Behind the Markets Podcast

Show from 10/20/23 Hosts Jeremy Schwartz and Professor Siegel begin by summarizing current rate reports that are being released. Professor Siegel doesn't think The Fed will raise rates on November 1st. Mid December will bring new unemployment rate reports to watch for. He states there may be some caution going into the fourth quarter but nothing serious yet due to interest rates. The market is under pressure but he thinks the stronger economy will bring in stronger earnings. Jack asks the Professor about bonds and at what point are the rates attractive as a long term investment. (11:00) Dave Goodson joins Jeremy Schwarts and Jack Farley as they discuss the Professor's thoughts. Dave goes in depth on his current view of the market. Jeremy asks about option adjusted spreads and if the government dysfunction contributes to lack of confidence. The group discusses real estate markets and the credit risks associated with it. Dave talks about the riskiest sections of the market right now and where he thinks the best return would be. They cover the current state of banking and the opportunities that came from the latest banking crisis. Guest: 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. 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. Learn more about Jack: https://blockworks.co/speaker/jack-farley Learn more about Dave: https://institutional.voya.com/investment-capabilities/single-sector/securitized-credit Follow Jack on LinkedIn: linkedin.com/in/jack-farley-40b394112 Follow Dave on LinkedIn: linkedin.com/in/david-goodson-7146245

Show from 10/13/23 Hosts Jeremy Schwartz and Professor Siegel discuss the economic uncertainties, such as rising inflation, geopolitical risks, and potential government shutdowns. Professor Siegel believes that while there are warning signs, the data does not indicate an imminent recession, attributing low unemployment claims and expected seasonal economic boosts as positive signs. He also argues that inflation is better than official numbers suggest, citing alternative metrics considering lagging factors like housing costs in the CPI calculation. (12:22) Samuel Rimes agrees with Professor Siegel that the Fed is unlikely to change rates soon due to volatile data points affecting monetary policy. On the topic of energy and inflation, Rimes highlights how the global energy landscape has evolved significantly, allowing for quick shifts in supply chains, and notes that U.S. oil production has been surprisingly robust due to technological advances, which is keeping oil prices lower than one might expect given current geopolitical tensions. They discuss how temporary external pressures like deficits and liquidity should be watched. Regarding margins and investment strategies, Samuel points out that cost benefits arise from improved supply chains and moderated costs in commodities and labor. 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. Follow him on LinkedIn: https://www.linkedin.com/in/samuelerines Follow him on Twitter: @SamuelRines

Show from 10/06/23 Prof. Siegel joins Jeremy Schwartz with his weekly review of the current market. They cover the most recent jobs report and the strength it’s suggesting. Prof. Siegel thinks that the only real hurt will be felt in the housing market. He doesn’t believe there will be a rate hike in November. They also talk about this weeks big drop in oil. He states that real GDP growth looks stronger going into 2024. (9:22) Daniel and Anton join Jeremy with Daniel starting off by talking about the increase in rates and the strength in the market. They discuss the impact AI technology will have on the increased productivity rates over the next 10 years. Jeremy asks them both how new technology will impact the inequality gap. They discuss roadblocks being experienced in increasing AI technology production. They talk about robotics and advancements in similar areas as AI grows. Jeremy brings up the topic of disruptive technology and how advancements can in fact hurt workers. They finish by talking about the government policies surrounding these tech enterprises. Guests: Professor Daniel Rock is an Assistant Professor of Operations, Information, and Decisions at the Wharton School of the University of Pennsylvania. His research is on the economic effects of digital technologies, with a particular emphasis on the economics of artificial intelligence. He has recently worked on studies addressing the types of occupations that are most exposed to machine learning, measuring the value of AI skill sets to employer firms, and adjusting productivity measurement to include investments in intangible assets. His research has been published in various academic journals and featured in outlets such as The New York Times, Wall Street Journal, Bloomberg, Harvard Business Review, and Sloan Management Review. Much of his work involves applying cutting-edge data science techniques to analyze datasets from financial market data sources, online resume sites, and job postings. Anton Korinek is a Professor at the University of Virginia, Department of Economics and Darden School of Business as well as a Nonresident Fellow at the Brookings Institution, a Research Associate at the NBER, a Research Fellow at the CEPR and the Economics of AI Lead at the Centre for the Governance of AI. He received his PhD from Columbia University in 2007 after several years of work experience in the IT and financial sectors. He has also worked at Johns Hopkins and at the University of Maryland and has been a visiting scholar at Harvard University, the World Bank, the IMF, the BIS and numerous central banks. Learn more at: https://oid.wharton.upenn.edu/profile/rockdi/# https://www.korinek.com/ Follow Daniel on Twitter: @danielrock Follow Anton on Twitter: @akorinek

Show from 9/29/23 Prof. Siegel joins Jeremy Schwartz beginning with some more data this week on the market. He feels the economy is doing very well, especially after the trade report came out. A government slowdown may challenge the strength of the market, but the numbers are strong. He talks about his article on Barron’s. They dive into the future of housing and the job market as well. (10:11) Howe joins Jeremy to talk about the private market index and the group he’s a part of that makes data a bit easier to attain. The index is updated once a week for anyone to view. He discusses the ability to compare the private and public markets using these reports. Howe explains how they chose who to include on their index and why. Howe and Jeremy discuss the private market's current state and how it compares to the public market. He explains how transactions are made through Forge as well as who the buyers typically are using the platform. Howe talks about vision for what this index can do in the future. Guest: Howe Ng leads data and analytics at Forge overseeing the research & development of market insights, investment research and product analytics. Howe has more than 18 years of buy-side institutional asset management experience. He previously held roles in systematic active equity portfolio management and ETF product strategy at BlackRock and additional leadership roles at Nipun Capital and Barclays Global Investors. Learn more at: https://forgeglobal.com/ Follow Howe on LinkedIn: linkedin.com/in/howeng

Show from 9/22/23 Jeremy Schwartz asks Prof. Siegel his views on the current weekly market activity and his reaction to The Fed. (8:05) Jeremy joins Matt and JC live from the Future Proof Festival to talk about Halo Investing and the markets. JC starts off by explaining how they approach the market and read trends. He talks about the latest presidential climate and how it could affect the market into the future. JC continues with his view on current market dynamics. Matt joins in by highlighting what his clients are experiencing during this market activity at Halo Investing. JC continues with his opinion about the dollar's impact on trends, regional banks and common mistakes investors make. Matt talks more about Halo, its platform and its structured notes. He discusses perception of notes and how he handles the key challenges. Matt continues to discuss the education of notes and how they can help clients make better investments. Jeremy announces the collaboration between Halo and Wisdom Tree. Matt and Jeremy talk about the collaboration, its uses and the excitement they both have for this new project together. Guests: JC Parets is the founder of Allstarcharts.com and is one of the most widely followed Technical Analysts in the world. In 2008, JC earned his Chartered Market Technician designation (CMT). His work has been featured regularly on Bloomberg, CNBC, Fox Business, ABC, CNN, Wall Street Journal and many other financial media outlets around the world. JC specializes in finding the most opportunistic risk vs reward propositions while at the same time bringing a top/down approach to the marketplace whose wide spectrum is rivaled by few. In 2017, JC Launched Technical Analysis Radio, a podcast dedicated to Technical Analysis and the Technicians who practice it. Matt Radgowski has extensive work experience in the financial industry. Matt currently serves as the Chief Operations Officer at Halo Investing, a position they have held since 2022. Prior to this, they worked at Morningstar, where they held various roles including Head of Advisor Solutions from 2020 to 2022 and Chief Operating Officer, Investment Management from 2013 to 2020. Before joining Morningstar, they served as the Managing Director at Horizon Investments from 2012 to 2013. Matt also held the positions of Managing Director at Wilshire Associates from 2006 to 2012, Vice President at Ibbotson Associates from 1999 to 2006, and Regional Vice President at Aegon from 1996 to 1999. Matt attended the University of Illinois Urbana-Champaign from 1992 to 1996, where they earned a Bachelor's Degree in Accounting. Learn more at: https://haloinvesting.com/ https://allstarcharts.com/about/jc-parets/ Follow Matt on LinkedIn: linkedin.com/in/matt-radgowski-8852b2b7 Follow JC on Twitter: @allstarcharts

