Behind the Markets Podcast

Show from 06/20/25 Host Jeremy Schwartz and Professor Siegel assess the Fed's latest policy posture, ongoing tariff impacts, and inflation expectations. The Professor critiques Powell’s stance on tariff-induced inflation, expresses concern over rising jobless claims and layoffs, and notes the Fed’s significant upcoming workforce reduction. He also discusses the subdued market response to Middle East tensions and his views on AI as a productivity offset. (31:41) Jeremy continues the show with Chris Gannatti, Sam Rines, and Jeff Weniger to explore the implications of geopolitical developments, especially the Israel-Iran conflict, on energy and markets. They dive into U.S. trade negotiations, Japan’s inflation dynamics, and emerging AI trends like robotics investment. The team rounds out the episode with discussions on gold’s valuation, currency positioning, and short-term market outlook. Guest: Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product. Christopher Gannatti began at WisdomTree as a Research Analyst in December 2010, working directly with Jeremy Schwartz, CFA®, Director of Research. In January of 2014, he was promoted to Associate Director of Research where he was responsible to lead different groups of analysts and strategists within the broader Research team at WisdomTree. In February of 2018, Christopher was promoted to Head of Research, Europe, where he was based out of WisdomTree’s London office and was responsible for the full WisdomTree research effort within the European market, as well as supporting the UCITs platform globally. In November 2021, Christopher was promoted to Global Head of Research, now responsible for numerous communications on investment strategy globally, particularly in the thematic equity space. Jeff Weniger, CFA serves as Head of Equity Strategy at WisdomTree. In his role, Weniger helps to formulate the firm’s stock market outlook by assessing macro and fundamental trends. Prior to joining WisdomTree, he was Director, Senior Strategist at BMO, where he worked in the office of the CIO from 2006 to 2017. He served on the firm’s Asset Allocation Committee and co-managed the firm’s ETF model portfolios for both the U.S. and Canada. In 2013, at the age of 32, Jeff was chosen as the youngest member of BMO’s Global Investment Forum, which collected the firm’s top global strategists to formulate the firm’s official long-term outlook for investment trends and markets. Follow Sam Rines on X: https://x.com/SamuelRines Follow Chri Gannatti on X: https://x.com/SamuelRines Follow Jeff Weiniger on X: https://x.com/JeffWeniger Wisdom Tree: https://www.wisdomtree.com/investments

Show from 06/13/25 Host Jeremy Schwartz and Professor Siegel discuss the geopolitical ramifications of Israel's recent military strike on Iran, its muted market impact, and the broader implications for inflation and Fed policy. Professor Siegel emphasized Iran’s weakened position, the role of U.S. coordination, and reiterated his view that inflation remains on a downward trend, supporting a Fed rate cut. (10:00) Jeremy continues the conversation with Sam Rines, Jeff Weniger, and Chris Gannatti from WisdomTree. The group explores the geopolitical and market implications of the Israeli strike, oil market reactions, and implications for energy and defense stocks. They also assess inflation data, critique Fed policy, analyze Apple’s innovation struggles, and delve into recent AI developments and global trade negotiations, with particular attention to U.S.-China relations and South Korea’s corporate reform efforts. Guest: Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product. Christopher Gannatti began at WisdomTree as a Research Analyst in December 2010, working directly with Jeremy Schwartz, CFA®, Director of Research. In January of 2014, he was promoted to Associate Director of Research where he was responsible to lead different groups of analysts and strategists within the broader Research team at WisdomTree. In February of 2018, Christopher was promoted to Head of Research, Europe, where he was based out of WisdomTree’s London office and was responsible for the full WisdomTree research effort within the European market, as well as supporting the UCITs platform globally. In November 2021, Christopher was promoted to Global Head of Research, now responsible for numerous communications on investment strategy globally, particularly in the thematic equity space Follow Sam Rines on X: https://x.com/SamuelRines Follow Chri Gannatti on X: https://x.com/SamuelRines Wisdom Tree: https://www.wisdomtree.com/investments

Show from 06/06/25 Host Jeremy Schwartz and Professor Siegel analyze the latest employment report, which showed a mixed picture with strong healthcare and entertainment hiring, despite downward revisions in prior months. Professor Siegel emphasized the overall positive market sentiment, noting resilience in spending and projecting potential new all-time highs for the S&P 500. (11:23) Jeremy and Chris Gannatti are joined by Dylan Patel, founder of SemiAnalysis, to explore critical AI infrastructure themes discussed at the SCSP conference. They dive into the challenges of US chip policy, the implications of export restrictions, global supply chain risks, and power constraints facing data centers. Dylan provides a deep dive into geopolitics, national security, and whether AI infrastructure spending—especially in the Middle East—is sustainable or represents the next bubble. Guest: Dylan Patel is the Founder, CEO, and Chief Analyst of SemiAnalysis – the preeminent authority on all things AI and semiconductors. Through Dylan’s unwavering commitment to excellence, he has built the firm from the ground up as the recognized authority on the semiconductor supply chain to the cloud ecosystem, machine learning models, and all things in between. Since 2020, SemiAnalysis has transformed its business from a solo venture into a cohesive and focused team to provide breaking news and in-depth analysis for the most strategic, complex, and escalating challenges in the semiconductor industry. Follow Dylan on X: https://x.com/dylan522p?lang=en Wisdom Tree: https://www.wisdomtree.com/investments SCSP Conference: https://www.scsp.ai/

Show from 04/30/25 Host Jeremy Schwartz and Professor Siegel break down the market’s reaction to a dramatically improving trade deficit, discuss expected upward revisions to GDP, and reflect on the latest PCE inflation data. Professor Siegel also shares his views on the Fed’s independence in light of political pressure, tensions with China, and the AI-driven productivity surge. (19:05) Jeremy is joined by Phil Blancato for an in-depth discussion on market positioning, international equities, and the impact of tariffs. They explore bond opportunities, fiscal shifts in Europe, and why small and mid-cap U.S. stocks could see renewed growth. The conversation also covers structural advantages of U.S. consumers and how global trade deals may reshape earnings forecasts. Guest: Philip Blancato is Chief Market Strategist at Osaic, one of the nation's largest providers of wealth management solutions, President and CEO of Ladenburg Thalmann Asset Management, and Chairman of the Ladenburg Investment Policy Committee. As a financial services industry veteran of over 30 years, Philip possesses a specialized knowledge of portfolio and risk management, asset allocation, macroeconomic theory, and constructing and implementing seamlessly integrated platforms of fee-based solutions. Before Ladenburg Thalmann and Osaic, Philip was Managing Director of Advisory Services at PowellJohnson, where he directed the creation and implementation of a suite of fee-based platforms. He also worked for Prudential Securities where he held various positions within the Investment Management Services division before becoming First Vice President and Director of Portfolio Management Programs. During his tenure, Portfolio Management became one of the most successful divisions within Prudential Securities, with assets in excess of $16 billion. Philip regularly appears in national media outlets including the Wall Street Journal, Reuters, CNBC, and Fox Business, and speaks at industry events. He has a Bachelor of Science in Finance from Kean University, and a Marketing Continuing Education degree from New York University. Philip is also an Accredited Investment Fiduciary and has completed the Securities Industry Association accredited program at Wharton Business School. Follow Philp on X: https://x.com/philblancato?lang=en Weekly Market Impact: https://open.spotify.com/episode/78DYJPnxKxNJXZkiINVjpP Wisdom Tree: https://www.wisdomtree.com/investments

Show from 05/23/25 Host Jeremy Schwartz and Professor Siegel break down the latest market concerns, focusing on President Trump's Truth Social posts and the potential impact of threatened tariffs on Apple and the EU. Professor Siegel expresses a cautiously optimistic view on markets, contingent on the rollback of these tariffs, and comments on unemployment claims, inflation indicators, and bond market reactions. (14:56) Jeremy continues with guests Sam Rines, Chris Gannatti, and Jeff Weniger to explore the implications of Trump's tariff threats, particularly on luxury European goods and Apple’s production strategy. They delve into trade negotiations, the bond market's influence on fiscal policy, and the potential for an austerity-driven economic debate. The team also evaluates AI’s economic impact, energy policies influenced by geopolitical strategies, and developments at major tech firms like Google and Microsoft, ending on mixed notes of caution and optimism for market trends and consumer behavior. Guest: Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product. Christopher Gannatti began at WisdomTree as a Research Analyst in December 2010, working directly with Jeremy Schwartz, CFA®, Director of Research. In January of 2014, he was promoted to Associate Director of Research where he was responsible to lead different groups of analysts and strategists within the broader Research team at WisdomTree. In February of 2018, Christopher was promoted to Head of Research, Europe, where he was based out of WisdomTree’s London office and was responsible for the full WisdomTree research effort within the European market, as well as supporting the UCITs platform globally. In November 2021, Christopher was promoted to Global Head of Research, now responsible for numerous communications on investment strategy globally, particularly in the thematic equity space Follow Sam Rines on X: https://x.com/SamuelRines Follow Chri Gannatti on X: https://x.com/SamuelRines Wisdom Tree: https://www.wisdomtree.com/investments

Show from 03/21/25 Host Jeremy Schwartz and Professor Siegel discuss recent market resilience, the impact and perception of new tariffs, and why inflation expectations may be overstated. The Professor highlights consumer sentiment dips and sees potential upside if tariff fears remain contained. (15:24) Jeremy continues with Sam Rines and Chris Gannatti to analyze geopolitical and economic developments. They explore the implications of Trump’s Middle East trip, U.S.-China tech tensions, and India’s growing strategic importance. The conversation also dives into the state of the AI and robotics industries, potential biotech breakthroughs, and broader market signals suggesting improving investor sentiment. Guest: Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product. Christopher Gannatti began at WisdomTree as a Research Analyst in December 2010, working directly with Jeremy Schwartz, CFA®, Director of Research. In January of 2014, he was promoted to Associate Director of Research where he was responsible to lead different groups of analysts and strategists within the broader Research team at WisdomTree. In February of 2018, Christopher was promoted to Head of Research, Europe, where he was based out of WisdomTree’s London office and was responsible for the full WisdomTree research effort within the European market, as well as supporting the UCITs platform globally. In November 2021, Christopher was promoted to Global Head of Research, now responsible for numerous communications on investment strategy globally, particularly in the thematic equity space Follow Sam Rines on X: https://x.com/SamuelRines Follow Chri Gannatti on X: https://x.com/SamuelRines Wisdom Tree: https://www.wisdomtree.com/investments

