Behind the Markets Podcast

Show from 03/20/26

Host Jeremy Schwartz is joined by Sam Rines and Chris Gannatti to break down the broader market and macro landscape. Sam analyzes the geopolitical situation involving Iran, energy markets, and global responses, noting potential de-escalation and limited long-term economic damage. Chris dives into major themes from NVIDIA’s GTC event, including the rise of AI agents, token-based productivity, and the accelerating shift toward physical AI such as robotics and autonomous systems. The group also explores the evolving labor market, AI’s impact on hiring and productivity, and the concept of a “strategic reserve of compute,” where chip scarcity and geopolitical risks could make existing AI infrastructure increasingly valuable. (33:51) Jeremy is joined by Professor Siegel and Kevin Flanagan. They discuss the latest market developments, including rising oil prices driven by escalating tensions in the Middle East, volatility around the S&P 500’s key technical levels, and the recent selloff in gold and commodities. Professor Siegel highlights the Fed’s updated projections, including a notable increase in long-term GDP growth expectations driven by productivity and AI, while emphasizing that geopolitical risks—particularly oil shocks—are currently the dominant force driving markets. He explains that while inflation pressures from tariffs and energy remain a concern, housing data is softening and AI continues to act as a long-term disinflationary force.

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

Show from 03/13/26

Host Jeremy Schwartz and the WisdomTree team begin the episode discussing the surge in oil prices tied to tensions in the Middle East and how higher energy costs could affect consumers, transportation, and global supply chains. They also examine stress signals in private credit markets, the divergence between private equity firms and the broader S&P 500, and the recent rotation away from mega-cap tech despite improving valuations. The group closes the segment with a discussion on emerging AI themes like agentic AI and robotics, semiconductor capacity constraints, and how investors may rebalance portfolios after energy’s strong performance while looking for opportunities in areas like Japan, industrials, and consumer discretionary. (31:51) Professor Siegel joins Jeremy to share his outlook on the recent oil shock and its impact on markets, noting that while higher gasoline prices may weigh on sentiment and cause short-term volatility, real oil prices remain near long-term averages. He also explains why the Federal Reserve is unlikely to react to a supply-driven oil shock, expects policy to remain on hold for now, and reiterates his long-term optimism for equities and the continued growth of AI.

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

Show from 03/06/26

Host Jeremy Schwartz and Professor Siegel discuss the surprisingly weak payroll report and how it contrasts with strong economic indicators like ISM data and retail sales, with the Professor suggesting rising productivity—potentially driven by AI—may explain how GDP remains strong with little job growth. They also review geopolitical tensions involving Iran, rising oil prices, and the Strait of Hormuz, with Siegel noting energy shocks could pressure markets but would not likely change the Fed’s near-term policy stance. (18:13) Jeremy continues with Sam Rines and Jeff Wenniger to analyze the oil spike, global geopolitics, and labor market data, including how weather disruptions and strikes may distort the jobs report and lead to a rebound in March employment. The group also discusses China’s economic outlook, energy constraints, and broader investment themes such as international defense spending and innovation cycles outside the U.S. The episode concludes with Jeremy interviewing Ian De Bode of Ando Finance and WisdomTree’s Maredith Hannon about tokenization, stablecoins, and how blockchain-based financial rails could reshape investing, trading hours, and global access to U.S. financial markets.

Ian De Bode on LinkedIn: https://www.linkedin.com/in/idebode/

Maredith Hannon on LinkedIn: https://www.linkedin.com/in/maredith-hannon/

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

Show from 02/27/26

Host Jeremy Schwartz and Professor Siegel discuss Professor Siegel’s response to a viral AI “doomsday” scenario, emphasizing that productivity gains from AI would expand output, wages and leisure rather than cause mass permanent unemployment, and arguing that macroeconomic growth from higher productivity would generate trillions in new income to absorb displaced workers. He also weighs in on falling 10-year yields, recent inflation data, oil risks tied to Iran, productivity trends, and his expectation for market rotation away from the MAG 7 toward value and non-AI sectors. (13:40) Jeremy continues with Jeff Weniger and Sam Rines to debate whether AI lowers barriers to entry and enhances innovation rather than destroying knowledge work, put recent tech and software selloffs into perspective against broader market resilience, and examine global equity leadership with strong performance in Japan, Korea and Europe relative to a flat S&P 500, highlighting valuation gaps and structural underweights to non-U.S. markets in portfolios.

