Explore every episode of the podcast The Bull of Wall Street

Talley Léger, Chief Market Strategist, and Jim Worden, Chief Investment Officer, both of The Wealth Consulting Group, sit down to catch up on markets and expand on the conversation from their weekly investment strategy committee meeting. They discuss bond valuations and how higher starting yields change the math for fixed income investors, why economic growth and investor sentiment matter alongside inflation, how consumer sentiment differs across the K-shaped economy, and why they see AI as a longer-running theme than many headlines suggest. They also look at how valuations behave when earnings are rising, concentration in major stock indexes, and where productivity gains are already showing up.

- Talley and Jim revisit the case for bonds, explaining how higher starting yields can mean a bond holder earns enough income to absorb a meaningful price decline before losing money, and why that can make the outcomes more balanced than they once were.

- Talley explains that much of this year's rise in the 10-year Treasury yield has come from stronger real growth rather than higher inflation expectations, and why the reason yields move matters as much as the direction.

- They discuss how lopsided investor positioning and fund flows can influence markets, and why a shift in sentiment does not require a bad economic outcome.

- In their view, earnings remain the dominant driver of stock prices, and lower interest rates and energy costs could also ease pressure on valuations and consumers, though neither is guaranteed.

- Talley and Jim look at how consumer sentiment differs across the K-shaped economy, with households that own assets feeling more confident than those living paycheck to paycheck, and how the middle of the K can feel squeezed by higher energy costs.

- They discuss why they see the AI cycle as more elongated than past technology cycles, and how record corporate revenue can encourage the capital spending that drives the next wave of growth.

- Jim and Talley describe how headlines can make a rotation within the market look like the end of a trend, and why looking beneath the surface, including the difference between companies that use AI and companies that provide it, can tell a different story.

- Talley describes how valuation multiples can look different when earnings are rising quickly from a low base, and why a market can grow into its multiple over time.

- Jim explains why owning a cap-weighted index means owning some momentum and concentration, and why blending a top-down index approach with bottom-up selection may help manage concentration risk without adding a lot of tracking error.

- Talley shares a revenue-per-employee measure he built, and the two discuss how productivity gains can show up in older industries such as financial services and healthcare as companies put their own data to work with AI.

Hosts: Talley Léger, Chief Market Strategist, The Wealth Consulting Group & Jim Worden, Chief Investment Officer, The Wealth Consulting Group.

If this conversation was useful, follow The Bull of Wall Street on Apple Podcasts, Spotify, or YouTube so you never miss an episode. And for more market insights and practice-growth strategies from The Wealth Consulting Group, subscribe to our mailing list at bit.ly/wealthcg. Making Life Better at The Wealth Consulting Group.

00:57 Bull Case for Bonds

11:39 Earnings, Oil, Consumers

17:14 AI, Valuation, Sector Rotation

32:53 Tech Cycles, Productivity

The Wealth Consulting Group is an SEC registered investment advisor and the opinions voiced and contents in this podcast are for general information only and are not intended to provide specific advice or recommendations or any individual.

All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly. The economic forecasts set forth in this material may not develop as predicted and there can be no guarantee that strategies promoted will be successful.

In episode 88, host Jim Worden, Chief Investment Officer of The Wealth Consulting Group, is joined by JC Parets, CMT, founder of Trend Labs and the creator of All Star Charts, for a wide-ranging conversation on technical analysis and how markets behave. They discuss what technical analysis really measures, how sentiment and positioning fit alongside price, how both of them are using AI as a research tool, and why it helps to pay attention to what a crowded market view might be missing. They also cover how JC watches areas like banks, transportation, and housing as barometers of the broader market, how he thinks about managing risk with more than one strategy, and how advisors can coach clients through every election cycle.

- JC Parets explains that technical analysis is the study of how markets behave, and therefore how market participants behave, drawing on price, momentum, and relative strength alongside sentiment and positioning data.

- He says what he thinks matters less than what the market is actually doing, and stresses acting on the weight of the evidence rather than a single signal.

- JC describes how he points out when a view has become very widely held, noting that crowded sentiment can leave markets vulnerable to the other side of the trade.

- JC and Jim Worden both describe using AI as a research partner, including a system JC is building from roughly two decades of his own writing and market commentary, and Jim's use of AI to challenge his own work and catch what he might have missed.

- On the AI learning curve, both agree the barrier to entry is lower than many people assume, and that the real work is staying curious and learning how to ask better questions.

- The two discuss how heavily major indexes are concentrated in a handful of very large technology companies, and why a seemingly diversified allocation, including emerging markets, can still carry concentrated exposure.

- JC explains why he watches areas such as banks, transportation, and housing-related companies as barometers of the broader economy and market.

- On risk, JC says he focuses on what he can control, mainly how much risk he takes, and describes running several strategies that behave differently from one another to help manage portfolio volatility.

- Jim shares how advisors coach clients through the recurring election-year urge to make big moves, emphasizing a plan clients can stick to, and both encourage listeners to get out, meet people, and keep learning from others.

Host: Jim Worden, Chief Investment Officer, The Wealth Consulting Group.

Guest: JC Parets, CMT, Founder, Trend Labs.

If this conversation was useful, follow The Bull of Wall Street on Apple Podcasts, Spotify, or YouTube so you never miss an episode. And for more market insights and practice-growth strategies from The Wealth Consulting Group, subscribe to our mailing list at bit.ly/wealthcg. Making Life Better at The Wealth Consulting Group.

00:00 Background, Trend Labs

04:52 Technical Analysis

09:39 AI Research Tools

17:41 Market Positioning

36:04 Strategy, Mindset

The Wealth Consulting Group is an SEC registered investment advisor and the opinions voiced and contents in this podcast are for general information only and are not intended to provide specific advice or recommendations or any individual.

All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly. The economic forecasts set forth in this material may not develop as predicted and there can be no guarantee that strategies promoted will be successful

In episode 87, hosts Jim Worden, Jimmy Lee, and Talley Leger are joined by Michael Batnick, CFA, Managing Partner at Ritholtz Wealth Management and co-host of several popular finance podcasts. Michael shares how podcasting has shaped his business, why he co-founded a charting platform for advisors, and how he thinks about bonds now that yields have reset higher. The group also digs into market breadth and concentration, early signs of AI showing up in corporate margins, why fewer individual stocks seem to beat the index, and where private markets and sports franchise investing fit for everyday investors. Michael closes with what he believes makes an advisor a good long-term fit at an independent firm.• Michael Batnick describes how his podcasts, which started in 2017, now cover several weekly shows with the same core ingredients “packaged a little bit differently” for different audiences.• He explains how frustration with his own firm's cluttered client presentation decks led to Exhibit A, a charting and presentation platform built for advisors.• On bonds, Michael says that higher starting yields have given fixed income a more attractive risk-reward than it offered for much of the past decade, while acknowledging that a sharp rise in rates would still hurt. Talley Leger adds his view that earnings, more than interest rates, have been the main driver of stock returns.• On market breadth, Michael notes that in past cycles, weakness in the average stock has often been followed by a catch-up, and that historically the warning sign to watch was when large technology companies rolled over, while stressing that the past is no guarantee for the future.• The hosts and Michael discuss early signs of AI-driven margin expansion across the market, with Michael cautioning that it is still very early and that investors should be careful about what they think they know for sure.• Michael points to research suggesting that fewer individual stocks have beaten the index over time, which he says helps explain why many investors and advisors rely on index exposure, while he remains a believer in systematic strategies.• The group discusses private markets and sports franchise valuations, with Michael noting that investors often pay for illiquidity and may like not seeing daily marks, and that the underlying business numbers still need to make sense.• Michael shares what he believes makes advisors a good fit at Ritholtz, pointing to a long-term mindset and independence, and offers his view on how outside capital has changed competition for advisory firms.Hosts: Jim Worden, Chief Investment Officer, The Wealth Consulting Group; Jimmy Lee, Founder & CEO, The Wealth Consulting Group; and Talley Leger, Chief Market Strategist, The Wealth Consulting Group.Guest: Michael Batnick, CFA, Managing Partner, Ritholtz Wealth Management.If this conversation was useful, follow The Bull of Wall Street on Apple Podcasts, Spotify, or YouTube so you never miss an episode. And for more market insights and practice-growth strategies from The Wealth Consulting Group, subscribe to our mailing list at bit.ly/wealthcg. Making Life Better at The Wealth Consulting Group.Chapters01:05 Podcasting, Exhibit A15:10 Bond Yields22:40 Breadth and AI33:04 Stock Picking, Advisor Fit44:30 Private MarketsThe Wealth Consulting Group is an SEC registered investment advisor and the opinions voiced and contents in this podcast are for general information only and are not intended to provide specific advice or recommendations or any individual.All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly. The economic forecasts set forth in this material may not develop as predicted and there can be no guarantee that strategies promoted will be successful.

In episode 86, hosts Jimmy Lee, Jim Worden, and Paisley Nardini welcome back Dan Ives, who appeared on theshow's very first episode and has since left Wedbush Securities to launch Yorkville Ives & Co., a new merchant bankfocused on technology, energy, and infrastructure. They discuss how his outlook on the AI investment cycle hasevolved, the debate over sovereign AI and data protection, and how election-cycle politics could shape AI policy.They also cover a possible memory chip supercycle, a shift in relative opportunity from hardware toward software,energy and grid infrastructure as a growing bottleneck, healthcare as an industry poised for major AI-drivendisruption, and how advisors might think about diversifying AI exposure beyond mega-cap technology.

• -  Dan Ives says the AI investment cycle he once framed as a five-year buildout now looks more like a ten-to-twelve-year cycle, and he estimates the industry is only around 15 percent of the way through thespending he expects to see.

  -  He points to “sovereign AI,” companies and countries wanting their own data protected rather thanabsorbed into outside frontier models, as a growing theme shaping both policy and corporate strategy.-  On AI regulation, Dan Ives argues that politicizing the issue carries real risk, since slowing US progressmainly narrows the competitive gap with China rather than making AI safer.-  He sees a possible memory chip supercycle underway, arguing that current AI-driven demand couldreduce the historical boom-and-bust cyclicality typical of that part of the semiconductor industry.-  Dan Ives says he currently sees more relative opportunity in software than in chipmakers over the next sixto twelve months, as AI use cases mature and some software names that pulled back earlier this yearcatch up.-  He flags energy and grid infrastructure, including the buildout gap between the US and countries likeChina, as one of the more significant bottlenecks, and potential opportunities, tied to the AI cycle.-  Asked which industry is least prepared for AI-driven disruption, Dan Ives points to healthcare, citing thegap between cutting-edge AI tools and the day-to-day reality of clinical practice.-  On portfolio construction, Dan Ives suggests advisors look beyond mega-cap technology to sectors likedefense, industrials, energy, and utilities that he views as indirect beneficiaries of AI infrastructurespending.

  Hosts: Jimmy Lee, Founder & CEO, The Wealth Consulting Group; Jim Worden, Chief Investment Officer, TheWealth Consulting Group; and Paisley Nardini, CFA, CAIA, Head of Investment Strategy at Tema ETFs.

  Guest: Dan Ives, Partner and Senior Managing Director, Yorkville Ives & Co.

If this conversation was useful, follow The Bull of Wall Street on Apple Podcasts, Spotify, or YouTube so you nevermiss an episode. And for more market insights and practice-growth strategies from The Wealth Consulting Group,subscribe to our mailing list at bit.ly/wealthcg. Making Life Better at The Wealth Consulting Group.

The Wealth Consulting Group is an SEC registered investment advisor and the opinions voiced and contents in thispodcast are for general information only and are not intended to provide specific advice or recommendations orany individual.

All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and maynot be invested into directly. The economic forecasts set forth in this material may not develop as predicted andthere can be no guarantee that strategies promoted will be successful.

In episode 85, hosts Jim Worden and Paisley Nardini are joined by Eduardo Repetto, Chief Investment Officer of Avantis Investors, for a conversation on factor-based investing and portfolio construction. They discuss how Avantis grew to roughly $170 billion in assets in the seven years since its launch, how the firm defines value differently than some industry benchmarks, and how it tries to avoid classic value traps. They also cover how Avantis uses advisor and client feedback to guide new product development, where AI fits into an asset manager's day-to-day work, and Eduardo's perspective on long-term return expectations for stocks versus bonds. 

