Behind the Markets Podcast

Show from 07/11/25 Host Jeremy Schwartz and Professor Siegel discuss the recent tariff headlines and market reactions. Professor Siegel highlights that tariffs and guidance for Q3 are currently driving the markets, but he remains skeptical that new tariffs will significantly impact economic growth. (11:41) Jeremy then talks with Sam Rines, Chris Gannatti, and Jeff Weniger about the broader implications of tariff escalation, the surprising resilience of consumer spending, and the ongoing tech dominance, especially around AI, Apple, Nvidia, and Alphabet. The group also covers geopolitical strategies in investing and the rationale behind redefining emerging markets, particularly with a focus on India and excluding China, Korea, and Taiwan. Guest: Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product. Christopher Gannatti began at WisdomTree as a Research Analyst in December 2010, working directly with Jeremy Schwartz, CFA®, Director of Research. In January of 2014, he was promoted to Associate Director of Research where he was responsible to lead different groups of analysts and strategists within the broader Research team at WisdomTree. In February of 2018, Christopher was promoted to Head of Research, Europe, where he was based out of WisdomTree’s London office and was responsible for the full WisdomTree research effort within the European market, as well as supporting the UCITs platform globally. In November 2021, Christopher was promoted to Global Head of Research, now responsible for numerous communications on investment strategy globally, particularly in the thematic equity space. Jeff Weniger, CFA serves as Head of Equity Strategy at WisdomTree. In his role, Weniger helps to formulate the firm’s stock market outlook by assessing macro and fundamental trends. Prior to joining WisdomTree, he was Director, Senior Strategist at BMO, where he worked in the office of the CIO from 2006 to 2017. He served on the firm’s Asset Allocation Committee and co-managed the firm’s ETF model portfolios for both the U.S. and Canada. In 2013, at the age of 32, Jeff was chosen as the youngest member of BMO’s Global Investment Forum, which collected the firm’s top global strategists to formulate the firm’s official long-term outlook for investment trends and markets. Follow Sam Rines on X: https://x.com/SamuelRines Follow Chri Gannatti on X: https://x.com/cgannatti?lang=en Follow Jeff Weniger on X: https://x.com/JeffWeniger Wisdom Tree: https://www.wisdomtree.com/investments

Show from 07/03/25 Host Jeremy Schwartz and Professor Siegel break down the latest jobs report, noting that while headline numbers surprised to the upside, underlying data show mixed signals and tame wage growth. The Professor expects no rate changes from the Fed in July and sees continued market optimism supported by stable money supply and upcoming trade deals. (11:16) Jeremy is joined by Sam Rines, Jeff Weniger, and Chris Gannatti for an in-depth discussion on the recent Vietnam trade deal, the stalled Japan negotiations, the AI-driven productivity boom, and shifting market leadership from mega-cap tech to industrials, biotech, and small caps. They also cover the potential impact of AI on employment, trends in nuclear energy and robotics, and the broader bullish momentum across global markets heading into the summer. Guest: Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product. Christopher Gannatti began at WisdomTree as a Research Analyst in December 2010, working directly with Jeremy Schwartz, CFA®, Director of Research. In January of 2014, he was promoted to Associate Director of Research where he was responsible to lead different groups of analysts and strategists within the broader Research team at WisdomTree. In February of 2018, Christopher was promoted to Head of Research, Europe, where he was based out of WisdomTree’s London office and was responsible for the full WisdomTree research effort within the European market, as well as supporting the UCITs platform globally. In November 2021, Christopher was promoted to Global Head of Research, now responsible for numerous communications on investment strategy globally, particularly in the thematic equity space. Jeff Weniger, CFA serves as Head of Equity Strategy at WisdomTree. In his role, Weniger helps to formulate the firm’s stock market outlook by assessing macro and fundamental trends. Prior to joining WisdomTree, he was Director, Senior Strategist at BMO, where he worked in the office of the CIO from 2006 to 2017. He served on the firm’s Asset Allocation Committee and co-managed the firm’s ETF model portfolios for both the U.S. and Canada. In 2013, at the age of 32, Jeff was chosen as the youngest member of BMO’s Global Investment Forum, which collected the firm’s top global strategists to formulate the firm’s official long-term outlook for investment trends and markets. Follow Sam Rines on X: https://x.com/SamuelRines Follow Chri Gannatti on X: https://x.com/cgannatti?lang=en Follow Jeff Weniger on X: https://x.com/JeffWeniger Wisdom Tree: https://www.wisdomtree.com/investments

