Lead-Lag Live

Derek Yan, the Head of Strategy at KraneShares, provides insights on the groundbreaking AGIX ETF, which invests in private AI powerhouses like X.AI and Anthropic. He explains why KraneShares believes AGI represents the next major tech supercycle and discusses what distinguishes these companies from others in the sector. The conversation also highlights the development of an innovative AI score for assessing potential winners in public markets and explores the transformative impacts of AI technologies on various applications.

In my first episode hosting Lead-Lag Live, I sit down with Richard McWhorter, Managing Partner at SRM Private Wealth, to unpack how he’s advising high-net-worth clients through today’s volatile market.We talk valuation risk, tariffs, and intergenerational wealth strategy — and why Richard is focused on preservation over prediction in a market full of noise. In this episode:- Why today’s stock multiples don’t add up- The long-term impact of U.S. tariffs and trade deals- How SRM helps clients navigate macro uncertainty- What younger generations can learn about risk- How to protect and grow wealth across generationsLead-Lag Live brings you straight into conversations with top financial minds shaping markets in real time.Subscribe for more interviews, insights, and raw takes that go deeper than headlines.#LeadLagLive #WealthStrategy #MarketValuations #FinancialAdvisors #PrivateWealth #Tariffs #InvestingWhether you're heading out for a weekend getaway or embarking on a global adventure, LEVEL8's sleek, durable luggage is designed to keep up.Visit www.level8cases.com and use code LEVEL8LAG10 to get 10% off your next purchase.Discount Code: LEVEL8LAG10– Offers 10% off on all products– No expiry, unlimited usage– Not stackable with other discounts  Sign up to The Lead-Lag Report on Substack and get 30% off the annual subscription today by visiting http://theleadlag.report/leadlaglive. Support the show

Mark Mattson, founder of an $11.5 billion investment advisory firm managing wealth for 35,000 families, delivers a masterclass in separating investing truth from financial noise in this compelling conversation about wealth creation, market efficiency, and reclaiming the American Dream.Mattson cuts through the clutter of internet investment gurus with refreshing candor: "What investing takes—and getting in shape takes—is work. A crap ton of hard, serious work." In an age where financial advice is abundant but results are scarce, his focus on evidence-based investing principles offers a stark contrast to the get-rich-quick schemes flooding social media.The discussion explores a counterintuitive approach to wealth building that prioritizes creating value for others first. "If you want to create the American Dream for yourself, help other people create their American Dream and then you won't have to worry about yours," Mattson explains. This perspective shifts the focus from entitlement to contribution and provides a framework for sustainable prosperity.Mattson dives deep into portfolio construction, making a compelling case for broad diversification across asset classes, geographies, and company sizes based on academic principles like Efficient Market Theory and Modern Portfolio Theory. He methodically dismantles arguments for concentrated investing, warning that "there's no better way to go bankrupt fast than to dump your money in three or four or five stocks." Instead, he advocates for a disciplined approach that removes emotion from the investment process through systematic rebalancing.The conversation tackles controversial topics like cryptocurrency (which Mattson calls "one of the most toxic investments"), political biases in investing decisions, and the challenges of building a company culture with urgency and purpose. Throughout, Mattson's experience as both an investment manager and entrepreneur shines through, offering practical wisdom for anyone looking to build wealth ethically and systematically.Whether you're just starting your investment journey or managing substantial assets, this discussion provides a roadmap for navigating financial markets with intelligence rather than emotion. As Mattson reminds us, "No one can tell you where the next 20% is going to be, but what we do know historically is the next 100% has always been up."Whether you're heading out for a weekend getaway or embarking on a global adventure, LEVEL8's sleek, durable luggage is designed to keep up.Visit www.level8cases.com and use code LEVEL8LAG10 to get 10% off your next purchase.Discount Code: LEVEL8LAG10– Offers 10% off on all products– No expiry, unlimited usage– Not stackable with other discounts  Sign up to The Lead-Lag Report on Substack and get 30% off the annual subscription today by visiting http://theleadlag.report/leadlaglive. Foodies unite…with HowUdish!It’s social media with a secret sauce: FOOD! The world’s first network for food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today: Support the show

Jay Hatfield, Portfolio Manager and Chief Investment Officer at Infrastructure Capital Advisors, shares his expertise on navigating uncertain markets. He dives into fixed-income investment strategies and the evolving role of preferred stocks and master limited partnerships (MLPs). The conversation highlights the significance of active management and diversification in a fluctuating environment. Hatfield also demystifies expense ratios and the impact of U.S. federal debt on market dynamics, offering valuable insights for savvy investors.

Brad Barrie, portfolio manager for the Dynamic Alpha Macro Fund at Dynamic Wealth Group, redefines diversification in investing. He likens portfolio construction to baking the perfect cookie, emphasizing that true diversity involves blending non-correlated assets, not just stocks and bonds. Barrie introduces a multi-dimensional approach that leverages global macro strategies, showcasing how factors like weather can impact prices irrespective of market trends. His insights aim to help investors navigate volatility and optimize long-term performance with innovative asset allocation.

