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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.
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.
484 Episodes
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Show from 03/13/26
Host Jeremy Schwartz and the WisdomTree team begin the episode discussing the surge in oil prices tied to tensions in the Middle East and how higher energy costs could affect consumers, transportation, and global supply chains. They also examine stress signals in private credit markets, the divergence between private equity firms and the broader S&P 500, and the recent rotation away from mega-cap tech despite improving valuations. The group closes the segment with a discussion on emerging AI themes like agentic AI and robotics, semiconductor capacity constraints, and how investors may rebalance portfolios after energy’s strong performance while looking for opportunities in areas like Japan, industrials, and consumer discretionary. (31:51) Professor Siegel joins Jeremy to share his outlook on the recent oil shock and its impact on markets, noting that while higher gasoline prices may weigh on sentiment and cause short-term volatility, real oil prices remain near long-term averages. He also explains why the Federal Reserve is unlikely to react to a supply-driven oil shock, expects policy to remain on hold for now, and reiterates his long-term optimism for equities and the continued growth of AI.
WisdomTree: https://www.wisdomtree.com/investments
Show from 03/06/26
Host Jeremy Schwartz and Professor Siegel discuss the surprisingly weak payroll report and how it contrasts with strong economic indicators like ISM data and retail sales, with the Professor suggesting rising productivity—potentially driven by AI—may explain how GDP remains strong with little job growth. They also review geopolitical tensions involving Iran, rising oil prices, and the Strait of Hormuz, with Siegel noting energy shocks could pressure markets but would not likely change the Fed’s near-term policy stance. (18:13) Jeremy continues with Sam Rines and Jeff Wenniger to analyze the oil spike, global geopolitics, and labor market data, including how weather disruptions and strikes may distort the jobs report and lead to a rebound in March employment. The group also discusses China’s economic outlook, energy constraints, and broader investment themes such as international defense spending and innovation cycles outside the U.S. The episode concludes with Jeremy interviewing Ian De Bode of Ando Finance and WisdomTree’s Maredith Hannon about tokenization, stablecoins, and how blockchain-based financial rails could reshape investing, trading hours, and global access to U.S. financial markets.
Ian De Bode on LinkedIn: https://www.linkedin.com/in/idebode/
Maredith Hannon on LinkedIn: https://www.linkedin.com/in/maredith-hannon/
WisdomTree: https://www.wisdomtree.com/investments
Show from 02/27/26
Host Jeremy Schwartz and Professor Siegel discuss Professor Siegel’s response to a viral AI “doomsday” scenario, emphasizing that productivity gains from AI would expand output, wages and leisure rather than cause mass permanent unemployment, and arguing that macroeconomic growth from higher productivity would generate trillions in new income to absorb displaced workers. He also weighs in on falling 10-year yields, recent inflation data, oil risks tied to Iran, productivity trends, and his expectation for market rotation away from the MAG 7 toward value and non-AI sectors. (13:40) Jeremy continues with Jeff Weniger and Sam Rines to debate whether AI lowers barriers to entry and enhances innovation rather than destroying knowledge work, put recent tech and software selloffs into perspective against broader market resilience, and examine global equity leadership with strong performance in Japan, Korea and Europe relative to a flat S&P 500, highlighting valuation gaps and structural underweights to non-U.S. markets in portfolios.
WisdomTree: https://www.wisdomtree.com/investments
Show from 02/20/26
Host Jeremy Schwartz and Professor Siegel break down the latest GDP report, PCE inflation data and housing trends, with the Professor noting that fourth quarter growth was not as weak as headlines suggested once government distortions are adjusted for and that differences between CPI and PCE components explain the recent upside surprise in inflation. He emphasizes that the Supreme Court’s pending tariff ruling and rising tensions with Iran are far more important to markets in the near term than incoming economic data, expecting continued choppiness until there is clarity on both fronts. (9:08) Following the Professor’s departure, Jeremy is joined by Sam Rines, Chris Gannatti and Jeff Weniger to react in real time to the Supreme Court’s 6–3 decision striking down IEPA tariffs as illegal, discussing the implications for corporate refunds, margin expansion and sector rotation. The group examines geopolitical risks tied to Iran, the ongoing rotation into small caps and international equities, weakness in private credit and software, and valuation compression across mega-cap tech ahead of NVIDIA earnings. They also explore improving rental trends, sector leadership shifts toward value and cyclicals, and longer-term themes ranging from AI-driven physical automation to autonomous vehicles and global events like the World Cup as potential economic tailwinds.
