PODCAST · business
The Pain Trade Podcast
by Michael A. Gayed, CFA
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.
Episodes
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Jeremy Schwartz, WisdomTree CIO: Growth vs Value, Home Bias & the Next 20 Years
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…
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Where the Next Decade of Alpha Lives Outside the US | Hervé Van Caloen, Mercator Investment Management
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…
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Smart Beta Meets China: Building Better Factor Exposure | Jason Hsu, Fujia Liu & Tony Yang
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,...
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The Rate-Cut Divergence Nobody's Pricing In | Live Sector Scans with TrendSpider Sidekick
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...
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Alex Shahidi: Commodity Producers, Inflation & the RPAR/UPAR Case | Lead-Lag Live
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...
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Alex Shahidi: Gold, Risk Parity & Why 60/40 Is Broken | Lead-Lag Live
Alex Shahidi, Managing Principal at Evoke Advisors and co-portfolio manager of the RPAR Risk Parity ETF and UPAR Ultra Risk Parity ETF, joins Michael Gayed on Lead-Lag Live to unpack why gold belongs at the core of a modern risk-parity portfolio — and why the traditional 60/40 keeps failing in...
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Jay Hatfield, InfraCap: Preferreds, MLPs & Small-Cap Setup H2 2026
Jay Hatfield, InfraCap: Preferreds, MLPs & Small-Cap Setup H2 2026 In this Lead-Lag Live episode, Michael A. Gayed, CFA, explores the market forces, portfolio risks, and investment themes behind the conversation. The discussion is built for investors, financial advisors, portfolio managers, and...
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Jay Hatfield: S&P 9,000, CPI Negative, Three Rate Cuts (PFFA, AMZA, QVOL) | Lead-Lag Live
Preferred stock ETFs, MLPs, and monthly income investing take center stage in this Lead-Lag Live conversation. Michael A. Gayed, CFA, portfolio manager of the ATAC Rotation Fund and publisher of the Lead-Lag Report, sits down with Jay D. Hatfield, CEO and CIO of Infrastructure Capital Advisors...
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Daniel Santiago (State Street): Sector ETFs, S&P Concentration, and Reading the Cycle
Daniel Santiago from State Street Global Advisors joins Michael A. Gayed, CFA to unpack sector ETF investing in 2026 — the original SPDR product line, now the largest and most liquid sector suite on the market. We get into the Magnificent Seven concentration problem in the S&P 500, how State...
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Lead-Lag Live: Ross Atefi, Yatra Wealth Design
Lead-Lag Live: Ross Atefi, Yatra Wealth Design In this Lead-Lag Live episode, Michael A. Gayed, CFA, explores the market forces, portfolio risks, and investment themes behind the conversation. The discussion is built for investors, financial advisors, portfolio managers, and market observers...
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Matt Tuttle, Tuttle Capital — Single-Stock Leveraged ETFs & The Active ETF Boom
Matt Tuttle, Tuttle Capital — Single-Stock Leveraged ETFs & The Active ETF Boom In this Lead-Lag Live episode, Michael A. Gayed, CFA, explores the market forces, portfolio risks, and investment themes behind the conversation. The discussion is built for investors, financial advisors, portfolio...
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Will Rhind, GraniteShares — Leveraged Single-Stock ETFs & Autocallable Strategies
Will Rhind, GraniteShares — Leveraged Single-Stock ETFs & Autocallable Strategies In this Lead-Lag Live episode, Michael A. Gayed, CFA, explores the market forces, portfolio risks, and investment themes behind the conversation. The discussion is built for investors, financial advisors, portfolio...
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Jay Hatfield, InfraCap — Income, Infrastructure & Covered Call Strategies
Jay Hatfield, InfraCap — Income, Infrastructure & Covered Call Strategies In this Lead-Lag Live episode, Michael A. Gayed, CFA, explores the market forces, portfolio risks, and investment themes behind the conversation. The discussion is built for investors, financial advisors, portfolio…
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Phil Wool, Rayliant — Active EM Investing & Factor Strategies
Phil Wool, Rayliant — Active EM Investing & Factor Strategies In this Lead-Lag Live episode, Michael A. Gayed, CFA, explores the market forces, portfolio risks, and investment themes behind the conversation. The discussion is built for investors, financial advisors, portfolio managers, and market...
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Lead-Lag Live | Christopher Gannatti, WisdomTree — The Quantum Computing Investment Case | WQTM ETF
Lead-Lag Live | Christopher Gannatti, WisdomTree — The Quantum Computing Investment Case | WQTM ETF In this Lead-Lag Live episode, Michael A. Gayed, CFA, explores the market forces, portfolio risks, and investment themes behind the conversation. The discussion is built for investors, financial...
