Behind the Markets Podcast

Show from 2026-11-06

Jeremy Schwartz and Professor Jeremy Siegel open with a discussion of stronger-than-expected employment data, improving labor force participation, and the outlook for productivity and interest rates. Siegel considers how election results could shape tax policy and trade, while emphasizing uncertainty around future demand for AI computing. Samuel Rines adds perspective on proposed data center permitting changes in Texas and potential opportunities following the technology selloff. (20:30) Following Siegel’s departure, Schwartz welcomes guest Corey Hoffstein and WisdomTree Co-CIO Andrew Okrongly to discuss return stacking and a collaborative model portfolio offering from WisdomTree and Return Stacked ETFs. They explain how capital-efficient strategies can preserve core stock and bond exposure while layering on alternative sources of return, addressing both diversification needs and the difficulty of funding alternatives by selling traditional assets. The conversation examines leverage, portfolio-level risk, and the behavioral challenges of holding diversifiers through periods of underperformance. Hoffstein distinguishes using leverage to add differentiated return streams from multiplying existing market exposure. Okrongly outlines conservative, moderate, and growth portfolios incorporating managed futures, futures yield, long-short equity, gold, merger arbitrage, and systematic alternatives. They also discuss how the Chorus platform supports implementation, tax-aware transitions, and ongoing rebalancing, helping advisors put the portfolio framework into practice.

About the guest: Corey Hoffstein is the CEO and CIO of Newfound Research and co-founder of Return Stacked® ETFs. Corey is an active researcher and his work has been published in the Journal of Indexing and the Journal of Alternative Investments. Corey holds a Master of Science in Computational Finance from Carnegie Mellon University and a Bachelor of Science in Computer Science, cum laude, from Cornell University.

Learn more: https://www.returnstackedetfs.com/

Corey on LinkedIn: https://www.linkedin.com/in/coreyhoffstein/

WisdomTree: https://www.wisdomtree.com/

Show from 2026-10-30

Jeremy Schwartz and Samuel Rines welcome Professor Jeremy Siegel to discuss the Federal Reserve’s latest meeting, the technology selloff, and the upcoming midterm elections. Siegel explains why weakening AI sentiment could push Treasury yields lower and support value stocks, while distinguishing the current pullback from the extreme valuations of the dot-com era. The discussion also explores prediction markets, potential congressional gridlock, and how state elections could influence data center construction.

(21:00) After Professor Siegel signs off, Michael Fridman and Blake Heimann join Schwartz and Rines to examine technology earnings and investors’ growing demands for evidence that AI spending will generate sustainable returns. They contrast Microsoft’s encouraging results with Alphabet’s search monetization challenges, Amazon’s mixed performance, and Intel’s disappointing outlook. Funding needs, free cash flow, and Oracle’s roadmap for capital spending frame a broader debate about AI infrastructure investment. The group also assesses memory chip cyclicality, semiconductor equipment opportunities, and cybersecurity demand as AI makes attacks easier and defenses more essential. Beyond technology, Rines highlights resilient consumer spending and solid results from consumer staples companies. They close by considering whether rising earnings estimates can support a recovery in technology shares and how diversification can help investors navigate the market’s rotation.

WisdomTree: https://www.wisdomtree.com/

Show from 2026-10-23

On this week’s Behind the Markets, Jeremy Schwartz is joined by Professor Jeremy Siegel, Samuel Rines, and Chris Gannatti to discuss market rotations, the AI investment cycle, and the global economic outlook. Professor Siegel examines the sharp shift from growth to value stocks, the impact of AI infrastructure spending on Treasury yields, and upcoming Federal Reserve decisions and economic data. The conversation also explores geopolitical developments involving Russia, Ukraine, and Iran, alongside earnings from major AI players and the sustainability of technology spending. (21:00) Following Professor Siegel’s departure, Jeremy welcomes Patricio Danziger of Eternal Capital, author of “Capital (R)evolution: Nine Global Phenomena Impacting Your Investment Portfolio”. Danziger outlines opportunities across emerging markets, highlighting AI infrastructure in Taiwan and South Korea, political shifts in Latin America, and financial inclusion through Eastern European banks. He discusses China’s economic challenges, India’s long-term growth potential, and opportunities in commodities and copper. The conversation also covers Eternal Capital’s investment process, lessons from past investment mistakes, and the importance of distinguishing structural AI winners from cyclical businesses. Danziger concludes with his outlook for Brazil, where potential interest-rate declines could create opportunities in financial services and truck rentals.

