Behind the Markets Podcast

Show from 11/12/21 Wharton Finance Professor Jeremy Siegel starts the show with his market update covering the latest inflation news, oil prices, wages, supply constraints and more. Then, how can you use data to make informed risk related decisions in the Fintech market? Host Jeremy Schwartz and Guest Host Ryan Krystopowicz discuss data analytics, risk management, and the macro view on model portfolios with an expert in the Fintech space. Guest: Aaron Klein – Founder and CEO of Riskalyze Follow Aaron on Twitter: @AaronKlein Follow Riskalyze on Twitter: @Riskalyze For more on Riskalyze visit their website: https://www.riskalyze.com/ Ryan S. Krystopowicz – Associate Director, Product Solutions Strategist-Model Portfolios at WisdomTree Follow WisdomTree on Twitter: @WisdomTreeETFs Follow Jeremy Schwartz on Twitter: @JeremyDSchwartz Definitions: Consumer Price Index (CPI): A measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care. Producer Price Index (PPI): weighted index of prices measured at the wholesale, or producer level. Long bond is often a term used to refer to the longest maturity bond offering from the U.S. Treasury, the 30-year Treasury bond. Inverted Yield Curve : An interest rate environment in which long-term debt instruments have a lower yield than short-term debt instruments of the same credit quality. OS stands for operating system, in this context is used to convey the solutions that can be plugged-in / integrated into the actual foundation / platform the advisor is using. Professor Siegel commented the Fed could be at risk of inverting the curve- as he believes the Fed will have to hike short-term interest rates to 2-3% to combat inflation, and the way the 10-year bond is trading, it risks having short rates rise above long-term rates (inverted curve).

Show from 11/5/21 Wharton Finance Professor Jeremy Siegel delivers a positive market update this week. He says Powell is not worried about inflation or rate increases, employment numbers are above expectations, and reopening trades are doing well. Then, how should you think about quantitative models and research? Host Jeremy Schwartz talks to the founder of 3Fourteen Research where they run regression trend lines through every market to ensure accuracy of data. All that and more. Guest: Warren Pies – Founder and Strategist at 3Fourteen Research Follow Warren on Twitter: @WarrenPies For more on 3Fourteen Research visit their website: https://www.3fourteenresearch.com/ Follow WisdomTree on Twitter: @WisdomTreeETFs Follow Jeremy Schwartz on Twitter: @JeremyDSchwartz

Show from 10/29/21 Wharton Finance Professor Jeremy Siegel starts the show with his weekly market update. He discusses the 1.3% increase in the Employment Cost Index, inflation, labor costs, fed pricing and more. Then Host Jeremy Schwartz brings on an ETF expert from Valmark Advisers, Inc. They get into common mistakes made when building portfolios such as active management and decisions based on one variable. Plus a look at Valmark Advisers, LLC’s new index focused on equities. Guest: Michael McClary – Chief Investment Officer at ValMark Advisers, Inc For more on ValMark Advisors visit their website: https://www.valmarkfg.com/site/ Follow ValMark on Twitter: @ValmarkFG Definitions: Put option: an option to sell assets at an agreed price on or before a particular date. Call options: Financial contracts that give the option buyer the right, but not the obligation, to buy a stock, bond, commodity or other asset or instrument at a specified price within a specific time period. Long/short: An investing strategy that takes long positions in stocks that are expected to appreciate and short positions in stocks that are expected to decline. In the money: An in-the-money call option is an option with a strike price below the current market price. Out of the money: An out-of-the-money call option is an option with a strike price above the current market price. Strike Price: The set price at which a derivative contract can be bought or sold when it is exercised.

Show from 10/22/21 Wharton Finance Professor Jeremy Siegel kicks off the show with his market outlook. What are possible supply side disruptions? What are the current inflation expectations? Then Host Jeremy Schwartz brings on the Chief Investment Officer at Raymond James to discuss market strategy and portfolio management. They cover everything from earnings growth and inflation pressures to energy prices. Guest: Larry Adam – Chief Investment Officer at Raymond James Follow him on Twitter: @LarryAdamRJ For more on Raymond James visit their website: https://www.raymondjames.com/palmerplanellswealth/larry-adam.htm#:~:text=Larry%20Adam%20joined%20Raymond%20James,Deutsche%20Bank%20Private%20Wealth%20Management. Follow WisdomTree on Twitter: @WisdomTreeETFs Follow Jeremy Schwartz on Twitter: @JeremyDSchwartz

Show from 10/15/21 Wharton Finance Professor Jeremy Siegel kicks off the show with the topic on everyone’s mind, inflation. He discusses the impact on housing and gasoline and says his biggest fear is an accelerated tightening. According to Professor Siegel, bitcoin is the new hedge against inflation instead of gold. Then, Host Jeremy Schwartz brings on Marc Chandler of Bannockburn Global Forex to discuss global currencies, the dollar, China, emerging markets, and much more. Guest: Marc Chandler – Chief Market Strategist at Bannockburn Global Forex. He writes a widely followed blog called Marc to Market. Follow him on Twitter: @marcmakingsense Check out his Marc Chandler's articles here: http://www.marctomarket.com/2019/07/intervention-huff-puff-and-bluff.html

