro obsession and fee structures. You’ll hear nuanced perspectives from top investors who challenge conventional wisdom, and you might even find yourself rethinking your own beliefs.

🧠 This is a fast-paced, thought-provoking ride through the investment ideas most likely to start a debate at your next finance happy hour.

Topics Covered:

• Why QE may always be inflationary (Andy Constan)

• The case for separating advice fees from asset management fees (Rick Ferri)

• Why trimming and adding to positions might be a waste of time (Chris Mayer)

• A defense of free trade in a protectionist world (Jared Dillian)

• Why turnover isn't always a bad thing (Travis Prentice)

• Multidisciplinary investing vs. deep specialization (Cameron Dawson vs. Katie Stockton)

• When it’s OK to override your quant model (Joe Gubler)

• The trap of emulating famous investors (Rupert Mitchell)

• The entertainment vs. value tradeoff of macro (David Giroux)

• Rethinking shareholder primacy in today’s political landscape (Peter Atwater)

Timestamps:
00:00 - Intro & Why QE is Inflationary (Andy Constan)
07:20 - Separate Fees for Advice & Management (Rick Ferri)
11:00 - No Trimming or Trading Around Positions (Chris Mayer)
15:30 - AI Will Be a Net Positive (Andrew Cohen)
19:00 - The Case for Free Trade (Jared Dillian)
23:30 - Turnover Isn't Always Bad (Travis Prentice)
27:00 - Multidisciplinary Investing (Cameron Dawson)
31:00 - Investing Solely on Technicals (Katie Stockton)
34:00 - Overriding the Quant Model (Joe Gubler)
41:00 - Don’t Try to Be the Next Buffett (Rupert Mitchell)
44:00 - Macro Doesn’t Always Add Value (David Giroux)
48:00 - Shareholders Don’t Come First Anymore (Peter Atwater)