Get the book: ​​https://a.co/d/001wgZzO

About the guest:

Patricio M. Danziger is an economist and MBA from the Booth School of Business at the University of Chicago. He currently runs his own investment firm Eternal Capital Group and holds regular meetings with leaders from around the world, including former presidents, ministers, CEOs, and owners of companies from various industries. He has twenty years of experience as a top-tier investor, during which he won several international awards, including best performing fund in the world in 2021 in its category. He was a partner and member of the investment committee for emerging market strategies at Redwheel, which was among the top three funds in terms of growth in the world in that category between 2015 and 2022. Patricio was also head of global thematic research at the investment company emerging markets team at Redwheel. Previously, he was Managing Director at Everest Capital, where he served as a portfolio manager. Under Patricio’s leadership, both Redwheel and Everest Capital invested billions of dollars in emerging markets.

Patricio on LinkedIn: https://www.linkedin.com/in/patricio-danziger-8a993917/

Eternal Capital: https://www.eternalcapitalgroup.com/

WisdomTree: https://www.wisdomtree.com/investments

Show from 2026-10-16

On this episode of Behind the Markets, Jeremy Schwartz welcomes Professor Jeremy Siegel to discuss inflation data, interest rate volatility, and the market implications of continued AI infrastructure investment. Siegel explains how uncertainty surrounding AI spending could pressure growth stocks while supporting Treasury bonds and value equities through lower yields. He also examines labor market resilience, earnings expectations, and the Federal Reserve’s potential interest rate decisions, emphasizing the importance of diversification. (11:00) Following Siegel’s departure, Jeremy is joined by Chris Gannatti and Samuel Rines for a conversation with Dr. Carly Anderson, co-founder of Timescale Ventures, about emerging investment opportunities in deep technology and the physical economy. Anderson highlights how advances in AI-driven engineering, improved access to capital, and experienced technical talent are accelerating innovation. The discussion explores power constraints facing AI data centers, solid-state transformers, grid modernization, and next-generation cooling technologies. Anderson also examines critical minerals, metals recycling, battery innovation, and opportunities across the growing space economy, including optical communications and laser technologies. The conversation concludes with developments in nuclear fusion, commercialization timelines, and Timescale Ventures’ approach to identifying early-stage companies capable of bringing transformative technologies to market.

About the guest:

Carly is Co-Founder and Managing Director of Timescale Ventures. Carly is passionate about deploying new technology to meet and solve humanity’s challenges. She brings 15+ years of experience across venture capital, startups, technology development, and consulting. Before starting Timescale, she was an investor with deep tech venture firm Prime Movers Lab and SF-based climate tech firm Prelude Ventures. Carly was the first engineer at advanced materials startup Mosaic Materials, which was acquired by Baker-Hughes. She began her career with engineering consulting firm DEI, where she developed and deployed new technologies in commercial nuclear power plants internationally.

Dr. Anderson holds a Ph.D. in Chemical Engineering from UC Berkeley and a BS in Chemical Engineering from Cornell University. She lives in Oakland, CA and enjoys trail running, science fiction, and brunch.

