

Behind the Markets Podcast
Behind the Markets
Hosts Jeremy Schwartz, Global CIO at WisdomTree and Wharton finance Professor Jeremy Siegel, author of Stocks for the Long Run, discuss the how and why of market performance with leading economists and market strategists to inform you what’s ahead for the economy and your portfolio.
Jeremy Schwartz has served as WisdomTree’s Global Chief Investment Officer since November 2021 and leads the investment strategy team in the construction of WisdomTree’s equity indexes, quantitative active strategies and multi-asset model portfolios. Mr. Schwartz joined WisdomTree in May 2005 as a Senior Analyst, adding to his responsibilities in February 2007 as Deputy Director of Research and thereafter, from October 2008 to October 2018, as Director of Research and from November 2018 to November 2021 as Global Head of Research. Prior to joining WisdomTree, he was head research assistant for Professor Jeremy Siegel and in 2022 became his co-author on the 6th edition of the book Stocks for the Long Run. Mr. Schwartz also is co-author of the Financial Analysts Journal paper, What Happened to the Original Stocks in the S&P 500? He received his B.S. in Economics from The Wharton School of the University of Pennsylvania and hosts the Wharton Business Radio program Behind the Markets on SiriusXM 132. Mr. Schwartz is a member of the CFA Society of Philadelphia.
Jeremy Schwartz has served as WisdomTree’s Global Chief Investment Officer since November 2021 and leads the investment strategy team in the construction of WisdomTree’s equity indexes, quantitative active strategies and multi-asset model portfolios. Mr. Schwartz joined WisdomTree in May 2005 as a Senior Analyst, adding to his responsibilities in February 2007 as Deputy Director of Research and thereafter, from October 2008 to October 2018, as Director of Research and from November 2018 to November 2021 as Global Head of Research. Prior to joining WisdomTree, he was head research assistant for Professor Jeremy Siegel and in 2022 became his co-author on the 6th edition of the book Stocks for the Long Run. Mr. Schwartz also is co-author of the Financial Analysts Journal paper, What Happened to the Original Stocks in the S&P 500? He received his B.S. in Economics from The Wharton School of the University of Pennsylvania and hosts the Wharton Business Radio program Behind the Markets on SiriusXM 132. Mr. Schwartz is a member of the CFA Society of Philadelphia.
Episodes
Mentioned books

Aug 22, 2025 • 52min
Surviving the Storm
Show from 08/22/25
Host Jeremy Schwartz and Professor Siegel react to Powell’s dovish shift in tone, with the Professor characterizing it as a clear pivot towards rate cuts. Siegel emphasizes that inflationary pressures driven by tariffs are likely to be treated as one-time increases and ignored by the Fed, while the labor market becomes the primary focus going forward. He outlines a forecast of 75 basis points of cuts by early next year, contingent on labor conditions, and notes that falling long-term yields could significantly ease mortgage rates, supporting continued strength in equities. (28:36) Jeremy continues with Samuel Rines live from Margate, where they examine how corporate earnings, particularly from Walmart and Ross stores, reveal that consumers remain active despite rising prices. However, they caution that tariff impacts are starting to show up in margins, especially for small caps, which have already been under pressure from high interest rates. The conversation turns to sector positioning, including renewed strength in defense stocks amid European geopolitical developments, and optimism around Japan’s equity markets driven by favorable global policies and undervaluation. They also discuss the role of government involvement in strategic industries like semiconductors, the equity premium in Japan versus the U.S., and how policy changes are reshaping investment flows. Sam concludes that managing margins, not revenues, will be the critical driver of equity performance over the next 6 to 12 months, especially as companies navigate cost pressures without triggering political backlash.
Wisdom Tree: https://www.wisdomtree.com/investments

