In this episode, Rebecca Patterson, Senior Fellow at the Council on Foreign Relations and former Chief Investment Strategist at Bridgewater Associates, and Former Chief Investment Officer at Bessemer Trust, joins Jim Worden and Talley Leger to break down one of the most complicated macro environments of our careers. Rebecca explains why the U.S. economy resembles a “Jenga tower”, still standing, still rising, but increasingly unstable. She discusses the widening divide between large and small businesses, the uneven health of U.S. consumers, the risk implications of delayed tariffs, and why global policy uncertainty could matter even more than Fed cuts in 2025.

She also dives into the dollar, gold, the future of immigration and demographics, and what AI-driven productivity might mean for long-term growth.

What you’ll learn

• Why Rebecca compares today’s economy to a “Jenga tower” with fewer supports
• The biggest risks to the 2025 outlook, including AI disappointment, Fed missteps, and wealthy consumer fatigue
• Why small businesses are weakening more than large companies and why it matters
• How global fiscal challenges (“the Fragile Four”) could reshape currency dynamics
• Why the dollar’s next move may be lower despite global turbulence
• How AI, demographics, geopolitics, and climate will shape the next decade
• What investors miss when they oversimplify tariffs and global trade flows
• Why diversification, not concentration, is the most important discipline heading into 2025

Chapters

02:00 — How Rebecca went from aspiring astronaut to journalist to global macro strategist

07:30 — The “Jenga tower economy”: strong on top, fragile underneath

12:00 — AI CapEx, wealthy consumer resilience, and what surprised markets in 2024

17:30 — What could cause the tower to wobble: labor trends, confidence, and policy volatility

23:00 — Tariffs, USMCA, and how global supply chains really work

28:00 — Dollar dynamics, the “Fragile Four,” and central bank gold buying

34:00 — Bitcoin, tech, and whether crypto selloffs can trigger equity contagion

41:00 — How macro frameworks evolve—and what doesn’t change

46:00 — Long-term themes: tech, demographics, geopolitics, and climate

51:00 — What investors should do now: diversify and avoid the panic trade

Guest: Rebecca Patterson - Senior Fellow, Council on Foreign Relations

Hosts: Talley Leger, Chief Market Strategist, WCG and Jim Worden, Chief Investment Officer, WCG

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In this episode, Cathie Wood, CEO and founder of ARK Investment Management joins The Bull of Wall Street to explain why today’s innovation cycle is very different from the late-1990s tech bubble. She breaks down why the reality of technologies like AI, robotics, energy storage, multi-omics, and blockchain is here now, even as investors remain scarred by past manias. Cathie also dives into enterprise AI, Palantir’s role in transforming organizations, how ARK navigates drawdowns by concentrating into highest-conviction names, and what the world could look like in 10 years with autonomous vehicles, humanoid robots, and a fully financialized digital world.

What you’ll learn:

• Why the late-1990s tech bubble “came too early” and why this time the tech is actually ready
• How AWS, deep learning, and transformer models set the stage for today’s AI wave
• Why Cathie believes we’re closer to “1995 than 2000” in the AI adoption cycle
• How enterprise AI (and Palantir’s ontology layer) may disrupt traditional consulting and SaaS
• How ARK responds when innovation stocks sell off: concentration, scoring, and thesis risk
• Which incumbents are most vulnerable to disruption in software, banking, transportation, and healthcare
• How AI, digital assets, and quantum computing intersect — and what that means for Bitcoin
• Cathie’s 10-year vision: robotaxis, air taxis, Mars robots, healthspan breakthroughs, and a bigger digital economy

Chapters: 

01:07 – Cathie’s journey: from AllianceBernstein to ARK and the seeds of today’s tech

04:35 – Why this isn’t the 1990s all over again: costs, readiness, and investor scar tissue

07:04 – AI in the real world: consumer adoption, enterprise bottlenecks & Palantir’s ontology

13:11 – Navigating drawdowns: ARK’s scoring system, high-conviction names, and crypto exposure