Show from 06/27/25 Host Jeremy Schwartz and Professor Siegel discuss the S&P 500 hitting new highs, positive developments from the NATO meetings, and the impact of Middle East dynamics on the markets. The Professor also weighs in on potential Fed moves, a slowing economy, and how firms might use AI to offset tariffs and labor costs. (11:10) Jeremy is joined by Warren Pies of 3Fourteen Research, along with Sam Ryans, Jeff Wenniger, and Chris Gannatti, to unpack second-half market outlooks, the fading oil risk premium, and opportunities in global equities. They cover the technical setup for stocks, the impact of tariffs and a weaker dollar on earnings, and how AI adoption and corporate governance trends could shape markets ahead. Guest: Warren is an Energy Risk Professional – Certified by the Global Association of Risk Professionals. At 3Fourteen, Warren works closely with a team of analysts, data scientists, and developers whose expertise ranges from machine learning, time series analysis, and application development. Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product. Christopher Gannatti began at WisdomTree as a Research Analyst in December 2010, working directly with Jeremy Schwartz, CFA®, Director of Research. In January of 2014, he was promoted to Associate Director of Research where he was responsible to lead different groups of analysts and strategists within the broader Research team at WisdomTree. In February of 2018, Christopher was promoted to Head of Research, Europe, where he was based out of WisdomTree’s London office and was responsible for the full WisdomTree research effort within the European market, as well as supporting the UCITs platform globally. In November 2021, Christopher was promoted to Global Head of Research, now responsible for numerous communications on investment strategy globally, particularly in the thematic equity space. Jeff Weniger, CFA serves as Head of Equity Strategy at WisdomTree. In his role, Weniger helps to formulate the firm’s stock market outlook by assessing macro and fundamental trends. Prior to joining WisdomTree, he was Director, Senior Strategist at BMO, where he worked in the office of the CIO from 2006 to 2017. He served on the firm’s Asset Allocation Committee and co-managed the firm’s ETF model portfolios for both the U.S. and Canada. In 2013, at the age of 32, Jeff was chosen as the youngest member of BMO’s Global Investment Forum, which collected the firm’s top global strategists to formulate the firm’s official long-term outlook for investment trends and markets. Warren Pies on X: https://www.3fourteenresearch.com/about 3Fourteen Research: https://www.3fourteenresearch.com/about Follow Sam Rines on X: https://x.com/SamuelRines Follow Chri Gannatti on X: https://x.com/SamuelRines Follow Jeff Weiniger on X: https://x.com/JeffWeniger Wisdom Tree: https://www.wisdomtree.com/investments

Show from 06/20/25 Host Jeremy Schwartz and Professor Siegel assess the Fed's latest policy posture, ongoing tariff impacts, and inflation expectations. The Professor critiques Powell’s stance on tariff-induced inflation, expresses concern over rising jobless claims and layoffs, and notes the Fed’s significant upcoming workforce reduction. He also discusses the subdued market response to Middle East tensions and his views on AI as a productivity offset. (31:41) Jeremy continues the show with Chris Gannatti, Sam Rines, and Jeff Weniger to explore the implications of geopolitical developments, especially the Israel-Iran conflict, on energy and markets. They dive into U.S. trade negotiations, Japan’s inflation dynamics, and emerging AI trends like robotics investment. The team rounds out the episode with discussions on gold’s valuation, currency positioning, and short-term market outlook. Guest: Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product. Christopher Gannatti began at WisdomTree as a Research Analyst in December 2010, working directly with Jeremy Schwartz, CFA®, Director of Research. In January of 2014, he was promoted to Associate Director of Research where he was responsible to lead different groups of analysts and strategists within the broader Research team at WisdomTree. In February of 2018, Christopher was promoted to Head of Research, Europe, where he was based out of WisdomTree’s London office and was responsible for the full WisdomTree research effort within the European market, as well as supporting the UCITs platform globally. In November 2021, Christopher was promoted to Global Head of Research, now responsible for numerous communications on investment strategy globally, particularly in the thematic equity space. Jeff Weniger, CFA serves as Head of Equity Strategy at WisdomTree. In his role, Weniger helps to formulate the firm’s stock market outlook by assessing macro and fundamental trends. Prior to joining WisdomTree, he was Director, Senior Strategist at BMO, where he worked in the office of the CIO from 2006 to 2017. He served on the firm’s Asset Allocation Committee and co-managed the firm’s ETF model portfolios for both the U.S. and Canada. In 2013, at the age of 32, Jeff was chosen as the youngest member of BMO’s Global Investment Forum, which collected the firm’s top global strategists to formulate the firm’s official long-term outlook for investment trends and markets. Follow Sam Rines on X: https://x.com/SamuelRines Follow Chri Gannatti on X: https://x.com/SamuelRines Follow Jeff Weiniger on X: https://x.com/JeffWeniger Wisdom Tree: https://www.wisdomtree.com/investments

