Podcasts about lead lag report

In this episode of Lead‑Lag Live, I sit down with Seth Cogswell, Founding Partner and Portfolio Manager at Running Oak, to cut through the hype and examine what's really underpinning today's market momentum.From zombie companies to the staggering dominance of passive investing, Seth lays out how fundamentals no longer align with price—and why the next correction may be bigger than it looks.In this episode:– Why today's market strength is more fantasy than fact– The hidden risks built into passive strategies– The destabilizing role of concentrated index flows– How Fed stimulus has delayed, not eliminated, downside risk– Why mid- and small-cap names matter when the narrative shiftsLead‑Lag Live brings you inside conversations with the financial thinkers who shape markets.Subscribe for interviews that go deeper than the noise.#LeadLagLive #Markets #Investing #SethCogswell #PassiveInvesting #MarketFragility #RunningOakEnergy Rocks: the trending Focus Candy now on sale! or Power up now with Energy Rocks Adult Focus Candy. energyrocks.store/LEAD25OFF. 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

Join this powerful and heartfelt panel discussion on how American veterans are stepping up to support Ukraine's fight for freedom. Featuring inspiring stories from Adam Kishleski, a retired Marine and CEO of MLB Outdoors, and Irina Vashchuk, founder of Revived Soldiers Ukraine, this video highlights the incredible resilience of Ukrainian soldiers and the crucial role of U.S. veterans and charities in providing medical aid, rehabilitation, and hope. Discover how individuals and organizations are making a difference in the lives of those affected by war. Watch now to learn how you can help support this vital mission. Together, we can make an impact.#ukraine #ukrainewar #military #charity #usveteransukraineEnergy Rocks: the trending Focus Candy now on sale! or Power up now with Energy Rocks Adult Focus Candy. energyrocks.store/LEAD25OFF. 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 food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today:

In this episode of Lead-Lag Live, I sit down with Paul Baiocchi, CFA, Head of Fund Sales and Strategy at SS&C ALPS Advisors, to explore the strategies shaping today's ETF landscape.We dig into how ALPS differentiates itself in a crowded market, the role of innovation in fund design, and where investors should be looking for opportunities as flows shift and volatility stays elevated.In this episode:- What sets SS&C ALPS Advisors apart in ETF strategy- How investors are positioning portfolios in today's market- Why fund innovation matters more than ever- The outlook for active ETFs and thematic strategies- Where Paul sees opportunities and risks aheadLead-Lag Live brings you inside conversations with top financial minds shaping markets in real time.Subscribe for more interviews, insights, and raw takes that cut deeper than the headlines.#LeadLagLive #Investing #ETFs #PaulBaiocchi #ALPSAdvisors #SS&C #MarketsEnergy Rocks: the trending Focus Candy now on sale! or Power up now with Energy Rocks Adult Focus Candy. energyrocks.store/LEAD25OFF. 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

Energy Rocks: the trending Focus Candy now on sale! or Power up now with Energy Rocks Adult Focus Candy. energyrocks.store/LEAD25OFF. 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

Discover 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 2025-2030Whether you're a seasoned investor looking to diversify or a newcomer exploring precious metals for the first time, this webinar provides actionable insights to help you make informed decisions about platinum investments.Don't miss this opportunity to get ahead of the market—watch now and discover if platinum deserves a place in your investment strategy. 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 food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today:

Stepping 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 narrative that international stocks have performed well this year solely because of dollar weakness. He highlights how emerging markets contain significant technology exposure, with many companies either competing with or supplying critical components to U.S. tech giants driving the AI revolution. This mirrors patterns from the dot-com era, when companies supplying internet infrastructure in emerging markets ultimately outperformed many headline-grabbing U.S. names.For investors concerned about selecting winners in unfamiliar markets, Raliant's "quantamental" approach offers a solution. Their systematic strategies analyze billions of data points to identify companies with strong fundamentals flying under the radar. They incorporate market-specific factors that pure fundamental investors might miss, like foreign institutional investor holdings in South Korea or retail investor behavior in Taiwan.Recent trade policy developments, including the Japan-U.S. trade agreement, demonstrate how market overreactions to political theater create opportunities for patient investors focused on fundamentals. These dislocations generate alpha for systematic strategies that can identify when stocks have unreasonably discounted good news or failed to properly price in positive developments.Ready to diversify globally? Consider using the ACWI as your benchmark, with approximately 60% in U.S. stocks and 15% in emerging markets—then adjust based on current valuations and opportunities. With today's pronounced valuation disparities, overweighting international exposure might be the prudent choice for investors seeking both diversification and potential outperformance in the coming years. 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 food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today:

Most 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 owning different labels – it's about understanding what drives returns. When economic growth falters, assets that seemed uncorrelated suddenly converge. Meanwhile, one single stock now comprises nearly 8% of the S&P 500, creating hidden concentration risk few investors recognize.Global macro strategies offer a compelling alternative, historically performing well during precisely the market conditions we're facing today. By identifying supply and demand imbalances across currencies, commodities, and fixed income markets, these approaches can deliver returns through fundamentally different mechanisms than traditional investments.The Dynamic Alpha Macro Fund combines global macro with US equities, creating smoother return profiles that don't rely solely on economic growth. As Brad aptly puts it, "Hope is not a plan" – hoping traditional diversification will protect you during the next market crisis isn't sound portfolio management.Ready to rethink your approach to asset allocation? Download their enlightening white paper at rethinkassetallocation.com or visit dynamicwg.com to learn how multiple return drivers can help prepare your portfolio for whatever economic conditions lie ahead. 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 food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today:

In 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 can learn about risk- How to protect and grow wealth across generationsLead-Lag Live brings you straight into conversations with top financial minds shaping markets in real time.Subscribe for more interviews, insights, and raw takes that go deeper than headlines.#LeadLagLive #WealthStrategy #MarketValuations #FinancialAdvisors #PrivateWealth #Tariffs #InvestingWhether you're heading out for a weekend getaway or embarking on a global adventure, LEVEL8's sleek, durable luggage is designed to keep up.Visit www.level8cases.com and use code LEVEL8LAG10 to get 10% off your next purchase.Discount Code: LEVEL8LAG10– Offers 10% off on all products– No expiry, unlimited usage– Not stackable with other discounts 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

KraneShares' 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 AI players- How KraneShares built a structure to hold private equity inside a 40 Act ETF- What the AI Score reveals about the next winners in public markets- Why the next AI boom might happen in applications — not just chipsSubscribe for sharp, high-conviction takes with the people building the future of finance.Whether you're heading out for a weekend getaway or embarking on a global adventure, LEVEL8's sleek, durable luggage is designed to keep up.Visit www.level8cases.com and use code LEVEL8LAG10 to get 10% off your next purchase.Discount Code: LEVEL8LAG10– Offers 10% off on all products– No expiry, unlimited usage– Not stackable with other discounts 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

Mark 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 discussion explores a counterintuitive approach to wealth building that prioritizes creating value for others first. "If you want to create the American Dream for yourself, help other people create their American Dream and then you won't have to worry about yours," Mattson explains. This perspective shifts the focus from entitlement to contribution and provides a framework for sustainable prosperity.Mattson dives deep into portfolio construction, making a compelling case for broad diversification across asset classes, geographies, and company sizes based on academic principles like Efficient Market Theory and Modern Portfolio Theory. He methodically dismantles arguments for concentrated investing, warning that "there's no better way to go bankrupt fast than to dump your money in three or four or five stocks." Instead, he advocates for a disciplined approach that removes emotion from the investment process through systematic rebalancing.The conversation tackles controversial topics like cryptocurrency (which Mattson calls "one of the most toxic investments"), political biases in investing decisions, and the challenges of building a company culture with urgency and purpose. Throughout, Mattson's experience as both an investment manager and entrepreneur shines through, offering practical wisdom for anyone looking to build wealth ethically and systematically.Whether you're just starting your investment journey or managing substantial assets, this discussion provides a roadmap for navigating financial markets with intelligence rather than emotion. As Mattson reminds us, "No one can tell you where the next 20% is going to be, but what we do know historically is the next 100% has always been up."Whether you're heading out for a weekend getaway or embarking on a global adventure, LEVEL8's sleek, durable luggage is designed to keep up.Visit www.level8cases.com and use code LEVEL8LAG10 to get 10% off your next purchase.Discount Code: LEVEL8LAG10– Offers 10% off on all products– No expiry, unlimited usage– Not stackable with other discounts 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 food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today:

