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Behind the Markets Podcast

Behind the Markets
Behind the Markets Podcast
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  • Outlook for the Fed, the Flu, and Markets
    Show from 04/25/25 Host Jeremy Schwartz and Professor Siegel covered the market impacts of tariffs, interest rate policy, and long-term inflation expectations. Professor Siegel emphasized the case for lower interest rates, highlighted trends in manufacturing decline, and discussed market resilience amid tariff concerns. (30:19) Jeremy is joined by David Kotok to discuss the economic consequences of tariff shocks, Federal Reserve policy, and insights from Kotok’s new book, The Fed and the Flu. They explore historical responses to pandemics, current financial stability risks, and the evolving role of central banks, while also addressing municipal bonds, gold, and global trade dynamics. Guest: David Kotok co-founded Cumberland Advisors in 1973 and during his career served as its chief investment officer, CEO, and board chairman. He remains a strategic advisor at Cumberland. David’s articles and financial market commentaries have appeared in the New York Times, the Wall Street Journal, Barron’s, and other publications. He is a contributor or source to Bloomberg, Yahoo, CNN, Reuters, USA Today, and other media. He holds a B.S. in economics from the Wharton School of the University of Pennsylvania, an M.S. in organizational dynamics from the School of Arts and Sciences at the University of Pennsylvania, and an M.A. in philosophy from the University of Pennsylvania. In addition to The Fed and the Flu, David has authored or co-authored four other books, including From Bear to Bull with ETFs (now in its second edition) and Adventures in Muniland. He has also written three monograph pamphlets. The first of these is “Lessons from Thucydides,” which details information asymmetries and their implications for investors and world affairs. The second is “Zika,” a work that compiles David’s research, interviews, and personal experience concerning the Zika virus and its potential for serious damage in the way of health and monetary costs. The expense for individuals can be devastating; and in the case of governments, ballooning health budgets may affect municipal bond ratings. The third is “Yield Curve Control – The story of ZIRP and NIRP.” The yield curve is usually defined as the range of yields on Treasury securities from three-month Treasury bills to 30-year Treasury bonds. David’s narrative and graphics tell the story of ZIRP (zero interest rate policy) and NIRP (negative interest rate policy) and explore what happens when central banks use YCC to control interest rates along some portion of the yield curve. David formerly served as Program Chairman for the Global Interdependence Center, or GIC, whose mission is to encourage the expansion of global dialogue and free trade in order to improve cooperation and understanding among nation states, with the goal of reducing international conflicts and improving worldwide living standards. David chaired the GIC's Central Banking Series and organized a five-continent dialogue held in Cape Town, Hong Kong, Hanoi, Milan, Paris, Philadelphia, Prague, Rome, Santiago, Shanghai, Singapore, Tallinn, and Zambia (Livingstone). He received the Global Citizen Award from GIC for his efforts and vision over many years and currently serves on the advisory board to the GIC’s College of Central Bankers. In conjunction with GIC, David organizes fishing retreats, primarily in Maine, that are affectionately known as “Camp Kotok” by friends and many in the financial press. Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product. Follow Sam Rines on X: https://x.com/SamuelRines Wisdom Tree: https://www.wisdomtree.com/investments GIC: https://www.interdependence.org/about/ The Fed and the Flu: Parsing Pandemic Economic Shocks: https://www.amazon.com/Fed-Flu-Parsing-Pandemic-Economic/dp/B0DRWBC8XS
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  • The Plot Twist on Bearish Vibes