Show from 06/13/25 Host Jeremy Schwartz and Professor Siegel discuss the geopolitical ramifications of Israel's recent military strike on Iran, its muted market impact, and the broader implications for inflation and Fed policy. Professor Siegel emphasized Iran’s weakened position, the role of U.S. coordination, and reiterated his view that inflation remains on a downward trend, supporting a Fed rate cut. (10:00) Jeremy continues the conversation with Sam Rines, Jeff Weniger, and Chris Gannatti from WisdomTree. The group explores the geopolitical and market implications of the Israeli strike, oil market reactions, and implications for energy and defense stocks. They also assess inflation data, critique Fed policy, analyze Apple’s innovation struggles, and delve into recent AI developments and global trade negotiations, with particular attention to U.S.-China relations and South Korea’s corporate reform efforts. Guest: Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product. Christopher Gannatti began at WisdomTree as a Research Analyst in December 2010, working directly with Jeremy Schwartz, CFA®, Director of Research. In January of 2014, he was promoted to Associate Director of Research where he was responsible to lead different groups of analysts and strategists within the broader Research team at WisdomTree. In February of 2018, Christopher was promoted to Head of Research, Europe, where he was based out of WisdomTree’s London office and was responsible for the full WisdomTree research effort within the European market, as well as supporting the UCITs platform globally. In November 2021, Christopher was promoted to Global Head of Research, now responsible for numerous communications on investment strategy globally, particularly in the thematic equity space Follow Sam Rines on X: https://x.com/SamuelRines Follow Chri Gannatti on X: https://x.com/SamuelRines Wisdom Tree: https://www.wisdomtree.com/investments

Show from 06/06/25 Host Jeremy Schwartz and Professor Siegel analyze the latest employment report, which showed a mixed picture with strong healthcare and entertainment hiring, despite downward revisions in prior months. Professor Siegel emphasized the overall positive market sentiment, noting resilience in spending and projecting potential new all-time highs for the S&P 500. (11:23) Jeremy and Chris Gannatti are joined by Dylan Patel, founder of SemiAnalysis, to explore critical AI infrastructure themes discussed at the SCSP conference. They dive into the challenges of US chip policy, the implications of export restrictions, global supply chain risks, and power constraints facing data centers. Dylan provides a deep dive into geopolitics, national security, and whether AI infrastructure spending—especially in the Middle East—is sustainable or represents the next bubble. Guest: Dylan Patel is the Founder, CEO, and Chief Analyst of SemiAnalysis – the preeminent authority on all things AI and semiconductors. Through Dylan’s unwavering commitment to excellence, he has built the firm from the ground up as the recognized authority on the semiconductor supply chain to the cloud ecosystem, machine learning models, and all things in between. Since 2020, SemiAnalysis has transformed its business from a solo venture into a cohesive and focused team to provide breaking news and in-depth analysis for the most strategic, complex, and escalating challenges in the semiconductor industry. Follow Dylan on X: https://x.com/dylan522p?lang=en Wisdom Tree: https://www.wisdomtree.com/investments SCSP Conference: https://www.scsp.ai/

Show from 04/30/25 Host Jeremy Schwartz and Professor Siegel break down the market’s reaction to a dramatically improving trade deficit, discuss expected upward revisions to GDP, and reflect on the latest PCE inflation data. Professor Siegel also shares his views on the Fed’s independence in light of political pressure, tensions with China, and the AI-driven productivity surge. (19:05) Jeremy is joined by Phil Blancato for an in-depth discussion on market positioning, international equities, and the impact of tariffs. They explore bond opportunities, fiscal shifts in Europe, and why small and mid-cap U.S. stocks could see renewed growth. The conversation also covers structural advantages of U.S. consumers and how global trade deals may reshape earnings forecasts. Guest: Philip Blancato is Chief Market Strategist at Osaic, one of the nation's largest providers of wealth management solutions, President and CEO of Ladenburg Thalmann Asset Management, and Chairman of the Ladenburg Investment Policy Committee. As a financial services industry veteran of over 30 years, Philip possesses a specialized knowledge of portfolio and risk management, asset allocation, macroeconomic theory, and constructing and implementing seamlessly integrated platforms of fee-based solutions. Before Ladenburg Thalmann and Osaic, Philip was Managing Director of Advisory Services at PowellJohnson, where he directed the creation and implementation of a suite of fee-based platforms. He also worked for Prudential Securities where he held various positions within the Investment Management Services division before becoming First Vice President and Director of Portfolio Management Programs. During his tenure, Portfolio Management became one of the most successful divisions within Prudential Securities, with assets in excess of $16 billion. Philip regularly appears in national media outlets including the Wall Street Journal, Reuters, CNBC, and Fox Business, and speaks at industry events. He has a Bachelor of Science in Finance from Kean University, and a Marketing Continuing Education degree from New York University. Philip is also an Accredited Investment Fiduciary and has completed the Securities Industry Association accredited program at Wharton Business School. Follow Philp on X: https://x.com/philblancato?lang=en Weekly Market Impact: https://open.spotify.com/episode/78DYJPnxKxNJXZkiINVjpP Wisdom Tree: https://www.wisdomtree.com/investments

