Lead-Lag Live
By: Michael A. Gayed, CFA
Language: en-us
Categories: Business, Investing, Education
Welcome to the Lead-Lag Live podcast, where we bring you live unscripted conversations with thought leaders in the world of finance, economics, and investing. Hosted by Melanie Schaffer each episode dives deep into the minds of industry experts to discuss current market trends, investment strategies, and the global economic landscape.In this exciting series, you'll have the rare opportunity to join Melanie Schaffer as she connects with prominent thought leaders for captivating discussions in real-time. The Lead-Lag Live podcast aims to provide valuable insights, analysis, and actionable advice for investors and financial professionals alike.As a dedicated listener, you can...
Episodes
The Advisor Marketing Blind Spot: Mike Barrasso on Intent Data, AI Outreach, and Finding Clients Before They Call
Dec 15, 2025In this episode of Lead-Lag Live, I sit down with Mike Barrasso, Co-Founder and CEO of WealthReach, to uncover one of the biggest blind spots in advisor growth: knowing who is researching you before they ever reach out.
From intent data and website visitor identification to compliant AI-driven outreach, Barrasso explains how advisors can stop wasting marketing spend and start engaging prospects at the exact moment they are actively looking for help.
In this episode:
– Why over 90 percent of advisor website traffic disappears without a trace
– How intent data reveals who is a...
Emerging Markets: Brendan Ahern on Internet Growth and Single Stock ETFs
Dec 11, 2025Emerging markets are changing fast. Old economy sectors like banks and energy no longer define the space. Instead, growth is being driven by internet platforms, tech enabled consumer companies, and new economy business models reshaping how investors approach EM exposure.
In this Lead-Lag Deep Dive, Melanie Schaffer sits down with Brendan Ahern, Chief Investment Officer at KraneShares, to break down how this transformation is unfolding and what investors need to understand about both broad EM strategies and single stock levered ETFs.
Ahern explains the mechanics of daily leveraged ETFs, why fundamentals for companies like Alibaba, M...
The New Cash Strategy: How TRSY Helps Investors Navigate Today’s Yield Landscape
Dec 09, 2025Short term yields have shifted, liquidity matters more than ever, and investors are rethinking how to manage cash efficiently. In this Lead-Lag Deep Dive, Melanie Schaeffer sits down with Aram Babikian to break down the purpose of TRSY, why its structure is different from traditional cash vehicles, and how investors are using it in today’s rate environment.
They explore why liquidity, cost, and transparency are shaping cash decisions, how TRSY compares to CDs, money markets, and ultra short bond funds, and what its treasury-only structure means for both risk and potential tax advantages. Babikian also explains how th...
Global Food Risk: How Brazil’s New Potash Supply Could Reshape Fertilizer, Commodities, and Agriculture
Dec 08, 2025In this episode of Lead-Lag Live, I sit down with Matt Simpson, CEO of Brazil Potash (NYSE: GRO), to break down how the Autazes project could transform fertilizer security for Brazil and shift the balance of power in global agriculture.
From navigating permits and construction milestones to securing long-term offtake agreements for more than 90 percent of expected production, Simpson explains how domestic potash supply could reduce Brazil’s reliance on imports and strengthen global food stability at a time when commodity markets remain volatile.
In this episode:
– Why fertilizer supply is t...
Weekly Income ETFs Explained: GraniteShares + Top Creators Break Down the New Income Investing Boom
Dec 04, 2025In this special Lead-Lag Live webinar sponsored by GraniteShares, Michael Gayed brings together some of the biggest YouTube creators in the income-investing space for a fresh, free-flowing conversation on weekly dividends, options-based income ETFs, yield strategies, and the rise of “living free from your brokerage account.”
Featuring leaders from across the ETF and income-investing world, this session dives into:
Why weekly dividend ETFs have exploded in popularityThe psychology behind income now vs long-term growthHow YieldBoost works — and how it differs from traditional covered callsMyths and misunderstandings about options-based incomeHow creators and investors actually use weekly... Duration: 00:35:01The George Costanza Trade? Options Experts Break Down Smarter Trading Strategies | OptionsAnimal Webinar
Dec 04, 2025Join Michael Gayed, Melanie Schaffer, and the OptionsANIMAL team for a conversation about options trading, risk management, and the famous “George Costanza Trade.”
In this webinar, they chat about:
What the “Costanza approach” really means in tradingHow professional traders manage risk and avoid emotional decisionsHigh-probability setups explained in simple termsOptions strategies that work in volatile marketsActionable tips you can start applying immediatelyWhether you're looking for CE credits, want to improve your trading discipline, or simply want to learn new frameworks from top options educators, this conversation is packed with value.
Lead-Lag Live bri...
Duration: 00:02:37Europe & Japan Are Back: Aram Babikian on HDEF, DBEF & the 2026 International Bull Case
Dec 03, 2025International markets are leading and according to DWS’s Aram Babikian, we’re still in the early innings. In part 1 of this Lead-Lag Deep Dive Series, Melanie Schaeffer sits down with Aram to explore why Europe and Japan are gaining momentum, what’s structurally different this time, and how two key XTrackers ETFs, HDEF and DBEF, are positioned for 2025–2026.
They break down:
- Why Europe, especially Germany, is entering a new era of investment
- Japan’s wage growth, inflation stabilization & corporate reforms
- How DBEF helps reduce currency-driven volatility
- Why...
Greed to Fear: Jay Hatfield on Post-Earnings Volatility, Tech Rotation, and the Case for Income
Dec 03, 2025In this episode of Lead-Lag Live, I sit down with Jay Hatfield, CEO of Infrastructure Capital Advisors, to break down what Nvidia’s blockbuster quarter means for mega-cap tech, why markets fade after earnings season, and the implications for dividend stocks, preferreds, and small caps as rate expectations shift.
From valuation pressure in momentum names to tightening money supply and the path of Fed policy, Hatfield explains where he sees opportunity as volatility resets — and why income strategies may be entering their strongest stretch of the cycle.
In this episode:
– Why st...
Regime Shift Ahead: Alex Shahidi on Inflation Risk, True Diversification, and Building Resilient Portfolios
Dec 03, 2025In this episode of Lead-Lag Live, I sit down with Alex Shahidi, Co-Chief Investment Officer at Evoke Advisors, to unpack the structural forces reshaping markets — from persistent inflation to weakening growth, rising deficits, and the return of macro volatility.
From the limitations of the traditional 60-40 portfolio to the misunderstood mechanics behind risk parity, Shahidi explains how investors can build portfolios that survive multiple economic regimes without relying on forecasts or market timing.
In this episode:
– Why inflation volatility poses the biggest risk to portfolios today
– How the past decade...
Michael Burry’s Warning, AI Math Reality, and the Hollowing Out of “Core”
Dec 03, 2025In this episode of Lead-Lag Live, I sit down with Seth Cogswell, Managing Partner at Running Oak Capital, to break down Michael Burry’s warnings about depreciation manipulation, inflated AI earnings, and the concentration risk dominating today’s market.
From the speed of chip innovation to the widening gap between revenue and AI CapEx, Cogswell explains why valuations at the top of the S&P 500 may be far more stretched than investors realize — and why diversified, valuation-discipline strategies could be the antidote to extreme concentration.
In this episode:
– Why extending deprecia...