Show from 9/15/23 Prof. Siegel joins Jeremy Schwartz with a breakdown of a very big week for the market. He does note an increase in inflation but it shouldn’t result in an increase for next week. He also discusses the large rise in oil, noting long lines at gas stations and the impact the rise will have. He previews the upcoming week with a prediction that it will be hawkish. He finishes with a quick comment about the Arm IPO. (12:03) Professor Robert Novy-Marx starts off by talking about his educational past and how he got into his finance career today. He gives us his thoughts on value research and why he has confidence in it as a factor. He also details that the underperformance of value stocks is due to sector tilts. Jeremy asks Robert about his thoughts about the research on intangible assets and tech investments that are not capitalized. He goes into detail on the difference between gross profits versus net income. They discuss how Robert will be presenting at the Wharton School’s Jacobs Levy Equity Management Center for Quantitative Financial Research at its 2023 Frontiers in Quantitative Finance Conference next friday. He talks about the paper he will be presenting called Reversals and the Return to Liquidity Provisions. Guest: Professor Robert Novy-Marx earned the Fama/DFA Prize for the best capital markets/asset pricing paper in the Journal of Financial Economics (2012 and 2013), the Smith-Breeden Prize for the best capital markets paper in the Journal of Finance (2011), the Spängler IQAM Prize for the best paper in the Review of Finance (2011), and the Mill's Prize for the best paper in Real Estate Economics. Novy-Marx is also a former professional triathlete, a member of the National Bureau of Economic Research and taught at the Booth School of Business before coming to the Simon School. Learn more at: https://simon.rochester.edu/digital-measures-faculty/robert-novy-marx Follow Robert on LinkedIn: linkedin.com/in/robert-novy-marx-b931a6174

Show from 9/8/23 Prof. Siegel joins Jeremy Schwartz and their colleagues Jeff and Liqian with his reaction to the softer tones of the market this week. He feels that China’s threat to remove Apple is a bit out of proportion which has affected the market. Although the market is not doing strong, he feels we aren’t anywhere near a recession. He doesn’t think the Fed should increase rates in September, nor does he think they will. He also explains how rising bond correlations affect the market. (12:42) Jeff begins by describing his take on the current job market and great moderation. He talks about what charts he thinks will cause a drop in the future job market and why. Jeremy also asks him to analyze the current housing market and the banks. He ends with his view on the equity markets and his suspicion of a looming recession. Liqian discusses how she feels about China’s move to step away from foreign owned companies and the over exaggeration of the Apple drop. She tells us what she thinks about the US/China relationship and if it will improve in the near future. She talks about her recent travels through China which allows her to give us a view of what is happening on the ground there right now. She also dives into investments moving to China, whether it’s a good idea and its rising popularity. Guests: 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. Jeff has a B.S. in Finance from the University of Florida and an MBA from Notre Dame. He has been a CFA charterholder and a member of the CFA Society of Chicago since 2006. He has appeared in various financial publications such as Barron’s and the Wall Street Journal and makes regular appearances on Canada’s Business News Network (BNN) and Wharton Business Radio. Liqian Ren, Ph.D., joined WisdomTree as Director of Modern Alpha in 2018. She leads WisdomTree’s quantitative investment capabilities and serves as a thought leader for WisdomTree’s Modern Alpha® approach. Liqian was previously at Vanguard, where she worked for 12 years, most recently as a portfolio manager in the Quantitative Equity Group managing Vanguard’s active funds and conducting research on factor strategies. Prior to joining Vanguard, she was an associate economist at the Federal Reserve Bank of Chicago. Liqian received her bachelor’s degree in Computer Science from Peking University in Beijing, her master’s in Economics from Indiana University—Purdue University Indianapolis, and her MBA and Ph.D. in Economics from the University of Chicago Booth School of Business. Liqian co-hosts a podcast on China and Asian markets with Jeremy Schwartz, WisdomTree’s Global Head of Research, and she is a co-host on the Wharton Business Radio program Behind the Markets on SiriusXM 132. Learn more at: https://www.wisdomtree.com/investments Follow Jeff on Twitter: @JeffWeniger Follow Liqian on Twitter: @liqian_ren

Show from 9/1/23 Prof. Siegel joins Jeremy Schwartz this week with his analysis of the new employment report and the fade of fear in the labor market. He also discusses inflation and the housing market fueling his positive outlook on the current total market trend. (08:38) This week's guest, Jack Farley, starts off by asking Prof. Seigel about the downward revisions in non-farm payrolls as well as the historical significance in the 0.3% increase in the unemployment rate. He talks to us about the connection between the current labor supply and the threat of a recession. He dives into the rise in net interest rates and who is affected by the burden of these rate hikes. He gives us his key take-aways from what he’s learned about the current banking system and the commercial re-estate market. Guest: 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 at: https://blockworks.co/speaker/jack-farley Follow him on Twitter: @JackFarley96

Show from 8/25/23 Prof. Siegel joins Jeremy Schwartz this week to discuss his disappointment in the Powell speech as well as the Nvidia stock drop. They discuss the surprising drop Nvidia had after a large spike in the market. (09:12) Daniel Di Martino begins by telling us what he does at Columbia University, his move to America and more about his personal story. He discusses what he thought about the most recent debate that occurred and his view on the economic policies discussed. Daniel enlightens us on the history of Venezuela's dark economic history. It’s rise and fall from being one of the wealthiest countries to what it is today. He talks about the unlikely hood that the world will move away from the US dollar. He also talks to us about the drug problem at the US border, immigration policy issues and the unnecessary fear behind an increase in people moving to America. Guest: Daniel Di Martino is a third-year PhD candidate in Economics at Columbia University. He graduated with honors from Indiana University in Indianapolis in 2019 with a B.A. in Economics and is pursuing a Ph.D. in Economics at Columbia University in New York City where his research focuses on immigration. Learn more at: https://www.danieldimartino.com/ Follow him on Twitter: @DanielDiMartino

Show from 8/18/23 Prof. Siegel and Jeremy Schwartz begin by highlighting the significant surge in 10-year and TIPS (Treasury Inflation-Protected Securities) yields to their highest levels in decades. They discuss the remarkable increase from negative rates a few years ago, along with the equity premium's alignment with historical averages, reflecting overall strength in the economy. With upcoming talks from Powell, no significant changes are anticipated, emphasizing a continued commitment to data dependency. (10:24) Peter and Julia then join the discussion to examine the nuanced economy and the current state of the labor market. The conversation shifts to the impact of rising interest rates on small and medium-sized businesses and the factors contributing to inflation, highlighting cautious spending and the indication that higher inflation may persist. They also delve into the quality of labor statistics, challenges with response rates in surveys, biases in capturing data, and a bullish outlook on energy, underscoring potential reasons for a rise in oil prices. Guest: Peter Boockvar is solely an investment advisor representative of Bleakley Financial Group, LLC, a registered investment adviser and separate entity from LPL Financial. Peter serves as Chief Investment Officer of Bleakley Financial Group. Learn more at: https://www.bleakley.com/about/our-team Follow him on Twitter: @pboockvar Guest: Julia Pollak is Chief Economist at ZipRecruiter. She leads ZipRecruiter's economic research team, which provides insights and analysis on current labor market trends and the future of work. Learn more at: https://www.ziprecruiter.com/blog/ Follow her on Twitter: @juliaonjobs

