Behind the Markets Podcast

Host Jeremy Schwartz and Professor Siegel discuss the sharp rotation from growth into value, falling oil prices, stronger-than-expected economic data, and the implications of rising memory chip costs across the technology sector. Professor Siegel also shares his view that lower energy prices should help keep inflation contained, making additional interest rate hikes this year unlikely, while highlighting upcoming labor market, housing, and money supply data as key indicators to watch. (13:23) Jeremy continues with Brent Donnelly to discuss his new book, Trade Outside the Box, and how successful traders can gain an edge by thinking beyond traditional investment frameworks. Brent explains how psychology, poker, creativity, narratives, and behavioral finance influence his trading process, while also discussing the role of AI, market positioning, and sentiment in identifying opportunities. The conversation concludes with insights on market rotations, disciplined risk management, adapting to changing market environments, and the broader life lessons that can be drawn from trading, decision-making, and independent thinking. Read Brent's book: https://a.co/d/09sXk2jA Learn more about Brent: https://www.amazon.com/stores/author/B07NC8MVZZ/about?ccs_id=7f690ca0-41d4-43c0-b13c-b3140b3a8411 WisdomTree: https://www.wisdomtree.com/investments

Show from 2026-06-19 Host Jeremy Schwartz and Professor Siegel discuss the Federal Reserve's latest meeting, the outlook for interest rates, and how falling oil prices could influence inflation, monetary policy, and investor sentiment in the months ahead. Professor Siegel explains why declining energy prices could lead to significantly lower inflation readings, shares his views on the political and economic challenges of raising rates in that environment, and discusses the potential for market leadership to broaden beyond AI-related stocks as energy prices stabilize. (25:43) Jeremy is joined by Tyson Tuttle, CEO of Circuit AI, to explore how artificial intelligence is transforming manufacturing and industrial businesses by improving productivity, addressing skilled labor shortages, and helping companies accelerate revenue growth. Tyson explains how Circuit AI applies AI to automate complex quoting, technical documentation, and service workflows while preserving valuable institutional knowledge. The conversation also covers AI's long-term impact on employment, the rapid buildout of AI infrastructure, the outlook for semiconductors and enterprise software, token economics, and why startups may be best positioned to capitalize on the next wave of AI-driven innovation. Learn more: https://www.circuit.ai/ Tyson Tuttle: https://www.linkedin.com/in/tuttle/ WisdomTree: https://www.wisdomtree.com/investments

Show from 2026-06-12 Host Jeremy Schwartz and Professor Siegel discuss the market’s positive reaction to a ceasefire agreement involving Iran, the reopening prospects for the Strait of Hormuz, and the potential impact of lower oil prices on inflation and economic growth. The Prof also highlights the highly anticipated SpaceX IPO, the wealth creation it could generate for investors, and previews next week’s pivotal Federal Reserve meeting and comments expected from Kevin Warsh. (21:01) Jeremy is joined by Sam Rines, Chris Gannatti, and Jeff Weniger to discuss competition in artificial intelligence between OpenAI and Anthropic, the economics of AI token usage, and the potential for lower AI costs over time. The group also explores government investment in strategic industries such as semiconductors and quantum computing, examines investor sentiment and thematic investing trends, and debates the broader implications of the SpaceX IPO, including wealth creation, index inclusion, and consumer spending impacts. WisdomTree: https://www.wisdomtree.com/investments

Show from 2026-06-05 Host Jeremy Schwartz and Professor Siegel discuss the surprisingly strong jobs report, the implications for upcoming Federal Reserve policy, and continued strength in equity markets despite geopolitical tensions and questions around productivity gains from AI. Professor Siegel also comments on international diversification, the dominance of U.S. technology companies, and the disconnect between Wall Street performance and broader economic productivity. (19:23) Jeremy is joined by Ben Carlson to discuss his new book, Risk and Reward: How to Handle Market Volatility and Build Long-Term Wealth. The conversation covers investor behavior during bull and bear markets, the importance of diversification, lessons from Japan and international markets, concentration risk, systematic investing, trend-following strategies, and how investors can avoid common mistakes such as market timing while maintaining a long-term perspective. Guest: I’m the Director of Institutional Asset Management at Ritholtz Wealth Management. We create detailed investment plans and manage portfolios for institutions and individuals to help them achieve their goals. I’ve been managing institutional portfolios for my entire career. I started out with an institutional investment consulting firm developing portfolio strategies and creating investment plans for various foundations, endowments, pensions, hospitals, insurance companies and high net worth individuals. More recently, I was part of the portfolio management team for an investment office that managed a large endowment fund for a charitable organization. I’m the author of four books about saving, investing and money. In 2017, I was named to the Investment News 40 Under 40 list of top financial advisors. Every Wednesday, you can listen to a new episode of my podcast Animal Spirits with Michael and Ben. Fortune named Animal Spirits to its list of Best Business Podcasts. Investopedia named Animal Spirits to its top 10 investing podcast list. Wealth of Common Sense: https://awealthofcommonsense.com/my-book/ WisdomTree: https://www.wisdomtree.com/investments