Show from 05/09/25 Host Jeremy Schwartz and Professor Siegel focus on Powell’s Fed commentary, discussing the lack of policy surprises, concerns about stagflation, and Siegel's critique of the Fed's rigid rate-setting practices. The professor also warns about supply chain disruptions from China and the risk of economic slowdown if tariffs persist. (34:15) Jeremy is joined by Macro Charts (referred to as MC), who shares his views on global market sentiment, tactical asset shifts, and the potential for a dollar rebound. MC discusses underperformance in international markets, rotation out of growth stocks, and strong momentum in Bitcoin, expressing cautious optimism about US equities while noting lingering risks in global currencies and commodities. Guest: Christopher Gannatti began at WisdomTree as a Research Analyst in December 2010, working directly with Jeremy Schwartz, CFA®, Director of Research. In January of 2014, he was promoted to Associate Director of Research where he was responsible to lead different groups of analysts and strategists within the broader Research team at WisdomTree. In February of 2018, Christopher was promoted to Head of Research, Europe, where he was based out of WisdomTree’s London office and was responsible for the full WisdomTree research effort within the European market, as well as supporting the UCITs platform globally. In November 2021, Christopher was promoted to Global Head of Research, now responsible for numerous communications on investment strategy globally, particularly in the thematic equity space Jeff Weniger, CFA serves as Head of Equity Strategy at WisdomTree. In his role, Weniger helps to formulate the firm’s stock market outlook by assessing macro and fundamental trends. Prior to joining WisdomTree, he was Director, Senior Strategist at BMO, where he worked in the office of the CIO from 2006 to 2017. He served on the firm’s Asset Allocation Committee and co-managed the firm’s ETF model portfolios for both the U.S. and Canada. In 2013, at the age of 32, Jeff was chosen as the youngest member of BMO’s Global Investment Forum, which collected the firm’s top global strategists to formulate the firm’s official long-term outlook for investment trends and markets. Macro Charts: https://www.macrocharts.com/ Follow Chri Gannatti on X: https://x.com/ChrisGannatti Follow Jeff Weiniger on X: https://x.com/JeffWeniger Wisdom Tree: https://www.wisdomtree.com/investments

Show from 05/02/25 Host Jeremy Schwartz and Professor Siegel break down the week’s economic headlines, highlighting resilient market behavior amid ongoing tariff concerns. The Professor points to mixed signals from earnings reports and the labor market, questions surrounding Q1 GDP contraction, and a lack of visible inflationary effects from tariffs thus far. (18:21) Jeremy continues the conversation with colleagues Sam Rines, Jeff Weninger, and Chris Gannatti. They explore how consumer staples companies are adjusting guidance amid pricing pressures, and how the broader market is reacting to headlines about trade deals, particularly with China and India. The group also dives into AI infrastructure investment, rotation beyond the Magnificent Seven, and potential catalysts for international equity markets, including Europe and India. Guest: Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product. Christopher Gannatti began at WisdomTree as a Research Analyst in December 2010, working directly with Jeremy Schwartz, CFA®, Director of Research. In January of 2014, he was promoted to Associate Director of Research where he was responsible to lead different groups of analysts and strategists within the broader Research team at WisdomTree. In February of 2018, Christopher was promoted to Head of Research, Europe, where he was based out of WisdomTree’s London office and was responsible for the full WisdomTree research effort within the European market, as well as supporting the UCITs platform globally. In November 2021, Christopher was promoted to Global Head of Research, now responsible for numerous communications on investment strategy globally, particularly in the thematic equity space Follow Sam Rines on X: https://x.com/SamuelRines Follow Chri Gannatti on X: https://x.com/SamuelRines Wisdom Tree: https://www.wisdomtree.com/investments

Show from 04/25/25 Host Jeremy Schwartz and Professor Siegel covered the market impacts of tariffs, interest rate policy, and long-term inflation expectations. Professor Siegel emphasized the case for lower interest rates, highlighted trends in manufacturing decline, and discussed market resilience amid tariff concerns. (30:19) Jeremy is joined by David Kotok to discuss the economic consequences of tariff shocks, Federal Reserve policy, and insights from Kotok’s new book, The Fed and the Flu. They explore historical responses to pandemics, current financial stability risks, and the evolving role of central banks, while also addressing municipal bonds, gold, and global trade dynamics. Guest: David Kotok co-founded Cumberland Advisors in 1973 and during his career served as its chief investment officer, CEO, and board chairman. He remains a strategic advisor at Cumberland. David’s articles and financial market commentaries have appeared in the New York Times, the Wall Street Journal, Barron’s, and other publications. He is a contributor or source to Bloomberg, Yahoo, CNN, Reuters, USA Today, and other media. He holds a B.S. in economics from the Wharton School of the University of Pennsylvania, an M.S. in organizational dynamics from the School of Arts and Sciences at the University of Pennsylvania, and an M.A. in philosophy from the University of Pennsylvania. In addition to The Fed and the Flu, David has authored or co-authored four other books, including From Bear to Bull with ETFs (now in its second edition) and Adventures in Muniland. He has also written three monograph pamphlets. The first of these is “Lessons from Thucydides,” which details information asymmetries and their implications for investors and world affairs. The second is “Zika,” a work that compiles David’s research, interviews, and personal experience concerning the Zika virus and its potential for serious damage in the way of health and monetary costs. The expense for individuals can be devastating; and in the case of governments, ballooning health budgets may affect municipal bond ratings. The third is “Yield Curve Control – The story of ZIRP and NIRP.” The yield curve is usually defined as the range of yields on Treasury securities from three-month Treasury bills to 30-year Treasury bonds. David’s narrative and graphics tell the story of ZIRP (zero interest rate policy) and NIRP (negative interest rate policy) and explore what happens when central banks use YCC to control interest rates along some portion of the yield curve. David formerly served as Program Chairman for the Global Interdependence Center, or GIC, whose mission is to encourage the expansion of global dialogue and free trade in order to improve cooperation and understanding among nation states, with the goal of reducing international conflicts and improving worldwide living standards. David chaired the GIC's Central Banking Series and organized a five-continent dialogue held in Cape Town, Hong Kong, Hanoi, Milan, Paris, Philadelphia, Prague, Rome, Santiago, Shanghai, Singapore, Tallinn, and Zambia (Livingstone). He received the Global Citizen Award from GIC for his efforts and vision over many years and currently serves on the advisory board to the GIC’s College of Central Bankers. In conjunction with GIC, David organizes fishing retreats, primarily in Maine, that are affectionately known as “Camp Kotok” by friends and many in the financial press. Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product. Follow Sam Rines on X: https://x.com/SamuelRines Wisdom Tree: https://www.wisdomtree.com/investments GIC: https://www.interdependence.org/about/ The Fed and the Flu: Parsing Pandemic Economic Shocks: https://www.amazon.com/Fed-Flu-Parsing-Pandemic-Economic/dp/B0DRWBC8XS

Show from 04/18/25 Host Jeremy Schwartz and Professor Siegel dive into this week’s market outlook, starting with Powell’s latest commentary and potential rate cuts. The Professor expresses concern over Powell downplaying recent favorable inflation data and suggests a preemptive rate cut is warranted, warning of recession risks if tariffs persist. He also critiques corporate earnings guidance in the face of rising trade uncertainty and emphasizes how tariffs could cap market growth for the foreseeable future. (17:32) Jeremy continues the conversation with Sam, Chris, Jeff, and Kevin, covering a wide array of macro topics. The discussion highlights bullish sentiment on non-U.S. markets, especially Japan, Mexico, and India amid shifting trade dynamics. The group also debates long-term investment themes, including the resilience of AI and tech despite tariff concerns, the resurgence of gold, and the critical role of cybersecurity in modern portfolios. Guest: Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product. Christopher Gannatti began at WisdomTree as a Research Analyst in December 2010, working directly with Jeremy Schwartz, CFA®, Director of Research. In January of 2014, he was promoted to Associate Director of Research where he was responsible to lead different groups of analysts and strategists within the broader Research team at WisdomTree. In February of 2018, Christopher was promoted to Head of Research, Europe, where he was based out of WisdomTree’s London office and was responsible for the full WisdomTree research effort within the European market, as well as supporting the UCITs platform globally. In November 2021, Christopher was promoted to Global Head of Research, now responsible for numerous communications on investment strategy globally, particularly in the thematic equity space Follow Sam Rines on X: https://x.com/SamuelRines Follow Chris Gannatti on X: https://x.com/SamuelRines Wisdom Tree: https://www.wisdomtree.com/investments

Show from 04/11/25 Host Jeremy Schwartz and Professor Siegel reviewed a volatile week in the markets, focusing on rising yields and the dollar’s slide. The Professor attributed bond market moves to growing concerns about the U.S. deficit and potential shifts in global reserve currency dynamics. He emphasized the inflation impact of tariffs, potential recessionary risks, and questioned the long-term dominance of the U.S. economy. (47:03) Jeremy continues with Kevin Flanagan, Chris Gannatti, Jeff Weniger, and Sam Rines to unpack market reactions to geopolitical tensions, shifts in monetary policy expectations, and emerging market dynamics. The group discusses bond market mechanics, foreign policy ramifications, the relative strength of dividend-paying stocks, and how tech and AI trends may evolve amid supply chain and tariff uncertainty. Guest: Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product. Christopher Gannatti began at WisdomTree as a Research Analyst in December 2010, working directly with Jeremy Schwartz, CFA®, Director of Research. In January of 2014, he was promoted to Associate Director of Research where he was responsible to lead different groups of analysts and strategists within the broader Research team at WisdomTree. In February of 2018, Christopher was promoted to Head of Research, Europe, where he was based out of WisdomTree’s London office and was responsible for the full WisdomTree research effort within the European market, as well as supporting the UCITs platform globally. In November 2021, Christopher was promoted to Global Head of Research, now responsible for numerous communications on investment strategy globally, particularly in the thematic equity space As part of WisdomTree’s Investment Strategy group, Kevin Flanagan serves as Head of Fixed Income Strategy. In this role, he contributes to the asset allocation team, writes fixed income-related content and travels with the sales team, conducting client-facing meetings and providing expertise on WisdomTree’s existing and future bond ETFs. In addition, Kevin works closely with the fixed income team. Prior to joining WisdomTree, Kevin spent 30 years at Morgan Stanley, where he was Managing Director and Chief Fixed Income Strategist for Wealth Management. He was responsible for tactical and strategic recommendations and created asset allocation models for fixed income securities. He was a contributor to the Morgan Stanley Wealth Management Global Investment Committee, primary author of Morgan Stanley Wealth Management’s monthly and weekly fixed income publications, and collaborated with the firm’s Research and Consulting Group Divisions to build ETF and fund manager asset allocation models. Kevin has an MBA from Pace University’s Lubin Graduate School of Business, and a B.S in Finance from Fairfield University. Follow Sam Rines on X: https://x.com/SamuelRines Follow Kevin Flanigan on X: https://x.com/kevinflanaganwt Follow Chri Gannatti on X: https://x.com/SamuelRines Wisdom Tree: https://www.wisdomtree.com/investments