Show from 05/23/25 Host Jeremy Schwartz and Professor Siegel break down the latest market concerns, focusing on President Trump's Truth Social posts and the potential impact of threatened tariffs on Apple and the EU. Professor Siegel expresses a cautiously optimistic view on markets, contingent on the rollback of these tariffs, and comments on unemployment claims, inflation indicators, and bond market reactions. (14:56) Jeremy continues with guests Sam Rines, Chris Gannatti, and Jeff Weniger to explore the implications of Trump's tariff threats, particularly on luxury European goods and Apple’s production strategy. They delve into trade negotiations, the bond market's influence on fiscal policy, and the potential for an austerity-driven economic debate. The team also evaluates AI’s economic impact, energy policies influenced by geopolitical strategies, and developments at major tech firms like Google and Microsoft, ending on mixed notes of caution and optimism for market trends and consumer behavior. Guest: Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product. Christopher Gannatti began at WisdomTree as a Research Analyst in December 2010, working directly with Jeremy Schwartz, CFA®, Director of Research. In January of 2014, he was promoted to Associate Director of Research where he was responsible to lead different groups of analysts and strategists within the broader Research team at WisdomTree. In February of 2018, Christopher was promoted to Head of Research, Europe, where he was based out of WisdomTree’s London office and was responsible for the full WisdomTree research effort within the European market, as well as supporting the UCITs platform globally. In November 2021, Christopher was promoted to Global Head of Research, now responsible for numerous communications on investment strategy globally, particularly in the thematic equity space Follow Sam Rines on X: https://x.com/SamuelRines Follow Chri Gannatti on X: https://x.com/SamuelRines Wisdom Tree: https://www.wisdomtree.com/investments

Show from 03/21/25 Host Jeremy Schwartz and Professor Siegel discuss recent market resilience, the impact and perception of new tariffs, and why inflation expectations may be overstated. The Professor highlights consumer sentiment dips and sees potential upside if tariff fears remain contained. (15:24) Jeremy continues with Sam Rines and Chris Gannatti to analyze geopolitical and economic developments. They explore the implications of Trump’s Middle East trip, U.S.-China tech tensions, and India’s growing strategic importance. The conversation also dives into the state of the AI and robotics industries, potential biotech breakthroughs, and broader market signals suggesting improving investor sentiment. Guest: Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product. Christopher Gannatti began at WisdomTree as a Research Analyst in December 2010, working directly with Jeremy Schwartz, CFA®, Director of Research. In January of 2014, he was promoted to Associate Director of Research where he was responsible to lead different groups of analysts and strategists within the broader Research team at WisdomTree. In February of 2018, Christopher was promoted to Head of Research, Europe, where he was based out of WisdomTree’s London office and was responsible for the full WisdomTree research effort within the European market, as well as supporting the UCITs platform globally. In November 2021, Christopher was promoted to Global Head of Research, now responsible for numerous communications on investment strategy globally, particularly in the thematic equity space Follow Sam Rines on X: https://x.com/SamuelRines Follow Chri Gannatti on X: https://x.com/SamuelRines Wisdom Tree: https://www.wisdomtree.com/investments

Show from 05/09/25 Host Jeremy Schwartz and Professor Siegel focus on Powell’s Fed commentary, discussing the lack of policy surprises, concerns about stagflation, and Siegel's critique of the Fed's rigid rate-setting practices. The professor also warns about supply chain disruptions from China and the risk of economic slowdown if tariffs persist. (34:15) Jeremy is joined by Macro Charts (referred to as MC), who shares his views on global market sentiment, tactical asset shifts, and the potential for a dollar rebound. MC discusses underperformance in international markets, rotation out of growth stocks, and strong momentum in Bitcoin, expressing cautious optimism about US equities while noting lingering risks in global currencies and commodities. Guest: Christopher Gannatti began at WisdomTree as a Research Analyst in December 2010, working directly with Jeremy Schwartz, CFA®, Director of Research. In January of 2014, he was promoted to Associate Director of Research where he was responsible to lead different groups of analysts and strategists within the broader Research team at WisdomTree. In February of 2018, Christopher was promoted to Head of Research, Europe, where he was based out of WisdomTree’s London office and was responsible for the full WisdomTree research effort within the European market, as well as supporting the UCITs platform globally. In November 2021, Christopher was promoted to Global Head of Research, now responsible for numerous communications on investment strategy globally, particularly in the thematic equity space Jeff Weniger, CFA serves as Head of Equity Strategy at WisdomTree. In his role, Weniger helps to formulate the firm’s stock market outlook by assessing macro and fundamental trends. Prior to joining WisdomTree, he was Director, Senior Strategist at BMO, where he worked in the office of the CIO from 2006 to 2017. He served on the firm’s Asset Allocation Committee and co-managed the firm’s ETF model portfolios for both the U.S. and Canada. In 2013, at the age of 32, Jeff was chosen as the youngest member of BMO’s Global Investment Forum, which collected the firm’s top global strategists to formulate the firm’s official long-term outlook for investment trends and markets. Macro Charts: https://www.macrocharts.com/ Follow Chri Gannatti on X: https://x.com/ChrisGannatti Follow Jeff Weiniger on X: https://x.com/JeffWeniger Wisdom Tree: https://www.wisdomtree.com/investments