Show from 2026-05-29 Host Jeremy Schwartz and Professor Siegel discuss easing oil prices, lower Treasury yields, AI-driven market strength, recent economic data, and why investors should compare stock earnings yields to real bond yields rather than nominal bond yields. Professor Siegel notes that growth remains positive with no signs of recession, while also highlighting stronger money supply growth and upcoming labor market data as key areas to watch. (16:45) Jeremy is joined by Jeffrey Roach, Jeff Weniger, Sam Rines, and Chris Gannatti to discuss the economic outlook, inflation expectations, Fed independence, and portfolio positioning. The group examines consumer spending trends, opportunities in international markets with a focus on India, the outlook for oil prices following the Strait of Hormuz disruption, and sector opportunities across technology, healthcare, and biotech. They also explore AI infrastructure demand, government investment in strategic technologies such as drones, semiconductors, and quantum computing, and the broader implications of AI on productivity, employment, and future market leadership. Guest: Jeffrey Roach is Chief Economist for LPL Financial. Responsible for relating economic conditions with financial market outcomes, Jeffrey provides forward-looking views of global economic conditions and sets forecasts across various economic data series. Jeffrey is also a member of LPL Research’s Strategic & Tactical Asset Allocation Committee (STAAC), which provides a united investment view across a comprehensive range of investing disciplines. He provides regular, compelling insights for financial advisors and enterprise clients, and communicates the firm's economic views via conference calls, webinars, LPL events, and media engagements. Known for cutting-edge research across a career that spans over 20 years in investing and economics, Jeffrey maintains frequent contact with Federal Reserve economists, Wall Street analysts, and other leading global money managers. He’s an avid contributor to the financial press outside of LPL Financial and is a sought-after speaker. Jeff Roach: https://www.linkedin.com/in/jeffreyroachphd WisdomTree: https://www.wisdomtree.com/investments

Show from 2026-05-22 Host Jeremy Schwartz is joined by Sam Rines, Jeff Weniger, Chris Gannatti and Jon Flynn to discuss geopolitical developments surrounding Iran negotiations, China’s growing pushback on ADRs and solar exports, and contrarian opportunities emerging in India, Europe and gold amid heavy investor outflows. The group also explores Nvidia’s latest earnings, the government’s new investments in quantum computing, and how expectations and capital flows are shaping the next phase of AI, commodities and infrastructure investing. (9:21) Jeremy continues with Chris, Jeff and Jon as they debate the rise of quantum computing, the strategic importance of rare earth metals and utilities, and the growing overlap between AI, energy and national security. The conversation also covers SpaceX’s upcoming IPO, private market enthusiasm surrounding AI and space, and how investors are beginning to think about the next generation of technological infrastructure and innovation. WisdomTree: https://www.wisdomtree.com/investments

Show from 2026-05-15 Host Jeremy Schwartz and Professor Siegel discuss the market reaction to President Trump’s summit with China, with the Prof calling the outcome a disappointment due to tensions around Taiwan, limited progress on Iran and weaker-than-expected economic deals. Professor Siegel also highlights rising oil prices, higher long bond yields and the resilience of the U.S. economy despite growing geopolitical uncertainty and inflation pressures. (12:39) Jeremy continues with Samuel Rines, Jeff Weniger and Chris Gannatti to discuss rising global bond yields, the impact of Taiwan tensions on markets and the growing influence of AI-related trades across emerging markets and tech sectors. The group also examines opportunities in India, healthcare valuations and the ongoing quantum computing race, while debating whether the recent surge in AI and semiconductor names is becoming stretched. Sam closes by noting the surprising resilience of the U.S. economy and the possibility that stronger growth could justify higher long-term interest rates. WisdomTree: https://www.wisdomtree.com/investments