• Eduardo Repetto says Avantis has grown to roughly $170 billion in assets under management in the seven years since its 2019 launch, which he attributes to competitive pricing, strategy quality, and service rather than any single secret. 

• He describes Avantis's approach to value investing as more holistic than some industry benchmarks, weighing a company's full financial picture (balance sheet and cash flows together) rather than a single metric, which he says helps avoid classic value traps. 

• On portfolio construction, Eduardo Repetto notes that a security's weight in a portfolio should shrink as its price falls, cautioning that a naive, equally weighted approach can compound losses in a deteriorating position. 

• He says Avantis develops new products by listening to recurring needs from advisors and clients, pointing to two recently launched lower-tracking-error strategies as an example of demand-driven product development. 

• On AI, Eduardo Repetto describes it as a productivity tool that can speed up tasks like first-draft research and presentations, while cautioning that outputs still need to be checked, citing a case where AI produced an inaccurate description of his own firm. 

• He discusses Avantis's relationship with parent company American Century Investments, including American Century's structure as a private company whose controlling shareholder is a nonprofit medical research institute. 

• Looking at current bond yields relative to history, Eduardo Repetto says he remains more constructive on long-term equity returns, while acknowledging markets will always have periods of volatility and eventual drawdowns. 

Hosts: Jim Worden, Chief Investment Officer, The Wealth Consulting Group & Paisley Nardini, CFA, CAIA, Managing Director, Simplify Asset Management. 

Guest: Eduardo Repetto, Chief Investment Officer, Avantis Investors. 

If this conversation was useful, follow The Bull of Wall Street on Apple Podcasts, Spotify, or YouTube so you never miss an episode. And for more market insights and practice-growth strategies from The Wealth Consulting Group, subscribe to our mailing list at bit.ly/wealthcg. Making Life Better at The Wealth Consulting Group. 

The Wealth Consulting Group is an SEC registered investment advisor and the opinions voiced and contents in this podcast are for general information only and are not intended to provide specific advice or recommendations or any individual. 

All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly. The economic forecasts set forth in this material may not develop as predicted and there can be no guarantee that strategies promoted will be successful. 

In episode 84, host Jimmy Lee is joined by Tom Henske, CFP and founder of The Affluent Insurance Advisor, for a wide-ranging conversation on sudden wealth, financial literacy, and building a referral-driven practice. They discuss what sudden wealth syndrome looks like and why it isn't limited to lottery winners, how Tom built Total Cents to help parents teach kids about money, and how his Athlete Edge program is bringing financial education to college athletes navigating name, image, and likeness deals. They also cover the case for partnering with centers of influence like accountants and attorneys, and Tom's take on how AI is likely to reshape the wealth management business. 

• Tom Henske describes "sudden wealth syndrome" as a pattern that shows up whenever money arrives faster than someone is prepared for it, from a first bonus or tax refund to an inheritance or a sold business, not just lottery winnings. 

• He built his book and program "It Makes Total Cents" around short, question-based conversations parents can have with kids about money, after noticing how many clients complained that their kids didn't understand the value of a dollar. 

• Tom Henske's "Athlete Edge" program brings a financial literacy curriculum to college athletic departments navigating name, image, and likeness (NIL) deals, an area he says gained urgency after seeing athletes make costly spending decisions with new NIL income. 

• He notes he deliberately doesn't take student athletes on as financial planning clients, which he believes is part of why universities are comfortable bringing him and partnering advisors into athletic departments. 

• On practice growth, Tom Henske emphasizes building relationships with a client's other professional advisors, such as accountants and estate planning attorneys, as a way to earn referrals from a single relationship rather than one client at a time. 

• On AI, he expects it to compress advisory margins over time as clients get more from AI tools directly, but he doesn't expect it to replace high-end advisors who provide more than portfolio management. 

• Jimmy Lee and Tom Henske discuss using AI-assisted exercises, like a visual "vision board," to help clients articulate long-term goals as part of the planning relationship. 

Host: Jimmy Lee, Founder & CEO, The Wealth Consulting Group 

Guest: Tom Henske, CFP, Founder, The Affluent Insurance Advisor. 

If this conversation was useful, follow The Bull of Wall Street on Apple Podcasts, Spotify, or YouTube so you never miss an episode. And for more market insights and practice-growth strategies from The Wealth Consulting Group, subscribe to our mailing list at bit.ly/wealthcg. 

Making Life Better at The Wealth Consulting Group. 

The Wealth Consulting Group is an SEC registered investment advisor and the opinions voiced and contents in this podcast are for general information only and are not intended to provide specific advice or recommendations or any individual. 

All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly. The economic forecasts set forth in this material may not develop as predicted and there can be no guarantee that strategies promoted will be successful. 

In episode 83, host Jimmy Lee is joined by Jackie Wilke, Vice President and Advisor Consultant with First Trust's Advisor Consulting Group, for a wide-ranging conversation on practice management for financial advisors. They discuss what actually drives enterprise value and succession readiness, how to grow through multi-generational family relationships, and how AI is starting to show up in client conversations. They also cover why outsourcing portfolio management can free up an advisor's time, what separates the fastest-growing advisor teams, and the opportunity ahead for women entering the profession. 

• Jackie Wilke cites data showing 41% of industry assets are currently managed by advisors on track to retire within the next decade, and that roughly 30% of advisors planning to retire within five years don't yet have a succession plan in place. 

• In her view, enterprise value largely comes down to whether a practice could keep running smoothly for six months without its lead advisor: documented processes, clearly defined team roles, and multi-generational relationships on both the team and client side. 

• First Trust's "family phone call" is a low-pressure, resource-based way for a team to introduce itself to a client's family well before a wealth transfer event, rather than reaching out for the first time after a client has passed away. 

• On AI, Jackie Wilke suggests advisors who embrace the technology may gain an edge over those who don't, though she doesn't see it replacing the advisor relationship, especially for clients navigating complex, non-financial decisions. 

• Jimmy Lee and Jackie Wilke discuss how many of the strongest-growing advisor teams outsource or delegate work outside their "zone of genius," such as research, trading, and portfolio construction, to protect time for client relationships. 

• Jackie Wilke references a Fidelity study suggesting advisors who outsource investment management to model portfolios can gain roughly 10 hours back per week. 

• The conversation closes on the opportunity for more women to enter financial advising, along with practical ideas for engaging female clients and their broader family and professional networks. 

Host: Jimmy Lee, Founder & CEO, The Wealth Consulting Group. 

Guest: Jackie Wilke, Vice President & Advisor Consultant, First Trust Advisor Consulting Group. 

If this conversation was useful, follow The Bull of Wall Street on Apple Podcasts, Spotify, or YouTube so you never miss an episode. And for more market insights and practice-growth strategies from The Wealth Consulting Group, subscribe to our mailing list at bit.ly/wealthcg. Making Life Better at The Wealth Consulting Group. 

The Wealth Consulting Group is an SEC registered investment advisor and the opinions voiced and contents in this podcast are for general information only and are not intended to provide specific advice or recommendations or any individual. 

All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly. The economic forecasts set forth in this material may not develop as predicted and there can be no guarantee that strategies promoted will be successful. 

In episode 82, Talley Leger and Jim Worden of The Wealth Consulting Group host a two-person deep dive (no outside guest this week) on investment factors, AI-driven competition, and market valuation. They discuss how momentum, value, and quality factors have been rotating, why rising competition from Chinese semiconductor and AI model makers could reshape today's market leaders, and what the relationship between earnings growth and interest rates suggests about where valuations stand. They close with a look at improving breadth in small-cap stocks as a signal for market health. 

- Jim Worden notes that momentum, unlike other factors, can go through sharp pullbacks and equally sharp recoveries, and that disciplined trimming of names that get overextended is part of The Wealth Consulting Group's risk management process. 

- The hosts discuss a shift where some value-oriented technology names have started participating alongside momentum, which they view as a sign of broadening market strength rather than concentration in a handful of names. 

- Jim Worden flags rising competition from Chinese semiconductor and AI model makers as a factor that, in his view, could reshape today's market leaders over the next couple of years. 

- Talley Leger shares a framework comparing corporate earnings growth to interest rates, and suggests that strong aggregate earnings growth this year has, in his analysis, been outpacing the rise in bond yields, helping keep valuations from looking as stretched as prior market peaks. 

- Talley Leger references preliminary model work suggesting equity valuations may still have room to run before reaching more stretched territory, while cautioning the analysis isn't finalized. 

- On Fed policy, Talley Leger suggests that Fed Chair Warsh's approach of pulling back from detailed forward guidance has shifted more weight onto financial conditions (bond yields, the dollar, credit markets) as a signal for the economic outlook. 

- Both hosts note that strength in the Russell 2000 has been broadening beyond a small handful of names, which they view as a healthier signal for the market than narrow, concentrated gains. 

Hosts: Talley Leger, Chief Market Strategist, The Wealth Consulting Group & Jim Worden, Chief Investment Officer, The Wealth Consulting Group. 

If this conversation was useful, follow The Bull of Wall Street on Apple Podcasts, Spotify, or YouTube so you never miss an episode. And for more market insights and practice-growth strategies from The Wealth Consulting Group, subscribe to our mailing list at bit.ly/wealthcg. Making Life Better at The Wealth Consulting Group. 

In episode 81, hosts Talley Leger and Jim Worden of The Wealth Consulting Group welcome Hardika Singh, economics strategist at Fundstrat and a former Wall Street Journal and Bloomberg reporter, for a wide-ranging conversation. The group discusses how a shift away from traditional Fed forward guidance may be adding uncertainty to markets, why the economy appears to be splitting along income lines (the so-called “K-shaped economy”), and how heavy AI-related capital spending is showing up in tech earnings and the bond market. They also compare notes on how to think about highly ambitious, early-stage companies as a category, and what labor-market and demographic shifts could mean for advisors working with clients navigating a generational wealth transfer. 

- Hardika Singh suggests that pulling back on forward guidance may be adding to bond-market uncertainty, since investors have historically relied on that guidance to set expectations. In her view, the underlying data doesn't clearly support a rate hike right now. 

- The group discusses the “K-shaped economy,” a pattern where higher-income consumers and large tech companies continue to show strength, while smaller businesses and lower-income households appear more pressured by inflation and higher rates. 

- Heavy AI-related capital spending is showing up in the earnings and debt markets of large technology companies, which the group discusses as a potential signal worth watching for the broader economy. 

- The conversation touches on how to think about highly ambitious, early-stage companies as a category, including the idea that a small number of “moonshot” bets have historically paid off for a handful of large companies, with a caution that valuation and timeline expectations still matter. 

- Hardika Singh points to soft wage growth as a reason she isn't currently concerned about a wage-driven inflation spiral, even against recent jobs data some have read as strong. 

- The episode explores record levels of cash sitting in savings, money markets, and CDs, and discusses possible reasons this cash hasn't moved into markets the way some expected. 

- Hardika Singh notes that women are expected to be significant beneficiaries of the coming generational wealth transfer, and suggests advisors build those relationships early. 

Hosts: Talley Leger, Chief Market Strategist, The Wealth Consulting Group & Jim Worden, Chief Investment Officer, The Wealth Consulting Group.  

Guest: Hardika Singh, Economics Strategist, Fundstrat. 

If this conversation was useful, follow The Bull of Wall Street on Apple Podcasts, Spotify, or YouTube so you never miss an episode. And for more market insights and practice-growth strategies from The Wealth Consulting Group, subscribe to our mailing list at bit.ly/wealthcg. Making Life Better at The Wealth Consulting Group. 

In this episode of The Bull of Wall Street, Talley Leger and Jim Worden welcome Jonathan Golub, Chief Equity Strategist at Seaport Research Partners, for a discussion on artificial intelligence, corporate earnings, valuations, interest rates, market concentration, and the forces influencing equity markets.
Jonathan explains how Seaport uses AI to process large datasets and produce customized portfolio research while preserving human judgment in the investment process. He also shares his view that the current capital spending cycle may support earnings across technology, industrials, financials, and other related industries, while higher interest rates could continue to pressure valuation multiples.
 