Humanoid Robots Are Coming: Investing in the KOID Opportunity
Nov 25, 2025In this episode of Lead-Lag Live, Michael Gayed sits down with Cole Wenner from KraneShares to break down the rise of humanoid robots and why the theme is moving from cool demos to real-world deployment. Cole explains embodied intelligence, the labor and aging-population pressures driving demand, and where humanoids are likely to show up first — warehouses, factories, hospitals, and eventually the home.
They walk through the three parts of the KOID approach: the “brain” (AI and semiconductors), the “body” (motors, sensors, actuators, materials), and the integrators building full robots. Cole also highlights why many of the most investable...
China Q3 Update & the KLIP Covered Call Strategy with Henry Greene From KraneShares
Nov 25, 2025In this episode of Lead-Lag Live, Michael Gayed talks with Henry Greene from KraneShares about how recent changes in US–China trade incentives are improving the outlook for China’s tech sector and why it matters for investors.
They discuss the rise of AI in China — including DeepSeek and Alibaba’s Qwen models — and how letting companies train AI on their own data could boost cloud adoption. Henry also explains China’s push into robotics and how it fits alongside US leadership in chips and software.
To bring it back to portfolios, Henry breaks down why KWEB ten...
The Clean Power Shift: Steven Rossi on Solis, COR, and Why Worksport Is Building the Future of Portable Energy
Nov 24, 2025In this episode of Lead-Lag Live, I sit down with Steven Rossi, Founder and CEO of Worksport, to break down the company’s clean-energy transformation — including the long-awaited launch of the COR portable power system and the SOLIS solar tonneau cover.
Steven explains how COR’s modular batteries, onboard inverter system, and solar integration are designed to create a new category in portable power — one that serves contractors, overlanders, EV owners, and emergency-preparedness users with a scalable nano-grid you can take anywhere. He also shares Worksport’s roadmap for growth, ma...
Duration: 00:17:17Fantasy vs Fundamentals: Emerging Markets, Global Tech, & the Return of EM Leadership
Nov 20, 2025In this episode of Lead Lag Live, I sit down with Brendan Ahern, Chief Investment Officer at KraneShares, to break down the renewed momentum behind emerging markets and the forces driving performance across global tech and e commerce.
From valuation gaps and dollar depreciation to sector leadership shifts, Ahern shares how EM growth factors and specifically the KEMQ ETF are positioned to benefit from a structural rebalancing away from overstretched US valuations.
In this episode:
– Why emerging markets are regaining leadership after a decade of underperformance
– How tech and e commerce have reshaped the...
China’s Turning Point: Brendan Ahern on AI, Cloud Growth, and the Global Rebalance Into KWEB
Nov 20, 2025n this episode of Lead-Lag Live, I sit down with Brendan Ahern, Chief Investment Officer at KraneShares, to break down the pivotal shift happening inside China’s equity markets. A Trump–Xi truce, policy stabilization, and a surge in cloud and AI revenues are driving fresh optimism into Chinese tech — and Brendan explains why global investors are quietly reallocating back into KWEB.
From improving CPI and government action on involution to cloud-driven AI monetization, semiconductor risks, and the new wave of international inflows, Brendan lays out the forces reshaping China’s market narrative after years of pessimism.
The Perfect Storm: Si Katara on Daily Overlays, Volatility, and the Future of Income ETFs
Nov 20, 2025In this episode of Lead-Lag Live, I sit down once again with Si Katara, Founder and CEO of TappAlpha, to dive deeper into how daily option overlays are redefining the balance between growth, income, and risk management.
Since our last conversation, markets have shifted fast. AI valuations have cooled, volatility has returned, and investors are rethinking how to generate income without sacrificing upside. Si shares how TappAlpha’s TSPY and TDAQ ETFs are thriving in this environment, giving advisors and investors precision, flexibility, and true control over their equity exp...
Duration: 00:16:56AI Boom or Bubble? Jay Hatfield on What’s Next for Stocks, Small Caps & The Fed
Nov 13, 2025In this episode of Lead-Lag Live, host Melanie Schaffer sits down with Jay Hatfield, CEO of Infrastructure Capital Advisors, to unpack the market’s next chapter. From AI valuations and small-cap opportunities to rate cuts and dividend ETFs, Jay breaks down where he’s seeing risk and reward as we head into 2025 and 2026.
Topics covered:
• AI and the “Magnificent 8” valuations
• The Fed’s next moves and rate outlook
• Why small caps and value may shine in 2026
• Dividend income ideas: ICAP, SCAP, PFFA
• Where investors are getting the narrative wrong
Lead-Lag Live brings you insi...
Falling Rates, Rising Uncertainty: Investors Chase Higher Yields
Nov 10, 2025In this exclusive conversation, Michael Gayed, founder of The Lead-Lag Report, sits down with Will Rhind, CEO of GraniteShares, to discuss the booming demand for options-based income ETFs like YieldBoost — funds generating 50% to 150% annual yields through innovative option strategies.
They unpack:
- Why rates are headed lower (and what it means for investors)
- How YieldBoost ETFs work and generate high income
- The truth about NAV erosion and downside protection
- What a diversified income portfolio could look like in 2025
- How investors are rethinking “safe yield” in a new market era
Lift Up Your Future: Seth Cogswell on Starting Early, Discipline, and Building Wealth That Lasts
Nov 10, 2025In this special Take Your Kid to Work Day edition of Lead-Lag Live, Grade 9 student Ezra Briski steps in as host to explore this year’s theme: Lift Up Your Future — how the choices we make today shape the opportunities we have tomorrow. Ezra sits down with Seth Cogswell, Founder and Managing Partner at Running Oak Capital, to discuss why starting early with money and investing can change your entire life’s trajectory.
In this episode, Seth shares:
– Why compounding is like a superpower for people who start young
Why the Fed Will Be Forced to Cut | Jay Hatfield’s 2025 Market Outlook
Nov 07, 2025In this exclusive webinar hosted by Michael Gayed of Lead-Lag Media, Jay Hatfield from Infrastructure Capital shares his market outlook for 2025 — including why he believes the Fed will have to cut rates, why housing hasn’t crashed, and why the next market move could surprise to the upside.
Jay breaks down:
Why the Fed has caused nearly every post-WWII recessionHow inflation is finally cooling (and why CPI is misleading)The real reason the U.S. avoided a recession in 2024His S&P 500 target of 7,000 for 2025Bullish takes on housing, tech, small caps, and preferredsWhy regi... Duration: 00:40:40Fear and Fundamentals: Brad Barrie on Global Macro, Diversification, and the Market’s Next Big Test
Nov 06, 2025In this episode of Lead-Lag Live, I sit down with Brad Barrie, Co-Founder, Managing Director, and Chief Investment Officer at Dynamic Wealth Group, to unpack how global-macro investing helps investors prepare for uncertainty — not predict it.
From his Halloween-candy analogy on diversification to the risks hiding behind record valuations, Brad explains why hope isn’t a strategy, why true diversification means non-correlation, and how the Dynamic Alpha Macro Fund aims to thrive when others panic.
In this episode:
– Why diversification today often means being “badly diversified”
– How...
Weekly Paychecks from Tesla? Will Rhind on High-Yield ETFs and the Next Evolution in Income
Nov 05, 2025In this episode of Lead-Lag Live, I sit down with Will Rhind, Founder and CEO of GraniteShares, to discuss how the firm’s YieldBoost lineup is rewriting the rules of income investing.
From Tesla to Coinbase, GraniteShares has built a new category of weekly-paying ETFs that deliver institutional-style yield strategies to everyday investors — no options experience required. Will explains how the structure works, why investor demand has exploded, and what’s next for the YieldBoost lineup.
