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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Show from 2026-05-22 Host Jeremy Schwartz is joined by Sam Rines, Jeff Weniger, Chris Gannatti and Jon Flynn to discuss geopolitical developments surrounding Iran negotiations, China’s growing pushback on ADRs and solar exports, and contrarian opportunities emerging in India, Europe and gold amid heavy investor outflows. The group also explores Nvidia’s latest earnings, the government’s new investments in quantum computing, and how expectations and capital flows are shaping the next phase of AI,...
Show from 2026-05-15 Host Jeremy Schwartz and Professor Siegel discuss the market reaction to President Trump’s summit with China, with the Prof calling the outcome a disappointment due to tensions around Taiwan, limited progress on Iran and weaker-than-expected economic deals. Professor Siegel also highlights rising oil prices, higher long bond yields and the resilience of the U.S. economy despite growing geopolitical uncertainty and inflation pressures. (12:39) Jeremy continues with Samuel Rin...
Show from 2026-05-08 Host Jeff Weniger and Professor Siegel discuss a much stronger than expected jobs report, the implications for Fed policy and interest rates, and how resilient AI-driven earnings growth continues to support equity markets despite geopolitical uncertainty and elevated oil prices. The Prof also comments on valuations, the declining energy intensity of the economy, and why he would not stand in front of the current momentum-driven market environment. (13:13) Jeremy is joined by...
Show from 2026-05-01 Host Jeremy Schwartz and Professor Siegel discuss the latest Fed meeting dynamics, highlighting the unusual dissents toward a neutral bias and what it signals about the direction of monetary policy, while also reviewing strong economic data including historically low jobless claims, resilient retail sales, and a solid GDP print. Siegel emphasizes continued market strength driven by robust earnings, steady consumer activity, and sustained AI-related capital expenditures, whil...
Show from 24/04/26 Host Jeremy Schwartz and Professor Siegel discuss resilient equity markets amid geopolitical tensions, strong earnings with a high beat rate, and continued strength in AI-driven demand. The Prof highlights steady economic data, manageable oil price pressures, and expectations for a Fed pause with attention turning to future policy decisions and inflation risks. (12:57) Jeremy continues with Chris Gannatti, Jeff Weniger, and Sam Rines to break down a strong earnings season led ...
Show from 17/04/26 Host Jeremy Schwartz and Professor Siegel discuss easing geopolitical tensions in the Middle East, declining oil prices, and the market’s positive reaction driven by liquidity and defense spending. The Prof emphasizes there are no signs of recession despite low consumer sentiment and highlights continued strength in employment and earnings expectations. (12:32) Jeremy continues with Sam Rines, Chris Gannatti, and Jeff Weniger to discuss the market implications of falling oil p...
Hosts Jeremy Schwartz and Professor Siegel analyze inflation concerns, Fed policy, and the impact of rising energy prices on the economy, noting surprising consumer resilience. Sam Rines provides an optimistic geopolitical outlook on oil. Later, Chris Gannatti discusses tech trends like Amazon's AI and the SaaS market, while MacroCharts offers a technical perspective on market positioning, commodity cycles, and opportunities in a normalizing oil environment. The panel also covers a range of investment strategies, from energy and gold to beaten-down tech and consumer discretionary stocks.
Show from 04/03/26 Host Jeremy Schwartz and Professor Siegel discuss a surprisingly strong jobs report, the impact of rising geopolitical tensions and oil prices on the economic outlook, and the recent acceleration in money supply and its implications for Fed policy. Professor Siegel notes that while the labor market remains firm and long-term optimism persists, increased uncertainty from war and inflation risks warrants more short-term caution. (11:42) Jeremy continues with Chris Gannatti and J...
Show from 03/27/26 Host Jeremy Schwartz, joined by Jeff Weniger, Michael Fridman, and Chris Gannatti, discuss the recent tech-led market selloff, compression in equity valuations, and geopolitical-driven volatility impacting oil, rates, and global markets. They highlight that despite multiple contraction, forward earnings expectations remain intact, while dislocations in areas like cybersecurity and AI-linked equities may present selective opportunities. (59:58) Jeremy continues with Jamie Hopki...
Show from 03/20/26 Host Jeremy Schwartz is joined by Sam Rines and Chris Gannatti to break down the broader market and macro landscape. Sam analyzes the geopolitical situation involving Iran, energy markets, and global responses, noting potential de-escalation and limited long-term economic damage. Chris dives into major themes from NVIDIA’s GTC event, including the rise of AI agents, token-based productivity, and the accelerating shift toward physical AI such as robotics and autonomous systems....
