Behind the Markets Podcast

Show from 04/04/25

Host Jeremy Schwartz and Professor Siegel dive into this week’s discussion with a focus on new tariff policies, the Fed’s next moves, and implications for the money supply. Professor Siegel criticizes the tariffs as a major unforced error, warns about the potential for a bear market if retaliations continue, and argues that the Fed should cut rates regardless of the inflationary effects of tariffs. (42:43) Jeremy continues with Sam Rines and Kevin Flanagan to unpack the global trade tensions and how countries like India, Mexico, and Japan might respond. They analyze market volatility, discuss sector positioning amid interest rate shifts, and explore geopolitical scenarios, including U.S.-China dynamics and potential policy off-ramps. Kevin and Sam also share views on fixed income strategy and what to expect from the Fed and fiscal policy in the weeks ahead.

Guest: Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product.

As part of WisdomTree’s Investment Strategy group, Kevin Flanagan serves as Head of Fixed Income Strategy. In this role, he contributes to the asset allocation team, writes fixed income-related content and travels with the sales team, conducting client-facing meetings and providing expertise on WisdomTree’s existing and future bond ETFs. In addition, Kevin works closely with the fixed income team. Prior to joining WisdomTree, Kevin spent 30 years at Morgan Stanley, where he was Managing Director and Chief Fixed Income Strategist for Wealth Management. He was responsible for tactical and strategic recommendations and created asset allocation models for fixed income securities. He was a contributor to the Morgan Stanley Wealth Management Global Investment Committee, primary author of Morgan Stanley Wealth Management’s monthly and weekly fixed income publications, and collaborated with the firm’s Research and Consulting Group Divisions to build ETF and fund manager asset allocation models. Kevin has an MBA from Pace University’s Lubin Graduate School of Business, and a B.S in Finance from Fairfield University.

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Show from 03/28/25

In this episode of Behind the Markets, host Jeremy Schwartz kicks off with an interview featuring Andreas Kern, CEO of WikiFolio, a unique German social trading platform that enables individuals to publish model portfolios and convert them into exchange-listed products. Kern discusses the recent sharp shift in investor behavior from U.S. equities to German mid-cap stocks, signaling growing confidence in European markets. He attributes this trend not only to valuation opportunities but also to cultural and structural differences in how Europeans and Americans approach risk, especially in relation to pension systems. Popular themes among German investors include defense and AI, with stocks like Rheinmetall and MercadoLibre topping portfolios. Kern also shares his ambition to bring WikiFolio to the U.S., positioning the platform as a democratizing force in asset management.

(15:00) The second half of the episode shifts to macroeconomic strategy with Kevin Flanagan, Sam Rines, and Jeremy discussing the implications of tariffs, interest rates, and fiscal policy. Sam breaks down how tariffs affect U.S. businesses and consumers, while Jeremy highlights Professor Siegel’s concerns that tariffs could hurt capital inflows and raise rates. With “Liberation Day” (April 2) expected to bring clarity on trade policy, the group analyzes market reactions and resilience, suggesting much of the impact may already be priced in. The conversation then broadens to long-term themes: the Fed’s reactionary role, global defense spending surges (especially in Europe), and Trump’s potential tax reforms, including zero taxes for middle-income earners and cracking down on offshore corporate shelters. The episode closes with speculation on how tariffs might serve not just as trade tools but as revenue generators in a shifting economic order.

Guest: Before founding wikifolio, Kern gained more than a decade of experience in the finance and payment industries, leading Paybox Austria GmbH to profitability and co-founding Payolution GmbH, which was later sold to Skrill/Moneybookers. He studied mathematics and computer science, holds a Master of Science in Innovation Management from Johannes Kepler Business School Linz, and is a trained exchange trader for futures and spot markets.

His vision for wikifolio remains clear: make professional-level trading strategies more accessible, transparent, and rewarding for all investors.

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More about Andreas: https://www.wikifolio.com/en/int/about-wikifolio/our-management

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Show from 03/21/25

Host Jeremy Schwartz and Professor Siegel break down the Fed's latest meeting, noting Powell's dovish tone despite downgraded growth and higher inflation forecasts. The Professor emphasizes that inflation risks from tariffs appear temporary and market sentiment hinges on the upcoming April 2nd tariff announcements. (27:52) Jeremy continues the conversation with WisdomTree’s Samuel Rines and Christopher Gannatti, diving into Nvidia’s major AI and robotics announcements from its recent conference. The group explores the evolving narrative around self-driving cars, robotics, and global AI spending, along with Buffet’s deepening investment in Japan. They also cover the global market rotation from US to international equities, implications of tariffs on inflation, and how central banks may respond.

Guest: Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product.