WisdomTree: https://www.wisdomtree.com/investments
Show from 02/13/26
Host Jeremy Schwartz and Professor Siegel discuss a strong employment report and a softer-than-expected CPI print, highlighting rising real wages, easing rental inflation, and stabilization in unemployment claims. Professor Siegel also addresses growing AI-driven market anxiety, tariff developments, and why he believes the ongoing rotation away from the MAG-7 does not derail the broader bull market. (35:13) Jeremy is joined by Jeff Wenniger, Sam Rines, and Chris Gannatti to break down major global developments, including Russia’s potential return to the dollar system, Taiwan and Singapore’s strong GDP prints, and Japan’s election results strengthening fiscal and defense tailwinds. The group explores the global defense spending supercycle, Asia’s critical role in AI supply chains, and how AI disruption fears are driving sharp rotations within U.S. equities, particularly in software. They also debate whether AI-driven margin compression, pricing competition, and shifting capital flows signal a broader geographic and sector rotation toward international markets and non-tech sectors.
WisdomTree: https://www.wisdomtree.com/investments
Show from 02/06/26
Host Jeremy Schwartz discusses recent volatility across asset classes, including sharp drawdowns in commodities, bitcoin, and select software stocks. (1:38) Jeremy continues the conversation with Blake Heimann and Michael Fridman, former PM at a major Israeli insurer, and the WisdomTree research team. The discussion centers around AI capital expenditure, the sustainability of tech valuations, and the rotation from mega-cap names into more niche infrastructure and semiconductor plays. Michael and the team also touch on geopolitical factors, including the Japanese elections and Middle East tensions, and examine implications of consumer shifts like Pepsi’s price cut strategy for broader market and advertising trends.
Michael Fridman: https://www.linkedin.com/in/michaelfridman23/
Blake Heimann: https://www.linkedin.com/in/blakeheimann/
WisdomTree: https://www.wisdomtree.com/investments
Show from 01/30/26
Host Jeremy Schwartz and Professor Siegel discuss the appointment of Kevin Warsh as incoming Fed Chair, expressing optimism about his independence and stance on inflation. The Professor also comments on the latest inflation print, the Fed’s balance sheet strategy, and the potential impact of tariffs and money supply trends. (13:43) Jeremy is joined by Chris Gannatti, Sam Rines, and Jeff Weniger for a wide-ranging conversation covering tech earnings from Meta and Microsoft, the implications of AI investments on memory and fiber infrastructure, and recent commodity surges in metals like silver and copper. They also explore geopolitical risks in the Middle East and Cuba, European investor sentiment toward U.S. equities and currencies, commodity allocation trends, and macroeconomic developments in Italy with WisdomTree’s Peter Braganti.
Piergiacomo Peter Braganti, Director, Macro Research at WisdomTree: https://x.com/peterbraganti
Chris started a substack, follow him here: https://christophergannatti.substack.com/
WisdomTree: https://www.wisdomtree.com/investments
Show from 01/23/26
Host Jeremy Schwartz and Professor Siegel discuss updates on the Fed chair race, government shutdown prospects, and delayed tariff rulings. The Professor sees strong economic momentum, rising productivity, and continued strength in value and small-cap stocks. (11:23) Jeremy continues the conversation with Dave Goodson, Head of Securitized Credit at Voya, who discusses bond market reactions to recent policy announcements, including the $200 billion GSE purchase program and its impact on mortgage-backed securities. The group explores trends in spreads, non-agency RMBS opportunities, policy shifts affecting the housing market, and global macro forces including Japan and Iran. They close with a focus on AI-driven infrastructure investments and how they are impacting securitized credit markets.