Show from 8/11/23 Prof. Siegel joins Jeremy Schwartz to dissect the current state of the economy. They discuss everything from jobless claims and inflation to the roles of major companies like Tesla and Ford. With an optimistic yet cautious tone, Prof. Siegel offers a glimpse into what the future may hold for the markets. (10:07) Dom Rizzo, a portfolio manager for T Rowe Price, discusses his career and the global technology equity strategy with particular focus on the semiconductor industry. He highlights Nvidia's powerful GPU technology and its linchpin status, predicting the AI chip market's significant growth. The conversation also covers the potential for a second source in the market, such as AMD, and the need for continuous innovation within the semiconductor space. AI is viewed as a major productivity boost, impacting areas like natural language processing and cybersecurity. Large companies with data and distribution are expected to benefit, with AI augmenting tasks rather than replacing them in the short term, offering efficiency gains across various industries. Guest: Dominic Rizzo is the portfolio manager of the Global Technology Equity Strategy. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd. Learn more at: https://www.troweprice.com/financial-intermediary/au/en/bios/dom-rizzo.html Chris Gannatti is Head of Research at WisdomTree Europe Follow him on Twitter: @CGannatti

Show from 8/4/23 Doomberg begins by telling us about who they are and what their newsletter is about. The writers are able to stay anonymous and write about topics including economy, climate and policy without fear of losing their careers in the fields they specialize in. He tells us that climate happens to be the most controversial topic with carbon reduction being the most heated debate. He dives deep into the importance of nuclear power and how it is the future of power for the world. He covers the controversy surrounding it, countries actively expanding their nuclear programs and success stories that can be used as examples to persuade fear based opinions. He talks about investing into different areas of energy. He also discusses the gold market, bitcoins future and train derailments. Guest: Doomberg is a subscription based newsletter highlighting the fundamentals missing from many economic and policy decisions. The Substack articles are written by a small group of former executives, free to write without boundaries. Learn more at: https://doomberg.substack.com/ Follow Doomberg on Twitter: @DoombergT

Show from 7/28/23 Prof. Siegel kicks off with his take on the recent news conference from the Fed. He believes that we are not as close to a recession as previously thought, due to the stability of some essential commodities (10:28). Torsten agrees with the Professor, highlighting how the Fed is slowing the economy down with interest rate hikes. He explains his concern that there could be a huge shift in foreign asset allocations, Japan currently being the largest with over a trillion dollars in US treasuries. Torsten and the Professor go back and forth on market rate hikes and what the potential outcome of the market could be. They discuss which investments are better to hedge at this point in time. Torsten talks about regional banking systems and his research into that area. Guest: Torsten Slok is Partner and Chief Economist at Apollo. Prior to joining in 2020, Torsten worked for 15 years on the sell-side, where his team was top-ranked by Institutional Investor in fixed income and equities for ten years. Previously, he worked at the OECD in Paris in the Money and Finance Division and the Structural Policy Analysis Division. Before joining the OECD, Torsten was with the IMF in the division responsible for writing the World Economic Outlook, and the division responsible for China, Hong Kong, and Mongolia. Learn more at: https://www.apollo.com/about-apollo/our-people/torsten-slok Follow Torsten on LinkedIn: https://www.linkedin.com/in/torsten-slok-8a7520a2

Show from 7/21/23 Prof. Siegel calls in live from his cruise to share his big takes on today's current market. He explains to us his shift of opinion towards the Feds and what he is looking into to suggest market recovery (13:25). Alejandro starts by telling us what he researches and studies at the University of Florida. He explains his use of AI to calculate rates and how it could be used by companies to mitigate risks. Through his research, he explains his beliefs on using many different signals to attain the data you need from machine learning. He elaborates on how performance factors can greatly affect outcomes of these data sets. The group discusses the results of testing Chat GPT’s ability to calculate these data sets and whether it’s a useful tool for market predictions. He discusses the future research and advancements in using AI models to add in finance decisions. 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 at: https://alejandrolopezlira.site/ Follow Alejandro on Twitter: @alejandroll10 Chris Gannatti is Head of Research at WisdomTree Europe Follow him on Twitter: @CGannatti

Show from 7/14/23 Prof. Siegel begins with the positive news of inflation coming in below expectations. He highlights the strength of the real economy, citing low initial jobless claims and strong consumer sentiment. Market sentiment is optimistic, with money flowing back into the market and a favorable outlook for investors. (00:12:50) Warren focuses on the potential margin contraction in 2024 earnings due to wage pressures and interest expenses, expressing concern about the excessive optimism in the market. He also mentions that while AI may enhance productivity in the long term, its efficiency gains might not materialize in time to support the 2024 earnings picture. Nitesh discusses the disappointment in China's reopening and the absence of substantial stimulus measures to drive growth. While China has been strategically accumulating raw materials and investing in grid expenditures for the energy transition, questions arise about its ability to maintain demand growth, especially in the oil market. Guest: Prior to founding 3Fourteen Research, Warren 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. Warren is a frequent contributor to the media including participating in the 2013 Barron’s MLP Roundtable discussion, the Wall Street Journal, CNBC, and RealVision. In 2014, Euromoney Institutional Investor awarded Warren the Padraic Fallon award for his research on the Shale Revolution. Outside of the research world, Warren has worked as a practicing attorney specializing in regulatory approvals for various industrial activities and projects. He has also owned, operated, and sold a portfolio of self-storage properties to a national REIT. Learn more at: https://www.3fourteenresearch.com/about Follow Warren on LinkedIn: https://www.linkedin.com/in/warren-pies-erp-1b999437/ Nitesh Shah is Head of Commodities & Macroeconomic Research at WisdomTree Europe Follow Nitesh on Twitter: @NiteshShahWT

Show from 07/07/23 Prof. Siegel talks to us about the new market data and the current unemployment rate reports this week (10:35). Jeremy and Chris are joined today by Simon who discusses his new book Power and Progress: Our 1000-Year Struggle Over Technology and Prosperity. They talk about the importance of AI for human-kind and its comparison to previous technologies. Simon gets into detail on the positive implications of AI but warns against the potential negatives. They debate whether people should support purchasing goods from countries that do not have safe guards for surveillance tech. Simon gives his opinion on the tech elite, government involvement, as well as job creation and tax inequality tied with advancements in technology. Guest: Simon Johnson is the Ronald A. Kurtz (1954) Professor of Entrepreneurship at the MIT Sloan School of Management, where he is head of the Global Economics and Management group. In 2007-08 he was chief economist at the International Monetary Fund, and he currently co-chairs the CFA Institute Systemic Risk Council. In February 2021, Johnson joined the board of directors of Fannie Mae. Johnson’s most recent book, with Daron Acemoglu, Power and Progress: Our 1000-Year Struggle Over Technology and Prosperity, explores the history and economics of major technological transformations up to and including the latest developments in Artificial Intelligence. Learn more at: https://mitsloan.mit.edu/faculty/directory/simon-johnson Follow him on LinkedIn: https://www.linkedin.com/in/simon-johnson-17b40645/ Chris Gannatti is Head of Research at WisdomTree Europe Follow him on Twitter: @CGannatti