Christopher Gannatti began at WisdomTree as a Research Analyst in December 2010, working directly with Jeremy Schwartz, CFA®, Director of Research. In January of 2014, he was promoted to Associate Director of Research where he was responsible to lead different groups of analysts and strategists within the broader Research team at WisdomTree. In February of 2018, Christopher was promoted to Head of Research, Europe, where he was based out of WisdomTree’s London office and was responsible for the full WisdomTree research effort within the European market, as well as supporting the UCITs platform globally. In November 2021, Christopher was promoted to Global Head of Research, now responsible for numerous communications on investment strategy globally, particularly in the thematic equity space

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Host Jeremy Schwartz and Professor Siegel discuss the market reaction to tariffs and their potential impact on inflation and sentiment. The Professor highlights the sharp decline in the University of Michigan sentiment index, the risks of continued tariff escalation, and his expectations for the upcoming FOMC meeting. He warns that a full-scale tariff war could further pressure equities, while a lighter approach might stabilize markets. (11:52) Jeremy is joined by WisdomTree’s macro team—Chris Gannatti, Jeff Weniger, and Sam Rines—to discuss market rotations, the impact of tariffs on different economies, and trends in Japan’s wage growth. They examine the valuation of major tech stocks, debate Tesla’s shifting market position, and assess Trump’s tax cut proposal. Later, WisdomTree CEO Jonathan Steinberg shares insights from the Digital Asset Summit in Washington, D.C., reflecting on regulatory shifts, the administration’s stance on digital assets, and the evolving role of tokenization and blockchain in financial markets.

Guest: Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product.

Christopher Gannatti began at WisdomTree as a Research Analyst in December 2010, working directly with Jeremy Schwartz, CFA®, Director of Research. In January of 2014, he was promoted to Associate Director of Research where he was responsible to lead different groups of analysts and strategists within the broader Research team at WisdomTree. In February of 2018, Christopher was promoted to Head of Research, Europe, where he was based out of WisdomTree’s London office and was responsible for the full WisdomTree research effort within the European market, as well as supporting the UCITs platform globally. In November 2021, Christopher was promoted to Global Head of Research, now responsible for numerous communications on investment strategy globally, particularly in the thematic equity space

Jeff Weniger, CFA serves as Head of Equity Strategy at WisdomTree. In his role, Weniger helps to formulate the firm’s stock market outlook by assessing macro and fundamental trends. Prior to joining WisdomTree, he was Director, Senior Strategist at BMO, where he worked in the office of the CIO from 2006 to 2017. He served on the firm’s Asset Allocation Committee and co-managed the firm’s ETF model portfolios for both the U.S. and Canada. In 2013, at the age of 32, Jeff was chosen as the youngest member of BMO’s Global Investment Forum, which collected the firm’s top global strategists to formulate the firm’s official long-term outlook for investment trends and markets.

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Show from 03/07/25

Host Jeremy Schwartz and Professor Siegel discussed the latest market trends, focusing on the jobs report, volatility in trade policy, and concerns about rising unemployment rates. Professor Siegel highlighted the impact of policy uncertainty on the markets and expressed concern over a potential stall in credit growth, as well as the challenges posed by volatility in energy prices. (12:22) Jeremy continues the conversation with Sam Rines, who shares insights from meetings in Mexico, noting a cautiously optimistic outlook on U.S.-Mexico trade relations. Later, Jeremy sits down with Haim Israel in Tel Aviv to explore major themes for 2030, including the potential of AI to reshape industries, the escalating “tech wars” between the U.S. and China, and the massive infrastructure demands of the AI revolution. Haim discusses the importance of energy independence, advancements in semiconductor demand, and the challenges of cybersecurity and privacy in a rapidly evolving technological landscape.

Guest: Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product.

Haim Israel is a Managing Director and Global Strategist who heads up the Global Thematic Research team. Prior to this position, Israel was the head of Bank of America’s EEMEA Technology, Media and Telecommunication Research team, as well as the head of Israeli Research. In 2020, Israel and team were ranked in first place as the best Thematic Research and ESG – Integrated Climate Change teams in the Institutional Investor Extel Global Survey. Israel attained his MBA from The Hebrew University, Jerusalem, and also holds a dual major in Finance & Business.

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Show from 02/08/25

Host Jeremy Schwartz and Professor Siegel discuss the latest market developments, focusing on the PCE report, GDP revisions, and the impact of tariffs on economic growth. The professor highlights the unexpected trade balance shift, predicting a significant slowdown in Q1 GDP but dismissing recession concerns. He also comments on recent market volatility, particularly in tech stocks like NVIDIA, and notes increased bearish sentiment among investors. (13:03) Jeremy continues the conversation from Europe, joined by Sam Rines, Pierre Debreu, Aneeka Gupta, and Dovile Silenskyte. The group delves into European market dynamics, geopolitical risks, and the impact of tariffs on global trade. They also discuss trends in AI and semiconductors, the evolving role of cryptocurrencies in institutional portfolios, and the rising influence of gold as a hedge against economic uncertainty.