Dave Goodson is a managing director, head of securitized fixed income and a senior portfolio manager for non-agency and agency mortgage-backed securities, commercial mortgage-backed securities and asset-backed securities strategies at Voya Investment Management. Prior to joining Voya, he was a principal at an independent investment bank focused on asset-backed commercial paper transactions. Previously, Dave began his career as a vice president in Wachovia Securities’ asset-backed finance group, marketing and executing securitizations for the bank’s corporate clients. He earned a BS in management from the Georgia Institute of Technology
Voya: https://advisors.voya.com/
WisdomTree: https://www.wisdomtree.com/investments
Show from 09/16/26
Host Jeremy Schwartz and Professor Siegel assess recent market data, including mixed signals from CPI and PPI, speculation about Q4 GDP being between 2% and 5%, and jobless claims falling below 200K. Professor Siegel also discusses the Fed’s direction amid political distractions and sees continued momentum for small caps amid easing mortgage spreads. (22:32) Jeremy is joined by WisdomTree’s Jeff Weniger, Chris Gannatti, and Sam Rines to dive into market rotation, the AI narrative, and geopolitical developments. The group explores physical AI with Tesla, credit card rate caps and their implications on credit access, and how crypto and stablecoin regulations may disrupt traditional banking. They also cover a K-shaped economy reflected in early earnings reports and wrap with observations from Asia, the rise of Vietnamese EVs, and speculation on the U.S. revisiting a Greenland acquisition.
WisdomTree: https://www.wisdomtree.com/investments
Show from 09/01/26
Host Jeremy Schwartz and Professor Siegel discuss the strong jobs report, a surprising GDP revision from the Atlanta Fed, and the evolving political developments in Venezuela and Iran. The Professor also offers thoughts on Trump’s potential Fed chair picks, productivity growth, and AI's impact on markets. (17:09) Jeremy continues with Sam Rines to dive deeper into the geopolitics of oil in Venezuela and Guyana, how it impacts WTI pricing, and why refiners and MLPs may benefit. They explore defense and AI-related investment opportunities in Japan and Europe, potential tariff developments from the Supreme Court, and discuss the recent performance and positioning of gold and commodity markets amid inflation and geopolitical risk..
WisdomTree: https://www.wisdomtree.com/investments
Show from 02/01/26
Host Jeremy Schwartz and Professor Siegel discuss the strong start to 2026, noting positive holiday spending, a dip in jobless claims, and the potential for a 3% Q4 GDP growth. Professor Siegel outlines three key market events to watch in January: the risk of a government shutdown, the Supreme Court’s decision on tariffs, and the selection of the new Fed chair. (12:34) Jeremy continues with guests Sam Rines and Jeff Weniger, who delve into geopolitical tensions impacting oil markets, the Fed’s potential policy direction, and the outlook for global equity markets. The group discusses AI competition between China and the U.S., emerging strength in Japan and India, and the implications of upcoming IPOs like SpaceX and OpenAI. They also touch on commodity allocations, shifts in value and growth indices, and how holiday spending reflects broader economic resilience.
WisdomTree: https://www.wisdomtree.com/investments
Show from 12/19/25
Host Jeremy Schwartz and Professor Siegel discuss the final CPI report of the year and the broader inflation outlook. The Prof notes that shelter components are finally weighing on inflation, and expects a continued downward trend into 2026. He sees room for the Fed to cut rates if the economy weakens, and believes markets are well-positioned heading into the new year. (09:03) Jeremy continues with guest Andreas Kern, founder of Wikifolio, to explore how German retail investors are positioning for 2026. Andreas shares data on shifting equity allocations, including a strong tilt toward industrials, basic materials, and value strategies. The conversation covers defense spending, AI narratives, Tesla, underrepresentation of equities in German portfolios, and sentiment around crypto and gold. Jeremy and the panel also weigh in on market rotation, yield curves, and long-term inflation expectations, offering a global perspective on evolving market themes.
