Lead-Lag Live
Michael A. Gayed, CFA
Lead-Lag Live is your front-row seat to unscripted, real-time conversations with the sharpest minds in finance, economics, and investing.Hosted by Michael A. Gayed, CFA — publisher of The Lead-Lag Report and a widely followed voice on macro strategy — each episode features candid discussions with top portfolio managers, economists, ETF strategists, best-selling authors, and market practitioners. No scripts. No teleprompters. Just raw insight from people who move markets.Every week, we go deep on the themes that matter most: macro trends, interest rates and Fed policy, equity and bond markets, ETF strategies, geopolitical risk, asset allocation, commodities, currencies, and the interplay between risk-on and risk-off positioning.Whether you manage billions or are just getting started, Lead-Lag Live delivers actionable analysis and frameworks you can use — not surface-level market commentary.Originally broadcast live on X Spaces, every conversation is available here as a full-length podcast so you never miss a discussion.Subscribe now and follow @leadlagmedia on X for upcoming live events.
Episodes
Mentioned books
Jun 6, 2025 • 37min
Global Markets Beyond America
Rohit Goel, Partner at Breakout Capital and an expert in global macro trends, dives into the overlooked risks of U.S. fiscal deficits, arguing they could mislead investors into focusing solely on American markets. He highlights emerging opportunities in under-invested regions like Europe and Latin America, emphasizing the importance of country selection in these markets. Rohit also connects potential shifts in capital flows with economic reforms, revealing that successful investing in emerging markets hinges more on national policies than sector choices.
Jun 1, 2025 • 44min
Trading Psychology Unveiled
JJ Kinahan, CEO of IG North America and veteran trader, shares insights on the seismic shifts in retail trading. He discusses how retail traders now have access to professional-grade tools and rapid information flow. The conversation highlights the psychology of traders during market uncertainties, revealing patterns in their moves from ETFs to individual stocks. JJ emphasizes the importance of understanding personal risk tolerance and making calculated decisions, urging new traders to start small and be more strategic.
May 31, 2025 • 41min
Finding the Hidden Gems in Mid-Cap Markets
Seth Cogswell, a contrarian Portfolio Manager at Running Oak and the brains behind the RUNN ETF, challenges the obsession with mega-cap stocks. He highlights the untapped potential of mid-cap companies, which have historically outperformed larger counterparts. Cogswell discusses the dangers of corporate debt and the looming threat of 'zombie companies' in today’s market. He emphasizes the importance of quality investing and advocates for an equal-weight approach to harness opportunities where others overlook, providing fresh insights into navigating complex market dynamics.
7 snips
May 29, 2025 • 44min
The Hidden Bus: Preparing for Market Uncertainty
In this insightful discussion, Brad Barrie, a consultant and portfolio manager at Dynamic Wealth, shares his innovative thoughts on market disruptions. He challenges the traditional view of diversification, arguing that owning more assets doesn’t equate to safety. Using the 'bus you don’t see' analogy, he highlights unnoticed risks that can hit investors hard. Brad also explains his Dynamic Alpha Macro Fund's unique strategy, which combines global macro futures with equities, ensuring genuine non-correlation to enhance stability even in volatility.
May 26, 2025 • 47min
Unlocking China's Potential Through Covered Calls
In this engaging discussion, Jonathan Shelon, COO of KraneShares, highlights the rise of covered call strategies in today’s unpredictable markets. He explains how KLIP, an ETF focused on Chinese internet stocks, manages to generate monthly yields of 3-5%. Shelon emphasizes the benefits of diversifying with Chinese equities, which have appealing valuations compared to U.S. markets. He also explores the vital differences in market cycles between the U.S. and China, offering insights for investors looking to optimize income through international assets.
16 snips
May 25, 2025 • 52min
Navigating Rising Yields
In this engaging discussion, Jim Bianco, a macroeconomic expert and leader of Bianco Research, teams up with Jay Hatfield, a seasoned macro strategist managing $2.6 billion at Infrastructure Capital. They delve into the paradox of rising Treasury yields amidst Fed rate cuts and the implications for investors. Hatfield introduces his "Hopfield Rule," linking housing starts to potential recessions, while Bianco highlights the powerful influence of retail investors in stabilizing markets. The duo also examines the effects of fluctuating oil prices and the evolving landscape of inflation.
May 23, 2025 • 28min
Inside AI: The Future of Technology Investments
Paul Shelton, a growth solutions expert at Columbia Threadneedle Investments, shares insightful perspectives on the evolving tech landscape. He discusses the importance of understanding technology as a transformative force across industries. The conversation highlights Columbia Threadneedle's strategic focus on sustainable competitive advantages and long-term investment patience, evidenced by their successes with tech giants like Microsoft and Amazon. Shelton also addresses the volatility of AI investments and the continued growth of the tech sector amidst various market challenges.
May 22, 2025 • 38min
Money & Markets: Navigating Stagflation
Al Chahidi, a seasoned portfolio manager and author from Evoke Advisors, discusses the pressing issue of stagflation and its implications for investors. He breaks down how the current economic landscape, marked by slow growth and high inflation, challenges traditional portfolio strategies. Chahidi emphasizes the advantages of risk parity approaches and highlights gold as a superior asset, having historically performed well during stagflation. The conversation urges listeners to reconsider their investment strategies in light of these uncertain conditions.
6 snips
May 20, 2025 • 14min
Market Mayhem: Is the Worst Behind Us?
Michael A. Gayed, Publisher of The Lead-Lag Report, shares his keen market insights and macro analysis that often precede major trends. He delves into the fragility of the current market recovery, highlighting the alarming disconnect between credit spreads and small caps. Gayed identifies potential risks in diminishing gold as a safe haven asset and argues that market manipulation is unprecedented, influenced by political rhetoric. His candid thoughts on market signals and investment strategies provide a compelling look at today’s financial dynamics.
May 19, 2025 • 2min
How to Use Options to Catch Sudden Rebounds 🎯📈 — Howard Chan
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