    Show from 04/18/25 Host Jeremy Schwartz and Professor Siegel dive into this week’s market outlook, starting with Powell’s latest commentary and potential rate cuts. The Professor expresses concern over Powell downplaying recent favorable inflation data and suggests a preemptive rate cut is warranted, warning of recession risks if tariffs persist. He also critiques corporate earnings guidance in the face of rising trade uncertainty and emphasizes how tariffs could cap market growth for the foreseeable future. (17:32) Jeremy continues the conversation with Sam, Chris, Jeff, and Kevin, covering a wide array of macro topics. The discussion highlights bullish sentiment on non-U.S. markets, especially Japan, Mexico, and India amid shifting trade dynamics. The group also debates long-term investment themes, including the resilience of AI and tech despite tariff concerns, the resurgence of gold, and the critical role of cybersecurity in modern portfolios. Guest: Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product. Christopher Gannatti began at WisdomTree as a Research Analyst in December 2010, working directly with Jeremy Schwartz, CFA®, Director of Research. In January of 2014, he was promoted to Associate Director of Research where he was responsible to lead different groups of analysts and strategists within the broader Research team at WisdomTree. In February of 2018, Christopher was promoted to Head of Research, Europe, where he was based out of WisdomTree’s London office and was responsible for the full WisdomTree research effort within the European market, as well as supporting the UCITs platform globally. In November 2021, Christopher was promoted to Global Head of Research, now responsible for numerous communications on investment strategy globally, particularly in the thematic equity space Follow Sam Rines on X: https://x.com/SamuelRines Follow Chris Gannatti on X: https://x.com/SamuelRines Wisdom Tree: https://www.wisdomtree.com/investments
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  • Reasons For Optimism Amidst Tariff Tremors
    Show from 04/11/25 Host Jeremy Schwartz and Professor Siegel reviewed a volatile week in the markets, focusing on rising yields and the dollar’s slide. The Professor attributed bond market moves to growing concerns about the U.S. deficit and potential shifts in global reserve currency dynamics. He emphasized the inflation impact of tariffs, potential recessionary risks, and questioned the long-term dominance of the U.S. economy. (47:03) Jeremy continues with Kevin Flanagan, Chris Gannatti, Jeff Weniger, and Sam Rines to unpack market reactions to geopolitical tensions, shifts in monetary policy expectations, and emerging market dynamics. The group discusses bond market mechanics, foreign policy ramifications, the relative strength of dividend-paying stocks, and how tech and AI trends may evolve amid supply chain and tariff uncertainty. Guest: Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product. Christopher Gannatti began at WisdomTree as a Research Analyst in December 2010, working directly with Jeremy Schwartz, CFA®, Director of Research. In January of 2014, he was promoted to Associate Director of Research where he was responsible to lead different groups of analysts and strategists within the broader Research team at WisdomTree. In February of 2018, Christopher was promoted to Head of Research, Europe, where he was based out of WisdomTree’s London office and was responsible for the full WisdomTree research effort within the European market, as well as supporting the UCITs platform globally. In November 2021, Christopher was promoted to Global Head of Research, now responsible for numerous communications on investment strategy globally, particularly in the thematic equity space As part of WisdomTree’s Investment Strategy group, Kevin Flanagan serves as Head of Fixed Income Strategy. In this role, he contributes to the asset allocation team, writes fixed income-related content and travels with the sales team, conducting client-facing meetings and providing expertise on WisdomTree’s existing and future bond ETFs. In addition, Kevin works closely with the fixed income team. Prior to joining WisdomTree, Kevin spent 30 years at Morgan Stanley, where he was Managing Director and Chief Fixed Income Strategist for Wealth Management. He was responsible for tactical and strategic recommendations and created asset allocation models for fixed income securities. He was a contributor to the Morgan Stanley Wealth Management Global Investment Committee, primary author of Morgan Stanley Wealth Management’s monthly and weekly fixed income publications, and collaborated with the firm’s Research and Consulting Group Divisions to build ETF and fund manager asset allocation models. Kevin has an MBA from Pace University’s Lubin Graduate School of Business, and a B.S in Finance from Fairfield University. Follow Sam Rines on X: https://x.com/SamuelRines Follow Kevin Flanigan on X: https://x.com/kevinflanaganwt Follow Chri Gannatti on X: https://x.com/SamuelRines Wisdom Tree: https://www.wisdomtree.com/investments
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  • Time to Buy the Dip?