Tax 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 away from concentrated positions that have grown to dominate their portfolios. The 351 exchange offers a compelling solution by allowing them to contribute these appreciated assets to seed a new ETF, receiving diversified exposure in return while deferring capital gains taxes.Cambria has already completed two successful exchanges with growing participation, expecting their next fund to reach $300-500 million in assets. While the process requires coordination across financial advisors and custodians, the benefits are substantial – particularly for high-net-worth individuals, founders with concentrated stock positions, and investors needing strategic rebalancing after years of U.S. outperformance.Beyond this tax innovation, Faber shares insights on dramatic market trends emerging in 2023. International value stocks have delivered returns of 30-35%, with some markets like Poland up approximately 60%, even as U.S. valuations approach record highs. The conversation also explores the potential recovery in cannabis stocks after eight brutal years of declines, positioning them as a contrarian opportunity with significant upside potential if regulatory progress materializes.Whether you're seeking tax-efficient portfolio solutions, exploring international diversification, or hunting for asymmetric investment opportunities, this conversation offers valuable perspectives from one of the industry's most innovative thinkers. Subscribe to hear more insights on navigating today's complex investment landscape.Whether you're heading out for a weekend getaway or embarking on a global adventure, LEVEL8's sleek, durable luggage is designed to keep up.Visit www.level8cases.com and use code LEVEL8LAG10 to get 10% off your next purchase.Discount Code: LEVEL8LAG10– Offers 10% off on all products– No expiry, unlimited usage– Not stackable with other discounts 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

The 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 than the oversimplified crisis narratives that dominate public discourse.The Federal Reserve's current policy has resulted in an extraordinary 9% annual contraction of the money supply, a condition not seen since the Great Depression. This monetary tightening creates deflationary pressures that will eventually force rate cuts—likely beginning in September. Understanding these dynamics provides crucial context for investment decisions across asset classes.For equity markets, our analysis maintains a year-end S&P target of 6,600 despite near-term challenges. The market appears fully valued with earnings expectations running high, particularly for technology companies, creating potential volatility through August and September. Small-cap stocks, despite recent underperformance, stand to benefit significantly from upcoming Fed rate cuts, particularly those with strong balance sheets and meaningful dividends.The most profound insights often come from following the money supply data that mainstream financial media consistently overlooks. Whether you're positioning for potential market turbulence or seeking income through high-yield bonds yielding around 8%, having a clear-eyed view of these economic fundamentals provides an edge in navigating what promises to be an eventful conclusion to 2024.Whether you're heading out for a weekend getaway or embarking on a global adventure, LEVEL8's sleek, durable luggage is designed to keep up.Visit www.level8cases.com and use code LEVEL8LAG10 to get 10% off your next purchase.Discount Code: LEVEL8LAG10– Offers 10% off on all products– No expiry, unlimited usage– Not stackable with other discounts 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

Whether you're heading out for a weekend getaway or embarking on a global adventure, LEVEL8's sleek, durable luggage is designed to keep up.Visit www.level8cases.com and use code LEVEL8LAG10 to get 10% off your next purchase.Discount Code: LEVEL8LAG10– Offers 10% off on all products– No expiry, unlimited usage– Not stackable with other discounts 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 food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today:

Whether you're heading out for a weekend getaway or embarking on a global adventure, LEVEL8's sleek, durable luggage is designed to keep up.Visit www.level8cases.com and use code LEVEL8LAG10 to get 10% off your next purchase.Discount Code: LEVEL8LAG10– Offers 10% off on all products– No expiry, unlimited usage– Not stackable with other discounts 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 food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today:

What 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 approach to asset allocation that goes beyond traditional diversification. Just as a cookie needs non-sweet ingredients like salt and flour to succeed, portfolios require truly non-correlated assets that work according to different economic drivers. The Dynamic Alpha Macro Fund, 2023's top-performing macro trading fund in its category, uniquely combines fundamental global macro futures strategies with long-only equity exposure to target smoother returns without compromising long-term performance potential.Through compelling examples like how weather patterns in the Ivory Coast affect cocoa prices independently of stock market movements, Barrie demonstrates "non-correlation with causation" – investments with logical, understandable drivers completely disconnected from traditional market forces. This approach proves especially valuable in today's high-valuation environment, where historical data suggests muted future equity returns.Whether you're currently using alternatives and seeking better diversification or looking to add non-correlation for the first time, this presentation offers a fresh perspective on building more resilient portfolios. Remember: if everything in your portfolio rises together, it will fall together too. Are you truly diversified?Whether you're heading out for a weekend getaway or embarking on a global adventure, LEVEL8's sleek, durable luggage is designed to keep up.Visit www.level8cases.com and use code LEVEL8LAG10 to get 10% off your next purchase.Discount Code: LEVEL8LAG10– Offers 10% off on all products– No expiry, unlimited usage– Not stackable with other discounts 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 food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today:

Whether you're heading out for a weekend getaway or embarking on a global adventure, LEVEL8's sleek, durable luggage is designed to keep up.Visit www.level8cases.com and use code LEVEL8LAG10 to get 10% off your next purchase.Discount Code: LEVEL8LAG10– Offers 10% off on all products– No expiry, unlimited usage– Not stackable with other discounts 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 food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today:

Danny Moses is joined by Michael A. Gayed, founder of the Lead Lag Report, to discuss his new venture, the Free Markets ETF, which focuses on stocks benefiting from deregulation. The conversation covers a range of topics including the Japanese yield curve, the US debt and the Federal Reserve, and the potential impacts of deregulation on various sectors. Michael also discusses his personal journey, including his father's influence and his recent health regimen involving fasting. The episode delves into the role of banks in supporting the US Treasury, the nuances of private credit, and the future outlook for crypto and gold. Michael shares insights on the potential for increased market volatility due to deregulation and the challenges of managing funds in an unpredictable economic environment. --ABOUT THE SHOWFor decades, Danny has seen it all on Wall Street and has built his reputation on integrity, curiosity and skepticism that he will bring with him each week. Having traded through the Great Financial Crisis and being featured in "The Big Short" is only part of the experiences Danny wants to share with the listener. This weekly podcast cuts through market noise, offering entertaining and informative discussions with expert guests giving their views of the financial world and the human side of it. Whether you're a seasoned investor or just getting started, On The Tape provides something for all listeners. Follow Danny on X: @dmoses34 The financial opinions expressed are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on this content.Before making any investment or trade, evaluate its suitability for your circumstances and consider consulting your own financial or investment advisor. The financial products discussed in 'On The Tape' carry a high level of risk and may not be appropriate for many investors. If you have uncertainties, it's advisable to seek professional advice. Remember that trading involves a risk to your capital, so only invest money that you can afford to lose. Derivatives are not suitable for all investors and involve the risk of losing more than the amount originally deposited and any profit you might have made. This communication is not a recommendation or offer to buy, sell or retain any specific investment or service.