Key Takeaways

• AI may help analysts scale research without replacing investment judgment.
  
• Market returns reflect changes in both earnings expectations and valuation multiples.
  
• Jonathan believes the AI capital spending cycle could support several areas of the economy.
  
• Rising rates may affect longer-duration technology valuations.
  
• Rate of change can matter more than the absolute level of growth.
  
• Speculative investments may trade independently of current cash flows.
  
• Historical averages can obscure extended market regimes.
  
• Index labels do not always provide the diversification investors expect.
  
• Consumer sentiment and equity market performance may reflect different parts of the economy.
  
• Jonathan discusses why strong fundamentals may persist even when short-term sentiment weakens.
  

This material is provided for informational and educational purposes only. The views and forecasts discussed are those of the speakers as of the recording date and are subject to change. Nothing in this episode should be considered investment, tax, or legal advice, or a recommendation to buy or sell any security. Investing involves risk, including possible loss of principal.
 
Chapters
02:05 Seaport’s approach to institutional research
04:50 Using AI to scale portfolio analysis
09:21 Personalized research for institutional clients
12:38 Building market targets from earnings and valuations
15:21 Interest rates and equity duration
17:04 Margin expansion and earnings power
18:10 The AI capital spending cycle
20:35 Speculation, leverage, and cash flow analysis
26:03 Evaluating companies without current earnings
28:07 Market regimes and long-term return expectations
32:15 Why rate of change matters
33:37 Semiconductor growth and changing expectations
38:41 Sentiment versus long-term cash flows
41:50 Inflation, capital demand, and interest rates
45:06 What advisors are hearing from clients
49:42 Consumer sentiment and market representation
51:51 Contrarian investing and changing conditions
57:09 Index construction and market concentration
01:02:12 Understanding what diversification actually provides
 
Guest
Jonathan Golub, Chief Equity Strategist, Seaport Research Partners
 
Hosts
Talley Leger' Chief Market Strategist, The Wealth Consulting Group
Jim Worden, Chief Investment Officer, The Wealth Consulting Group
 
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Making Life Better
At The Wealth Consulting Group, our mission is to help make life better through thoughtful guidance, informed conversations, and access to perspectives that may help advisors and investors better understand changing markets.
The opinions expressed by guests are their own and do not necessarily reflect the views of The Wealth Consulting Group. Past performance does not guarantee future results.

Dr. Joseph Coughlin and John Diehl: Longevity, Aging, and the Future of Financial AdviceSummary

In this episode of The Bull of Wall Street, Jimmy Lee sits down with Dr. Joseph Coughlin, Founder and Director of the MIT AgeLab, and John Diehl, Senior Vice President of Applied Insights at Hartford Funds, for a conversation about longevity and what living longer may mean for individuals, families, and financial advisors. They explore elder care, housing, transportation, social connection, and the financial and personal considerations that can accompany a longer life.

The conversation also examines how longevity may reshape financial advice itself. From preparing families for caregiving decisions to understanding the role of women in longevity planning and considering how artificial intelligence may change the advisor-client relationship, Dr. Coughlin and John discuss why planning for the future can extend well beyond investment portfolios.

What you'll learn:

• Longevity planning is broader than retirement planning.
• Caregiving can become increasingly complex.
• Retirement may represent a substantial portion of adult life.
• Housing deserves an earlier conversation.
• Transportation can affect independence.
• Social connection is part of longevity planning.
• Women play a significant role in longevity decisions.
• AI may change financial advice without eliminating the need for human relationships.
• Advisors may serve as connectors to information and resources.
• Planning begins with the life a client wants to build.

Chapters

02:09 Hartford Funds and the origins of its MIT AgeLab relationship

05:31 How the MIT AgeLab began

10:47 Understanding elder care and caregiving

13:14 The four characteristics of caregiving

18:22 How longevity has changed

20:38 Rethinking the traditional retirement narrative

23:38 The 8,000-day framework

26:47 Life tomorrow and quality of life

30:05 Measuring preparedness for longevity

31:27 How longevity may reshape every stage of life

34:03 The light bulb: planning where you will live

37:52 The ice cream cone: transportation, access, and everyday joy

42:10 Lunch: maintaining social connections

46:55 Why the future of longevity is female

52:31 AI and the future of financial advice

54:58 Combining technology with human advice

58:29 Financial advisors as longevity planners

59:10 Hartford Funds resources for financial professionals

01:00:00 The puzzle box and defining what matters

Guests:

Dr. Joseph Coughlin, Founder and Director, MIT AgeLab, Author of The Longevity Economy and co-author of Longevity Hubs: Regional Innovation for Global Aging

John Diehl, Senior Vice President, Applied Insights, Hartford Funds

Host:

Jimmy Lee, CEO, The Wealth Consulting Group

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YouTube: @thewealthconsultinggroup

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In this episode of The Bull of Wall Street, Jim Worden and Talley Leger sit down with Dave Keller, President and Chief Strategist at Sierra Alpha Research, to explore how technical analysis, behavioral finance, fundamentals, and macroeconomic research can work together to improve investment decisions.

Dave explains why he thinks technical analysis has gained broader acceptance across institutional investing and how charts can help investors navigate the gap between current prices and long-term fundamental value. The conversation examines the divergence between weakening technology leadership and improving market breadth, why relative strength remains one of Dave’s most valuable indicators, and how advisors can distinguish a short-term correction from a more meaningful change in trend.

The group also discusses confirmation bias, emotional attachment to investments, risk management, AI’s role in investment research, and why consistent routines can help advisors avoid reactive decisions. 

Key Takeaways

• Technical analysis can complement fundamental, macroeconomic, quantitative, and behavioral research.
• Relative strength can help identify leadership as capital rotates between sectors and investment themes.
• Strong market breadth may create opportunities even when capitalization-weighted indexes appear weak.
• Technical analysis can be especially valuable as a risk-management and sell-discipline tool.
• AI may improve research efficiency, but investors still need judgment, context, and a disciplined process.
• Reviewing markets across multiple timeframes could reduce overreaction to short-term volatility.

Chapters

01:39 – Why technical analysis has gained institutional acceptance

06:49 – Reconciling positive fundamentals with deteriorating technicals

10:31 – Identifying corrections versus broken trends

15:16 – Combining fundamental, technical, macro, and behavioral research

18:47 – Confirmation bias and the endowment effect

22:28 – Sentiment, market leadership, and active management

28:41 – Price corrections versus time corrections

30:34 – Market breadth versus index performance

33:36 – Technical analysis as a risk-management tool

38:27 – Valuation, momentum, and timing investment decisions

42:04 – How technical analysis has evolved

44:41 – AI’s role in investment research and decision-making

49:55 – Dave’s favorite and most overrated indicators

55:17 – Building a consistent market-review routine

56:16 – The first chart Dave reviews each morning

Guest

Dave Keller, President and Chief Strategist, Sierra Alpha Research

Hosts

Jim Worden, Chief Investment Officer, The Wealth Consulting Group

Talley Leger, Chief Market Strategist, The Wealth Consulting Group 

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In this episode of The Bull of Wall Street, Paisley Nardini and Jim Worden sit down with Andrew Beer, co-founder of Dynamic Beta Investments (DBI), for a thoughtful discussion on diversification, liquid alternatives, managed futures, and hedge fund replication.

Andrew explains why institutional investors have embraced alternatives for decades, why the traditional 60/40 portfolio has become less reliable, and how modern liquid alternatives can help investors build more resilient portfolios. The conversation also explores trend following, systematic investing, the role of AI in portfolio construction, and why simplicity often outperforms unnecessary complexity.

For advisors looking to better understand managed futures and the evolving role of alternatives, this episode provides a practical framework grounded in portfolio construction rather than product sales.

Key Takeaways

• The traditional 60/40 portfolio has changed. Bonds remain valuable, but they may no longer provide the consistent diversification they once did, increasing the need for additional portfolio diversifiers.
• Managed futures are designed to adapt. By systematically identifying market trends across equities, interest rates, currencies, and commodities, these strategies can potentially generate returns in both rising and falling markets.
• Diversification should improve outcomes, not create complexity. The goal isn’t to replace traditional investments but to complement them with strategies that behave differently during changing market environments.
• Cost matters. Andrew explains how hedge fund replication seeks to capture many of the same market exposures while eliminating much of the fee burden historically associated with hedge funds.
• A small allocation can have a meaningful impact. Even a 3–5% allocation to managed futures or liquid alternatives may improve portfolio resilience without requiring investors to dramatically change their investment philosophy.

Chapters

02:45 The institutional evolution of alternatives

08:30 Why 60/40 isn’t the same portfolio it once was

15:30 Understanding managed futures and trend following

24:45 Why systematic investing works

32:00 Crisis alpha versus all-weather diversification

38:30 Hedge fund replication explained

45:00 Simplicity versus complexity in portfolio construction

50:30 The role of fees and efficiency

56:00 How AI is changing portfolio research

01:00:30 Why trend following makes portfolios more dynamic

01:04:00 Final thoughts on diversification

Guest: Andrew Beer, Co-Founder of Dynamic Beta Investments (DBI)

Hosts: Jim Worden, Chief Investment Officer, The Wealth Consulting Group, and Paisley Nardini, CFA, CAIA

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Markets evolve. Portfolios should too.

Subscribe to The Bull of Wall Street for conversations with investment professionals, economists, and industry leaders exploring portfolio construction, market trends, and the ideas shaping the future of investing.

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In this episode of The Bull of Wall Street, Talley Leger welcomes innovation investor, podcast host, EVP of Prairie Operating Co, and Fox News Contributor Lou Basenese for an in-depth discussion on geopolitics, AI, semiconductors, market leadership, and disruptive technology investing.

The conversation begins with the latest developments in Iran and explores why history continues to favor buying periods of geopolitical uncertainty rather than fleeing from them. Talley and Lou then shift to inflation, interest rates, and the Federal Reserve before diving deep into semiconductors, AI adoption, and why they believe today’s technology cycle is fundamentally different from previous market bubbles.

They also discuss small-cap leadership, biotechnology, robotics, portfolio construction, and how advisors can thoughtfully invest in emerging technologies without exposing clients to unnecessary risk.

Key Takeaways

  •  History suggests geopolitical selloffs have often created buying opportunities rather than lasting bear markets.
  •  Current AI and semiconductor leadership is supported by earnings growth, revenue expansion, and improving fundamentals—not speculative excess.
  •  Market leadership is broadening beyond the Magnificent Seven as AI-driven productivity spreads across the economy.
  •  Innovation investing requires balancing thematic exposure with disciplined portfolio construction and position sizing.
  •  Robotics, biotechnology, and AI-powered healthcare may represent the next major wave of long-term investment opportunities.
  •  Investors should continue monitoring hyperscaler AI spending and future returns on capital as an important indicator for the AI cycle.

Chapters
01:00 Iran, oil, and geopolitical markets
06:20 Inflation, interest rates, and the Fed outlook
10:00 Why semiconductors may remain a long-term opportunity
15:20 Bull markets, sentiment, and valuations
18:50 The broadening market beyond the Magnificent Seven
26:00 Identifying disruptive technology before it becomes mainstream
31:00 What’s might be next for artificial intelligence?
34:30 AI applications and emerging investment opportunities
36:20 Capital spending by hyperscalers
39:15 Robotics and automation
43:00 Portfolio construction for disruptive innovation
48:20 Final thoughts on lifelong learning and healthcare innovation

Guests

Lou Basenese, EVP of Prairie Operating Co and Host of The Big Skinny Podcast

Host

Talley Leger, Chief Market Strategist, The Wealth Consulting Group

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In this episode of The Bull of Wall Street, Talley Leger, Chief Market Strategist at The Wealth Consulting Group, sits down with David Dziekanski, Founder and CEO of Quantify Funds for a deep dive into ETF innovation, portfolio construction, return stacking, scarcity assets, and the evolving role of alternatives in advisor portfolios.