In this episode:
– How GraniteShares’ YieldBoost ETFs deliver weekly income
– Why Tesla’s YieldBoost ETF (TSYY) has beco...
Faith vs Frenzy: Fr. Emmanuel Lemelson on Gold Mania, AI Hype, and the Morality of Markets
Nov 04, 2025In this episode of Lead-Lag Live, I sit down with Father Emmanuel Lemelson, activist investor and Orthodox priest, to discuss the intersection of faith, finance, and speculation in an era of market excess.
From calling tops in gold and silver to exposing fraud on Wall Street, Fr. Emmanuel argues that modern markets have become spiritually and ethically unmoored — a “Wild West” driven by greed, memes, and misplaced faith in AI. He shares his candid views on what true stewardship means, why hoarding gold is spiritually toxic, and why investors need humility more than hype.
I...
Duration: 00:35:26The Fed Got It Right (for the Wrong Reasons): Jay Hatfield on Rate Cuts, AI, and the Risk of a Boom
Oct 28, 2025In this episode of Lead-Lag Live, I sit down with Jay Hatfield, CEO of Infrastructure Capital Advisors, to discuss why he believes the Fed’s latest dovish pivot was inevitable — and what it means for investors heading into 2025.
From housing to money supply and the AI-driven growth cycle, Hatfield breaks down the data points that actually matter — and why he sees zero risk of recession, but a real chance of an economic boom.
In this episode:
– Why the Fed’s “weak labor market” narrative hides a deeper policy flaw
– How housing and money supply...
Fantasy vs Fundamentals: Seth Cogswell on Bubbles, Passive Flows, and What Breaks Next
Oct 28, 2025In this episode of Lead-Lag Live, I sit down with Seth Cogswell, Managing Partner at Running Oak Capital, to unpack the strange market dynamic where low-quality, high-debt companies are outperforming — and why that may be setting up one of the biggest long-term buying opportunities in years.
From zombie stocks to the passive investing paradox, Seth breaks down why common-sense investing has vanished from today’s markets — and how his “buy low, sell high” discipline at Running Oak is bringing it back.
In this episode:
– Why profitable, high-quality companies are lagging speculative names
– What t...
Webinar: Exploring the Cambria US Equal Weight ETF (USEW): Diversifying Beyond Market Cap
Oct 22, 2025Tired of choosing between concentration risk and a painful tax bill? Michael sits down with Med Faber from Cambria Investment Management. We break down a smarter option: using a 351 ETF exchange to convert appreciated, concentrated stock positions into a diversified ETF without triggering taxes. Think of it like a 1031 for public equities—contribute eligible positions at launch, receive ETF shares in return, and let the portfolio rebalance inside the tax-efficient ETF wrapper.
We walk through:
The exact rules that matter
Why your largest position must be under 25% and your top five under 50%
...
Duration: 00:29:59Income Without Limits: Jonathan Shelon on KLIP, Covered Calls, and Monthly Payouts That Work
Oct 21, 2025In this episode of Lead-Lag Live, I sit down with Jonathan Shelon, Chief Operating Officer at KraneShares, to unpack how the firm’s KLIP ETF delivers monthly income and international diversification — without giving up growth.
With covered call strategies back in focus, Jonathan explains why China’s tech sector provides more volatility (and therefore more income potential) than traditional U.S. covered call ETFs, and how advisors are blending KLIP with core equity or income portfolios.
In this episode:
– Why KLIP’s monthly distributions stand out from U.S. covered call ETFs
– How...
The $1,000 Revolution: Sam Nofzinger on Direct Indexing, Taxes, and the Future of Investing
Oct 20, 2025In this episode of Lead-Lag Live, I sit down with Sam Nofsinger, General Manager of Brokerage at Public, to discuss how the company’s new direct indexing feature is bringing institutional investing tools to everyday investors.
For the first time, investors can build their own index, own every underlying stock, and optimize for taxes with just $1,000 minimum. Sam explains how fractional shares, automation, and tax-loss harvesting are transforming what used to be a high-net-worth strategy into something anyone can use.
In this episode:
– What direct indexing is and how it differs from ETFs...
Is the Fed about to start cutting rates — and what does that mean for your portfolio?
Oct 16, 2025In this Lead Lag Live webinar, Michael Gayed sits down with Jay Hatfield, CEO of Infrastructure Capital Advisors, to break down the current macro landscape, why inflation fears may be overblown, and where the biggest investment opportunities lie as we enter a new market phase.
Topics Covered:
Why small caps could surge as rate cuts begin
The truth about inflation, the BLS data lag, and money supply
Outlook for the bond market, preferreds, and high-yield credit
How active management can outperform in a cutting cycle
Why “bubbles” migh...
Energy, Income, and AI: Jay Hatfield on the Fed, Housing, and Where the Real Growth Is Now
Oct 15, 2025In this episode of Lead-Lag Live, I sit down with Jay Hatfield, CEO of Infrastructure Capital Advisors, to cut through the noise on the Fed, energy markets, and how investors can prepare for the next phase of the cycle.
From the AI-driven power boom to small-cap rotation and bond opportunities, Jay shares why the Fed’s reliance on lagging data could be investors’ biggest advantage — and where long-term value is hiding in plain sight.
In this episode:
– Why the AI build-out could make natural gas the next big winner
– How money supply lea...
Beyond Buy and Hold: Si Katara on Zero-Day Options, Income Innovation & the Future of ETFs
Oct 15, 2025In this episode of Lead-Lag Live, I sit down with Si Katara, Founder and CEO of Tap Alpha, to explore how zero-day options are reshaping income investing for everyday investors.
From engineering background to ETF innovation, Katara shares how Tap Alpha’s TSPY ETF delivers daily option overlays on the S&P 500 — capturing upside while generating consistent, tax-efficient income in any market environment.
In this episode:
– Why traditional income products no longer work for investors today
– How zero-day options can mitigate risk and boost returns
– The math behind daily vs. monthly co...
Fragile Foundations: Ross Atefi on AI Euphoria, Market Concentration & the $500K Tax Trap
Oct 14, 2025In this episode of Lead-Lag Live, I sit down with Ross Atefi, Founder and Wealth Advisor at Yatra Wealth Design, to break down why he believes the market is more fragile than headlines suggest.
From AI mania to the quiet collapse in housing and jobs data, Ross explains how extreme concentration and stretched valuations have set up an environment that echoes the late ’90s bubble — and what investors need to watch next.
In this episode:
– Why the S&P 500’s “diversification” is a dangerous illusion
– How AI spending is draining the cash that used...
Beyond the Hype: Derek Yan on the AI Build-Out, Private Access, and Where the Real Opportunity Lies
Oct 14, 2025In this episode of Lead-Lag Live, I sit down with Derek Yan, CFA and Senior Investment Strategist at KraneShares, to cut through the noise surrounding the AI “bubble” narrative and unpack where the true opportunity still lies.
From infrastructure shortages and the rise of reasoning models to the challenge of accessing private AI leaders, Derek shares why the current cycle is still in its infancy and how investors can capture the next phase of growth.
In this episode:
– Why AI demand is outpacing computing capacity worldwide
– How reasoning models are reshaping the AI i...
California at a Crossroads: Ethan Penner on Gavin Newsom, Trump, Reform, and Rebuilding the State
Oct 13, 2025In this episode of Lead-Lag Live, I sit down with Ethan Penner — independent candidate for California governor and a trailblazer in U.S. commercial real-estate finance — to break down what he calls the “collapse of competent governance” in California.