The 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 response to fear and greed. A risk parity framework offers an antidote to these tendencies by emphasizing balanced exposure across assets that respond differently to various economic conditions.True diversification extends far beyond traditional 60/40 portfolios, which typically show 98% correlation with equity markets. Instead, it requires thoughtful allocation across stocks, bonds, commodities, and inflation-protected securities, weighted according to their volatility characteristics. Historical data supports this approach: equities have experienced "lost decades" in two of the past five decades, while alternative assets like gold have delivered comparable long-term returns but performed best during equity's worst periods. This complementary performance pattern demonstrates why diversification across uncorrelated assets provides the only "free lunch" in investing.Today's environment of heightened uncertainty and inflation volatility makes diversified approaches more valuable than ever. While many portfolios have become increasingly concentrated in U.S. equities after years of outperformance, the coming decade may reward those who embrace a more balanced approach to navigating the unknowable future. Remember: investing isn't about predicting tomorrow perfectly—it's about building resilient portfolios that can thrive across diverse economic scenarios.Riddler Road Rally is not your average adventure. It's a live, citywide scavenger hunt on wheels, that will be the most fun you have this summer!Riddler Road Rally is hitting eleven cities across Utah and Idaho. Each rally brings new clues and its own vibe, with pre-rally parties, swag giveaways, and surprise diversions. Whether you rep your hometown or hit every stop on the Wasatch Tour to climb the 2025 leaderboard, the choice is yours.You and your team will race across t 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 food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today:

Alternative 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, and even unusual assets like cattle and racehorses.What makes this approach particularly interesting is the psychological benefit that comes with these investments. Unlike public markets where constant price fluctuations can trigger emotional selling, alternatives typically lack minute-by-minute valuations. This reduced transparency often helps investors maintain long-term positions without succumbing to short-term market noise – something Yoshida's customers have repeatedly confirmed.The platform primarily serves "mass affluent" retail investors with $250,000-$5 million in investable assets, who typically allocate 10-20% of their retirement funds to alternatives after experiencing significant gains in public markets. Rather than sourcing investments directly, Rocket Dollar solves the "demand side" by giving investors access to their retirement funds for private investments they've identified elsewhere.This democratization of alternative investments comes at a crucial time. As Yoshida points out, the traditional pathway for companies growing from small caps into large ones has fundamentally changed. Companies like OpenAI and SpaceX enter public markets at already massive valuations, meaning retail investors miss the substantial growth phase that historically occurred in public markets. Through alternative investments, individuals have potential access to these opportunities earlier in their lifecycle.Whether you're considering diversifying your retirement portfolio or simply curious about the expanding world of investment options, this conversation offers valuable insights into how the investment landscape is evolving beyond traditional asset classes.Riddler Road Rally is not your average adventure. It's a live, citywide scavenger hunt on wheels, that will be the most fun you have this summer!Riddler Road Rally is hitting eleven cities across Utah and Idaho. Each rally brings new clues and its own vibe, with pre-rally parties, swag giveaways, and surprise diversions. Whether you rep your hometown or hit every stop on the Wasatch Tour to climb the 2025 leaderboard, the choice is yours.You and your team will race across t 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 food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today:

The 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 that thoughtful investors can exploit.Cogswell reveals why mid-cap companies occupy a unique sweet spot in this environment – established enough to provide stability but small enough to deliver meaningful growth when they innovate. This segment has been largely overlooked as capital floods into the largest names, creating valuation imbalances that spell opportunity for disciplined investors.The Running Oak approach focuses on three timeless principles: maximizing earnings growth, maintaining strict valuation discipline, and mitigating downside risk. This rules-based strategy ensures consistency regardless of market conditions, making it an anchor holding for uncertain times.Perhaps most compelling is Cogswell's insight about "investing where others aren't." When everyone piles into the same popular stocks, prices rise and future returns diminish. Conversely, areas of the market receiving less attention often offer better valuations, higher upside potential, and lower downside risk – exactly the asymmetric opportunity sophisticated investors seek.As passive flows continue to concentrate in fewer names, the opportunity for disciplined, thoughtful investment approaches grows. Follow Seth Cogswell on LinkedIn and Twitter @SethCogswell or visit RunningOak.com to learn more about navigating these extraordinary market conditions.Riddler Road Rally is not your average adventure. It's a live, citywide scavenger hunt on wheels, that will be the most fun you have this summer!Riddler Road Rally is hitting eleven cities across Utah and Idaho. Each rally brings new clues and its own vibe, with pre-rally parties, swag giveaways, and surprise diversions. Whether you rep your hometown or hit every stop on the Wasatch Tour to climb the 2025 leaderboard, the choice is yours.You and your team will race across t 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 food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today:

The 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 their substantial technology exposure. South Korea's market comprises roughly 50% tech stocks yet trades at just 10x forward earnings—compared to the S&P 500's 23x. Taiwan's market is approximately 75% tech-focused but remains more affordable than US indices. These markets offer exposure to companies building critical components for data centers and AI infrastructure that often don't receive the same attention as the Magnificent Seven.Japan represents another intriguing opportunity with its broad market featuring limited analyst coverage beyond top companies. After decades of deflation and stagnation, Japan is experiencing an economic inflection point with normalizing monetary policy and significant corporate governance reforms unlocking previously trapped value.For investors concerned about international risk, Wool notes that much potential downside is already priced into these markets, unlike US equities where the recent recovery suggests investors may be underestimating lingering uncertainties. While emerging markets carry additional geopolitical and governance risks, these create opportunities for disciplined active managers who can identify well-governed companies.The evolution toward sophisticated multi-factor frameworks has transformed international investing. Rather than relying on traditional value or growth tilts alone, advanced systematic strategies now incorporate diverse signals including market-specific factors accounting for local regulations and institutions—particularly valuable when navigating diverse global markets with varying characteristics.Ready to explore international opportunities? Visit rayliant.com to learn more about their quantamental ETFs designed to capture behavioral alpha across global markets.Riddler Road Rally is not your average adventure. It's a live, citywide scavenger hunt on wheels, that will be the most fun you have this summer!Riddler Road Rally is hitting eleven cities across Utah and Idaho. Each rally brings new clues and its own vibe, with pre-rally parties, swag giveaways, and surprise diversions. Whether you rep your hometown or hit every stop on the Wasatch Tour to climb the 2025 leaderboard, the choice is yours.You and your team will race across t 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 food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today:

Riddler Road Rally is not your average adventure. It's a live, citywide scavenger hunt on wheels, that will be the most fun you have this summer!Riddler Road Rally is hitting eleven cities across Utah and Idaho. Each rally brings new clues and its own vibe, with pre-rally parties, swag giveaways, and surprise diversions. Whether you rep your hometown or hit every stop on the Wasatch Tour to climb the 2025 leaderboard, the choice is yours.You and your team will race across t 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 food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today:

What 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 across multiple sectors, from midstream energy companies transporting natural gas to industrial firms building the expanded grid infrastructure.We also examine why international markets are showing signs of life after 16 years of U.S. dominance. With developed markets outside the U.S. trading at a 30% valuation discount, experiencing stronger earnings growth, and benefiting from a weakening dollar, the stage may be set for a multi-year period of outperformance. Similarly, small caps and REITs represent potential mean reversion opportunities, with both segments trading at historically deep discounts despite improving fundamentals.The key takeaway? Investment cycles eventually turn, and positioning your portfolio for what's next rather than what's worked in the past requires looking beyond the obvious. Whether through thematic approaches capturing structural economic shifts, international allocations benefiting from valuation gaps, or quality-focused small cap strategies, diversification may be coming back into favor.Ready to explore investment opportunities beyond the concentrated mega-cap tech trade? This conversation provides a roadmap for navigating the next market cycle rather than the last one.With ChatDOC, instantly analyze professional documents using AI — featuring word-level citations, chart/formula breakdowns, cross-file query, and full support for PDFs/epub/scanned files.Free version handles 10 documents (up to 3000 pages) and cross-searches 30 files.Click the link below to unlock +10 document slots : https://chatdoc.com?src=leadlaglive 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 food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today:

