Podcast
Behind the Markets Podcast
Hosted by Behind the Markets · EN
Jeremy Schwartz, Global Chief Investment Officer at WisdomTree and Jeremy Siegel, professor of finance at Wharton and author of Stocks for the Long Run, host this long-running podcast that dives into the how and why of market performance with leading economists and market strategists to inform you what’s ahead for the economy and your portfolio.
Regularly joining the two Jeremys is the Deep Rooted Macro Team that decodes the forces shaping markets and portfolios worldwide.
Chris Gannatti, CFA, Global Head of Research, offers an analytical and thematic edge—bridging macro trends with on-the-ground technology and innovation. Whether unpacking the infrastructure powering the AI age or latest biotech breakthroughs, Chris translates complexity into conviction.
Jeff Weniger, CFA, Head of Equity Strategy, injects the pulse of behavioral markets and valuation discipline. With sharp macro instincts, Jeff dissects cycles, sentiment, and structural change with trademark clarity and wit.
Sam Rines, Macro Strategist for Model Portfolios, ties the threads together—linking policy, politics, and portfolio construction. His pragmatic macro lens captures how geopolitics, industrial policy, and energy dynamics flow into real-world GeoAlpha.
Together, the Deep Rooted Macro squad creates a fusion of rigorous research, accessible insights, and genuine debate.
Behind the Markets provides a regular masterclass in how the world really works beneath the surface of prices, data, and headlines. Tune in to hear where the Deep Rooted Macro team sees the next big shifts taking root.
23episodes
Episodes
Newest firstAll episodes
Tackling AI as Fed Fumbles
1w ago00:51:08Tap to summarizeShow from 2026-07-31 Host Jeremy Schwartz and Professor Siegel discuss the Fed’s decision to hold rates steady and what the Prof viewed as a poorly handled press conference that failed to clearly explain a defensible policy decision. The Prof also covers the sharp rotation from growth to value, strong consumer spending beneath the GDP report, rapid money supply growth and the importance of oil prices to inflation, sentiment and the market outlook. (13:50) Jeremy continues with Sam Rines, Blake Hyman and Michael Fridman to break down the month’s volatility in AI-related stocks, including hedge fund de-risking, leverage unwinds and the impact of risk management on semiconductor and memory names. The group reviews earnings and AI spending from Meta, Microsoft, Amazon, Google and Apple, debating whether hyperscaler capital expenditures are generating sustainable returns and whether enterprise demand confirms that AI is moving from experimentation into commercialization. They also discuss the outlook for memory companies, long-term supply agreements and why the broader AI infrastructure buildout may still be in its third or fourth inning. The conversation closes with Apple’s uncertain AI strategy, potential opportunities for private local models, movements in the Japanese yen, the Bank of Japan’s policy stance, tariff refunds for U.S. companies and the possibility that volatility and further leverage-related selling could continue into August. WisdomTree: https://www.wisdomtree.com/investments
Transcribe →Consumer Nerds and Capital Pigs
2w ago00:54:39Tap to summarizeShow from 2026-07-24 Host Jeremy Schwartz and Professor Siegel discuss the pullback in mega-cap technology stocks, the market’s growing concern around massive capital expenditures and the pressure rising bond yields are putting on equity valuations. The Prof also weighs in on oil prices and renewed inflation risks, the importance of distinguishing real yields from nominal yields when evaluating the equity risk premium, the upcoming Fed meeting and the potential market impact of tariffs and tighter financial conditions. (19:29) Jeremy continues with Sam Rines, Chris Gannatti and Jeff Weniger to break down the latest tech earnings and the market’s increasingly skeptical reaction to AI-related spending, with a focus on whether higher CapEx, shareholder dilution and a more asset-heavy business model could change how investors value the largest technology companies. The group compares spending and buyback trends across large technology companies and financials while discussing Intel, Alphabet, Apple, Tesla, Nvidia, AMD and the broader semiconductor complex, along with the rapid growth of firms such as Anthropic and what that could mean for continued AI infrastructure investment. They also examine consumer spending and financial resilience data, the contrast between pessimistic economic surveys and still-healthy consumer activity, and close with a discussion of oil, interest rates, gold and bonds as potential portfolio hedges as markets watch for further geopolitical and inflation developments. WisdomTree: https://www.wisdomtree.com/investments
