Behind the Markets Podcast

Show from 10/03/25 Host Jeremy Schwartz and Professor Siegel discuss the latest market conditions, highlighting the weakness in the ADP jobs report, stable jobless claims, and a slight decline in consumer confidence. Professor Siegel emphasizes that while the economic data points to some softening, there is no indication of a sharp downturn. He points to this quarter as a critical test for consumer spending amid new tariffs and holiday pressures, observing that inflation in housing and rents remains muted. Siegel also discusses monetary policy and comments on the growing importance of AI, the performance of major tech stocks like Tesla, and the continued divergence between large-cap growth and value stocks. Jeremy continues the show with WisdomTree colleagues Chris Gannatti, Sam Rines, and Jeff Weniger, with Chris diving into recent insights from top voices in the semiconductor and AI space, noting the massive CapEx going into data centers and compute infrastructure. Sam expands on the potential productivity boost from AI agents and the broader ecosystem investments benefiting industrials like Caterpillar. Jeff provides a macro take on central bank policy, expressing skepticism about the timing of rate cuts amid rising equity and commodity markets, and debates the real impact of tariffs. (32:12) In the second half, Jeremy presents a special segment recorded live from the Jacobs-Levy Quant Conference with Professor Bob Korajczyk of Northwestern University. Korajczyk shares research on intangible assets and their role in asset pricing, detailing how adjusted earnings that account for R&D and SG&A provide a more predictive measure of long-term profitability. He explains how this adjustment enhances factor models, offers downside protection characteristics, and discusses implications for accounting standards, portfolio construction, and international investing. Guest: Robert A. Korajczyk is Senior Associate Dean, Faculty and Research and the Harry G. Guthmann Professor of Finance and co-director of the Center for Financial Institutions and Markets. At Kellogg, Korajczyk has previously served as Senior Associate Dean: Curriculum and Teaching, Chair of the Department of Finance, Director of Graduate Studies for the Department of Finance, and Director of the Zell Center for Risk Research. He has held visiting faculty appointments at the University of Chicago, the Vienna University of Economics and Business, the University of Melbourne, the University of Vienna, and the Hong Kong University of Science and Technology. Professor Korajczyk received his BA, MBA, and PhD degrees from the University of Chicago. Robert on LinkedIn: https://www.linkedin.com/in/robert-korajczyk-b1565714/ WisdomTree: https://www.wisdomtree.com/investments

Show from 09/26/25 Jeremy Schwartz and Professor Siegel review the week’s key economic developments, focusing first on inflation metrics with the PCE deflator and personal income/spending data matching expectations. Professor Siegel emphasizes the significance of stronger-than-expected durable goods orders and a narrowed trade deficit, which have led to upgraded Q3 GDP forecasts from major banks. He also comments on recent remarks from Fed Governor Myron regarding a lower neutral interest rate, citing demographic trends and productivity considerations. The Professor maintains a cautious outlook on the potential impact of tariffs, especially heading into the critical holiday season, and flags the upcoming government shutdown as a potential disruptor to next week’s jobs report. They’re joined by Chris Gannatti, Jeff Weniger, and Sam Rines for a robust discussion that spans trade, technology, and market positioning. They unpack new proposed tariffs from the Trump campaign, assess the durability of corporate strategies for mitigating trade friction, and analyze the AI infrastructure boom—highlighting NVIDIA, OpenAI, and hyperscaler investment cycles. The team debates whether current AI valuations are sustainable, comparing them to past tech cycles, and explore quantum computing as an emerging, though still speculative, theme. The conversation turns to government industrial policy and its role in revitalizing domestic semiconductor manufacturing, particularly around Intel. Finally, they discuss overlooked opportunities in small and mid-cap U.S. equities, noting how rate cuts and strong consumer data, like Costco’s same-store sales, could fuel upside for cyclicals heading into year-end. WisdomTree: https://www.wisdomtree.com/investments