    Show from 04/04/25 Host Jeremy Schwartz and Professor Siegel dive into this week’s discussion with a focus on new tariff policies, the Fed’s next moves, and implications for the money supply. Professor Siegel criticizes the tariffs as a major unforced error, warns about the potential for a bear market if retaliations continue, and argues that the Fed should cut rates regardless of the inflationary effects of tariffs. (42:43) Jeremy continues with Sam Rines and Kevin Flanagan to unpack the global trade tensions and how countries like India, Mexico, and Japan might respond. They analyze market volatility, discuss sector positioning amid interest rate shifts, and explore geopolitical scenarios, including U.S.-China dynamics and potential policy off-ramps. Kevin and Sam also share views on fixed income strategy and what to expect from the Fed and fiscal policy in the weeks ahead. Guest: Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product. As part of WisdomTree’s Investment Strategy group, Kevin Flanagan serves as Head of Fixed Income Strategy. In this role, he contributes to the asset allocation team, writes fixed income-related content and travels with the sales team, conducting client-facing meetings and providing expertise on WisdomTree’s existing and future bond ETFs. In addition, Kevin works closely with the fixed income team. Prior to joining WisdomTree, Kevin spent 30 years at Morgan Stanley, where he was Managing Director and Chief Fixed Income Strategist for Wealth Management. He was responsible for tactical and strategic recommendations and created asset allocation models for fixed income securities. He was a contributor to the Morgan Stanley Wealth Management Global Investment Committee, primary author of Morgan Stanley Wealth Management’s monthly and weekly fixed income publications, and collaborated with the firm’s Research and Consulting Group Divisions to build ETF and fund manager asset allocation models. Kevin has an MBA from Pace University’s Lubin Graduate School of Business, and a B.S in Finance from Fairfield University. Follow Sam Rines on X: https://x.com/SamuelRines Follow Kevin Flanagan on LinkedIn: https://www.linkedin.com/in/kevin-flanagan Wisdom Tree: https://www.wisdomtree.com/investments
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  • Trump's Tariff Turmoil Brings Global Portfolio Rotation
    Show from 03/28/25 In this episode of Behind the Markets, host Jeremy Schwartz kicks off with an interview featuring Andreas Kern, CEO of WikiFolio, a unique German social trading platform that enables individuals to publish model portfolios and convert them into exchange-listed products. Kern discusses the recent sharp shift in investor behavior from U.S. equities to German mid-cap stocks, signaling growing confidence in European markets. He attributes this trend not only to valuation opportunities but also to cultural and structural differences in how Europeans and Americans approach risk, especially in relation to pension systems. Popular themes among German investors include defense and AI, with stocks like Rheinmetall and MercadoLibre topping portfolios. Kern also shares his ambition to bring WikiFolio to the U.S., positioning the platform as a democratizing force in asset management. (15:00) The second half of the episode shifts to macroeconomic strategy with Kevin Flanagan, Sam Rines, and Jeremy discussing the implications of tariffs, interest rates, and fiscal policy. Sam breaks down how tariffs affect U.S. businesses and consumers, while Jeremy highlights Professor Siegel’s concerns that tariffs could hurt capital inflows and raise rates. With “Liberation Day” (April 2) expected to bring clarity on trade policy, the group analyzes market reactions and resilience, suggesting much of the impact may already be priced in. The conversation then broadens to long-term themes: the Fed’s reactionary role, global defense spending surges (especially in Europe), and Trump’s potential tax reforms, including zero taxes for middle-income earners and cracking down on offshore corporate shelters. The episode closes with speculation on how tariffs might serve not just as trade tools but as revenue generators in a shifting economic order. Guest: Before founding wikifolio, Kern gained more than a decade of experience in the finance and payment industries, leading Paybox Austria GmbH to profitability and co-founding Payolution GmbH, which was later sold to Skrill/Moneybookers. He studied mathematics and computer science, holds a Master of Science in Innovation Management from Johannes Kepler Business School Linz, and is a trained exchange trader for futures and spot markets. His vision for wikifolio remains clear: make professional-level trading strategies more accessible, transparent, and rewarding for all investors. Follow Andreas Kern on X: https://twitter.com/AKE_Wikifolio/ More about Andreas: https://www.wikifolio.com/en/int/about-wikifolio/our-management Follow Sam Rines on X: https://x.com/SamuelRines Follow Kevin Flanigan on X: https://x.com/kevinflanaganwt Wisdom Tree: https://www.wisdomtree.com/investments
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O Behind the Markets Podcast

Hosts Jeremy Schwartz, Global CIO at WisdomTree and Wharton finance Professor Jeremy Siegel, author of Stocks for the Long Run, discuss 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. Jeremy Schwartz has served as WisdomTree’s Global Chief Investment Officer since November 2021 and leads the investment strategy team in the construction of WisdomTree’s equity indexes, quantitative active strategies and multi-asset model portfolios. Mr. Schwartz joined WisdomTree in May 2005 as a Senior Analyst, adding to his responsibilities in February 2007 as Deputy Director of Research and thereafter, from October 2008 to October 2018, as Director of Research and from November 2018 to November 2021 as Global Head of Research. Prior to joining WisdomTree, he was head research assistant for Professor Jeremy Siegel and in 2022 became his co-author on the 6th edition of the book Stocks for the Long Run. Mr. Schwartz also is co-author of the Financial Analysts Journal paper, What Happened to the Original Stocks in the S&P 500? He received his B.S. in Economics from The Wharton School of the University of Pennsylvania and hosts the Wharton Business Radio program Behind the Markets on SiriusXM 132. Mr. Schwartz is a member of the CFA Society of Philadelphia.
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