In this episode of The Bull of Wall Street, Jimmy Lee, Jim Worden and Talley Leger are joined by Bob Pisani, legendary CNBC Stocks Correspondent, for a wide-ranging and deeply reflective conversation on markets, media, and investor behavior.

Drawing on more than three decades reporting from the floor of the New York Stock Exchange, Bob shares what he’s learned about forecasting, behavioral bias, media influence, and why most investors, professionals included, consistently make the same mistakes. From his formative relationship with Jack Bogle to his conviction in low-cost indexing, Bob offers timeless lessons that cut through market noise and short-term thinking.

This episode is less about predictions and more about perspective. The kind only earned by watching markets, people, and cycles repeat themselves for 35 years.

What you’ll learn

• Why forecasting market returns is far harder and less useful than most investors believe

• The most common behavioral mistakes investors make, even with perfect information

• How media coverage shapes investor behavior (for better and worse)

• Why Bob Pisani became a long-term, low-cost index investor

• How advisors can help clients ignore noise and stay disciplined

Chapters

01:20 – Bob’s unconventional path to CNBC

05:00 – The early days of CNBC and the rise of market media

08:00 – Trust, reporting, and life on the NYSE floor

14:00 – Jack Bogle’s influence and the case for indexing

17:30 – Why stock picking and forecasting fail over time

21:00 – Media, momentum, and recency bias

24:30 – Behavioral finance and why humans struggle to predict the future

29:00 – Market valuations, expectations, and long-term planning

33:00 – Advice for advisors navigating signal vs. noise

37:00 – Staying invested, managing risk, and playing the long game

Guest

Bob Pisani, CNBC Stocks Correspondent (Ret.), and Author of Shut Up and Keep Talking

Hosts

Jimmy Lee, Chief Executive Officer, WCG,

Jim Worden, Chief Investment Officer, WCG

Tally Lager, Chief Market Strategist, WCG

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In this episode of The Bull of Wall Street, Jim Worden sits down with Stephanie Aliaga, Global Market Strategist at J.P. Morgan, to kick off 2026 with a clear-eyed view of where the global economy and markets stand, and where the real risks and opportunities may lie.

Stephanie shares J.P. Morgan’s latest thinking on U.S. growth, inflation, interest rates, global divergence, and the key forces shaping asset allocation decisions in the year ahead. From soft-landing probabilities to policy risk, earnings durability, and investor positioning, this conversation cuts through the noise and focuses on what actually matters for advisors navigating client portfolios in 2026.

What you’ll learn:

• How J.P. Morgan is positioning for economic growth and market returns in 2026
• Why the U.S. remains resilient, and where cracks could still form
• The biggest risks investors may be underestimating this year
• How global divergence is shaping equity and fixed income opportunities
• What advisors should be watching as policy, rates, and earnings intersect

Chapters:

02:30 – J.P. Morgan’s baseline outlook for the U.S. economy
06:45 – Growth, inflation, and the soft-landing debate
11:40 – Interest rates, policy expectations, and market reactions
17:20 – Global divergence: where opportunities and risks differ
23:10 – Equity markets, earnings durability, and valuation context
29:00 – Key risks that could disrupt the 2026 outlook
34:30 – What advisors should focus on in client portfolios this year
39:15 – Final thoughts on navigating markets in 2026

Guest:

Stephanie Aliaga, Global Market Strategist, J.P. Morgan

Host:

Jim Worden, Chief Investment Officer, WCG

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In this episode, Phillip "Felipe" Toews, author of The Behavioral Portfolio and a long-time advocate for risk-aware investing, joins Jim Worden and Paisley Nardini for a deep, historically grounded conversation on why conventional portfolio construction often fails investors when it matters most. Drawing on decades of market history, Phillip explains how long-duration bear markets, not short-term volatility, create the greatest behavioral and financial risk for investors and advisors alike.

From the Great Depression to multi-decade bond bear markets, Phillip challenges recency bias, questions the foundations of the 60/40 portfolio, and outlines why advisors must think like chief risk officers first. The discussion explores behavioral finance, portfolio design, hedged equity strategies, adaptive fixed income, and why proactive communication, not reactive reassurance is critical to long-term client success.

