Behind the Markets Podcast

Show from 06/27/25 Host Jeremy Schwartz and Professor Siegel discuss the S&P 500 hitting new highs, positive developments from the NATO meetings, and the impact of Middle East dynamics on the markets. The Professor also weighs in on potential Fed moves, a slowing economy, and how firms might use AI to offset tariffs and labor costs. (11:10) Jeremy is joined by Warren Pies of 3Fourteen Research, along with Sam Ryans, Jeff Wenniger, and Chris Gannatti, to unpack second-half market outlooks, the fading oil risk premium, and opportunities in global equities. They cover the technical setup for stocks, the impact of tariffs and a weaker dollar on earnings, and how AI adoption and corporate governance trends could shape markets ahead. Guest: Warren is an Energy Risk Professional – Certified by the Global Association of Risk Professionals. At 3Fourteen, Warren works closely with a team of analysts, data scientists, and developers whose expertise ranges from machine learning, time series analysis, and application development. 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. Warren Pies on X: https://www.3fourteenresearch.com/about 3Fourteen Research: https://www.3fourteenresearch.com/about Follow Sam Rines on X: https://x.com/SamuelRines Follow Chri Gannatti on X: https://x.com/SamuelRines Follow Jeff Weiniger on X: https://x.com/JeffWeniger Wisdom Tree: https://www.wisdomtree.com/investments

Show from 06/20/25 Host Jeremy Schwartz and Professor Siegel assess the Fed's latest policy posture, ongoing tariff impacts, and inflation expectations. The Professor critiques Powell’s stance on tariff-induced inflation, expresses concern over rising jobless claims and layoffs, and notes the Fed’s significant upcoming workforce reduction. He also discusses the subdued market response to Middle East tensions and his views on AI as a productivity offset. (31:41) Jeremy continues the show with Chris Gannatti, Sam Rines, and Jeff Weniger to explore the implications of geopolitical developments, especially the Israel-Iran conflict, on energy and markets. They dive into U.S. trade negotiations, Japan’s inflation dynamics, and emerging AI trends like robotics investment. The team rounds out the episode with discussions on gold’s valuation, currency positioning, and short-term market outlook. 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. Follow Sam Rines on X: https://x.com/SamuelRines Follow Chri Gannatti on X: https://x.com/SamuelRines Follow Jeff Weiniger on X: https://x.com/JeffWeniger Wisdom Tree: https://www.wisdomtree.com/investments

Show from 06/13/25 Host Jeremy Schwartz and Professor Siegel discuss the geopolitical ramifications of Israel's recent military strike on Iran, its muted market impact, and the broader implications for inflation and Fed policy. Professor Siegel emphasized Iran’s weakened position, the role of U.S. coordination, and reiterated his view that inflation remains on a downward trend, supporting a Fed rate cut. (10:00) Jeremy continues the conversation with Sam Rines, Jeff Weniger, and Chris Gannatti from WisdomTree. The group explores the geopolitical and market implications of the Israeli strike, oil market reactions, and implications for energy and defense stocks. They also assess inflation data, critique Fed policy, analyze Apple’s innovation struggles, and delve into recent AI developments and global trade negotiations, with particular attention to U.S.-China relations and South Korea’s corporate reform efforts. 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 Follow Sam Rines on X: https://x.com/SamuelRines Follow Chri Gannatti on X: https://x.com/SamuelRines Wisdom Tree: https://www.wisdomtree.com/investments