Show from 06/30/23 Prof. Siegel talks to us about the current positive market standings this week and his hesitation with the Feds ongoing decisions. Jeremy is joined by Raymond who tells us a little bit about himself, his background and the firms he is a part of (09:33). He explains why people would want to use services at Relative Sentiment Technologies. He gives us his perspective on the retail market, where it’s headed and if it is the future smart strategy. They discuss customizations and suggestions based off risk exposure and his research across asset classes. He gives us insight into positioning due to surveys and analysis of the market. We hear his opinions on the international markets as they stand today and what is potentially driving the trends. Guest: Raymond Micaletti is the co-founder and CIO of Relative Sentiment Technologies, LLC. He has over 20 years' experience at major investment banks (JPMorgan, Barclays), hedge funds (Fortress Investment Group), and asset management firms where his primary focus has been on the research, development, and management of systematic investment strategies. In 2018, he laid the groundwork for RST by publishing a paper on a new method for tactical asset allocation using relative sentiment. An active topic on which he continues to research and publish. A native of western Pennsylvania, Ray holds a B.S. in civil engineering from the University of Notre Dame and a Ph.D. in engineering mechanics from Princeton University. Learn more at: https://relativesentiment.com/about-us.html Follow him on Twitter: @RelSentTech

Show from 6/23/23 Jeremy Schwartz and Prof. Siegel discuss how the recent job reports and global manufacturing data have raised concerns about a softening economy. Federal Reserve Chairman Powell provided no new information during his congressional appearance, and remains committed to anticipated interest rate hikes. Additionally, the housing market continues to experience a significant surge in prices, which may impact consumer spending in the future. Prof. Daniel Rock and Prof. Siegel discuss the rapid adoption of chat GPT and the surprising capabilities of AI models, particularly in generating plausible texts. Chris and Prof. Rock discuss the deflationary benefits of new technologies like AI, comparing it to Moore's Law, and emphasize the importance for businesses to ride the wave of technological advancements rather than trying to be at the forefront. They also discuss the geopolitical dynamics of the AI battle, emphasizing the need for accessibility and acknowledging the potential for competition in regions like China and India. Tune in to hear all about the geopolitical dynamics of the AI battle, the potential of large language models, and the use of AI in education and research on this week's episode. Guest: Professor Daniel Rock an Assistant Professor of Operations, Information, and Decisions at the Wharton School of the University of Pennsylvania. His research is on the economic effects of digital technologies, with a particular emphasis on the economics of artificial intelligence. He has recently worked on studies addressing the types of occupations that are most exposed to machine learning, measuring the value of AI skillsets to employer firms, and adjusting productivity measurement to include investments in intangible assets. His research has been published in various academic journals and featured in outlets such as The New York Times, Wall Street Journal, Bloomberg, Harvard Business Review, and Sloan Management Review. Much of his work involves applying cutting-edge data science techniques to analyze datasets from financial market data sources, online resume sites, and job postings. Learn more at: https://oid.wharton.upenn.edu/profile/rockdi/ Follow him on Twitter: @danielrock Chris Gannatti is Global Head of Research at WisdomTree Follow him on Twitter: @CGannatti

Jeremy and the professor are joined today by both Brandon and Nora as they discuss their views on the economy, inflation and what’s happening to farmland. Brandon tells us that inflation isn’t expected to affect agriculture in the way it has affected the Feds. They discuss the bond market and why future cycles are looking so positive, and what’s involved in purchasing and investing in farms. Both Brandon and Nora give us an in depth look into the farming industry and how it ties into the market, how crop yields play a role, and how they choose which farms to invest in. They also give us a view into the future of the farming industry and new technology that could improve the industry as a whole, and talk about the difficulties of finding reliable labor and replacing humans with machines. Guests: Brandon Zick joined Ceres Partners in 2010. He is responsible for managing all investments at Ceres, including farmland and private equity strategies. In this role he supervises valuation analysis, acquisition due diligence, tenant management and acquisition negotiations. Nora Pickens serves as Managing Director of Investments at Mill Creek Capital Advisors, LLC. She has primary responsibility for evaluating fixed income and alternative credit strategies across MCCA’s investment programs. Learn more at: https://www.cerespartners.com/our-team/brandon-zick https://www.millcreekcap.com/ Connect on LinkedIn: linkedin.com/in/brandon-zick-394a5310 linkedin.com/in/norapickens

Jeremy, Jeremy and Nir discuss their market theories for the upcoming week and where the market is headed. Nir defends the Fed and gives his opinion on their choices. He tells us about AI’s potential and current impacts on the economy. Nir gives us his hypothesis on how AI will affect the market in the upcoming year after last year's market readjustment. He discusses the purchase of tips in an inflated market. He dives into his view on high yield bonds, foreign investments and the risk/reward of current geopolitics. Guest: Nir Kaissar, Chartered Financial Analyst, founded Unison in 2005. Unison manages diversified portfolios for institutions and individuals using a data-driven, systematic approach to asset allocation. Nir is also a columnist for Bloomberg Opinion, writing about markets, investing, economics and public policy. Learn more at: https://unisonadvisors.com/?page_id=61 Connect on Twitter: @nirkaissar

Show from 6/2/23 Jeremy, Chris, and Eric dive into the current real estate market. Eric discusses how his firm is moving into the single family home rental market. He talks about the stall in the office rental market as people continue to work from home. They get into detail on retail real estate, the death of regional malls, and the rise of open-air stores. Chris asks about private real estate and what investors should be concerned about moving into the future. Eric talks in depth about the growth of tech real estate, the growing need for data center space, and the energy required for AI data chip creation. Guest: Eric Rothman serves as Portfolio Manager for CenterSquare Investment Management’s real estate securities group. He is responsible for market research, sector allocations, research, and financial modeling across the U.S. real estate securities universe. He also manages a REIT preferred stock separate account mandate. He has over 25 years of REIT and real estate investment experience. Prior to joining CenterSquare, he spent more than six years as a sell-side REIT analyst at Wachovia Securities and three years as an analyst at AEW Capital Management. He is a CFA charterholder and member of the CFA Institute. Learn more at: https://www.centersquare.com/investment-team Connect on LinkedIn: https://www.linkedin.com/in/eric-rothman-cfa-02561710?original_referer=https%3A%2F%2Fwww.google.com%2F Chris Gannatti is Head of Research at WisdomTree Europe Follow him on Twitter: @CGannatti

Show from 5/26/23 Hosts Jeremy Schwartz and Jeremy Siegel are joined by Samuel Rines as they discuss today's market and economy. Sam dives into why the Feds are in a grackle state between hawkish and dovish maneuvers, explaining how price over volume is sticking around due to inflation and the reluctance for consumers' to push back. They go into depth on whether the summer will flow into a recession, and the importance of Middle America's contributions to driving the economy, as well as the excitement of big tech and its effect on the current market. Jeremy and Sam also touch on their upcoming collaboration. Sam tells us a bit more about his firm Corbu and its specializations as well as his view on the global market, oil, and the bond market. Guest: Samuel Rines is the Managing Director of CORBU. Samuel is a global macro expert focused on the investment implications of politics and policy. His PolyMacro research and model portfolios are widely followed by both large family offices and institutional investors. Prior to joining CORBU, Samuel was the Chief Economist and Investment Strategist at Avalon Advisors, Before joining Avalon, Samuel was the portfolio manager at Chilton Capital Management, where he launched the Chilton ESG Equity Strategy and a long/short technology portfolio. Samuel started his career as the cross-asset analyst for a small hedge fund. He is the author of the book “After Normal: Making Sense of the Global Economy”. Follow him on Twitter: @SamuelRines