Show from 09/19/25 Host Jeremy Schwartz is joined live from Mallorca by Pierre Debru, Head of Research at WisdomTree Europe, to explore shifting investor sentiment across the continent. Pierre discusses how European investors are reallocating away from the US and toward domestic equities and thematics like defense, nuclear, and rare earths, fueled in part by a weaker dollar. He outlines the renewed interest in defense investing spurred by NATO's 5% GDP spending target, as well as the long-term outlook for Europe’s political and fiscal stability across markets like Greece, Poland, and Italy. The conversation covers capital efficiency, the need for diversification through gold and crypto, and the rise of thematic exposure to quantum computing and AI-related infrastructure. (30:17) Professor Siegel and Kevin Flanagan join to analyze the Fed’s latest 25 basis point rate cut. Professor Siegel emphasizes the strength of the consumer, upward revisions to GDP forecasts, and unity within the Fed despite differing views reflected in the dot plots. He critiques the current path of policy, pointing to lingering inflation concerns from tariffs and the need for further rate cuts amid signs of softening in the labor market. Siegel also discusses falling mortgage premiums, the resilience of housing and business investment, and how investment incentives and AI are likely to benefit small-cap firms over time. Pierre Debru on LinkedIn: https://www.linkedin.com/in/pierre-debru/ Kevin Flanagan on LinkedIn: https://www.linkedin.com/in/kevin-flanagan-wt/ WisdomTree: https://www.wisdomtree.com/investments

Show from 09/12/25 Host Jeremy Schwartz and Professor Siegel analyze the recent inflation data, highlighting the implications for next week’s pivotal Fed meeting. The Professor suggests a 25-basis-point rate cut is likely, but notes that a weak retail sales report could justify a 50-basis-point move. He emphasizes the importance of the September dot plot in gauging Fed sentiment and explores the limited current impact of tariffs on inflation metrics, despite market anticipation. Siegel also points to diverging signals in the CPI and PPI reports and the potential for dissenting votes within the Fed as signs of growing internal debate. (9:28) Jeremy is joined by Sam Rines, Jeff Weniger, and Chris Gannatti for a dynamic discussion covering Fed expectations, political volatility, and macroeconomic developments. The team examines Oracle’s massive AI-linked bookings and its potential to reshape the software sector, discusses how manufacturers are navigating tariffs with pricing power, and reflects on potential Supreme Court developments that could spark a surprise fiscal stimulus. They dive into early innings of AI adoption, exploring how government policy, private innovation, and breakthroughs in biotech and quantum computing may drive future productivity. The group discusses European defense spending as a de-risked investment theme and the rising significance of Asian defense budgets, particularly in Japan, India, and South Korea. They close with commentary on under-owned trades like gold and Japanese equities, the challenge of disrupting entrenched players in healthcare, and optimism around innovation driving long-term growth despite short-term valuation concerns. WisdomTree: https://www.wisdomtree.com/investments

Show from 09/05/25 Host Jeremy Schwartz and Professor Siegel discuss the latest job report, which showed weaker-than-expected numbers, particularly in manufacturing and healthcare. The Professor highlights that while the household survey showed a gain, it's too volatile to weigh heavily. He emphasizes that the labor market is softening, which aligns with the bond market's pricing-in of rate cuts at upcoming Fed meetings. Siegel also notes productivity data remains unimpressive despite a recent bounce and reiterates his belief that equity markets remain in a bull phase, supported by anticipated rate cuts and broader AI optimism. (11:51) Jeremy is then joined by Sam Rines and Jeff Weniger, who analyze consumer behavior through companies like Costco and Lululemon, noting that middle- and upper-income consumers remain resilient. They dive into the struggles of traditional staples like Kraft-Heinz and Pepsi, which are facing breakup speculation and activist investor pressure, while also discussing historical examples of value creation through corporate spin-offs. The conversation expands to gold and gold miners, which are benefiting from central bank buying, falling interest rates, and improved operational efficiencies. In the second half of the episode, Blake Heimann and Chris Gannatti join to unpack insights from a tech conference, highlighting AI infrastructure trends, chip supply dynamics, and the rising relevance of companies like NVIDIA, Broadcom, and SoftBank. They also explore pressures in the software sector from private competitors and ongoing leadership transitions. The group discusses how firms are building agentic AI workflows atop specialized datasets, creating opportunities and risks as Big Tech integrates AI across platforms. The show closes with a detailed conversation on AI compute economics, GPU payback cycles, and the sustainability of massive CapEx spending in AI infrastructure. Blake Heimann on LinkedIn: https://www.linkedin.com/in/blakeheimann/?originalSubdomain=uk WisdomTree: https://www.wisdomtree.com/investments

