Tariffs, Tech, and China's AI Awakening with Derek Yan

Lead-Lag Live

#Trading #Business #Michael A Gayed CFA #CFA #Michael A Gayed #Investing #Inflation #Economy #Options #Podcasting Education #Stock #Bond #Recess

32:12

DaQuane Cherry was once the kid who wore a hoodie to hide skin flare-ups in school. Now he’s an artist and advocate helping others feel seen. He reflects on his psoriasis journey, the power of small joys, and why loving yourself first isn’t a cliché—it’s essential. Plus, a deep dive into the history of La Roche-Posay’s legendary spring. See omnystudio.com/listener for privacy information.…

about a year ago 51:33

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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 Kra

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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: Support the show

Chapters

1. Tariffs, Tech, and China's AI Awakening with Derek Yan (00:00:00)

2. Initial Reactions to Trump's Tariffs (00:01:16)

3. Introduction and Sponsor Message (00:02:25)

4. Derek Yan's Background at CraneShares (00:03:09)

5. DeepSeek's Impact on China Tech Sentiment (00:05:41)

6. Tariff Effects on China vs US Markets (00:10:38)

7. Domestic Consumption and Stimulus Strategies (00:13:25)

8. AI Implementation and Enterprise Adoption (00:20:02)

9. AGIX: CraneShares' Unique AI ETF Approach (00:25:33)

10. Currency Movement and Dollar Depreciation (00:35:50)

11. CraneShares' Investment Philosophy (00:38:30)

12. Client Base Evolution and Misconceptions (00:41:39)

13. Final Thoughts on Market Volatility (00:50:00)

819 episodes

Lead-Lag Live

Tariffs, Tech, and China's AI Awakening with Derek Yan

Lead-Lag Live

40 subscribers

published about a year ago

MP3•Episode home

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

Chapters

1. Tariffs, Tech, and China's AI Awakening with Derek Yan (00:00:00)

2. Initial Reactions to Trump's Tariffs (00:01:16)

3. Introduction and Sponsor Message (00:02:25)

4. Derek Yan's Background at CraneShares (00:03:09)

5. DeepSeek's Impact on China Tech Sentiment (00:05:41)

6. Tariff Effects on China vs US Markets (00:10:38)

7. Domestic Consumption and Stimulus Strategies (00:13:25)

8. AI Implementation and Enterprise Adoption (00:20:02)

9. AGIX: CraneShares' Unique AI ETF Approach (00:25:33)

10. Currency Movement and Dollar Depreciation (00:35:50)

11. CraneShares' Investment Philosophy (00:38:30)

12. Client Base Evolution and Misconceptions (00:41:39)

13. Final Thoughts on Market Volatility (00:50:00)

819 episodes

#Trading #Business #Michael A Gayed CFA #CFA #Michael A Gayed #Investing #Inflation #Economy #Options #Podcasting Education #Stock #Bond #Recess

All episodes

Lead-Lag Live

1
Income Strategies for Uncertain Markets with Jay Hatfield 48:39

2 days ago48:39

48:39

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: Support the show…

Lead-Lag Live

1
Beyond Traditional Diversification with Brad Barrie 50:55

3 days ago50:55

50:55

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: Support the show…

Lead-Lag Live

24 days ago45:35

45:35

Lead-Lag Live

1
Beyond the S&P 500 with Paul Baiocchi 45:45

5 weeks ago45:45

45:45

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. 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: Support the show…

Lead-Lag Live

1
Carbon Markets as Alternative Investments with Luke Oliver 47:49

6 weeks ago47:49

47:49

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. 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: Support the show…

Lead-Lag Live

1
Breaking the 60/40 Myth with Philip Toews 42:43

7 weeks ago42:43

42:43

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. 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: Support the show…

Lead-Lag Live

1
The Rise of Intangible Value Investing with Kai Wu 46:17

7 weeks ago46:17

46:17

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. 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: Support the show…

Lead-Lag Live

1
Global Markets Beyond America 37:55

8 weeks ago37:55

37:55

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. 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…

Lead-Lag Live

1
Trading Psychology Unveiled 44:47

8 weeks ago44:47

44:47

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. 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: Support the show…

Lead-Lag Live

1
Finding the Hidden Gems in Mid-Cap Markets 42:04

8 weeks ago42:04

42:04

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. 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: Support the show…

Lead-Lag Live

1
The Hidden Bus: Preparing for Market Uncertainty 45:03

9 weeks ago45:03

45:03

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. 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: Support the show…

Lead-Lag Live

1
Unlocking China's Potential Through Covered Calls 48:18

9 weeks ago48:18

48:18

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. 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: Support the show…

Lead-Lag Live

1
Navigating Rising Yields 52:59

9 weeks ago52:59

52:59

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. 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: Support the show…

Lead-Lag Live

1
Inside AI: The Future of Technology Investments 28:56

10 weeks ago28:56

28:56

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. 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…

Lead-Lag Live

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Money & Markets: Navigating Stagflation 38:23

10 weeks ago38:23

38:23

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. 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…

Lead-Lag Live

1
Market Mayhem: Is the Worst Behind Us? 14:57

10 weeks ago14:57

14:57

Market veterans know that bull runs and corrections rarely travel in straight lines, and in this riveting conversation with Michael Gayed, we explore the subtle signals suggesting our recent market recovery might be more fragile than it appears. Michael, who accurately predicted the S&P's 20% drop earlier this year, walks us through the conflicting indicators currently puzzling even seasoned analysts. What particularly stands out is the disconnect between rapidly recovered credit spreads and still-struggling small caps – a warning sign Michael believes shouldn't be ignored. Treasury yields remain stubbornly elevated despite easing tariff concerns, while the Japanese yen's strengthening since January suggests forces beyond trade policy may be driving market volatility. For anyone trying to read these complex market signals, Michael offers a refreshingly candid framework that cuts through the noise. The conversation takes a fascinating turn when addressing gold's prospects, with Michael clarifying his controversial stance. Having been bullish since October 2023, he now sees gold transitioning from safety asset to momentum play – often a precursor to correction. Through behavioral finance principles like the disposition effect, he explains why gold could face a 10-20% pullback despite its long-term bull case remaining intact. Most provocatively, we explore what Michael calls "manipulation on a scale we've never seen before," where presidential tweets move markets and rhetoric trumps fundamentals. If you're navigating today's bewildering investment landscape, this episode provides the context and perspective to help you distinguish between market noise and meaningful signals. Subscribe now for more cutting-edge market insights that go beyond the headlines! 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 Support the show…

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Investment Strategies for Uncertain Times 48:15

10 weeks ago48:15

48:15

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. 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: Support the show…

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1
Gold: The Only True Wealth Preserver 37:25

11 weeks ago37:25

37:25

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. 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…

Lead-Lag Live

32 weeks ago36:47