The 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 case, a floor price that increases by inflation plus 5% annually – approximately 8% in today's environment.This trillion-dollar market remains largely unknown to mainstream investors despite covering 25% of the global economy. Companies across Europe, California, the UK, and other regions must purchase carbon permits corresponding to their emissions by law. As governments tighten these markets to meet climate goals through 2050, the structural pressure on prices creates a compelling investment case completely disconnected from traditional market dynamics.Luke Oliver of KraneShares explains how carbon investments like KRBN (global carbon), KCCA (California carbon), and KEUA (European carbon) can transform portfolio construction. Typically allocated at 2-4% of portfolios (though some institutions go up to 8%), carbon exposure provides diversification previously available only to endowments and family offices. For investors searching for alternatives that actually behave differently from stocks during market stress, carbon credits offer a unique opportunity backed by regulatory frameworks rather than sentiment.Ready to diversify beyond the traditional 60/40 portfolio? Explore how carbon markets might be the missing piece in your investment strategy – offering genuine diversification with substantial return potential in a world where true alternatives have become increasingly scarce.With ChatDOC, instantly analyze professional documents using AI — featuring word-level citations, chart/formula breakdowns, cross-file query, and full support for PDFs/epub/scanned files.Free version handles 10 documents (up to 3000 pages) and cross-searches 30 files.Click the link below to unlock +10 document slots : https://chatdoc.com?src=leadlaglive 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 food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today:

Phillip 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 unprecedented monetary policy responses, Toews suggests we may be vulnerable to currency debasement rather than traditional market dynamics.The heart of Toews' philosophy lies in his revolutionary approach to behavioral finance. Rather than starting with conventional portfolios and coaching investors through volatility, he advocates designing "all-weather" portfolios from the ground up that address both economic and psychological needs. His hedged equity approach aims to capture most market upside while dramatically limiting participation in downturns, potentially allowing investors to maintain positions during crashes and capitalize on eventual recoveries.Toews introduces the concept of "corona bias" – just as society was unprepared for a pandemic despite historical precedent, investors ignore financial catastrophes outside their professional lifetimes. This collective amnesia leaves portfolios vulnerable to recurrences of historical calamities.Whether you're an investment professional seeking to differentiate your practice or an individual investor concerned about today's complex market environment, this conversation provides a roadmap for building portfolios designed to withstand various economic scenarios while managing the crucial behavioral aspects of investing. Discover why Toews' recently published book "The Behavioral Portfolio" is changing how advisors approach client relationships and portfolio construction.With ChatDOC, instantly analyze professional documents using AI — featuring word-level citations, chart/formula breakdowns, cross-file query, and full support for PDFs/epub/scanned files.Free version handles 10 documents (up to 3000 pages) and cross-searches 30 files.Click the link below to unlock +10 document slots : https://chatdoc.com?src=leadlaglive 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 food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today:

Warren 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 from intangible assets, investors relying solely on price-to-book ratios find themselves increasingly unable to identify true value in today's markets.The problem extends beyond mere definition. Our accounting standards systematically distort company valuations by expensing rather than capitalizing R&D and other intangible investments. This creates the paradoxical situation where companies investing heavily in their future appear less profitable in the present – a disconnect that creates tremendous opportunity for investors willing to look deeper.Sparkline's innovative approach leverages artificial intelligence and big data to analyze unstructured information sources, from patent filings to social media, quantifying what traditional financial statements miss. This methodology bridges the growing divide between growth and value investors, applying timeless valuation principles to the digital economy.Wu shares a compelling case study of NVIDIA, which Sparkline owned when it traded at a seemingly astronomical P/E ratio of 100. After adjusting for NVIDIA's extraordinary intellectual property and innovative culture, their models showed the stock was actually undervalued – a perspective completely missed by traditional metrics.For investors looking to apply these insights, Sparkline offers two ETFs: ITAN for US markets and DTAN for international developed markets. Both funds seek companies rich in intangible assets but trading at reasonable valuations – essentially value investing adapted for the digital age.Want to dive deeper into Kai's research? Visit sparklinecapital.com to explore his published papers and learn more about investing in the intangible economy.With ChatDOC, instantly analyze professional documents using AI — featuring word-level citations, chart/formula breakdowns, cross-file query, and full support for PDFs/epub/scanned files.Free version handles 10 documents (up to 3000 pages) and cross-searches 30 files.Click the link below to unlock +10 document slots : https://chatdoc.com?src=leadlaglive 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 food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today:

The 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 higher risk premiums on US assets, catalyzing capital flows toward international alternatives.Where might this capital flow? Rohit points to markets starved of investment for fifteen years – Europe, Japan, and particularly emerging markets. Latin America stands at an inflection point with elections potentially delivering reform-minded leadership across major economies. Poland's investment-focused policies create another bright spot, while frontier markets from Nigeria to Sri Lanka implement meaningful reforms after pandemic-era financing constraints forced hard choices.Perhaps most valuable is Rohit's framework for emerging market investing: "In emerging markets, 65% of returns are attributable to country selection." Unlike developed markets where sector selection drives performance, getting the country right is paramount in emerging spaces. And while liquidity remains challenging, patient investors with two-to-five-year horizons stand to benefit as capital eventually follows performance.Rohit also dispels a common misconception about dollar cycles. The currency's likely depreciation over the next several years represents a normal economic cycle unrelated to reserve currency status. Since 1975, the dollar has experienced multiple significant bear markets without losing its position in the global financial architecture.For investors willing to look beyond US borders, the coming years may offer extraordinary opportunities in markets long overlooked by global capital. The question is whether you'll position yourself ahead of this potential sea change or chase it after it's already underway.With ChatDOC, instantly analyze professional documents using AI — featuring word-level citations, chart/formula breakdowns, cross-file query, and full support for PDFs/epub/scanned files.Free version handles 10 documents (up to 3000 pages) and cross-searches 30 files.Click the link below to unlock +10 document slots : https://chatdoc.com?src=leadlaglive 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

Remember 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 exclusive to professionals. As JJ explains, "Options are giant probabilities" that can be used strategically when traders understand the risks involved.The conversation explores a fascinating retail trading psychology: during market uncertainty (like the recent "tariff tantrum"), traders initially flock to broad ETFs like SPDR and QQQ, gradually returning to individual stocks as confidence rebuilds—starting predictably with Microsoft and Meta. This behavioral pattern offers valuable signals about market sentiment that even professionals watch closely.For new traders, JJ's advice is refreshingly straightforward: start with one contract, know your personal risk tolerance, and understand why you're entering each trade. "The easiest thing in the world is to risk more money. The hardest thing is to risk a lot, lose it, and then get into a bad cycle where you feel you have to make it back."Looking ahead, the trading landscape continues evolving toward 24/7 access, with Tasty Trade launching 24-5 equity trading by June. This shift reflects growing global interest in US markets and the expectation that investors should be able to react to news in real-time, regardless of time zone.Ready to level up your trading knowledge? Explore how defining your risk parameters might be the most important skill you can develop as a trader.With ChatDOC, instantly analyze professional documents using AI — featuring word-level citations, chart/formula breakdowns, cross-file query, and full support for PDFs/epub/scanned files.Free version handles 10 documents (up to 3000 pages) and cross-searches 30 files.Click the link below to unlock +10 document slots : https://chatdoc.com?src=leadlaglive 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 food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today:

Ever 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 today's unprecedented corporate debt landscape, where companies have borrowed heavily just to finance buybacks rather than productive investments. As interest rates rise, we may witness a complete reversal of this trend: companies selling equity to pay down debt, creating significant headwinds for overleveraged firms and their shareholders. Meanwhile, "zombie companies" that survived only through cheap refinancing face an existential threat.Seth shares the philosophy behind Running Oak's RUNN ETF, explaining why quality factors like lower debt and earnings consistency matter more than ever, and why equal-weighting positions offers both protection and opportunity in today's market environment. You'll gain insights into why historical patterns suggest today's market concentration is anomalous rather than the new normal.Whether you're concerned about portfolio concentration, seeking undervalued opportunities, or simply want a fresh perspective on navigating today's complex markets, this conversation offers practical wisdom that cuts through the noise. Ready to discover where smart money is quietly positioning for the next market phase? Listen now and reconsider what might be missing from your investment approach.With ChatDOC, instantly analyze professional documents using AI — featuring word-level citations, chart/formula breakdowns, cross-file query, and full support for PDFs/epub/scanned files.Free version handles 10 documents (up to 3000 pages) and cross-searches 30 files.Click the link below to unlock +10 document slots : https://chatdoc.com?src=leadlaglive 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 food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today:

Ever 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 the recent tariff volatility, Brad demonstrates how investors often underestimate visible risks while remaining completely blind to others. His counterintuitive wisdom that "diversification means always having to say you're sorry" reveals an uncomfortable truth: if everything in your portfolio performs well simultaneously, you're probably not truly diversified.Brad explains how his Dynamic Alpha Macro Fund (DYMIX) embodies this philosophy by combining equities with discretionary global macro futures strategies. Unlike trend-following approaches that struggle in choppy markets, DYMIX positions based on fundamental theses that remain valid regardless of broader market conditions. This creates genuine non-correlation not just to stocks and bonds, but to other alternative strategies as well.The conversation delivers actionable insights for both investors and advisors seeking to build more resilient portfolios. By understanding the specific drivers behind different investments and combining multiple uncorrelated return sources, you can better prepare for the investment "buses" you never see coming. Visit dynamicwg.com to learn more about Brad's multidimensional approach to navigating today's complex market environment.With ChatDOC, instantly analyze professional documents using AI — featuring word-level citations, chart/formula breakdowns, cross-file query, and full support for PDFs/epub/scanned files.Free version handles 10 documents (up to 3000 pages) and cross-searches 30 files.Click the link below to unlock +10 document slots : https://chatdoc.com?src=leadlaglive 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 food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today:

Are 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 products offer.What makes this strategy especially powerful is its diversification benefit. With a correlation of just 0.4 between U.S. and Chinese markets, these assets move on completely different cycles, creating a portfolio cushion when you need it most. As Shelon explains, "When US markets experience stress or drawdowns, it happens at a completely different time than when China experiences market stress."We explore the compelling valuation case for Chinese equities, with tech companies trading at PE ratios in the mid-teens while maintaining strong growth. This stands in stark contrast to U.S. markets trading near historic highs both in index levels and valuations. Most investors remain significantly underweight China at just 2-3% exposure, despite KraneShares recommending 5-10% allocation.Whether you're seeking to enhance your income strategy, reduce portfolio volatility, or strategically position for a potential shift in global market leadership, this conversation offers practical insights you won't want to miss. Ready to transform your approach to income and international diversification?Visit kraneshares.com to learn more about KLIP and other innovative investment solutions designed for today's challenging market environment.With ChatDOC, instantly analyze professional documents using AI — featuring word-level citations, chart/formula breakdowns, cross-file query, and full support for PDFs/epub/scanned files.Free version handles 10 documents (up to 3000 pages) and cross-searches 30 files.Click the link below to unlock +10 document slots : https://chatdoc.com?src=leadlaglive 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 food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today:

The 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 falling below 1.1 million units have preceded 11 of 12 post-WWII recessions—suggesting we may be closer to economic trouble than many realize. Meanwhile, a 20% drop in oil prices this year has created what Hatfield calls "stag-deflation" rather than the stagflation many fear.The conversation takes a surprising turn when examining market influences. Bianco reveals that retail investors purchased $4.1 billion worth of stocks in just four hours following the Moody's downgrade, effectively stabilizing the market. This "do-it-yourself" investor revolution has fundamentally changed market dynamics, with retail traders wielding unprecedented influence despite focusing on just a handful of popular stocks and ETFs.Both experts offer nuanced perspectives on tariffs, inflation expectations, and the global bond sell-off. While the immediate outlook suggests continued volatility, they highlight that today's fixed income market structure offers significantly more favorable characteristics than during the initial rate hiking cycle of 2022-2023.Whether you're concerned about spiking Treasury yields, curious about the impact of retail traders, or trying to position your portfolio for what comes next, this discussion provides crucial insights from two of the sharpest minds in macro investing. Subscribe for more illuminating conversations that help you navigate these complex market conditions.With ChatDOC, instantly analyze professional documents using AI — featuring word-level citations, chart/formula breakdowns, cross-file query, and full support for PDFs/epub/scanned files.Free version handles 10 documents (up to 3000 pages) and cross-searches 30 files.Click the link below to unlock +10 document slots : https://chatdoc.com?src=leadlaglive 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 food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today:

Technology 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 patience. With just 7% annual turnover, they allow investments in companies like Microsoft, Apple, Amazon, and NVIDIA to compound over many years. This long-term perspective proves especially valuable when navigating tech's inherent volatility. As portfolio manager Rahul explains, even AI—their largest investment theme since 2016—has experienced two 20% pullbacks in the last 18 months alone.Recent earnings revealed tech's continued strength, with mega-cap tech growing earnings 28% versus just 9% for the remainder S&P 493. Cloud infrastructure spending is projected to reach $390 billion this year, nearly nine times higher than a decade ago. While tariffs pose the most significant current risk, particularly for semiconductors, the team's diversified approach and deep research capabilities help manage these challenges.With technology now representing 31% of the S&P 500 and nearly half the Russell 1000 Growth Index, investors increasingly recognize the value of specialist management in this complex sector. Columbia Threadneedle's recently launched Select Technology ETF (SEMI) offers another vehicle to access their expertise alongside their established funds.Ready to enhance your portfolio with professional technology exposure? Visit Columbia Threadneedle's website to explore their SEMI ETF and discover how their research-driven approach can help navigate technology's opportunities and challenges.With ChatDOC, instantly analyze professional documents using AI — featuring word-level citations, chart/formula breakdowns, cross-file query, and full support for PDFs/epub/scanned files.Free version handles 10 documents (up to 3000 pages) and cross-searches 30 files.Click the link below to unlock +10 document slots : https://chatdoc.com?src=leadlaglive 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

The 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 diversification when markets face stagflationary headwinds. This reality underscores the value of risk parity strategies, which distribute risk evenly across assets that perform differently under varying economic conditions.Gold emerges as a particularly compelling asset in this context. Contrary to popular perception, gold has outperformed stocks over the past 25 years and has nearly matched global equities' returns since 1971, trailing by merely half a percent annually. During the stagflationary 1970s, gold appreciated by approximately 30% annually, highlighting its effectiveness as a portfolio stabilizer during precisely the economic conditions many fear today.The risk parity approach offers a systematic framework for achieving genuine diversification—not by simply holding numerous securities, but by balancing risk exposure across uncorrelated assets. This means owning more of less volatile assets and less of more volatile ones, ensuring no single economic factor dominates portfolio performance. When implemented within an ETF structure like RPAR, this approach gains additional tax efficiencies while automating the psychologically challenging process of regular rebalancing.Ready to protect your portfolio against stagflation while maintaining long-term growth potential? Explore how risk parity strategies might complement your existing investments and provide smoother returns through uncertain economic conditions.With ChatDOC, instantly analyze professional documents using AI — featuring word-level citations, chart/formula breakdowns, cross-file query, and full support for PDFs/epub/scanned files.Free version handles 10 documents (up to 3000 pages) and cross-searches 30 files.Click the link below to unlock +10 document slots : https://chatdoc.com?src=leadlaglive 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

