Fantasy vs Fundamentals: Seth Cogswell on Bubbles, Passive Flows, and What Breaks Next

from Lead-Lag Live · host Michael A. Gayed, CFA

In this episode of Lead‑Lag Live, I sit down with Seth Cogswell, Founding Partner and Portfolio Manager at Running Oak, to cut through the hype and examine what’s really underpinning today’s market momentum.From zombie companies to the staggering dominance of passive investing, Seth lays out how fundamentals no longer align with price—and why the next correction may be bigger than it looks.In this episode:– Why today’s market strength is more fantasy than fact– The hidden risks built into passive strategies– The destabilizing role of concentrated index flows– How Fed stimulus has delayed, not eliminated, downside risk– Why mid- and small-cap names matter when the narrative shiftsLead‑Lag Live brings you inside conversations with the financial thinkers who shape markets.Subscribe for interviews that go deeper than the noise.#LeadLagLive #Markets #Investing #SethCogswell #PassiveInvesting #MarketFragility #RunningOak Sign up to The Lead-Lag Report on Substack and get 30% off the annual subscription today by visiting http://theleadlag.report/leadlaglive. Support the show

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This episode is 25 minutes long.

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This episode was published on August 26, 2025.

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