Show from 04/04/25 Host Jeremy Schwartz and Professor Siegel dive into this week’s discussion with a focus on new tariff policies, the Fed’s next moves, and implications for the money supply. Professor Siegel criticizes the tariffs as a major unforced error, warns about the potential for a bear market if retaliations continue, and argues that the Fed should cut rates regardless of the inflationary effects of tariffs. (42:43) Jeremy continues with Sam Rines and Kevin Flanagan to unpack the global trade tensions and how countries like India, Mexico, and Japan might respond. They analyze market volatility, discuss sector positioning amid interest rate shifts, and explore geopolitical scenarios, including U.S.-China dynamics and potential policy off-ramps. Kevin and Sam also share views on fixed income strategy and what to expect from the Fed and fiscal policy in the weeks ahead. Guest: Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product. As part of WisdomTree’s Investment Strategy group, Kevin Flanagan serves as Head of Fixed Income Strategy. In this role, he contributes to the asset allocation team, writes fixed income-related content and travels with the sales team, conducting client-facing meetings and providing expertise on WisdomTree’s existing and future bond ETFs. In addition, Kevin works closely with the fixed income team. Prior to joining WisdomTree, Kevin spent 30 years at Morgan Stanley, where he was Managing Director and Chief Fixed Income Strategist for Wealth Management. He was responsible for tactical and strategic recommendations and created asset allocation models for fixed income securities. He was a contributor to the Morgan Stanley Wealth Management Global Investment Committee, primary author of Morgan Stanley Wealth Management’s monthly and weekly fixed income publications, and collaborated with the firm’s Research and Consulting Group Divisions to build ETF and fund manager asset allocation models. Kevin has an MBA from Pace University’s Lubin Graduate School of Business, and a B.S in Finance from Fairfield University. Follow Sam Rines on X: https://x.com/SamuelRines Follow Kevin Flanagan on LinkedIn: https://www.linkedin.com/in/kevin-flanagan Wisdom Tree: https://www.wisdomtree.com/investments

Show from 03/28/25 In this episode of Behind the Markets, host Jeremy Schwartz kicks off with an interview featuring Andreas Kern, CEO of WikiFolio, a unique German social trading platform that enables individuals to publish model portfolios and convert them into exchange-listed products. Kern discusses the recent sharp shift in investor behavior from U.S. equities to German mid-cap stocks, signaling growing confidence in European markets. He attributes this trend not only to valuation opportunities but also to cultural and structural differences in how Europeans and Americans approach risk, especially in relation to pension systems. Popular themes among German investors include defense and AI, with stocks like Rheinmetall and MercadoLibre topping portfolios. Kern also shares his ambition to bring WikiFolio to the U.S., positioning the platform as a democratizing force in asset management. (15:00) The second half of the episode shifts to macroeconomic strategy with Kevin Flanagan, Sam Rines, and Jeremy discussing the implications of tariffs, interest rates, and fiscal policy. Sam breaks down how tariffs affect U.S. businesses and consumers, while Jeremy highlights Professor Siegel’s concerns that tariffs could hurt capital inflows and raise rates. With “Liberation Day” (April 2) expected to bring clarity on trade policy, the group analyzes market reactions and resilience, suggesting much of the impact may already be priced in. The conversation then broadens to long-term themes: the Fed’s reactionary role, global defense spending surges (especially in Europe), and Trump’s potential tax reforms, including zero taxes for middle-income earners and cracking down on offshore corporate shelters. The episode closes with speculation on how tariffs might serve not just as trade tools but as revenue generators in a shifting economic order. Guest: Before founding wikifolio, Kern gained more than a decade of experience in the finance and payment industries, leading Paybox Austria GmbH to profitability and co-founding Payolution GmbH, which was later sold to Skrill/Moneybookers. He studied mathematics and computer science, holds a Master of Science in Innovation Management from Johannes Kepler Business School Linz, and is a trained exchange trader for futures and spot markets. His vision for wikifolio remains clear: make professional-level trading strategies more accessible, transparent, and rewarding for all investors. Follow Andreas Kern on X: https://twitter.com/AKE_Wikifolio/ More about Andreas: https://www.wikifolio.com/en/int/about-wikifolio/our-management Follow Sam Rines on X: https://x.com/SamuelRines Follow Kevin Flanigan on X: https://x.com/kevinflanaganwt Wisdom Tree: https://www.wisdomtree.com/investments

Show from 03/21/25 Host Jeremy Schwartz and Professor Siegel break down the Fed's latest meeting, noting Powell's dovish tone despite downgraded growth and higher inflation forecasts. The Professor emphasizes that inflation risks from tariffs appear temporary and market sentiment hinges on the upcoming April 2nd tariff announcements. (27:52) Jeremy continues the conversation with WisdomTree’s Samuel Rines and Christopher Gannatti, diving into Nvidia’s major AI and robotics announcements from its recent conference. The group explores the evolving narrative around self-driving cars, robotics, and global AI spending, along with Buffet’s deepening investment in Japan. They also cover the global market rotation from US to international equities, implications of tariffs on inflation, and how central banks may respond. Guest: Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product. Christopher Gannatti began at WisdomTree as a Research Analyst in December 2010, working directly with Jeremy Schwartz, CFA®, Director of Research. In January of 2014, he was promoted to Associate Director of Research where he was responsible to lead different groups of analysts and strategists within the broader Research team at WisdomTree. In February of 2018, Christopher was promoted to Head of Research, Europe, where he was based out of WisdomTree’s London office and was responsible for the full WisdomTree research effort within the European market, as well as supporting the UCITs platform globally. In November 2021, Christopher was promoted to Global Head of Research, now responsible for numerous communications on investment strategy globally, particularly in the thematic equity space Follow Sam Rines on X: https://x.com/SamuelRines Follow Chri Gannatti on X: https://x.com/SamuelRines Wisdom Tree: https://www.wisdomtree.com/investments

Host Jeremy Schwartz and Professor Siegel discuss the market reaction to tariffs and their potential impact on inflation and sentiment. The Professor highlights the sharp decline in the University of Michigan sentiment index, the risks of continued tariff escalation, and his expectations for the upcoming FOMC meeting. He warns that a full-scale tariff war could further pressure equities, while a lighter approach might stabilize markets. (11:52) Jeremy is joined by WisdomTree’s macro team—Chris Gannatti, Jeff Weniger, and Sam Rines—to discuss market rotations, the impact of tariffs on different economies, and trends in Japan’s wage growth. They examine the valuation of major tech stocks, debate Tesla’s shifting market position, and assess Trump’s tax cut proposal. Later, WisdomTree CEO Jonathan Steinberg shares insights from the Digital Asset Summit in Washington, D.C., reflecting on regulatory shifts, the administration’s stance on digital assets, and the evolving role of tokenization and blockchain in financial markets. Guest: Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product. Christopher Gannatti began at WisdomTree as a Research Analyst in December 2010, working directly with Jeremy Schwartz, CFA®, Director of Research. In January of 2014, he was promoted to Associate Director of Research where he was responsible to lead different groups of analysts and strategists within the broader Research team at WisdomTree. In February of 2018, Christopher was promoted to Head of Research, Europe, where he was based out of WisdomTree’s London office and was responsible for the full WisdomTree research effort within the European market, as well as supporting the UCITs platform globally. In November 2021, Christopher was promoted to Global Head of Research, now responsible for numerous communications on investment strategy globally, particularly in the thematic equity space Jeff Weniger, CFA serves as Head of Equity Strategy at WisdomTree. In his role, Weniger helps to formulate the firm’s stock market outlook by assessing macro and fundamental trends. Prior to joining WisdomTree, he was Director, Senior Strategist at BMO, where he worked in the office of the CIO from 2006 to 2017. He served on the firm’s Asset Allocation Committee and co-managed the firm’s ETF model portfolios for both the U.S. and Canada. In 2013, at the age of 32, Jeff was chosen as the youngest member of BMO’s Global Investment Forum, which collected the firm’s top global strategists to formulate the firm’s official long-term outlook for investment trends and markets. Follow Sam Rines on X: https://x.com/SamuelRines Follow Chri Gannatti on X: https://x.com/ChrisGannatti Follow Jeff Weiniger on X: https://x.com/JeffWeniger Wisdom Tree: https://www.wisdomtree.com/investments

Show from 03/07/25 Host Jeremy Schwartz and Professor Siegel discussed the latest market trends, focusing on the jobs report, volatility in trade policy, and concerns about rising unemployment rates. Professor Siegel highlighted the impact of policy uncertainty on the markets and expressed concern over a potential stall in credit growth, as well as the challenges posed by volatility in energy prices. (12:22) Jeremy continues the conversation with Sam Rines, who shares insights from meetings in Mexico, noting a cautiously optimistic outlook on U.S.-Mexico trade relations. Later, Jeremy sits down with Haim Israel in Tel Aviv to explore major themes for 2030, including the potential of AI to reshape industries, the escalating “tech wars” between the U.S. and China, and the massive infrastructure demands of the AI revolution. Haim discusses the importance of energy independence, advancements in semiconductor demand, and the challenges of cybersecurity and privacy in a rapidly evolving technological landscape. Guest: Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product. Haim Israel is a Managing Director and Global Strategist who heads up the Global Thematic Research team. Prior to this position, Israel was the head of Bank of America’s EEMEA Technology, Media and Telecommunication Research team, as well as the head of Israeli Research. In 2020, Israel and team were ranked in first place as the best Thematic Research and ESG – Integrated Climate Change teams in the Institutional Investor Extel Global Survey. Israel attained his MBA from The Hebrew University, Jerusalem, and also holds a dual major in Finance & Business. Follow Sam Rines on X: https://x.com/SamuelRines Follow Haim Israel on LinkedIn: https://il.linkedin.com/in/haim-israel-4b208871 Wisdom Tree: https://www.wisdomtree.com/investments

Show from 02/08/25 Host Jeremy Schwartz and Professor Siegel discuss the latest market developments, focusing on the PCE report, GDP revisions, and the impact of tariffs on economic growth. The professor highlights the unexpected trade balance shift, predicting a significant slowdown in Q1 GDP but dismissing recession concerns. He also comments on recent market volatility, particularly in tech stocks like NVIDIA, and notes increased bearish sentiment among investors. (13:03) Jeremy continues the conversation from Europe, joined by Sam Rines, Pierre Debreu, Aneeka Gupta, and Dovile Silenskyte. The group delves into European market dynamics, geopolitical risks, and the impact of tariffs on global trade. They also discuss trends in AI and semiconductors, the evolving role of cryptocurrencies in institutional portfolios, and the rising influence of gold as a hedge against economic uncertainty. Guest: Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product. Dovile Silenskyte, Director, Digital Assets Research Dovile is a director of digital assets research at WisdomTree. Prior to joining WisdomTree in May 2024, Dovile worked as an index equity product strategist at BlackRock. In her current role she is responsible for conducting analysis for in-house digital assets publications and assisting the sales team with client queries around products and markets. Dovile holds a MSc in Finance from Texas A&M University – Commerce. She is also a chartered financial analyst (CFA). Aneeka Gupta is a director of research at WisdomTree. Prior to the acquisition of Exchange Traded Fund (ETF) Securities in April 2018, Aneeka worked as an equity & commodities strategist at the company. Aneeka has 17 years of experience working as a research analyst across a wide range of asset classes. In her current role she is responsible for conducting analysis for all in-house equity, commodity and macro publications and assisting the sales team with client queries around products and markets. Aneeka holds a MSc in Mathematics from Oxford University and a BSc in Mathematics from the University of Delhi, India. She is also a chartered financial analyst (CFA). Traders' Insight Follow Sam Rines on X: https://x.com/SamuelRines Follow Aneeka Gupta on LinkedIn: https://uk.linkedin.com/in/aneekaperis Wisdom Tree: https://www.wisdomtree.com/investments

