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    Business

    The Pain Trade Podcast

    The Pain Trade Podcast — what it costs, and what it pays.

    In markets, the pain trade is the position that hurts to hold, and pays because it hurts. Every field has one: the last rep, the lean years, the comeback nobody expected.

    Weekly in-studio conversations with people who overcame what should have broken them — in business, in markets, in health, in life.

    Hosted by Michael A. Gayed, CFA — active portfolio manager, five-time Dow Award winner, founder of Lead-Lag Media, and publisher of The Lead-Lag Report.

    Health, fitness, finance, entrepreneurship, and the struggle that connects them. New episodes weekly.

    Advertise

    Copyright: © 2023 Lead-Lag Publishing, LLC

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    Latest Episodes:
    The Forgotten Hedge: Brandon Thor on Gold, Sovereignty, and Beating Wall Street’s Game Sep 18, 2025
    Show notes

    In this episode of Lead-Lag Live, I sit down with Brandon Thor, CEO of Thor Metals Group, to challenge the narratives that have sidelined gold in modern portfolios.
    As gold hits fresh highs amid rate cut bets, soaring debt, and a weakening dollar, Brandon explains why less than 1% of investors actually hold it—and why that may be the biggest oversight in wealth protection today.
    In this episode:
    – Why Wall Street’s revenue model discourages gold ownership
    – How Thor Metals Group is breaking industry gimmicks and markups
    – Why crypto is not the “new gold” despite the marketing
    – The generational wealth gap shaping who owns gold
    – How to think about gold as real diversification, not a fear trade
    Lead-Lag Live brings you inside conversations with the financial thinkers who shape markets. Subscribe for interviews that go deeper than the noise.
    #LeadLagLive #BrandonThor #Gold #PreciousMetals #Diversification #GoldStocks

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    High Yield and Rate Strategy Unveiled Sep 12, 2025
    Show notes

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    Data vs Reality: Jay Hatfield on Jobs Revisions, Fed Cuts, and Where Value Hides Sep 04, 2025
    Show notes

    During this webinar, Jay Hatfield, CEO of Infrastructure Capital, cuts through the noise around jobs revisions, Fed policy, and where investors should be positioning now.

    From outdated government data to the bond rally and the fate of small caps and REITs, Hatfield explains why the real risks are different from the headlines — and how investors can navigate a slowing economy without overreacting.

    In this webinar:
    – Why BLS jobs data is unreliable in a real-time economy
    – How bond markets are signaling deeper Fed cuts ahead
    – The case for small caps and REITs into year-end
    – Where to find yield with less downside risk
    – Why tariffs are a distraction compared to Fed policy tightening

    Lead-Lag Live brings you inside conversations with the financial thinkers who shape markets. Subscribe for interviews that go deeper than the noise.

    #LeadLagLive#JobsReport #FedCuts #SmallCaps #REITs #BondMarket

    Sign up to The Lead-Lag Report on Substack and get 30% off the annual subscription today by visiting http://theleadlag.report/leadlaglive.


    Support the show


    Rates vs Reality: David Busch on Fed Signals, Inflation, and Positioning for Year-End Sep 04, 2025
    Show notes

    In this episode of Lead-Lag Live, I sit down with David Busch, CFA and Co-Chief Investment Officer at Trajan Wealth, to cut through the noise after Powell’s Jackson Hole speech and the latest inflation data.

    With CPI softening, PPI still hot, and Fed policy hanging in the balance, David explains how investors should think about rates, risk, and portfolio allocation as volatility looms into the fall.

    In this episode:
    – How Powell’s “data dependent” tone shapes the Fed’s path
    – Why CPI vs PPI is creating mixed signals for inflation
    – The growth vs value dilemma in equity positioning
    – Credit and consumer data showing cracks beneath the surface
    – Why bonds offer a rare generational opportunity today

    Lead-Lag Live brings you inside conversations with the financial thinkers who shape markets. Subscribe for interviews that go deeper than the noise.

    #LeadLagLive #Fed #Inflation #Rates #Markets #Bonds

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    Narratives vs Numbers: Brendan Ahern on EM Growth, Dollar Flows, and What Investors Miss Sep 03, 2025
    Show notes

    In this episode of Lead-Lag Live, I sit down with Brendan Ahern, Chief Investment Officer at KraneShares, to separate narrative from data on non-U.S. and emerging markets.
    From index-construction quirks to the impact of a weaker dollar, Brendan lays out why headline EM returns can hide powerful growth — and how investors might be looking in the wrong places.
    In this episode:
    – Why headline EM returns can mask strong tech-led performance
    – How stripping out banks/energy/SOEs changes the EM picture
    – What a weaker dollar means for global rebalancing out of U.S. equities
    – Where growth actually lives: names like TSMC, Alibaba, Tencent, Mercado Libre
    – How to think about EM “growth factor” exposure alongside broader EM allocations
    Lead-Lag Live brings you inside conversations with the financial thinkers who shape markets. Subscribe for interviews that go deeper than the noise.
    #LeadLagLive #EmergingMarkets #Investing #GlobalEquities #USDollar

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    Weekly Payouts from Volatility? Will Rhind on GraniteShares YieldBOOST ETFs Aug 27, 2025
    Show notes