Learn more: https://www.timescale.vc/

Carly on LinkedIn: https://www.linkedin.com/in/carly-e-anderson/

WisdomTree: https://www.wisdomtree.com/investments

Show from 2026-10-09

On this episode of Behind the Markets, Jeremy Schwartz is joined by Professor Jeremy Siegel to discuss the economic outlook, rising bond yields, inflation pressures, and the Federal Reserve’s next moves. Siegel explains why he remains constructive on equities despite higher interest rates, revises his long-term real return expectations upward, and considers how oil prices, geopolitical tensions, and AI investment could influence markets. The conversation also examines the outlook for bonds and the evolving valuations of major technology companies. (13:30) After Professor Siegel signs off, Jeremy continues the discussion with Samuel Rines and Chris Gannatti, exploring Apple's valuation, Tesla's changing investment narrative, and Starlink's potential disruption of traditional telecommunications providers. They examine how rapid advances in artificial intelligence and quantum computing could reshape cybersecurity, encryption, and cryptocurrency markets. The conversation then turns to corporate earnings, including PepsiCo's renewed emphasis on pricing over volume and Starbucks' efforts to improve profitability. The group also highlights the growing importance of cybersecurity as AI adoption accelerates. Looking ahead, they discuss consumer spending resilience, upcoming bank earnings, and the potential for overlooked stocks to benefit from improving sentiment as markets approach 2027.

WisdomTree: https://www.wisdomtree.com/investments

Show from 2026-10-02

Professor Jeremy Siegel opens with his take on the latest payroll report, highlighting softer job growth, improving labor-force participation, steadier hours worked and continued manufacturing gains. He argues the data gives the Federal Reserve room to pause in October, while noting that higher real interest rates remain a challenge for equity valuations. Siegel also discusses oil prices, the continued strength of AI-related spending and why higher borrowing costs may weigh more heavily on lower-margin value companies than on large technology firms.

(12:00) After Siegel departs, Chris Gannatti and Samuel Rines examine the market reaction to the jobs report, the outlook for Fed policy, election-related policy uncertainty and the growing political resistance to data-center development. They also discuss Micron’s strong results, the cyclical nature of memory markets and the global search for locations with sufficient power and cooling capacity for AI infrastructure. Jeremy Schwartz then speaks with Tom May, founder and CEO of Atlantic House, about WisdomTree’s acquisition of the firm and its expansion into derivatives-based strategies. May explains defined-outcome investing, autocallables, downside protection, volatility risk premia and how customized derivatives can help investors shape portfolio risk and return.

Learn more about Tom: https://www.wisdomtree.com/ch/en/insights/contributors/tom-may

Tom on LinkedIn: https://www.linkedin.com/in/tom-may-716bb612/

WisdomTree: https://www.wisdomtree.com/investments

Show from 2026-09-25

Jeremy Schwartz and Professor Siegel open with the sharp rise in real interest rates and what stronger economic growth, higher Treasury yields, and upcoming inflation, housing, employment, and money-supply data could mean for markets. They discuss the resilience of equities despite pressure from bonds, the outlook for small-cap and value stocks, and how Meta’s Muse AI agent could disrupt businesses that benefit from consumer inertia by making it easier to compare prices, switch providers, and negotiate better deals. (13:10) After Professor Siegel leaves the call, Jeremy is joined by Samuel Rines and Chris Gannatti. Sam examines headlines surrounding Oracle’s data-center buildout and argues that concerns over potential project delays may have been overstated. The group then explores their early experiences with Muse, including inbox management, subscription cancellations, property claims, and automated negotiations that produced meaningful monthly savings. They consider Meta’s position in consumer AI and the potential implications for advertising, marketplaces, and competing technology platforms. Chris shares observations from a major quantum-computing conference, highlighting investment in domestic quantum infrastructure, emerging foundry models, and specialized suppliers. The conversation closes with Japan, currency and rate volatility, space-based computing, and Sam’s renewed focus on corporate “price over volume” strategies as companies consider further price increases.

WisdomTree: https://www.wisdomtree.com/investments

Show from 2026-09-18

Jeremy and Sam are joined by Ron Johnson, former Apple retail chief and author of Shop Different: How Retail Revealed Apple’s Genius. Johnson reflects on his career at Target, Apple, and JCPenney, including lessons from both success and failure. He explains why physical retail remains resilient, how stores and e-commerce increasingly complement one another, and why customer service was foundational to the Apple Store model. Johnson also discusses AI’s role in improving retail rather than replacing stores, the importance of frictionless checkout and strong in-store experiences, and his belief that successful retailers win through constant innovation, disciplined execution, and genuine care for customers.