Show from 02/21/25 Host Jeremy Schwartz and Professor Siegel discuss the latest market trends, focusing on tariff uncertainties, economic data, and market resilience. Professor Siegel highlights the market’s response to geopolitical developments, earnings expectations, and the potential impact of rising bond yields. He also weighs in on Nvidia, Tesla, and the broader AI landscape, emphasizing the importance of earnings in market performance. (11:41) Jeremy is joined by Chris Gannatti, Sam Rines, and Jeff Weniger to delve into the evolving tech landscape, including Nvidia’s role, Microsoft’s AI push, and the future of quantum computing. They also discuss Apple’s challenges, Tesla’s strategic opportunities, and Japan’s potential manufacturing resurgence. The conversation shifts to geopolitical risks, European defense spending, and emerging market opportunities, particularly in Latin America. Sam outlines recent shifts in WisdomTree’s model portfolios, including a move from Argentina to Mexico and Japan, highlighting macroeconomic trends and market positioning. Guest: Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product. Christopher Gannatti began at WisdomTree as a Research Analyst in December 2010, working directly with Jeremy Schwartz, CFA®, Director of Research. In January of 2014, he was promoted to Associate Director of Research where he was responsible to lead different groups of analysts and strategists within the broader Research team at WisdomTree. In February of 2018, Christopher was promoted to Head of Research, Europe, where he was based out of WisdomTree’s London office and was responsible for the full WisdomTree research effort within the European market, as well as supporting the UCITs platform globally. In November 2021, Christopher was promoted to Global Head of Research, now responsible for numerous communications on investment strategy globally, particularly in the thematic equity space Jeff Weniger, CFA serves as Head of Equity Strategy at WisdomTree. In his role, Weniger helps to formulate the firm’s stock market outlook by assessing macro and fundamental trends. Prior to joining WisdomTree, he was Director, Senior Strategist at BMO, where he worked in the office of the CIO from 2006 to 2017. He served on the firm’s Asset Allocation Committee and co-managed the firm’s ETF model portfolios for both the U.S. and Canada. In 2013, at the age of 32, Jeff was chosen as the youngest member of BMO’s Global Investment Forum, which collected the firm’s top global strategists to formulate the firm’s official long-term outlook for investment trends and markets. Follow Sam Rines on X: https://x.com/SamuelRines Follow Chri Gannatti on X: https://x.com/ChrisGannatti Follow Jeff Weniger on X: https://x.com/JeffWeniger Wisdom Tree: https://www.wisdomtree.com/investments

Show from 02/14/25 Host Jeremy Schwartz and Professor Siegel reflect on the Eagles' Super Bowl victory and discuss key economic data, including CPI and PPI surprises, the market's reaction to inflation expectations, and the impact of potential tariff negotiations. Siegel notes that while inflation data was hotter than expected, markets found relief in the lower-than-expected PCE components. He also discusses retail sales disappointments, GDP outlook adjustments, and global economic trends. (13:19) Jeremy continues with Sam Rines, Jeff Weniger, and Christopher Gannatti from WisdomTree to break down geopolitical and market trends. The group covers Modi's U.S. visit and tariff negotiations, India's potential for a free trade agreement, the outperformance of China's "Terrific 10" stocks over the "Mag 7," and Europe's investment push into AI. They also touch on macroeconomic themes such as U.S. debt management strategies and shifting global alliances in trade and security. Guest: Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product. Christopher Gannatti began at WisdomTree as a Research Analyst in December 2010, working directly with Jeremy Schwartz, CFA®, Director of Research. In January of 2014, he was promoted to Associate Director of Research where he was responsible to lead different groups of analysts and strategists within the broader Research team at WisdomTree. In February of 2018, Christopher was promoted to Head of Research, Europe, where he was based out of WisdomTree’s London office and was responsible for the full WisdomTree research effort within the European market, as well as supporting the UCITs platform globally. In November 2021, Christopher was promoted to Global Head of Research, now responsible for numerous communications on investment strategy globally, particularly in the thematic equity space Jeff Weniger, CFA serves as Head of Equity Strategy at WisdomTree. In his role, Weniger helps to formulate the firm’s stock market outlook by assessing macro and fundamental trends. Prior to joining WisdomTree, he was Director, Senior Strategist at BMO, where he worked in the office of the CIO from 2006 to 2017. He served on the firm’s Asset Allocation Committee and co-managed the firm’s ETF model portfolios for both the U.S. and Canada. In 2013, at the age of 32, Jeff was chosen as the youngest member of BMO’s Global Investment Forum, which collected the firm’s top global strategists to formulate the firm’s official long-term outlook for investment trends and markets. Follow Sam Rines on X: https://x.com/SamuelRines Follow Chri Gannatti on X: https://x.com/SamuelRines Follow Jeff Weiniger on X: https://x.com/JeffWeniger Wisdom Tree: https://www.wisdomtree.com/investments

Show from 02/07/25 Host Jeremy Schwartz opens the show, discussing market trends and economic indicators. Jeremy is then joined by Sonu Varghese from the Carson Group, along with Jeff Weniger, Sam Rines, and Chris Gannatti, for a deep dive into market trends, asset allocation, and economic outlooks. Sonu discusses his positive outlook on the U.S. economy, citing strong labor market fundamentals and productivity growth. The conversation covers key sectors of interest, potential risks from tariffs, and expectations for interest rates. The guests also touch on AI’s impact on productivity and broader market trends shaping investment strategies. Guest: Sonu has over 15 years of experience in the Asset Management industry. Before joining Carson, he was a Partner and Director of Research at Convex Capital Management where he co-managed portfolios, advised clients and led the research effort, including creating a proprietary leading economic index for 30 countries and systematizing investment processes. Prior to that Sonu worked independently with hedge fund managers and high-net worth individuals to develop quantitative investment models for trading equities, options, ETFs and closed-end funds. Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product. Christopher Gannatti began at WisdomTree as a Research Analyst in December 2010, working directly with Jeremy Schwartz, CFA®, Director of Research. In January of 2014, he was promoted to Associate Director of Research where he was responsible to lead different groups of analysts and strategists within the broader Research team at WisdomTree. In February of 2018, Christopher was promoted to Head of Research, Europe, where he was based out of WisdomTree’s London office and was responsible for the full WisdomTree research effort within the European market, as well as supporting the UCITs platform globally. In November 2021, Christopher was promoted to Global Head of Research, now responsible for numerous communications on investment strategy globally, particularly in the thematic equity space Jeff Weniger, CFA serves as Head of Equity Strategy at WisdomTree. In his role, Weniger helps to formulate the firm’s stock market outlook by assessing macro and fundamental trends. Prior to joining WisdomTree, he was Director, Senior Strategist at BMO, where he worked in the office of the CIO from 2006 to 2017. He served on the firm’s Asset Allocation Committee and co-managed the firm’s ETF model portfolios for both the U.S. and Canada. In 2013, at the age of 32, Jeff was chosen as the youngest member of BMO’s Global Investment Forum, which collected the firm’s top global strategists to formulate the firm’s official long-term outlook for investment trends and markets. Carson Wealth: https://www.carsonwealth.com/ Follow Sonu Varghese on X: https://x.com/sonusvarghese Follow Sam Rines on X: https://x.com/SamuelRines Follow Chri Gannatti on X: https://x.com/SamuelRines Follow Jeff Weiniger on X: https://x.com/JeffWeniger Wisdom Tree: https://www.wisdomtree.com/investments

Show from 01/31/25 Host Jeremy Schwartz and Professor Siegel discuss key market developments this week, covering the Fed meeting, the impact of DeepSeek on AI and chipmakers, and the potential consequences of new tariffs. The Prof notes that while the Fed’s latest move wasn’t highly consequential, the removal of certain inflation-related language raised some market expectations. He also highlights how DeepSeek’s AI advancements could challenge high-end chipmakers like NVIDIA while benefiting AI users and the broader economy. (15:13) Jeremy continues with Jeff Winnegar and Sam Rines, diving into the evolving AI landscape, China’s latest moves in AI with Alibaba’s model, and potential investment opportunities. They also analyze earnings trends, including Meta’s strong margins, Microsoft’s underperformance, and a surprising 31% same-store sales jump for Chili’s. The conversation wraps up with a broader discussion on market rotations and shifting sentiment in Silicon Valley towards Washington. Guest: Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product. Jeff Weniger, CFA serves as Head of Equity Strategy at WisdomTree. In his role, Weniger helps to formulate the firm’s stock market outlook by assessing macro and fundamental trends. Prior to joining WisdomTree, he was Director, Senior Strategist at BMO, where he worked in the office of the CIO from 2006 to 2017. He served on the firm’s Asset Allocation Committee and co-managed the firm’s ETF model portfolios for both the U.S. and Canada. In 2013, at the age of 32, Jeff was chosen as the youngest member of BMO’s Global Investment Forum, which collected the firm’s top global strategists to formulate the firm’s official long-term outlook for investment trends and markets. Follow Sam Rines on X: https://x.com/SamuelRines Follow Jeff Weiniger on X: https://x.com/JeffWeniger Wisdom Tree: https://www.wisdomtree.com/investments

Show from 01/24/25 Chris Gannati and Jeff Weniger host this week’s Behind the Markets, sharing insights on the latest market trends. They discuss inflation metrics like CPI and PPI, noting stable progress in controlling inflation, and emphasizing confidence in Federal Reserve policy adjustments. (15:33) Chris and Jeff delve into European markets' performance and shifting investor sentiment, particularly towards Germany and France, driven by improving economic data and valuation opportunities. They also explore currency trends, global investor flows, and the implications of U.S. equity valuations compared to other regions. Guest: Christopher Gannatti began at WisdomTree as a Research Analyst in December 2010, working directly with Jeremy Schwartz, CFA®, Director of Research. In January of 2014, he was promoted to Associate Director of Research where he was responsible to lead different groups of analysts and strategists within the broader Research team at WisdomTree. In February of 2018, Christopher was promoted to Head of Research, Europe, where he was based out of WisdomTree’s London office and was responsible for the full WisdomTree research effort within the European market, as well as supporting the UCITs platform globally. In November 2021, Christopher was promoted to Global Head of Research, now responsible for numerous communications on investment strategy globally, particularly in the thematic equity space Jeff Weniger, CFA serves as Head of Equity Strategy at WisdomTree. In his role, Weniger helps to formulate the firm’s stock market outlook by assessing macro and fundamental trends. Prior to joining WisdomTree, he was Director, Senior Strategist at BMO, where he worked in the office of the CIO from 2006 to 2017. He served on the firm’s Asset Allocation Committee and co-managed the firm’s ETF model portfolios for both the U.S. and Canada. In 2013, at the age of 32, Jeff was chosen as the youngest member of BMO’s Global Investment Forum, which collected the firm’s top global strategists to formulate the firm’s official long-term outlook for investment trends and markets. Follow Chri Gannatti on X: https://x.com/SamuelRines Follow Jeff Weiniger on X: https://x.com/JeffWeniger Wisdom Tree: https://www.wisdomtree.com/investments

