Behind the Markets Podcast

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

Show from 2026-08-28

Jeremy Schwartz and Professor Siegel open with a discussion of the latest Federal Reserve signals, with Siegel praising the renewed emphasis on money supply, bank credit, commodity prices, market-based inflation expectations, and interest rates. Siegel views the Fed’s tone as more hawkish than expected, but argues that markets responded positively because policymakers provided clearer criteria and demonstrated a more disciplined framework. He also discusses the possibility of additional rate hikes, the resilience of economic activity, and the market implications of strong earnings from NVIDIA and Salesforce. (12:40) After Professor Siegel leaves, Schwartz is joined by Michael Fridman, Sam Rines, and Chris Gannatti for a broader market and technology discussion. The group examines NVIDIA’s continued data-center growth, the widening base of AI demand, improving sentiment toward software, Salesforce’s rebound, and the distinction between broad software recovery and selective opportunities. They also debate potential risks to the AI trade, custom chips versus NVIDIA’s full-stack ecosystem, Marvell’s positioning, Meta’s legal settlement, and developments in quantum computing. The conversation closes with signs of resilience in consumer spending, the transition from AI infrastructure buildout toward commercialization, improving profit margins, and renewed interest in gold as a portfolio diversifier.

Michael on LinkedIn: https://www.linkedin.com/in/michaelfridman23/

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

Show from 2026-08-21

Professor Jeremy Siegel joins Jeremy Schwartz to discuss Treasury Secretary Scott Bessent’s efforts to influence the yield curve, the implications for Fed credibility, and the market’s reaction across bonds, crypto, gold, and the dollar. Siegel also previews Jackson Hole, arguing investors need more clarity on Chair Kevin Warsh’s reaction function, while noting that rising commodity prices and continued money-supply growth could strengthen the case for higher rates later in the year. He also weighs geopolitical risks surrounding Iran, China, oil flows, and the Strait of Hormuz. (14:12) After Siegel leaves, Sam Rines and Chris Gannatti join Schwartz for a broader discussion spanning consumers, technology, and global markets. Rines assesses Walmart, Target, Ross Stores, and Redbook data, concluding that consumer spending remains resilient despite mixed retail earnings. The group explores AI-driven drug discovery, Moderna’s cancer-treatment developments, humanoid robotics, drones, and the growing overlap between defense technology and commercial applications. They also examine opportunities in Europe and Japan, renewed momentum in crypto and gold, the impact of a weaker dollar, China’s AI ecosystem, and NVIDIA’s expanding role in financing AI infrastructure. Gannatti closes with developments in quantum computing, including sensing, navigation, cybersecurity, and emerging commercial applications.

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

Show from 2026-08-14

Host Jeremy Schwartz and Professor Siegel discuss weaker retail sales, inflation trends, strong corporate earnings and the market continuing to reach new highs. The Prof notes that some recent economic data has softened, but higher-frequency indicators are not yet pointing to a major slowdown, while lower oil prices and encouraging inflation details remain supportive for markets. He also focuses on Fed policy, arguing that while avoiding forward guidance is defensible, the Fed still needs to be clearer about its reaction function, the inflation measures it is watching and the conditions that would lead to a rate change, with Jackson Hole potentially providing that clarity. Jim Bianco joins the discussion with the Prof to break the issue into forward guidance, the Fed’s reaction function and the increasingly independent voting behavior of committee members.

(21:12) Jeremy continues with Jim Bianco, Sam Rines and Chris Gannatti to discuss their takeaways from Camp Kotok, including the massive scale of AI capital spending, the federal deficit, geopolitical risk and the changing nature of warfare as drones and lower-cost technologies challenge traditional military spending. Sam expands on defense procurement and tariffs, while Chris discusses developments in quantum computing and the roadmaps public companies are laying out toward fault-tolerant systems. Jim then walks through his current bond-market positioning, including a more neutral stance on duration, corporate bonds and mortgages, along with exposure to convertible bonds tied to the AI theme. He also explains why moderately higher rates may be consistent with a strong economy, where rates could begin to pressure equities, and why lower mortgage rates alone may not solve housing affordability. The conversation closes with global markets, Japan, rising rates overseas, currency intervention, the yen and the effect of tariffs on corporate capital flows.

About the guest: Jim Bianco is President and Index Manager at Bianco Research Advisors. He is also the President of Bianco Research LLC. 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. Jim appears regularly on CNBC, Bloomberg, and Fox Business, and is often featured in the Wall Street Journal, Bloomberg News, Grants Interest Rate Observer, and MarketWatch. Jim has a Bachelor of Science degree in Finance from Marquette University (1984) and an MBA from Fordham University (1989).

Learn More about the Bianco Total Return Index: https://www.biancoadvisors.com/

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