The 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 today is the breakdown of traditional asset correlations. The negative relationship between stocks and bonds that underpinned the classic 60/40 portfolio has weakened significantly, with both assets sometimes declining simultaneously during market stress. Volatility itself has emerged as an effective portfolio diversifier with a -0.8 correlation to equity markets this year.Through covered call writing on high-volatility tech names, these strategies can generate substantial yields (7-14% annually) while maintaining some upside participation. The approach follows a four-step framework for navigating market turbulence: mitigating downside during corrections, generating income while awaiting clarity, repositioning for rebounds, and then capturing upside during risk-on periods.Particularly enlightening is Howard's warning about NAV erosion in high-yield ETFs – when funds promise distributions above what markets can sustainably deliver, they must return principal to maintain their stated yield, creating a slow death spiral for investor capital. This critical concept is often overlooked by yield-hungry retail investors.For those approaching or in retirement who rely on portfolio income rather than total return, these alternative income streams may provide the consistency and tax efficiency that traditional fixed income currently lacks. As Howard notes, with US debt growing at 7% while GDP grows at just 2-3%, challenging fiscal choices lie ahead – making thoughtful income strategies more essential than ever.With ChatDOC, instantly analyze professional documents using AI — featuring word-level citations, chart/formula breakdowns, cross-file query, and full support for PDFs/epub/scanned files.Free version handles 10 documents (up to 3000 pages) and cross-searches 30 files.Click the link below to unlock +10 document slots : https://chatdoc.com?src=leadlaglive 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 food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today:

What 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 its purchasing power, Zhang argues we're witnessing the death throes of fiat currency—something central banks worldwide seem to acknowledge as they accumulate gold at historic rates.The conversation takes a fascinating turn when Zhang calculates gold's true fundamental value at over $40,000 per ounce—far above current market prices. This isn't wishful thinking but based on dividing global debt by all existing gold, revealing just how severely undervalued the metal remains despite recent price increases. Zhang explains how governments suppress gold prices through paper markets because "a rising gold price is an indication of a failing fiat currency."Perhaps most compelling is Zhang's framework for diversification. While many advisors consider stocks and bonds sufficient diversification, Zhang demonstrates why tangible assets like physical gold and silver are the only true portfolio diversifiers during a currency transition. As she puts it: "During transitions, wealth never disappears, it just shifts location."Whether you're deeply concerned about monetary policy or simply looking to protect your financial future, this conversation provides actionable insights on positioning yourself for what Zhang believes is an inevitable currency reset. Subscribe and share your thoughts on preparing for financial uncertainty in today's rapidly changing world.With ChatDOC, instantly analyze professional documents using AI — featuring word-level citations, chart/formula breakdowns, cross-file query, and full support for PDFs/epub/scanned files.Free version handles 10 documents (up to 3000 pages) and cross-searches 30 files.Click the link below to unlock +10 document slots : https://chatdoc.com?src=leadlaglive 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

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 food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today:

Dive 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. Currently yielding around 7% with 5% annual distribution growth, today's MLPs target double-digit total returns while maintaining conservative financial policies.The conversation highlights how natural gas infrastructure stands at the intersection of several major global trends. As electricity demand surges from AI development, electric vehicles, and broader electrification, natural gas remains essential for grid stability—something even renewable-heavy regions like Spain and Portugal have learned through experience. Meanwhile, policy shifts under the Trump administration supporting LNG exports create substantial growth runways for companies transporting America's abundant natural gas resources to global markets hungry for cleaner energy alternatives.Perhaps most compelling for investors is the portfolio diversification MLPs offer, showing only 60-70% correlation to broader markets while providing meaningful income. The industry's evolution over recent years has created stronger, more resilient companies with national operations, investment-grade balance sheets, and sustainable distribution policies. For retirement-focused investors especially, these characteristics make MLPs worth serious consideration as part of a balanced portfolio strategy.Ready to explore how MLPs might fit into your investment approach? Visit infracapfunds.com to learn more about AMZA and other specialized ETFs designed to capture opportunities in this dynamic sector. 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

Amidst 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 than 2% of revenues from KWeb portfolio companies (including Alibaba, PDD, Tencent, and Meituan) originate from American consumers. Only PDD Holdings, with its popular Temu app, faces meaningful exposure at roughly 15% of revenue.The conversation explores several misconceptions plaguing market narratives. Concerns about Chinese company delistings from U.S. exchanges largely rehash existing policies from the 2020 Holding Foreign Companies Accountable Act, rather than representing new threats. Similarly, trade tensions around Taiwan reflect long-standing political posturing rather than imminent geopolitical shifts. Meanwhile, Chinese internet valuations remain compelling at roughly 17% earnings multiples compared to 30% for U.S. tech counterparts.Looking forward, multiple growth catalysts remain intact regardless of trade negotiations. Artificial intelligence development continues at pace with companies like Alibaba introducing increasingly efficient models. Consumer confidence has room to recover from pandemic-era lows. Perhaps most promising, cloud computing penetration among Chinese businesses sits at just 50% – substantially below Western rates and echoing the internet adoption curve that powered earlier growth cycles.Discover how savvy investors are navigating this complex landscape using strategies like balanced onshore/offshore exposure, covered calls, buffer products, and Asian fixed income to capitalize on China's economic resilience while managing volatility. Subscribe to KraneShares.com or ChinaLastNight.com for ongoing market insights that challenge mainstream narratives with data-driven analysis. 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 food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today:

Financial 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 Stefanu, 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 more crucial, as we stand at the precipice of history's largest wealth transfer from Baby Boomers to their heirs.Stefanu unpacks the concept of "hitting your number"—that magical retirement figure that supposedly guarantees financial security—and why the traditional 4% withdrawal rule requires nuanced application. He offers a refreshing metaphor of investment "lanes" (from the emergency lane of cash reserves to the sports car lane of growth equities) that helps visualize proper diversification strategies needed to combat inflation while preserving capital.The challenges of working with high-net-worth individuals receive special attention, particularly how their business success can paradoxically hinder investment discipline. Men and women approach money differently too—men often rushing to action during market volatility while women process information before making decisions, frequently becoming better long-term investors as a result.Strategic tax and estate planning emerge as critical yet underappreciated aspects of wealth preservation. With potential changes to estate tax exemptions looming, Stefanu illuminates how proper asset location and distribution timing can save heirs significant money while honoring philanthropic intentions without "tipping the IRS" unnecessarily.What about AI in financial planning? While technology will enhance data analysis and pattern recognition, the human element—behavioral coaching, accountability, and personalized understanding—remains irreplaceable, especially during market turbulence.Subscribe now to explore how meaningful kitchen-table money conversations can transform financial education from a missing curriculum subject into your family's greatest inheritance. 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 food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today:

The 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 Russell 3000 were trading above their 200-day moving averages despite major indices hitting all-time highs—a classic divergence pattern that has preceded major market tops throughout history.Small cap underperformance has been particularly telling, with the Russell 2000 effectively experiencing a "lost half-decade" already when accounting for inflation. This divergence between small caps and large caps represents one of the most significant warning signs in current market conditions and could be foreshadowing a potential "lost decade" for equities similar to 2000-2010.For investors accustomed to the "buy and hold" approach that has dominated the last 15 years, this environment demands a tactical, risk-aware strategy. The value of avoiding major drawdowns while still capturing upside becomes paramount for effective long-term compounding. Diversification needs to extend beyond asset classes to include different strategies with varying signals and time horizons.Whether you're managing your own investments or working with an advisor, understanding these technical signals could make the difference between protecting your capital and suffering significant losses as this bear market potentially unfolds. Visit viewright.ai to learn more about navigating these challenging market conditions with discipline and systematic risk management. 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 food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today:

The 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 how most investors structure their portfolios. Between large-cap dominated passive funds (where often just eight companies represent 60% of holdings) and small/mid-cap allocations sits an overlooked space with compelling characteristics. Mid-caps have outperformed large caps by 60 basis points annually over 33 years while maintaining lower valuations—creating what Seth describes as "the most attractive asymmetry within the US equity market."Seth makes a compelling case for disciplined investing focused on three core principles: maximizing earnings growth, avoiding companies that should go down (particularly those with unreasonable valuations), and mitigating drawdowns. This rules-based approach removes emotion from the investment process and has proven valuable through various market cycles.The discussion also explores how companies that have taken on significant debt primarily to repurchase shares may face difficulties if we enter a recession or if interest rates remain elevated. "You go back to the end of bull markets, that's where the most crowded, most popular trades drop 50% in a few months," Seth warns, highlighting why investors should reassess concentration risks in their portfolios.Whether you're concerned about potential market turbulence or simply looking to optimize your portfolio construction, this conversation offers valuable perspective on finding opportunities in overlooked market segments through disciplined, logical investment approaches that focus on sustainable growth and risk management. 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 food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today:

Are 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, with greater risk of extreme scenarios.Most investors remain dangerously positioned for yesterday's market conditions. While many believe their 60/40 portfolios provide adequate diversification, Shahidi reveals that such allocations are 98% correlated with the stock market because stocks contribute disproportionately to volatility and returns. True diversification requires balancing risk contributions across multiple asset classes – what's known as risk parity.The conversation challenges conventional wisdom about gold, revealing it has returned approximately 8% annually since 1971, just behind equities' 9%, with near-zero correlation. The 1970s and 2000s were excellent for gold but poor for stocks, while the 1980s and 1990s saw the reverse pattern. This makes gold an exceptionally valuable diversifier that remains underrepresented in most portfolios.Perhaps most importantly, Shahidi offers a powerful framework for navigating today's uncertainty: "Diversification always trumps conviction." While it's natural to want to predict the future and position accordingly, the odds of consistent success in market timing are slim. A truly diversified portfolio removes much of the emotional pressure from investing decisions, allowing investors to follow a "slow and steady" path that historically delivers superior long-term results.Ready to rethink your investment approach for the decade ahead? Listen now to discover how true diversification might be your best protection against whatever the markets throw at us next. 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 food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today:

When 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 commentary often follows price action rather than leads it, creating what Hatfield describes as "momentum market commentary."Most provocatively, Hatfield challenges the conventional wisdom around tariffs and inflation. Unlike the stagflationary environment of the 1970s when oil prices rose 1200%, today's economic landscape features falling oil prices (down 20% year-to-date) combined with one-time tariff impacts. "Tariffs are one-time price increases, not inflation," Hatfield emphasizes, arguing that the Federal Reserve fundamentally misunderstands this distinction, keeping rates unnecessarily high based on a flawed framework that ignores money supply dynamics.Looking forward, Hatfield remains constructive on markets with an S&P target range of 5,000 to 6,000 in the near term and 6,600 by year-end. He sees earnings season as a stabilizing force that will replace fear with factual corporate data. For investors navigating this landscape, his Infrastructure Capital ETFs offer different strategies for varying risk appetites – from value-focused small caps (SCAP) to high-yield fixed income (PFFA and BNDS) and covered call strategies (ICAP).Ready to look beyond the headlines and understand what's really driving markets? This conversation provides the framework you need to separate market noise from investment opportunity during periods of policy uncertainty. 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 food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today:

Trump'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 revelation demands a serious reconsideration of global portfolio allocation.What many investors miss is how Chinese tech companies differ fundamentally from their manufacturing counterparts. These digital businesses primarily serve domestic consumers through online shopping, mobile payments, and gaming—activities largely insulated from direct tariff impacts. This domestic focus provides a buffer against trade tensions while still offering exposure to one of the world's largest consumer markets.The AI revolution extends far beyond consumer applications like chatbots. The real transformation is happening at the enterprise level, where AI integration into existing systems is creating tremendous efficiency gains across sectors. From logistics optimization to healthcare advancements, AI is reshaping business operations globally. Most impressive is AI's coding capability, which has reached approximately 80% of human performance levels.For those looking to capitalize on these trends, a diversified approach offers advantages over concentrated bets on the "Magnificent Seven." Consider exploring solutions like KraneShares' AGIX ETF, which provides exposure to 40+ companies across the AI ecosystem, including unique access to private AI unicorns typically reserved for institutional investors. In times of market volatility, this comprehensive strategy may help navigate uncertain waters while maintaining exposure to tomorrow's technology leaders.Ready to rethink your global tech allocation? Explore how adding exposure to Chinese innovation might enhance your portfolio's long-term growth potential and resilience during market turbulence.DISCLAIMER – PLEASE READ: This is a sponsored episode for which Lead-Lag Publishing, LLC has been paid a fee. Lead-Lag Publishing, LLC does not guarantee the accuracy or completeness of the information provided in the episode or make any representation as to its quality. All statements and expressions provided in this episode are the sole opinion of KraneShares and Lead-LThis Mother's Day, give a gift that is truly special—one that captures memories, preserves love, and lasts for generations. With TellMel.AI, you can turn your cherished stories into a timeless keepsake. It's simple and heartfelt. This Mother's Day, give more than just a gift—give the magic of storytelling, a legacy that will be cherished for generations. Start today at TellMel.AI. 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 food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today:

Volatility 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 market's best and worst days occur when prices trade below their 200-day moving average. This volatility clustering means big down days and big up days tend to happen close together - a phenomenon that quantitative approaches can potentially exploit.Perhaps most illuminating is the discussion around what true diversification actually means. Many investors believe they're diversified simply by owning the S&P 500, failing to recognize they're only exposed to U.S. large-caps. Genuine diversification extends across asset classes, geographies, and strategies - particularly important when correlations tighten during market stress.The discussion explores effective tail risk management strategies, including tactical allocation approaches and explicit hedging techniques. International markets trading at single-digit PE ratios offer compelling value compared to expensive U.S. indices, potentially signaling a regime shift after years of U.S. dominance.Whether this market volatility represents the beginning of something larger or merely a temporary correction remains uncertain. What's clear is that having a written investment plan before volatility strikes makes all the difference between reacting emotionally and responding strategically. As markets continue their wild ride, those who prepared for turbulence will navigate with confidence while others scramble for direction.DISCLAIMER – PLEASE READ: This is a sponsored episode for which Lead-Lag Publishing, LLC has been paid a fee. Lead-Lag Publishing, LLC does not guarantee the accuracy or completeness of the information provided in the episode or make any representation as to its quality. All statements and expressions provided in this episode are the sole opinion of Cambria and Lead-Lag Publishing, LLC expressly disclaims any responsibility for action taken in connection with the information provided in the discussion. The content in this program is for informational purposes only. You should not construe any information or other material as investment, financial, tax, or other advice. The vieThis Mother's Day, give a gift that is truly special—one that captures memories, preserves love, and lasts for generations. With TellMel.AI, you can turn your cherished stories into a timeless keepsake. It's simple and heartfelt. This Mother's Day, give more than just a gift—give the magic of storytelling, a legacy that will be cherished for generations. Start today at TellMel.AI. 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 food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today:

Ever 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 completely logical. As uncertainty surges during market corrections, even legendary investors can get caught in this psychological trap.The conversation introduces a powerful framework called "defined duration investing," which quantifies investment time horizons to match appropriate assets with specific financial needs. The stock market, fundamentally a 17-year instrument, cannot be forced to behave like a money market fund without consequences. This misalignment explains why many investors struggle behaviorally with market volatility—they're trying to "turn water into wine" by expecting short-term stability from inherently long-term assets.Particularly enlightening is Roche's analysis of treasuries as "deflation insurance" and his critique of popular income strategies. The discussion on dividend stocks versus total return challenges mental accounting habits that separate yield from capital appreciation, while his examination of monetary policy reveals how interventionist approaches can create unintended consequences.Whether you're navigating current market turbulence or building a portfolio for the long term, this conversation provides critical insights into aligning your investment approach with both market realities and your own psychology. Check out Roche's work at disciplinefunds.com or explore his ETF (DSCF) designed to weather behavioral challenges in volatile markets.The content in this program is for informational purposes only. You should not construe any information or other material as investment, financial, tax, or other advice. The views expressed by the participants are solely their own. A participant may have taken or recommended any investment position discussed, but may close such position or alter its recommendation at any time without notice. Nothing contained in this program constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or other financial instruments in any jurisdiction. Please consult your ownThis Mother's Day, give a gift that is truly special—one that captures memories, preserves love, and lasts for generations. With TellMel.AI, you can turn your cherished stories into a timeless keepsake. It's simple and heartfelt. This Mother's Day, give more than just a gift—give the magic of storytelling, a legacy that will be cherished for generations. Start today at TellMel.AI. 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 food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today:

The 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 effective 2:1 leverage with built-in rebalancing. The newly launched funds include APED (MicroStrategy/Coinbase), LAYS (NVIDIA/AMD), SPCY (NVIDIA/SMCI), and ZIPP (Uber/Tesla) - each targeting high-interest themes from cryptocurrency to artificial intelligence.The conversation delves into the mechanics behind these innovative products, explaining how they solve one of the most challenging aspects of portfolio management: executing those difficult rebalances between correlated assets, especially during earnings seasons or market turbulence. As David explains, "These are prepackaged vehicles offering rebalancing in an ETF that you don't have to think about."Silva shares practical insights on adjusting trading strategies during periods of expanded volatility, while Venuto illuminates the structural tax advantages ETFs offer over traditional investment vehicles. The panel also explores Quantify's successful BTGD fund, which applies the stacking approach to Bitcoin and gold, demonstrating how automatic rebalancing can capture value during volatile market swings.For traders navigating today's unpredictable markets, this discussion offers valuable perspectives on using innovative investment vehicles to maintain tactical exposure while managing risk more effectively. Whether you're looking to trade through earnings season, add tactical leverage to your portfolio, or simply understand the evolving landscape of ETF innovation, this episode provides crucial insights for surviving and thriving in volatile markets.SnoreMedic is the simple, comfortable mouthguard that stops snoring instantly—so you (and your partner) can finally sleep through the night. Try it risk-free for 60 nights. Wake up refreshed.

In a world where traditional income sources fall short and market volatility threatens portfolio stability, finding the sweet spot between yield and growth becomes increasingly challenging. Enter Cullen Capital's Enhanced Equity Income Strategy (DIVP), a thoughtfully constructed approach that's been delivering consistent results for over 14 years.Unlike many covered call strategies that sacrifice upside potential for current income, DIVP takes a more selective approach. By writing options on just 25-40% of portfolio holdings, the strategy maintains meaningful exposure to market upside while generating a target yield of 7% or higher. Half of this yield comes from dividends paid by high-quality value stocks, with the remainder from option premiums – creating a more tax-efficient income stream than strategies relying solely on options.The portfolio consists of approximately 30-35 carefully selected large-cap value companies across all eleven market sectors, each chosen for their strong fundamentals, dividend growth potential, and attractive valuations. Trading at just 13x forward earnings, these companies offer both current income and growth potential that many pure fixed-income alternatives simply cannot match.Perhaps most compelling is the strategy's historical ability to protect capital while delivering income. A hypothetical $1 million investment at inception with 5% annual withdrawals would have provided $856,000 in cumulative income while growing to $1.3 million over 14 years – demonstrating that income generation doesn't have to come at the expense of principal.With recent market volatility highlighting the vulnerabilities of growth-heavy portfolios, DIVP's value-oriented approach has demonstrated resilience, outperforming many technology-focused covered call strategies. As investors reassess their income needs in an uncertain market environment, consider how this balanced approach to income generation might enhance your portfolio's yield while maintaining potential for long-term growth.DISCLAIMER – PLEASE READ: This is a sponsored episode for which Lead-Lag Publishing, LLC has been paid a fee. Lead-Lag Publishing, LLC does not guarantee the accuracy or completeness of the information provided in the episode or make any representation as to its quality. All statements and expressions provided in this episode are the sole opinion of Cullen Capital and Lead-Lag Publishing, LLC expressly dSnoreMedic is the simple, comfortable mouthguard that stops snoring instantly—so you (and your partner) can finally sleep through the night. Try it risk-free for 60 nights. Wake up refreshed.

Market volatility has soared, and investors are more bearish than they've been since 2008 – even more so than during COVID. But what if this extreme pessimism is actually a buying signal? Eric Nyquist of Howard Capital makes a compelling case that "bears sound smart, but they're usually wrong," highlighting how contrarian indicators often provide the clearest path forward during market uncertainty.In this fascinating conversation, Eric breaks down Howard Capital's systematic approach to navigating turbulent markets. Their proprietary "Byline" and "Pivot Point" systems work together like a head coach and coordinator – the Byline determining overall market exposure based on trend analysis, while the Pivot Points fine-tune shorter-term adjustments. This rules-based methodology eliminates emotional decision-making, which Eric identifies as the primary reason most investors significantly underperform the market over time.Drawing from Howard's impressive track record during previous market downturns, Eric explains how tactical management isn't about predicting market movements but responding systematically to what's actually happening. Their approach allowed them to navigate 2008 with less than 10% drawdowns and position clients optimally during the 2020 COVID crash. Most enlightening is Eric's perspective on risk itself – arguing that true risk isn't volatility but the erosion of purchasing power, making quality equities potentially less risky than bonds over the long term.For advisors and investors struggling with client emotions during market turbulence, this episode provides invaluable insights into how disciplined, tactical approaches can deliver both peace of mind and superior long-term results. As Eric notes, "the value of a good advisor and money manager far outsees the cost," particularly when they save clients from making costly behavioral mistakes during times of market stress.DISCLAIMER – PLEASE READ: This is a sponsored episode for which Lead-Lag Publishing, LLC has been paid a fee. Lead-Lag Publishing, LLC does not guarantee the accuracy or completeness of the information provided in the episode or make any representation as to its quality. All statements and expressions provided in this episode are the sole opinion of Howard Capital and Lead-Lag Publishing, LLC expressly disclaims any responsibility for action taken in connection with the information provided in the discussion. The content in this program is for informational purposes only. You should not construe any information or other material as investment, financial, tax, or other advice. The views expressed by the participants are solely their own. A participant may have taken or recommended any investment position discussed, but may close such position or alter its recommendation at any time without notice. Nothing containSnoreMedic is the simple, comfortable mouthguard that stops snoring instantly—so you (and your partner) can finally sleep through the night. Try it risk-free for 60 nights. Wake up refreshed.