Show from 01/17/25 Host Jeremy Schwartz and Professor Siegel open this week’s episode by discussing recent market trends, focusing on strong economic data, positive retail sales, and moderating inflation. The Professor emphasizes that bond yields are likely to climb above 5%, while highlighting Bitcoin’s current momentum and potential developments in the broader crypto market. He concludes with comments on valuations and long-term market expectations. (12:10) Jeremy then welcomes guest Jim Bianco from Bianco Research, who provides insights into the bond market. Bianco agrees with Professor Siegel on rising bond yields and discusses how higher yields may affect stocks. He also explores the implications of a strong U.S. dollar, sticky inflation, and global economic dynamics, including challenges in China and Japan’s monetary policy. Bianco shares his views on managing credit risks, favoring bank loans over corporate bonds, and discusses the potential for perpetual bonds from the U.S. Treasury. The conversation wraps up with a look at opportunities in European equities and crypto’s evolving role in financial systems. Guest: Jim Bianco is President and Macro Strategist at Bianco Research, L.L.C. Since 1990 Jim’s commentaries have offered a unique perspective on the global economy and financial markets. Unencumbered by the biases of traditional Wall Street research, Jim has built a decades-long reputation for objective, incisive commentary that challenges consensus thinking. In nearly 20 years at Bianco Research, Jim’s wide ranging commentaries have addressed monetary policy, the intersection of markets and politics, the role of government in the economy, fund flows and positioning in financial markets. Learn more about Jim at: https://www.biancoresearch.com/about-us/ Follow Jim on (X)Twitter: @biancoresearch

Show from 01/10/25 Host Jeremy Schwartz and Professor Siegel kicked off the episode by discussing the robust job market, the recent surge in inflationary expectations linked to tariffs, and the outlook on interest rates amid real growth concerns. Professor Siegel noted the resilience of commodity prices, the potential for higher long-term rates, and his skepticism about significant rate cuts in 2025, despite positive corporate earnings reports. He also highlighted the impact of rising real rates on stock valuations and his cautious stance on S&P growth projections. (16:08) Jeremy then shifted the conversation to macro strategists Sam Rines and Chris Gennady. Sam emphasized the positive outlook for leisure, hospitality, and business travel sectors, driven by robust consumer demand and stable cost structures. He also discussed the impacts of interest rate movements on financial stocks and energy prices, highlighting the significance of natural gas production in the U.S. Chris provided insights into the latest tech developments, including quantum computing, robotics, and biotech investments by major chipmakers. The discussion concluded with an overview of currency movements, global geopolitical dynamics, and the importance of energy infrastructure, as well as speculation about Canada's potential political and economic shifts. Guest: Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product. Christopher Gannatti began at WisdomTree as a Research Analyst in December 2010, working directly with Jeremy Schwartz, CFA®, Director of Research. In January of 2014, he was promoted to Associate Director of Research where he was responsible to lead different groups of analysts and strategists within the broader Research team at WisdomTree. In February of 2018, Christopher was promoted to Head of Research, Europe, where he was based out of WisdomTree’s London office and was responsible for the full WisdomTree research effort within the European market, as well as supporting the UCITs platform globally. In November 2021, Christopher was promoted to Global Head of Research, now responsible for numerous communications on investment strategy globally, particularly in the thematic equity space Follow Sam Rines on X: https://x.com/SamuelRines Follow Chri Gannatti on X: https://x.com/SamuelRines Wisdom Tree: https://www.wisdomtree.com/investmen

Show from 01/03/25 Host Jeremy Schwartz and Professor Siegel began the first episode of 2025 by reflecting on the market's robust end to 2024 and the economic outlook for the new year. Professor Siegel emphasized the strong but balanced economic data, predicting no changes in Federal Reserve policy for 2025 and cautioning about potential corrections in the market. He discussed key risks, such as narrow market leadership driven by big tech and lingering bond market pressures, while emphasizing the complexities surrounding tariffs and fiscal policy under the new administration. (16:00) Jeremy was then joined by WisdomTree colleagues Sam Rines and Jeff Weniger for an in-depth discussion of 2025 market dynamics. They explored the potential effects of immigration policies on labor markets, the implications of expected tariffs, and evolving geopolitical risks in Europe and Asia. The group highlighted Argentina's surprising economic turnaround, the deflationary pressures stemming from China, and the ongoing investment potential in India and Japan. They also debated Europe's economic resilience, particularly Germany's DAX performance, despite widespread pessimism. The episode concluded with a lighter discussion on consumer trends, including the recent slowdown in fine wine and luxury goods markets. Guest: Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product. Jeff Weniger, CFA serves as Head of Equity Strategy at WisdomTree. In his role, Weniger helps to formulate the firm’s stock market outlook by assessing macro and fundamental trends. Prior to joining WisdomTree, he was Director, Senior Strategist at BMO, where he worked in the office of the CIO from 2006 to 2017. He served on the firm’s Asset Allocation Committee and co-managed the firm’s ETF model portfolios for both the U.S. and Canada. In 2013, at the age of 32, Jeff was chosen as the youngest member of BMO’s Global Investment Forum, which collected the firm’s top global strategists to formulate the firm’s official long-term outlook for investment trends and markets. Follow Sam Rines on X: https://x.com/SamuelRines Follow Jeff Weiniger on X: https://x.com/JeffWeniger Wisdom Tree: https://www.wisdomtree.com/investments

Show from 12/20/24 Host Jeremy Schwartz and Professor Siegel recap the Fed’s recent rate cuts and their implications for 2024. Professor Siegel discusses the market's reaction to the Fed’s decisions, inflation indicators, and the evolving economic outlook, emphasizing potential rotation within the market’s major sectors. (13:13) Jeremy continues with WisdomTree’s macro team—Sam Rines, Christopher Gannatti, and Jeff Weniger—covering key global developments. They explore the U.S. government’s fiscal negotiations, Google’s efficiency push in AI, and Japan's investment landscape. The team also discusses market prospects for China, India, and emerging technologies like quantum computing, offering a comprehensive year-end market outlook. Guest: Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product. Christopher Gannatti began at WisdomTree as a Research Analyst in December 2010, working directly with Jeremy Schwartz, CFA®, Director of Research. In January of 2014, he was promoted to Associate Director of Research where he was responsible to lead different groups of analysts and strategists within the broader Research team at WisdomTree. In February of 2018, Christopher was promoted to Head of Research, Europe, where he was based out of WisdomTree’s London office and was responsible for the full WisdomTree research effort within the European market, as well as supporting the UCITs platform globally. In November 2021, Christopher was promoted to Global Head of Research, now responsible for numerous communications on investment strategy globally, particularly in the thematic equity space Jeff Weniger, CFA serves as Head of Equity Strategy at WisdomTree. In his role, Weniger helps to formulate the firm’s stock market outlook by assessing macro and fundamental trends. Prior to joining WisdomTree, he was Director, Senior Strategist at BMO, where he worked in the office of the CIO from 2006 to 2017. He served on the firm’s Asset Allocation Committee and co-managed the firm’s ETF model portfolios for both the U.S. and Canada. In 2013, at the age of 32, Jeff was chosen as the youngest member of BMO’s Global Investment Forum, which collected the firm’s top global strategists to formulate the firm’s official long-term outlook for investment trends and markets. Follow Sam Rines on X: https://x.com/SamuelRines Follow Chri Gannatti on X: https://x.com/SamuelRines Follow Jeff Weiniger on X: https://x.com/JeffWeniger Wisdom Tree: https://www.wisdomtree.com/investments

Host Jeremy Schwartz and Professor Siegel discuss the tech sector's recent surge, focusing on portfolio rebalancing, the inflation outlook, and upcoming Fed decisions. The professor highlights the resilience of tech stocks, potential market corrections, and expectations for future interest rate cuts. (13:00) Jeremy leads a roundtable with Sam Rines, Jeff Weniger, and Christopher Gannatti covering global markets. They explore economic and geopolitical developments, including Japan's market strength, Korean political risks, and Europe's energy challenges. The team also examines China's volatile market environment, quantum computing advances, and the potential resurgence of Argentina's economy. Looking ahead, they discuss investment themes like AI, IPO activity, and the ongoing tech vs. value stock debate. Guest: Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product. Christopher Gannatti began at WisdomTree as a Research Analyst in December 2010, working directly with Jeremy Schwartz, CFA®, Director of Research. In January of 2014, he was promoted to Associate Director of Research where he was responsible to lead different groups of analysts and strategists within the broader Research team at WisdomTree. In February of 2018, Christopher was promoted to Head of Research, Europe, where he was based out of WisdomTree’s London office and was responsible for the full WisdomTree research effort within the European market, as well as supporting the UCITs platform globally. In November 2021, Christopher was promoted to Global Head of Research, now responsible for numerous communications on investment strategy globally, particularly in the thematic equity space Jeff Weniger, CFA serves as Head of Equity Strategy at WisdomTree. In his role, Weniger helps to formulate the firm’s stock market outlook by assessing macro and fundamental trends. Prior to joining WisdomTree, he was Director, Senior Strategist at BMO, where he worked in the office of the CIO from 2006 to 2017. He served on the firm’s Asset Allocation Committee and co-managed the firm’s ETF model portfolios for both the U.S. and Canada. In 2013, at the age of 32, Jeff was chosen as the youngest member of BMO’s Global Investment Forum, which collected the firm’s top global strategists to formulate the firm’s official long-term outlook for investment trends and markets. Follow Sam Rines on X: https://x.com/SamuelRines Follow Chri Gannatti on X: https://x.com/SamuelRines Follow Jeff Weiniger on X: https://x.com/JeffWeniger Wisdom Tree: https://www.wisdomtree.com/investments

Show from 06/12/24 Host Jeremy Schwartz and Professor Siegel discuss recent economic indicators, highlighting stable jobless claims, a neutral unemployment rate, and market reactions to labor reports. The Professor comments on inflation expectations, monetary policy, and a potential December equity rally while cautioning against market consensus. He forecasts moderate Fed rate cuts in 2025 and notes AI's role in future productivity. (16:00) Jeremy continues with guests Harley Bassman of Simplify and Dave Goodson of Voya, exploring fixed income strategies and opportunities in the mortgage and securitized credit markets. They discuss the appeal of newly issued mortgage bonds, challenges in the corporate credit landscape, and the implications of policy uncertainty. Harley emphasizes the benefits of selling optionality in mortgages, while Dave highlights the relative value in agency RMBS and structured credit markets. Both delve into the dynamics of private credit growth and the evolving role of volatility in investment strategies. Guest: Harley Bassman created, marketed and traded a wide variety of derivative and structured products during his twenty six year career at Merrill Lynch. In 1985 he created the OPOSSMS mortgage options product that facilitated risk transmission between MBS originators and financial institutions. In 1988, he assumed responsibility for trading and marketing IO/PO and other levered prepayment securities. Soon after this, he started purchasing RTC auctioned MBS Servicing rights and repackaged them for the securities market as BIGS - Beneficial Interests in GNMA Servicing. Later, he started a GNMA servicing conduit becoming one of the Top 20 originators in 1992. As managing and hedging prepayment risk became a priority focus for the financial markets, Mr. Bassman created PRESERV, Merrill's trademarked Prepayment Cap product. Merrill was a leader in this product category writing protection that covered the risk on tens of billions of notional mortgage servicing rights. Later, Mr. Bassman managed Merrill's initial venture into off-balance sheet mortgage trading. Dave Goodson is a managing director, head of securitized fixed income and a senior portfolio manager for non-agency and agency mortgage-backed securities, commercial mortgage-backed securities and asset-backed securities strategies at Voya Investment Management. Prior to joining Voya, he was a principal at an independent investment bank focused on asset-backed commercial paper transactions. Previously, Dave began his career as a vice president in Wachovia Securities’ asset-backed finance group, marketing and executing securitizations for the bank’s corporate clients. He earned a BS in management from the Georgia Institute of Technology Follow Harley Bassman on X: https://x.com/ConvexityMaven Follow David Goodson on X: https://x.com/dg_davidgoodson Simplify: https://www.simplify.us/ Voya: https://www.voya.com/

