Behind the Markets Podcast

Show from 12/05/25 Host Jeremy Schwartz and Professor Siegel opened this week’s episode reflecting on the changing nature of Black Friday, ongoing consumer strength, and the outlook for interest rate cuts amid mixed economic data. The Professor discussed Kevin Hassett’s emergence as a top Fed Chair candidate, tech sector volatility, and competition in the AI space. (10:39) Jeremy continues with Sam Rines and Chris Gannatti for a special Thanksgiving episode, joined by their children to explore youth shopping trends. The group covers holiday consumer behavior, competition among AI models and chipmakers, and potential market overreactions to recent shifts in sentiment. They also discuss the implications of energy inventory dynamics and underappreciated tech plays like Amazon and Apple, rounding out with a preview of AI’s future impact on education, investing, and consumer preferences. Dovile Silenskyte, CFA Director, Digital Assets Research at WisdomTree: https://www.linkedin.com/in/dovilesilenskyte WisdomTree: https://www.wisdomtree.com/investments

Show from 11/28/25 Host Jeremy Schwartz and Professor Siegel opened this week’s episode reflecting on the changing nature of Black Friday, ongoing consumer strength, and the outlook for interest rate cuts amid mixed economic data. The Professor discussed Kevin Hassett’s emergence as a top Fed Chair candidate, tech sector volatility, and competition in the AI space. (10:39) Jeremy continues with Sam Rines and Chris Gannatti for a special Thanksgiving episode, joined by their children to explore youth shopping trends. The group covers holiday consumer behavior, competition among AI models and chipmakers, and potential market overreactions to recent shifts in sentiment. They also discuss the implications of energy inventory dynamics and underappreciated tech plays like Amazon and Apple, rounding out with a preview of AI’s future impact on education, investing, and consumer preferences. Emma Shine Spotify: https://open.spotify.com/artist/6wUgQ9GHl0eKFwqw3Mqk2p?si=G1N5Uz__RxKgk12Wmd4-HA Emma Shine Youtube: https://www.youtube.com/@EmmaShine-singg/shorts WisdomTree: https://www.wisdomtree.com/investments

Join renowned guest Jeremy Siegel, a senior economist and macro expert, alongside macro analyst Sam Rines and markets commentator Jeff Winninger. They delve into Nvidia's recent volatility, examining its earnings impact amidst labor market trends and AI investment returns. The discussion highlights Walmart's strong consumer signals, geopolitical shifts in Venezuela's oil market, and housing dynamics. With insights on monetary policy, holiday spending forecasts, and market resiliency, this conversation is packed with valuable financial perspectives.

Jeremy Siegel, a seasoned economist and author, joins macro experts Jeff Winninger, Chris Gennady, and Samuel Rines for a deep dive into market dynamics. They tackle the market's reaction to the recent government shutdown and the Fed's hawkish stance. Christopher illuminates AI's impact on tech buildouts and compute shortages. Sam discusses the innovative 50-year mortgage as a solution for housing affordability. The group also grapples with international tensions between China and India, and the sustainability of tech valuations amid shifting market factors.

Show from 11/07/25 Host Jeremy Schwartz and Professor Siegel discuss conflicting jobs data amid the government shutdown, political fallout from the recent elections, and the implications of potential Supreme Court rulings on tariffs. The Professor warns about the possible economic drag from the shutdown during the holiday season and offers his market perspective, noting AI investment strength and skepticism around market bubble fears. (15:00) Jeremy continues with guests Jeff Weniger, Chris Gannatti, and Sam Rines to unpack the Supreme Court's tariff case, recent AI market volatility, and the implications of energy constraints on future data center development. They explore earnings season surprises, Japan's market volatility tied to SoftBank, and Warren Buffett's continued investment activity. The conversation closes with in-depth views on India's economic trajectory, gambling markets' impact on traditional betting operators, and the risks and hype cycles in crypto and equity speculation. WisdomTree: https://www.wisdomtree.com/investments

Show from 10/31/25 Jeremy is joined by Sam Rines, Jeff Weniger, and Chris Gannatti, who analyze big tech earnings from Amazon, Meta, and others, emphasizing the early stages of the AI investment boom. The group discusses the infrastructure demands of data centers, energy policy challenges, and geopolitical developments following Trump’s Asia tour. They close by exploring how companies beyond tech are benefiting from AI, implications of potential government shutdowns, and the resilience of consumer spending ahead of the holidays. (31:34) Jeremy continues with Professor Siegel who discusses the Fed’s unclear stance on rate cuts, with Siegel noting stronger-than-expected economic data and robust market performance. They analyze Powell’s cautious comments and anticipate the importance of upcoming holiday spending data, while also touching on market resilience, QT ending, and how the current environment differs from past bubbles WisdomTree: https://www.wisdomtree.com/investments