David explains why many traditional portfolios may be less efficient than investors realize, how return stacking can help advisors add exposure without subtracting from core allocations, and why leverage does not always mean simply adding more risk. The conversation also explores the role of gold and Bitcoin as scarcity assets, the growth of derivative income ETFs, and how advisors can think more strategically about diversification, income, and purchasing power.

Key Takeaways:

• Return stacking allows advisors to add diversified exposures without necessarily reducing core benchmark exposure.
• Leverage may increase risk when concentrated in one asset class, but it may also help improve portfolio efficiency when paired with diversifying assets.
• Gold and Bitcoin may serve different but complementary roles as scarcity assets.
• Diversification still matters, but advisors need disciplined rebalancing to actually capture its benefits.
• ETF innovation continues to expand access to strategies once more commonly found in institutional or hedge fund settings.
• David believes investors should think about portfolios through two lenses: productivity assets and scarcity assets.

Chapters:

02:45 What return stacking means
04:00 Why advisors may not take enough diversified risk
08:55 Rethinking the traditional 60/40 portfolio
12:20 Why investors may want both gold and Bitcoin
16:20 Rebalancing and harvesting diversification
18:00 Bitcoin’s evolution into a strategic asset class
19:25 Why gold and Bitcoin have faced recent pressure
24:20 Is diversification starting to work again?
27:40 ETF innovation and the rise of hedge fund-style ETFs
31:30 Messaging complex ETF strategies clearly
38:30 Evaluating income ETFs beyond yield
45:00 How leveraged ETFs work
49:00 A high-conviction allocation framework
50:50 Final thoughts on scarcity, productivity, and purchasing power

Guests

David Dziekanski, Founder and CEO of Quantify Funds

Host

Talley Leger, Chief Market Strategist, The Wealth Consulting Group
 

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In this episode of The Bull of Wall Street, Jimmy Lee is joined by WCG President Andy Kalbaugh and special guest Matt Enyedi, Chief Client Officer at LPL Financial, for a timely conversation on the future of the financial advisor profession.

Matt shares his perspective on how advisors can create more capacity by deciding what to automate, eliminate, outsource, and incorporate. The discussion explores the rising importance of scale, cybersecurity, AI, succession planning, next-generation advisor development, and why human connection may become even more valuable in an increasingly digital world.

The episode also highlights how advisors can stay competitive by focusing on what they do best, building stronger partnerships, clearly articulating their value, and continuing to elevate the client experience.

Key Takeaways

• Why advisors should focus on what they love, where they have native genius, and what clients truly value.
• How AI may create a new era of productivity for advisory firms.
• Why cybersecurity is becoming one of the most critical scale challenges for independent practices.
• How partnerships can help advisors access capabilities they could not realistically build alone.
• Why human care, empathy, communication, and trust remain central to the advisor-client relationship.
• What top advisors consistently do well: clear differentiation, repeatable systems, and memorable client experiences.
• Why succession planning is no longer one-size-fits-all.
• How the next generation of advisors can thrive by combining technical skills, empathy, and business development training.

Chapters

00:00 Welcome and introduction to Matt Enyedi
04:00 Automate, eliminate, outsource, and incorporate
09:50 Time affluence and the value advisors provide
13:20 How AI may reshape advisor productivity
17:00 Scale, cybersecurity, and strategic partnerships
26:40 Making big feel personal
31:00 Why humanity and care remain a premium
39:30 Characteristics of great financial advisors
48:00 Succession planning and the next chapter for advisors
52:00 Opportunities for next-generation advisors
57:50 Building future rainmakers
01:00:25 Industry consolidation and the future of wealth management

 Guests

Matt Enyedi, Chief Client Officer, LPL Financial

Hosts

Jimmy Lee, CEO & Financial Advisor, The Wealth Consulting Group
Andy Kalbaugh, President, The Wealth Consulting Group

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In episode 73 of The Bull of Wall Street, Jimmy Lee, CEO of The Wealth Consulting Group (WCG) is joined by WCG’s Chief Market Strategist, Talley Leger, and CIO Jim Worden for a wide-ranging conversation on markets, AI, portfolio construction, risk management, and why WCG’s 2026 outlook remains firmly rooted in process.

The discussion explores WCG’s bold S&P 500 target, the importance of disciplined investment frameworks, the broadening AI trade, energy demands, interest rates, inflation, asset allocation, and the value of combining top-down macro insight with bottom-up stock selection.

Key Takeaways:

• Why WCG remains constructive on markets and its 8500 S&P 500 target
• How earnings growth, margins, and technology continue to support the bull case
• Why active management matters in a market with widening dispersion
• How WCG thinks about risk, position sizing, and avoiding overconcentration
• Why AI is spreading beyond the “Magnificent Seven” into broader sectors
• How energy, natural gas, nuclear, and electrification factor into the AI buildout
• Why asset allocation still matters, especially as diversification begins working again
• How Talley’s music background shaped his pattern recognition and market analysis

Chapters

03:00 WCG’s 8,500 S&P 500 target
07:35 Tech, AI, earnings growth, and market leadership
13:00 Active management and stock selection
18:40 Jim’s quant model and reviewing 5,000 stocks
22:00 Risk management and frothy momentum trades
30:20 Macro risks, tech crowding, and diversification
34:00 The WCG investment process
41:00 Asset allocation and portfolio construction
45:20 Macro tailwinds, inflation, housing, and rates
51:00 Market broadening and interest rate expectations
55:30 Treasury yields, term premium, and Fed policy
01:00:50 Chips, AI infrastructure, and semiconductor cycles
01:05:30 Energy, natural gas, nuclear, and the AI buildout
01:12:20 Talley’s music background and market pattern recognition

Hosts/Guests:

Jimmy Lee, Chief Executive Officer & Financial Advisor, WCG
Talley Leger, Chief Market Strategist, WCG
Jim Worden, Chief Investment Officer, WCG

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In this episode of The Bull of Wall Street, Talley Leger and Jim Worden sit down with Matt Malone, Head of Investments at Opto, for a practical conversation on private markets, private credit, manager selection, liquidity, and how advisors should think about allocating to alternatives.

What You'll Learn

• Private markets require a long-term mindset, not a trading mindset.

• Private credit is not one single asset class; structure, leverage, collateral, and manager discipline matter.
• Illiquidity should come with a clear return or diversification benefit.
• Volatility is not always the best risk measure in private markets.
• Manager selection matters, but so do strategy, sponsor, and structure.
• Tokenization may be promising, but the market still needs better infrastructure and price discovery.

Chapters

01:20 Private markets and Blue Owl headlines
06:06 Illiquidity premiums and compensation
09:56 Private credit misconceptions
14:23 Manager selection vs. asset class exposure
19:46 Volatility, risk, and private market valuation
25:22 Opto’s investment committee and due diligence
29:28 How Opto differs from other platforms
33:08 Democratization of alternatives
35:15 Venture, tokenization, and private market access
41:14 What advisors should ask private market managers
42:47 Matt’s legal background and CFA journey

Guests

Matt Malone, Head of Investments, Opto Investments

Hosts 

Talley Leger, Chief Market Strategist, The Wealth Consulting Group

Jim Worden, Chief Investment Officer, The Wealth Consulting Group

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In this episode of The Bull of Wall Street, Jim Worden sits down with Michael Hunstad, President of Northern Trust Asset Management, for a conversation on quantitative investing, compensated factors, AI, tokenization, and the future of global capital markets.

Michael shares how his background in mathematics, hedge funds, algorithmic trading, and asset allocation shaped his belief in factor investing. He explains why factors must be persistent, consistent, and compensated, and why controlling unintended risk is critical.

The conversation also turns to AI, where Michael shares why he thinks artificial intelligence may be one of the most important developments in modern investing.

Jim and Michael also discuss Northern Trust’s work with Saudi Arabia’s Public Investment Fund, the future of tokenization, blockchain, crypto, and why the AI investment theme may still be in its early innings.

Key Takeaways

• Why we think compensated factors remain important drivers of long-term portfolio returns
• How value, quality, momentum, and low volatility can work together in multifactor strategies
• How AI can help investors analyze the 97% of company data that traditional models often miss
• Why network momentum may become a powerful tool for understanding company relationships
• How AI could reshape stock selection, portfolio attribution, sales enablement, and advisor workflows
• Why tokenization may transform settlement, collateral, and market structure
• Why crypto may still be better viewed as speculative unless its portfolio role becomes clearer
• Why Michael believes the AI trade is not the same as the dot-com bubble

Chapters

00:55 Michael’s journey from math, hedge funds, and algorithmic trading to asset management
02:44 How factor investing became central to Michael’s investment philosophy
03:37 What makes a factor truly compensated
05:31 Why factor cycles require long-term discipline
06:44 The danger of unintended risk in factor investing
10:15 Why the intersection of factors may be more powerful than factor sleeves
13:49 How AI is changing investment research
15:45 Using alternative data and AI for idiosyncratic stock selection
17:11 Network momentum and mapping company relationships
19:06 Understanding intangible value through AI
22:21 AI, geopolitical risk, and thematic exposure
26:56 Northern Trust, Saudi Arabia, and global capital market development
33:06 De-globalization versus global financial integration
39:29 Crypto, stablecoins, and portfolio utility
42:25 Tokenization, collateral, and the future of settlement
49:03 What excites and worries Michael about AI
52:55 Why AI investing is not the dot-com bubble

Guests 

Michael Hunstad, President, Northern Trust Asset Management

Speakers

Jim Worden, Chief Investment Officer, The Wealth Consulting Group

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In this episode of The Bull of Wall Street, Jimmy Lee sits down with Duncan MacPherson, founder and CEO of Pareto Systems, for a practical and thought-provoking conversation about what it really takes to build a great advisory business.

Duncan shares how he got into coaching financial advisors almost by accident, after giving a few simple business development ideas to advisors that produced results. From there, his work evolved into a decades-long mission to help advisors think differently about client experience, business structure, and practice management.

The conversation centers on a theme Duncan has taught for years: advisory businesses should be designed to serve the advisor’s life, not consume it. He explains why so many advisors stay trapped in the technical side of the business, why that creates risk for enterprise value, and why the most successful firms build around process, team, and relationship depth rather than individual heroics.

Jimmy and Duncan also dive into AI, advisor evolution, enterprise value, referrals, professional contrast, and what separates firms that grow deliberately from those that simply drift. This episode is especially relevant for advisors who want to move from running a book of business to leading a scalable, valuable enterprise.

What you'll learn:

• Why the best advisory firms stop acting like books of business and start operating like true businesses
• How advisors can “grow down, zoom out, and level up” to create more freedom and enterprise value
• Why the advisor of the future must combine high tech with high touch
• How AI can help firms document process, standardize service, and build intellectual property faster
• Why client acquisition should begin with existing clients and their networks before outside marketing
• The difference between professional contrast and professional scarcity, and why both matter
• Why being the client’s first call matters more than product selection alone
• How advisors can make themselves more fee worthy by becoming a personal CFO and value added sounding board
• Why the firms that embrace change early are better positioned for scale, retention, and succession

Chapters:

01:45 How Duncan got into coaching financial advisors

03:16 How the advisor role has evolved over the last few decades

05:11 Why some advisors crave freedom while others crave being needed

06:57 What it means to run a business instead of just managing a book

08:05 How change in industry structure affects the advisor role

10:41 Why asset management is not enough to define advisor value

13:02 The importance of language, messaging, and professional contrast

16:22 Why AI will elevate some advisors and eliminate others

19:49 Real world ways advisors can use AI to document process and scale

23:20 What the best advisors have in common

30:29 What separates advisors who struggle from advisors who grow

34:20 Why panoramic fiduciary thinking creates deeper trust

39:02 How advisors should think about client acquisition today

45:40 Why existing clients are the best source of future growth

51:28 What the advisory firm of the future looks like

54:05 Professional contrast, scarcity, and why sameness is dangerous

58:09 How Pareto Systems helps advisors improve practice management and execution

01:06 Final thoughts on growth, community, and continuous improvement

Guests

Duncan MacPherson, Founder and CEO, Pareto Systems

Speakers

Jimmy Lee, CEO, The Wealth Consulting Group

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Jimmy Lee sits down with Julia Carlson, founder and CEO of Financial Freedom Wealth Management Group, for a conversation about growth, leadership, and building an advisory firm that is designed to serve clients at scale.