From a radical tax overhaul to fixing housing and energy costs, Penner outlines how he’d reverse decades of political decay — and why he believes Gavin Newsom’s policies have left the state weaker, poorer, and more divided.
In this episode:
– Why Penner says there’s “absolutely nothing” worth continuing from Newsom’s tenure
– How a singl...
AI Today: From Chatbots to Humanoid Robots – Investing in the Full Stack
Oct 08, 2025Imagine the internet’s 20-year curve compressed into a few years: costs plummet, capabilities skyrocket, and adoption leaps from novelty to necessity. That’s where AI stands today. In this episode, we go deep into the evolution of reasoning models—how chatbots are transforming into agents that plan, code, and act across real workflows. Then, we explore the next frontier: physical AI, humanoid robots designed to operate in human spaces, where the “final mile” of automation requires hands, balance, and judgment.
We break down the full AI stack so you can invest with intent:
Digital... Duration: 00:52:24Mastering Options Basics — Long vs. Short, Covered Calls, and Zero DTE Risks | Live Webinar
Oct 08, 2025Join me as I sit down with Greg Jensen, Founder of OptionsAnimal, and Eric Hale, Founder of Trader Oasis, to break down the foundations of smart options trading. After our last deep dive into the collar strategy, we’re going back to basics to answer the biggest questions every trader faces.
Greg and Eric explain when it’s appropriate to buy long options, why naked calls are among the riskiest trades you can make, and how to think through strategies like short puts vs. covered calls. They also reveal why zero DTE options are...
Duration: 00:34:00Beyond 60/40: Alex Shahidi on Diversification, Inflation, and Risk Parity Investing
Oct 07, 2025In this episode of Lead-Lag Live, I sit down with Alex Shahidi, Managing Partner and Co-Chief Investment Officer at Evoke Advisors, to explore why traditional portfolio construction is failing investors.
From lost decades in the S&P 500 to the dangers of overconcentration, Alex lays out why diversification is more than a buzzword—and how risk parity creates a framework that can withstand both growth and inflation shocks.
In this episode:
– Why owning the S&P 500 alone exposes investors to hidden
– The lessons from the 1970s inflation era and what they mean
– How risk par...
Why Gold’s Quiet All‑Time High Matters (and How BAR Lowers the Cost of Owning It)
Oct 07, 2025A record high without the roar—gold has climbed to new territory while the crowd looks elsewhere. We sit down with GraniteShares founder and CEO Will Rind to unpack why this is the most interesting precious metals cycle in years: a quiet surge powered by falling real yields, relentless debt growth, and a decade‑long shift by central banks toward gold as the de facto alternative to the dollar. Will brings rare perspective from building gold ETFs in the UK, stewarding GLD, and launching BAR, a physically backed gold ETF designed to cut costs and increase transparency.
We d...
Building All-Weather Income with Pass-Throughs and HIPS
Oct 07, 2025Rate cuts change the math on income, but your cash flow doesn’t have to shrink. We invited Will Rind of GraniteShares to unpack a practical way to keep payouts steady as short-term yields slide: a diversified basket of pass-through securities inside the HIPS ETF that aims for an all-weather stream of monthly income. We dig into how REITs, MLPs, BDCs, and fixed income–oriented closed-end funds each respond to different growth and inflation regimes, and why blending them can smooth the ride when markets lurch.
We walk through the index rules that power HIPS—screening for the hi...
Boom or Bust: Kai Wu on AI CapEx, Concentration Risk, and the Next Phase of Tech
Oct 01, 2025In this episode of Lead-Lag Live, I sit down with Kai Wu, Founder and CIO of Sparkline Capital, to break down the AI-driven capital cycle reshaping markets.
From Nvidia’s record-shattering deals to hyperscalers pouring trillions into infrastructure, Kai explains why today’s AI boom echoes past capital cycles—and why investors may be missing the real risk.
In this episode:
– Why mega-cap tech is shifting from asset-light to asset-heavy
– The historic link between rapid asset growth and underperformance
– Why concentration in the “Magnificent Seven” is an overlooked AI risk
– Lessons fr...
Fed vs Reality: Jay Hatfield on Outdated Data, Rate Cuts, and Where to Invest Now
Sep 26, 2025In this episode of Lead-Lag Live, I sit down with Jay Hatfield, CEO of Infrastructure Capital Advisors, to unpack why the Fed keeps getting it wrong—and how investors can actually benefit from the new rate-cutting cycle.
From outdated shelter calculations to overlooked leading indicators, Jay explains why monetary policy needs modernization and where the next opportunities lie as markets adjust.
In this episode:
– Why the Fed’s reliance on lagging shelter data distorts inflation
– How the monetary base drives every economic
– Why small caps and financials stand to outperform in a lower...
Collar Strategies: Protecting Downside While Keeping Upside Alive
Sep 19, 2025Learn how professional traders use the collar strategy to protect against downside while keeping upside potential alive. In this session, Greg and Eric from Options Animal break down:
How collars act as a dynamic “insurance policy” for your portfolio
Why risk management matters more than stock picking
Real trade examples with Apple & Nvidia
How to think about diversification beyond “more tickers”
Perfect for investors who want smarter strategies, real-world adjustments, and consistent returns without blowing up accounts.
Start your adventure with TableTalk Friday: A D&D Podcast at the l...
Duration: 00:26:29Access the AI Revolution — How AGIX Gives Investors Pre-IPO Exposure to AI Unicorns
Sep 18, 2025Join me live as I sit down with Derek Yan, Director at KraneShares, to explore how the AGIX ETF is reshaping AI investing by giving everyday investors exposure to private AI unicorns like Anthropic and xAI—companies powering the foundation models behind the next wave of enterprise AI.
In this expert-led discussion, Derek explains how AGIX combines public equities with late-stage private companies, the proprietary AI scoring system that drives stock selection, and why model companies are the epicenter of the AI value chain. We also cover AGIX’s performance to date, its dynamic quarterly rebalancing, and how...
Duration: 00:53:07The Forgotten Hedge: Brandon Thor on Gold, Sovereignty, and Beating Wall Street’s Game
Sep 18, 2025In 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” de...
Data vs Reality: Jay Hatfield on Jobs Revisions, Fed Cuts, and Where Value Hides
Sep 04, 2025During 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...
Rates vs Reality: David Busch on Fed Signals, Inflation, and Positioning for Year-End
Sep 04, 2025In 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 grow...
Narratives vs Numbers: Brendan Ahern on EM Growth, Dollar Flows, and What Investors Miss
Sep 03, 2025In 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. equit...
Weekly Payouts from Volatility? Will Rhind on GraniteShares YieldBOOST ETFs
Aug 27, 2025In 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 diff...
Fantasy vs Fundamentals: Seth Cogswell on Bubbles, Passive Flows, and What Breaks Next
Aug 26, 2025In 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 ind...
Wall Street Meets Humanitarianism: RSU Founder Iryna Vashchuk Discipio Joins Gayed, Block & CNBC
Aug 23, 2025Join 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...
Duration: 01:07:54Inside ETF Strategy: Paul Baiocchi on Market Shifts and Innovation at SS&C ALPS
Aug 21, 2025In 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...
Balanced or Broken? Jay Hatfield on Rates, Inflation, and Market Risks
Aug 19, 2025In 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 po...
Value Beyond Growth with Kevin Orr
Aug 17, 2025Start your adventure with TableTalk Friday: A D&D Podcast at the link below or wherever you get your podcasts!