Show from 11/22/24 Host Jeremy Schwartz and Professor Siegel discuss recent market developments, highlighting a continued strength in jobless claims, the Fed's future rate adjustments, and the implications of Bitcoin's rise toward $100,000. The Prof also shared his perspective on economic indicators such as inflation expectations, with attention to upcoming CPI and employment reports, before concluding with a note on the importance of fiscal policies for market dynamics. (12:00) Jeremy is then joined by J.C. Parets, founder of AllStarCharts.com, to analyze the current market environment through the lens of technical analysis. J.C. details the methodologies behind his market outlook, emphasizing the importance of identifying the prevailing market cycle to optimize strategies. He discusses key charts that signal market strength, including Amazon, Bitcoin, small caps, and the Dow Jones Transportation Average. Additionally, J.C. highlights sector trends in technology and biotech, providing insights into areas showing relative strength. The conversation rounds out with a focus on the evolution of the cryptocurrency market and its growing significance in the broader financial ecosystem. Guest: JC Parets, who holds a Chartered Market Technician (CMT) designation, is the founder of All Star Charts and is one of the most widely followed Technical Analysts in the world. All Star Charts is a research platform for both professional and retail investors covering US and International stocks, interest rates, commodities and forex markets. Follow J.C Parets on LinkedIn: https://www.linkedin.com/in/jcparetscmt To get the charts discussed in the podcasts, please visit http://Getthecharts.com

Show from 11/15/24 Host Jeremy Schwartz and Professor Siegel discuss the latest market developments, including CPI and PPI inflation data and its implications for the Fed's policy. Professor Siegel highlights the challenges of higher long-term interest rates and the potential for recalibration in the Fed’s neutral rate estimation. (8:00) Jeremy continues with guest Thomas Lee, founder of Fundstrat, who shares insights on the economic outlook, the role of betting markets in forecasting, and the evolving landscape of crypto assets. They also delve into the prospects for small-cap stocks, AI’s transformative potential, and the launch of Fundstrat's "Granny Shots" ETF, a strategy based on multi-thematic investments. Guest: Thomas Lee is a Managing Partner and the Head of Research at Fundstrat Global Advisors. He is an accomplished Wall Street strategist with over 25 years of experience in equity research, and has been top-ranked by Institutional Investor every year since 1998. Prior to co-founding Fundstrat, he served as J.P. Morgan’s Chief Equity Strategist from 2007 to 2014, and previously as Managing Director at Salomon Smith Barney. His areas of expertise include Market Strategy, Small/Mid-Cap Strategy and Telecom Services. Mr. Lee received his BSE from the Wharton School at University of Pennsylvania with concentrations in Finance and Accounting. He is a CFA charterholder and is an active member of NYSSA and the NY Economic Club. Follow Thomas Lee on LinkedIn: https://www.linkedin.com/in/thomas-tom-lee Fundstrat: https://fundstrat.com/

Show from 11/08/24 Host Jeremy Schwartz and Professor Siegel reflect on the intense week in the markets, touching on the Federal Reserve’s latest rate decision, upcoming economic data, and the potential impacts of political changes following the U.S. election. Professor Siegel also notes the significant market reaction to the election results, particularly regarding fiscal policies, tariffs, and tax concerns. (13:10) Jeremy turns to his panel, with guests Sam Rines, Jeff Weniger, and Christopher Gannatti, to delve into global shifts in trade, the nearshoring trend, and China’s economic outlook. They discuss the impacts of geopolitical events on market stability, as well as shifts in sectors like tech, real estate, and small-cap stocks. Additionally, the conversation highlights changing dynamics in U.S. housing, energy, and healthcare sectors under the current economic landscape. Guest: Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product. Christopher Gannatti began at WisdomTree as a Research Analyst in December 2010, working directly with Jeremy Schwartz, CFA®, Director of Research. In January of 2014, he was promoted to Associate Director of Research where he was responsible to lead different groups of analysts and strategists within the broader Research team at WisdomTree. In February of 2018, Christopher was promoted to Head of Research, Europe, where he was based out of WisdomTree’s London office and was responsible for the full WisdomTree research effort within the European market, as well as supporting the UCITs platform globally. In November 2021, Christopher was promoted to Global Head of Research, now responsible for numerous communications on investment strategy globally, particularly in the thematic equity space Jeff Weniger, CFA serves as Head of Equity Strategy at WisdomTree. In his role, Weniger helps to formulate the firm’s stock market outlook by assessing macro and fundamental trends. Prior to joining WisdomTree, he was Director, Senior Strategist at BMO, where he worked in the office of the CIO from 2006 to 2017. He served on the firm’s Asset Allocation Committee and co-managed the firm’s ETF model portfolios for both the U.S. and Canada. In 2013, at the age of 32, Jeff was chosen as the youngest member of BMO’s Global Investment Forum, which collected the firm’s top global strategists to formulate the firm’s official long-term outlook for investment trends and markets. Follow Sam Rines on X: https://x.com/SamuelRines Follow Chri Gannatti on X: https://x.com/SamuelRines Follow Jeff Weiniger on X: https://x.com/JeffWeniger Wisdom Tree: https://www.wisdomtree.com/investments

Show from 11/01/24 Host Jeremy Schwartz and Professor Siegel discuss the recent jobs report, with Professor Siegel noting that while the labor market shows signs of slowing, it remains strong enough to avoid immediate recession concerns. They also talk about potential Fed rate cuts and Siegel’s view that bond market conditions may reflect defensiveness around political uncertainties ahead of the election. (16:00) Jeremy is joined by WisdomTree colleagues Sam Rines, Chris Gannatti, and Jeff Weniger to discuss upcoming election implications for markets, insights from recent earnings, and the outlook for China. They cover sector-specific earnings impacts, especially within tech, automotive, and real estate, and examine evolving investor sentiment towards China. The conversation wraps with insights on AI investment trends and the importance of data security uses of AI in financial data, and his venture investments in early-stage tech companies. Guest: Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product. Christopher Gannatti began at WisdomTree as a Research Analyst in December 2010, working directly with Jeremy Schwartz, CFA®, Director of Research. In January of 2014, he was promoted to Associate Director of Research where he was responsible to lead different groups of analysts and strategists within the broader Research team at WisdomTree. In February of 2018, Christopher was promoted to Head of Research, Europe, where he was based out of WisdomTree’s London office and was responsible for the full WisdomTree research effort within the European market, as well as supporting the UCITs platform globally. In November 2021, Christopher was promoted to Global Head of Research, now responsible for numerous communications on investment strategy globally, particularly in the thematic equity space Jeff Weniger, CFA serves as Head of Equity Strategy at WisdomTree. In his role, Weniger helps to formulate the firm’s stock market outlook by assessing macro and fundamental trends. Prior to joining WisdomTree, he was Director, Senior Strategist at BMO, where he worked in the office of the CIO from 2006 to 2017. He served on the firm’s Asset Allocation Committee and co-managed the firm’s ETF model portfolios for both the U.S. and Canada. In 2013, at the age of 32, Jeff was chosen as the youngest member of BMO’s Global Investment Forum, which collected the firm’s top global strategists to formulate the firm’s official long-term outlook for investment trends and markets. Follow Sam Rines on X: https://x.com/SamuelRines Follow Chri Gannatti on X: https://x.com/SamuelRines Follow Jeff Weiniger on X: https://x.com/JeffWeniger Wisdom Tree: https://www.wisdomtree.com/investments

Show from 10/25/24 Host Jeremy Schwartz and Professor Siegel cover recent economic trends, highlighting a slight drop in jobless claims and strong third-quarter GDP forecasts. Professor Siegel notes market stability, a potential November Fed rate pause, and rising bond yields driven by election dynamics. (11:10) Jeremy continues with guest Howard Lindzon, co-founder of StockTwits and Social Leverage. They discuss the evolving “degenerate economy,” meme coins, and the role of companies like Google, Robinhood, and Coinbase in this speculative market space. Lindzon also shares insights on StockTwits’ growth, future uses of AI in financial data, and his venture investments in early-stage tech companies. Guest: Howard Lindzon is a Canadian Author, financial analyst, technical analyst and super angel investor. Lindzon manages a hedge fund, serves as managing partner of the holding company Social Leverage, limited partner at Knight's Bridge Capital Partners, and is the co-founder of StockTwits. Follow Howard on LinkedIn: https://www.linkedin.com/in/howardlindzon StockTwits: https://stocktwits.com/ Social Leverage:https://www.socialleverage.com

Show from 10/18/24 Host Jeremy Schwartz and Professor Jeremy Siegel discuss the latest market trends, starting with strong retail sales, the bond yield increases, and a solid third-quarter GDP outlook. Siegel highlights positive productivity growth and deposit expansion, suggesting that the neutral interest rate might be higher than expected. He also comments on upcoming midterm elections and their potential market impact. (10:00) Jeremy then turns to guest Phil Huber, Head of Portfolio Solutions at Cliffwater, who shares insights on the growing role of alternative investments. They delve into private markets, private debt, and the increasing interest in alternatives for portfolios, emphasizing the importance of diversification, liquidity management, and manager selection in these areas. Guest: As both a wealth management practitioner and an investment-industry thought leader, Phil Huber, CFA, CFP®, is uniquely qualified in helping investors design, implement, and stick with evidence-based portfolios built to fulfill long-term financial goals and objectives. Phil is the Head of Portfolio Solutions for Cliffwater, a leading alternative investment adviser and fund manager. Prior to joining Cliffwater in 2024, Phil was the Chief Investment Officer for Savant Wealth Management, a multi-billion dollar wealth management firm. Phil has been involved in the financial services industry since 2007. He earned a bachelor’s degree in finance from the Kelley School of Business at Indiana University. He is a member of the CFA Society of Chicago. He is the author of The Allocator’s Edge: A Modern Guide to Alternative Investments and the Future of Diversification. Phil has been featured by a number of media outlets, including The Wall Street Journal, The New York Times, InvestmentNews, CityWire RIA Magazine, and Bloomberg TV. Follow Phil on LinkedIn: https://www.linkedin.com/in/phil-huber More Insights from Cliffwater: https://www.cliffwater.com/Insights Direct Lending for the Long Run: https://www.cliffwater.com/ResourceArticle?docId=23740 Cliffwater Direct Lending Index: https://www.cliffwaterdirectlendingindex.com/