Show from 2026-05-08 Host Jeff Weniger and Professor Siegel discuss a much stronger than expected jobs report, the implications for Fed policy and interest rates, and how resilient AI-driven earnings growth continues to support equity markets despite geopolitical uncertainty and elevated oil prices. The Prof also comments on valuations, the declining energy intensity of the economy, and why he would not stand in front of the current momentum-driven market environment. (13:13) Jeremy is joined by Sam Rines and Jeff Weniger to discuss the latest developments surrounding Iran, China trade negotiations, tariffs and commodity markets. The group also explores the long-term outlook for oil supply, the growing divergence between energy and technology stocks, and the resurgence in AI-driven software and infrastructure names. They finish with a discussion on how AI is augmenting productivity across industries, the parallels to past technological revolutions, and why software companies may ultimately benefit rather than suffer from the AI boom. WisdomTree: https://www.wisdomtree.com/investments

Show from 2026-05-01 Host Jeremy Schwartz and Professor Siegel discuss the latest Fed meeting dynamics, highlighting the unusual dissents toward a neutral bias and what it signals about the direction of monetary policy, while also reviewing strong economic data including historically low jobless claims, resilient retail sales, and a solid GDP print. Siegel emphasizes continued market strength driven by robust earnings, steady consumer activity, and sustained AI-related capital expenditures, while cautioning that rising oil prices and gasoline costs could pose a psychological and economic risk if they continue climbing. (13:53) Jeremy continues with Chris Gannatti, Jeff Weniger, Sam Rines, and Michael Fridman to break down a pivotal week in earnings, focusing on the acceleration of AI investment, exceptional strength in semiconductors, and early signs of improving sentiment in beaten-down software names. The group explores major tech results including standout performance from hyperscalers like Google, evolving competition between GPUs and ASICs, and how shifting capex flows are influencing market leadership and valuation debates. They also discuss portfolio positioning shifts toward software, geopolitical considerations impacting defense and Asia, currency movements in Japan, and broader global opportunities, while reinforcing the view that strong earnings growth and improving market breadth continue to support overall equity momentum. Michael on LinkedIn: https://www.linkedin.com/in/michaelfridman23/ WisdomTree: https://www.wisdomtree.com/investments

Show from 03/22/24 Host Jeremy Schwartz and Professor Siegel discuss this week's market and Powels dovish announcement. The Prof states that the Fed believes trends are decreasing however he feels the economy is still moving along nicely. He notes that deflationary forces have begun to ease up. David joins to give his market opinion alongside the Prof as the two discuss their opposing views. (23:42) David continues with Jeremy to talk about how he forecasts the market with his business. Jeremy asks David about consumer sales and how it’s affecting some of the luxury brands. David touches on topics like the employment report, and recent comments from Bullard. He gives his case on why he loves the Japanese Market. David also talks about India as another alternative market to China. Guest: David is the Founder and President of Rosenberg Research. Prior to Rosenberg Research, David was Chief Economist & Strategist at Gluskin Sheff + Associates Inc. from 2009 to 2019. From 2002 to 2009, he was Chief North American Economist at Merrill Lynch in New York. During this time, he was consistently ranked in the Institutional Investor All-Star analyst rankings. Prior thereto, he was Chief Economist and Strategist for Merrill Lynch Canada, based out of Toronto, where he and his team placed first in the Brendan Wood survey of Canadian economists for ten years in a row. Mr. Rosenberg is a frequent contributor to major financial newspapers and publications in North America and makes regular TV appearances in the financial media. He received both a Bachelor of Arts and Master of Arts degree in Economics from the University of Toronto. Learn more about David at: https://www.rosenbergresearch.com/ Follow David on X(Twitter): @EconguyRosie

Show from 10/13/23 Hosts Jeremy Schwartz and Professor Siegel discuss the economic uncertainties, such as rising inflation, geopolitical risks, and potential government shutdowns. Professor Siegel believes that while there are warning signs, the data does not indicate an imminent recession, attributing low unemployment claims and expected seasonal economic boosts as positive signs. He also argues that inflation is better than official numbers suggest, citing alternative metrics considering lagging factors like housing costs in the CPI calculation. (12:22) Samuel Rimes agrees with Professor Siegel that the Fed is unlikely to change rates soon due to volatile data points affecting monetary policy. On the topic of energy and inflation, Rimes highlights how the global energy landscape has evolved significantly, allowing for quick shifts in supply chains, and notes that U.S. oil production has been surprisingly robust due to technological advances, which is keeping oil prices lower than one might expect given current geopolitical tensions. They discuss how temporary external pressures like deficits and liquidity should be watched. Regarding margins and investment strategies, Samuel points out that cost benefits arise from improved supply chains and moderated costs in commodities and labor. Guest: Samuel Rines is the Managing Director of CORBU, a research intelligence and advisory platform at the intersection of markets, policy, and national security. Based in CORBU’s Houston, Texas office, Samuel is a global macro expert focused on the investment implications of politics and policy. His PolyMacro research and model portfolios are widely followed. Follow him on LinkedIn: https://www.linkedin.com/in/samuelerines Follow him on Twitter: @SamuelRines