Whether you're heading out for a weekend getaway or embarking on a global adventure, LEVEL8's sleek, durable luggage is designed to keep up.Visit www.level8cases.com and use code LEVEL8LAG10 to get 10% off your next purchase.Discount Code: LEVEL8LAG10– Offers 10% off on all products– No expiry, unlimited usage– Not stackable with other discounts  Sign up to The Lead-Lag Report on Substack and get 30% off the annual subscription today by visiting http://theleadlag.report/leadlaglive. Foodies unite…with HowUdish!It’s social media with a secret sauce: FOOD! The world’s first network for food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today: Support the show

The investment world is filled with overconfidence. We obsessively track our wins while conveniently forgetting our losses, leading most investors—even professionals—to achieve prediction accuracy barely above 50%. This sobering reality forms the foundation of a fascinating conversation about why predicting markets is so difficult and how diversification offers protection against our behavioral biases.When we zoom in too closely on market movements, every fluctuation appears significant, triggering emotional responses that frequently sabotage our long-term success. The natural instincts that serve us well in everyday life often lead to counterproductive investment behaviors—buying high and selling low in response to fear and greed. A risk parity framework offers an antidote to these tendencies by emphasizing balanced exposure across assets that respond differently to various economic conditions.True diversification extends far beyond traditional 60/40 portfolios, which typically show 98% correlation with equity markets. Instead, it requires thoughtful allocation across stocks, bonds, commodities, and inflation-protected securities, weighted according to their volatility characteristics. Historical data supports this approach: equities have experienced "lost decades" in two of the past five decades, while alternative assets like gold have delivered comparable long-term returns but performed best during equity's worst periods. This complementary performance pattern demonstrates why diversification across uncorrelated assets provides the only "free lunch" in investing.Today's environment of heightened uncertainty and inflation volatility makes diversified approaches more valuable than ever. While many portfolios have become increasingly concentrated in U.S. equities after years of outperformance, the coming decade may reward those who embrace a more balanced approach to navigating the unknowable future. Remember: investing isn't about predicting tomorrow perfectly—it's about building resilient portfolios that can thrive across diverse economic scenarios.Whether you're heading out for a weekend getaway or embarking on a global adventure, LEVEL8's sleek, durable luggage is designed to keep up.Visit www.level8cases.com and use code LEVEL8LAG10 to get 10% off your next purchase.Discount Code: LEVEL8LAG10– Offers 10% off on all products– No expiry, unlimited usage– Not stackable with other discounts  Sign up to The Lead-Lag Report on Substack and get 30% off the annual subscription today by visiting http://theleadlag.report/leadlaglive. Foodies unite…with HowUdish!It’s social media with a secret sauce: FOOD! The world’s first network for food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today: Support the show

Alternative investments are no longer just for institutional players and ultra-wealthy individuals. As Henry Yoshida reveals in this eye-opening conversation, everyday investors are increasingly allocating portions of their retirement accounts toward private investments outside the traditional stock and bond markets.Yoshida, a 23-year CFP veteran who built and sold both a financial advisory firm and a robo-advisor before founding Rocket Dollar, has created a platform that now manages $12 billion in alternative assets within tax-advantaged accounts. His company provides the infrastructure for investors to use their IRAs and 401(k)s to invest in private equity, real estate, cryptocurrency, and even unusual assets like cattle and racehorses.What makes this approach particularly interesting is the psychological benefit that comes with these investments. Unlike public markets where constant price fluctuations can trigger emotional selling, alternatives typically lack minute-by-minute valuations. This reduced transparency often helps investors maintain long-term positions without succumbing to short-term market noise – something Yoshida's customers have repeatedly confirmed.The platform primarily serves "mass affluent" retail investors with $250,000-$5 million in investable assets, who typically allocate 10-20% of their retirement funds to alternatives after experiencing significant gains in public markets. Rather than sourcing investments directly, Rocket Dollar solves the "demand side" by giving investors access to their retirement funds for private investments they've identified elsewhere.This democratization of alternative investments comes at a crucial time. As Yoshida points out, the traditional pathway for companies growing from small caps into large ones has fundamentally changed. Companies like OpenAI and SpaceX enter public markets at already massive valuations, meaning retail investors miss the substantial growth phase that historically occurred in public markets. Through alternative investments, individuals have potential access to these opportunities earlier in their lifecycle.Whether you're considering diversifying your retirement portfolio or simply curious about the expanding world of investment options, this conversation offers valuable insights into how the investment landscape is evolving beyond traditional asset classes.Whether you're heading out for a weekend getaway or embarking on a global adventure, LEVEL8's sleek, durable luggage is designed to keep up.Visit www.level8cases.com and use code LEVEL8LAG10 to get 10% off your next purchase.Discount Code: LEVEL8LAG10– Offers 10% off on all products– No expiry, unlimited usage– Not stackable with other discounts  Sign up to The Lead-Lag Report on Substack and get 30% off the annual subscription today by visiting http://theleadlag.report/leadlaglive. Foodies unite…with HowUdish!It’s social media with a secret sauce: FOOD! The world’s first network for food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today: Support the show