Show from 05/02/25 Host Jeremy Schwartz and Professor Siegel break down the week’s economic headlines, highlighting resilient market behavior amid ongoing tariff concerns. The Professor points to mixed signals from earnings reports and the labor market, questions surrounding Q1 GDP contraction, and a lack of visible inflationary effects from tariffs thus far. (18:21) Jeremy continues the conversation with colleagues Sam Rines, Jeff Weninger, and Chris Gannatti. They explore how consumer staples companies are adjusting guidance amid pricing pressures, and how the broader market is reacting to headlines about trade deals, particularly with China and India. The group also dives into AI infrastructure investment, rotation beyond the Magnificent Seven, and potential catalysts for international equity markets, including Europe and India. Guest: Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product. Christopher Gannatti began at WisdomTree as a Research Analyst in December 2010, working directly with Jeremy Schwartz, CFA®, Director of Research. In January of 2014, he was promoted to Associate Director of Research where he was responsible to lead different groups of analysts and strategists within the broader Research team at WisdomTree. In February of 2018, Christopher was promoted to Head of Research, Europe, where he was based out of WisdomTree’s London office and was responsible for the full WisdomTree research effort within the European market, as well as supporting the UCITs platform globally. In November 2021, Christopher was promoted to Global Head of Research, now responsible for numerous communications on investment strategy globally, particularly in the thematic equity space Follow Sam Rines on X: https://x.com/SamuelRines Follow Chri Gannatti on X: https://x.com/SamuelRines Wisdom Tree: https://www.wisdomtree.com/investments

Show from 04/25/25 Host Jeremy Schwartz and Professor Siegel covered the market impacts of tariffs, interest rate policy, and long-term inflation expectations. Professor Siegel emphasized the case for lower interest rates, highlighted trends in manufacturing decline, and discussed market resilience amid tariff concerns. (30:19) Jeremy is joined by David Kotok to discuss the economic consequences of tariff shocks, Federal Reserve policy, and insights from Kotok’s new book, The Fed and the Flu. They explore historical responses to pandemics, current financial stability risks, and the evolving role of central banks, while also addressing municipal bonds, gold, and global trade dynamics. Guest: David Kotok co-founded Cumberland Advisors in 1973 and during his career served as its chief investment officer, CEO, and board chairman. He remains a strategic advisor at Cumberland. David’s articles and financial market commentaries have appeared in the New York Times, the Wall Street Journal, Barron’s, and other publications. He is a contributor or source to Bloomberg, Yahoo, CNN, Reuters, USA Today, and other media. He holds a B.S. in economics from the Wharton School of the University of Pennsylvania, an M.S. in organizational dynamics from the School of Arts and Sciences at the University of Pennsylvania, and an M.A. in philosophy from the University of Pennsylvania. In addition to The Fed and the Flu, David has authored or co-authored four other books, including From Bear to Bull with ETFs (now in its second edition) and Adventures in Muniland. He has also written three monograph pamphlets. The first of these is “Lessons from Thucydides,” which details information asymmetries and their implications for investors and world affairs. The second is “Zika,” a work that compiles David’s research, interviews, and personal experience concerning the Zika virus and its potential for serious damage in the way of health and monetary costs. The expense for individuals can be devastating; and in the case of governments, ballooning health budgets may affect municipal bond ratings. The third is “Yield Curve Control – The story of ZIRP and NIRP.” The yield curve is usually defined as the range of yields on Treasury securities from three-month Treasury bills to 30-year Treasury bonds. David’s narrative and graphics tell the story of ZIRP (zero interest rate policy) and NIRP (negative interest rate policy) and explore what happens when central banks use YCC to control interest rates along some portion of the yield curve. David formerly served as Program Chairman for the Global Interdependence Center, or GIC, whose mission is to encourage the expansion of global dialogue and free trade in order to improve cooperation and understanding among nation states, with the goal of reducing international conflicts and improving worldwide living standards. David chaired the GIC's Central Banking Series and organized a five-continent dialogue held in Cape Town, Hong Kong, Hanoi, Milan, Paris, Philadelphia, Prague, Rome, Santiago, Shanghai, Singapore, Tallinn, and Zambia (Livingstone). He received the Global Citizen Award from GIC for his efforts and vision over many years and currently serves on the advisory board to the GIC’s College of Central Bankers. In conjunction with GIC, David organizes fishing retreats, primarily in Maine, that are affectionately known as “Camp Kotok” by friends and many in the financial press. Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product. Follow Sam Rines on X: https://x.com/SamuelRines Wisdom Tree: https://www.wisdomtree.com/investments GIC: https://www.interdependence.org/about/ The Fed and the Flu: Parsing Pandemic Economic Shocks: https://www.amazon.com/Fed-Flu-Parsing-Pandemic-Economic/dp/B0DRWBC8XS

Show from 04/18/25 Host Jeremy Schwartz and Professor Siegel dive into this week’s market outlook, starting with Powell’s latest commentary and potential rate cuts. The Professor expresses concern over Powell downplaying recent favorable inflation data and suggests a preemptive rate cut is warranted, warning of recession risks if tariffs persist. He also critiques corporate earnings guidance in the face of rising trade uncertainty and emphasizes how tariffs could cap market growth for the foreseeable future. (17:32) Jeremy continues the conversation with Sam, Chris, Jeff, and Kevin, covering a wide array of macro topics. The discussion highlights bullish sentiment on non-U.S. markets, especially Japan, Mexico, and India amid shifting trade dynamics. The group also debates long-term investment themes, including the resilience of AI and tech despite tariff concerns, the resurgence of gold, and the critical role of cybersecurity in modern portfolios. Guest: Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product. Christopher Gannatti began at WisdomTree as a Research Analyst in December 2010, working directly with Jeremy Schwartz, CFA®, Director of Research. In January of 2014, he was promoted to Associate Director of Research where he was responsible to lead different groups of analysts and strategists within the broader Research team at WisdomTree. In February of 2018, Christopher was promoted to Head of Research, Europe, where he was based out of WisdomTree’s London office and was responsible for the full WisdomTree research effort within the European market, as well as supporting the UCITs platform globally. In November 2021, Christopher was promoted to Global Head of Research, now responsible for numerous communications on investment strategy globally, particularly in the thematic equity space Follow Sam Rines on X: https://x.com/SamuelRines Follow Chris Gannatti on X: https://x.com/SamuelRines Wisdom Tree: https://www.wisdomtree.com/investments