Julia shares how her business grew from approximately $25 million in assets after moving to LPL Financial in 2009 to more than $600 million today. She discusses the lessons that shaped that journey, including the importance of hiring early, trusting a team, and stepping out of the way so others can lead. A pivotal part of that evolution came after a serious accident involving her daughter, which forced Julia to spend time away from the office and revealed that her team was capable of much more than she had allowed.

The conversation also explores how Julia built a broader ecosystem around her advisory firm, including a tax business, a business consulting practice, coaching programs, retreats, and a growing personal brand. Throughout the discussion, she emphasizes that sustainable growth comes from knowing the numbers, building the right team, creating repeatable processes, and staying connected to a larger purpose.

What You’ll Learn

• How Julia Carlson scaled an advisory business from approximately $25 million to more than $600 million in assets
• Why building a team based model changed the trajectory of her firm
• Why understanding profitability by household can improve decision making
• How tax services and business consulting can deepen client relationships
• What role social media and personal branding can play in business development
• Why coaching and mastermind communities can accelerate business growth
• How Julia thinks about purpose, philanthropy, and long-term impact through her “one billion for good” vision

Chapters

00:00 Introduction to Julia Carlson and her businesses

02:43 The early years and learning she could not do it all herself

04:13 Her daughter’s accident and the turning point in leadership

07:10 Expanding the team and creating a business that can run without her

08:09 Freedom Tax and building a more comprehensive planning model

10:12 The women’s mastermind, retreats, and coaching entrepreneurs

12:20 Financial planning, service models, and household profitability

16:19 Why knowing firm economics matters for growth

18:22 How tax services support retention and lead generation

21:20 Technology, planning tools, and AI adoption

23:49 Client appreciation events, workshops, and business development

25:55 The origin of “one billion for good”

30:10 The value of coaching and learning from peers

34:20 What is next for the business and where Julia wants to focus

37:44 Social media, authenticity, and attracting the right clients

40:02 Mistakes made along the way and lessons for advisors

48:52 AI, vibe coding, and the future of client experience

50:50 Differentiation, team culture, and building a values based firm

Guest

Julia Carlson, Founder and CEO, Financial Freedom Wealth Management Group

Host

Jimmy Lee, Founder & CEO, The Wealth Consulting Group

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In this episode of The Bull of Wall Street, Jimmy Lee and Talley Leger sit down with Sam Ro, founder of Tker and an award-winning financial newsletter writer, for a wide-ranging conversation on market behavior, investor psychology, and the importance of long-term perspective.

Sam explains why his work focuses less on daily market noise and more on framing events in the context of longer cycles. He discusses how financial media often leaves investors feeling uneasy even when long-term results have been constructive, and why advisors can add value by preparing clients for inevitable drawdowns before they happen.

The conversation also explores current market conditions, including resilient consumer spending, rising earnings expectations, labor market dynamics, and concerns around private credit. Throughout the episode, Sam returns to a central idea: markets may be volatile in the short run, but over time they have historically reflected innovation, adaptation, and the drive for better products, services, and outcomes.

What You'll Learn

• Why daily market coverage can feel disconnected from long-term market outcomes
• How Sam uses historical context to interpret current market events
• Why advisors may benefit from preparing clients for volatility before it arrives
• What current consumer spending and earnings data may be signaling
• Why some market fears are widely known while other risks can emerge unexpectedly
• How market turnover and innovation support long-term equity returns
• What labor market “stickiness” may mean for productivity and corporate performance
• How repetition and clear communication can help advisors strengthen client trust

Chapters

00:00 How Talley, Jimmy, and Sam connected

03:04 Shared background, media experience, and why Sam’s work resonates with advisors

06:19 Sam’s philosophy on markets, media, and long-term framing

13:46 How advisors can prepare clients for future drawdowns

21:23 Contrarian thinking and why bad news can create opportunity

23:41 Earnings expectations, consumer resilience, and margin stability

29:00 Why markets tend to rise over time

37:18 Private credit concerns and how Sam is thinking about the issue

43:52 Labor market turnover, productivity, and the “tenure dividend”

47:38 Sam’s background, storytelling style, and evolution as a writer

55:03 Core market principles, hidden risks, and long-term optimism

01:01:16 Closing thoughts on creativity, change, and human ingenuity

Guests

Sam Ro, Founder and Editor, Tker

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

Speakers

Jimmy Lee, Founder and CEO, The Wealth Consulting Group

Talley Leger, Chief Market Strategist, The Wealth Consulting Group

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In this episode of The Bull of Wall Street, Talley Leger is joined by Dave Mazza, Chief Executive Officer of Roundhill Investments, for a discussion on markets, ETFs, portfolio construction, and how investors may think about diversification in the current environment.

Drawing on a long professional history together, Talley and Dave revisit the evolution of ETFs from early sector products to today’s more specialized and outcome-oriented strategies. They discuss the recent market backdrop, including the S&P 500 moving below its 200 day moving average, the role of energy and geopolitics, and why periods of volatility can create both risks and opportunities depending on an investor’s time horizon.

The conversation also explores the technology trade, the Magnificent Seven, sector concentration, and why diversification across regions, market capitalizations, and asset classes may still matter even after periods when narrow leadership has dominated returns. Dave shares perspective on how Roundhill approaches product development, what makes a differentiated ETF issuer, and where innovation may continue across the industry.

What You’ll Learn

• How Dave thinks about the recent market pullback and the role of time horizon in portfolio decisions
• Why geopolitical headlines and oil prices may influence near-term market behavior
• How the Magnificent Seven fit into today’s broader market structure
• Why diversification may still matter even after long periods of narrow market leadership
• How ETFs evolved from simple indexing tools into more specialized portfolio building blocks
• What distinguishes innovative ETF issuers from larger, more established providers
• How financial advisors may think about core, satellite, and tactical portfolio construction

Chapters

01:02 Talley and Dave’s professional history and early ETF work

03:06 Market pullback, the 200 day moving average, and time horizon

08:42 Oil, inflation, rates, and comparisons to prior market periods

15:46 The Magnificent Seven, tech concentration, and earnings strength

21:22 Passive investing, ETFs, and market structure

28:36 The history of smart beta, factor investing, and ETF development

30:30 Replacing the traditional 60 40 portfolio using ETFs

36:14 What separates successful ETF issuers from the rest

39:46 The idea behind meme stock exposure and retail participation

43:15 Advisor fee pressure and the role of product cost

49:19 Where ETF innovation may go next

53:07 Which ETF categories may face more pressure over time

Guests

Dave Mazza, Chief Executing Officer, Roundhill Investments

Speakers

Talley Leger, Chief Market Strategist, The Wealth Consulting Group

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In this episode of The Bull of Wall Street, Jim Worden speaks with Dan Gallagher, Technology Columnist for Heard on the Street at The Wall Street Journal, about the current state of the technology sector and the forces shaping markets today.

Dan shares his long view on the evolution of technology, beginning with the early internet era and the first dot-com cycle, and compares that backdrop with the current wave of investment around artificial intelligence. The conversation focuses on Nvidia’s rise, hyperscaler spending, semiconductor supply constraints, memory pricing, and the broader chain of dependencies driving the AI buildout.

Jim and Dan also discuss the pressure on software valuations, the distinction between platform companies and more exposed application businesses, and how investors may be thinking through durability, disruption, and changing narratives across the sector.

What You’ll Learn

• How the current AI cycle compares with prior technology cycles
• Why Nvidia’s growth story has been years in the making
• How memory supply and manufacturing constraints affect the AI ecosystem
• Why hyperscaler spending remains central to the semiconductor story
• What may be driving pressure on software valuations
• Why AI may create both efficiency gains and disruption across industries
• How technology adoption tends to evolve in uneven and unpredictable ways
• Where Dan sees longer-term potential in physical world AI applications

Chapters

01:12 Dan’s history covering technology and the evolution of tech cycles

04:12 Nvidia’s rise from graphics chips to AI infrastructure leader

07:22 What Dan took away from Nvidia’s recent conference and guidance

09:22 Memory bottlenecks, Micron, and supply chain constraints

15:10 Why Nvidia and other AI leaders may still face valuation questions

19:53 Software stocks, AI narratives, and where pressure is coming from

24:04 Why some software platforms may be more durable than others

28:53 Palantir, secure AI use cases, and valuation sensitivity

31:13 Adobe, creative tools, and consumer-facing AI disruption

34:43 AI in Hollywood, content creation, and labor implications

40:18 Everyday AI use cases and workflow changes

45:10 AI adoption, human judgment, and preserving human connection

49:31 Areas of technology Dan finds interesting over the long term

Guests

Dan Gallagher, Technology Columnist, Heard on the Street, The Wall Street Journal

Speakers

Jim Worden, Chief Investment Officer, The Wealth Consulting Group

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This special live episode of The Bull of Wall Street was recorded at the VettaFi Exchange 26 conference in Las Vegas NV, bringing together industry leaders for a real-time discussion on ETFs, market structure, and the evolving role of advisors.

Jim Worden, CFA, CMT, CAIA, Jimmy Lee, and Talley Leger are joined by Allison Bonds Mazza, CIMA®, CPWA, Head of US Wealth at State Street, and James Seyffart, CFA, CAIA, Senior Research Analyst at Bloomberg Intelligence. The conversation explores the growth of the ETF industry, including its origins following the 1987 market crash and its expansion to thousands of products and trillions in assets today. 

The group discusses ETF flows, the shift from mutual funds to ETF structures, and the increasing role of active ETFs across the market. Additional topics include sector positioning, gold and alternatives, crypto as a portfolio component, and the growing importance of model portfolios.

The discussion also addresses broader industry themes such as advisor fee compression, generational shifts in investors, artificial intelligence, and the importance of human relationships in wealth management.

What You’ll Learn

• How the ETF industry evolved from early innovations to a multi-trillion dollar ecosystem
• Why flows continue shifting from mutual funds into ETF structures
• How active ETFs are gaining share and influencing industry fee trends
• What current ETF flow patterns may indicate about investor positioning
• How advisors are using model portfolios and customization at scale
• The role of crypto and alternatives within diversified portfolios
• How artificial intelligence may impact investment workflows and productivity
• Why advisor-client relationships remain central despite technological advancements
• How generational changes may influence future wealth management practices

Chapters

01:15 History and evolution of ETFs

03:20 ETF flows and sector positioning trends

06:08 Gold, alternatives, and portfolio durability themes

08:24 Mutual funds versus ETFs and active ETF growth

11:12 Product innovation and ETF launches

13:37 Crypto ETFs and portfolio considerations

15:53 Women in finance and industry evolution

21:17 Active ETFs and fee dynamics

24:27 Advisor margin compression and pricing discussions

31:17 Product structure and democratization of access

34:11 Model portfolios and customization trends

39:04 Passive flows and market structure implications

42:11 AI in investing and advisor workflows

46:47 Direct indexing and future competition

49:26 Sector positioning and industrial trends

52:28 Product innovation and global expansion

53:19 Advisor perspective and client engagement

54:15 Next generation investors and digital expectations

Guests

Allison Bonds-Mesa, CIMA®, CPWA, Head of US Wealth at State Street

James Seyffart, CFA, CAIA, Senior Research Analyst at Bloomberg Intelligence

Speakers

Jim Worden, CFA, CMT, CAIA, Chief Investment Officer, The Wealth Consulting Group

Jimmy Lee, Chief Executive Officer, The Wealth Consulting Group

Talley Leger, Chief Market Strategist, The Wealth Consulting Group

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n this episode of The Bull of Wall Street, Jim Worden and Paisley Nardini are joined by Michael Taylor, Portfolio Manager at Simplify Asset Management. Michael shares his unconventional path from drug discovery scientist to hedge fund manager and now ETF portfolio manager focused on healthcare innovation.

The discussion explores the current state of the healthcare sector, including drug pricing dynamics, GLP-1 competition, and emerging innovation cycles. Michael also outlines how advancements in technology, including AI and automation, may impact drug development, productivity, and long-term economic trends. The conversation highlights both opportunities and risks across markets, with a focus on active management and sector positioning.

