

Lead-Lag Live
Michael A. Gayed, CFA
Welcome to the Lead-Lag Live podcast, where we bring you live unscripted conversations with thought leaders in the world of finance, economics, and investing. Hosted by Melanie Schaffer each episode dives deep into the minds of industry experts to discuss current market trends, investment strategies, and the global economic landscape.In this exciting series, you'll have the rare opportunity to join Melanie Schaffer as she connects with prominent thought leaders for captivating discussions in real-time. The Lead-Lag Live podcast aims to provide valuable insights, analysis, and actionable advice for investors and financial professionals alike.As a dedicated listener, you can expect to hear from renowned financial experts, best-selling authors, and market strategists as they share their wealth of knowledge and experience. With a focus on topical issues and their potential impact on financial markets, these live unscripted conversations will ensure that you stay informed and ahead of the curve.Subscribe to the Lead-Lag Live podcast and follow @leadlagmedia on X to stay updated on upcoming live conversations and to gain exclusive access to a treasure trove of financial wisdom. Don't miss out on this incredible opportunity to learn from the best and brightest minds in the business.Join us on this journey as we explore the complex world of finance and investments, one live unscripted conversation at a time. Be sure to like, comment, and share the Lead-Lag Live podcast with your network to help others discover these invaluable insights.Stay tuned for the latest episode of the Lead-Lag Live podcast, and remember to turn on notifications so you never miss a live conversation with your favorite thought leaders. Happy listening!
Episodes
Mentioned books

Oct 7, 2025 • 17min
Beyond 60/40: Alex Shahidi on Diversification, Inflation, and Risk Parity Investing
In this episode of Lead-Lag Live, I sit down with Alex Shahidi, Managing Partner and Co-Chief Investment Officer at Evoke Advisors, to explore why traditional portfolio construction is failing investors.From lost decades in the S&P 500 to the dangers of overconcentration, Alex lays out why diversification is more than a buzzword—and how risk parity creates a framework that can withstand both growth and inflation shocks.In this episode:– Why owning the S&P 500 alone exposes investors to hidden– The lessons from the 1970s inflation era and what they mean– How risk parity differs from traditional 60/40– The biggest misconceptions investors have about risk– Practical first steps investors can take to diversifyLead-Lag Live brings you inside conversations with the financial thinkers who shape markets. Subscribe for interviews that go deeper than the noise.#LeadLagLive #Diversification #RiskParity #Investing #Inflation #StockMarketStart your adventure with TableTalk Friday: A D&D Podcast at the link below or wherever you get your podcasts!Youtube: https://youtube.com/playlist?list=PLgB6B-mAeWlPM9KzGJ2O4cU0-m5lO0lkr&si=W_-jLsiREjyAIgEsSpotify: https://open.spotify.com/show/75YJ921WGQqUtwxRT71UQB?si=4R6kaAYOTtO2V Support the show

Oct 7, 2025 • 49min
Why Gold’s Quiet All‑Time High Matters (and How BAR Lowers the Cost of Owning It)
A record high without the roar—gold has climbed to new territory while the crowd looks elsewhere. We sit down with GraniteShares founder and CEO Will Rind to unpack why this is the most interesting precious metals cycle in years: a quiet surge powered by falling real yields, relentless debt growth, and a decade‑long shift by central banks toward gold as the de facto alternative to the dollar. Will brings rare perspective from building gold ETFs in the UK, stewarding GLD, and launching BAR, a physically backed gold ETF designed to cut costs and increase transparency.We dig into the mechanics that matter to serious allocators: why BAR’s 0.17% expense ratio compounds an edge over time, how allocated bars and third‑party audits reduce custody risk, and where gold fits on the efficient frontier as a true diversifier with near‑zero equity correlation. Along the way, we pressure‑test common narratives. Bitcoin gets the headlines, yet gold and BTC have moved in step from key points while official reserves tell a different story. We explore how to read the gold price as a mirror of fiat dilution, not just momentum, and why this rally can coexist with rising policy rates when the bigger forces—deficits and credibility—dominate.The conversation widens to the rest of the complex. Platinum’s breakout, a persistent supply deficit, and a growing role in hydrogen technologies add torque to a metals allocation that often plays catch‑up as gold leads. For investors hunting income without abandoning diversification, we walk through GraniteShares’ options‑based Yield Boost ETFs—weekly distributions generated by defined‑risk put spreads rather than uncovered calls—to complement core holdings like BAR or a platinum sleeve. If your portfolio still leans entirely on stocks and bonds, this is your cue to reconsider what real ballast looks like when passive flows and public debt keep climbing.Enjoy the episode, share it with a colleague who still thinks gold is only for crises, and subscribe for more candid, research‑driven market conversations. If it helped you think differently about allocation, leave a quick review—it makes a big difference.#LeadLagLive #Gold #Bitcoin #Investing #fiat #StockMarketStart your adventure with TableTalk Friday: A D&D Podcast at the link below or wherever you get your podcasts!Youtube: https://youtube.com/playlist?list=PLgB6B-mAeWlPM9KzGJ2O4cU0-m5lO0lkr&si=W_-jLsiREjyAIgEsSpotify: https://open.spotify.com/show/75YJ921WGQqUtwxRT71UQB?si=4R6kaAYOTtO2V 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