Show from 10/11/24 Host Jeremy Schwartz and Professor Siegel discuss the latest inflation data, particularly focusing on the CPI, PPI, and jobless claims. Professor Siegel expresses mixed reactions, noting improvements in the PPI but concerns about other inflation indicators like car insurance and housing costs. He also mentions the market's resilience and optimism despite weaker data, particularly regarding inflation and jobless claims, and forecasts potential future Fed rate cuts. (9:00) Jeremy is then joined by Anna Rathbun, Chief Investment Officer at CBIZ Investment Advisory Services, who discusses the firm’s broad services and her perspective on economic data, including small business employment and inflation volatility. Rathbun emphasizes the uncertainty of the economic trajectory, explains the firm’s approach to portfolio construction, and shares insights into global markets, highlighting opportunities in India and Japan while cautioning against China. She also offers thoughts on U.S. geopolitical resilience and the potential for recession-driven tax policy shifts. Guest: Anna is the chief investment officer for CBIZ Investment Advisory Services, LLC (CBIZ IAS), a Registered Investment Advisory firm. Anna is responsible for overseeing the investment activities of CBIZ IAS through the CBIZ national Investment Committee. She helps to set the direction of the firm as a member of the Executive Committee. Learn more about Anna at: https://www.cbiz.com/about-us/employee-directory/employee-details/anna-j-rathbun Follow Anna on LinkedIn: https://www.linkedin.com/in/anna-rathbun-cfa-caia-aa561689

Show from 10/04/24 Host Jeremy Schwartz and Professor Siegel open this week’s episode discussing the strong market report, noting gains in productivity despite a decline in hours worked, and the potential for a quarter-point rate cut by the Fed. Professor Siegel highlights the recalibration of long-term interest rates, predicting they may settle around 4-4.5%, and emphasizes the lowered risk of recession. (12:00) Jeremy is then joined by Yashwant Bajaj, founder and CIO of Four Ships Asset Management, for a special tribute to Ken Taheny, who tragically passed away. The conversation covers the outlook for Japan, its managed yen depreciation, and its geopolitical positioning in the global supply chain, particularly in semiconductors and other strategic sectors. Yashwant also shares insights into Japan's potential industrial revitalization and the challenges and opportunities facing the country. Learn more about Yashwant at: https://www.four-ships.com/ Follow Yashwant on LinkedIn: https://sg.linkedin.com/in/yashwant-bajaj-68433053

Show from 09/27/24 Host Jeremy Schwartz and Professor Jeremy Siegel discuss the latest market data, focusing on US economic indicators and the impact of monetary policy. Professor Siegel highlights the increase in M2 money supply, home price trends, and the PCE deflator, suggesting the Fed may continue to lower rates. He shares his outlook on the 10-year treasury yield, China's economic stimulus, and Japanese equities before signing off. (10:00) Jeremy continues with guest Tom Morgan, who shares insights from his experience on Wall Street, his interest in human behavior, and his transition to a more holistic approach to decision-making. Tom discusses the impact of left versus right brain dominance on investing and personal life, emphasizing the importance of balance and intuition. He also talks about his network, the Leading Edge, where he helps people explore new identities and enhance their intuitive decision-making. Guest: Tom Morgan is a former financier and founder of The Leading Edge, a media platform and transformational community dedicated to sharing world-changing ideas and facilitating life-changing experiences. Learn more about Tom at: https://www.theleading-edge.org/ Follow Tom on LinkedIn: https://www.linkedin.com/in/tom-morgan-3a619372

Show from 09/20/24 Host Jeremy Schwartz and Professor Siegel discussed the recent Federal Reserve meeting, with Professor Siegel expressing surprise that the Fed didn't raise rates by a quarter point despite strong data. He explained the Fed's recalibration in its approach, focusing on reaching the long-run neutral rate, which he estimates is around 3.5%. He also shared his expectations for gradual rate cuts over the next year and the potential impacts on stocks and bonds. (19:00) Jeremy continues with Alejandro Lopez-Lira from the University of Florida, who shares insights on his recent research using AI for stock prediction. They discuss the implications of large language models like ChatGPT on financial forecasting and market efficiency. Alejandro also talks about his new book, "The Predictive Edge," and delves into how AI and machine learning can enhance traditional financial models and portfolio strategies. Guest: Alejandro Lopez-Lira is an Assistant professor of Finance at Warrington College of Business, University of Florida. He holds a PhD in Finance from the Wharton School, University of Pennsylvania. His research covers topics in Empirical Asset Pricing, Machine Learning and Textual Analysis. Learn more about Alejandro at: https://alejandrolopezlira.site/ Follow Alejandro on LinkedIn: https://www.linkedin.com/in/alejandro-lopez-lira-239525a9?original_referer=https%3A%2F%2Fwww.google.com%2F

Show from 09/13/24 Host Jeremy Schwartz and Professor Siegel discuss this week’s market movements, highlighting the implications of recent inflation data and the Federal Reserve’s policy outlook. Professor Siegel emphasizes his expectation for a series of gradual rate cuts over the coming months, expressing concerns about the Fed’s pace of adjustments. (15:00) Jeremy continues the conversation with Wharton Professor Chris Geczy, who shares his insights on inflation, market dynamics, and his experiences with the intersection of AI and investment management. They delve into the implications of fiscal policy, the evolving role of AI in finance, and the importance of diversified investment strategies in today’s market environment. Guest: Chris Geczy has been on the Finance Department faculty at the Wharton School of the University of Pennsylvania since 1997. He is Academic Director of the Jacobs Levy Equity Management Center for Quantitative Financial Research. He is also Academic Director of the Wharton Wealth Management Initiative at Wharton Executive Education. He has a B.A. in economics from the University of Pennsylvania and a Ph.D. in finance and econometrics from the Graduate School of Business at the University of Chicago (now the Booth School). Learn more about Chris at: https://fnce.wharton.upenn.edu/profile/geczy/ Follow Chris on LinkedIn: https://www.linkedin.com/in/chris-geczy-ph-d-a69114

Show from 09/06/24 Host Jeremy Schwartz and Professor Siegel discuss the latest jobs report, noting it was weaker than expected but not disastrous. Professor Siegel also highlights concerns about the Fed being behind the curve, the impact of rising rates on the bond market, and his view on where the Fed funds rate should be. (12:47) Jeremy continues with guest Peter Boockvar, CIO at Bleakley Advisory Group, who shares insights on the economic impact of prolonged high rates and concerns about weakening market leadership. The conversation covers topics such as gold, central bank reserves, the challenges and opportunities in emerging markets, particularly Asia, and the risks surrounding U.S. debt and deficits. Peter emphasizes the importance of commodities in a diversified portfolio and the potential shifts in market leadership in the current macroeconomic climate. Guest: Peter is the Chief Investment Officer of Bleakley Financial Group, a $8B wealth management firm. He is also Editor of The Boock Report. He previously was the Chief Market Analyst for The Lindsey Group, a macro economic and market research firm started by Larry Lindsey. Prior to this, Peter spent a brief time at Omega Advisors, a New York-based hedge fund, as a macro analyst and portfolio manager. Before this, he was an employee and partner at Miller Tabak + Co for 18 years where he was recently the equity strategist and a portfolio manager with Miller Tabak Advisors. Peter graduated Magna Cum Laude with a B.B.A. in Finance from George Washington University. Learn more about Peter at: https://www.cnbc.com/peter-boockvar/ Follow Peter on X(Twitter): @pboockvar

Show from 08/30/24 Host Jeremy Schwartz and Professor Siegel discuss the latest market data, including recent jobless claims, the inflation outlook, and upcoming Fed decisions. Professor Siegel emphasizes the need for the Fed to lower rates to avoid unnecessary recession risks and comments on the stable but unimpressive economic performance. (09:08) Jeremy continues the discussion with guests Richard Oller and Jake Hollinger, who share insights on the real estate market, including rental trends stabilizing post-pandemic, the impact of interest rates on property valuations, and the challenges of negative leverage. They also explore the broader supply-demand dynamics in housing, potential policy solutions for affordability, and the evolving cultural shift towards renting over homeownership. Guests: Richard, a lawyer by training, in 1985 founded the Wentworth Group (now First Service Residential) which over the next 15 years grew into one of the largest residential real estate management firms in the United States. In 2004 Richard aligned with his current partner, Jeffrey Goldstein, sharing the helm at Multifamily Management Services and Affiliates (MMS) and GoldOller. As a founding member of GoldOller Real Estate Investments, LLC, Jakes serves as President and Chief Operating Officer. In this role, Jake directs new investments for the Goldoller portfolio and oversees management operations for all investments. Jake has over 15 years of experience working with real estate investments in acquisitions, development, finance, and management. Learn more about Richard at: https://goldoller.com/the-go-team/ Learn more about Jake at: https://goldoller.com/the-go-team/ Follow Jake on LinkedIn: linkedin.com/in/bill-miller-cfa-a421075

Show from 08/23/24 Host Jeremy Schwartz and Professor Siegel discuss Powell’s recent speech at Jackson Hole, noting its dovish tone and implications for future Fed rate cuts. Professor Siegel emphasizes the ongoing strength in economic data, such as jobless claims and new home sales, while expressing concern over the timing and scale of rate cuts. He predicts that value stocks, small caps, and dividend payers will benefit as the Fed’s easing cycle continues. (12:21) Jeremy is joined by Bill Miller, who shares his insights on the economy and markets, including the strength of small-cap stocks. The two discuss opportunities for home builders and the impact of Fed policy on interest rates. Miller also discusses his firm’s value-oriented investment strategy, including positions in companies like Stellantis and PayPal, and his bullish stance on Bitcoin as a long-term investment. Guest: Bill Miller IV, CFA, CMT has managed the firm’s Income Strategy since April, 2009. Prior to working exclusively with Miller Value Partners, Bill worked at Legg Mason Capital Management since 2008 covering the specialty finance and consumer spaces with a focus on high-yielding securities. Bill earned his MBA from the Tuck School of Business at Dartmouth after working as an analyst at the management consulting firm McKinsey & Company. He graduated Phi Beta Kappa and magna cum laude from Tufts University with a degree in economics. Bill earned his CFA designation in 2011 and his CMT designation in 2018. Learn more about Bill at: https://millervalue.com/ Follow Bill on LinkedIn: linkedin.com/in/bill-miller-cfa-a421075

Show from 08/16/24 Host Jeremy Schwartz is joined outdoors by guests Jim Bianco, founder of Bianco Research, and Jack Farley of Blockworks and the Forward Guidance podcast. The trio delves into a broad array of topics, including the potential for further interest rate cuts. They discuss implications of persistently high inflation, and the shifting dynamics in the bond and stock markets. Jim Bianco shares his perspective on a "no landing" scenario where the economy continues to grow without a significant downturn, which could lead to structurally higher inflation. They also discuss the evolution of the bond market, particularly the growing influence of ETFs. They talk about how these financial instruments are transforming traditional investment strategies. Guests: Jim Bianco is President and Macro Strategist at Bianco Research, L.L.C. Since 1990 Jim’s commentaries have offered a unique perspective on the global economy and financial markets. Unencumbered by the biases of traditional Wall Street research, Jim has built a decades-long reputation for objective, incisive commentary that challenges consensus thinking. In nearly 20 years at Bianco Research, Jim’s wide ranging commentaries have addressed monetary policy, the intersection of markets and politics, the role of government in the economy, fund flows and positioning in financial markets. Jack Farley covers traditional finance markets as the host of “Forward Guidance”. Jack previously worked at Bloomberg, Dealbreaker, and Real Vision, where he hosted over 100 long-form interviews with investors, analysts, and financial professionals. Jack graduated from Brown University with a degree in economics, and lives in NYC. Learn more about Jim at: https://www.biancoresearch.com/about-us/ Follow Jim on (X)Twitter: @biancoresearch Learn more about Jack at: https://blockworks.co/speaker/jack-farley Follow Jack on (X)Twitter: @JackFarley96