What you’ll learn

• How a background in drug development can inform investment decision-making
• Key differences between GLP-1 therapies and how they may impact market share
• Why healthcare may be positioned for relative strength based on current conditions
• How innovation in diagnostics, therapeutics, and longevity research is evolving
• The role of demographics, debt, and productivity in shaping long-term market outcomes
• How active management may identify opportunities within a complex healthcare landscape

Chapters

03:00 From scientist to hedge fund manager

06:00 The Pink Fund and investing with purpose

09:00 Personal story and racing journey

14:00 Healthcare sector outlook

18:00 Drug pricing and policy considerations

23:00 Innovation in healthcare and AI impact

29:00 GLP-1 competition and positioning

36:00 Identifying opportunities beyond traditional healthcare

42:00 Macro environment and sector flows

49:00 Debt, demographics, and long-term risks

01:03:00 Active management and healthcare allocation

 Guests

Michael Taylor, Portfolio Manager, Simplify Asset Management

Speakers

Jim Worden, Chief Investment Officer, The Wealth Consulting Group

Paisley Nardini, CFA, CAIA, Simplify Asset Management

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In this episode of The Bull of Wall Street, Jimmy Lee is joined by John O’Connor, CEO and Chairman of J.H. Whitney, along with Jim Worden and Talley Leger, for a timely discussion on geopolitics, national security, critical technologies, and the shifting economic framework shaping markets.

John outlines how J.H. Whitney’s work with the U.S. government evolved from advising on strategic competition with China into a broader investing and analytics capability. He explains how the firm assesses critical technologies, supply chain dependencies, and geostrategic entanglement risk, and how that framework has informed both government work and investment strategy.

The conversation then turns to current geopolitical developments, including Iran, China, energy security, industrial policy, tariffs, critical minerals, artificial intelligence, and the longer-term implications of reshoring U.S. manufacturing. John shares his perspective on how these issues intersect with inflation, interest rates, capital markets, and national power, while Jim and Talley explore what these shifts may mean for advisors, investors, and portfolio positioning.

What You’ll Learn

• How J.H. Whitney’s government advisory work evolved into an investing framework
• Why critical technologies, trade, and capital markets are increasingly linked
• How John views the competitive position of the U.S. relative to China
• How current developments involving Iran may affect inflation, rates, and market volatility
• Why rare earths, critical materials, and processing capability matter beyond mining alone
• How AI and quantum may influence productivity, competitiveness, and national security
• How energy, defense spending, and industrial policy may shape the next phase of economic transition

Chapters

03:10 J.H. Whitney’s government advisory work and strategic competition with China

07:55 Trade, technology, and capital markets as instruments of national power

10:39 Why quantum may become more visible in the years ahead

13:58 AI, automation, and U.S. industrial competitiveness

17:13 The U.S. manufacturing renaissance and capital spending incentives

19:47 A geopolitical framework for interpreting current events

25:58 Iran, energy security, inflation, and rate implications

30:16 Follow-up on Iran and possible paths forward

34:29 Energy, defense spending, and the idea of a peace dividend

40:07 AI adoption, software, and the practical impact on productivity

55:58 Productivity measurement and the economic impact of AI

01:02:15 Fiscal balance, government efficiency, and structural pressures

Guests

John O’Connor, CEO and Chairman, J.H. Whitney

Speakers

Jimmy Lee, Chief Executive Officer and Financial Advisor, The Wealth Consulting Group

Jim Worden, Chief Investment Officer, The Wealth Consulting Group

Talley Leger, Chief Market Strategist, The Wealth Consulting Group

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In this episode of The Bull of Wall Street, Jim Worden, CFA®, CMT®, CAIA welcomes Sam Stovall, Chief Investment Strategist at CFRA, for a wide-ranging discussion grounded in market history, sector rotation, earnings trends, and investor behavior.

Sam reflects on his decades in the investment industry, including his time at Standard and Poor’s and CFRA, and shares how studying history has shaped his approach to markets. He explains why he thinks human emotion remains the most consistent driver of market behavior, despite changes in technology, access to information, and market structure.

The conversation explores sector rotation, valuation dynamics, midterm election year patterns, earnings trends, and the evolution of market participation through ETFs. Sam also addresses artificial intelligence, demographic shifts, investor sentiment, and the importance of financial literacy.

Throughout the discussion, Sam emphasizes discipline, perspective, and a long-term mindset, while acknowledging that markets can be volatile and outcomes are never guaranteed.

 What You’ll Learn

• Why Sam thinks human emotion remains a primary market driver across decades
• What historical midterm election year data has shown about volatility and returns
• How earnings expectations are managed and why beat rates remain high
• Why valuations may appear elevated and how market structure has evolved
• How AI-related earnings growth compares to prior technology cycles
• Why diversification across growth and defensive sectors may reduce volatility
• How pullbacks and corrections have historically resolved over time
• The importance of financial literacy and investor discipline

Chapters

03:32 Market history and what has remained consistent over time

06:03 Human emotion as the constant market driver

11:22 Sector rotation and valuation considerations

13:31 Midterm election year historical patterns

16:16 Technology valuations and software repricing

19:05 ETFs, retail participation, and market structure

20:55 Precious metals, silver, and dollar dynamics

25:17 Risk adjusted returns and diversification examples

28:13 Volatility, fear versus greed, and market corrections

32:35 Earnings trends and forward expectations

37:14 AI growth projections and semiconductor earnings

45:16 Historical drawdowns and systematic reinvestment approaches

Guests

Sam Stovall, Chief Investment Strategist, CFRA

Speakers

Jim Worden, CFA®, CMT®, CAIA, Chief Investment Officer, The Wealth Consulting Group

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In this episode of The Bull of Wall Street, Talley Leger and Jim Worden are joined by Frank Cappelleri, founder of CappThesis, for a technical-analysis focused discussion centered on chart patterns, trend identification, and practical risk management.

Frank shares his background, including early experience alongside technical analysis pioneers and later work with institutional trading desks. He describes how his process emphasizes classical chart patterns, relative strength, and an effort to reduce bias by focusing on what price action is doing rather than what a symbol or narrative “should” do.

The conversation also covers how Frank thinks about market environments, why certain indicators may work better in some periods than others, and how he thinks advisors and active investors can approach position sizing and stop discipline in more volatile conditions.

What You’ll Learn

• How Frank’s approach uses classical chart patterns as the foundation for trend analysis
• Why frank believes relative strength and “what is working” can matter more than narratives
• How Frank frames risk first, including stop discipline and position sizing
• Why “time corrections” and “price corrections” can look different in practice
• What Frank looks for before acting on potential reversals in silver and bitcoin
• Why indicators can behave differently depending on the market environment
• How advisors can use technical frameworks as a way to organize risk discussions

Chapters

02:10 The origin of CappThesis and what differentiates Frank’s approach

03:35 Early influences, industry group relative strength, and “riding what works”

07:02 Trend following, classical patterns, and how uptrends often build over time

08:50 Changes in how technical analysis is perceived and used today

11:22 Why risk management and price discipline are central to the process

13:00 Stop discipline, volatility adjustments, and position sizing considerations

14:23 S&P 500 discussion, zones, and the role of market leadership

16:16 Consolidations, “time corrections,” and the psychology of ranges

20:20 Trading boxes, support and resistance, and different ways to visualize structure

23:42 Software versus semiconductors divergence and what it may imply

28:30 Long-term relative support and why timeframe context can matter

41:05 Silver uptrends, moving averages, and what to watch in a pullback

47:20 Bitcoin patterns, retracements, and correlation observations

50:26 Base-building versus early entry and how Frank approaches patience

55:01 Market structure considerations and why large flows can influence moves

58:43 ETFs, options, and how short-term dynamics can impact price action

Guest

Frank Cappelleri, Founder, CappThesis

Speakers

Talley Leger, Chief Market Strategist, The Wealth Consulting Group

Jim Worden, CFA, CMT, CAIA, Chief Investment Officer, The Wealth Consulting Group

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In Episode 60 of The Bull of Wall Street, Jim Worden sits down with Shannon Saccocia, Chief Investment Officer for Wealth at Neuberger Berman, for a thoughtful discussion on how portfolio construction has evolved alongside innovation, expanded access to private markets, and shifting market conditions.

Shannon reflects on her professional journey from early roles in banking and registered investment advisory firms to her current leadership role at Neuberger Berman. She discusses how institutional investment frameworks have increasingly influenced private client portfolios and why understanding risk, liquidity, and investor experience remains critical as access to new strategies expands.

Throughout the conversation, Jim and Shannon explore topics including diversification beyond concentrated equity exposure, considerations within fixed income and private credit, and how advisors can help clients interpret an increasingly complex investment landscape. The discussion concludes with a broader look at long-term structural forces such as demographics and technological change, emphasizing the ongoing role of advisors in providing context and perspective rather than predictions.

What you'll learn

• How institutional portfolio frameworks have influenced private client investing
• Why expanded access to private markets increases the need for education and due diligence
• Considerations around equity concentration and diversification
• How fixed income and private credit can be evaluated within broader portfolio construction
• Why long-term trends such as demographics and innovation matter for planning discussions
• The evolving role of advisors in helping clients interpret information and risk

Chapters

02:43 Evolution of private client portfolio construction

04:27 Access to private markets and investor education

05:08 Considerations when incorporating private investments

07:06 Client education in an information-rich environment

08:49 Similarities between public and private investments

12:36 Portfolio diversification considerations beyond concentrated equity exposure

15:38 Fixed income positioning and portfolio considerations

19:20 Private credit structures and due diligence

25:13 International diversification and currency considerations

27:40 Discussion on equity market dispersion and innovation

35:19 Long-term demographic and structural considerations

41:50 Portfolio construction as an ongoing process

43:12 The continuing role of advisors

 Guests

Shannon Saccocia, Chief Investment Officer for Wealth, Neuberger Berman

Speakers

Jim Worden, Chief Investment Officer, The Wealth Consulting Group

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In this advisor-to-advisor conversation, Jimmy Lee sits down with Ken Van Leeuwen, Managing Director of Van Leeuwen & Company, to unpack what it really takes to build a durable, high-touch wealth management practice over decades.

What you'll learn

Ken shares how comprehensive planning became the foundation of his business, why he intentionally charges for advice, and how language, positioning, and a team-based client experience can elevate both client outcomes and practice sustainability. The episode also covers organic growth through client advocacy, mentorship, and how Ken approached succession planning after a personal wake-up call. Finally, Ken offers a practical view of where AI fits in an advisory firm: efficiency, not replacing the human relationship.

• Why Ken built his practice around paid planning (and why he avoids calling it “financial planning”)
• How EOS (Entrepreneurial Operating System) shaped his team structure and execution
• The value of having two advisors in client meetings and how it supports continuity
• Why words matter in client communication
• How Ken drives growth through client advocacy and referrals using Voice of the Client
• The real catalyst that pushed him to formalize succession planning
• Where AI can help advisory firms immediately: notes, workflows, admin, and speed to service

Chapters

01:00 Ken’s journey into advice and why he went independent

04:40 Team structure, EOS, and building a scalable practice

08:40 Charging for planning and “Building Your Life Vision”

14:50 Why every client gets two advisors in meetings

20:00 The power of language and positioning in advice

24:40 Organic growth: referrals, Pareto, and Voice of the Client

33:20 Why corporate executives became the ideal client profile

40:10 Succession planning and the wake-up call that changed everything

45:40 Lessons Ken would tell his younger self

55:20 AI in advisory firms

Guest: Ken Van Leeuwen, Managing Director, Van Leeuwen & Company

Host: Jimmy Lee, Chief Executive Officer & Financial Advisor, WCG

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In this episode of The Bull of Wall Street, Talley Léger welcomes a longtime colleague and market veteran, Jared Dillian, editor of The Daily Dirt Nap, founder of Armington Capital, and an author of seven books.

Jared and Talley reconnect through shared Lehman-era market scars and use that lens to talk about what investors consistently miss before major dislocations—leverage, liquidity, and confidence, and why those risks may be building quietly in private credit and private equity today.