Transcribe →Rotation, Not Ruin
3w ago00:45:13Tap to summarizeShow from 2026-07-17 Host Jeremy Schwartz and Professor Siegel discuss softer-than-expected CPI and PPI readings, the renewed rise in oil and gasoline prices, and the possibility that higher energy costs could reverse some recent inflation progress. The Prof says the latest data reduces the likelihood of an immediate Fed hike, but warns that persistent strength in oil, gasoline and the money supply could make later policy decisions more difficult. He also reviews stronger housing starts, steady GDP expectations and the sharp rotation away from high-flying AI, semiconductor and memory stocks. Professor Siegel argues that the pullback is healthy because investors are reassessing valuations, competition, hyperscaler spending and how much customers will continue paying for computing power. (14:02) Jeremy continues with Sam Rines, Jeff Weniger and Chris Gannatti to examine crack spreads, diesel prices and the economic effects of elevated refining costs. The group discusses volatility in Korean technology shares, widespread margin calls, leveraged retail accounts and the rebalancing pressures facing major pension funds in Korea and Japan. They also review strong bank earnings, resilient consumer spending, improving credit trends and the broadening of earnings growth beyond technology. The conversation closes with hyperscaler capital spending, U.S.-China AI competition, IBM’s sharp decline, a possible rotation from hardware into software, credit-card rewards, gold prices and housing affordability. WisdomTree: https://www.wisdomtree.com/investments
Transcribe →The $1.5 Trillion AI Race Rewrites Earnings Expectations
4w ago00:40:01Tap to summarizeShow from 2026-07-10 Host Jeremy Schwartz is joined by Chris Gannatti and Jeff Weniger for a wide-ranging discussion on the latest developments driving technology markets and the economy. The group examines surging AI infrastructure spending, demand for memory chips, expectations for another strong earnings season, and the growing investment cycle surrounding data centers, hyperscalers and physical AI. Professor Siegel joins later in the episode to discuss the resilience of equity markets despite renewed geopolitical tensions in the Middle East, highlighting the surprising stability in oil prices, the outlook for inflation, interest rates and second-quarter GDP, while also explaining how AI-driven margin expansion continues to fuel historically strong corporate earnings growth. After Professor Siegel signs off, Jeremy, Chris and Jeff briefly wrap up the show with additional commentary on Delta's earnings, travel demand, and observations from the summer travel season. The conversation concludes with a discussion of activity in Las Vegas, consumer travel trends, and how pricing dynamics may be affecting tourism and convention traffic. WisdomTree: https://www.wisdomtree.com/investments
Transcribe →Cracks, Chips, and Market Shifts
Jul 300:51:03Tap to summarizeShow from 2026-07-02 Host Jeremy Schwartz and Professor Siegel discuss the latest jobs report, noting downward payroll revisions, an unusually sharp decline in labor force participation, and why broader labor market data still points to a steady economy rather than a significant slowdown. Professor Siegel also explains why lower oil prices and easing commodity inflation could keep the Fed on hold for the rest of the year while highlighting the increased volatility between value and growth stocks driven by AI-related trading. (14:52) Jeremy is joined by Blake Hyman, Sam Rines and Jeff Weniger to discuss the latest developments across AI infrastructure, semiconductor spending, Meta’s new compute capacity initiative and OpenAI’s delayed IPO. The group also examines geopolitical developments affecting energy markets, AI adoption and employment trends, opportunities in Japan, recent market rotations, and the investment implications of AI across technology, healthcare and other sectors. They close with a discussion on the new Trump Accounts program and its potential long-term retirement planning benefits. WisdomTree: https://www.wisdomtree.com/investments
Transcribe →Trade Outside the Box, Featuring Brent Donnelly
Jun 2601:13:18Tap to summarizeHost 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
Transcribe →Building the Circuit of AI
Jun 1901:04:37Tap to summarizeShow 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
Transcribe →To Infinity and Mars
Jun 1200:55:22Tap to summarizeShow 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
Transcribe →Risk & Reward with Ben Carlson
Jun 501:02:16Tap to summarizeShow 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
Transcribe →Strength Beneath the Noise
May 2900:55:02Tap to summarizeShow 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
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