Behind the Markets Podcast
Behind the Markets
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.
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.
Episodes
Mentioned books
Mar 27, 2026 • 1h 48min
Tech Turbulence Today, A Retirement Sketchbook for Tomorrow
Jamie Hopkins, Chief Wealth Officer and author offering behavioral retirement planning tips. Chris Gennady, thematic analyst on robotics, drones, and innovation. Michael Fridman, tech advisor focusing on AI, cybersecurity, semiconductors, and geopolitics. Jeff Weniger, equity strategist covering macro and valuation trends. They dig into recent tech sell-offs, cybersecurity dislocations, memory and semiconductors, robotics/drone innovation, and behavioral retirement planning, automation, and fraud risks.
Mar 20, 2026 • 1h 2min
New Strategic Reserve Assets for the AI Era
Chris Gannatti, Global Head of Research focusing on tech and innovation, breaks down NVIDIA’s GTC themes and the rise of AI agents. He explores physical AI like robots and autonomous fleets. He also lays out the idea of a strategic reserve of compute and why older GPUs could gain value amid geopolitical and supply risks.
Mar 13, 2026 • 42min
Markets on Edge: Oil and AI Crosscurrents
Show from 03/13/26
Host Jeremy Schwartz and the WisdomTree team begin the episode discussing the surge in oil prices tied to tensions in the Middle East and how higher energy costs could affect consumers, transportation, and global supply chains. They also examine stress signals in private credit markets, the divergence between private equity firms and the broader S&P 500, and the recent rotation away from mega-cap tech despite improving valuations. The group closes the segment with a discussion on emerging AI themes like agentic AI and robotics, semiconductor capacity constraints, and how investors may rebalance portfolios after energy’s strong performance while looking for opportunities in areas like Japan, industrials, and consumer discretionary. (31:51) Professor Siegel joins Jeremy to share his outlook on the recent oil shock and its impact on markets, noting that while higher gasoline prices may weigh on sentiment and cause short-term volatility, real oil prices remain near long-term averages. He also explains why the Federal Reserve is unlikely to react to a supply-driven oil shock, expects policy to remain on hold for now, and reiterates his long-term optimism for equities and the continued growth of AI.
WisdomTree: https://www.wisdomtree.com/investments
Mar 6, 2026 • 1h 30min
Weak Payrolls, a Productivity Boom, and Disruptive Tech
Show from 03/06/26
Host Jeremy Schwartz and Professor Siegel discuss the surprisingly weak payroll report and how it contrasts with strong economic indicators like ISM data and retail sales, with the Professor suggesting rising productivity—potentially driven by AI—may explain how GDP remains strong with little job growth. They also review geopolitical tensions involving Iran, rising oil prices, and the Strait of Hormuz, with Siegel noting energy shocks could pressure markets but would not likely change the Fed’s near-term policy stance. (18:13) Jeremy continues with Sam Rines and Jeff Wenniger to analyze the oil spike, global geopolitics, and labor market data, including how weather disruptions and strikes may distort the jobs report and lead to a rebound in March employment. The group also discusses China’s economic outlook, energy constraints, and broader investment themes such as international defense spending and innovation cycles outside the U.S. The episode concludes with Jeremy interviewing Ian De Bode of Ando Finance and WisdomTree’s Maredith Hannon about tokenization, stablecoins, and how blockchain-based financial rails could reshape investing, trading hours, and global access to U.S. financial markets.
Ian De Bode on LinkedIn: https://www.linkedin.com/in/idebode/
Maredith Hannon on LinkedIn: https://www.linkedin.com/in/maredith-hannon/
WisdomTree: https://www.wisdomtree.com/investments
Feb 27, 2026 • 45min
AI is Not An Apocalypse
Show from 02/27/26
Host Jeremy Schwartz and Professor Siegel discuss Professor Siegel’s response to a viral AI “doomsday” scenario, emphasizing that productivity gains from AI would expand output, wages and leisure rather than cause mass permanent unemployment, and arguing that macroeconomic growth from higher productivity would generate trillions in new income to absorb displaced workers. He also weighs in on falling 10-year yields, recent inflation data, oil risks tied to Iran, productivity trends, and his expectation for market rotation away from the MAG 7 toward value and non-AI sectors. (13:40) Jeremy continues with Jeff Weniger and Sam Rines to debate whether AI lowers barriers to entry and enhances innovation rather than destroying knowledge work, put recent tech and software selloffs into perspective against broader market resilience, and examine global equity leadership with strong performance in Japan, Korea and Europe relative to a flat S&P 500, highlighting valuation gaps and structural underweights to non-U.S. markets in portfolios.