Show from 5/19/23 Join your hosts and Guy LeBas as they delve into the markets this week. Prof. Siegel purports there will be a debt deal, prompting short-covering in the market. Jobless claims showed a suspicious jump attributed to fraud in one state. The upcoming labor market report will be crucial for the Fed's decision in June, with dissent among members possible, depending on its findings. Jeremy Schwartz and Guy LeBas discuss financial markets, focusing on inflation, Treasury yields, and corporate credit. Deposit outflows from banks have slowed, especially in larger regional banks with diverse deposits. The banking sector's valuation outlook is positive, with many banks expected to recover from bond portfolio losses. Listen in to learn more about this Spring’s important macro trends! Guest: Guy LeBas is Janney’s Chief Fixed Income Strategist as well as Director of Custom Fixed Income Solutions for Janney Capital Management. As Strategist, he is responsible for providing direction to the Firm’s clients on the macroeconomic, interest rate, and bond market investing climate. Guy authors bond market periodicals, which provide relative value recommendations across the fixed income spectrum. With Janney Capital Management, Guy is responsible for overseeing the Firm’s discretionary managed bond portfolios, which take a client-tailored approach to generating consistent income across interest rate environments. Learn more at: https://www.janney.com/meet-janney/people/guy-lebas Follow Guy on Twitter: @lebas_janney

Show from 5/12/23 Join Jeremy Schwartz, Prof. Siegel, and Chris Gannatti as they talk about Mark Mills’s path through academia and his career in tech and energy. Mark discusses how macro-level energy logistics can have global influence on productivity and economies. The show goes in depth on the role of new technology in improving the energy sector, and how energy can also be optimized for powering new technology. Mark talks about how far away a break-even nuclear fusion energy reactor truly is. They also touch on how the consumption of energy around the world is increasing as more technology is developed and adopted globally, and the significance of cloud computing in the energy space. Guest: Mark Mills is a senior fellow at the Manhattan Institute and a faculty fellow at Northwestern University’s McCormick School of Engineering and Applied Science. He is also a strategic partner with Montrose Lane (an energy-tech venture fund). Previously, Mills cofounded Digital Power Capital, a boutique venture fund, and was chairman and CTO of ICx Technologies, helping take it public in 2007. Mills is author of the book The Cloud Revolution: How the Convergence of New Technologies Will Unleash the Next Economic Boom and a Roaring 2020s, and host of the new podcast The Last Optimist. He is also author of Digital Cathedrals, and Work in the Age of Robots. Mills earlier coauthored The Bottomless Well: The Twilight of Fuel, the Virtue of Waste, and Why We Will Never Run Out of Energy. Learn more at https://manhattan.institute/person/mark-p-mills Follow Bilal on Twitter: @MarkPMills Co-host Chris Gannatti is Head of Research at WisdomTree Europe Follow him on Twitter: @CGannatti

Show from 5/5/23 Join Jeremy Schwartz and Prof. Siegel as they discuss the current state of the labor market; the concerning trend of rising unemployment claims and a cooling labor landscape. Bilal Hafeez shares his contrasting thoughts on the actions the Fed should take. The discussion also touches on the superior positioning of European banks compared to US banks. Bilal talks about booming investments in A.I. and how big tech companies will benefit from this trend. Listen now to gain insights into inflation, the Fed's response, and the geopolitical tensions surrounding American and Chinese A.I. Guest: Bilal Hafeez is the Founder and CEO of Macro Hive. He was the Global Head of International Fixed Income Strategy at Nomura between 2016 and 2019 and held various senior roles at Deutsche Bank between 2002 and 2015 including Head of Multi-Asset Research, Advisor to the CEO, Head of Asia Research in Singapore, and Global Head of Foreign Exchange Research. Bilal started his career at JP Morgan in 1998 and was rated the #1 market strategist by Euromoney and Institutional Investor between 2004 and 2013. He pioneered FX investment and smart beta benchmarks and was an Honorary Visiting Professor of Finance at Cass Business School. He studied Economics at St Johns College, Cambridge, and has seven cats, four chickens, a beehive, and one dog. Learn more at https://macrohive.com/macro-hive-team/ Follow Bilal on Twitter: @bilalhafeez123

Join Jeremy Schwartz and Prof. Siegel as they dive deep into fixed income and recent economic reports. Some other key topics include the S&P 500 index, stabilization in the housing market, and the potential for a cumulative effect of policy to stimulate the market. Banks are still strained but we’re not feeling the macroeconomic domino effect (yet). Returning guest Dave Goodson gives his views on fixed income market opportunities. Dave shares his framework for investing in and studying fixed income and the securitized market, and how they can greatly benefit your portfolio. He thinks the 60/40 portfolio might be making a comeback, and he gives other great portfolio construction tips. Guest: 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 Learn more at institutional.voya.com/investment-ca…itized-credit Follow Voya on Twitter: @VoyaInvestments

Show from 4/21/23 Jeremy Schwartz and Prof. Siegel speak on the ever-changing stats coming out of the Fed. Much is evolving as the data begin to reflect the macro highlights of Q1 2023. Tesla’s price war and P&G’s earnings are in the headlines. Expert economist Vincent Reinhart comes on the show to discuss the latest on housing and labor markets, global strain on banks, and every other big swing in the macroeconomy. He discusses the effect of major generational shocks like COVID and the Ukraine-Russia conflict on inflation, which he has researched at length. Check out the episode to learn more about the most important aspects of today’s geopolitics and economics! Guest: Vincent Reinhart is Chief Economist and Macro Strategist at Mellon Investments. In this role, he is responsible for developing views on the global economy and making relative value recommendations across global bond markets, currencies and sectors. Previously, Vincent served as the Chief US Economist and a managing director at Morgan Stanley. For the prior four years, he was a resident scholar at the American Enterprise Institute (AEI). Vincent also worked in several roles at the Federal Reserve over 24 years, including Director of the Division of Monetary Affairs and Secretary and Economist of the Federal Open Market Committee (FOMC). His academic publications primarily concern the conduct of policy and issues related to the monetary transmission mechanism as well as an analysis of alternative auction techniques and Treasury debt management. After an undergraduate training at Fordham University, he received graduate degrees in economics at Columbia University. Learn more at https://www.mellon.com/about-us/our-people/vincent-reinhart.html Follow Mellon on Twitter: @melloninvests

Show from 4/14/23 Chris Gannatti joins Jeremy Schwartz and Prof. Siegel this week as they speak to esteemed guest Nathaniel “Nat” Bullard. Despite the ever-present strain of inflation, it’s apparent the economy is not falling apart just yet. Nat shares his vast knowledge of ESG and carbon reduction as it affects macroeconomic pressures. You don’t want to miss out on his take on today’s gas prices. Tune in to get up to speed on the environment, economy, and polarizing politics! Guest: Nat Bullard writes: I have spent nearly two decades analyzing, writing about, presenting on, and strategizing for deep decarbonization of the global economy. I spent 15 years with BloombergNEF, joining prior to New Energy Finance's acquisition by Bloomberg in 2009. There, I covered US markets, solar, and global executive strategy, concluding my time as the group's Chief Content Officer. While at BloombergNEF I began my weekly writing as well, which later moved to Bloomberg Opinion and now, Bloomberg Green. Today, my Bloomberg Green column reaches 250,000 subscribers a week. I maintain a senior contributor role for BloombergNEF, and I also have had a long-term engagement with early-stage climate tech venture capital firm Voyager Ventures. I am a frequent keynote speaker and board presenter on deep decarbonization technology, policy, markets, and strategy in an independent capacity. Follow him on Twitter: @NatBullard Chris Gannatti is Head of Research at WisdomTree Europe Follow him on Twitter: @CGannatti