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China's Contrarian Trade Is Finally Working — Here's Why | KWEB
China's Contrarian Trade Is Finally Working — Here's Why | KWEB In this Lead-Lag Live episode, Michael A. Gayed, CFA, explores the market forces, portfolio risks, and investment themes behind the conversation. The discussion is built for investors, financial advisors, portfolio managers, and…
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Real Assets Are Back: How to Own Broad Commodities in 2026 | DBC
Real Assets Are Back: How to Own Broad Commodities in 2026 | DBC In this Lead-Lag Live episode, Michael A. Gayed, CFA, explores the market forces, portfolio risks, and investment themes behind the conversation. The discussion is built for investors, financial advisors, portfolio managers, and...
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The Oil Math Wall Street Refuses to Run | Joe Dube, USCF
The Oil Math Wall Street Refuses to Run | Joe Dube, USCF In this Lead-Lag Live episode, Michael A. Gayed, CFA, explores the market forces, portfolio risks, and investment themes behind the conversation. The discussion is built for investors, financial advisors, portfolio managers, and market...
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Oil's Setup for 2026: OPEC+, SPR, and the Trade Wall Street Missed
Oil's Setup for 2026: OPEC+, SPR, and the Trade Wall Street Missed In this Lead-Lag Live episode, Michael A. Gayed, CFA, explores the market forces, portfolio risks, and investment themes behind the conversation. The discussion is built for investors, financial advisors, portfolio managers, and...
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Humanoid Robots Hit Mass Production in 2026 — Here's the ETF Play
Humanoid Robots Hit Mass Production in 2026 — Here's the ETF Play In this Lead-Lag Live episode, Michael A. Gayed, CFA, explores the market forces, portfolio risks, and investment themes behind the conversation. The discussion is built for investors, financial advisors, portfolio managers, and...
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Venezuela's Hidden Crisis Is a Warning for U.S. Investors
Venezuela's Hidden Crisis Is a Warning for U.S. Investors In this Lead-Lag Live episode, Michael A. Gayed, CFA, explores the market forces, portfolio risks, and investment themes behind the conversation. The discussion is built for investors, financial advisors, portfolio managers, and market...
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Chinese Internet Is the Cheapest It's Been in a Decade | KWEB
Chinese Internet Is the Cheapest It's Been in a Decade | KWEB In this Lead-Lag Live episode, Michael A. Gayed, CFA, explores the market forces, portfolio risks, and investment themes behind the conversation. The discussion is built for investors, financial advisors, portfolio managers, and market...
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How to Engineer 10%+ Yield When Bonds Are Failing | Jay Hatfield
How to Engineer 10%+ Yield When Bonds Are Failing | Jay Hatfield In this Lead-Lag Live episode, Michael A. Gayed, CFA, explores the market forces, portfolio risks, and investment themes behind the conversation. The discussion is built for investors, financial advisors, portfolio managers, and...
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KWEB's Q1 Setup: The Bull Case Wall Street Refuses to Run
KWEB's Q1 Setup: The Bull Case Wall Street Refuses to Run In this Lead-Lag Live episode, Michael A. Gayed, CFA, explores the market forces, portfolio risks, and investment themes behind the conversation. The discussion is built for investors, financial advisors, portfolio managers, and market...
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AI's Hidden Risk: When Every Quant Owns the Same Stocks | Kai Wu
AI's Hidden Risk: When Every Quant Owns the Same Stocks | Kai Wu In this Lead-Lag Live episode, Michael A. Gayed, CFA, explores the market forces, portfolio risks, and investment themes behind the conversation. The discussion is built for investors, financial advisors, portfolio managers, and...
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The AI Adoption Phase Just Started — And Nobody Is Positioned
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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Stagflation Is Back: How Risk Parity Actually Works in 2026
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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Why Boring Mid-Caps Beat the Magnificent 7 | Seth Cogswell, RUNN
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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The Great Unwind: Capital Cycles, Concentration Risk, and What Comes Next | Lead-Lag Live
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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The 60/40 Portfolio Is Dead: Risk Parity in a World on Fire | The 60/40 Portfolio Is Dead: Risk Parity in a World on Fire on Lead-Lag Live
The 60/40 Portfolio Is Dead: Risk Parity in a World on Fire joins Michael A. Gayed, CFA to discuss the 60/40 portfolio is dead: risk parity in a world on fire. Topics covered in this episode: - The 60/40 Portfolio Is Dead: Risk Parity in a World on Fire - Market insights from The 60/40 Portfolio…
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Consistently Not Stupid: Why Boring Compounders Win When Chaos Reigns | Consistently Not Stupid: Why Boring Compounders Win When Chaos Reigns on Lead-Lag Live
Consistently Not Stupid: Why Boring Compounders Win When Chaos Reigns joins Michael A. Gayed, CFA to discuss consistently not stupid: why boring compounders win when chaos reigns. Topics covered in this episode: - Consistently Not Stupid: Why Boring Compounders Win When Chaos Reigns - Market...