17:35 – Managing critics, staying focused on original research, and being a hedge to value traps

21:25 – Disruption ahead: SaaS, banks, rails, pharma/biotech, and the shift from “sick care” to healthcare

25:46 – Digital assets, quantum risk, and why AI may invest more capital than quantum (for now)

28:45 – Cathie’s 10-year outlook: autonomy everywhere, space infrastructure, humanoid robots & the future of work

Guest: Cathie Wood, CEO & Founder, ARK Investment Management

Hosts: Jimmy Lee (CEO & Founder, WCG), Jim Worden (Chief Investment Officer, WCG), and Talley Leger (Chief Market Strategist, WCG)

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In this episode, Jim Paulsen, PhD-trained economist and Paulsen Perspectives author, returns to The Bull of Wall Street to decode one of the strangest economic periods in modern history. Jim explains why this bull market may actually still be in its early stages, how policy has been historically tight beneath the surface, and why easing could unlock a broadening beyond the mega-cap names. He also dives into the misunderstood relationship between AI, productivity, and the future of work, and why the long-term outlook may be more optimistic than headlines suggest.

What you’ll learn:

• Why Main Street sentiment looks like a recession despite rising markets
• How tech’s innovation cycle diverged from the traditional business cycle
• Why Jim believes this bull market behaves like an early-cycle advance
• How policy (rates, M2, yield curve, dollar) has remained too tight for too long
• Why small caps and cyclicals may be set for a catch-up trade
• How AI and productivity shifts could shape future growth
• Why the U.S. has a growth problem, not an inflation problem
• Jim’s long-term optimism for technology, global connectivity, and economic resilience

Chapters:

02:00 – Is this a new bull market? Sentiment, character, and early-cycle signals

06:00 – The sentiment puzzle: Why Main Street feels terrible while markets rise

12:00 – Tech vs. the rest: How the “new era” economy masked an old-economy recession

18:00 – Productivity, profits, and why tech may operate on its own innovation cycle

24:00 – Policy has been historically tight — and how easing could broaden the market

31:00 – Small caps, cyclicals, and the setup for a potential rotation

40:00 – AI: Productivity miracle, job fears, and long-term economic impact

53:00 – Recession fears, the Fed’s dilemma, and why growth—not inflation—is the bigger issue

01:04 – Jim’s long-term optimism: Technology, connection, and the next decade

Guest: Jim Paulsen, Paulson Perspectives 

Hosts: Jim Worden (CIO, WCG), Talley Leger (Chief Market Strategist, WCG), & Paisley Nardini (Investment Committee, WCG)

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In this episode, emerging markets specialist and Ethos Investment Management founder James Fletcher joins host Jim Worden to unpack how “Warren Buffett-style” investing can thrive in inefficient markets, and why pairing returns with real-world impact can be a durable edge. James shares how Ethos uses a global network of locally based analysts and BYU Pathway graduates to uncover under-covered opportunities, and how Young Investor Society grew from one inner-city classroom to 3,400 high schools in 80 countries.

What you’ll learn:

• How a boots-on-the-ground research model uncovers alpha in emerging markets
• Why small- and mid-cap stocks in places like India, the Philippines, Kenya, and Poland are so inefficient
• How the Ethos Pathway Fund structure ties management fees directly to funding analysts from underprivileged backgrounds
• The origin and global reach of Young Investor Society, and why high school students can be serious equity analysts
• Where James sees the most compelling EM opportunities over the next 3–5 years (India, Southeast Asia, “Mag-7-adjacent” tech in Taiwan & Korea)
• His nuanced take on China, EVs, and domestic champions vs. multinationals

Chapters:

02:05 – From Brazil mission to emerging markets investor: James’ path to Ethos

04:00 – Launching Ethos and building a locally based analyst team

07:00 – BYU Pathway and the Ethos internship: turning education into alpha

14:05 – Young Investor Society: from one LA classroom to a global program

29:00 – Real-world examples: Philippine ports, Kenyan telecoms, and finding mispriced quality