Oct 7, 2025 • 46min
Building All-Weather Income with Pass-Throughs and HIPS
Rate cuts change the math on income, but your cash flow doesn’t have to shrink. We invited Will Rind of GraniteShares to unpack a practical way to keep payouts steady as short-term yields slide: a diversified basket of pass-through securities inside the HIPS ETF that aims for an all-weather stream of monthly income. We dig into how REITs, MLPs, BDCs, and fixed income–oriented closed-end funds each respond to different growth and inflation regimes, and why blending them can smooth the ride when markets lurch.We walk through the index rules that power HIPS—screening for the highest yields and the lowest volatility within each sector, then equal-weighting the results—and why the pass-through structure matters. Because these entities distribute most of their income and avoid corporate tax, more of the cash makes it to investors, and a return of capital component can improve after-tax outcomes. We also get candid about trade-offs: NAV will move with markets, but the fund has paid the same fixed monthly amount for more than a decade, including through the 2020 shock when many dividend strategies cut or suspended payouts.From portfolio fit to policy risk, we tackle the real questions advisors and investors ask. Should HIPS be core or a satellite? How does it complement the Agg or government bonds without doubling down on duration or credit? What do expense ratios mean when BDCs are involved, and how should you interpret acquired fund fees? We compare liquid, transparent alternative income to private credit’s lockups and opaque marks, then explore pairing HIPS with GraniteShares’ options-based Yield Boost strategies for those seeking weekly distributions and higher-octane cash flow—recognizing the higher volatility that comes with it.If you’re planning for consistent cash in a falling-rate world, this conversation offers a clear framework, a battle-tested track record, and practical ways to assemble an income sleeve that pays. Subscribe, share this episode with a friend who manages income portfolios, and leave a quick review to tell us what topic you want us to tackle next.#LeadLagLive #HIPS #AlternativeYield #Investing #Income #StockMarketStart your adventure with TableTalk Friday: A D&D Podcast at the link below or wherever you get your podcasts!Youtube: https://youtube.com/playlist?list=PLgB6B-mAeWlPM9KzGJ2O4cU0-m5lO0lkr&si=W_-jLsiREjyAIgEsSpotify: https://open.spotify.com/show/75YJ921WGQqUtwxRT71UQB?si=4R6kaAYOTtO2V 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

Oct 1, 2025 • 20min
Boom or Bust: Kai Wu on AI CapEx, Concentration Risk, and the Next Phase of Tech
Kai Wu, Founder and CIO of Sparkline Capital, dives into the transformative world of AI-driven capital expenditure. He reveals how hyperscalers are shifting to asset-heavy models, potentially overlooking significant concentration risks. Wu draws parallels between the current AI boom and historic capital cycles like the dot-com and railroad eras. He highlights the link between rapid asset growth and market underperformance, urging investors to adopt dynamic positioning strategies as AI adoption evolves.

