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Behind the Markets Podcast — Business
Behind the Markets Podcast

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.

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Latest Episodes:

Hot Data, Cold Markets: Navigating the Fed, Economy, and Technology Trends Jan 10, 2025

Show notes

Show from 01/10/25 Host Jeremy Schwartz and Professor Siegel kicked off the episode by discussing the robust job market, the recent surge in inflationary expectations linked to tariffs, and the outlook on interest rates amid real growth concerns. Professor Siegel noted the resilience of commodity prices, the potential for higher long-term rates, and his skepticism about significant rate cuts in 2025, despite positive corporate earnings reports. He also highlighted the impact of rising real rates on stock valuations and his cautious stance on S&P growth projections. (16:08) Jeremy then shifted the conversation to macro strategists Sam Rines and Chris Gennady. Sam emphasized the positive outlook for leisure, hospitality, and business travel sectors, driven by robust consumer demand and stable cost structures. He also discussed the impacts of interest rate movements on financial stocks and energy prices, highlighting the significance of natural gas production in the U.S. Chris provided insights into the latest tech developments, including quantum computing, robotics, and biotech investments by major chipmakers. The discussion concluded with an overview of currency movements, global geopolitical dynamics, and the importance of energy infrastructure, as well as speculation about Canada's potential political and economic shifts. 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/investmen

A cautious take for 2025's market expectations Jan 03, 2025

Show notes

Show from 01/03/25 Host Jeremy Schwartz and Professor Siegel began the first episode of 2025 by reflecting on the market's robust end to 2024 and the economic outlook for the new year. Professor Siegel emphasized the strong but balanced economic data, predicting no changes in Federal Reserve policy for 2025 and cautioning about potential corrections in the market. He discussed key risks, such as narrow market leadership driven by big tech and lingering bond market pressures, while emphasizing the complexities surrounding tariffs and fiscal policy under the new administration. (16:00) Jeremy was then joined by WisdomTree colleagues Sam Rines and Jeff Weniger for an in-depth discussion of 2025 market dynamics. They explored the potential effects of immigration policies on labor markets, the implications of expected tariffs, and evolving geopolitical risks in Europe and Asia. The group highlighted Argentina's surprising economic turnaround, the deflationary pressures stemming from China, and the ongoing investment potential in India and Japan. They also debated Europe's economic resilience, particularly Germany's DAX performance, despite widespread pessimism. The episode concluded with a lighter discussion on consumer trends, including the recent slowdown in fine wine and luxury goods 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. 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 Jeff Weiniger on X: https://x.com/JeffWeniger Wisdom Tree: https://www.wisdomtree.com/investments

2025 Top Ideas and Outlook with Deep Rooted Macro Team Dec 20, 2024

Show notes

Show from 12/20/24 Host Jeremy Schwartz and Professor Siegel recap the Fed’s recent rate cuts and their implications for 2024. Professor Siegel discusses the market's reaction to the Fed’s decisions, inflation indicators, and the evolving economic outlook, emphasizing potential rotation within the market’s major sectors. (13:13) Jeremy continues with WisdomTree’s macro team—Sam Rines, Christopher Gannatti, and Jeff Weniger—covering key global developments. They explore the U.S. government’s fiscal negotiations, Google’s efficiency push in AI, and Japan's investment landscape. The team also discusses market prospects for China, India, and emerging technologies like quantum computing, offering a comprehensive year-end 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

Deep Rooted Macro from Tokyo to DC: Insights on Inflation, Tech and Tariffs Dec 13, 2024

Show notes

Host Jeremy Schwartz and Professor Siegel discuss the tech sector's recent surge, focusing on portfolio rebalancing, the inflation outlook, and upcoming Fed decisions. The professor highlights the resilience of tech stocks, potential market corrections, and expectations for future interest rate cuts. (13:00) Jeremy leads a roundtable with Sam Rines, Jeff Weniger, and Christopher Gannatti covering global markets. They explore economic and geopolitical developments, including Japan's market strength, Korean political risks, and Europe's energy challenges. The team also examines China's volatile market environment, quantum computing advances, and the potential resurgence of Argentina's economy. Looking ahead, they discuss investment themes like AI, IPO activity, and the ongoing tech vs. value stock debate. 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

