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
Feb 11, 2026 • 15min
Trust Is Gone: Ted Oakley on Inflation, Fed Failure, and Why Energy Looks Undervalued
Ted Oakley, founder of Oxbow Advisors with 40+ years advising wealthy clients, explains why inflation may stay sticky and why Federal Reserve guidance is unreliable. He contrasts mega-cap concentration risk with undervalued energy, highlights PPI as an early CPI signal, and outlines separating base capital from investment capital as a survival strategy.
Feb 11, 2026 • 19min
Leverage Without Speculation: David Dziekanski on Return Stacking, Income ETFs, and Portfolio Risk
David Dziekanski, founder and portfolio manager at Quantify Funds, explains return stacking and how leverage can be designed for buy-and-hold investors. He discusses income-stacked ETFs versus simple option funds. He covers why ETF wrappers matter for fees and liquidity. He also talks about combining assets like Bitcoin and gold and where income stacks fit in portfolios.
Feb 11, 2026 • 18min
Commodities Are Back: John Love on Energy Shocks, Precious Metals, and the New Risk Premium
John Love, President and CEO of USCF and commodities specialist, walks through why energy and metals matter again. He discusses natural gas fragility after extreme weather. He explains oil’s heightened geopolitical risk premium. He unpacks gold and silver rallies and contrasts targeted commodity strategies with broad indexes.
Feb 5, 2026 • 12min
Diversification Is Misunderstood: Alex Shahidi on Inflation Risk, Portfolio Balance, and Investing Into 2026
Alex Shahidi, Managing Partner and Co-CIO at Evoke Advisors and co-creator of RPAR ETFs, explains why conventional diversification is failing as inflation stays sticky and political risks rise. He covers how stocks and bonds can move together, why real hedges like commodities, gold and TIPS need meaningful weights, and how risk parity seeks balance across macro outcomes.
Feb 5, 2026 • 32min
Discipline vs Mania: Seth Cogswell on 1999 Parallels, AI Excess, and Why Risk Is Being Ignored
Seth Cogswell, Managing Partner at Running Oak Capital, is a valuation-aware investor focused on risk-managed portfolio construction. He compares today’s concentration to 1999, flags AI spending and NVIDIA-dependent assumptions as potential excess, and talks about balancing disciplined protection with selective growth exposure in crowded markets.
Jan 21, 2026 • 14min
Global Rotation Underway: Hervé Van Caloen on Japan’s Revival, Semiconductors, and Defense Spending
Hervé Van Caloen, Owner and Portfolio Manager at Mercator Investment Management, dives into exciting trends on a global scale. He discusses Japan's robust market recovery driven by ambitious reforms and stimulus. The conversation shifts to semiconductors, exploring how a few companies dominate the market. Hervé highlights the upcoming surge in defense and space spending, alongside AI's impact on infrastructure and electricity demand. He emphasizes the importance of global diversification as U.S. valuations stretch, making a compelling case for investors.
Jan 21, 2026 • 15min
Equity Isn’t Ownership: Kaitlyn Walsh on Stock Options, Tax Traps, and the Mistakes Employees Regret
Kaitlyn Walsh, a wealth advisor and equity analyst, dives into the complexities of employee stock options. She clarifies that owning options doesn't equate to owning shares, creating a common misconception. Kaitlyn discusses the importance of understanding fair market value and how strike prices work. She highlights common mistakes made around vesting and exercising options, and warns of unexpected tax implications. Additionally, she emphasizes the necessity of meticulous record-keeping to avoid costly errors down the line.
Jan 21, 2026 • 20min
Inside Xtrackers XAIX: Why Most AI ETFs Get It Wrong and How XAIX Does It Better
Aram Babikian, a representative from DWS Xtrackers and an expert in AI-focused ETF strategy, delves into the nuances of investing in artificial intelligence. He shares how XAIX distinguishes itself by utilizing R&D spending and patent activity as key indicators of genuine innovation. Babikian explains why non-tech companies, like major banks, can be found in AI portfolios and discusses the risks and rewards of incorporating AI investments. He also provides insights on portfolio construction and how advisors can effectively size their AI allocations.
Jan 21, 2026 • 14min
Why Power Is the Real Bottleneck in AI, Drones & Telecom | KULR CEO
Michael Mo, CEO of KULR Technology Group, discusses the crucial role of energy reliability in AI, drones, and telecom. He reveals how power, rather than chips, is emerging as a bottleneck in AI development. Mo highlights KULR's cutting-edge battery systems, backed by NASA technology, aimed at electrification. Topics include the $30M telecom deal, replacing outdated lead-acid batteries, and the Cooler One platform for UAVs. The conversation also touches on the benefits of Energy-as-a-Service and the importance of safety and reliability in today's power-hungry industries.
9 snips
Jan 16, 2026 • 17min
The Bailout Economy: Luke Lloyd on AI, Liquidity, and Why Retirement Thinking Is Broken
Luke Lloyd, President and CEO of Lloyd Financial Group, dives into the evolving landscape of retirement and economics. He argues that retirement should be about purpose rather than age. Lloyd highlights the impact of AI on job markets and the economy, predicting it will exacerbate the wealth divide and lead to more government bailouts. He stresses the importance of asset ownership in a market influenced by government interventions, while also identifying emerging opportunities in Latin America and technology sectors.