Show from 03/13/26 Host Jeremy Schwartz and the WisdomTree team begin the episode discussing the surge in oil prices tied to tensions in the Middle East and how higher energy costs could affect consumers, transportation, and global supply chains. They also examine stress signals in private credit markets, the divergence between private equity firms and the broader S&P 500, and the recent rotation away from mega-cap tech despite improving valuations. The group closes the segment with a discus...
Show from 03/06/26 Host Jeremy Schwartz and Professor Siegel discuss the surprisingly weak payroll report and how it contrasts with strong economic indicators like ISM data and retail sales, with the Professor suggesting rising productivity—potentially driven by AI—may explain how GDP remains strong with little job growth. They also review geopolitical tensions involving Iran, rising oil prices, and the Strait of Hormuz, with Siegel noting energy shocks could pressure markets but would not likel...
Show from 02/27/26 Host Jeremy Schwartz and Professor Siegel discuss Professor Siegel’s response to a viral AI “doomsday” scenario, emphasizing that productivity gains from AI would expand output, wages and leisure rather than cause mass permanent unemployment, and arguing that macroeconomic growth from higher productivity would generate trillions in new income to absorb displaced workers. He also weighs in on falling 10-year yields, recent inflation data, oil risks tied to Iran, productivity tr...
Show from 02/20/26 Host Jeremy Schwartz and Professor Siegel break down the latest GDP report, PCE inflation data and housing trends, with the Professor noting that fourth quarter growth was not as weak as headlines suggested once government distortions are adjusted for and that differences between CPI and PCE components explain the recent upside surprise in inflation. He emphasizes that the Supreme Court’s pending tariff ruling and rising tensions with Iran are far more important to markets in ...
Show from 02/13/26 Host Jeremy Schwartz and Professor Siegel discuss a strong employment report and a softer-than-expected CPI print, highlighting rising real wages, easing rental inflation, and stabilization in unemployment claims. Professor Siegel also addresses growing AI-driven market anxiety, tariff developments, and why he believes the ongoing rotation away from the MAG-7 does not derail the broader bull market. (35:13) Jeremy is joined by Jeff Wenniger, Sam Rines, and Chris Gannatti to br...
Show from 02/06/26 Host Jeremy Schwartz discusses recent volatility across asset classes, including sharp drawdowns in commodities, bitcoin, and select software stocks. (1:38) Jeremy continues the conversation with Blake Heimann and Michael Fridman, former PM at a major Israeli insurer, and the WisdomTree research team. The discussion centers around AI capital expenditure, the sustainability of tech valuations, and the rotation from mega-cap names into more niche infrastructure and semiconductor...
Show from 01/30/26 Host Jeremy Schwartz and Professor Siegel discuss the appointment of Kevin Warsh as incoming Fed Chair, expressing optimism about his independence and stance on inflation. The Professor also comments on the latest inflation print, the Fed’s balance sheet strategy, and the potential impact of tariffs and money supply trends. (13:43) Jeremy is joined by Chris Gannatti, Sam Rines, and Jeff Weniger for a wide-ranging conversation covering tech earnings from Meta and Microsoft, the...
Show from 01/23/26 Host Jeremy Schwartz and Professor Siegel discuss updates on the Fed chair race, government shutdown prospects, and delayed tariff rulings. The Professor sees strong economic momentum, rising productivity, and continued strength in value and small-cap stocks. (11:23) Jeremy continues the conversation with Dave Goodson, Head of Securitized Credit at Voya, who discusses bond market reactions to recent policy announcements, including the $200 billion GSE purchase program and its ...
Show from 09/16/26 Host Jeremy Schwartz and Professor Siegel assess recent market data, including mixed signals from CPI and PPI, speculation about Q4 GDP being between 2% and 5%, and jobless claims falling below 200K. Professor Siegel also discusses the Fed’s direction amid political distractions and sees continued momentum for small caps amid easing mortgage spreads. (22:32) Jeremy is joined by WisdomTree’s Jeff Weniger, Chris Gannatti, and Sam Rines to dive into market rotation, the AI narrat...
Show from 09/01/26 Host Jeremy Schwartz and Professor Siegel discuss the strong jobs report, a surprising GDP revision from the Atlanta Fed, and the evolving political developments in Venezuela and Iran. The Professor also offers thoughts on Trump’s potential Fed chair picks, productivity growth, and AI's impact on markets. (17:09) Jeremy continues with Sam Rines to dive deeper into the geopolitics of oil in Venezuela and Guyana, how it impacts WTI pricing, and why refiners and MLPs may benefit....