    In this episode of Lead-Lag Live, I sit down with William Rhind, Founder and CEO of GraniteShares, to dig into the firm’s YieldBOOST ETF lineup, a strategy designed to generate high weekly distributions by selling options on volatile assets like Tesla, Bitcoin, and Coinbase.
    We break down how these funds work, the real risks behind the high yields, and why demand for weekly-paying income ETFs is surging in today’s market.
    In this episode:
    - How Yield Boost ETFs generate double, and triple-digit yields
    - Why buying downside protection makes this different from traditional covered calls
    - What NAV erosion is —and how these ETFs mitigate it
    - Weekly distributions explained: frequency, payouts, and investor demand
    - What’s next in the Yield Boost lineup, and how you can follow the latest launches
    Lead-Lag Live brings you inside conversations with top financial minds shaping markets in real time.
    Subscribe for more interviews, insights, and raw takes that cut deeper than the headlines.
    #LeadLagLive #GraniteShares #WillRhind #ETFs #OptionsTrading #WeeklyIncome #YieldBoost #IncomeInvesting #Bitcoin #Tesla #Coinbase

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    Fantasy vs Fundamentals: Seth Cogswell on Bubbles, Passive Flows, and What Breaks Next Aug 26, 2025
    Show notes

    In this episode of Lead‑Lag Live, I sit down with Seth Cogswell, Founding Partner and Portfolio Manager at Running Oak, to cut through the hype and examine what’s really underpinning today’s market momentum.
    From zombie companies to the staggering dominance of passive investing, Seth lays out how fundamentals no longer align with price—and why the next correction may be bigger than it looks.
    In this episode:
    – Why today’s market strength is more fantasy than fact
    – The hidden risks built into passive strategies
    – The destabilizing role of concentrated index flows
    – How Fed stimulus has delayed, not eliminated, downside risk
    – Why mid- and small-cap names matter when the narrative shifts
    Lead‑Lag Live brings you inside conversations with the financial thinkers who shape markets.
    Subscribe for interviews that go deeper than the noise.
    #LeadLagLive #Markets #Investing #SethCogswell #PassiveInvesting #MarketFragility #RunningOak

    Sign up to The Lead-Lag Report on Substack and get 30% off the annual subscription today by visiting http://theleadlag.report/leadlaglive.


    Support the show


    Wall Street Meets Humanitarianism: RSU Founder Iryna Vashchuk Discipio Joins Gayed, Block & CNBC Aug 23, 2025
    Show notes

    Join this powerful and heartfelt panel discussion on how American veterans are stepping up to support Ukraine's fight for freedom. Featuring inspiring stories from Adam Kishleski, a retired Marine and CEO of MLB Outdoors, and Irina Vashchuk, founder of Revived Soldiers Ukraine, this video highlights the incredible resilience of Ukrainian soldiers and the crucial role of U.S. veterans and charities in providing medical aid, rehabilitation, and hope. Discover how individuals and organizations are making a difference in the lives of those affected by war. Watch now to learn how you can help support this vital mission. Together, we can make an impact.
    #ukraine #ukrainewar #military #charity #usveteransukraine

    Sign up to The Lead-Lag Report on Substack and get 30% off the annual subscription today by visiting http://theleadlag.report/leadlaglive.


    Support the show


    Inside ETF Strategy: Paul Baiocchi on Market Shifts and Innovation at SS&C ALPS Aug 21, 2025
    Show notes

    In this episode of Lead-Lag Live, I sit down with Paul Baiocchi, CFA, Head of Fund Sales and Strategy at SS&C ALPS Advisors, to explore the strategies shaping today’s ETF landscape.
    We dig into how ALPS differentiates itself in a crowded market, the role of innovation in fund design, and where investors should be looking for opportunities as flows shift and volatility stays elevated.
    In this episode:
    - What sets SS&C ALPS Advisors apart in ETF strategy
    - How investors are positioning portfolios in today’s market
    - Why fund innovation matters more than ever
    - The outlook for active ETFs and thematic strategies
    - Where Paul sees opportunities and risks ahead
    Lead-Lag Live brings you inside conversations with top financial minds shaping markets in real time.
    Subscribe for more interviews, insights, and raw takes that cut deeper than the headlines.
    #LeadLagLive #Investing #ETFs #PaulBaiocchi #ALPSAdvisors #SS&C #Markets

    Sign up to The Lead-Lag Report on Substack and get 30% off the annual subscription today by visiting http://theleadlag.report/leadlaglive.


    Support the show


    Balanced or Broken? Jay Hatfield on Rates, Inflation, and Market Risks Aug 20, 2025
    Show notes

    In this episode of Lead-Lag Live, I sit down with Jay Hatfield, CEO of Infrastructure Capital Advisors, to talk about the biggest risks shaping markets right now — from sticky inflation to ballooning government debt.
    We dig into why markets may be underestimating the Fed, how high interest costs could push the U.S. closer to a debt crisis, and whether equities can hold up in a higher-for-longer environment.
    In this episode:
    - Why inflation remains a “tough nut to crack”
    - The risk of debt spiraling as Treasury costs climb
    - How Fed policy is boxed in by fiscal realities
    - The outlook for equities and bonds in 2025
    - Where investors should look for stability in uncertain times
    Lead-Lag Live brings you inside conversations with top financial minds shaping markets in real time.
    Subscribe for more interviews, insights, and raw takes that cut deeper than the headlines.
    #LeadLagLive #Investing #JayHatfield #DebtCrisis #Inflation #Fed #Markets

    Support the show


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