Show from 09/01/25 Host Jeremy Schwartz travels across Indiana with Brandon Zick, CIO of Ceres Partners, as they explore farmland investments following WisdomTree’s acquisition announcement of Ceres. Brandon and Jeremy dive into the fundamentals of farmland investing, including its inflation-hedging characteristics, active property sourcing strategies, and the portfolio's strong historical returns. They also discuss the optionality in farmland from uses like solar, wind, and data centers, the role of dairy and biodiesel, and the impact of tariffs, labor dynamics, and energy policies on farm operations and profitability. Guest: Brandon Zick is responsible for managing all investments at Ceres Partners, including Ceres Farms flagship farmland fund and Ceres Food & Agriculture private equity strategies. In this role he supervises valuation analysis, acquisition/investment due diligence, portfolio and tenant management, and acquisition negotiations and execution. Prior to joining Ceres in 2010, Mr. Zick served as Vice President of Strategic Acquisitions at Morgan Stanley Investment Management where he performed due diligence, valuation analysis, deal negotiation and execution of strategic business transactions. Previously, he worked as a senior associate of investor relations at Morgan Stanley, and Brandon began his career as a finance associate at Lehman Brothers.Brandon currently serves on the Federal Reserve Bank of Chicago Advisory Council and the Small Business, Agriculture & Labor sub-council. Mr. Zick is a graduate of the University of Notre Dame with a B.B.A. in finance and a Japanese concentration and is a Chartered Alternative Investment Analyst. Mr. Zick grew up on a family dairy and crop farm in Northeastern Pennsylvania. Brandon Zick: https://www.linkedin.com/in/brandon-zick-394a5310 WisdomTree: https://www.wisdomtree.com/investments

Show from 08/29/25 Host Jeremy Schwartz and Professor Siegel discuss the PCE inflation data coming in exactly as expected, a surprising widening in the July trade deficit, and the implications of upcoming employment data on the Fed's decision-making. The Prof suggests a 25 basis point cut is likely unless job numbers are unexpectedly weak. (14:22) Jeremy is joined by Sean Avory, CIO of Avory Co, who shares his constructive view on markets, discusses opportunities in small and mid-cap equities, and outlines his firm's high-conviction investment strategies across public and private markets. The conversation highlights themes such as AI infrastructure, data-driven investing, and identity verification as a key growth sector. Sean also offers insight on valuation dislocations caused by passive investing trends and the role active ETFs may play going forward. Wisdom Tree: https://www.wisdomtree.com/investments

Show from 08/22/25 Host Jeremy Schwartz and Professor Siegel react to Powell’s dovish shift in tone, with the Professor characterizing it as a clear pivot towards rate cuts. Siegel emphasizes that inflationary pressures driven by tariffs are likely to be treated as one-time increases and ignored by the Fed, while the labor market becomes the primary focus going forward. He outlines a forecast of 75 basis points of cuts by early next year, contingent on labor conditions, and notes that falling long-term yields could significantly ease mortgage rates, supporting continued strength in equities. (28:36) Jeremy continues with Samuel Rines live from Margate, where they examine how corporate earnings, particularly from Walmart and Ross stores, reveal that consumers remain active despite rising prices. However, they caution that tariff impacts are starting to show up in margins, especially for small caps, which have already been under pressure from high interest rates. The conversation turns to sector positioning, including renewed strength in defense stocks amid European geopolitical developments, and optimism around Japan’s equity markets driven by favorable global policies and undervaluation. They also discuss the role of government involvement in strategic industries like semiconductors, the equity premium in Japan versus the U.S., and how policy changes are reshaping investment flows. Sam concludes that managing margins, not revenues, will be the critical driver of equity performance over the next 6 to 12 months, especially as companies navigate cost pressures without triggering political backlash. Wisdom Tree: https://www.wisdomtree.com/investments