Show from 4/7/23 Jeremy Schwartz and Prof. Siegel review some weak and unfortunate macro-level data from the markets this past week. Even the labor force is softening again, despite the promise that Q1 2023 brought. Plus, the fallout from bank runs hasn’t been fully realized in the data yet. Jonathan Ward joins the conversation to break down the current state of US-China relations. He shares his unique perspective on macroeconomics, informed by his geopolitical expertise. Guest: Dr. Jonathan D. T. Ward has been studying the rise of China for more than a decade. From travels with truck caravans in Tibet and across the South China Sea by cargo ship in his early twenties, to accessing Communist Party archives that have now been closed to the world while a PhD candidate at Oxford, to consulting for the U.S. Department of Defense and Fortune 500 organizations, Dr. Ward has brought the experience of a traveler, the discipline of a scholar, and the insight of a strategy consultant to one of the toughest, biggest challenges of our time: what does China want, how will it try to get it, and what should America do? Dr. Ward is the Founder of Atlas Organization, a Washington DC based consultancy focused on the rise of India and China, and US-China global competition. Dr. Ward is author of The Decisive Decade, available where books are sold April 29th. Learn more at https://jonathandtward.com/ Buy/pre-order his book: https://www.amazon.com/Decisive-Decade-American-Strategy-Triumph/dp/1635768454 Follow him on Twitter: @jonathandtward

Show from 3/31/23 Jeremy Schwartz and Prof. Siegel kick off the episode with a positive outlook on US macro trends. Inflationary pressures are leveling off comfortably, at least for the past week. The SVB fallout appears to be relatively isolated, and widespread bank runs no longer seem imminent. David Zervos weighs in on the same topics, adding his renowned macro market expertise. Market direction is still unclear in light of the Fed’s latest moves. Tune in to hear our best guess on the future of your money! Guest: David Zervos is currently Chief Market Strategist for Jefferies LLC and Head of the Global Macro Division of Leucadia Asset Management, LLC. David joined Jefferies in 2010 after spending 2009 as a visiting advisor at the Board of Governors of the Federal Reserve System in Washington, D.C. Prior to visiting the Federal Reserve, he held a variety of research, sales and trading positions in the private sector, most recently managing global macro portfolios for Brevan Howard and UBS O'Connor. He began his career as an economist at the Federal Reserve Board in the early 1990's. He received a B.Sc. from Washington University, and an M.A. and Ph.D. in economics from the University of Rochester. Learn more at https://jefferiesmacrostrategy.com/about-david/ Follow him on Twitter: @jefmacrostat

Show from 3/24/23 Prof. Siegel takes a break from his vacation to call in and discuss this week’s big market news. The spotlight is on some disturbing projections from the Fed surrounding jobs and wages, and future rate cuts. Strain on institutions around the world brings into question the potential for recession. Wim Schoutens joins from Belgium to share his perspective based on his foremost expertise in bond markets. His proximity to Switzerland and familiarity with Co/Cos makes him a great resource for explaining what went down with Credit Suisse and the reaction by the global market. Then, Wharton alumnus Catherine LeGraw comes on to give GMO’s views on stocks, bonds, and markets at large. Her high-level macro lens rounds out the conversation and encapsulates the rest of the economy. Join Jeremy Schwartz et al. to learn more! Guests: Wim Schoutens is professor in financial engineering at the University of Leuven, Belgium. He has extensive practical experience of model implementation and validation. He is well known for his consulting work to the banking industry and national and supra-national institutions. He is an independent expert advisor to the European Commission, has worked for the IMF and is the author of several books on quantitative finance. Wim is also a founding partner of RiskConcile, a fintech company with roots within the University of Leuven. Learn more at https://schoutens.eu/ Catherine LeGraw is a Wharton graduate and a former student of Prof. Siegel. She is a member of GMO’s Asset Allocation team and a partner of the firm. Prior to joining GMO in 2013, she worked as a director at BlackRock. Previously, Ms. LeGraw was an analyst at Bear, Stearns & Co. She received her BA and her BS in Economics from the University of Pennsylvania. She is a CFA charterholder. Learn more at: https://www.gmo.com/americas/research-library/?author=72ba2300-f9c4-47c0-8d9c-4c063da99017

Show from 3/17/23 Jeremy Schwartz and Prof. Jeremy Siegel tackle the banking crisis, continuing inflation, and market sentiment as volatility dominates the narrative. Bitcoin and crypto are seeing more action now that trust in TradFi systems is decreasing. Trevor Greetham comes on from London UK to share his views on the underinsured, illiquid assets in the US spilling out into the rest of the world. He discusses some lesser-mentioned macro trends that factor into global inflation cycles. Trevor daws on his experience in allocation for major life insurance and pension portfolios. Guest: Trevor Greetham is a portfolio manager at Royal London Asset Management. Prior to joining Royal London in 2015, Trevor was asset allocation director for Fidelity Worldwide Investment, where he was responsible for implementing tactical investment decisions across a wide range of institutional and retail funds including the Fidelity Multi Asset Strategic Fund. Learn more at https://adviser.royallondon.com/contacts/trevor-greetham/ Follow him on Twitter: @TrevorGreetham

Show from 3/10/23 Chris Gannatti fills in for Jeremy Schwartz this week and joins Prof. Jeremy Siegel to talk big swings in macroeconomic trends. Crypto exchanges and regional banks are still facing struggles. Inflation rages on and turmoil continues in the labor economy. Guest Blake Heimann shares his thoughts on AI, including ChatGPT’s recent leaps, and touches on the broad economic and societal implications of AI. An interesting and fun conversation despite some potentially dystopian topics! Guest: Blake Heimann is a Research Analyst at WisdomTree. He’s an insatiably curious polymath with a passion for quantitative financial modeling, automated trading, and portfolio management. He is keen on novel approaches leveraging artificial intelligence and machine learning in investment management. Blake’s LinkedIn: https://www.linkedin.com/in/blakeheimann Chris Gannatti is Head of Research at WisdomTree Europe Follow him on Twitter: @CGannatti

Show from 3/3/23 Jeremy Schwartz and Prof. Jeremy Siegel are optimistic in light of the restabilization of markets and GDP. As the Fed continues to tighten, everything is looking more steady in the US economy. Warren Mosler joins the show today, and shares his unique economic theories and intriguing ideas about financial structures. He argues controversially that higher interest rates have stimulated the economy to resist recession, not relented it. Listen in for more of Mosler’s surprising insights. Guest: Warren Mosler is an American economist and theorist, and one of the leading voices in the field of Modern Monetary Theory. An entrepreneur and financial professional, Warren Mosler has spent the past 40 years gaining an insider’s knowledge of monetary operations. He co-founded AVM, a broker/dealer providing advanced financial services to large institutional accounts and the Illinois Income Investors (III) family of investment funds in 1982. He holds a B.A. in Economics from the University of Connecticut and remains deeply involved in the academic community. He has given presentations at conferences around the world and published numerous articles in economic journals, newspapers, and periodicals. Mosler is also the author of The Seven Deadly Innocent Frauds of Economic Policy. He is credited with creating Mosler’s law that states “there is no financial crisis so deep that a sufficiently large fiscal adjustment cannot correct it.” For more information, visit his website: https://warrenmosler.com/ Follow him on Twitter: @wbmosler

Show from 2/24/23 Jeremy Schwartz and Prof. Jeremy Siegel discuss the year-over-year indices and expectations that are affecting pessimism in market perceptions across the board. Mortgage rates and housing prices continue to fluctuate and cause grief for homeowners. Fallout from the COVID pandemic rages on with real inflationary and political consequences. Greg Valliere joins the show to expand on the geopolitical and economic factors that are influencing decision-makers and consumers in the U.S. Volatility and drastic regulatory measures may be on the horizon. Guest: Greg Valliere is the Chief U.S. Policy Strategist at AGF Investments. He joined AGF in February 2019 as Chief U.S. Policy Strategist. In this role, he is responsible for providing insight into how U.S. politics are shaping global markets. He brings a unique perspective to AGF with more than four decades of experience analyzing policy and politics. He provides regular commentary and insight into Washington for financial services and investment management clients globally, including specialized coverage of the Federal Reserve, economic policy, and politics. Greg has more than 40 years of experience following Washington issues for institutional and retail investors. For more information, visit the AGF website: https://perspectives.agf.com/author/greg-valliere/ Follow him on Twitter: @Greg_Valliere

