Show from 11/14/25
Host Jeremy Schwartz and Professor Siegel discuss the market reaction to the government shutdown, the Fed's hawkish stance, and AI-driven market surges. The Professor critiques the Fed’s focus on inflation drivers like insurance rates, revisits debates on equity-risk premiums at a recent CFA Society event, and addresses the long-term outlook for stocks versus bonds. (15:18) Jeremy is joined by Jeff, Chris, and Sam for a wide-ranging discussion on the AI-driven tech buildout and compute shortages, including concerns about capital expenditure sustainability. They explore new affordability strategies like the proposed 50-year mortgage, assess policy developments from the Trump administration, and evaluate international market dynamics between China and India. The episode closes with insights on quality factor rotation and concerns around the sustainability of current tech valuations.
WisdomTree: https://www.wisdomtree.com/investments
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Bear Headfakes Around the World
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
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Partying like it's Nineteen Ninety... 6-7!
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
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Are We Too Optimistic?
Are We Too Optimistic? by Behind the Markets
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Cockroaches Contained?
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
Jeremy Schwartz, Global Chief Investment Officer at WisdomTree and Jeremy Siegel, professor of finance at Wharton and author of Stocks for the Long Run, host this long-running podcast that dives into 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.
Regularly joining the two Jeremys is the Deep Rooted Macro Team that decodes the forces shaping markets and portfolios worldwide.
Chris Gannatti, CFA, Global Head of Research, offers an analytical and thematic edge—bridging macro trends with on-the-ground technology and innovation. Whether unpacking the infrastructure powering the AI age or latest biotech breakthroughs, Chris translates complexity into conviction.
Jeff Weniger, CFA, Head of Equity Strategy, injects the pulse of behavioral markets and valuation discipline. With sharp macro instincts, Jeff dissects cycles, sentiment, and structural change with trademark clarity and wit.
Sam Rines, Macro Strategist for Model Portfolios, ties the threads together—linking policy, politics, and portfolio construction. His pragmatic macro lens captures how geopolitics, industrial policy, and energy dynamics flow into real-world GeoAlpha.
Together, the Deep Rooted Macro squad creates a fusion of rigorous research, accessible insights, and genuine debate.
Behind the Markets provides a regular masterclass in how the world really works beneath the surface of prices, data, and headlines. Tune in to hear where the Deep Rooted Macro team sees the next big shifts taking root.
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