Excess Returns

Jack Forehand and Justin Carbonneau both work at Validea, a quantitative investment firm that builds portfolios based on the strategies of legendary investors like Buffett, Graham, and O'Shaughnessy. That background shapes everything about Excess Returns. Over 482 episodes, the show has become one of the strongest resources for investors who want to understand not just what works in markets, but why certain strategies persist over decades while others fade. The format mixes guest interviews with co-hosted discussion episodes where Jack, Justin, and newer addition Matt Zeigler debate specific investment questions. One week they might break down whether value investing is truly dead or just going through a rough patch. The next, they are interviewing a factor researcher about momentum crashes or talking to a portfolio manager about how they actually implement academic findings in live portfolios. Episodes typically run 60-90 minutes, and the show publishes weekly. The hosts do not shy away from admitting when the data contradicts their own priors, which gives the conversations a refreshing honesty. They also run companion shows under the same feed, including one focused on options strategies and another called 100 Year Thinkers that takes a longer-term philosophical approach to wealth building. With a 4.7-star rating from 83 reviews, the audience is smaller but dedicated. Listeners tend to be self-directed investors who already know the basics and want to go deeper on portfolio construction, behavioral biases, and evidence-based investing. If you have ever read a research paper on factor premiums and wished someone would explain what it actually means for your portfolio, this is your show.