Behind the Markets Podcast

Show from 2026-10-02 Professor Jeremy Siegel opens with his take on the latest payroll report, highlighting softer job growth, improving labor-force participation, steadier hours worked and continued manufacturing gains. He argues the data gives the Federal Reserve room to pause in October, while noting that higher real interest rates remain a challenge for equity valuations. Siegel also discusses oil prices, the continued strength of AI-related spending and why higher borrowing costs may weigh more heavily on lower-margin value companies than on large technology firms. (12:00) After Siegel departs, Chris Gannatti and Samuel Rines examine the market reaction to the jobs report, the outlook for Fed policy, election-related policy uncertainty and the growing political resistance to data-center development. They also discuss Micron’s strong results, the cyclical nature of memory markets and the global search for locations with sufficient power and cooling capacity for AI infrastructure. Jeremy Schwartz then speaks with Tom May, founder and CEO of Atlantic House, about WisdomTree’s acquisition of the firm and its expansion into derivatives-based strategies. May explains defined-outcome investing, autocallables, downside protection, volatility risk premia and how customized derivatives can help investors shape portfolio risk and return. Learn more about Tom: https://www.wisdomtree.com/ch/en/insights/contributors/tom-may Tom on LinkedIn: https://www.linkedin.com/in/tom-may-716bb612/ WisdomTree: https://www.wisdomtree.com/investments

Show from 2026-09-25 Jeremy Schwartz and Professor Siegel open with the sharp rise in real interest rates and what stronger economic growth, higher Treasury yields, and upcoming inflation, housing, employment, and money-supply data could mean for markets. They discuss the resilience of equities despite pressure from bonds, the outlook for small-cap and value stocks, and how Meta’s Muse AI agent could disrupt businesses that benefit from consumer inertia by making it easier to compare prices, switch providers, and negotiate better deals. (13:10) After Professor Siegel leaves the call, Jeremy is joined by Samuel Rines and Chris Gannatti. Sam examines headlines surrounding Oracle’s data-center buildout and argues that concerns over potential project delays may have been overstated. The group then explores their early experiences with Muse, including inbox management, subscription cancellations, property claims, and automated negotiations that produced meaningful monthly savings. They consider Meta’s position in consumer AI and the potential implications for advertising, marketplaces, and competing technology platforms. Chris shares observations from a major quantum-computing conference, highlighting investment in domestic quantum infrastructure, emerging foundry models, and specialized suppliers. The conversation closes with Japan, currency and rate volatility, space-based computing, and Sam’s renewed focus on corporate “price over volume” strategies as companies consider further price increases. WisdomTree: https://www.wisdomtree.com/investments

Show from 2026-09-18 Jeremy and Sam are joined by Ron Johnson, former Apple retail chief and author of Shop Different: How Retail Revealed Apple’s Genius. Johnson reflects on his career at Target, Apple, and JCPenney, including lessons from both success and failure. He explains why physical retail remains resilient, how stores and e-commerce increasingly complement one another, and why customer service was foundational to the Apple Store model. Johnson also discusses AI’s role in improving retail rather than replacing stores, the importance of frictionless checkout and strong in-store experiences, and his belief that successful retailers win through constant innovation, disciplined execution, and genuine care for customers. (46:45) Jeremy Schwartz, Kevin Flanagan, and Professor Jeremy Siegel discuss the Federal Reserve’s latest policy decision, including the unanimous rate move, stronger economic growth, persistent inflation, and the implications of higher short- and long-term interest rates. Siegel highlights the importance of the 10-year Treasury yield for equity valuations, the potential economic effects of tighter financial conditions, and the growing role of AI investment in capital spending, productivity, and technology-sector inflation. The conversation also examines bond-market positioning, data-center financing, and how future inflation and productivity readings could shape the outlook. Get Ron’s book: https://a.co/d/0fuOI0AH When Steve Jobs hired Ron Johnson to create the Apple Store in 2000, con­ventional wisdom said that the inter­net would put stores out of business. By the time he left Apple in 2011, Johnson and his team had created the most respected and profitable retail stores in the world. And even then, skeptics were still predicting the death of physical retail. In Shop Different, Johnson reveals how it happened: how he earned Jobs’s trust, how they developed a vision for a store that would win not by selling but by serving, and how he convinced Jobs that the store’s service philosophy should be rooted in some­thing as intangible as love. Johnson then gives readers a new look at Apple’s ascent to the most valuable company in the world; offers an inspiring vision for a future in which retailers win on connection, service, and experience; and shares an honest look at what leads to success—and what can follow. Shop Different is not a traditional business book. It is an insider account of one of the most important retail successes of our time, a guide for anyone trying to lead through technological change, and, in the age of artificial intelligence, a profound reminder of what it means to be human. Ron on LinkedIn: https://www.linkedin.com/in/shopdifferent/ WisdomTree: https://www.wisdomtree.com/investments

Show from 2026-09-11 Jeremy Schwartz and Professor Jeremy Siegel open the show by assessing hotter-than-expected inflation, rising Treasury yields, and the growing likelihood of a Federal Reserve rate hike. Siegel argues that credit expansion, persistent inflation pressures, and signals from the yield curve support tighter policy, while noting that equities have remained surprisingly resilient despite higher rates and volatile energy prices. The discussion also covers oil, diesel, geopolitical risks surrounding Iran and key shipping routes, and concerns about Treasury-market credibility and policy coordination. (18:00) After Professor Siegel leaves, Jeremy is joined by Sam Rines and Chris Gannatti for a broad look at earnings, artificial intelligence, and global macro developments. They discuss Oracle’s massive backlog, data-center financing, and continued demand for compute; Kroger’s AI-driven precision marketing business; Meta’s AI investments; and Adobe’s valuation, AI strategy, and content-provenance advantages. Chris also reviews Apple’s latest product event and progress in quantum computing, including developments at IonQ. The conversation closes with the ECB, European energy pressures, Middle East negotiations, currency-market reactions, the Japanese yen, and how a potential Fed rate hike could influence the dollar and longer-term yields. WisdomTree: https://www.wisdomtree.com/investments

Show from 2026-09-04 Jeremy Schwartz and Professor Jeremy Siegel open with the latest jobs report, highlighting stronger-than-expected payroll growth, upward revisions, rising hours worked, improved labor-force participation, and contained wage pressures. Siegel argues the data point to a resilient economy but may temper hopes for a dramatic AI-driven productivity surge this quarter. He also discusses the case for a Federal Reserve rate hike, rising money supply growth, bond yields, inflation risks tied to oil and Iran, and the market implications of stronger growth and higher discount rates. The conversation also touches on AI-related productivity gains, limited evidence of widespread AI-driven layoffs, and geopolitical developments involving Russia and Ukraine. (16:00) After Professor Siegel signs off, Schwartz continues with Sam Rines and Chris Gannatti. They examine whether longer-duration bonds are becoming more attractive, along with opportunities in gold, housing, and other rate-sensitive areas. The discussion then turns to AI, including hyperscaler spending, data-center commitments, semiconductor beneficiaries, the risks surrounding future compute demand, and whether major technology companies are becoming value opportunities. They also cover Tesla’s robotaxis, the strategic importance of compute, Japan’s currency and rate outlook, Venezuela’s potential role in U.S. energy security, and continued progress in quantum computing. WisdomTree: https://www.wisdomtree.com/investments