WisdomTree: https://www.wisdomtree.com/investments
Feb 20, 2026 • 1h 7min
The Tariff Rotation
Jeff Weniger, WisdomTree equity strategist focused on valuation and flows. Chris Gannatti, research chief exploring AI, tech, and sector shifts. Sam Rines, macro strategist on policy, geopolitics, and portfolio impacts. They react to a major tariff ruling and its implications for corporate margins and sector rotation. They discuss Iran-related geopolitical risk, AI-driven industrial change, and flows into small caps and international markets.
Feb 13, 2026 • 50min
Trading the Disruptions
Show from 02/13/26
Host Jeremy Schwartz and Professor Siegel discuss a strong employment report and a softer-than-expected CPI print, highlighting rising real wages, easing rental inflation, and stabilization in unemployment claims. Professor Siegel also addresses growing AI-driven market anxiety, tariff developments, and why he believes the ongoing rotation away from the MAG-7 does not derail the broader bull market. (35:13) Jeremy is joined by Jeff Wenniger, Sam Rines, and Chris Gannatti to break down major global developments, including Russia’s potential return to the dollar system, Taiwan and Singapore’s strong GDP prints, and Japan’s election results strengthening fiscal and defense tailwinds. The group explores the global defense spending supercycle, Asia’s critical role in AI supply chains, and how AI disruption fears are driving sharp rotations within U.S. equities, particularly in software. They also debate whether AI-driven margin compression, pricing competition, and shifting capital flows signal a broader geographic and sector rotation toward international markets and non-tech sectors.
WisdomTree: https://www.wisdomtree.com/investments
Feb 6, 2026 • 48min
When Momentum Breaks: the Unwind Opportunities
Show from 02/06/26
Host Jeremy Schwartz discusses recent volatility across asset classes, including sharp drawdowns in commodities, bitcoin, and select software stocks. (1:38) Jeremy continues the conversation with Blake Heimann and Michael Fridman, former PM at a major Israeli insurer, and the WisdomTree research team. The discussion centers around AI capital expenditure, the sustainability of tech valuations, and the rotation from mega-cap names into more niche infrastructure and semiconductor plays. Michael and the team also touch on geopolitical factors, including the Japanese elections and Middle East tensions, and examine implications of consumer shifts like Pepsi’s price cut strategy for broader market and advertising trends.
Michael Fridman: https://www.linkedin.com/in/michaelfridman23/
Blake Heimann: https://www.linkedin.com/in/blakeheimann/
WisdomTree: https://www.wisdomtree.com/investments
Jan 30, 2026 • 1h 15min
Warsh for the Win: Prof Siegel Approves!
Show from 01/30/26
Host Jeremy Schwartz and Professor Siegel discuss the appointment of Kevin Warsh as incoming Fed Chair, expressing optimism about his independence and stance on inflation. The Professor also comments on the latest inflation print, the Fed’s balance sheet strategy, and the potential impact of tariffs and money supply trends. (13:43) Jeremy is joined by Chris Gannatti, Sam Rines, and Jeff Weniger for a wide-ranging conversation covering tech earnings from Meta and Microsoft, the implications of AI investments on memory and fiber infrastructure, and recent commodity surges in metals like silver and copper. They also explore geopolitical risks in the Middle East and Cuba, European investor sentiment toward U.S. equities and currencies, commodity allocation trends, and macroeconomic developments in Italy with WisdomTree’s Peter Braganti.
Piergiacomo Peter Braganti, Director, Macro Research at WisdomTree: https://x.com/peterbraganti
Chris started a substack, follow him here: https://christophergannatti.substack.com/
WisdomTree: https://www.wisdomtree.com/investments
Jan 23, 2026 • 49min
Good Luck with That
Dave Goodson, head of securitized fixed income at Voya and senior portfolio manager specializing in mortgage‑ and asset‑backed securities. He talks about agency MBS reactions to a $200B GSE purchase program. He explores non‑agency RMBS as yield opportunities. He discusses housing policy ambiguity, global bond moves, and how AI-driven data‑center financing touches securitized markets.