Show from 1/6/23 Happy New Year! In this episode of Behind the Markets, Host Jeremy Schwartz kicks off 2023 with Wharton Finance Professor Jeremy Siegel giving his projections for the new year. Professor Siegel talks about the latest jobs report, jobless claims dropping, inflation, Dow Jones Industrial, and more. Then Jeremy Schwartz brings on John Davi of Astoria Advisors to discuss investing in 2023 from the S&P, momentum, the energy sector, and commodities to bonds and alternatives vs equities. Guest: John Davi - CEO and CIO of Astoria Portfolio Advisors For more on Astoria, visit their website: https://www.astoriaadvisors.com/ Follow Astoria on Twitter: @AstoriaAdvisors Follow WisdomTree on Twitter: @WisdomTreeETFs Follow Jeremy Schwartz on Twitter: @JeremyDSchwartz

Show from 10/21/22 Wharton Finance Professor Jeremy Siegel kicks off the show with his weekly market update. He talks about the status of inflation, the slowdown in money supply, and the inconsistencies in GDP data. Then, the 12th president of the Federal Reserve Bank of St. Louis James Bullard joins Professor Siegel and Host Jeremy Schwartz to discuss the economic events of 2022, productivity numbers, labor markets, the inverted yield curve, and more. Guest: James Bullard - Chief executive officer and 12th president of the Federal Reserve Bank of St. Louis Follow the St. Louis Fed on Twitter: @stlouisfed For more interviews with Bullard visit: https://www.stlouisfed.org/from-the-president Follow WisdomTree on Twitter: @WisdomTreeETFs Follow Jeremy Schwartz on Twitter: @JeremyDSchwartz

Show from 12/4/20 Wharton Finance Professor Jeremy Siegel kicks off the show talking about the positive news regarding fiscal stimulus packages, COVID-19 vaccines, and the election of Chris Weller to the Fed. Then Marc Chandler joins Host Jeremy Schwartz to discuss the declining dollar valuation, emerging markets, China, trade, high beta currencies and much more. Find out how to read the current state of national and international markets so that you can properly allocate your portfolio. Guest: Marc Chandler - Chief Market Strategist at Bannockburn Global Forex. He writes a widely followed blog called Marc to Market. Chandler is a frequent guest on CNBC, Bloomberg Television, FOX Business, Business News Network, and Nightly Business Report where he provides his insights on the global capital markets. Chandler has been published in the Financial Times, Foreign Affairs, Barrons, The Nation, Euromoney Institutional Investor, and Corporate Finance. He is regularly published by Seeking Alpha and TheStreet.com. Follow him on Twitter: @marcmakingsense Follow WisdomTree on Twitter: @WisdomTreeETFs Follow Jeremy Schwartz on Twitter: @JeremyDSchwartz Ask Siegel: If you have a pressing finance question we invite you to email us: [email protected]

Show from 2/21/20 In this episode of Behind the Markets Jeremy Siegel kicks off the show discussing the most recent impact of the Coronavirus, low earnings, and fed rates. Then hosts Jeremy Schwartz and Liqian Ren take a deeper dive into the effects of the Coronavirus on markets. They talk to an expert on US/ China relations, Andy Rothman, who discusses the future of trade and technology transfer with China. Guest: Andy Rothman: Investment Strategist for Matthews Asia Sinology Blog: https://us.matthewsasia.com/perspectives-on-asia/sinology/default.fs Matthews Asia Website: https://us.matthewsasia.com/default.fs?set=true&gclid=Cj0KCQiAnL7yBRD3ARIsAJp_oLayWiYE4hnI9RTLuTPTAJX7Twedon5jPmre0k4OhOGZLObJBBOv6hgaAqFUEALw_wcB