Claim OwnershipThe Pain Trade Podcast
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Description
The Pain Trade Podcast — what it costs, and what it pays.
In markets, the pain trade is the position that hurts to hold, and pays because it hurts. Every field has one: the last rep, the lean years, the comeback nobody expected.
Weekly in-studio conversations with people who overcame what should have broken them — in business, in markets, in health, in life.
Hosted by Michael A. Gayed, CFA — active portfolio manager, five-time Dow Award winner, founder of Lead-Lag Media, and publisher of The Lead-Lag Report.
Health, fitness, finance, entrepreneurship, and the struggle that connects them. New episodes weekly.
973 Episodes
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Jeremy Schwartz, CFA, Global Chief Investment Officer of WisdomTree Investments, joins Michael Gayed on Lead-Lag Live on the eve of WisdomTree's 20-year anniversary to discuss the growth-vs-value cycle, why home bias is quietly costing US investors return, and where the next phase of international diversification is headed.
Topics covered:
(00:00) Introduction and setting the stage
(01:37) WisdomTree's 20-year evolution and $170B global footprint
(02:40) Where we are in the growth-vs-val...
Hervé Van Caloen, President of Mercator Investment Management, joins Michael Gayed on Lead-Lag Live to discuss where the next decade of alpha lives outside the US — with a focus on Latin America (Venezuela post-Maduro, Argentina's Milei reforms), Japan's semiconductor comeback via Rapidus, European defense investment, and the case for global diversification when US market concentration hits a 93-year high.
Topics covered:
(00:00) Host intro and Hervé's international investing background
(...
Michael A. Gayed, CFA (The Lead-Lag Report) sits down with Jason Hsu, founder of Rayliant Global Advisors, and China-market specialists Fujia Liu and Tony Yang of China Asset Management (ChinaAMC) to unpack factor investing, thematic tilts, and how global allocators are thinking about dispersion, AI, and energy trends inside Chinese markets.
WHAT YOU'LL LEARN
- The real difference between smart beta, factor investing, and thematic investing
- Why cap-weighted concentration pushes allocator...
Michael A. Gayed, CFA sits down with Michael Toney-Hoffman of TrendSpider to break down the rate-cut divergence between what the Fed is signaling, what the market is pricing, and what actually shows up in leading-sector scans right now.
Mike Toney-Hoffman drives the TrendSpider Sidekick portfolio agent live on screen — running natural-language prompts against real market data to identify sector leaders, rank technical setups, and pressure-test portfolio positioning against rate scenarios.
...
Alex Shahidi, Managing Principal and Co-CIO at Evoke Advisors and co-portfolio manager of the RPAR Risk Parity ETF and UPAR Ultra Risk Parity ETF, returns to Lead-Lag Live for the next single-topic risk-parity conversation — this one focused on commodity producers as the inflation-hedging equity sleeve inside a modern balanced portfolio.
Alex makes the structural case for owning commodity producer equities rather than commodity futures — the tax efficiency, the equity risk premium layered o...
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