Show from 08/15/25 Host Jeremy Schwartz and Professor Siegel unpacked a busy week of economic news, starting with an analysis of the CPI and PPI data. The Professor highlighted how headline inflation may appear elevated due to one-off components like portfolio management fees but emphasized that key metrics feeding into the Fed’s preferred PCE deflator remained tame. He also reiterated his longstanding view that the Fed should not react to tariff-induced inflation and spotlighted next week's Jackson Hole speech from Jerome Powell as a pivotal moment for monetary policy. (12:17) Jeremy continued the show with Sam Rines and the Wisdom Tree team, exploring the implications of the Trump-Putin summit, the enduring global defense spending cycle, and the long-term impact of defense innovation on technology. They analyzed inflation indicators, alternative shelter metrics, and sector reactions, including defense, AI, housing, and chipmakers. The conversation closed with reflections on earning season surprises, small-cap sensitivity to Fed policy, and geopolitical dynamics shaping tech and energy infrastructure. Wisdom Tree: https://www.wisdomtree.com/investments

Show from 08/08/25 Host Chris Gannatti and Professor Siegel discuss Trump’s recent Fed nominations, labor market weakness, and the likelihood of a September rate cut. The Professor notes seasonal market risks in late August, continued strength in AI-driven tech earnings, and trade tensions impacting India, which he views as a potential buying opportunity. He also highlights his new article on the challenges of conducting monetary policy under the current interest-on-reserves system. (12:18) Chris continues with Samuel Rines, and Jeff Wenninger, exploring India’s oil trade dynamics with Russia, Trump’s geopolitical tactics, and the broader implications for markets. The conversation shifts to the Fed’s outsized influence, the economics of premium credit cards, and potential competition from stablecoins. They close with thoughts on airline travel trends, the energy demands of AI infrastructure, and big tech’s strategies in AI deployment and monetization. Wisdom Tree: https://www.wisdomtree.com/investments

Show from 08/01/25 Host Jeremy Schwartz and Professor Siegel dive into market sentiment following Powell's recent remarks. The Professor discusses the Fed's hawkish stance, Powell's views on the neutral rate, and the implications of inflation driven by tariffs. He emphasizes concern over potential delays in Fed action and critiques Powell's consistency in messaging. (29:20) Jeremy continues the show with Sam Rines, Jeff Weniger, and Chris Gannatti to break down the August jobs report, implications of the two FOMC dissents, and the Fed’s hesitancy to pivot despite softening labor data. They discuss WisdomTree’s acquisition of Series Partners and the strategic importance of farmland investment. The team also reviews earnings from major tech firms and the role of AI in driving productivity. Lastly, they assess global trade dynamics and the geopolitical implications of new tariffs, alongside potential impacts of evolving AI technologies. Wisdom Tree: https://www.wisdomtree.com/investments

Show from 07/25/25 Host Jeremy Schwartz and Professor Siegel discussed the Japan tariff deal, market optimism surrounding its announcement, and how it contributed to Japan’s stock market breakout. They analyzed the ambiguity of the deal’s financial terms and its potential geopolitical ripple effects. (27:08) Jeremy is joined by WisdomTree’s Ryan Louvar and Dovile Silenskyte for a deep dive into crypto developments. The conversation covers the Genius Act and Clarity Act’s implications for U.S. crypto regulation, the growing U.S. adoption of stablecoins, and the potential impact on blockchain infrastructure. They also explore parallels between the ETF and digital asset ecosystems, stablecoin usage in retail, and evolving European regulatory dynamics. Guest: Ryan Louvar has over 25 years of legal and business experience with deep expertise in ETFs, digital assets, tokenization, and financial innovation. He currently serves as Chief Legal Officer and Head of Business and Legal Affairs, Digital Assets at WisdomTree, where he oversees legal, risk, and compliance functions and helps drive the firm’s leadership in tokenized real-world assets through its WisdomTree Prime® mobile app and WisdomTree Connect™ web platform. Mr. Louvar also leads WisdomTree’s regulatory and legislative policy advocacy, supporting its mission to innovate within financial services and asset management. Dovile Silenskyte is a director of digital assets research at WisdomTree. Before joining WisdomTree in May 2024, Dovile worked as an index equity product strategist at BlackRock. Currently, she is responsible for conducting analyses for in-house digital assets publications and assisting the sales team with client queries about products and markets. Dovile holds an MSc in Finance from Texas A&M University – Commerce, and she is also a chartered financial analyst (CFA). Ryan Louvar on LinkedIn: https://www.linkedin.com/in/ryanlouvar/ Dovile Silenskyte on LinkedIn: https://www.linkedin.com/in/dovilesilenskyte/ Wisdom Tree: https://www.wisdomtree.com/investments

