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.