What you’ll learn

• Why the 60/40 portfolio is a historical accident not a true design framework

• How long-duration bear markets reshape investor behavior and decision-making

• Why recency bias causes advisors and clients to underestimate real risk

• How rebalancing can increase drawdowns in severe market regimes

• What “left-tail risk” really means for real-world portfolios

• Why advisors must proactively discuss worst-case scenarios before they happen

• How hedged equity strategies can preserve upside while limiting catastrophic loss

• Why behavioral risk often matters more than market risk

Chapters

03:00 — Phillip's journey: from Kansas to asset management and risk mitigation

08:00 — Why investor timing destroys returns, even in good strategies

13:00 — The Great Depression, bond bear markets, and what history really shows

19:00 — Why the 60/40 portfolio fails during long-duration drawdowns

25:00 — Rebalancing myths and behavioral breakdowns in severe markets

31:00 — Rethinking portfolio design: cutting the left tail without killing upside

37:00 — Hedged equity, adaptive fixed income, and managing uncertainty

43:00 — Why advisors must act as chief risk officers

49:00 — Communicating risk before markets fall, not after

Guest

Phillip "Filipe" Toews, Founder & CEO, Toews Asset Management and Author of The Behavioral Portfolio

Hosts

Jim Worden, Chief Investment Officer, WCG

Paisley Nardini, Portfolio Manager, Simplify

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#53 – Baron Capital Founder and CEO Ron Baron and Co-President and Portfolio Manager Michael Baron on Long-Term Ownership, Conviction Investing, and Why Great Wealth Is Built by Owning Businesses

In this episode, Ron Baron, Founder and CEO of Baron Capital, and Michael Baron, Co-President and Portfolio Manager, join The Bull of Wall Street for a wide-ranging conversation on generational wealth, conviction investing, and why true long-term success comes from owning great businesses rather than trading headlines. Ron reflects on the personal experiences that shaped his philosophy, the discipline required to hold through volatility, and what he calls the true test of friendship in investing. The discussion also explores Baron Capital’s expansion into ETFs and how advisors can think about structure, implementation, and long-term portfolio construction in a rapidly changing market environment.

What you’ll learn:

• Why Ron Baron believes generational wealth is created by owning businesses, not buying and selling stocks
• How conviction is built through deep research and first-principles thinking
• Lessons from holding investments through severe drawdowns
• What the Elon Musk and X investment revealed about risk, patience, and partnership
• How Baron Capital is translating its philosophy into ETF structures
• Why active management still matters in transformational technology cycles
• How advisors can frame volatility with clients through a business-owner mindset

Chapters

03:00 – From $100M to over $50B: the long road of ownership

05:30 – Why selling great companies too early taught Ron that wealth is built by holding.

08:30 – Michael’s perspective on growing into the process and building durable belief.

10:45 – What it means to stand by an investment when sentiment turns sharply negative.

16:30 – Why ETFs, why now

24:30 – Why transformational tech is not a bubble and why selectivity still matters.

32:30 – First principles and holding through volatility

40:00 – Why owning growing businesses remains the best defense against uncertainty.

Guest

Ron Baron – Founder, CEO, and Portfolio Manager, Baron Capital

Michael Baron – Co-President and Portfolio Manager, Baron Capital

Hosts

Jim Worden – Chief Investment Officer, WCG

Talley Leger – Chief Market Strategist, WCG

In this episode, Julius de Kempenaer, creator of Relative Rotation Graphs (RRG®), CMT charterholder, and one of the most influential technical minds in modern market analysis joins Jim Worden and Talley Leger for a deep dive into how professional investors spot rotation, manage risk, and visualize market leadership before it shows up in price. Julius shares the origin story behind RRG, why institutions rely on it globally, and how advisors can use rotation analysis to improve portfolio construction, timing, and client communication.

From sector rotation to asset-class mapping to avoiding the “doghouse quadrant,” Julius breaks down the tools and signals that he thinks matter most in today’s market.

What you’ll learn
• How Julius invented Relative Rotation Graphs and why they changed market analysis
• Why RRG captures true leadership changes better than traditional relative strength charts
• How to read momentum, tail length, heading, and quadrant shifts with confidence
• When a rotation may be an early warning signal vs. noise
• Why tech dominance can distort traditional sector narratives
• How to use RRG for equities, fixed income, currencies, crypto, and asset allocation
• How advisors can use RRG visuals to simplify complex portfolio conversations

Chapters:
02:00 — Julius’ unexpected path: Dutch Air Force captain to fund manager to technical pioneer
07:00 — How RRG was born: the Bloomberg debut and the Excel “aha moment”
12:00 — Sector rotation today: tech strength, defensive improvement, and warning signs
17:00 — How to interpret tail length, heading, and quadrant transitions
22:00 — Lagging → improving vs. leading → weakening: what matters most
27:00 — Using RRG for multi-asset portfolios, yield curve analysis, and crypto
32:00 — Benchmark selection: why picking the wrong benchmark breaks your analysis
38:00 — How advisors can use RRG to communicate positioning and risk
44:00 — The future of rotation analysis and why momentum still works

Guest:
Julius de Kempenaer, CMT and Creator of Relative Rotation Graphs (RRG®)

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

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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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