Youtube: https://youtube.com/playlist?list=PLgB6B-mAeWlPM9KzGJ2O4cU0-m5lO0lkr&si=W_-jLsiREjyAIgEs
Spotify: https://open.spotify.com/show/75YJ921WGQqUtwxRT71UQB?si=4R6kaAYOTtO2V
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
Duration: 00:38:05Rethinking Diversification: Alex Shahidi on Risk Parity and the 60/40 Problem
Aug 13, 2025Rethinking Diversification: Alex Shahidi on Risk Parity and the 60/40 Problem
In this episode of Lead-Lag Live, I sit down with Alex Shahidi, Managing Partner and Co-CIO at Evoke Advisors, to talk about why most portfolios aren’t nearly as diversified as investors think — and how risk parity aims to fix that.
We dig into why the traditional 60/40 portfolio fails, how to truly diversify against growth and inflation shocks, and why today’s market risks make balance more important than ever.
In this episode:
Why “balanced” portfolios are still stock-heavy
How risk parity works — and why it’s...
Breaking the 60/40 Rule: Matthew Tuttle on HEAT, AI, and Thematic Investing
Aug 12, 2025In this episode of Lead-Lag Live, I sit down with Matthew Tuttle, CEO and CIO of Tuttle Capital, to talk about why the 60/40 portfolio no longer works — and how his HEAT formula helps investors adapt to today’s market realities.
We dig into why bonds fail as a hedge, how AI is reshaping investing, and the thematic opportunities most people are missing — from old economy AI plays to the future of space.
In this episode:
- Why bonds aren’t a reliable hedge anymore
- How the HEAT formula works — hedges, edges, asymmetry, themes
Global Market Valuations: Finding Alpha Beyond US Shores with Phil Wool
Aug 11, 2025Stepping beyond America's borders might be the smartest move for savvy investors right now. Phil Wool of Raliant Capital makes a compelling case for international equities—particularly emerging markets—at a time when U.S. stocks trade at historically high valuations.
The numbers tell a striking story: U.S. equities currently command a Shiller-CAPE ratio of 38 times earnings—three standard deviations above historical averages. While this doesn't predict an imminent crash, it strongly suggests lower-than-average returns over the next decade. Meanwhile, international markets offer better growth prospects at more attractive valuations.
Wool challenges the oversimplified narrat...
The Diversification Illusion with Brad Barrie and Matt O'Brian
Aug 11, 2025Most investors believe they're diversified, but they're likely clinging to an illusion. As the Shiller PE ratio hovers at 38 – a level only seen during the tech bubble – historical patterns show future returns likely to be flat over the next five years.
Brad Barry and Matt O'Brien from Dynamic Wealth Group challenge the conventional wisdom of diversification, revealing how those pretty colored slices on your pie chart might all move in lockstep when markets face real stress. Remember 2022? Both stocks and bonds plummeted together, exposing the fundamental flaw in traditional 60/40 portfolios.
True diversification isn't just about ownin...
Why Platinum Could Be Your Portfolio’s Hidden Gem: Investment Masterclass
Aug 11, 2025Discover why savvy investors are turning their attention to platinum in this comprehensive investment masterclass. Join our panel of precious metals experts as they break down:
• The unique supply-demand dynamics making platinum increasingly valuable
• How platinum compares to gold and silver in a diversified investment portfolio
• Industrial applications driving long-term platinum demand
• Strategic approaches to platinum investment: ETFs, physical holdings, and mining stocks
• Risk management techniques when investing in precious metals
• Expert price projections and market analysis for 2025-2030
Whether you’re a seasoned investor looking to diversify or a newcomer explo...
Avoiding the Tax Man: Bruce Lavine on how to Diversify Without Getting Burned
Aug 08, 2025In this episode of Lead-Lag Live, I sit down with Bruce Levine, COO and Head of ETFs at Astoria Portfolio Advisors, to talk about one of the biggest problems facing investors today — how to diversify out of concentrated stock positions without triggering massive tax bills.
We dig into the upcoming launch of the LCOR ETF, built around the innovative 351 exchange structure, and how it can help investors turn overexposed gains into a diversified, actively managed portfolio.
In this episode:
Preservation Over Prediction: How Richard McWhorter Navigates Risk in Today’s Market
Aug 07, 2025In my first episode hosting Lead-Lag Live, I sit down with Richard McWhorter, Managing Partner at SRM Private Wealth, to unpack how he’s advising high-net-worth clients through today’s volatile market.
We talk valuation risk, tariffs, and intergenerational wealth strategy — and why Richard is focused on preservation over prediction in a market full of noise.
In this episode:
- Why today’s stock multiples don’t add up
- The long-term impact of U.S. tariffs and trade deals
- How SRM helps clients navigate macro uncertainty
- What younger generations...
The ETF That Owns X.AI and Anthropic — Inside the AI Arms Race with Derek Yan
Aug 07, 2025KraneShares’ Derek Yan joins me on Lead-Lag Live to break down the only U.S.-listed ETF that owns equity in private AI giants like X.AI and Anthropic — in partnership with REX Shares.
This isn't just another tech fund. $AGIX is built for the AI age — giving investors rare exposure to the companies powering artificial general intelligence (AGI), including OpenAI rivals that may never hit public markets.
We dive into:
- Why KraneShares is betting on AGI as the next major tech supercycle
- What sets X.AI and Anthropic apart from other...
The Truth Behind Investment Gurus and Fast Money
Aug 06, 2025Mark Mattson, founder of an $11.5 billion investment advisory firm managing wealth for 35,000 families, delivers a masterclass in separating investing truth from financial noise in this compelling conversation about wealth creation, market efficiency, and reclaiming the American Dream.
Mattson cuts through the clutter of internet investment gurus with refreshing candor: "What investing takes—and getting in shape takes—is work. A crap ton of hard, serious work." In an age where financial advice is abundant but results are scarce, his focus on evidence-based investing principles offers a stark contrast to the get-rich-quick schemes flooding social media.
The...
Beyond the Bull: Navigating the 351 Exchange Revolution With Meb Faber
Jul 31, 2025Tax strategies rarely generate genuine excitement, but the 351 exchange is proving to be the exception that financial advisors, investors with concentrated positions, and forward-thinking asset managers can't stop talking about. This little-known provision allows investors to contribute appreciated securities to create new ETFs without triggering taxable events – essentially functioning as a "1031 exchange for stocks."
Matt Faber breaks down how this century-old tax code provision is finally hitting its stride at the perfect moment. With U.S. markets delivering 10-20x returns over the past 15 years, many investors find themselves trapped by potential tax consequences, unable to diversify aw...
Wall Street's Blind Spot: Why Most Analysts Miss the Budget Deficit Story with Jay Hatfield
Jul 31, 2025The financial world is plagued by misconceptions about the budget deficit, with both political parties incentivized to make our fiscal situation appear worse than reality. Diving into the actual numbers reveals a fundamentally different picture than what dominates headlines.
Examining Congressional Budget Office projections shows they completely omit approximately $300 billion in annual tariff revenue. When properly accounted for, next year's projected deficit falls to roughly $1.4 trillion or 4.5% of GDP—a level that becomes sustainable when compared to our nominal economic growth rate. The relationship between debt sustainability, economic growth, and monetary policy creates a more nuanced story th...
Markets Gone Wild with Seth Cogswell
Jul 30, 2025Start your adventure with TableTalk Friday: A D&D Podcast at the link below or wherever you get your podcasts!