The best opportunities for fixed income investors Dec 06, 2024

Show notes

Show from 06/12/24 Host Jeremy Schwartz and Professor Siegel discuss recent economic indicators, highlighting stable jobless claims, a neutral unemployment rate, and market reactions to labor reports. The Professor comments on inflation expectations, monetary policy, and a potential December equity rally while cautioning against market consensus. He forecasts moderate Fed rate cuts in 2025 and notes AI's role in future productivity. (16:00) Jeremy continues with guests Harley Bassman of Simplify and Dave Goodson of Voya, exploring fixed income strategies and opportunities in the mortgage and securitized credit markets. They discuss the appeal of newly issued mortgage bonds, challenges in the corporate credit landscape, and the implications of policy uncertainty. Harley emphasizes the benefits of selling optionality in mortgages, while Dave highlights the relative value in agency RMBS and structured credit markets. Both delve into the dynamics of private credit growth and the evolving role of volatility in investment strategies. Guest: Harley Bassman created, marketed and traded a wide variety of derivative and structured products during his twenty six year career at Merrill Lynch. In 1985 he created the OPOSSMS mortgage options product that facilitated risk transmission between MBS originators and financial institutions. In 1988, he assumed responsibility for trading and marketing IO/PO and other levered prepayment securities. Soon after this, he started purchasing RTC auctioned MBS Servicing rights and repackaged them for the securities market as BIGS - Beneficial Interests in GNMA Servicing. Later, he started a GNMA servicing conduit becoming one of the Top 20 originators in 1992. As managing and hedging prepayment risk became a priority focus for the financial markets, Mr. Bassman created PRESERV, Merrill's trademarked Prepayment Cap product. Merrill was a leader in this product category writing protection that covered the risk on tens of billions of notional mortgage servicing rights. Later, Mr. Bassman managed Merrill's initial venture into off-balance sheet mortgage trading. Dave Goodson is a managing director, head of securitized fixed income and a senior portfolio manager for non-agency and agency mortgage-backed securities, commercial mortgage-backed securities and asset-backed securities strategies at Voya Investment Management. Prior to joining Voya, he was a principal at an independent investment bank focused on asset-backed commercial paper transactions. Previously, Dave began his career as a vice president in Wachovia Securities’ asset-backed finance group, marketing and executing securitizations for the bank’s corporate clients. He earned a BS in management from the Georgia Institute of Technology Follow Harley Bassman on X: https://x.com/ConvexityMaven Follow David Goodson on X: https://x.com/dg_davidgoodson Simplify: https://www.simplify.us/ Voya: https://www.voya.com/

The Bull Market Continues: It’s Just Math Nov 22, 2024

Show notes

Show from 11/22/24 Host Jeremy Schwartz and Professor Siegel discuss recent market developments, highlighting a continued strength in jobless claims, the Fed's future rate adjustments, and the implications of Bitcoin's rise toward $100,000. The Prof also shared his perspective on economic indicators such as inflation expectations, with attention to upcoming CPI and employment reports, before concluding with a note on the importance of fiscal policies for market dynamics. (12:00) Jeremy is then joined by J.C. Parets, founder of AllStarCharts.com, to analyze the current market environment through the lens of technical analysis. J.C. details the methodologies behind his market outlook, emphasizing the importance of identifying the prevailing market cycle to optimize strategies. He discusses key charts that signal market strength, including Amazon, Bitcoin, small caps, and the Dow Jones Transportation Average. Additionally, J.C. highlights sector trends in technology and biotech, providing insights into areas showing relative strength. The conversation rounds out with a focus on the evolution of the cryptocurrency market and its growing significance in the broader financial ecosystem. Guest: JC Parets, who holds a Chartered Market Technician (CMT) designation, is the founder of All Star Charts and is one of the most widely followed Technical Analysts in the world. All Star Charts is a research platform for both professional and retail investors covering US and International stocks, interest rates, commodities and forex markets. Follow J.C Parets on LinkedIn: https://www.linkedin.com/in/jcparetscmt To get the charts discussed in the podcasts, please visit http://Getthecharts.com