Show from 07/18/25 Host Jeremy Schwartz and Professor Siegel open with a deep dive into the tense dynamics between President Trump and Fed Chair Jerome Powell, with Professor Siegel controversially suggesting Powell should resign to maintain the Fed’s independence. Siegel argues Powell faces only downside if economic conditions worsen, becoming a convenient scapegoat for Trump's economic policies. (23:13) Jeremy and the WisdomTree macro team, including Sam Rines, Jeff Weniger, and Chris Gannatti, then analyze the week's geopolitical developments, the ongoing Russia-Ukraine conflict, European defense spending trends, implications of Trump's tariffs, and recent earnings from key companies like Netflix, Pepsi, Johnson & Johnson, and Nvidia. 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. Jeff Weniger, CFA serves as Head of Equity Strategy at WisdomTree. In his role, Weniger helps to formulate the firm’s stock market outlook by assessing macro and fundamental trends. Prior to joining WisdomTree, he was Director, Senior Strategist at BMO, where he worked in the office of the CIO from 2006 to 2017. He served on the firm’s Asset Allocation Committee and co-managed the firm’s ETF model portfolios for both the U.S. and Canada. In 2013, at the age of 32, Jeff was chosen as the youngest member of BMO’s Global Investment Forum, which collected the firm’s top global strategists to formulate the firm’s official long-term outlook for investment trends and markets. Follow Sam Rines on X: https://x.com/SamuelRines Follow Chri Gannatti on X: https://x.com/cgannatti?lang=en Follow Jeff Weniger on X: https://x.com/JeffWeniger Wisdom Tree: https://www.wisdomtree.com/investments

Show from 07/11/25 Host Jeremy Schwartz and Professor Siegel discuss the recent tariff headlines and market reactions. Professor Siegel highlights that tariffs and guidance for Q3 are currently driving the markets, but he remains skeptical that new tariffs will significantly impact economic growth. (11:41) Jeremy then talks with Sam Rines, Chris Gannatti, and Jeff Weniger about the broader implications of tariff escalation, the surprising resilience of consumer spending, and the ongoing tech dominance, especially around AI, Apple, Nvidia, and Alphabet. The group also covers geopolitical strategies in investing and the rationale behind redefining emerging markets, particularly with a focus on India and excluding China, Korea, and Taiwan. 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. Jeff Weniger, CFA serves as Head of Equity Strategy at WisdomTree. In his role, Weniger helps to formulate the firm’s stock market outlook by assessing macro and fundamental trends. Prior to joining WisdomTree, he was Director, Senior Strategist at BMO, where he worked in the office of the CIO from 2006 to 2017. He served on the firm’s Asset Allocation Committee and co-managed the firm’s ETF model portfolios for both the U.S. and Canada. In 2013, at the age of 32, Jeff was chosen as the youngest member of BMO’s Global Investment Forum, which collected the firm’s top global strategists to formulate the firm’s official long-term outlook for investment trends and markets. Follow Sam Rines on X: https://x.com/SamuelRines Follow Chri Gannatti on X: https://x.com/cgannatti?lang=en Follow Jeff Weniger on X: https://x.com/JeffWeniger Wisdom Tree: https://www.wisdomtree.com/investments

Show from 07/03/25 Host Jeremy Schwartz and Professor Siegel break down the latest jobs report, noting that while headline numbers surprised to the upside, underlying data show mixed signals and tame wage growth. The Professor expects no rate changes from the Fed in July and sees continued market optimism supported by stable money supply and upcoming trade deals. (11:16) Jeremy is joined by Sam Rines, Jeff Weniger, and Chris Gannatti for an in-depth discussion on the recent Vietnam trade deal, the stalled Japan negotiations, the AI-driven productivity boom, and shifting market leadership from mega-cap tech to industrials, biotech, and small caps. They also cover the potential impact of AI on employment, trends in nuclear energy and robotics, and the broader bullish momentum across global markets heading into the summer. 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. Jeff Weniger, CFA serves as Head of Equity Strategy at WisdomTree. In his role, Weniger helps to formulate the firm’s stock market outlook by assessing macro and fundamental trends. Prior to joining WisdomTree, he was Director, Senior Strategist at BMO, where he worked in the office of the CIO from 2006 to 2017. He served on the firm’s Asset Allocation Committee and co-managed the firm’s ETF model portfolios for both the U.S. and Canada. In 2013, at the age of 32, Jeff was chosen as the youngest member of BMO’s Global Investment Forum, which collected the firm’s top global strategists to formulate the firm’s official long-term outlook for investment trends and markets. Follow Sam Rines on X: https://x.com/SamuelRines Follow Chri Gannatti on X: https://x.com/cgannatti?lang=en Follow Jeff Weniger on X: https://x.com/JeffWeniger Wisdom Tree: https://www.wisdomtree.com/investments