Youtube: https://youtube.com/playlist?list=PLgB6B-mAeWlPM9KzGJ2O4cU0-m5lO0lkr&si=W_-jLsiREjyAIgEs
Spotify: https://open.spotify.com/show/75YJ921WGQqUtwxRT71UQB?si=4R6kaAYOTtO2V
Sign up to The Lead-Lag Report on Substack and get 30% off the annual subscription today by visiting http://theleadlag.report/leadlaglive.
Foodies unite…with HowUdish!
It’s social media with a secret sauce: FOOD! The world’s first network for foo...
Income Strategies for Uncertain Markets with Jay Hatfield
Jul 27, 2025Start your adventure with TableTalk Friday: A D&D Podcast at the link below or wherever you get your podcasts!
Youtube: https://youtube.com/playlist?list=PLgB6B-mAeWlPM9KzGJ2O4cU0-m5lO0lkr&si=W_-jLsiREjyAIgEs
Spotify: https://open.spotify.com/show/75YJ921WGQqUtwxRT71UQB?si=4R6kaAYOTtO2V
Sign up to The Lead-Lag Report on Substack and get 30% off the annual subscription today by visiting http://theleadlag.report/leadlaglive.
Foodies unite…with HowUdish!
It’s social media with a secret sauce: FOOD! The world’s first network for foo...
Beyond Traditional Diversification with Brad Barrie
Jul 26, 2025What if everything you thought about diversification was incomplete? In this eye-opening session, Brad Barrie of Dynamic Wealth Group challenges conventional wisdom about portfolio construction with a deliciously simple analogy: building an investment portfolio is like baking the perfect cookie.
Most investors focus on finding either the best ingredients (top-rated investments) or creating the perfect recipe (advanced allocation models), but rarely excel at both. The result? Portfolios that appear diversified on colorful pie charts but actually contain just "two colors" – stocks and bonds – that move in unison when markets face stress.
Berry introduces a multi-dimensional appr...
The Brand Advantage with Kai Wu
Jul 25, 2025Start your adventure with TableTalk Friday: A D&D Podcast at the link below or wherever you get your podcasts!
Youtube: https://youtube.com/playlist?list=PLgB6B-mAeWlPM9KzGJ2O4cU0-m5lO0lkr&si=W_-jLsiREjyAIgEs
Spotify: https://open.spotify.com/show/75YJ921WGQqUtwxRT71UQB?si=4R6kaAYOTtO2V
Sign up to The Lead-Lag Report on Substack and get 30% off the annual subscription today by visiting http://theleadlag.report/leadlaglive.
Foodies unite…with HowUdish!
It’s social media with a secret sauce: FOOD! The world’s first network for foo...
Predicting the Unpredictable with Alex Shahidi
Jul 12, 2025The investment world is filled with overconfidence. We obsessively track our wins while conveniently forgetting our losses, leading most investors—even professionals—to achieve prediction accuracy barely above 50%. This sobering reality forms the foundation of a fascinating conversation about why predicting markets is so difficult and how diversification offers protection against our behavioral biases.
When we zoom in too closely on market movements, every fluctuation appears significant, triggering emotional responses that frequently sabotage our long-term success. The natural instincts that serve us well in everyday life often lead to counterproductive investment behaviors—buying high and selling low in res...
Beyond Stocks: The $12 Billion Alternative Investment Platform
Jul 07, 2025Alternative investments are no longer just for institutional players and ultra-wealthy individuals. As Henry Yoshida reveals in this eye-opening conversation, everyday investors are increasingly allocating portions of their retirement accounts toward private investments outside the traditional stock and bond markets.
Yoshida, a 23-year CFP veteran who built and sold both a financial advisory firm and a robo-advisor before founding Rocket Dollar, has created a platform that now manages $12 billion in alternative assets within tax-advantaged accounts. His company provides the infrastructure for investors to use their IRAs and 401(k)s to invest in private equity, real estate, cryptocurrency...
The Case for International Alpha with Phil Wool
Jul 06, 2025The global investment landscape is shifting as international markets gain momentum despite lingering trade tensions. After years of US stock dominance creating stretched valuations, investors are increasingly looking abroad for more reasonably priced opportunities with similar growth potential.
Phil Wool, Chief Research Officer at Rayliant, makes a compelling case for emerging markets as fertile ground for active management strategies. Markets like Taiwan, South Korea, and China feature 80-90% retail trading volume, creating inefficiencies that systematic approaches can exploit by targeting strong fundamentals and positive sentiment.
One of the most overlooked aspects of emerging markets is...
Beyond the Hype: Navigating Market Uncertainty with Seth Cogswell
Jul 06, 2025The market climbs relentlessly higher while uncertainty looms on every horizon. Is this sustainable? Seth Cogswell of Running Oak draws compelling parallels between today's investment landscape and the bubble of 2000, where a handful of companies drove index returns while numerous others languished in the shadows.
We're living through what historians might call a "Fourth Turning" – a once-in-80-years societal transformation that coincides with major shifts in government, economy, and technology. Add to this the troubling possibility that social media and AI might actually be making us collectively less intelligent, and you have a recipe for market inefficiency th...
Diversification: The Free Lunch Nobody's Taking with Alex Shahidi
Jul 05, 2025Start your adventure with TableTalk Friday: A D&D Podcast at the link below or wherever you get your podcasts!
Youtube: https://youtube.com/playlist?list=PLgB6B-mAeWlPM9KzGJ2O4cU0-m5lO0lkr&si=W_-jLsiREjyAIgEs
Spotify: https://open.spotify.com/show/75YJ921WGQqUtwxRT71UQB?si=4R6kaAYOTtO2V
Sign up to The Lead-Lag Report on Substack and get 30% off the annual subscription today by visiting http://theleadlag.report/leadlaglive.
Foodies unite…with HowUdish!
It’s social media with a secret sauce: FOOD! The world’s first network for foo...
Beyond the S&P 500 with Paul Baiocchi
Jun 26, 2025What happens when the investment playbook that worked for the past decade suddenly stops working? In this eye-opening discussion with Paul Baiocchi, Chief ETF Strategist at SS&C Alps Advisors, we explore the compelling case for looking beyond the S&P 500 and its dominant mega-cap tech stocks.
The conversation centers on one of the most overlooked megatrends reshaping our economy: electrification. As Paul explains, this isn't just about utilities—it's a convergence of AI data centers, EV adoption, and home electrification driving unprecedented electricity demand growth after two decades of flat consumption. This transformation creates investment opportunities ac...
Carbon Markets as Alternative Investments with Luke Oliver
Jun 14, 2025The quest for true portfolio diversification often feels impossible in today's market environment. When volatility strikes, traditional "alternatives" tend to move in lockstep with equities, undermining their diversification benefits. But what if there existed an asset class with genuine structural independence from equity markets?
Enter the carbon credit market – perhaps the ultimate alternative investment. With a remarkably low 0.3 correlation to US equities, carbon markets offer double the potential returns of the S&P 500 while operating on completely different cycles. Unlike most investments vulnerable to economic downturns, carbon markets feature government-mandated demand, steadily decreasing supply, and in California's ca...
Breaking the 60/40 Myth with Philip Toews
Jun 08, 2025Phillip Toews, founder of Toews Asset Management, delivers a master class in portfolio construction that challenges everything you thought you knew about investing. Drawing from historical market catastrophes often ignored by conventional wisdom, Toews reveals how a traditional 60/40 portfolio would have been devastated during the Great Depression – losing up to 72% of its value and remaining down over 60% after thirteen years.