31:20 – Accessing India and other hard-to-reach markets

34:20 – EM vs. US: currencies, valuations, and why James is bullish on EM now

38:50 – China, EVs, and the rise of domestic champions

46:55 – Scaling the Pathway model and what’s next for Ethos

49:20 – How advisors and investors can think about EM allocations and get involved

Guest: James Fletcher, Founder & Chief Investment Officer, Ethos Investment Management

Host: Jim Worden, Chief Investment Officer, The Wealth Consulting Group

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In this episode, technical strategist and Fairlead Strategies founder Katie Stockton, CMT, joins hosts Jim Worden and Talley Leger to explore the discipline of technical analysis—how it complements fundamentals, informs risk management, and shapes portfolio strategy. Katie shares the story behind launching the Fairlead Tactical Sector ETF (TACK) and how she applies a systematic, long-term approach to identifying opportunities and managing drawdowns.

What you’ll learn:
  •  Why technical and fundamental analysis work best together
  •  How to apply trend-following and momentum without chasing noise
  •  Lessons from launching an ETF built for risk-aware investors
  •  How advisors can use sector rotation and cross-asset diversification
  •  Common mistakes advisors make when applying momentum or trend models
  •  Katie’s most under-appreciated indicators for gauging trend exhaustion

Chapters
02:00 – From CMT to entrepreneur: Katie’s journey to Fairlead Strategies
06:00 – Launching TACK: designing a risk-aware ETF
12:00 – Technicals vs. fundamentals: finding balance
18:00 – Sector rotation and market breadth
24:00 – Risk management and adaptive models
31:00 – The art of using indicators effectively
45:00 – How advisors can apply trend discipline in practice
58:00 – Katie’s most underrated tools and closing thoughts

Guest: Katie Stockton, CMT, Founder & Managing Partner, Fairlead Strategies
Hosts: Talley Leger (Chief Market Strategist, WCG) & Jim Worden (CIO, WCG)

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In this episode of The Bull of Wall Street, Jim Worden sits down with Adam Patti, CEO and Co-Founder of VistaShares, to explore how ETFs are evolving in the age of AI, electrification, and innovation supercycles. From creating one of the first hedge-fund-replication ETFs to building a new generation of active, rules-based products, Adam shares insights into how investors can capture the infrastructure powering artificial intelligence, and why transmission, cooling, and power distribution may be among the biggest opportunities in years.

The discussion also covers the concentration risk in major indices, the next phase of AI-driven capital spending, and how innovation in ETF design is meeting the demands of a fast-changing investment landscape.

What you’ll learn:

• Why 30% of an AI data center’s cost is cooling—and who’s profiting
• The “bill of materials” approach to ETF construction and why it matters
• Why AI infrastructure—not applications—will drive returns near term
• How electrification, energy transmission, and power are the next frontier
• The importance of real diversification as mega-cap concentration grows
• Lessons from launching IndexIQ and building successful ETF families

Chapters

02:00 – From Fortune Indexes to founding IndexIQ

03:46 – The early ETF era and selling to New York Life

05:33 – Launching VettaFi and meeting Tesla’s former president

06:50 – Building smarter AI ETFs with industry experts

08:37 – Mapping AI’s supply chain: the “bill of materials” approach1

0:11 – AI infrastructure vs. applications: where the profits are

11:19 – Power problem: generation vs. transmission opportunity

15:23 – Early innings of the AI supercycle

17:19 – Quantum computing, AI synergy, and what’s next

18:22 – Overlapping supercycles: AI, robotics, biotech, and space

23:14 – Inside VettaFi’s ETF families: growth, options income, tactical alpha

25:33 – Options income strategies and building stability26:17 – High-beta exposure and the “WILD” ETF