Show from 08/09/24 Host Jeremy Schwartz and Professor Siegel dive into the week’s market developments, focusing on the Fed’s approach to interest rates. Professor Siegel strongly argues that the Fed should implement a significant rate cut, possibly 75 basis points. He believes the Fed’s models indicate that the Fed funds rate should already be lower. Siegel also discusses his concerns about the Fed’s lack of clear communication regarding their decision-making process, stressing the importance of adjusting rates sooner rather than later to maintain economic stability. (10:09) Jeremy continues the conversation with Samuel Rines who provides a detailed analysis of the current economic landscape. Rines touches on the noise in recent jobless claims data due to external factors like weather events. He discusses the normalization of inflation rates and how companies are beginning to see improvements in margins as input costs stabilize. Rines also highlights specific investment opportunities, including the potential in Japanese equities following recent market disruptions, the strategic importance of Poland within emerging markets, and the long-term growth prospects in India. Rines and Jeremy also discuss how geopolitical risks and currency fluctuations are influencing global investment strategies. Guest: Samuel Rines is the Managing Director of CORBU, a research intelligence and advisory platform at the intersection of markets, policy, and national security. Based in CORBU’s Houston, Texas office, Samuel is a global macro expert focused on the investment implications of politics and policy. His PolyMacro research and model portfolios are widely followed. Learn more about Samuel at: https://www.linkedin.com/in/samuelerines Follow Samuel on LinkedIn: @SamuelRines

Show from 08/02/24 Host Jeremy Schwartz and Professor Siegel discuss the latest market developments, focusing on the recent Fed meeting and the implications of economic data. Professor Siegel criticizes the Fed’s decision to not cut rates despite signs of a weakening job market and increasing jobless claims. He expresses concern over a potential slowdown in the labor market and comments on the Fed’s neutral rate, inflation trends, and the performance of dividend-paying value stocks amid changing economic conditions. (14:52) Jeremy continues the conversation with Ken Taheny, head of trading and a co-portfolio manager at Foreships Asset Management. Ken discusses the recent turmoil in Asian markets, specifically Japan, highlighting the impact of the yen’s strengthening and the historic sell-off in Japanese equities. He explains the dynamics of the yen carry trade, the potential for a Japanese manufacturing renaissance, and the geopolitical factors influencing currency and market trends. Ken shares his insights into the opportunities in Japanese equities, the value of the yen, and the potential for Japan to become a key player in global high-end manufacturing as supply chains diversify from China. Guest: Kenneth Taheny and his team at Four Ships Asset Management excel in navigating complex trading strategies, having successfully managed significant asset portfolios. Through collaboration with a diverse international clientele, they've honed their expertise in financial services and asset management, ensuring operational excellence and regulatory compliance. Follow Kenneth on LinkedIn: linkedin.com/in/kenneth-taheny-60554524

Show from 07/26/24 Host Jeremy Schwartz and Professor Siegel delve into the latest economic data, discussing the current GDP growth rate of 2%, stable jobless claims, and the PCE consumption figures. They note the favorable trends in commodity prices and speculate on the Fed’s potential rate cuts in September, with Professor Siegel suggesting a likely 25 basis points cut. The discussion also covers the political landscape, including the narrowing odds for Trump and the implications for tax policies under a potential Harris administration. (10:51) Jeremy Schwartz continues with Stephen Lee from Logan Capital, focusing on large-cap growth, the real rotation in the market, and how technology is impacting various sectors. Stephen Lee highlights the impact of AI and digital tools on business operations. They also discuss the importance of earnings leadership, where companies demonstrate their ability to grow despite economic challenges. Lee emphasizes the role of good management and technological adoption in driving growth. They touch on the differences between passive and active investment strategies, noting the advantages of identifying growth opportunities earlier than indices. The conversation concludes with insights into sectors benefiting from structural themes like housing, and how companies are adapting to changing market conditions and consumer behaviors. Guest: Stephen is a founding principal of Logan Capital and the firm’s treasurer. As a manager of growth portfolios, Stephen plays an active role in the security selection for the firm’s large cap growth and mid-to-large cap growth portfolios. He is also a member of the Fixed Income team. Before founding Logan Capital with his partners in 1993, Stephen was employed at Mercer Capital Management and Merrill Lynch. He currently serves his community as a member of several investment committees and foundation boards. He is a graduate of Lehigh University with a BS in accounting. Learn more about Stephen at: https://logancapital.com/team/#stephen-s-lee Follow Stephen on LinkedIn: linkedin.com/in/stephen-lee-b3a53a5

Show from 07/19/24 Host Jeremy Schwartz and Professor Siegel discuss the political dynamics and potential scenarios surrounding the upcoming elections, as well as the implications of recent economic data, including jobless claims, housing, and retail sales figures. Siegel provides insights on the Fed’s anticipated moves and the market rotations between large and small stocks, emphasizing that small stocks may continue to benefit if the Fed cuts rates. (11:28) Jeremy continues with guests Andrew Okrongly and Vin Kravec from the Common Fund, exploring the private credit space. They discuss the surge in demand for private credit and its role as a liquid credit replacement The group touches base on the various strategies within private credit, such as senior lending and asset-based finance. Vin highlights the importance of private credit in enhancing portfolio diversification and its potential for higher yields compared to traditional credit markets. Guests: Andrew Okrongly joined WisdomTree in 2022 as a Director on the Model Portfolios Team. He is responsible for the design and ongoing management of model portfolios and custom solutions for portfolio managers and advisors. Andrew is also a member of the WisdomTree Asset Allocation and Model Portfolio Investment Committees. Prior to joining WisdomTree, Andrew was a Director on the Outsourced Chief Investment Officer (OCIO) team at Commonfund, where he was responsible for macro-economic analysis and advising institutional clients on strategic and tactical asset allocation. Andrew began his career at BlackRock where he held a variety of fixed income and multi-asset investment roles. Andrew received a BBA degree from the University of Michigan and is a holder of the Chartered Financial Analyst designation. He is a holder of the Chartered Financial Analyst designation. Vincent Kravec is a member of the Commonfund OCIO Investment team and is primarily responsible for investment monitoring, manager sourcing, rebalancing and reporting for investment portfolios with a focus in fixed income and credit strategies. Prior to joining Commonfund, Vincent was with Lazard Asset Management as a member of the Fixed Income operations staff. While at Lazard he was a trading assistant on the Emerging Markets team. He was also a supervisor in Fixed Income Accounting and had responsibilities in trading operations involving allocating trades and resolving trade problems for corporates, treasuries, municipals, asset backs and FX trading desks. Previous experience includes positions at Morgan Stanley, Alliance Capital and Evaluation Associates. Vincent earned his M.B.A. in from New York University’s Stern School of Business and his B.A. from Fairfield University. He is also a CFA charter holder. Learn more about Andrew at: https://www.wisdomtree.com/investments/andrew-okrongly Follow Andrew on X(Twitter): @AOkrongly Learn more about Vin at: https://www.commonfund.org/commonfund-teams/outsourced-cio-team Follow Vin on LinkedIn: linkedin.com/in/vin-kravec-cfa-2a610b10

Host Jeremy Schwartz and Professor Siegel discuss the latest market trends, focusing on significant inflation data and its implications for Federal Reserve rate decisions. Professor Siegel highlights the positive CPI report and its potential to prompt rate cuts while expressing cautious optimism about unemployment claims and productivity trends. Jeremy continues with insights on market reactions to economic indicators, emphasizing the impact on various sectors and the potential for future rate adjustments.

Show from 07/06/24 Host Jeremy Schwartz is joined by David Rothschild, a senior economist at Microsoft, who shares his research on the misconceptions surrounding online misinformation. David explains the nuanced landscape of media consumption, emphasizing the importance of understanding the broader media ecosystem and the role of algorithms. The two explore the challenges of addressing misinformation and the limitations of algorithmic influence, underscoring the role of user choice in content consumption. The conversation also touches on the implications of social media for political polarization. They delve into the potential effects of AI on society and productivity, with David highlighting both the opportunities and challenges presented by advancements in generative AI. He shares insights from his work on the Media Bias Detector, a tool designed to analyze media coverage and its impact on public perception, and discusses the broader implications of AI-driven research for understanding. The episode concludes with reflections on the future of media, technology, and their intersection with societal trends. Guest: David Rothschild is an economist at Microsoft Research. He has a Ph.D. in applied economics from the Wharton School of Business at the University of Pennsylvania. He has written extensively, in both the academic and popular press. His work pushes the boundaries on varying data and methods: polling, prediction markets, social media and online data, and large behavioral and administrative data. His work focuses on solving practical and interesting questions including: mapping and updating public opinion, the market for news, effect of advertising, finance, and an economist's take on public policy. Learn more about David at: https://www.microsoft.com/en-us/research/people/davidmr/ Follow David on X(Twitter): @DavMicRot

Show from 06/28/24 Host Jeremy Schwartz and Professor Siegel kick off the episode discussing recent market trends and political impacts on the stock market, particularly focusing on the market’s reactions to political debates and economic indicators such as housing starts, trade deficits, and GDP growth estimates. Professor Siegel notes the persistent high interest rates affecting housing prices and the soft economic data in various sectors. He concludes with his outlook on the Federal Reserves potential actions in the upcoming meetings. (11:52) Jeremy continues the conversation with San Francisco Fed Research Advisor John Mondragon, who delves into the intricacies of measuring housing and inflation metrics, particularly the CPI and owner’s equivalent rent (OER). They discuss the lag in rent inflation data and its implications on current economic assessments. Mondragon also touches on his research on housing supply dynamics and the long-term impact of housing construction on prices. Following this, Warren Pies from 3Fourteen Research joins to share his market outlook for the second half of the year. He highlights the persistent inflationary pressures in the housing market and forecasts a continued bullish trend driven by a potential Fed pivot and credit expansion narrative. Pies emphasizes the importance of sentiment and positioning in market dynamics, and discusses strategic asset allocation focusing on quality stocks and alternative investments. Guests: John Mondragon is a research advisor at the Federal Reserve Bank of San Francisco. He works on the mortgage and housing markets and empirical macroeconomics. Prior to founding 3Fourteen Research, Warren Pies led Ned Davis Research’s Energy and Commodity strategy. In that role, he built the firm’s commodity-related studies, models, and unique indicators. His research combines proprietary fundamental, technical and macro indicators to identify major investment themes and market trends affecting capital markets. Learn more about John at: https://sites.google.com/site/johnnelsonmondragon/ Follow John on LinkedIn: linkedin.com/in/john-mondragon-250028138 Learn more about Warren at: https://www.3fourteenresearch.com/about Follow Warren on LinkedIn: linkedin.com/in/warren-pies-erp-1b999437