Show from 10/15/21 Host Jeremy Schwartz talks to an expert on the Fintech space to discuss the growing ecommerce space. They discuss changing payment flows, incorporating new software, improved transactions, and more. They get into all of the new ways businesses are working to digitize commerce. Guest: Ken Gavrity – Executive Vice President and Head of Enterprise Payments, KeyCorp For more on KeyBank visit their website: https://www.key.com/about/index.jsp Follow KeyBank on Twitter: @keybank

Show from 10/8/21 Wharton Finance Professor Jeremy Siegel kicks off the show with his market update discussing the employment report, fed posture, volatility in overseas commodities, and more. Then, are you interested in using an adaptive approach to investing? Host Jeremy Schwartz brings on the authors of a new paper titled “Return Stacking” about how to leverage to boost returns. Learn how to create an inflation sensitive basket of commodities, emerging market currencies, and more. Guest: Corey Hoffstein – Co-Founder and Chief Investment Officer of Newfound Research. Co-author of a new paper called “Return Stacking.” For more on Newfound Research visit their website: https://www.thinknewfound.com/ Follow him on Twitter: @choffstein Listen to his podcast here: https://blog.thinknewfound.com/podcast/ Rodrigo Gordillo – President and Portfolio Manager at Resolve Asset Management. Co-author of the book “Adaptive: Asset Allocation, Dynamic Global Portfolios Profits in Good Times and Bad.” Co-author of a new paper called “Return Stacking.” Follow him on Twitter: @RodGordilloP For more on Resolve Asset Management visit their website: https://investresolve.com/ Follow WisdomTree on Twitter: @WisdomTreeETFs Follow Jeremy Schwartz on Twitter: @JeremyDSchwartz Definitions: CRB index: Commodity Research Bureau Index acts as a representative indicator of today's global commodity markets. It measures the aggregated price direction of various commodity sectors. CPI: Consumer Price Index is a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care. It is calculated by taking price changes for each item in the predetermined basket of goods and averaging them. PPI: Producer Price Index measures the average change over time in the selling prices received by domestic producers for their output. The prices included in the PPI are from the first commercial transaction for many products and some services. TIPS: Treasury Inflation Protected Securities. Derivative: a security whose value is determined by another asset. Sharpe ratio: Measure of risk-adjusted return. Higher values indicate greater return per unit of risk, specifically standard deviation, which is viewed as being desirable. Beta: A measure of the volatility of a security or a portfolio in comparison to a benchmark. In general, a beta less than 1 indicates that the investment is less volatile than the benchmark, while a beta more than 1 indicates that the investment is more volatile than the benchmark. Coupons: The annual interest rate stated on a bond when it’s issued. The coupon is typically paid semiannually. This is also referred to as the “coupon rate” or “coupon percent rate. Basis point: 1/100th of 1 percent. Drawdown: Periods of sustained negative trends of return. Put option: an option to sell assets at an agreed price on or before a particular date.

Show from 10/1/21 Wharton Finance Professor Jeremy Siegel shares his market updates to start the show discussing everything from volatility and inflation to CPI projections. Then Host Jeremy Schwartz brings an expert in the cloud computing space who talks about growth and efficiency scores. Fintech, security, and data infrastructure are leading in the cloud industry. Plus Director of Modern Alpha at WisdomTree Liqian Ren gives her take on China, education regulation, the Evergrande debt crisis, and more. Guests: Mary D’Onofio – partner and co-founder of the growth investment practice at Bessemer Venture Partners To find out more about Bessemer Venture Partners visit their website: www.bvp.com/ For the latest news follow BVP on Twitter: @BessemerVP Kara Marciscano- Research Analyst at Wisdomtree Liqian Ren - Director of Modern Alpha at WisdomTree Follow WisdomTree on Twitter: @WisdomTreeETFs Follow Jeremy Schwartz on Twitter: @JeremyDSchwartz

Show from 9/24/21 Wharton Finance Professor Jeremy Siegel talks about the Fed meeting, inflation, tapering, bonds vs equities and more. Then Host Jeremy Schwartz brings on the author of a new book "Alpha Trader" to discuss specific strategies, tactics, and habits that lead to professional trading success. Guest: Brent Donnelly - President of Spectra Markets and author of Alpha Trader You can purchase his book on Amazon: Alpha Trader: The Mindset, Methodology and Mathematics of Professional Trading For more on Spectra Markets visit their website: https://www.spectramarkets.com/ Follow WisdomTree on Twitter: @WisdomTreeETFs Follow Jeremy Schwartz on Twitter: @JeremyDSchwartz

Show from 9/17/21 Wharton Finance Professor Jeremy Siegel kicks off the show discussing the CPI and volatility in the markets.. Then, Hosts Jeremy Schwartz and Jeremy Siegel talk to an expert in the management of high net worth individuals. They get into 60/40 allocation alternatives, weighing stocks in a portfolio, risk management, and much more. Guest: Peter Mallouk - CEO of Creative Planning For more on Creative Planning visit their website: https://creativeplanning.com/ For the latest follow Creative Planning on Twitter: @CPIWealth