This eye-opening conversation explores the concept of "adaptive fixed income" as Toews walks us through the little-discussed bond bear market from 1945 to 1981 that eroded investor wealth by 21% in real terms. With high sovereign debt levels globally and un...
The Rise of Intangible Value Investing with Kai Wu
Jun 07, 2025Warren Buffett himself called our economy "asset light" – and for good reason. Today's most valuable companies derive their worth not from factories or equipment, but from intellectual property, brand equity, human capital, and network effects. Yet traditional value investing metrics, developed in the industrial era of railroads and utilities, completely miss these crucial drivers of modern business value.
Kai Wu, founder and CIO of Sparkline Capital, takes us on a fascinating journey through the evolution of value investing and explains why it's due for a radical update. With 50-80% of US company balance sheet value now coming fr...
Global Markets Beyond America
Jun 06, 2025The global investment landscape is shifting beneath our feet, yet most investors remain fixated on US markets. Rohit Goel, Partner and Head of Global Macro at Breakout Capital, reveals why this myopia could prove costly in the years ahead.
Rohit drives home an alarming point: US fiscal deficits running at 6.5-7% of GDP during economic expansion represent an understated risk that markets have largely ignored. "If it is any other country on this planet, you would see a reaction, whether in bond yields or currency," he explains. This fiscal vulnerability could eventually force global investors to demand...
Trading Psychology Unveiled
Jun 01, 2025Remember when trading meant calling your broker and waiting an hour just to find out if your order was filled? That world is gone.
JJ Kinahan, CEO of IG North America (parent company of Tasty Trade), shares how the playing field has fundamentally changed for retail traders. With 21 years of experience trading on the Chicago Board Options Exchange and leadership roles at major brokerages, JJ offers rare insight into this transformation.
Today's retail traders wield professional-grade tools, instant executions, and information flows that rival institutional capabilities. The most dramatic shift? Options trading is no longer...
Finding the Hidden Gems in Mid-Cap Markets
May 31, 2025Ever wonder why everyone seems to chase the same handful of mega-cap tech stocks? Seth Cogswell of Running Oak challenges this herd mentality with a refreshingly contrarian perspective: the real opportunity lies in investing where others aren't.
This candid conversation explores how market complacency has driven investors to overlook compelling opportunities hiding in plain sight. Seth makes a powerful case for mid-cap stocks, which have actually outperformed large-caps by 60 basis points annually over 33 years—delivering 20% more total return—yet remain undervalued while the S&P 500's largest components trade at extreme premiums.
The discussion delves into...
The Hidden Bus: Preparing for Market Uncertainty
May 29, 2025Ever notice how the biggest market disruptions are rarely the ones everyone sees coming? Brad Barrie challenges conventional wisdom about diversification with his compelling "bus you don't see" analogy, explaining why most investors remain vulnerable despite thinking they're adequately protected.
"Diversification is not more stuff," Brad emphasizes, dismantling the common misconception that simply owning numerous investments creates safety. His multidimensional asset allocation approach transcends traditional thinking by focusing on diversifying return drivers rather than just asset classes. This subtle but crucial distinction makes all the difference when markets experience unexpected shocks.
Through practical examples like...
Unlocking China's Potential Through Covered Calls
May 26, 2025Are you struggling to find meaningful yield in today's unpredictable markets? You're not alone. The investment landscape is evolving rapidly, pushing savvy investors toward innovative solutions that combine income potential with strategic diversification.
In this enlightening conversation with Jonathan Shelon, Chief Operating Officer at KraneShares, we dive deep into the explosive growth of covered call strategies and why international markets offer a particularly compelling opportunity. Shelon reveals how KLIP, KraneShares' international covered call ETF focused on Chinese internet stocks, generates monthly income in the impressive 3-5% range – substantially higher than what most U.S.-based covered call pr...
Navigating Rising Yields
May 25, 2025The financial world stands at a critical juncture as Treasury yields approach 18-year highs and markets wrestle with conflicting economic signals. In this riveting conversation between macro strategists Jim Bianco and Jay Hatfield, hosted by Michael Gayed, we explore the counterintuitive relationship between Fed policy and market reactions that has left many investors scratching their heads.
When the Fed cut rates last September, yields went up. This paradox forms the backdrop for a fascinating debate about whether higher rates might actually be the cure for higher rates. Hatfield advances his "Hopfield Rule"—the observation that housing starts fa...
Inside AI: The Future of Technology Investments
May 23, 2025Technology isn't just a sector anymore—it's the driving force reshaping every industry. Whether companies are creating technology or adopting it to avoid disruption, understanding this transformation is crucial for investment success.
Columbia Threadneedle's tech investment approach stands apart through its disciplined focus on three complementary buckets: moat-type businesses with sustainable competitive advantages, secular growth themes identified early, and value opportunities where market prices underestimate business quality. This balanced strategy has consistently generated top-tier returns, with their technology portfolio ranking in Morningstar's top third for 8 of the past 12 years.
What truly distinguishes their approach is pa...
Money & Markets: Navigating Stagflation
May 22, 2025The specter of stagflation—sluggish economic growth combined with persistent inflation—looms large in today's uncertain economic landscape. While Federal Reserve Chair Powell once claimed to see "no stag and no flation," current indicators suggest otherwise. Economic growth appears to be slowing after an extended expansion, while inflation remains stubbornly above target levels. Adding to these concerns, potential tariffs could exacerbate stagflationary pressures by simultaneously hampering growth and increasing prices.
Amid this challenging environment, conventional investment wisdom falls short. The standard 60/40 portfolio, commonly touted as "balanced," actually maintains a 90% correlation to an all-stock portfolio—hardly providing true divers...
Market Mayhem: Is the Worst Behind Us?
May 20, 2025Market veterans know that bull runs and corrections rarely travel in straight lines, and in this riveting conversation with Michael Gayed, we explore the subtle signals suggesting our recent market recovery might be more fragile than it appears. Michael, who accurately predicted the S&P's 20% drop earlier this year, walks us through the conflicting indicators currently puzzling even seasoned analysts.
What particularly stands out is the disconnect between rapidly recovered credit spreads and still-struggling small caps – a warning sign Michael believes shouldn't be ignored. Treasury yields remain stubbornly elevated despite easing tariff concerns, while the Japanese yen's st...
Investment Strategies for Uncertain Times
May 18, 2025The financial landscape has dramatically shifted, leaving income-focused investors struggling to find reliable yield. Traditional bonds no longer serve as the dependable ballast they once were, forcing advisors and retirees to explore alternative paths to consistent income.
Howard Chan, formerly of PIMCO and Goldman Sachs, shares how his firm Kurv Investments is addressing this challenge through volatility harvesting strategies that transform growth-oriented technology stocks into income-generating powerhouses. This approach solves a fundamental dilemma: no longer must investors choose between growth potential and current income – they can potentially have both.
What makes these strategies particularly valuable to...
Gold: The Only True Wealth Preserver
May 17, 2025What if everything you've been told about money and wealth preservation is fundamentally flawed? In this eye-opening conversation with Lynette Zhang, a financial expert with over 50 years of market experience, we explore why physical gold remains the ultimate safe haven during times of monetary uncertainty.
"If you don't hold it, you don't own it," Zhang states emphatically, challenging conventional financial wisdom. Drawing on her background as a banker and stockbroker who has studied currency life cycles since 1987, she reveals the predictable patterns that signal our current monetary system's final stages. With the US dollar having lost 97% of...
