Behind the Markets Podcast

Show from 2026-10-30

Jeremy Schwartz and Samuel Rines welcome Professor Jeremy Siegel to discuss the Federal Reserve’s latest meeting, the technology selloff, and the upcoming midterm elections. Siegel explains why weakening AI sentiment could push Treasury yields lower and support value stocks, while distinguishing the current pullback from the extreme valuations of the dot-com era. The discussion also explores prediction markets, potential congressional gridlock, and how state elections could influence data center construction.

(21:00) After Professor Siegel signs off, Michael Fridman and Blake Heimann join Schwartz and Rines to examine technology earnings and investors’ growing demands for evidence that AI spending will generate sustainable returns. They contrast Microsoft’s encouraging results with Alphabet’s search monetization challenges, Amazon’s mixed performance, and Intel’s disappointing outlook. Funding needs, free cash flow, and Oracle’s roadmap for capital spending frame a broader debate about AI infrastructure investment. The group also assesses memory chip cyclicality, semiconductor equipment opportunities, and cybersecurity demand as AI makes attacks easier and defenses more essential. Beyond technology, Rines highlights resilient consumer spending and solid results from consumer staples companies. They close by considering whether rising earnings estimates can support a recovery in technology shares and how diversification can help investors navigate the market’s rotation.

WisdomTree: https://www.wisdomtree.com/

Show from 2026-10-23

On this week’s Behind the Markets, Jeremy Schwartz is joined by Professor Jeremy Siegel, Samuel Rines, and Chris Gannatti to discuss market rotations, the AI investment cycle, and the global economic outlook. Professor Siegel examines the sharp shift from growth to value stocks, the impact of AI infrastructure spending on Treasury yields, and upcoming Federal Reserve decisions and economic data. The conversation also explores geopolitical developments involving Russia, Ukraine, and Iran, alongside earnings from major AI players and the sustainability of technology spending. (21:00) Following Professor Siegel’s departure, Jeremy welcomes Patricio Danziger of Eternal Capital, author of “Capital (R)evolution: Nine Global Phenomena Impacting Your Investment Portfolio”. Danziger outlines opportunities across emerging markets, highlighting AI infrastructure in Taiwan and South Korea, political shifts in Latin America, and financial inclusion through Eastern European banks. He discusses China’s economic challenges, India’s long-term growth potential, and opportunities in commodities and copper. The conversation also covers Eternal Capital’s investment process, lessons from past investment mistakes, and the importance of distinguishing structural AI winners from cyclical businesses. Danziger concludes with his outlook for Brazil, where potential interest-rate declines could create opportunities in financial services and truck rentals.

Get the book: ​​https://a.co/d/001wgZzO

About the guest:
Patricio M. Danziger is an economist and MBA from the Booth School of Business at the University of Chicago. He currently runs his own investment firm Eternal Capital Group and holds regular meetings with leaders from around the world, including former presidents, ministers, CEOs, and owners of companies from various industries. He has twenty years of experience as a top-tier investor, during which he won several international awards, including best performing fund in the world in 2021 in its category. He was a partner and member of the investment committee for emerging market strategies at Redwheel, which was among the top three funds in terms of growth in the world in that category between 2015 and 2022. Patricio was also head of global thematic research at the investment company emerging markets team at Redwheel. Previously, he was Managing Director at Everest Capital, where he served as a portfolio manager. Under Patricio’s leadership, both Redwheel and Everest Capital invested billions of dollars in emerging markets.