Sep 26, 2025 • 25min
Fed vs Reality: Jay Hatfield on Outdated Data, Rate Cuts, and Where to Invest Now
In this episode of Lead-Lag Live, I sit down with Jay Hatfield, CEO of Infrastructure Capital Advisors, to unpack why the Fed keeps getting it wrong—and how investors can actually benefit from the new rate-cutting cycle.From outdated shelter calculations to overlooked leading indicators, Jay explains why monetary policy needs modernization and where the next opportunities lie as markets adjust.In this episode:– Why the Fed’s reliance on lagging shelter data distorts inflation– How the monetary base drives every economic– Why small caps and financials stand to outperform in a lower-rate– The case for preferred, high-yield bonds, and MLPs as overlooked– How AI-driven energy demand is creating a hidden natural gasLead-Lag Live brings you inside conversations with the financial thinkers who shape markets. Subscribe for interviews that go deeper than the noise.#LeadLagLive #JayHatfield #Fed #InterestRates #SmallCaps #Preferreds #MLPs #AIStart your adventure with TableTalk Friday: A D&D Podcast at the link below or wherever you get your podcasts!Youtube: https://youtube.com/playlist?list=PLgB6B-mAeWlPM9KzGJ2O4cU0-m5lO0lkr&si=W_-jLsiREjyAIgEsSpotify: https://open.spotify.com/show/75YJ921WGQqUtwxRT71UQB?si=4R6kaAYOTtO2V 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

8 snips
Sep 19, 2025 • 26min
Collar Strategies: Protecting Downside While Keeping Upside Alive
Discover how traders effectively use the collar strategy as a dynamic insurance policy for their portfolios. The discussion dives into crucial risk management practices over stock picking, illustrated by real examples from Apple and Nvidia. Learn how collars offer flexibility in protecting investments while maintaining upside potential. Plus, gain insights into advanced adjustments and the importance of viewing diversification as managing opportunities, not just spreading investments.

Sep 18, 2025 • 53min
Access the AI Revolution — How AGIX Gives Investors Pre-IPO Exposure to AI Unicorns
In this engaging discussion, Derek Yan, Director at KraneShares and lead on the AGIX ETF initiative, reveals how AGIX allows investors to tap into promising private AI companies like Anthropic and xAI. He elaborates on the hybrid ETF design that marries public equities with late-stage private firms, utilizing a unique AI scoring framework to spot genuine innovators. The conversation also dives into the potential of foundational model companies and why enterprise AI might soon eclipse its consumer counterpart in profitability.

Sep 18, 2025 • 15min
The Forgotten Hedge: Brandon Thor on Gold, Sovereignty, and Beating Wall Street’s Game
In this conversation, Brandon Thor, CEO of Thor Metals Group and advocate for financial sovereignty through gold, sheds light on the misconceptions surrounding the precious metal. He discusses why less than 1% of investors own gold, emphasizing its stability against counterparty risk. Brandon critiques Wall Street's resistance to gold ownership and highlights his firm's transparency in combating industry markups. He also argues that crypto falls short as a true alternative and stresses the importance of gold in intergenerational wealth transfer.

Sep 4, 2025 • 42min
Data vs Reality: Jay Hatfield on Jobs Revisions, Fed Cuts, and Where Value Hides
Jay Hatfield, CEO of Infrastructure Capital, shares his expertise on the questionable accuracy of BLS jobs data and its impact on investment strategies. He discusses how bond markets are signaling potential Fed cuts and argues for focusing on small caps and REITs as we approach year-end. Hatfield also emphasizes the need for a modern approach to labor data and warns that tariffs may distract from more pressing Fed policy issues. Tune in for valuable insights on navigating a slowing economy and uncovering hidden investment opportunities.

Sep 4, 2025 • 15min
Rates vs Reality: David Busch on Fed Signals, Inflation, and Positioning for Year-End
David Busch, CFA and Co-Chief Investment Officer at Trajan Wealth, shares his expertise on navigating today’s turbulent financial landscape. He delves into the Federal Reserve's recent signals and their impacts on market expectations. David contrasts the contrasting trends of CPI and PPI, highlighting their implications for investors. He addresses the growth versus value equity dilemma and warns of potential weaknesses in consumer data. Additionally, he presents an intriguing case for intermediate-term bonds as a unique investment opportunity amidst current volatility.