Wikifolio: https://www.wikifolio.com/en/int/home
Andreas Kern: https://www.linkedin.com/in/andreas-kern-905214/?originalSubdomain=at
For more information on the index Jim Bianco discussed: https://www.biancoadvisors.com/index-updates/
WisdomTree: https://www.wisdomtree.com/investments
Show from 12/12/25
Host Jeremy Schwartz and Professor Siegel reflect on the Fed's latest meeting and its dovish tone, noting signs of a market rotation beyond the "Magnificent Seven" stocks. Professor Siegel highlighted potential market risks from a Supreme Court tariff ruling and a possible government shutdown, while remaining optimistic on inflation and economic momentum heading into 2026. (11:20) Jeremy continues with Chris Gannatti and Sam Rines, exploring AI’s evolving role in corporate strategy and earnings. The conversation covers OpenAI's latest model, Oracle's bid to join hyperscalers, and potential oil market shifts tied to Venezuela. They also analyze consumer strength through earnings from firms like Costco and Lululemon, and discuss how software companies must adapt or risk obsolescence in the AI age.
WisdomTree: https://www.wisdomtree.com/investments/
Show from 12/05/25
Host Jeremy Schwartz and Professor Siegel opened this week’s episode reflecting on the changing nature of Black Friday, ongoing consumer strength, and the outlook for interest rate cuts amid mixed economic data. The Professor discussed Kevin Hassett’s emergence as a top Fed Chair candidate, tech sector volatility, and competition in the AI space. (10:39) Jeremy continues with Sam Rines and Chris Gannatti for a special Thanksgiving episode, joined by their children to explore youth shopping trends. The group covers holiday consumer behavior, competition among AI models and chipmakers, and potential market overreactions to recent shifts in sentiment. They also discuss the implications of energy inventory dynamics and underappreciated tech plays like Amazon and Apple, rounding out with a preview of AI’s future impact on education, investing, and consumer preferences.
Dovile Silenskyte, CFA Director, Digital Assets Research at WisdomTree: https://www.linkedin.com/in/dovilesilenskyte
WisdomTree: https://www.wisdomtree.com/investments
Show from 11/28/25
Host Jeremy Schwartz and Professor Siegel opened this week’s episode reflecting on the changing nature of Black Friday, ongoing consumer strength, and the outlook for interest rate cuts amid mixed economic data. The Professor discussed Kevin Hassett’s emergence as a top Fed Chair candidate, tech sector volatility, and competition in the AI space. (10:39) Jeremy continues with Sam Rines and Chris Gannatti for a special Thanksgiving episode, joined by their children to explore youth shopping trends. The group covers holiday consumer behavior, competition among AI models and chipmakers, and potential market overreactions to recent shifts in sentiment. They also discuss the implications of energy inventory dynamics and underappreciated tech plays like Amazon and Apple, rounding out with a preview of AI’s future impact on education, investing, and consumer preferences.
Emma Shine Spotify: https://open.spotify.com/artist/6wUgQ9GHl0eKFwqw3Mqk2p?si=G1N5Uz__RxKgk12Wmd4-HA
Emma Shine Youtube: https://www.youtube.com/@EmmaShine-singg/shorts
WisdomTree: https://www.wisdomtree.com/investments
Show from 11/21/25
Host Jeremy Schwartz and Professor Siegel unpack the week's key market themes, focusing on Nvidia’s earnings volatility, jobless claims trends, and potential monetary policy shifts. The Professor highlights creeping continuing claims, waning private credit enthusiasm, and questions surrounding AI investment’s return on capital. (16:07) Jeremy continues with Sam and Jeff to assess Nvidia’s post-earnings dip, Google's AI strides with Gemini 3, and shifting tech leadership. The group explores value stocks’ evolving makeup, consumer strength as seen in Walmart's earnings, and potential geopolitical shifts in Venezuela’s oil market. They wrap with views on holiday spending, U.S. housing dynamics, and retail sector resilience.
WisdomTree: https://www.wisdomtree.com/investments
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
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
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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pls stop using the "x'-word references. it's annoying.
Siegel should just shut up and listen and learn.
let's count how many times Jeremy asks 'who went to Wharton'.
first time i ever heard someone say they wish they got the Nobel prize.
seigel is clearly a trump suppoter
jeremy siegel is often painful to listen to. never seems to have any real and actionable insights.
I love counting how many times Jeremy and guests can say the word "Wharton". Holy ivy bro-fest. It's like this almost every episode. Enough already!