Show from 04/11/25 Host Jeremy Schwartz and Professor Siegel reviewed a volatile week in the markets, focusing on rising yields and the dollar’s slide. The Professor attributed bond market moves to growing concerns about the U.S. deficit and potential shifts in global reserve currency dynamics. He emphasized the inflation impact of tariffs, potential recessionary risks, and questioned the long-term dominance of the U.S. economy. (47:03) Jeremy continues with Kevin Flanagan, Chris Gannatti, Jeff Weniger, and Sam Rines to unpack market reactions to geopolitical tensions, shifts in monetary policy expectations, and emerging market dynamics. The group discusses bond market mechanics, foreign policy ramifications, the relative strength of dividend-paying stocks, and how tech and AI trends may evolve amid supply chain and tariff uncertainty. Guest: Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product. Christopher Gannatti began at WisdomTree as a Research Analyst in December 2010, working directly with Jeremy Schwartz, CFA®, Director of Research. In January of 2014, he was promoted to Associate Director of Research where he was responsible to lead different groups of analysts and strategists within the broader Research team at WisdomTree. In February of 2018, Christopher was promoted to Head of Research, Europe, where he was based out of WisdomTree’s London office and was responsible for the full WisdomTree research effort within the European market, as well as supporting the UCITs platform globally. In November 2021, Christopher was promoted to Global Head of Research, now responsible for numerous communications on investment strategy globally, particularly in the thematic equity space As part of WisdomTree’s Investment Strategy group, Kevin Flanagan serves as Head of Fixed Income Strategy. In this role, he contributes to the asset allocation team, writes fixed income-related content and travels with the sales team, conducting client-facing meetings and providing expertise on WisdomTree’s existing and future bond ETFs. In addition, Kevin works closely with the fixed income team. Prior to joining WisdomTree, Kevin spent 30 years at Morgan Stanley, where he was Managing Director and Chief Fixed Income Strategist for Wealth Management. He was responsible for tactical and strategic recommendations and created asset allocation models for fixed income securities. He was a contributor to the Morgan Stanley Wealth Management Global Investment Committee, primary author of Morgan Stanley Wealth Management’s monthly and weekly fixed income publications, and collaborated with the firm’s Research and Consulting Group Divisions to build ETF and fund manager asset allocation models. Kevin has an MBA from Pace University’s Lubin Graduate School of Business, and a B.S in Finance from Fairfield University. Follow Sam Rines on X: https://x.com/SamuelRines Follow Kevin Flanigan on X: https://x.com/kevinflanaganwt Follow Chri Gannatti on X: https://x.com/SamuelRines Wisdom Tree: https://www.wisdomtree.com/investments

Show from 04/04/25 Host Jeremy Schwartz and Professor Siegel dive into this week’s discussion with a focus on new tariff policies, the Fed’s next moves, and implications for the money supply. Professor Siegel criticizes the tariffs as a major unforced error, warns about the potential for a bear market if retaliations continue, and argues that the Fed should cut rates regardless of the inflationary effects of tariffs. (42:43) Jeremy continues with Sam Rines and Kevin Flanagan to unpack the global trade tensions and how countries like India, Mexico, and Japan might respond. They analyze market volatility, discuss sector positioning amid interest rate shifts, and explore geopolitical scenarios, including U.S.-China dynamics and potential policy off-ramps. Kevin and Sam also share views on fixed income strategy and what to expect from the Fed and fiscal policy in the weeks ahead. Guest: Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product. As part of WisdomTree’s Investment Strategy group, Kevin Flanagan serves as Head of Fixed Income Strategy. In this role, he contributes to the asset allocation team, writes fixed income-related content and travels with the sales team, conducting client-facing meetings and providing expertise on WisdomTree’s existing and future bond ETFs. In addition, Kevin works closely with the fixed income team. Prior to joining WisdomTree, Kevin spent 30 years at Morgan Stanley, where he was Managing Director and Chief Fixed Income Strategist for Wealth Management. He was responsible for tactical and strategic recommendations and created asset allocation models for fixed income securities. He was a contributor to the Morgan Stanley Wealth Management Global Investment Committee, primary author of Morgan Stanley Wealth Management’s monthly and weekly fixed income publications, and collaborated with the firm’s Research and Consulting Group Divisions to build ETF and fund manager asset allocation models. Kevin has an MBA from Pace University’s Lubin Graduate School of Business, and a B.S in Finance from Fairfield University. Follow Sam Rines on X: https://x.com/SamuelRines Follow Kevin Flanagan on LinkedIn: https://www.linkedin.com/in/kevin-flanagan Wisdom Tree: https://www.wisdomtree.com/investments