Fixed Income in Uncertain Times
May 16, 2025Start your adventure with TableTalk Friday: A D&D Podcast at the link below or wherever you get your podcasts!
Youtube: https://youtube.com/playlist?list=PLgB6B-mAeWlPM9KzGJ2O4cU0-m5lO0lkr&si=W_-jLsiREjyAIgEs
Spotify: https://open.spotify.com/show/75YJ921WGQqUtwxRT71UQB?si=4R6kaAYOTtO2V
Sign up to The Lead-Lag Report on Substack and get 30% off the annual subscription today by visiting http://theleadlag.report/leadlaglive.
Foodies unite…with HowUdish!
It’s social media with a secret sauce: FOOD! The world’s first network for foo...
Pipeline Powerhouses: Mastering MLP Investments
May 13, 2025Dive into the often misunderstood world of Master Limited Partnerships (MLPs) with Jay Hatfield of Infrastructure Capital as he clarifies exactly what makes these unique investment vehicles tick. Far from simply being "pipeline stocks," MLPs represent a sophisticated investment opportunity combining advantageous tax structures with stable cash flows and attractive yields.
Jay breaks down the fundamental economics driving pipeline companies, explaining why they remain remarkably resilient even during periods of energy price volatility. Unlike direct energy producers, these infrastructure businesses operate primarily through long-term contracts and acreage dedications, creating predictable revenue streams regardless of short-term commodity fluctuations...
Tariffs, Trade Wars, and China's Economic Evolution with Henry Greene
May 11, 2025Amidst headlines proclaiming economic doom from Trump's tariffs, a surprising reality emerges: Chinese exports to the United States represent a mere 2.3% of China's GDP. This revealing statistic underscores China's remarkable transformation from an export-driven economy to one powered by domestic consumption and services.
Henry Greene, Investment Strategist at KraneShares, breaks down this economic evolution with remarkable clarity. China's exports to America have plummeted from over 25% of total exports in 2006-2010 to just 14% today, while their manufactured goods exports represent only about 11% of GDP. For investors concerned about Chinese internet companies, the news grows even more intriguing – less th...
Money Talks: Breaking the Taboo of Wealth with George Stefanou
May 07, 2025Financial literacy forms the bedrock of generational wealth preservation, yet remains strikingly absent from our educational system. This knowledge gap creates the perfect storm for the "shirt sleeves to shirt sleeves in three generations" phenomenon that plagues family fortunes—wealth created in one generation, enjoyed in the second, and squandered by the third.
George Stefanou, with over 15 years of financial advising experience, tackles this pressing issue head-on. Drawing from his book "Two Comma Wealth," he reveals the critical conversations families must have about money and the principles that extend wealth beyond a single generation. The timing couldn't be...
Market Signals and Bear Market Warning Signs with Vincent Randazzo
May 04, 2025The market is sending clear warning signals that shouldn't be ignored. Technical analysis expert Vincent Randazzo reveals how deteriorating market breadth—a critical measure of market health—suggests we've entered a bear market that could persist longer than most anticipate.
Drawing on over two decades of experience in technical analysis, Randazzo explains that market breadth essentially represents liquidity: how much money is flowing into how many different companies. A healthy market shows broad participation across companies of all sizes, while an unhealthy one features concentration in fewer names. At February's market peak, only 53% of stocks in the Russ...
Rethinking Investment Strategy in an Era of Change with Seth Cogswell
May 02, 2025The investment landscape is changing dramatically, and Seth Cogswell of Running Oak believes most investors aren't prepared. "People have gotten away with investing without thinking for the last decade," he observes, pointing to fundamental shifts that could upend conventional portfolio strategies.
At the heart of this change lies the potential reversal of globalization—a multi-decade trend that has kept corporate profit margins artificially inflated and supported unprecedented valuations in certain market segments. This shift creates both dangers and opportunities that demand a more thoughtful approach to portfolio construction.
The conversation reveals a critical blind spot in...
Market Volatility Decoded with Jay Hatfield
May 01, 2025When market volatility erupts, understanding the mechanics behind price movements becomes crucial. In this illuminating conversation with Jay Hatfield of Infrastructure Capital, we dive deep into the surprising dynamics of the recent market sell-off and subsequent recovery following Trump's tariff announcements.
The discussion begins with what Hatfield calls "the small cap tariff problem" – the counterintuitive underperformance of small cap stocks despite their lower exposure to international tariffs. Rather than fundamental concerns, this divergence stems from technical factors: small caps are high beta assets that naturally experience greater volatility during market disruptions. It's a powerful reminder that market co...
Diversification Trumps Conviction with Alex Shahidi
May 01, 2025Are you prepared for a financial landscape unlike anything we've seen in decades? The investing playbook that worked for the past ten years might be obsolete as we navigate unprecedented uncertainty in markets.
"It's very possible there's a sea change and the next decade looks very different from the last decade," warns Alex Shahidi of Evoke Advisors. After years of low interest rates, stable volatility, and US stock dominance, today's environment features sticky inflation, political uncertainty, and a significantly constrained policy response toolkit. The potential range of outcomes is wider than at any point in recent memory...
Tariffs, Tech, and China's AI Awakening with Derek Yan
Apr 27, 2025Trump's unexpected tariff announcements have sent global markets into a tailspin, yet beneath the chaos lies a fascinating story: Chinese tech stocks have actually outperformed their US counterparts over the past year. Why? The valuation gap is stunning—Chinese tech companies trade at just 14-15x earnings while US tech giants command 25-30x multiples.
The emergence of DeepSeek marked a watershed moment for China's technology sector. This breakthrough AI model demonstrated that China isn't merely participating in the artificial intelligence revolution but potentially positioned to lead it. For investors who've written off China as "uninvestable," this re...
Volatility as Opportunity with Meb Faber
Apr 17, 2025Volatility has returned to markets with a vengeance, but is this something to fear or embrace? It depends entirely on your perspective and preparation.
When markets plummet, most investors panic. But what if market downturns actually represent opportunity? For younger investors with decades ahead, buying assets at discounted prices might be the best possible scenario. As Meb Faber points out, "You want to dollar cost average when stocks are at a PE of 10, not a PE of 40."
The conversation delves into the nature of market volatility itself. Historical data reveals that approximately 70-80% of the...
The Myth of Market Efficiency with Cullen Roche
Apr 16, 2025Ever wonder why markets seem to overreact to news we all saw coming? Cullen Roche challenges conventional wisdom about market efficiency with a refreshing perspective: "The price is always wrong." This fundamental insight transforms how we should approach investing during uncertain times.
When tariffs send markets plunging, investors face the classic struggle between what they intellectually know they should do versus what feels right in the moment. Roche expertly dissects why traditional risk profiling fails most investors—everyone knows the "correct" answers on questionnaires, but real-world market volatility triggers emotional responses that make seemingly irrational decisions feel co...
Trading Through Market Shifts with David Dziekanski
Apr 07, 2025The markets have shifted into a new volatility regime, and traders need fresh tools to navigate these choppy waters. In this illuminating conversation, Michael Gayed hosts David Dziekanski (Founder and CEO of Quantify Funds), Mike Venuto (Co-Founder of Tidal ETF Services), and Michael Silva (trader and host of Figuring Out Money) to explore innovative trading strategies for today's challenging market environment.
David introduces Quantify's groundbreaking launch of four new "stacked" ETFs that provide a revolutionary approach to thematic investing. Unlike traditional leveraged funds, these products offer 100% exposure to two carefully paired stocks within a single fund, creating...