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

Show from 02/20/26

Host Jeremy Schwartz and Professor Siegel break down the latest GDP report, PCE inflation data and housing trends, with the Professor noting that fourth quarter growth was not as weak as headlines suggested once government distortions are adjusted for and that differences between CPI and PCE components explain the recent upside surprise in inflation. He emphasizes that the Supreme Court’s pending tariff ruling and rising tensions with Iran are far more important to markets in the near term than incoming economic data, expecting continued choppiness until there is clarity on both fronts. (9:08) Following the Professor’s departure, Jeremy is joined by Sam Rines, Chris Gannatti and Jeff Weniger to react in real time to the Supreme Court’s 6–3 decision striking down IEPA tariffs as illegal, discussing the implications for corporate refunds, margin expansion and sector rotation. The group examines geopolitical risks tied to Iran, the ongoing rotation into small caps and international equities, weakness in private credit and software, and valuation compression across mega-cap tech ahead of NVIDIA earnings. They also explore improving rental trends, sector leadership shifts toward value and cyclicals, and longer-term themes ranging from AI-driven physical automation to autonomous vehicles and global events like the World Cup as potential economic tailwinds.

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

Show from 02/13/26

Host Jeremy Schwartz and Professor Siegel discuss a strong employment report and a softer-than-expected CPI print, highlighting rising real wages, easing rental inflation, and stabilization in unemployment claims. Professor Siegel also addresses growing AI-driven market anxiety, tariff developments, and why he believes the ongoing rotation away from the MAG-7 does not derail the broader bull market. (35:13) Jeremy is joined by Jeff Wenniger, Sam Rines, and Chris Gannatti to break down major global developments, including Russia’s potential return to the dollar system, Taiwan and Singapore’s strong GDP prints, and Japan’s election results strengthening fiscal and defense tailwinds. The group explores the global defense spending supercycle, Asia’s critical role in AI supply chains, and how AI disruption fears are driving sharp rotations within U.S. equities, particularly in software. They also debate whether AI-driven margin compression, pricing competition, and shifting capital flows signal a broader geographic and sector rotation toward international markets and non-tech sectors.

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

Show from 02/06/26

Host Jeremy Schwartz discusses recent volatility across asset classes, including sharp drawdowns in commodities, bitcoin, and select software stocks. (1:38) Jeremy continues the conversation with Blake Heimann and Michael Fridman, former PM at a major Israeli insurer, and the WisdomTree research team. The discussion centers around AI capital expenditure, the sustainability of tech valuations, and the rotation from mega-cap names into more niche infrastructure and semiconductor plays. Michael and the team also touch on geopolitical factors, including the Japanese elections and Middle East tensions, and examine implications of consumer shifts like Pepsi’s price cut strategy for broader market and advertising trends.

Michael Fridman: https://www.linkedin.com/in/michaelfridman23/

Blake Heimann: https://www.linkedin.com/in/blakeheimann/

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

Show from 01/30/26

Host Jeremy Schwartz and Professor Siegel discuss the appointment of Kevin Warsh as incoming Fed Chair, expressing optimism about his independence and stance on inflation. The Professor also comments on the latest inflation print, the Fed’s balance sheet strategy, and the potential impact of tariffs and money supply trends. (13:43) Jeremy is joined by Chris Gannatti, Sam Rines, and Jeff Weniger for a wide-ranging conversation covering tech earnings from Meta and Microsoft, the implications of AI investments on memory and fiber infrastructure, and recent commodity surges in metals like silver and copper. They also explore geopolitical risks in the Middle East and Cuba, European investor sentiment toward U.S. equities and currencies, commodity allocation trends, and macroeconomic developments in Italy with WisdomTree’s Peter Braganti.

Piergiacomo Peter Braganti, Director, Macro Research at WisdomTree: https://x.com/peterbraganti

Chris started a substack, follow him here: https://christophergannatti.substack.com/

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

Show from 01/23/26

Host Jeremy Schwartz and Professor Siegel discuss updates on the Fed chair race, government shutdown prospects, and delayed tariff rulings. The Professor sees strong economic momentum, rising productivity, and continued strength in value and small-cap stocks. (11:23) Jeremy continues the conversation with Dave Goodson, Head of Securitized Credit at Voya, who discusses bond market reactions to recent policy announcements, including the $200 billion GSE purchase program and its impact on mortgage-backed securities. The group explores trends in spreads, non-agency RMBS opportunities, policy shifts affecting the housing market, and global macro forces including Japan and Iran. They close with a focus on AI-driven infrastructure investments and how they are impacting securitized credit markets.

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

Voya: https://advisors.voya.com/

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

Show from 09/16/26

Host Jeremy Schwartz and Professor Siegel assess recent market data, including mixed signals from CPI and PPI, speculation about Q4 GDP being between 2% and 5%, and jobless claims falling below 200K. Professor Siegel also discusses the Fed’s direction amid political distractions and sees continued momentum for small caps amid easing mortgage spreads. (22:32) Jeremy is joined by WisdomTree’s Jeff Weniger, Chris Gannatti, and Sam Rines to dive into market rotation, the AI narrative, and geopolitical developments. The group explores physical AI with Tesla, credit card rate caps and their implications on credit access, and how crypto and stablecoin regulations may disrupt traditional banking. They also cover a K-shaped economy reflected in early earnings reports and wrap with observations from Asia, the rise of Vietnamese EVs, and speculation on the U.S. revisiting a Greenland acquisition.

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