Show from 03/28/25 In this episode of Behind the Markets, host Jeremy Schwartz kicks off with an interview featuring Andreas Kern, CEO of WikiFolio, a unique German social trading platform that enables individuals to publish model portfolios and convert them into exchange-listed products. Kern discusses the recent sharp shift in investor behavior from U.S. equities to German mid-cap stocks, signaling growing confidence in European markets. He attributes this trend not only to valuation opportunities but also to cultural and structural differences in how Europeans and Americans approach risk, especially in relation to pension systems. Popular themes among German investors include defense and AI, with stocks like Rheinmetall and MercadoLibre topping portfolios. Kern also shares his ambition to bring WikiFolio to the U.S., positioning the platform as a democratizing force in asset management. (15:00) The second half of the episode shifts to macroeconomic strategy with Kevin Flanagan, Sam Rines, and Jeremy discussing the implications of tariffs, interest rates, and fiscal policy. Sam breaks down how tariffs affect U.S. businesses and consumers, while Jeremy highlights Professor Siegel’s concerns that tariffs could hurt capital inflows and raise rates. With “Liberation Day” (April 2) expected to bring clarity on trade policy, the group analyzes market reactions and resilience, suggesting much of the impact may already be priced in. The conversation then broadens to long-term themes: the Fed’s reactionary role, global defense spending surges (especially in Europe), and Trump’s potential tax reforms, including zero taxes for middle-income earners and cracking down on offshore corporate shelters. The episode closes with speculation on how tariffs might serve not just as trade tools but as revenue generators in a shifting economic order. Guest: Before founding wikifolio, Kern gained more than a decade of experience in the finance and payment industries, leading Paybox Austria GmbH to profitability and co-founding Payolution GmbH, which was later sold to Skrill/Moneybookers. He studied mathematics and computer science, holds a Master of Science in Innovation Management from Johannes Kepler Business School Linz, and is a trained exchange trader for futures and spot markets. His vision for wikifolio remains clear: make professional-level trading strategies more accessible, transparent, and rewarding for all investors. Follow Andreas Kern on X: https://twitter.com/AKE_Wikifolio/ More about Andreas: https://www.wikifolio.com/en/int/about-wikifolio/our-management Follow Sam Rines on X: https://x.com/SamuelRines Follow Kevin Flanigan on X: https://x.com/kevinflanaganwt Wisdom Tree: https://www.wisdomtree.com/investments

Show from 03/21/25 Host Jeremy Schwartz and Professor Siegel break down the Fed's latest meeting, noting Powell's dovish tone despite downgraded growth and higher inflation forecasts. The Professor emphasizes that inflation risks from tariffs appear temporary and market sentiment hinges on the upcoming April 2nd tariff announcements. (27:52) Jeremy continues the conversation with WisdomTree’s Samuel Rines and Christopher Gannatti, diving into Nvidia’s major AI and robotics announcements from its recent conference. The group explores the evolving narrative around self-driving cars, robotics, and global AI spending, along with Buffet’s deepening investment in Japan. They also cover the global market rotation from US to international equities, implications of tariffs on inflation, and how central banks may respond. Guest: Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product. Christopher Gannatti began at WisdomTree as a Research Analyst in December 2010, working directly with Jeremy Schwartz, CFA®, Director of Research. In January of 2014, he was promoted to Associate Director of Research where he was responsible to lead different groups of analysts and strategists within the broader Research team at WisdomTree. In February of 2018, Christopher was promoted to Head of Research, Europe, where he was based out of WisdomTree’s London office and was responsible for the full WisdomTree research effort within the European market, as well as supporting the UCITs platform globally. In November 2021, Christopher was promoted to Global Head of Research, now responsible for numerous communications on investment strategy globally, particularly in the thematic equity space Follow Sam Rines on X: https://x.com/SamuelRines Follow Chri Gannatti on X: https://x.com/SamuelRines Wisdom Tree: https://www.wisdomtree.com/investments