30:49 – Diversification, multifactor strategies, and position sizing

31:40 – Growing investor interest in options income

32:28 – Innovation pipeline: what’s next for ETFs

Guest: Adam Patti, CEO and Co-Founder of VettaFi

Hosts: Jim Worden, CFA, CMT, CAIA

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In this episode of The Bull of Wall Street, Jimmy Lee sits down with Adam Patti, CEO and Co-Founder of VistaShares, to explore how ETFs are evolving in the age of AI, electrification, and innovation supercycles. From creating one of the first hedge-fund-replication ETFs to building a new generation of active, rules-based products, Adam shares insights into how investors can capture the infrastructure powering artificial intelligence—and why transmission, cooling, and power distribution may be among the biggest opportunities in years. The discussion also covers the concentration risk in major indices, the next phase of AI-driven capital spending, and how innovation in ETF design is meeting the demands of a fast-changing investment landscape. What you’ll learn: • Why 30% of an AI data center’s cost is cooling—and who’s profiting • The “bill of materials” approach to ETF construction and why it matters • Why AI infrastructure—not applications—will drive returns near term • How electrification, energy transmission, and power are the next frontier • The importance of real diversification as mega-cap concentration grows • Lessons from launching IndexIQ and building successful ETF families Chapters02:00 – From Fortune Indexes to founding IndexIQ03:46 – The early ETF era and selling to New York Life05:33 – Launching VettaFi and meeting Tesla’s former president06:50 – Building smarter AI ETFs with industry experts08:37 – Mapping AI’s supply chain: the “bill of materials” approach10:11 – AI infrastructure vs. applications: where the profits are11:19 – Power problem: generation vs. transmission opportunity13:53 – Electrification, national security, and the next growth phase15:23 – Early innings of the AI supercycle17:19 – Quantum computing, AI synergy, and what’s next18:22 – Overlapping supercycles: AI, robotics, biotech, and space23:14 – Inside VettaFi’s ETF families: growth, options income, tactical alpha25:33 – Options income strategies and building stability26:17 – High-beta exposure and the “WILD” ETF28:19 – Education, transparency, and risk awareness30:49 – Diversification, multifactor strategies, and position sizing31:40 – Growing investor interest in options income32:28 – Innovation pipeline: what’s next for ETFsGuest: Adam Patti, CEO and Co-Founder of VistaSharesHosts: Jim Worden, CFA, CMT, CAIA Follow usLinkedIn: https://www.linkedin.com/company/the-wealth-consulting-group/X (Twitter): @WealthCGYouTube: @thewealthconsultinggroup Making Life Better at The Wealth Consulting GroupSubscribe for advisor-first insights and resources: bit.ly/wealthcg For advisor use only.

Cole Wilcox, Chief Investment Officer at Longboard Asset Management, discusses how to identify investments that may provide true diversification versus those that simply appear to. He also explains the difference between trend strategies and momentum approaches, and how stock-level trend following may help reduce correlation, improve tax efficiency, and enhance the overall client experience without relying on fully unconstrained futures strategies.

What You’ll Learn
  •  How to identify alternative investments that may provide genuine diversification.
  •  The difference between trend strategies and momentum approaches.
  •  How applying systematic trend techniques at the stock level may enhance portfolio diversification.
  •  The role of disciplined risk management and when allocations may shift toward short-term Treasury bills.
  •  How tax efficiency and loss-harvesting can vary between investment structures.
  •  Practical portfolio considerations for using multiple, uncorrelated alternative strategies effectively.

Advisors who are seeking ways to maintain diversification while improving the client experience with alternative strategies will find this discussion especially useful.

Chapters:

02:42 – Inside liquid alternatives and systematic trend strategies

06:12 – Market cycles, investor behavior, and risk awareness

09:20 – Trend vs. momentum: understanding the distinction

14:01 – The evolution of trend following and Longboard’s approach

16:51 – Why stock-level trend following may offer unique advantages

21:18 – How systematic risk management can guide shifts toward T-bills

25:21 – Building portfolios with diversification and discipline

27:29 – Tax efficiency and potential long-term investment implications

30:19 – How market dispersion and breadth can impact performance

33:11 – Managing whipsaw risk and maintaining process discipline

35:11 – Practical allocation insights and constructing an alt sleeve

39:04 – Avoiding redundancy in alternative strategies

42:07 – Balancing diversification goals with client experience

Guest: Cole Wilcox, CIO,  Longboard Asset Management
Hosts: Talley Leger, Paisley Nardini, CFA, CAIA, and Jim Worden, CFA, CMT, CAIA