Show from 06/27/25 Host Jeremy Schwartz and Professor Siegel discuss the S&P 500 hitting new highs, positive developments from the NATO meetings, and the impact of Middle East dynamics on the markets. The Professor also weighs in on potential Fed moves, a slowing economy, and how firms might use AI to offset tariffs and labor costs. (11:10) Jeremy is joined by Warren Pies of 3Fourteen Research, along with Sam Ryans, Jeff Wenniger, and Chris Gannatti, to unpack second-half market outlooks, the fading oil risk premium, and opportunities in global equities. They cover the technical setup for stocks, the impact of tariffs and a weaker dollar on earnings, and how AI adoption and corporate governance trends could shape markets ahead. Guest: Warren is an Energy Risk Professional – Certified by the Global Association of Risk Professionals. At 3Fourteen, Warren works closely with a team of analysts, data scientists, and developers whose expertise ranges from machine learning, time series analysis, and application development. 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. Jeff Weniger, CFA serves as Head of Equity Strategy at WisdomTree. In his role, Weniger helps to formulate the firm’s stock market outlook by assessing macro and fundamental trends. Prior to joining WisdomTree, he was Director, Senior Strategist at BMO, where he worked in the office of the CIO from 2006 to 2017. He served on the firm’s Asset Allocation Committee and co-managed the firm’s ETF model portfolios for both the U.S. and Canada. In 2013, at the age of 32, Jeff was chosen as the youngest member of BMO’s Global Investment Forum, which collected the firm’s top global strategists to formulate the firm’s official long-term outlook for investment trends and markets. Warren Pies on X: https://www.3fourteenresearch.com/about 3Fourteen Research: https://www.3fourteenresearch.com/about Follow Sam Rines on X: https://x.com/SamuelRines Follow Chri Gannatti on X: https://x.com/SamuelRines Follow Jeff Weiniger on X: https://x.com/JeffWeniger Wisdom Tree: https://www.wisdomtree.com/investments

Show from 06/20/25 Host Jeremy Schwartz and Professor Siegel assess the Fed's latest policy posture, ongoing tariff impacts, and inflation expectations. The Professor critiques Powell’s stance on tariff-induced inflation, expresses concern over rising jobless claims and layoffs, and notes the Fed’s significant upcoming workforce reduction. He also discusses the subdued market response to Middle East tensions and his views on AI as a productivity offset. (31:41) Jeremy continues the show with Chris Gannatti, Sam Rines, and Jeff Weniger to explore the implications of geopolitical developments, especially the Israel-Iran conflict, on energy and markets. They dive into U.S. trade negotiations, Japan’s inflation dynamics, and emerging AI trends like robotics investment. The team rounds out the episode with discussions on gold’s valuation, currency positioning, and short-term market outlook. 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. Jeff Weniger, CFA serves as Head of Equity Strategy at WisdomTree. In his role, Weniger helps to formulate the firm’s stock market outlook by assessing macro and fundamental trends. Prior to joining WisdomTree, he was Director, Senior Strategist at BMO, where he worked in the office of the CIO from 2006 to 2017. He served on the firm’s Asset Allocation Committee and co-managed the firm’s ETF model portfolios for both the U.S. and Canada. In 2013, at the age of 32, Jeff was chosen as the youngest member of BMO’s Global Investment Forum, which collected the firm’s top global strategists to formulate the firm’s official long-term outlook for investment trends and markets. Follow Sam Rines on X: https://x.com/SamuelRines Follow Chri Gannatti on X: https://x.com/SamuelRines Follow Jeff Weiniger on X: https://x.com/JeffWeniger Wisdom Tree: https://www.wisdomtree.com/investments