(46:45) Jeremy Schwartz, Kevin Flanagan, and Professor Jeremy Siegel discuss the Federal Reserve’s latest policy decision, including the unanimous rate move, stronger economic growth, persistent inflation, and the implications of higher short- and long-term interest rates. Siegel highlights the importance of the 10-year Treasury yield for equity valuations, the potential economic effects of tighter financial conditions, and the growing role of AI investment in capital spending, productivity, and technology-sector inflation. The conversation also examines bond-market positioning, data-center financing, and how future inflation and productivity readings could shape the outlook.

Get Ron’s book: https://a.co/d/0fuOI0AH

When Steve Jobs hired Ron Johnson to create the Apple Store in 2000, con­ventional wisdom said that the inter­net would put stores out of business. By the time he left Apple in 2011, Johnson and his team had created the most respected and profitable retail stores in the world. And even then, skeptics were still predicting the death of physical retail.

In Shop Different, Johnson reveals how it happened: how he earned Jobs’s trust, how they developed a vision for a store that would win not by selling but by serving, and how he convinced Jobs that the store’s service philosophy should be rooted in some­thing as intangible as love. Johnson then gives readers a new look at Apple’s ascent to the most valuable company in the world; offers an inspiring vision for a future in which retailers win on connection, service, and experience; and shares an honest look at what leads to success—and what can follow.

Shop Different is not a traditional business book. It is an insider account of one of the most important retail successes of our time, a guide for anyone trying to lead through technological change, and, in the age of artificial intelligence, a profound reminder of what it means to be human.

Ron on LinkedIn: https://www.linkedin.com/in/shopdifferent/

WisdomTree: https://www.wisdomtree.com/investments

Show from 2026-09-11

Jeremy Schwartz and Professor Jeremy Siegel open the show by assessing hotter-than-expected inflation, rising Treasury yields, and the growing likelihood of a Federal Reserve rate hike. Siegel argues that credit expansion, persistent inflation pressures, and signals from the yield curve support tighter policy, while noting that equities have remained surprisingly resilient despite higher rates and volatile energy prices. The discussion also covers oil, diesel, geopolitical risks surrounding Iran and key shipping routes, and concerns about Treasury-market credibility and policy coordination. (18:00) After Professor Siegel leaves, Jeremy is joined by Sam Rines and Chris Gannatti for a broad look at earnings, artificial intelligence, and global macro developments. They discuss Oracle’s massive backlog, data-center financing, and continued demand for compute; Kroger’s AI-driven precision marketing business; Meta’s AI investments; and Adobe’s valuation, AI strategy, and content-provenance advantages. Chris also reviews Apple’s latest product event and progress in quantum computing, including developments at IonQ. The conversation closes with the ECB, European energy pressures, Middle East negotiations, currency-market reactions, the Japanese yen, and how a potential Fed rate hike could influence the dollar and longer-term yields.

WisdomTree: https://www.wisdomtree.com/investments

Show from 2026-09-04

Jeremy Schwartz and Professor Jeremy Siegel open with the latest jobs report, highlighting stronger-than-expected payroll growth, upward revisions, rising hours worked, improved labor-force participation, and contained wage pressures. Siegel argues the data point to a resilient economy but may temper hopes for a dramatic AI-driven productivity surge this quarter. He also discusses the case for a Federal Reserve rate hike, rising money supply growth, bond yields, inflation risks tied to oil and Iran, and the market implications of stronger growth and higher discount rates. The conversation also touches on AI-related productivity gains, limited evidence of widespread AI-driven layoffs, and geopolitical developments involving Russia and Ukraine. (16:00) After Professor Siegel signs off, Schwartz continues with Sam Rines and Chris Gannatti. They examine whether longer-duration bonds are becoming more attractive, along with opportunities in gold, housing, and other rate-sensitive areas. The discussion then turns to AI, including hyperscaler spending, data-center commitments, semiconductor beneficiaries, the risks surrounding future compute demand, and whether major technology companies are becoming value opportunities. They also cover Tesla’s robotaxis, the strategic importance of compute, Japan’s currency and rate outlook, Venezuela’s potential role in U.S. energy security, and continued progress in quantum computing.

WisdomTree: https://www.wisdomtree.com/investments