Patricio on LinkedIn: https://www.linkedin.com/in/patricio-danziger-8a993917/

Eternal Capital: https://www.eternalcapitalgroup.com/

WisdomTree: https://www.wisdomtree.com/investments

Show from 2026-10-16

On this episode of Behind the Markets, Jeremy Schwartz welcomes Professor Jeremy Siegel to discuss inflation data, interest rate volatility, and the market implications of continued AI infrastructure investment. Siegel explains how uncertainty surrounding AI spending could pressure growth stocks while supporting Treasury bonds and value equities through lower yields. He also examines labor market resilience, earnings expectations, and the Federal Reserve’s potential interest rate decisions, emphasizing the importance of diversification. (11:00) Following Siegel’s departure, Jeremy is joined by Chris Gannatti and Samuel Rines for a conversation with Dr. Carly Anderson, co-founder of Timescale Ventures, about emerging investment opportunities in deep technology and the physical economy. Anderson highlights how advances in AI-driven engineering, improved access to capital, and experienced technical talent are accelerating innovation. The discussion explores power constraints facing AI data centers, solid-state transformers, grid modernization, and next-generation cooling technologies. Anderson also examines critical minerals, metals recycling, battery innovation, and opportunities across the growing space economy, including optical communications and laser technologies. The conversation concludes with developments in nuclear fusion, commercialization timelines, and Timescale Ventures’ approach to identifying early-stage companies capable of bringing transformative technologies to market.

About the guest:

Carly is Co-Founder and Managing Director of Timescale Ventures. Carly is passionate about deploying new technology to meet and solve humanity’s challenges. She brings 15+ years of experience across venture capital, startups, technology development, and consulting. Before starting Timescale, she was an investor with deep tech venture firm Prime Movers Lab and SF-based climate tech firm Prelude Ventures. Carly was the first engineer at advanced materials startup Mosaic Materials, which was acquired by Baker-Hughes. She began her career with engineering consulting firm DEI, where she developed and deployed new technologies in commercial nuclear power plants internationally.

Dr. Anderson holds a Ph.D. in Chemical Engineering from UC Berkeley and a BS in Chemical Engineering from Cornell University. She lives in Oakland, CA and enjoys trail running, science fiction, and brunch.

Learn more: https://www.timescale.vc/

Carly on LinkedIn: https://www.linkedin.com/in/carly-e-anderson/

WisdomTree: https://www.wisdomtree.com/investments

Show from 2026-10-09

On this episode of Behind the Markets, Jeremy Schwartz is joined by Professor Jeremy Siegel to discuss the economic outlook, rising bond yields, inflation pressures, and the Federal Reserve’s next moves. Siegel explains why he remains constructive on equities despite higher interest rates, revises his long-term real return expectations upward, and considers how oil prices, geopolitical tensions, and AI investment could influence markets. The conversation also examines the outlook for bonds and the evolving valuations of major technology companies. (13:30) After Professor Siegel signs off, Jeremy continues the discussion with Samuel Rines and Chris Gannatti, exploring Apple's valuation, Tesla's changing investment narrative, and Starlink's potential disruption of traditional telecommunications providers. They examine how rapid advances in artificial intelligence and quantum computing could reshape cybersecurity, encryption, and cryptocurrency markets. The conversation then turns to corporate earnings, including PepsiCo's renewed emphasis on pricing over volume and Starbucks' efforts to improve profitability. The group also highlights the growing importance of cybersecurity as AI adoption accelerates. Looking ahead, they discuss consumer spending resilience, upcoming bank earnings, and the potential for overlooked stocks to benefit from improving sentiment as markets approach 2027.

WisdomTree: https://www.wisdomtree.com/investments

Show from 2026-10-02

Professor Jeremy Siegel opens with his take on the latest payroll report, highlighting softer job growth, improving labor-force participation, steadier hours worked and continued manufacturing gains. He argues the data gives the Federal Reserve room to pause in October, while noting that higher real interest rates remain a challenge for equity valuations. Siegel also discusses oil prices, the continued strength of AI-related spending and why higher borrowing costs may weigh more heavily on lower-margin value companies than on large technology firms.

(12:00) After Siegel departs, Chris Gannatti and Samuel Rines examine the market reaction to the jobs report, the outlook for Fed policy, election-related policy uncertainty and the growing political resistance to data-center development. They also discuss Micron’s strong results, the cyclical nature of memory markets and the global search for locations with sufficient power and cooling capacity for AI infrastructure. Jeremy Schwartz then speaks with Tom May, founder and CEO of Atlantic House, about WisdomTree’s acquisition of the firm and its expansion into derivatives-based strategies. May explains defined-outcome investing, autocallables, downside protection, volatility risk premia and how customized derivatives can help investors shape portfolio risk and return.

Learn more about Tom: https://www.wisdomtree.com/ch/en/insights/contributors/tom-may

Tom on LinkedIn: https://www.linkedin.com/in/tom-may-716bb612/

WisdomTree: https://www.wisdomtree.com/investments