Are We Too Optimistic? by Behind the Markets

Show from 10/17/25 Host Jeremy Schwartz and Professor Siegel discussed recent signs of credit stress and how markets are reacting to pressures in private credit. Professor Siegel emphasized that while some private credit deals may go bad, there is no broader systemic risk, citing strong earnings from major banks as evidence. He maintained that the bull market remains intact and projected a 25-basis point Fed rate cut as a near certainty, while dismissing Bitcoin’s current performance as a failure in short-term diversification. He also commented on geopolitical developments, inflation data delays, and anticipated gold’s continued rise amid growing interest in blockchain-based assets. (12:06) Jeremy continues the conversation with Sam Rines, Jeff Weniger, and Chris Gannatti, beginning with takeaways from strong earnings by American Express and Snap-On, signaling ongoing strength in consumer and industrial spending. The group discusses stress in regional banks and private equity, rising investor focus on gold as part of a “60/20/20” portfolio, and narratives surrounding currency debasement. Chris dives into developments in autonomous vehicles, with Waymo’s expansion into London and Houston, and provides updates on OpenAI’s monetization and user growth strategies, suggesting it may evolve into a “super app.” They also explore international themes, including Japanese market opportunities tied to political shifts and valuation gaps, with Sam and Jeremy highlighting investor apathy and potential upside. Jeff discusses the divergence between surging precious metals and falling oil prices, raising questions about the macroeconomic outlook and its implications for Fed rate cuts. Sam adds that U.S.-China trade talks are likely to yield minor but positive outcomes, such as soybean purchases, which could help stabilize markets. The show closes with Jeff contrasting consumer spending forecasts from MasterCard and Deloitte, raising skepticism about survey-based holiday retail projections. Chris and Sam then reflect on investor behavior, particularly among younger generations holding excessive cash allocations. Finally, the team touches on biotech and quantum computing, emphasizing the long timelines and high uncertainty around commercializing innovations in these sectors, despite strong investor interest. WisdomTree: https://www.wisdomtree.com/investments

Show from 10/10/25 Host Jeremy Schwartz and Professor Siegel discuss the market’s resilience amid a continued government shutdown, emphasizing the positive momentum driven by AI and the broader economic environment. Professor Siegel warns about the potential for negative consumer sentiment if the shutdown lingers and points to recent data and global central bank comparisons to support the case for U.S. rate cuts. He also addresses the state of private credit markets, gold and bitcoin trends, and implications of current tariff levels, while noting AI remains a strong market driver. (13:55) Jeremy continues the conversation with Jeff Weniger and Sam Rines before welcoming guest Jim Bianco. Sam shares insights from a recent trip to Mexico, noting optimism from local investors and a surprising lack of concern about U.S. tariffs. He also discusses geopolitical tensions and Chinese EV penetration in Mexico. Jeff offers analysis of stress in private credit markets, highlighting the case of First Brands and broader implications for underwriting standards. The episode then transitions to an in-depth discussion with Jim Bianco, who outlines how a stalled flow of immigration could be reshaping the labor market and the Fed's rate path. He explores how AI is already influencing GDP through data center and energy build-outs, compares its trajectory to the internet’s evolution, and discusses long-term inflation expectations shaped by remote work and global segmentation. Jim also reflects on Fed governance and independence, challenges in interpreting the yield curve, and his fixed income index strategy that leverages ETFs to express macro views. He closes by reaffirming his “4-5-6” return framework and how AI-driven equity gains are masking broader market underperformance. Jim Bianco on X: https://x.com/biancoresearch Website: https://www.biancoresearch.com/visitor-home/ WisdomTree: https://www.wisdomtree.com/investments

Show from 10/03/25 Host Jeremy Schwartz and Professor Siegel discuss the latest market conditions, highlighting the weakness in the ADP jobs report, stable jobless claims, and a slight decline in consumer confidence. Professor Siegel emphasizes that while the economic data points to some softening, there is no indication of a sharp downturn. He points to this quarter as a critical test for consumer spending amid new tariffs and holiday pressures, observing that inflation in housing and rents remains muted. Siegel also discusses monetary policy and comments on the growing importance of AI, the performance of major tech stocks like Tesla, and the continued divergence between large-cap growth and value stocks. Jeremy continues the show with WisdomTree colleagues Chris Gannatti, Sam Rines, and Jeff Weniger, with Chris diving into recent insights from top voices in the semiconductor and AI space, noting the massive CapEx going into data centers and compute infrastructure. Sam expands on the potential productivity boost from AI agents and the broader ecosystem investments benefiting industrials like Caterpillar. Jeff provides a macro take on central bank policy, expressing skepticism about the timing of rate cuts amid rising equity and commodity markets, and debates the real impact of tariffs. (32:12) In the second half, Jeremy presents a special segment recorded live from the Jacobs-Levy Quant Conference with Professor Bob Korajczyk of Northwestern University. Korajczyk shares research on intangible assets and their role in asset pricing, detailing how adjusted earnings that account for R&D and SG&A provide a more predictive measure of long-term profitability. He explains how this adjustment enhances factor models, offers downside protection characteristics, and discusses implications for accounting standards, portfolio construction, and international investing. Guest: Robert A. Korajczyk is Senior Associate Dean, Faculty and Research and the Harry G. Guthmann Professor of Finance and co-director of the Center for Financial Institutions and Markets. At Kellogg, Korajczyk has previously served as Senior Associate Dean: Curriculum and Teaching, Chair of the Department of Finance, Director of Graduate Studies for the Department of Finance, and Director of the Zell Center for Risk Research. He has held visiting faculty appointments at the University of Chicago, the Vienna University of Economics and Business, the University of Melbourne, the University of Vienna, and the Hong Kong University of Science and Technology. Professor Korajczyk received his BA, MBA, and PhD degrees from the University of Chicago. Robert on LinkedIn: https://www.linkedin.com/in/robert-korajczyk-b1565714/ WisdomTree: https://www.wisdomtree.com/investments