Category: Podcast

In this episode, we discuss the recent movements in the market amid ever-changing political narratives. We delve into the factors influencing valuations, including interest rates, inflation, and macroeconomic data. The conversation also covers the impact of recent policy changes—such as Trump’s fluctuating tariffs on the EU—and how they contribute to market volatility.

We examine the current state of the S&P 500, highlighting elevated multiples supported by favorable conditions like low energy prices and high profit margins. With a focus on earnings, we explore growth projections for both large-cap and small-cap companies, along with the varying economic conditions affecting different sectors.

The episode also addresses ongoing interest rate narratives and potential market outcomes based on earnings and valuation multiples. Lastly, we outline key upcoming data points and events to watch, including consumer confidence, durable goods orders, and GDP data, as well as potential policy impacts from the White House.

In this episode, we delve into recent market movements following tariff announcements and pauses. The discussion covers the sharp decline and subsequent recovery of the S&P 500, highlighting sector-specific performance and the varying recovery trajectories of different market segments. The episode also covers broader economic concerns, including credit card delinquency rates, inflation, and consumer demand, emphasizing the importance of high-quality and balanced portfolios amidst ongoing market volatility and economic uncertainties.

In this episode, we talk with Craig Fuller, CEO of FreightWaves, about the significant shifts and challenges in global supply chains, with a particular focus on the impact of tariffs and geopolitical events. Craig outlines the evolution of supply chains, the effects of the U.S.-China trade war, and the broader ramifications of tariffs on global trade and logistics. He discusses potential shortages in certain goods and the adaptability of supply chains in response to these disruptions. The conversation also explores the possibility of a surge in freight demand if a resolution to the trade conflict is reached.

In this episode, we discuss the eventful month of April in the markets, highlighting the resurgence of the S&P 500 and the significant influence of policy shifts on market dynamics. The episode delves into the impact of tariff-related rhetoric, the effect of proposed tax cuts, and the ongoing balance between sentiment and fundamental data. We cover the importance of maintaining a balanced investment approach and what data to watch. Make sure to tune in next week for insights from Craig Fuller, CEO of FreightWaves, on the tariff impact on the supply chain.

In this episode of What’s Next for Markets, Michael Kantrowitz, Chief Investment Strategist at Piper Sandler, and Josh Rogin, Lead Global Security Analyst at Washington Post Intelligence, delve into the ongoing market volatility driven by shifting policies and geopolitical dynamics. They discuss the breakdown of traditional silos between Wall Street, Washington, and Silicon Valley, the impact of U.S.-China relations on global markets, and the internal dynamics of the Trump administration. The conversation highlights the intersection of politics and financial markets, shedding light on the intricate power struggles and economic strategies that could shape future market trends.

Josh Rogin is Lead Global Security Analyst at Washington Post Intelligence. Since 2016, Josh has served as a columnist for the Global Opinions section of the Washington Post. He is also the author of Chaos Under Heaven: Trump, Xi, and the Battle for the 21st Century (Mariner Books).

Previously, Josh has covered foreign policy and national security for Bloomberg View, Newsweek, The Daily Beast, Foreign Policy magazine, Congressional Quarterly, Federal Computer Week magazine, and Japan’s Asahi Shimbun.  Josh has been recognized with the Interaction Award for Excellence in International Reporting and as a Finalist for the Livingston Award for Young Journalists. He has also received journalism fellowships from the Knight Foundation, the East-West Center, and the National Press Foundation. 

Josh holds a BA in international affairs from the George Washington University and studied at Sophia University in Tokyo, Japan. He lives in Washington, DC 

Find more information about WP Intelligence here:

https://demo.wpintelligence.com

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https://www.linkedin.com/in/joshrogin

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In this episode, Stephen and Emily discuss the current state of small cap equity investing. Small cap equities have underperformed their larger cap equity counterparts for nearly five years. We explore the factors contributing to this trend, including higher interest rates, slowing economic growth, and recent tariff news. Despite current challenges, the conversation highlights potential positive catalysts that could improve the outlook for small caps, emphasizing their role in a diversified portfolio and the importance of focusing on quality and stability within the small cap space.

In this episode, we’re joined by Jurrien Timmer, Director of Global Macro at Fidelity Investments, for a wide-ranging conversation on market cycles, long-term investing, and the shifting dynamics in the macro landscape.

Jurrien shares how his background in technical analysis has evolved into a storytelling approach to macro strategy. We dive into:

• The interplay between technicals and macro data
• Why market signals matter more than hard predictions
• How Jurrien defines and interprets cycles — and what might be different this time
• How he integrates behavioral finance into his framework
• The risks and opportunities he’s watching in 2025

Whether you’re an investor navigating uncertainty or a macro enthusiast trying to connect the dots, this episode delivers timeless perspective and practical insights from one of Fidelity’s most respected voices.

Connect with Jurrien Timmer:

• X (Twitter): @TimmerFidelity

• • LinkedIn: Jurrien Timmer

In this episode of ‘What’s Next for Markets’, we discuss the recent tumultuous week for markets in the wake tariff announcements. We will cover our initial reaction to the moves in the market along with the emerging macro and earnings risks. The episode touches on market sentiment, valuation metrics, and historical parallels. Importantly, in today’s episode we look beyond the obvious bearish narrative to what could go right from here.

How resilient is the U.S. consumer? In today’s episode of What’s Next For Markets we speak with a 20-year veteran on Wall Street, senior research analyst, Peter Keith who covers consumer stocks in the hardline and breadlines industries at Piper Sandler. In this insightful conversation we explore consumer behavior through the lens of Peter’s proprietary mattress sales index and its implications for the broader economic landscape. The discussion highlights key retailers such as Home Depot, Lowe’s, and Wayfair as bellwethers of market trends in housing and sheds light on the challenges and opportunities in the market. The discussion further explores the impact of tariffs on the consumer and which retailers are most at risk.

In this episode, we discuss the significant bifurcation seen in economic and company earnings data over the past few years. Why have some companies excel in this environment, while others struggle? Join us, as we delve into the factors driving this divergence, from the zero interest rate policy post-GFC to the present-day tariff uncertainty. The episode covers the impact of housing on the economy, the role of interest rates, and the ongoing struggles within small caps and key investment strategies we think are best positioned for the road ahead.