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The Rise of the Machines: Humanoids, AI, and the New Global Arms Race | The Rise of the Machines: Humanoids, AI, and the New Global Arms Race on Lead-Lag Live
The Rise of the Machines: Humanoids, AI, and the New Global Arms Race joins Michael A. Gayed, CFA to discuss the rise of the machines: humanoids, ai, and the new global arms race. Topics covered in this episode: - The Rise of the Machines: Humanoids, AI, and the New Global Arms Race - Market...
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Lead-Lag Live: Luke Oliver, KraneShares — KMLM Managed Futures | KMLM Managed Futures on Lead-Lag Live
KMLM Managed Futures joins Michael A. Gayed, CFA to discuss lead-lag live: luke oliver, kraneshares — kmlm managed futures. Topics covered in this episode: - Lead-Lag Live: Luke Oliver, KraneShares — KMLM Managed Futures - Market insights from KMLM Managed Futures - Practical takeaways for...
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Lead-Lag Live: Brendan Ahern, KraneShares — KSPY & China | KSPY & China on Lead-Lag Live
KSPY & China joins Michael A. Gayed, CFA to discuss lead-lag live: brendan ahern, kraneshares — kspy & china. Topics covered in this episode: - Lead-Lag Live: Brendan Ahern, KraneShares — KSPY & China - Market insights from KSPY & China - Practical takeaways for listeners GUEST: KSPY & China ---...
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Lead-Lag Live: Alex Shahidi, Evoke Advisors — RPAR Risk Parity ETF | RPAR Risk Parity ETF on Lead-Lag Live
RPAR Risk Parity ETF joins Michael A. Gayed, CFA to discuss lead-lag live: alex shahidi, evoke advisors — rpar risk parity etf. Topics covered in this episode: - Lead-Lag Live: Alex Shahidi, Evoke Advisors — RPAR Risk Parity ETF - Market insights from RPAR Risk Parity ETF - Practical takeaways…
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This ETF Lets You Buy SpaceX and Anthropic Right Now
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Physical AI Is a $40 Trillion Market — S&P Top 10 Already 40% Concentrated
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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Shiller CAPE at 2000 Bubble Levels — Households 30% Over-Allocated to Stocks
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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The Old Rules of Portfolio Construction Are Dead — New Playbook for RIAs in 2026
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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Consistently Not Stupid: The Investing Mistakes That Actually Kill Returns | Seth Cogswell
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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Anthropic IPO, Claude & the AI Unemployment Wave Nobody’s Talking About | Derek Yan
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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The 60/40 Portfolio Is DEAD — Here's What Replaces It | Alex Shahidi
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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The Great AI Unwind — Which Companies Survive the Adoption Phase? | Kai Wu
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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Humanoid Robots Will Replace Millions of Workers — Are You Invested? | Derek Yan
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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Consistently Not Stupid: Why Boring Compounders Win When Chaos Reigns
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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The 60/40 Portfolio Is Dead: Risk Parity in a World on Fire
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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ABOUT THIS SHOW
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.
HOSTED BY
Michael A. Gayed, CFA
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Frequently Asked Questions
How many episodes does The Pain Trade Podcast have?
The Pain Trade Podcast currently has 973 episodes available on PodParley. New episodes are automatically indexed when they're published to the podcast feed.
What is The Pain Trade Podcast about?
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...
How often does The Pain Trade Podcast release new episodes?
The Pain Trade Podcast releases new episodes frequently with a large back catalog of 973 episodes. Check the episode list for recent publication dates.
Where can I listen to The Pain Trade Podcast?
You can listen to The Pain Trade Podcast on PodParley by clicking any episode. We provide an embedded audio player for direct listening, and you can also subscribe via your preferred podcast app using the RSS feed.
Who hosts The Pain Trade Podcast?
The Pain Trade Podcast is created and hosted by Michael A. Gayed, CFA.
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