Behind the Markets Podcast

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.

Show from 04/18/25 Host Jeremy Schwartz and Professor Siegel dive into this week’s market outlook, starting with Powell’s latest commentary and potential rate cuts. The Professor expresses concern over Powell downplaying recent favorable inflation data and suggests a preemptive rate cut is warranted, warning of recession risks if tariffs persist. He also critiques corporate earnings guidance in the face of rising trade uncertainty and emphasizes how tariffs could cap market growth for the foreseeable future. (17:32) Jeremy continues the conversation with Sam, Chris, Jeff, and Kevin, covering a wide array of macro topics. The discussion highlights bullish sentiment on non-U.S. markets, especially Japan, Mexico, and India amid shifting trade dynamics. The group also debates long-term investment themes, including the resilience of AI and tech despite tariff concerns, the resurgence of gold, and the critical role of cybersecurity in modern portfolios. 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 Chris Gannatti on X: https://x.com/SamuelRines Wisdom Tree: https://www.wisdomtree.com/investments

Show from 04/11/25 Host Jeremy Schwartz and Professor Siegel reviewed a volatile week in the markets, focusing on rising yields and the dollar’s slide. The Professor attributed bond market moves to growing concerns about the U.S. deficit and potential shifts in global reserve currency dynamics. He emphasized the inflation impact of tariffs, potential recessionary risks, and questioned the long-term dominance of the U.S. economy. (47:03) Jeremy continues with Kevin Flanagan, Chris Gannatti, Jeff Weniger, and Sam Rines to unpack market reactions to geopolitical tensions, shifts in monetary policy expectations, and emerging market dynamics. The group discusses bond market mechanics, foreign policy ramifications, the relative strength of dividend-paying stocks, and how tech and AI trends may evolve amid supply chain and tariff 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. 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 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. Follow Sam Rines on X: https://x.com/SamuelRines Follow Kevin Flanigan on X: https://x.com/kevinflanaganwt Follow Chri Gannatti on X: https://x.com/SamuelRines Wisdom Tree: https://www.wisdomtree.com/investments

Join renowned Wharton finance professor Jeremy Siegel, Macro Strategist Sam Rines, and Fixed Income Head Kevin Flanagan as they dissect recent tariff policies and their market implications. Siegel argues that tariffs are a major misstep and suggests the Fed should cut rates despite inflationary pressures. Rines and Flanagan delve into global trade tensions, exploring responses from countries like India and Japan. They also discuss strategies for navigating market volatility, the shift towards dividend stocks, and the geopolitical landscape affecting investments.

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. Follow Andreas Kern on X: https://twitter.com/AKE_Wikifolio/ More about Andreas: https://www.wikifolio.com/en/int/about-wikifolio/our-management Follow Sam Rines on X: https://x.com/SamuelRines Follow Kevin Flanigan on X: https://x.com/kevinflanaganwt Wisdom Tree: https://www.wisdomtree.com/investments

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 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

Jonathan Steinberg, CEO of WisdomTree, joins the discussion to share key insights from the Digital Asset Summit. He highlights the regulatory shifts affecting digital assets and the critical role of tokenization in financial markets. The conversation also delves into Trump’s tariffs, examining their potential impacts on inflation, consumer sentiment, and market stability. Additionally, the participants debate the evolving landscape of technology stocks and the implications of ongoing trade wars, illustrating the interconnectedness of these complex topics.