From there, the conversation shifts into the advisor playbook: how to think about risk management when markets are calm, why the Fed follows the “path of least embarrassment,” how advisors can use sentiment without becoming day traders, and why diversification across asset classes is still the most underutilized edge in wealth management.

What you’ll learn

• The warning signs investors tend to miss before major crises—and why leverage is the real accelerant
• Why Jared’s top concern isn’t mega-cap concentration, it’s private markets leverage
• How to approach risk management when markets are calm: “buy protection when you can, not when you have to”
• The Fed’s true incentive structure, and why it’s often behind the curve
• How advisors can use sentiment and positioning without turning into short-term traders
• Why US-only “diversification” isn’t diversification—and how to build a real multi-asset portfolio
• The behavioral mistake that shows up in every bull market: chasing what just worked
• Why the best advisors need courage to do something different (even when it’s unpopular)

Chapters

 01:10 – Dirtcon vs. DJ’ing Omnia: which was better (and why)
03:05 – Jared’s subscriber base and what Dirtcon has become
03:45 – Lessons from Lehman and market crises: what people always miss
06:45 – Concentration risk vs. real systemic risk
08:10 – What drives crises: leverage, liquidity, and confidence
09:10 – Jared’s portfolio positioning: international, EM, commodities
11:40 – Where leverage is building now: private credit / private equity
13:20 – Markets at all-time highs: risk management when things feel easy
14:00 – “Buy protection when you can, not when you have to” (pandemic puts story)
15:20 – The biggest misconception about the Fed
16:00 – “The Fed follows the path of least embarrassment”
18:20 – 2022: when 60/40 broke and there was nowhere to hide
19:00 – Is the Fed data dependent or political?
21:15 – Does monetary policy still have signal?
23:00 – How advisors can use sentiment without becoming day traders
24:10 – Jared’s Edward Jones story: advisors chasing fear and greed
28:00 – Bull markets: chasing, unrealistic expectations, and mean reversion risk
30:20 – Valuations: useful long-term, not a short-term timing tool
31:55 – Why US-only portfolios are dangerously narrow
33:45 – Fear vs. greed: what’s most dangerous now
37:10 – Forecasting vs. diversification (and Jared’s new book)
40:20 – Jared’s 7th book: The Awesome Portfolio
41:00 – Market narratives: analysis vs. storytelling (what actually sells)
47:50 – Smart brevity and cutting through research noise
49:50 – Closing advice: courage, “do no harm,” and protecting client wealth
52:10 – Where to follow Jared + subscriber discount

Guest

Jared Dillian, Editor, The Daily Dirt Nap, Founder & Principal, Armington Capital
Author (7 books), including upcoming The Awesome Portfolio

Host

Talley Léger, Chief Market Strategist, WCG

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In this episode of The Bull of Wall Street, Jim Worden is joined by co-host Talley Leger and guest Scott Helfstein, Global Head of Investments at Global X. Scott brings a rare blend of experience across the Federal Reserve, investment banking, academia (West Point), and national security research, then connects the dots to what matters most for markets in 2026.

The conversation moves from geopolitical strategy (including Greenland’s renewed relevance) to the Roaring 2020s framework, and ultimately into the investable reality of AI: not just “information,” but automation—where technology starts making decisions and taking actions, not just delivering insights. Scott also breaks down what thematic investing actually means, why margins may be structurally higher than history suggests, and where “economic broadening” is already happening beyond the mega-cap leaders.

What you’ll learn

• Why U.S. interest in Greenland has historical precedent—and modern strategic logic
• How Scott frames 2026 through a “Roaring 20s” lens (and what to watch for)
• The shift from the Information Age to the Automation Age—and why it matters
• Why profit margins may not mean-revert the way many expect
• What “thematic investing” is (and what it isn’t) for advisor portfolios
• Where Scott sees economic broadening even if market breadth remains narrow
• Practical ways advisors can use technology to scale trust without replacing it

Chapters

01:30 – Scott’s career path: Fed → banking → PhD → West Point → Wall Street → thematics
04:15 – War studies, geopolitics, and Scott why Scott says it matters for markets
05:20 – Greenland: the historical context and strategic rationale
10:15 – Rare earths, Arctic lanes, and the national security lens
11:15 – 2026 outlook: revisiting the “Roaring 20s” framework
13:20 – Innovation cycles then vs. now: what rhymes with the 1920s
16:15 – AI: what’s next (agentic AI, robotics, physical-world automation)
20:35 – What is thematic investing, really?
24:30 – Secular themes Scott’s watching: AI ecosystem, defense tech, infrastructure
31:10 – Advisors and margins: scaling trust with technology
35:55 – The K-shaped economy, rates, and what the Fed is missing
41:10 – Creative destruction: jobs, opportunity, and the AI ecosystem buildout
48:10 – “Circular investment” concerns: why this isn’t 2008 or dot-com
53:10 – Scott’s contrarian view: economic broadening beyond mega-cap tech

Guest

Scott Helfstein, Global Head of Investments, Global X

Hosts

Jim Worden, Chief Investment Officer, WCG
Talley Leger, Chief Market Strategist, WCG

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In this episode of The Bull of Wall Street, Jimmy Lee, Jim Worden and Talley Leger are joined by Bob Pisani, legendary CNBC Stocks Correspondent, for a wide-ranging and deeply reflective conversation on markets, media, and investor behavior.

Drawing on more than three decades reporting from the floor of the New York Stock Exchange, Bob shares what he’s learned about forecasting, behavioral bias, media influence, and why most investors, professionals included, consistently make the same mistakes. From his formative relationship with Jack Bogle to his conviction in low-cost indexing, Bob offers timeless lessons that cut through market noise and short-term thinking.

This episode is less about predictions and more about perspective. The kind only earned by watching markets, people, and cycles repeat themselves for 35 years.

What you’ll learn

• Why forecasting market returns is far harder and less useful than most investors believe

• The most common behavioral mistakes investors make, even with perfect information

• How media coverage shapes investor behavior (for better and worse)

• Why Bob Pisani became a long-term, low-cost index investor

• How advisors can help clients ignore noise and stay disciplined

Chapters

01:20 – Bob’s unconventional path to CNBC

05:00 – The early days of CNBC and the rise of market media

08:00 – Trust, reporting, and life on the NYSE floor

14:00 – Jack Bogle’s influence and the case for indexing

17:30 – Why stock picking and forecasting fail over time

21:00 – Media, momentum, and recency bias

24:30 – Behavioral finance and why humans struggle to predict the future

29:00 – Market valuations, expectations, and long-term planning

33:00 – Advice for advisors navigating signal vs. noise

37:00 – Staying invested, managing risk, and playing the long game

Guest

Bob Pisani, CNBC Stocks Correspondent (Ret.), and Author of Shut Up and Keep Talking

Hosts

Jimmy Lee, Chief Executive Officer, WCG,

Jim Worden, Chief Investment Officer, WCG

Tally Lager, Chief Market Strategist, WCG

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Making Life Better at The Wealth Consulting Group

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In this episode of The Bull of Wall Street, Jim Worden sits down with Stephanie Aliaga, Global Market Strategist at J.P. Morgan, to kick off 2026 with a clear-eyed view of where the global economy and markets stand, and where the real risks and opportunities may lie.

Stephanie shares J.P. Morgan’s latest thinking on U.S. growth, inflation, interest rates, global divergence, and the key forces shaping asset allocation decisions in the year ahead. From soft-landing probabilities to policy risk, earnings durability, and investor positioning, this conversation cuts through the noise and focuses on what actually matters for advisors navigating client portfolios in 2026.

What you’ll learn:

• How J.P. Morgan is positioning for economic growth and market returns in 2026
• Why the U.S. remains resilient, and where cracks could still form
• The biggest risks investors may be underestimating this year
• How global divergence is shaping equity and fixed income opportunities
• What advisors should be watching as policy, rates, and earnings intersect

Chapters:

02:30 – J.P. Morgan’s baseline outlook for the U.S. economy
06:45 – Growth, inflation, and the soft-landing debate
11:40 – Interest rates, policy expectations, and market reactions
17:20 – Global divergence: where opportunities and risks differ
23:10 – Equity markets, earnings durability, and valuation context
29:00 – Key risks that could disrupt the 2026 outlook
34:30 – What advisors should focus on in client portfolios this year
39:15 – Final thoughts on navigating markets in 2026

Guest:

Stephanie Aliaga, Global Market Strategist, J.P. Morgan

Host:

Jim Worden, Chief Investment Officer, WCG

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In this episode, Phillip "Felipe" Toews, author of The Behavioral Portfolio and a long-time advocate for risk-aware investing, joins Jim Worden and Paisley Nardini for a deep, historically grounded conversation on why conventional portfolio construction often fails investors when it matters most. Drawing on decades of market history, Phillip explains how long-duration bear markets, not short-term volatility, create the greatest behavioral and financial risk for investors and advisors alike.

From the Great Depression to multi-decade bond bear markets, Phillip challenges recency bias, questions the foundations of the 60/40 portfolio, and outlines why advisors must think like chief risk officers first. The discussion explores behavioral finance, portfolio design, hedged equity strategies, adaptive fixed income, and why proactive communication, not reactive reassurance is critical to long-term client success.

What you’ll learn

• Why the 60/40 portfolio is a historical accident not a true design framework

• How long-duration bear markets reshape investor behavior and decision-making

• Why recency bias causes advisors and clients to underestimate real risk

• How rebalancing can increase drawdowns in severe market regimes

• What “left-tail risk” really means for real-world portfolios

• Why advisors must proactively discuss worst-case scenarios before they happen

• How hedged equity strategies can preserve upside while limiting catastrophic loss

• Why behavioral risk often matters more than market risk

Chapters

03:00 — Phillip's journey: from Kansas to asset management and risk mitigation

08:00 — Why investor timing destroys returns, even in good strategies

13:00 — The Great Depression, bond bear markets, and what history really shows

19:00 — Why the 60/40 portfolio fails during long-duration drawdowns

25:00 — Rebalancing myths and behavioral breakdowns in severe markets

31:00 — Rethinking portfolio design: cutting the left tail without killing upside

37:00 — Hedged equity, adaptive fixed income, and managing uncertainty

43:00 — Why advisors must act as chief risk officers

49:00 — Communicating risk before markets fall, not after

Guest

Phillip "Filipe" Toews, Founder & CEO, Toews Asset Management and Author of The Behavioral Portfolio

Hosts

Jim Worden, Chief Investment Officer, WCG

Paisley Nardini, Portfolio Manager, Simplify

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#53 – Baron Capital Founder and CEO Ron Baron and Co-President and Portfolio Manager Michael Baron on Long-Term Ownership, Conviction Investing, and Why Great Wealth Is Built by Owning Businesses

In this episode, Ron Baron, Founder and CEO of Baron Capital, and Michael Baron, Co-President and Portfolio Manager, join The Bull of Wall Street for a wide-ranging conversation on generational wealth, conviction investing, and why true long-term success comes from owning great businesses rather than trading headlines. Ron reflects on the personal experiences that shaped his philosophy, the discipline required to hold through volatility, and what he calls the true test of friendship in investing. The discussion also explores Baron Capital’s expansion into ETFs and how advisors can think about structure, implementation, and long-term portfolio construction in a rapidly changing market environment.

What you’ll learn:

• Why Ron Baron believes generational wealth is created by owning businesses, not buying and selling stocks
• How conviction is built through deep research and first-principles thinking
• Lessons from holding investments through severe drawdowns
• What the Elon Musk and X investment revealed about risk, patience, and partnership
• How Baron Capital is translating its philosophy into ETF structures
• Why active management still matters in transformational technology cycles
• How advisors can frame volatility with clients through a business-owner mindset

Chapters

03:00 – From $100M to over $50B: the long road of ownership

05:30 – Why selling great companies too early taught Ron that wealth is built by holding.

08:30 – Michael’s perspective on growing into the process and building durable belief.

10:45 – What it means to stand by an investment when sentiment turns sharply negative.

16:30 – Why ETFs, why now

24:30 – Why transformational tech is not a bubble and why selectivity still matters.

32:30 – First principles and holding through volatility

40:00 – Why owning growing businesses remains the best defense against uncertainty.