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Few people have seen the financial advice industry evolve from as many vantage points as Andy Kalbaugh. Before becoming President of The Wealth Consulting Group, Andy spent over 25 years in the C-suite, including leading American General Securities and Mutual Service Corporation, and serving as Managing Director and Divisional President at LPL Financial—helping steer it to become the largest independent broker-dealer in the U.S.

In this episode, Andy joins Jimmy Lee to discuss the future of advice, what drives firm enterprise value, and how advisors can build businesses that last beyond them. From the role of technology and AI to the human side of client relationships, Andy shares hard-won insights on leadership, capital, and succession planning from decades at the top.

What you’ll learn:
  •  How technology is reshaping, not replacing, financial advice
  •  The four pillars of enterprise value every advisor should track
  •  Why building a repeatable business is key to freedom and valuation
  •  Lessons from leadership at AIG and LPL that apply to any firm owner
  •  The growing role of private equity and capital solutions in advisor succession
  •  Why the human connection will remain at the center of wealth management

Chapters:
04:04 – The advisor landscape: how tech and human advice will coexist
07:32 – The rise of $100B+ firms and the next wave of consolidation
10:36 – Enterprise value: recurring revenue, organic growth, M&A, and talent
15:30 – Building a business that runs without you: systems, process, brand
19:14 – Working on the business vs. in the business
24:26 – Attracting affluent clients through expertise and brand focus
30:04 – Lessons from legends: Hank Greenberg, Mark Casady, and Dan Arnold
34:42 – Industry risks, AI disruption, and why empathy still wins
44:03 – Succession planning and the rise of private equity capital

Guest:
Andy Kalbaugh, President, The Wealth Consulting Group

Host: Jimmy Lee, CEO, The Wealth Consulting Group

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From the dot-com era to today’s AI boom, Baron Technology Fund portfolio manager Ashim Mehra has seen innovation cycles up close. In this episode, he joins Jim Worden and Talley Leger to break down the layers of AI (infrastructure, models, and applications), where the real opportunities lie, and why even trillion-dollar narratives need perspective. The conversation explores the speed of disruption, global competition, capital flows, and how investors can separate durable trends from froth.

What you’ll learn:

• How AI compares to the internet revolution and why the pace is even faster
• Why infrastructure, models, and applications each carry different investment risks
• The difference between a bubble and a mania—and why AI is not just air
• How OpenAI, Nvidia, and other players are shaping short-term demand
• Why long-term winners will be defined by innovation speed and execution
• The global AI race between the U.S. and China, and what it means for investors
• Practical examples of applied AI already transforming industries

Guest: Ashim Mehra, Portfolio Manager, Barron Technology Fund

Hosts: Jim Worden (CIO, WCG) & Talley Leger (Chief Market Strategist, WCG)

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02:01 – AI’s rapid evolution and comparison to the internet era

03:29 – The AI stack: infrastructure, models, and applications

08:13 – Bubble vs. mania: why AI is real but returns may not be linear

11:09 – Nvidia, OpenAI, and the concentration of demand

15:34 – Beyond productivity: medicine, robotics, chemistry, and new compounds

29:54 – AGI timelines and why enterprises chase the prize

36:26 – Evaluating people and pattern recognition in investing

37:35 – U.S.–China AI race, geopolitics, and cloud gatekeepers

43:41 – Risks to capex: power, efficiency, and ROI concerns

48:55 – Applied AI examples: Axon police workflows and Hinge Health PT

57:18 – Small/mid-cap opportunities and concentration challenges

60:05 – Stock picking today: more data, more volatility

62:13 – Will AI replace investors or become an efficiency tool?

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