Show from 2/17/23 Jeremy Schwartz and Prof. Jeremy Siegel dive deep into the effects of a resurging market on wages and costs for Americans. As inflation and labor strain continue, CPI becomes an important consideration for the Fed and for the population at large. Todd Thompson gives his views on the current state of bonds, stocks, mortgage spreads, and long-term financial commitments. He also details how he’s thinking about portfolio construction in 2023 more broadly. Listen in to gain insight from Todd’s long career as a fixed income expert. Guest: Todd Thompson is a managing director and portfolio manager and leads the fixed income credit research team at Reams Asset Management. He is a co-portfolio manager of the Carillon Reams Bond Funds. Todd has over 25 years of experience as a fixed income portfolio manager and analyst. Prior to joining Reams in 2001, Todd worked for Conseco Capital Management Company and The Ohio Public Employees’ Retirement System. For more information, visit the Reams website: https://www.reamsasset.com/people/senior-investment-professionals/todd-thompson/

Show from 2/10/23 Esteemed guest Patrick Harker joins Jeremy Schwartz and Prof. Jeremy Siegel to broadcast live from the GIC conference in La Jolla. They focus on trends in monetary policy, workforce, liquidity, and inflation in the US, through 2022 and into the new year. Harker draws from his STEM background, making a case for Fed policies that are data-driven and based on strong indices. Guest: Patrick Harker is the 11th President and Chief Executive Officer of the Federal Reserve Bank of Philadelphia. Harker is also a former Dean of the Wharton School. Harker participates on the Federal Open Market Committee, which formulates the nation’s monetary policy. As an engineer by training, Harker has continued to apply his research and receive patents throughout his career. He considers the effect of automation on the labor force as “the perfect intersection” of engineering and economics. Other technological influences, including artificial intelligence and machine learning, are also playing a part in the Third District’s and the nation’s economy. For more information, visit the Philadelphia Fed website: https://www.philadelphiafed.org/our-people/patrick-t-harker Follow them on Twitter: @philadelphiafed

Show from 2/09/23 Jeremy Schwartz broadcasts live from the GIC conference in La Jolla, with guests Jim Bianco and Will Peck. Topics covered include wage inflation, crypto and DeFi, where the Phillips curve plays into the Fed’s plan, and the correlation between inflation and money supply. Bianco brings decades of expertise to the conversation, with fresh perspectives on digital currencies from central banks, and DeFi as a whole. 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. For more information, visit the Bianco Research website: https://www.biancoresearch.com/about-us/ Follow him on Twitter: @biancoresearch Additional guest: Will Peck Will Peck is Head of Digital Assets at WisdomTree. In this role, Mr. Peck leads the firm's Strategy Group, leads corporate development, and drives other strategic initiatives for the firm, including the launch of WisdomTree Prime, a financial services app built from the ground up on blockchain rails with DeFi concepts. Follow him on Twitter: @wbpeck

Show from 2/03/23 Jeremy Schwartz and Prof. Jeremy Siegel react to a big week in finance, including US earnings and productivity stats, market and GDP tailwinds post-COVID, news from the Fed, and much more. Drawing from his research, our guest Skanda Amarnath dives deeper into the effects of global and domestic issues on inflation, wages, and labor in the US. In light of promising macroeconomic trends, Skanda is optimistic for the sustainability of the American workforce. Listen in to learn more about the challenges and opportunities he foresees for 2023. Guest: Skanda Amarnath is the Executive Director of Employ America, a research organization advocating for full employment. To take action on his passion for sustainably tighter labor markets, he creates analytical content from macroeconomic and market data. Amarnath was a Vice President at MKP Capital Management, a global alternative investment manager where he also served as a market economist and strategist. Earlier in his career, he worked as an Analyst within New York Fed's Research Group. For more information on Skanda and his work, visit the Employ America website: https://www.employamerica.org/about/ Follow him on Twitter: @IrvingSwisher

Show from 1/27/23 Jeremy Schwartz and Prof. Jeremy Siegel talk Fed tightening, recession potential, US money supply, and its effect on liquidity and profitability. Peter Lazaroff joins the show to discuss financial planning, portfolio construction, and how he makes money simple for clients. He goes deep into 2022’s inflationary bear market and how he’s seen investors react going into 2023. Peter also shares tips for your portfolio based on time horizon and ever-rising interest rates. Guest: Peter Lazaroff is the Chief Investment Officer at Plancorp, a financial advisor, speaker, author of the book Making Money Simple, and host of The Long Term Investor podcast. Peter is known for taking complex financial strategies and sharing them in easy to understand language everyone can apply to improve their wealth and financial habits. His insights are regularly seen around the world on major media platforms like The Wall Street Journal, Forbes, CNBC, and The New York Times. For more information, visit his website: https://peterlazaroff.com/ Follow him on Twitter: @PeterLazaroff Get his book for free: https://peterlazaroff.com/freebook

Show from 1/20/22 Wharton Professor Jeremy Siegel kicks off the show with his market update. He talks about positive price data, inflation expectations, a strong labor market, and more. Then Host Jeremy Schwartz brings CEO of Manhattan West Lorenzo Esperanza on to discuss fed planning, the labor economy, pricing, jobless claims, and alternative investments. Guests: Lorenzo Esparza – CEO, Founding Principal at Manhattan West Follow Lorenzo on LinkedIn: https://www.linkedin.com/in/lorenzo-esparza-a2b6967/ Follow Lorenzo on Twitter: @LorenzoEsparza Follow WisdomTree on Twitter: @WisdomTreeETFs Follow Jeremy Schwartz on Twitter: @JeremyDSchwartz

Show from 1/13/22 What is the status of inflation? Host Jeremy Schwartz starts the show discussing the fed, market inflation indicators, and more. Then he brings on Heim Israel of Bank of America Merrill Lynch to discuss how to approach thematic investing and mega trends. Heim explains that people need to take a wholistic approach to looking at trends, events are impacted by other sectors. Guests: Haim Israel - Managing director of research and global strategist, head of the global thematic research team at Bank of America Merrill Lynch For the latest, follow Bank of America on Twitter: @BankofAmerica Chris Gannatti – Head of Global Research at WisdomTree Follow WisdomTree on Twitter: @WisdomTreeETFs Follow Jeremy Schwartz on Twitter: @JeremyDSchwartz

Show from 1/6/23 Happy New Year! In this episode of Behind the Markets, Host Jeremy Schwartz kicks off 2023 with Wharton Finance Professor Jeremy Siegel giving his projections for the new year. Professor Siegel talks about the latest jobs report, jobless claims dropping, inflation, Dow Jones Industrial, and more. Then Jeremy Schwartz brings on John Davi of Astoria Advisors to discuss investing in 2023 from the S&P, momentum, the energy sector, and commodities to bonds and alternatives vs equities. Guest: John Davi - CEO and CIO of Astoria Portfolio Advisors For more on Astoria, visit their website: https://www.astoriaadvisors.com/ Follow Astoria on Twitter: @AstoriaAdvisors Follow WisdomTree on Twitter: @WisdomTreeETFs Follow Jeremy Schwartz on Twitter: @JeremyDSchwartz

