Excess Returns

Last Call | A Different Kind of Market Wrap

Business EN ↓ 6 episodes

Last Call is a monthly market briefing for investors who want perspective, not headlines. Each episode, Matt Zeigler and Jack Forehand look back on what actually mattered in markets over the past month, then look ahead to what they’re watching next. Along the way, they’re joined by leading thinkers across macro, options and positioning, narratives, research, technology, ETF flows, and policy. No hot takes - just clear thinking about what’s changing and why it matters.

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Excess Returns

Episodes

Labor Market Cracks, Wild Fed Credibility Data and Semis Running Out of Pie | Last Call 03.07.2026 1:04:08

In this episode of Last Call, we look back at June 2026 and break down the biggest market stories shaping investors’ outlook for the second half of the year. Matt Zeigler and Jack Forehand are joined by Andy Constan, Ben Hunt, Brent Kochuba and Eric Pachman to discuss the SpaceX IPO, AI and semiconductor cyclicality, Fed credibility, options flows, labor market quality, crack spreads and inflation...

The AI Trade Has a Problem | Ben Hunt, Brent Kochuba and Aahan Menon on What Could Derail It 30.05.2026 1:08:09

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. Jack Forehand and Matt Zeigler are joined by Aahan Menon, Ben Hunt, and Brent Kochuba to examine what macro data, political narratives, options flows, and index me...

We Asked Four Experts Why Bad News Can't Break This Market — And Whether It Will 01.05.2026 1:07:20

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, and Brent Kochuba, we explore the tension between strong earnings, hidden risks in private credit and global growth, and the powerful role of flows and positi...

The Moment Everyone Knew What Everyone Knew | The War That Rewrote the Rules 28.03.2026 1:09:11

This episode of Last Call breaks down the biggest forces currently driving markets, focusing on the intersection of geopolitics, oil prices, volatility, and economic data. With a potential oil supply shock tied to global conflict, the discussion explores how rising energy prices could ripple through inflation, equity markets, and investor positioning—and why traditional signals like the unemployme...

A Doomsday AI Article Sparked a Panic | We Break Down What It Means for Markets 28.02.2026 1:09:44

In this episode of Last Call, Jack Forehand and Matt Zeigler look past the headlines to unpack what really moved markets this month. From the viral AI end of times scenario that sparked responses from Citadel, Fed Governor Waller, and Jeremy Siegel, to the growing stress in private credit and the rotation out of US mega cap stocks, this is a different kind of market wrap. Instead of recapping what...

Last Call: January 2026 | AI Capex, Private Credit Problems and the Unstable Market 31.01.2026 1:06:56

Join Jack Forehand and Matt Zeigler for the premiere episode of Last Call , a new monthly market wrap show where we go beyond the headlines to deliver actionable investment insights — and have a little fun along the way. Instead of focusing on index performance or short-term moves, we step back and connect the dots between macro instability, narrative shifts, options market signals, private credit...