Behind the Markets Podcast

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