Show from 06/06/25 Host Jeremy Schwartz and Professor Siegel analyze the latest employment report, which showed a mixed picture with strong healthcare and entertainment hiring, despite downward revisions in prior months. Professor Siegel emphasized the overall positive market sentiment, noting resilience in spending and projecting potential new all-time highs for the S&P 500. (11:23) Jeremy and Chris Gannatti are joined by Dylan Patel, founder of SemiAnalysis, to explore critical AI infrastructure themes discussed at the SCSP conference. They dive into the challenges of US chip policy, the implications of export restrictions, global supply chain risks, and power constraints facing data centers. Dylan provides a deep dive into geopolitics, national security, and whether AI infrastructure spending—especially in the Middle East—is sustainable or represents the next bubble. Guest: Dylan Patel is the Founder, CEO, and Chief Analyst of SemiAnalysis – the preeminent authority on all things AI and semiconductors. Through Dylan’s unwavering commitment to excellence, he has built the firm from the ground up as the recognized authority on the semiconductor supply chain to the cloud ecosystem, machine learning models, and all things in between. Since 2020, SemiAnalysis has transformed its business from a solo venture into a cohesive and focused team to provide breaking news and in-depth analysis for the most strategic, complex, and escalating challenges in the semiconductor industry. Follow Dylan on X: https://x.com/dylan522p?lang=en Wisdom Tree: https://www.wisdomtree.com/investments SCSP Conference: https://www.scsp.ai/

Philip Blancato, Chief Market Strategist at Osaic and CEO of Ladenburg Thalmann Asset Management, joins macro strategist Samuel Rines to dive into financial trends. They discuss the recent improvement in the U.S. trade deficit and its implications for GDP growth. The chat covers the resilience of U.S. consumers amidst geopolitical tensions and tariffs, along with opportunities in small and mid-cap stocks. Insights into the evolving European market and the transformative potential of AI and cryptocurrencies round out their engaging analysis.

Show from 05/23/25 Host Jeremy Schwartz and Professor Siegel break down the latest market concerns, focusing on President Trump's Truth Social posts and the potential impact of threatened tariffs on Apple and the EU. Professor Siegel expresses a cautiously optimistic view on markets, contingent on the rollback of these tariffs, and comments on unemployment claims, inflation indicators, and bond market reactions. (14:56) Jeremy continues with guests Sam Rines, Chris Gannatti, and Jeff Weniger to explore the implications of Trump's tariff threats, particularly on luxury European goods and Apple’s production strategy. They delve into trade negotiations, the bond market's influence on fiscal policy, and the potential for an austerity-driven economic debate. The team also evaluates AI’s economic impact, energy policies influenced by geopolitical strategies, and developments at major tech firms like Google and Microsoft, ending on mixed notes of caution and optimism for market trends and consumer behavior. 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 Follow Sam Rines on X: https://x.com/SamuelRines Follow Chri Gannatti on X: https://x.com/SamuelRines Wisdom Tree: https://www.wisdomtree.com/investments

Samuel Rines, a Macro Strategist at WisdomTree, and Chris Gannatti, the Global Head of Research there, dive into the resilient market landscape. They discuss the impact of tariffs, the overestimation of inflation, and recent geopolitical shifts, including Trump's Middle East trip. The duo explores advancements in AI and robotics, potential manufacturing shifts from China to India, and Cooperate strategies amid international tensions. They also touch on promising trends in healthcare pricing and groundbreaking biotech innovations that may drive economic growth.

In this engaging discussion, Macro Charts, a Substack publisher known for his insights on global markets, dives into the current state of market sentiment and tactical asset shifts. He expresses cautious optimism about a potential dollar rebound while highlighting the underperformance of international markets. The conversation also touches on the rotation away from growth stocks and the strong momentum seen in Bitcoin. Additionally, they explore implications of Fed policy and ongoing concerns about stagflation and supply chain disruptions.

Sam Rines, a Macro Strategist at WisdomTree, joins Jeff Weninger and Chris Gannatti to discuss resilient market behavior amidst tariff worries. They highlight how consumer staples are adapting to pricing pressures and the fluctuating sentiment toward tech earnings driven by AI efficiencies. The conversation explores international market opportunities, particularly in India and Europe, while maintaining a cautiously optimistic view on the broader economic outlook. They also tackle the implications of mixed signals from economic data and evolving trade agreements.

David Kotok, co-founder of Cumberland Advisors and author of The Fed and the Flu, dives into the economic aftermath of tariff shocks and critical insights on the Federal Reserve's policies. He discusses historical reactions to pandemics and their effects on financial stability. Kotok also explores the role of central banks in managing public health crises and the implications for municipal bonds, gold, and global trade. His expertise shines light on the complexities of today's market dynamics and the interconnectedness of economic strategies worldwide.