The global investment landscape is shifting as international markets gain momentum despite lingering trade tensions. After years of US stock dominance creating stretched valuations, investors are increasingly looking abroad for more reasonably priced opportunities with similar growth potential.Phil Wool, Chief Research Officer at Rayliant, makes a compelling case for emerging markets as fertile ground for active management strategies. Markets like Taiwan, South Korea, and China feature 80-90% retail trading volume, creating inefficiencies that systematic approaches can exploit by targeting strong fundamentals and positive sentiment.One of the most overlooked aspects of emerging markets is their substantial technology exposure. South Korea's market comprises roughly 50% tech stocks yet trades at just 10x forward earnings—compared to the S&P 500's 23x. Taiwan's market is approximately 75% tech-focused but remains more affordable than US indices. These markets offer exposure to companies building critical components for data centers and AI infrastructure that often don't receive the same attention as the Magnificent Seven.Japan represents another intriguing opportunity with its broad market featuring limited analyst coverage beyond top companies. After decades of deflation and stagnation, Japan is experiencing an economic inflection point with normalizing monetary policy and significant corporate governance reforms unlocking previously trapped value.For investors concerned about international risk, Wool notes that much potential downside is already priced into these markets, unlike US equities where the recent recovery suggests investors may be underestimating lingering uncertainties. While emerging markets carry additional geopolitical and governance risks, these create opportunities for disciplined active managers who can identify well-governed companies.The evolution toward sophisticated multi-factor frameworks has transformed international investing. Rather than relying on traditional value or growth tilts alone, advanced systematic strategies now incorporate diverse signals including market-specific factors accounting for local regulations and institutions—particularly valuable when navigating diverse global markets with varying characteristics.Ready to explore international opportunities? Visit rayliant.com to learn more about their quantamental ETFs designed to capture behavioral alpha across global markets.Whether you're heading out for a weekend getaway or embarking on a global adventure, LEVEL8's sleek, durable luggage is designed to keep up.Visit www.level8cases.com and use code LEVEL8LAG10 to get 10% off your next purchase.Discount Code: LEVEL8LAG10– Offers 10% off on all products– No expiry, unlimited usage– Not stackable with other discounts  Sign up to The Lead-Lag Report on Substack and get 30% off the annual subscription today by visiting http://theleadlag.report/leadlaglive. Foodies unite…with HowUdish!It’s social media with a secret sauce: FOOD! The world’s first network for food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today: Support the show

The market climbs relentlessly higher while uncertainty looms on every horizon. Is this sustainable? Seth Cogswell of Running Oak draws compelling parallels between today's investment landscape and the bubble of 2000, where a handful of companies drove index returns while numerous others languished in the shadows.We're living through what historians might call a "Fourth Turning" – a once-in-80-years societal transformation that coincides with major shifts in government, economy, and technology. Add to this the troubling possibility that social media and AI might actually be making us collectively less intelligent, and you have a recipe for market inefficiency that thoughtful investors can exploit.Cogswell reveals why mid-cap companies occupy a unique sweet spot in this environment – established enough to provide stability but small enough to deliver meaningful growth when they innovate. This segment has been largely overlooked as capital floods into the largest names, creating valuation imbalances that spell opportunity for disciplined investors.The Running Oak approach focuses on three timeless principles: maximizing earnings growth, maintaining strict valuation discipline, and mitigating downside risk. This rules-based strategy ensures consistency regardless of market conditions, making it an anchor holding for uncertain times.Perhaps most compelling is Cogswell's insight about "investing where others aren't." When everyone piles into the same popular stocks, prices rise and future returns diminish. Conversely, areas of the market receiving less attention often offer better valuations, higher upside potential, and lower downside risk – exactly the asymmetric opportunity sophisticated investors seek.As passive flows continue to concentrate in fewer names, the opportunity for disciplined, thoughtful investment approaches grows. Follow Seth Cogswell on LinkedIn and Twitter @SethCogswell or visit RunningOak.com to learn more about navigating these extraordinary market conditions.Whether you're heading out for a weekend getaway or embarking on a global adventure, LEVEL8's sleek, durable luggage is designed to keep up.Visit www.level8cases.com and use code LEVEL8LAG10 to get 10% off your next purchase.Discount Code: LEVEL8LAG10– Offers 10% off on all products– No expiry, unlimited usage– Not stackable with other discounts  Sign up to The Lead-Lag Report on Substack and get 30% off the annual subscription today by visiting http://theleadlag.report/leadlaglive. Foodies unite…with HowUdish!It’s social media with a secret sauce: FOOD! The world’s first network for food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today: Support the show