Show from 02/01/26 Host Jeremy Schwartz and Professor Siegel discuss the strong start to 2026, noting positive holiday spending, a dip in jobless claims, and the potential for a 3% Q4 GDP growth. Professor Siegel outlines three key market events to watch in January: the risk of a government shutdown, the Supreme Court’s decision on tariffs, and the selection of the new Fed chair. (12:34) Jeremy continues with guests Sam Rines and Jeff Weniger, who delve into geopolitical tensions impacting oil m...
Show from 12/19/25 Host Jeremy Schwartz and Professor Siegel discuss the final CPI report of the year and the broader inflation outlook. The Prof notes that shelter components are finally weighing on inflation, and expects a continued downward trend into 2026. He sees room for the Fed to cut rates if the economy weakens, and believes markets are well-positioned heading into the new year. (09:03) Jeremy continues with guest Andreas Kern, founder of Wikifolio, to explore how German retail investor...
Show from 12/12/25 Host Jeremy Schwartz and Professor Siegel reflect on the Fed's latest meeting and its dovish tone, noting signs of a market rotation beyond the "Magnificent Seven" stocks. Professor Siegel highlighted potential market risks from a Supreme Court tariff ruling and a possible government shutdown, while remaining optimistic on inflation and economic momentum heading into 2026. (11:20) Jeremy continues with Chris Gannatti and Sam Rines, exploring AI’s evolving role in corporate str...
Show from 12/05/25 Host Jeremy Schwartz and Professor Siegel opened this week’s episode reflecting on the changing nature of Black Friday, ongoing consumer strength, and the outlook for interest rate cuts amid mixed economic data. The Professor discussed Kevin Hassett’s emergence as a top Fed Chair candidate, tech sector volatility, and competition in the AI space. (10:39) Jeremy continues with Sam Rines and Chris Gannatti for a special Thanksgiving episode, joined by their children to explore y...
Show from 11/28/25 Host Jeremy Schwartz and Professor Siegel opened this week’s episode reflecting on the changing nature of Black Friday, ongoing consumer strength, and the outlook for interest rate cuts amid mixed economic data. The Professor discussed Kevin Hassett’s emergence as a top Fed Chair candidate, tech sector volatility, and competition in the AI space. (10:39) Jeremy continues with Sam Rines and Chris Gannatti for a special Thanksgiving episode, joined by their children to explore y...
Show from 11/21/25 Host Jeremy Schwartz and Professor Siegel unpack the week's key market themes, focusing on Nvidia’s earnings volatility, jobless claims trends, and potential monetary policy shifts. The Professor highlights creeping continuing claims, waning private credit enthusiasm, and questions surrounding AI investment’s return on capital. (16:07) Jeremy continues with Sam and Jeff to assess Nvidia’s post-earnings dip, Google's AI strides with Gemini 3, and shifting tech leadership. The g...
Show from 11/14/25 Host Jeremy Schwartz and Professor Siegel discuss the market reaction to the government shutdown, the Fed's hawkish stance, and AI-driven market surges. The Professor critiques the Fed’s focus on inflation drivers like insurance rates, revisits debates on equity-risk premiums at a recent CFA Society event, and addresses the long-term outlook for stocks versus bonds. (15:18) Jeremy is joined by Jeff, Chris, and Sam for a wide-ranging discussion on the AI-driven tech buildout an...
Show from 11/07/25 Host Jeremy Schwartz and Professor Siegel discuss conflicting jobs data amid the government shutdown, political fallout from the recent elections, and the implications of potential Supreme Court rulings on tariffs. The Professor warns about the possible economic drag from the shutdown during the holiday season and offers his market perspective, noting AI investment strength and skepticism around market bubble fears. (15:00) Jeremy continues with guests Jeff Weniger, Chris Gann...
Show from 10/31/25 Jeremy is joined by Sam Rines, Jeff Weniger, and Chris Gannatti, who analyze big tech earnings from Amazon, Meta, and others, emphasizing the early stages of the AI investment boom. The group discusses the infrastructure demands of data centers, energy policy challenges, and geopolitical developments following Trump’s Asia tour. They close by exploring how companies beyond tech are benefiting from AI, implications of potential government shutdowns, and the resilience of consum...