Host Jeremy Schwartz and Professor Siegel discuss the market reaction to tariffs and their potential impact on inflation and sentiment. The Professor highlights the sharp decline in the University of Michigan sentiment index, the risks of continued tariff escalation, and his expectations for the upcoming FOMC meeting. He warns that a full-scale tariff war could further pressure equities, while a lighter approach might stabilize markets. (11:52) Jeremy is joined by WisdomTree’s macro team—Chris Gannatti, Jeff Weniger, and Sam Rines—to discuss market rotations, the impact of tariffs on different economies, and trends in Japan’s wage growth. They examine the valuation of major tech stocks, debate Tesla’s shifting market position, and assess Trump’s tax cut proposal. Later, WisdomTree CEO Jonathan Steinberg shares insights from the Digital Asset Summit in Washington, D.C., reflecting on regulatory shifts, the administration’s stance on digital assets, and the evolving role of tokenization and blockchain in financial markets. Guest: Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product. Christopher Gannatti began at WisdomTree as a Research Analyst in December 2010, working directly with Jeremy Schwartz, CFA®, Director of Research. In January of 2014, he was promoted to Associate Director of Research where he was responsible to lead different groups of analysts and strategists within the broader Research team at WisdomTree. In February of 2018, Christopher was promoted to Head of Research, Europe, where he was based out of WisdomTree’s London office and was responsible for the full WisdomTree research effort within the European market, as well as supporting the UCITs platform globally. In November 2021, Christopher was promoted to Global Head of Research, now responsible for numerous communications on investment strategy globally, particularly in the thematic equity space Jeff Weniger, CFA serves as Head of Equity Strategy at WisdomTree. In his role, Weniger helps to formulate the firm’s stock market outlook by assessing macro and fundamental trends. Prior to joining WisdomTree, he was Director, Senior Strategist at BMO, where he worked in the office of the CIO from 2006 to 2017. He served on the firm’s Asset Allocation Committee and co-managed the firm’s ETF model portfolios for both the U.S. and Canada. In 2013, at the age of 32, Jeff was chosen as the youngest member of BMO’s Global Investment Forum, which collected the firm’s top global strategists to formulate the firm’s official long-term outlook for investment trends and markets. Follow Sam Rines on X: https://x.com/SamuelRines Follow Chri Gannatti on X: https://x.com/ChrisGannatti Follow Jeff Weiniger on X: https://x.com/JeffWeniger Wisdom Tree: https://www.wisdomtree.com/investments

Show from 03/07/25 Host Jeremy Schwartz and Professor Siegel discussed the latest market trends, focusing on the jobs report, volatility in trade policy, and concerns about rising unemployment rates. Professor Siegel highlighted the impact of policy uncertainty on the markets and expressed concern over a potential stall in credit growth, as well as the challenges posed by volatility in energy prices. (12:22) Jeremy continues the conversation with Sam Rines, who shares insights from meetings in Mexico, noting a cautiously optimistic outlook on U.S.-Mexico trade relations. Later, Jeremy sits down with Haim Israel in Tel Aviv to explore major themes for 2030, including the potential of AI to reshape industries, the escalating “tech wars” between the U.S. and China, and the massive infrastructure demands of the AI revolution. Haim discusses the importance of energy independence, advancements in semiconductor demand, and the challenges of cybersecurity and privacy in a rapidly evolving technological landscape. Guest: Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product. Haim Israel is a Managing Director and Global Strategist who heads up the Global Thematic Research team. Prior to this position, Israel was the head of Bank of America’s EEMEA Technology, Media and Telecommunication Research team, as well as the head of Israeli Research. In 2020, Israel and team were ranked in first place as the best Thematic Research and ESG – Integrated Climate Change teams in the Institutional Investor Extel Global Survey. Israel attained his MBA from The Hebrew University, Jerusalem, and also holds a dual major in Finance & Business. Follow Sam Rines on X: https://x.com/SamuelRines Follow Haim Israel on LinkedIn: https://il.linkedin.com/in/haim-israel-4b208871 Wisdom Tree: https://www.wisdomtree.com/investments

Show from 02/08/25 Host Jeremy Schwartz and Professor Siegel discuss the latest market developments, focusing on the PCE report, GDP revisions, and the impact of tariffs on economic growth. The professor highlights the unexpected trade balance shift, predicting a significant slowdown in Q1 GDP but dismissing recession concerns. He also comments on recent market volatility, particularly in tech stocks like NVIDIA, and notes increased bearish sentiment among investors. (13:03) Jeremy continues the conversation from Europe, joined by Sam Rines, Pierre Debreu, Aneeka Gupta, and Davila Shlensky. The group delves into European market dynamics, geopolitical risks, and the impact of tariffs on global trade. They also discuss trends in AI and semiconductors, the evolving role of cryptocurrencies in institutional portfolios, and the rising influence of gold as a hedge against economic uncertainty. Guest: Samuel Rines is a Macro Strategist at WisdomTree, where he extends the firm's custom model portfolio management capabilities. Before joining WisdomTree in 2024, he was the Managing Director at CORBU, LLC, leading the PolyMacro advisory product. Aneeka Gupta is a director of research at WisdomTree. Prior to the acquisition of Exchange Traded Fund (ETF) Securities in April 2018, Aneeka worked as an equity & commodities strategist at the company. Aneeka has 17 years of experience working as a research analyst across a wide range of asset classes. In her current role she is responsible for conducting analysis for all in-house equity, commodity and macro publications and assisting the sales team with client queries around products and markets. Aneeka holds a MSc in Mathematics from Oxford University and a BSc in Mathematics from the University of Delhi, India. She is also a chartered financial analyst (CFA). Traders' Insight Follow Sam Rines on X: https://x.com/SamuelRines Follow Aneeka Gupta on LinkedIn: https://uk.linkedin.com/in/aneekaperis Wisdom Tree: https://www.wisdomtree.com/investments