Show from 12/23/22 Wharton Finance Professor Jeremy Siegel starts the final episode of 2022 talking about favorable inflation data, fed year end projections, earnings growth, labor, wages, and more. The Jeremy Schwartz brings on an expert on systematic equity strategies from Bloomberg. They talk about the structural drivers of inflation, the cheapening energy sector, shifting S&P indexes, pricing power, and suggested commodities. Happy Holidays from everyone on The Behind the Markets production team! See you in 2023 Guests: Steven Hou - Quantitative Researcher at Bloomberg LP Follow Steve on Twitter: @stevehouf Follow WisdomTree on Twitter: @WisdomTreeETFs Follow Jeremy Schwartz on Twitter: @JeremyDSchwartz

Show from 12/16/22 Wharton Finance Professor Jeremy Siegel kicks off the show with his weekly market update. He talks about the Fed, raising rates, and what he feels is incorrect data from BLS. Then, Bob Pisani joins Host Jeremy Schwartz to discuss markets and market history and his upcoming book "Shut Up and Keep Talking: Lessons on Life and Investing From the Floor of the New York Stock Exchange". Guest: Bob Pisani- CNBC On-Air Stocks Editor, he also covers initial public offerings (IPOs), exchange-traded funds (ETFs) and financial market structure for CNBC For more from Bob visit: https://www.cnbc.com/trader-talk/ Follow Bob on Twitter: @BobPisani Follow WisdomTree on Twitter: @WisdomTreeETFs Follow Jeremy Schwartz on Twitter: @JeremyDSchwartz

Show from 12/9/22 Wharton Finance Professor Jeremy Siegel starts the show with his market update talking about the Fed, inflation, labor costs, rising productivity, and GDP. Host Jeremy Schwartz broadcasts from London and discusses the global macro and European markets with his colleagues who are experts in the space. They discuss ESG investing, the energy sector in the wake of the Russia Ukraine war, commodities, and more. Guests: Nitesh Shah – Head of Commodities & Macroeconomic Research, WisdomTree Europe Follow Nitesh on Twitter for the latest: @NiteshShahWT Follow Nitesh on LinkedIn: https://www.linkedin.com/in/nitesh-shah-7150162/?originalSubdomain=uk Aneeka Gupta – Equity & Commodity Strategist, WisdomTree Europe Follow Aneeka on LinkedIn: https://www.linkedin.com/in/aneekaperis/?originalSubdomain=uk Follow WisdomTree on Twitter: @WisdomTreeETFs Follow Jeremy Schwartz on Twitter: @JeremyDSchwartz

Show from 12/2/22 Wharton Finance Professor Jeremy Siegel kicks off the show with his weekly market update. He talks about the status of inflation, the money supply, unemployment, and wages. Then Host Jeremy Schwartz brings on two guests from the Federal Reserve Bank of Cleveland to further discuss inflation, trends in productivity growth, the spike in bond yields, and more. Guests: Robert Rich – Director of the Center for Inflation Research and a senior economic and policy advisor in the Research Department at the Federal Reserve For more on Robert, visit his page on the Federal Reserve’s website: https://www.clevelandfed.org/people/profiles/r/rich-robert-w Follow the Cleveland Federal Reserve on Twitter: @ClevelandFed Edward S. Knotek II – Senior vice president and the associate research director at the Federal Reserve Bank of Cleveland For more on Edward, visit his page on the Federal Reserve’s website: https://www.clevelandfed.org/people/profiles/k/knotek-edward-s-ii Follow WisdomTree on Twitter: @WisdomTreeETFs Follow Jeremy Schwartz on Twitter: @JeremyDSchwartz

Show from 11/18/22 Wharton Finance Professor Jeremy Siegel kicks off the show with his weekly market update. He talks about the Fed, changes in the labor market, and estimates of Q4 consumer spending. Then, Michael McClary joins Host Jeremy Schwartz to discuss inflation, recession, China, and much more. Guest: Michael McClary- Chief Investment Officer of Valmark Advisers, Inc. and Valmark Financial Group, LLC Follow Valmark on Twitter: @ValmarkFG For more from Michael visit: www.etf.com/contributors/michael-mcclary Follow WisdomTree on Twitter: @WisdomTreeETFs Follow Jeremy Schwartz on Twitter: @JeremyDSchwartz Investors should carefully consider the investment objectives, risks, charges and expenses of the Fund before investing. To obtain a prospectus containing this and other important information, call 866.909.9473 or visit WisdomTree.com. Read the prospectus carefully before you invest. There are risks associated with investing, including possible loss of principal. The Fund is actively managed and implements a strategy similar to the methodology of the TOPS® Global Equity Target Range™ Index (the “Index”), which seeks to track the performance of a cash-secured call spread option strategy. There can be no assurance that the Index or the Fund will achieve its respective investment objectives, or that the Fund will successfully implement its investment strategy. Moreover, while the Fund seeks to target returns within a prescribed range thereby minimizing downside investment loss, there can be no guarantee that an investor in the Fund will experience limited downside protection, particularly short-term investors, investors that seek to time the market and/or investors that invest over a period other than the annual period. The Fund’s options strategy will subject Fund returns to an upside limitation on returns attributable to the assets underlying the options. The Fund’s investments in options may be subject to volatile swings in price influenced by changes in the value of the underlying ETFs or other reference asset. The return on an options contract may not correlate with the return of its underlying reference asset. The Fund may utilize FLEX Options to carry out its investment strategy. FLEX Options may be less liquid than standard options, which may make it more difficult for the Fund to close out of its FLEX Options positions at desired times and prices. The Fund’s use of derivatives will give rise to leverage and derivatives can be volatile and may be less liquid than other securities. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money. Investment exposure to securities and instruments traded in non-U.S., developing or emerging markets can involve additional risks relating to political, economic, or regulatory conditions not associated with investments in U.S. securities and more developed international markets. These and other factors can make investments in the Fund more volatile and potentially less liquid than other types of investments. Please read the Fund’s prospectus for specific details regarding the Fund’s risk profile. WisdomTree Funds are distributed by Foreside Fund Services, LLC, in the U.S.Foreside Fund Services, LLC, is not affiliated with the entities mentioned.

Show from 11/11/22 Wharton Finance Professor Jeremy Siegel kicks off the show with his weekly market update discussing US inflation data, housing, international exchange rates, and cryptocurrency. Then experts on the UK market join Hosts Jeremy Schwartz and Professor Siegel to talk about interest rates, quantitative easing, bonds, pensions, and more. Guests: Andrew Okrongly – Director, Model Portfolios at WisdomTree Follow Andrew on LinkedIn: https://www.linkedin.com/in/andrew-okrongly-1a572420/ Ben Clissold – Head of Fixed Income & Treasury at USS Follow Ben on LinkedIn: https://www.linkedin.com/in/ben-clissold-b4b1a017/?originalSubdomain=uk Follow WisdomTree on Twitter: @WisdomTreeETFs Follow Jeremy Schwartz on Twitter: @JeremyDSchwartz

Show from 11/4/22 Host Jeremy Schwartz is joined by author and Managing Director at Corbu LLC, Sam Rines, to discuss Professor Siegel's view on inflation (or de-inflation), Chinese tech and markets, and trends in employment numbers, among other topics. Guest: Sam Rines - Managing Director, Corbu LLC, Author of "After Normal: Making Sense of the Global Economy" Follow the Jared on Twitter: @SamuelRines Buy Sam's book here: https://www.amazon.com/After-Normal-Making-Global-Economy/dp/1974166198 Follow WisdomTree on Twitter: @WisdomTreeETFs Follow Jeremy Schwartz on Twitter: @JeremyDSchwartz