Guest: Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product.

Dovile Silenskyte, Director, Digital Assets Research

Dovile is a director of digital assets research at WisdomTree. Prior to joining WisdomTree in May 2024, Dovile worked as an index equity product strategist at BlackRock. In her current role she is responsible for conducting analysis for in-house digital assets publications and assisting the sales team with client queries around products and markets.

Dovile holds a MSc in Finance from Texas A&M University – Commerce. She is also a chartered financial analyst (CFA).

Aneeka Gupta is a director of research at WisdomTree. Prior to the acquisition of Exchange Traded Fund (ETF) Securities in April 2018, Aneeka worked as an equity & commodities strategist at the company. Aneeka has 17 years of experience working as a research analyst across a wide range of asset classes. In her current role she is responsible for conducting analysis for all in-house equity, commodity and macro publications and assisting the sales team with client queries around products and markets. Aneeka holds a MSc in Mathematics from Oxford University and a BSc in Mathematics from the University of Delhi, India. She is also a chartered financial analyst (CFA).

Traders' Insight

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Show from 02/21/25

Host Jeremy Schwartz and Professor Siegel discuss the latest market trends, focusing on tariff uncertainties, economic data, and market resilience. Professor Siegel highlights the market’s response to geopolitical developments, earnings expectations, and the potential impact of rising bond yields. He also weighs in on Nvidia, Tesla, and the broader AI landscape, emphasizing the importance of earnings in market performance. (11:41) Jeremy is joined by Chris Gannatti, Sam Rines, and Jeff Weniger to delve into the evolving tech landscape, including Nvidia’s role, Microsoft’s AI push, and the future of quantum computing. They also discuss Apple’s challenges, Tesla’s strategic opportunities, and Japan’s potential manufacturing resurgence. The conversation shifts to geopolitical risks, European defense spending, and emerging market opportunities, particularly in Latin America. Sam outlines recent shifts in WisdomTree’s model portfolios, including a move from Argentina to Mexico and Japan, highlighting macroeconomic trends and market positioning.

Guest: Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product.

Christopher Gannatti began at WisdomTree as a Research Analyst in December 2010, working directly with Jeremy Schwartz, CFA®, Director of Research. In January of 2014, he was promoted to Associate Director of Research where he was responsible to lead different groups of analysts and strategists within the broader Research team at WisdomTree. In February of 2018, Christopher was promoted to Head of Research, Europe, where he was based out of WisdomTree’s London office and was responsible for the full WisdomTree research effort within the European market, as well as supporting the UCITs platform globally. In November 2021, Christopher was promoted to Global Head of Research, now responsible for numerous communications on investment strategy globally, particularly in the thematic equity space

Jeff Weniger, CFA serves as Head of Equity Strategy at WisdomTree. In his role, Weniger helps to formulate the firm’s stock market outlook by assessing macro and fundamental trends. Prior to joining WisdomTree, he was Director, Senior Strategist at BMO, where he worked in the office of the CIO from 2006 to 2017. He served on the firm’s Asset Allocation Committee and co-managed the firm’s ETF model portfolios for both the U.S. and Canada. In 2013, at the age of 32, Jeff was chosen as the youngest member of BMO’s Global Investment Forum, which collected the firm’s top global strategists to formulate the firm’s official long-term outlook for investment trends and markets.

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Wisdom Tree: https://www.wisdomtree.com/investments

Show from 02/14/25

Host Jeremy Schwartz and Professor Siegel reflect on the Eagles' Super Bowl victory and discuss key economic data, including CPI and PPI surprises, the market's reaction to inflation expectations, and the impact of potential tariff negotiations. Siegel notes that while inflation data was hotter than expected, markets found relief in the lower-than-expected PCE components. He also discusses retail sales disappointments, GDP outlook adjustments, and global economic trends. (13:19) Jeremy continues with Sam Rines, Jeff Weniger, and Christopher Gannatti from WisdomTree to break down geopolitical and market trends. The group covers Modi's U.S. visit and tariff negotiations, India's potential for a free trade agreement, the outperformance of China's "Terrific 10" stocks over the "Mag 7," and Europe's investment push into AI. They also touch on macroeconomic themes such as U.S. debt management strategies and shifting global alliances in trade and security.

Guest: Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product.