Granny meets DOGE: What’s Next for Markets Nov 15, 2024

Show notes

Show from 11/15/24 Host Jeremy Schwartz and Professor Siegel discuss the latest market developments, including CPI and PPI inflation data and its implications for the Fed's policy. Professor Siegel highlights the challenges of higher long-term interest rates and the potential for recalibration in the Fed’s neutral rate estimation. (8:00) Jeremy continues with guest Thomas Lee, founder of Fundstrat, who shares insights on the economic outlook, the role of betting markets in forecasting, and the evolving landscape of crypto assets. They also delve into the prospects for small-cap stocks, AI’s transformative potential, and the launch of Fundstrat's "Granny Shots" ETF, a strategy based on multi-thematic investments. Guest: Thomas Lee is a Managing Partner and the Head of Research at Fundstrat Global Advisors. He is an accomplished Wall Street strategist with over 25 years of experience in equity research, and has been top-ranked by Institutional Investor every year since 1998. Prior to co-founding Fundstrat, he served as J.P. Morgan’s Chief Equity Strategist from 2007 to 2014, and previously as Managing Director at Salomon Smith Barney. His areas of expertise include Market Strategy, Small/Mid-Cap Strategy and Telecom Services. Mr. Lee received his BSE from the Wharton School at University of Pennsylvania with concentrations in Finance and Accounting. He is a CFA charterholder and is an active member of NYSSA and the NY Economic Club. Follow Thomas Lee on LinkedIn: https://www.linkedin.com/in/thomas-tom-lee Fundstrat: https://fundstrat.com/

Deep Rooted Realities: The Election and Markets Nov 08, 2024

Show notes

Show from 11/08/24 Host Jeremy Schwartz and Professor Siegel reflect on the intense week in the markets, touching on the Federal Reserve’s latest rate decision, upcoming economic data, and the potential impacts of political changes following the U.S. election. Professor Siegel also notes the significant market reaction to the election results, particularly regarding fiscal policies, tariffs, and tax concerns. (13:10) Jeremy turns to his panel, with guests Sam Rines, Jeff Weniger, and Christopher Gannatti, to delve into global shifts in trade, the nearshoring trend, and China’s economic outlook. They discuss the impacts of geopolitical events on market stability, as well as shifts in sectors like tech, real estate, and small-cap stocks. Additionally, the conversation highlights changing dynamics in U.S. housing, energy, and healthcare sectors under the current economic 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. 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

Deep Rooted Macro: Jobs, Rates and the Election Nov 01, 2024

Show notes

Show from 11/01/24 Host Jeremy Schwartz and Professor Siegel discuss the recent jobs report, with Professor Siegel noting that while the labor market shows signs of slowing, it remains strong enough to avoid immediate recession concerns. They also talk about potential Fed rate cuts and Siegel’s view that bond market conditions may reflect defensiveness around political uncertainties ahead of the election. (16:00) Jeremy is joined by WisdomTree colleagues Sam Rines, Chris Gannatti, and Jeff Weniger to discuss upcoming election implications for markets, insights from recent earnings, and the outlook for China. They cover sector-specific earnings impacts, especially within tech, automotive, and real estate, and examine evolving investor sentiment towards China. The conversation wraps with insights on AI investment trends and the importance of data security uses of AI in financial data, and his venture investments in early-stage tech companies. 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

What we learned at Stocktoberfest Oct 25, 2024

Show notes

Show from 10/25/24 Host Jeremy Schwartz and Professor Siegel cover recent economic trends, highlighting a slight drop in jobless claims and strong third-quarter GDP forecasts. Professor Siegel notes market stability, a potential November Fed rate pause, and rising bond yields driven by election dynamics. (11:10) Jeremy continues with guest Howard Lindzon, co-founder of StockTwits and Social Leverage. They discuss the evolving “degenerate economy,” meme coins, and the role of companies like Google, Robinhood, and Coinbase in this speculative market space. Lindzon also shares insights on StockTwits’ growth, future uses of AI in financial data, and his venture investments in early-stage tech companies. Guest: Howard Lindzon is a Canadian Author, financial analyst, technical analyst and super angel investor. Lindzon manages a hedge fund, serves as managing partner of the holding company Social Leverage, limited partner at Knight's Bridge Capital Partners, and is the co-founder of StockTwits. Follow Howard on LinkedIn: https://www.linkedin.com/in/howardlindzon StockTwits: https://stocktwits.com/ Social Leverage:https://www.socialleverage.com

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