Aug 15, 2025 • 53min
Earnings and Alaska Getting Hot
Show from 08/15/25
Host Jeremy Schwartz and Professor Siegel unpacked a busy week of economic news, starting with an analysis of the CPI and PPI data. The Professor highlighted how headline inflation may appear elevated due to one-off components like portfolio management fees but emphasized that key metrics feeding into the Fed’s preferred PCE deflator remained tame. He also reiterated his longstanding view that the Fed should not react to tariff-induced inflation and spotlighted next week's Jackson Hole speech from Jerome Powell as a pivotal moment for monetary policy. (12:17) Jeremy continued the show with Sam Rines and the Wisdom Tree team, exploring the implications of the Trump-Putin summit, the enduring global defense spending cycle, and the long-term impact of defense innovation on technology. They analyzed inflation indicators, alternative shelter metrics, and sector reactions, including defense, AI, housing, and chipmakers. The conversation closed with reflections on earning season surprises, small-cap sensitivity to Fed policy, and geopolitical dynamics shaping tech and energy infrastructure.
Wisdom Tree: https://www.wisdomtree.com/investments

Aug 8, 2025 • 47min
Disruption by Design: GPT-5, Tariffs, and the Shape of Things to Come
Jeff Wenninger, a macro expert at WisdomTree, dives into the current economic landscape, discussing the impact of Trump’s Fed nominations and labor market challenges. The duo explores the dynamics of India’s oil trade with Russia and how tariffs shape global markets. They also delve into the Fed's influence on monetary policies and the potential competition from stablecoins. Wrapping up, they share insights on the energy demands of AI technologies, particularly with the use of GPT-5, and how big tech is navigating these innovations.

Aug 1, 2025 • 1h 9min
Planting Seeds for the Future
In this discussion, Sam Rines, Jeff Weniger, and Chris Gannatti from WisdomTree share insights on current market dynamics and labor trends. They dive deep into farmland investments, emphasizing how they can diversify portfolios while supporting local communities. The trio also analyzes the troubling implications of inflation and the Federal Reserve's cautious stance on rate adjustments despite softening labor data. They further explore the impact of AI on productivity and global trade tensions, painting a picture of a complex economic landscape.

Jul 25, 2025 • 46min
The Genius Act, Leveling Up Earnings
Ryan Louvar, Chief Legal Officer at WisdomTree, brings extensive expertise in ETFs and digital assets. He discusses the implications of the Genius Act and Clarity Act on U.S. crypto regulations, advocating for clarity in stablecoin adoption. The talk delves into the parallels between digital assets and traditional finance, emphasizing the transformative impact of blockchain technology. The importance of evolving regulatory frameworks in both the U.S. and Europe is highlighted, along with the potential for stablecoins to reshape transaction costs and banking interactions.

Jul 18, 2025 • 1h 2min
Powell Should Resign to Safeguard Fed Independence
Samuel Rines, a Macro Strategist at WisdomTree, Chris Gannatti, Global Head of Research, and Jeff Weniger, Head of Equity Strategy, analyze the escalating tension between President Trump and Fed Chair Jerome Powell. They discuss the implications of Powell's potential resignation for Fed independence. The conversation also covers geopolitical developments, including the Russia-Ukraine conflict, impacts of Trump's tariffs, and consumer trends in tech sectors, highlighting how key players like Netflix and Nvidia are navigating economic challenges.

Jul 11, 2025 • 53min
Looking for the GeoAlpha?
Samuel Rines, Macro Strategist at WisdomTree; Chris Gannatti, Global Head of Research at WisdomTree; and Jeff Weniger, Head of Equity Strategy at WisdomTree, delve into today’s turbulent economic landscape. They discuss the surprising resilience of consumer spending amidst tariff escalations and the dominance of tech giants like Apple and Nvidia, especially in AI advancements. The trio also explores innovative investment strategies focusing on geopolitical shifts, emphasizing opportunities in India while re-evaluating emerging markets without China, Korea, and Taiwan.

Jul 3, 2025 • 52min
Jobs Report Better than Feared… But is AI Coming for Your Job?
Jeff Weniger is the Head of Equity Strategy at WisdomTree, where he shapes stock market outlooks, while Chris Gannatti leads global investment strategy research. They discuss surprising job report numbers, AI's potential to impact employment, and the shift in market leadership towards industrials and biotech. The conversation also covers recent trade deals with Vietnam and Japan, alongside the growing momentum in nuclear energy and robotics, all pointing to a bullish market outlook amid significant technological changes.

Jun 27, 2025 • 54min
H2 Outlook: A Bullish Setup
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

Jun 20, 2025 • 1h 1min
Iran Lessons and Too Late Powell Strikes Again
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