Show from 06/13/25 Host Jeremy Schwartz and Professor Siegel discuss the geopolitical ramifications of Israel's recent military strike on Iran, its muted market impact, and the broader implications for inflation and Fed policy. Professor Siegel emphasized Iran’s weakened position, the role of U.S. coordination, and reiterated his view that inflation remains on a downward trend, supporting a Fed rate cut. (10:00) Jeremy continues the conversation with Sam Rines, Jeff Weniger, and Chris Gannatti from WisdomTree. The group explores the geopolitical and market implications of the Israeli strike, oil market reactions, and implications for energy and defense stocks. They also assess inflation data, critique Fed policy, analyze Apple’s innovation struggles, and delve into recent AI developments and global trade negotiations, with particular attention to U.S.-China relations and South Korea’s corporate reform efforts. 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 Chri Gannatti on X: https://x.com/SamuelRines Wisdom Tree: https://www.wisdomtree.com/investments

Show from 06/06/25 Host Jeremy Schwartz and Professor Siegel analyze the latest employment report, which showed a mixed picture with strong healthcare and entertainment hiring, despite downward revisions in prior months. Professor Siegel emphasized the overall positive market sentiment, noting resilience in spending and projecting potential new all-time highs for the S&P 500. (11:23) Jeremy and Chris Gannatti are joined by Dylan Patel, founder of SemiAnalysis, to explore critical AI infrastructure themes discussed at the SCSP conference. They dive into the challenges of US chip policy, the implications of export restrictions, global supply chain risks, and power constraints facing data centers. Dylan provides a deep dive into geopolitics, national security, and whether AI infrastructure spending—especially in the Middle East—is sustainable or represents the next bubble. Guest: Dylan Patel is the Founder, CEO, and Chief Analyst of SemiAnalysis – the preeminent authority on all things AI and semiconductors. Through Dylan’s unwavering commitment to excellence, he has built the firm from the ground up as the recognized authority on the semiconductor supply chain to the cloud ecosystem, machine learning models, and all things in between. Since 2020, SemiAnalysis has transformed its business from a solo venture into a cohesive and focused team to provide breaking news and in-depth analysis for the most strategic, complex, and escalating challenges in the semiconductor industry. Follow Dylan on X: https://x.com/dylan522p?lang=en Wisdom Tree: https://www.wisdomtree.com/investments SCSP Conference: https://www.scsp.ai/

Show from 04/30/25 Host Jeremy Schwartz and Professor Siegel break down the market’s reaction to a dramatically improving trade deficit, discuss expected upward revisions to GDP, and reflect on the latest PCE inflation data. Professor Siegel also shares his views on the Fed’s independence in light of political pressure, tensions with China, and the AI-driven productivity surge. (19:05) Jeremy is joined by Phil Blancato for an in-depth discussion on market positioning, international equities, and the impact of tariffs. They explore bond opportunities, fiscal shifts in Europe, and why small and mid-cap U.S. stocks could see renewed growth. The conversation also covers structural advantages of U.S. consumers and how global trade deals may reshape earnings forecasts. Guest: Philip Blancato is Chief Market Strategist at Osaic, one of the nation's largest providers of wealth management solutions, President and CEO of Ladenburg Thalmann Asset Management, and Chairman of the Ladenburg Investment Policy Committee. As a financial services industry veteran of over 30 years, Philip possesses a specialized knowledge of portfolio and risk management, asset allocation, macroeconomic theory, and constructing and implementing seamlessly integrated platforms of fee-based solutions. Before Ladenburg Thalmann and Osaic, Philip was Managing Director of Advisory Services at PowellJohnson, where he directed the creation and implementation of a suite of fee-based platforms. He also worked for Prudential Securities where he held various positions within the Investment Management Services division before becoming First Vice President and Director of Portfolio Management Programs. During his tenure, Portfolio Management became one of the most successful divisions within Prudential Securities, with assets in excess of $16 billion. Philip regularly appears in national media outlets including the Wall Street Journal, Reuters, CNBC, and Fox Business, and speaks at industry events. He has a Bachelor of Science in Finance from Kean University, and a Marketing Continuing Education degree from New York University. Philip is also an Accredited Investment Fiduciary and has completed the Securities Industry Association accredited program at Wharton Business School. Follow Philp on X: https://x.com/philblancato?lang=en Weekly Market Impact: https://open.spotify.com/episode/78DYJPnxKxNJXZkiINVjpP Wisdom Tree: https://www.wisdomtree.com/investments