In this special episode, Matt Zeigler and Bogumil Baranowski take you on a deep-dive mixtape journey through the best moments from their past three years of conversations with author and investor Chris Mayer. From the brutal patience required to ride out dead money periods to why the lack of a catalyst might be a feature, not a bug—this episode is packed with timeless investing wisdom. Whether you're chasing a hundred bagger or trying to hold through volatility, Mayer’s philosophy will challenge and inspire you.

🔑 Topics Covered:

• Why “dead money” is often harder than drawdowns

• The real challenge of holding long-term winners

• The myth of catalysts and the power of compounding

• How great businesses reveal their edge over time

• The emotional toll of patience—and how to cultivate it

• Aligning capital with the right investor mindset

• What Buffett’s evolution teaches us about reinvestment risk

• Why most investors can’t handle uncertainty—and how that creates opportunity

• How great investors and great CEOs think in decades, not quarters

⏱️ Timestamps:
00:00 Intro + Episode Setup
02:07 Dead Money vs. Drawdowns
10:00 Waiting Without a Catalyst
18:15 The Real Test of Holding
25:00 Aligning with Long-Term Capital
35:00 Buffett and Value Investing 2.0
44:00 Management and Short-Term Thinking
50:00 The True Meaning of Patience
54:18 Outro + Closing Thoughts

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.