Christopher Gannatti began at WisdomTree as a Research Analyst in December 2010, working directly with Jeremy Schwartz, CFA®, Director of Research. In January of 2014, he was promoted to Associate Director of Research where he was responsible to lead different groups of analysts and strategists within the broader Research team at WisdomTree. In February of 2018, Christopher was promoted to Head of Research, Europe, where he was based out of WisdomTree’s London office and was responsible for the full WisdomTree research effort within the European market, as well as supporting the UCITs platform globally. In November 2021, Christopher was promoted to Global Head of Research, now responsible for numerous communications on investment strategy globally, particularly in the thematic equity space

Jeff Weniger, CFA serves as Head of Equity Strategy at WisdomTree. In his role, Weniger helps to formulate the firm’s stock market outlook by assessing macro and fundamental trends. Prior to joining WisdomTree, he was Director, Senior Strategist at BMO, where he worked in the office of the CIO from 2006 to 2017. He served on the firm’s Asset Allocation Committee and co-managed the firm’s ETF model portfolios for both the U.S. and Canada. In 2013, at the age of 32, Jeff was chosen as the youngest member of BMO’s Global Investment Forum, which collected the firm’s top global strategists to formulate the firm’s official long-term outlook for investment trends and markets.

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Show from 02/07/25

Host Jeremy Schwartz opens the show, discussing market trends and economic indicators. Jeremy is then joined by Sonu Varghese from the Carson Group, along with Jeff Weniger, Sam Rines, and Chris Gannatti, for a deep dive into market trends, asset allocation, and economic outlooks. Sonu discusses his positive outlook on the U.S. economy, citing strong labor market fundamentals and productivity growth. The conversation covers key sectors of interest, potential risks from tariffs, and expectations for interest rates. The guests also touch on AI’s impact on productivity and broader market trends shaping investment strategies.

Guest: Sonu has over 15 years of experience in the Asset Management industry. Before joining Carson, he was a Partner and Director of Research at Convex Capital Management where he co-managed portfolios, advised clients and led the research effort, including creating a proprietary leading economic index for 30 countries and systematizing investment processes. Prior to that Sonu worked independently with hedge fund managers and high-net worth individuals to develop quantitative investment models for trading equities, options, ETFs and closed-end funds.

Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product.

Christopher Gannatti began at WisdomTree as a Research Analyst in December 2010, working directly with Jeremy Schwartz, CFA®, Director of Research. In January of 2014, he was promoted to Associate Director of Research where he was responsible to lead different groups of analysts and strategists within the broader Research team at WisdomTree. In February of 2018, Christopher was promoted to Head of Research, Europe, where he was based out of WisdomTree’s London office and was responsible for the full WisdomTree research effort within the European market, as well as supporting the UCITs platform globally. In November 2021, Christopher was promoted to Global Head of Research, now responsible for numerous communications on investment strategy globally, particularly in the thematic equity space

Jeff Weniger, CFA serves as Head of Equity Strategy at WisdomTree. In his role, Weniger helps to formulate the firm’s stock market outlook by assessing macro and fundamental trends. Prior to joining WisdomTree, he was Director, Senior Strategist at BMO, where he worked in the office of the CIO from 2006 to 2017. He served on the firm’s Asset Allocation Committee and co-managed the firm’s ETF model portfolios for both the U.S. and Canada. In 2013, at the age of 32, Jeff was chosen as the youngest member of BMO’s Global Investment Forum, which collected the firm’s top global strategists to formulate the firm’s official long-term outlook for investment trends and markets.

Carson Wealth: https://www.carsonwealth.com/

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Show from 01/31/25

Host Jeremy Schwartz and Professor Siegel discuss key market developments this week, covering the Fed meeting, the impact of DeepSeek on AI and chipmakers, and the potential consequences of new tariffs. The Prof notes that while the Fed’s latest move wasn’t highly consequential, the removal of certain inflation-related language raised some market expectations. He also highlights how DeepSeek’s AI advancements could challenge high-end chipmakers like NVIDIA while benefiting AI users and the broader economy. (15:13) Jeremy continues with Jeff Winnegar and Sam Rines, diving into the evolving AI landscape, China’s latest moves in AI with Alibaba’s model, and potential investment opportunities. They also analyze earnings trends, including Meta’s strong margins, Microsoft’s underperformance, and a surprising 31% same-store sales jump for Chili’s. The conversation wraps up with a broader discussion on market rotations and shifting sentiment in Silicon Valley towards Washington.

Guest: Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product.

Jeff Weniger, CFA serves as Head of Equity Strategy at WisdomTree. In his role, Weniger helps to formulate the firm’s stock market outlook by assessing macro and fundamental trends. Prior to joining WisdomTree, he was Director, Senior Strategist at BMO, where he worked in the office of the CIO from 2006 to 2017. He served on the firm’s Asset Allocation Committee and co-managed the firm’s ETF model portfolios for both the U.S. and Canada. In 2013, at the age of 32, Jeff was chosen as the youngest member of BMO’s Global Investment Forum, which collected the firm’s top global strategists to formulate the firm’s official long-term outlook for investment trends and markets.

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