Guest

Ron Baron – Founder, CEO, and Portfolio Manager, Baron Capital

Michael Baron – Co-President and Portfolio Manager, Baron Capital

Hosts

Jim Worden – Chief Investment Officer, WCG

Talley Leger – Chief Market Strategist, WCG

In this episode, Julius de Kempenaer, creator of Relative Rotation Graphs (RRG®), CMT charterholder, and one of the most influential technical minds in modern market analysis joins Jim Worden and Talley Leger for a deep dive into how professional investors spot rotation, manage risk, and visualize market leadership before it shows up in price. Julius shares the origin story behind RRG, why institutions rely on it globally, and how advisors can use rotation analysis to improve portfolio construction, timing, and client communication.

From sector rotation to asset-class mapping to avoiding the “doghouse quadrant,” Julius breaks down the tools and signals that he thinks matter most in today’s market.

What you’ll learn
• How Julius invented Relative Rotation Graphs and why they changed market analysis
• Why RRG captures true leadership changes better than traditional relative strength charts
• How to read momentum, tail length, heading, and quadrant shifts with confidence
• When a rotation may be an early warning signal vs. noise
• Why tech dominance can distort traditional sector narratives
• How to use RRG for equities, fixed income, currencies, crypto, and asset allocation
• How advisors can use RRG visuals to simplify complex portfolio conversations

Chapters:
02:00 — Julius’ unexpected path: Dutch Air Force captain to fund manager to technical pioneer
07:00 — How RRG was born: the Bloomberg debut and the Excel “aha moment”
12:00 — Sector rotation today: tech strength, defensive improvement, and warning signs
17:00 — How to interpret tail length, heading, and quadrant transitions
22:00 — Lagging → improving vs. leading → weakening: what matters most
27:00 — Using RRG for multi-asset portfolios, yield curve analysis, and crypto
32:00 — Benchmark selection: why picking the wrong benchmark breaks your analysis
38:00 — How advisors can use RRG to communicate positioning and risk
44:00 — The future of rotation analysis and why momentum still works

Guest:
Julius de Kempenaer, CMT and Creator of Relative Rotation Graphs (RRG®)

Hosts:
Talley Leger, Chief Market Strategist, WCG
Jim Worden, Chief Investment Officer, WCG

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In this episode, Rebecca Patterson, Senior Fellow at the Council on Foreign Relations and former Chief Investment Strategist at Bridgewater Associates, and Former Chief Investment Officer at Bessemer Trust, joins Jim Worden and Talley Leger to break down one of the most complicated macro environments of our careers. Rebecca explains why the U.S. economy resembles a “Jenga tower”, still standing, still rising, but increasingly unstable. She discusses the widening divide between large and small businesses, the uneven health of U.S. consumers, the risk implications of delayed tariffs, and why global policy uncertainty could matter even more than Fed cuts in 2025.

She also dives into the dollar, gold, the future of immigration and demographics, and what AI-driven productivity might mean for long-term growth.

What you’ll learn

• Why Rebecca compares today’s economy to a “Jenga tower” with fewer supports
• The biggest risks to the 2025 outlook, including AI disappointment, Fed missteps, and wealthy consumer fatigue
• Why small businesses are weakening more than large companies and why it matters
• How global fiscal challenges (“the Fragile Four”) could reshape currency dynamics
• Why the dollar’s next move may be lower despite global turbulence
• How AI, demographics, geopolitics, and climate will shape the next decade
• What investors miss when they oversimplify tariffs and global trade flows
• Why diversification, not concentration, is the most important discipline heading into 2025

Chapters

02:00 — How Rebecca went from aspiring astronaut to journalist to global macro strategist

07:30 — The “Jenga tower economy”: strong on top, fragile underneath

12:00 — AI CapEx, wealthy consumer resilience, and what surprised markets in 2024

17:30 — What could cause the tower to wobble: labor trends, confidence, and policy volatility

23:00 — Tariffs, USMCA, and how global supply chains really work

28:00 — Dollar dynamics, the “Fragile Four,” and central bank gold buying

34:00 — Bitcoin, tech, and whether crypto selloffs can trigger equity contagion

41:00 — How macro frameworks evolve—and what doesn’t change

46:00 — Long-term themes: tech, demographics, geopolitics, and climate

51:00 — What investors should do now: diversify and avoid the panic trade

Guest: Rebecca Patterson - Senior Fellow, Council on Foreign Relations

Hosts: Talley Leger, Chief Market Strategist, WCG and Jim Worden, Chief Investment Officer, WCG

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In this episode, Cathie Wood, CEO and founder of ARK Investment Management joins The Bull of Wall Street to explain why today’s innovation cycle is very different from the late-1990s tech bubble. She breaks down why the reality of technologies like AI, robotics, energy storage, multi-omics, and blockchain is here now, even as investors remain scarred by past manias. Cathie also dives into enterprise AI, Palantir’s role in transforming organizations, how ARK navigates drawdowns by concentrating into highest-conviction names, and what the world could look like in 10 years with autonomous vehicles, humanoid robots, and a fully financialized digital world.

What you’ll learn:

• Why the late-1990s tech bubble “came too early” and why this time the tech is actually ready
• How AWS, deep learning, and transformer models set the stage for today’s AI wave
• Why Cathie believes we’re closer to “1995 than 2000” in the AI adoption cycle
• How enterprise AI (and Palantir’s ontology layer) may disrupt traditional consulting and SaaS
• How ARK responds when innovation stocks sell off: concentration, scoring, and thesis risk
• Which incumbents are most vulnerable to disruption in software, banking, transportation, and healthcare
• How AI, digital assets, and quantum computing intersect — and what that means for Bitcoin
• Cathie’s 10-year vision: robotaxis, air taxis, Mars robots, healthspan breakthroughs, and a bigger digital economy

Chapters: 

01:07 – Cathie’s journey: from AllianceBernstein to ARK and the seeds of today’s tech

04:35 – Why this isn’t the 1990s all over again: costs, readiness, and investor scar tissue

07:04 – AI in the real world: consumer adoption, enterprise bottlenecks & Palantir’s ontology

13:11 – Navigating drawdowns: ARK’s scoring system, high-conviction names, and crypto exposure

17:35 – Managing critics, staying focused on original research, and being a hedge to value traps

21:25 – Disruption ahead: SaaS, banks, rails, pharma/biotech, and the shift from “sick care” to healthcare

25:46 – Digital assets, quantum risk, and why AI may invest more capital than quantum (for now)

28:45 – Cathie’s 10-year outlook: autonomy everywhere, space infrastructure, humanoid robots & the future of work

Guest: Cathie Wood, CEO & Founder, ARK Investment Management

Hosts: Jimmy Lee (CEO & Founder, WCG), Jim Worden (Chief Investment Officer, WCG), and Talley Leger (Chief Market Strategist, WCG)

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In this episode, Jim Paulsen, PhD-trained economist and Paulsen Perspectives author, returns to The Bull of Wall Street to decode one of the strangest economic periods in modern history. Jim explains why this bull market may actually still be in its early stages, how policy has been historically tight beneath the surface, and why easing could unlock a broadening beyond the mega-cap names. He also dives into the misunderstood relationship between AI, productivity, and the future of work, and why the long-term outlook may be more optimistic than headlines suggest.

What you’ll learn:

• Why Main Street sentiment looks like a recession despite rising markets
• How tech’s innovation cycle diverged from the traditional business cycle
• Why Jim believes this bull market behaves like an early-cycle advance
• How policy (rates, M2, yield curve, dollar) has remained too tight for too long
• Why small caps and cyclicals may be set for a catch-up trade
• How AI and productivity shifts could shape future growth
• Why the U.S. has a growth problem, not an inflation problem
• Jim’s long-term optimism for technology, global connectivity, and economic resilience

Chapters:

02:00 – Is this a new bull market? Sentiment, character, and early-cycle signals

06:00 – The sentiment puzzle: Why Main Street feels terrible while markets rise

12:00 – Tech vs. the rest: How the “new era” economy masked an old-economy recession

18:00 – Productivity, profits, and why tech may operate on its own innovation cycle

24:00 – Policy has been historically tight — and how easing could broaden the market

31:00 – Small caps, cyclicals, and the setup for a potential rotation

40:00 – AI: Productivity miracle, job fears, and long-term economic impact

53:00 – Recession fears, the Fed’s dilemma, and why growth—not inflation—is the bigger issue

01:04 – Jim’s long-term optimism: Technology, connection, and the next decade

Guest: Jim Paulsen, Paulson Perspectives 

Hosts: Jim Worden (CIO, WCG), Talley Leger (Chief Market Strategist, WCG), & Paisley Nardini (Investment Committee, WCG)

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In this episode, emerging markets specialist and Ethos Investment Management founder James Fletcher joins host Jim Worden to unpack how “Warren Buffett-style” investing can thrive in inefficient markets, and why pairing returns with real-world impact can be a durable edge. James shares how Ethos uses a global network of locally based analysts and BYU Pathway graduates to uncover under-covered opportunities, and how Young Investor Society grew from one inner-city classroom to 3,400 high schools in 80 countries.

What you’ll learn:

• How a boots-on-the-ground research model uncovers alpha in emerging markets
• Why small- and mid-cap stocks in places like India, the Philippines, Kenya, and Poland are so inefficient
• How the Ethos Pathway Fund structure ties management fees directly to funding analysts from underprivileged backgrounds
• The origin and global reach of Young Investor Society, and why high school students can be serious equity analysts
• Where James sees the most compelling EM opportunities over the next 3–5 years (India, Southeast Asia, “Mag-7-adjacent” tech in Taiwan & Korea)
• His nuanced take on China, EVs, and domestic champions vs. multinationals

Chapters:

02:05 – From Brazil mission to emerging markets investor: James’ path to Ethos

04:00 – Launching Ethos and building a locally based analyst team

07:00 – BYU Pathway and the Ethos internship: turning education into alpha

14:05 – Young Investor Society: from one LA classroom to a global program

29:00 – Real-world examples: Philippine ports, Kenyan telecoms, and finding mispriced quality

31:20 – Accessing India and other hard-to-reach markets

34:20 – EM vs. US: currencies, valuations, and why James is bullish on EM now

38:50 – China, EVs, and the rise of domestic champions

46:55 – Scaling the Pathway model and what’s next for Ethos

49:20 – How advisors and investors can think about EM allocations and get involved

Guest: James Fletcher, Founder & Chief Investment Officer, Ethos Investment Management

Host: Jim Worden, Chief Investment Officer, The Wealth Consulting Group

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In this episode, technical strategist and Fairlead Strategies founder Katie Stockton, CMT, joins hosts Jim Worden and Talley Leger to explore the discipline of technical analysis—how it complements fundamentals, informs risk management, and shapes portfolio strategy. Katie shares the story behind launching the Fairlead Tactical Sector ETF (TACK) and how she applies a systematic, long-term approach to identifying opportunities and managing drawdowns.

What you’ll learn:
  •  Why technical and fundamental analysis work best together
  •  How to apply trend-following and momentum without chasing noise
  •  Lessons from launching an ETF built for risk-aware investors
  •  How advisors can use sector rotation and cross-asset diversification
  •  Common mistakes advisors make when applying momentum or trend models
  •  Katie’s most under-appreciated indicators for gauging trend exhaustion

Chapters
02:00 – From CMT to entrepreneur: Katie’s journey to Fairlead Strategies
06:00 – Launching TACK: designing a risk-aware ETF
12:00 – Technicals vs. fundamentals: finding balance
18:00 – Sector rotation and market breadth
24:00 – Risk management and adaptive models
31:00 – The art of using indicators effectively
45:00 – How advisors can apply trend discipline in practice
58:00 – Katie’s most underrated tools and closing thoughts

Guest: Katie Stockton, CMT, Founder & Managing Partner, Fairlead Strategies
Hosts: Talley Leger (Chief Market Strategist, WCG) & Jim Worden (CIO, WCG)

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In this episode of The Bull of Wall Street, Jim Worden sits down with Adam Patti, CEO and Co-Founder of VistaShares, to explore how ETFs are evolving in the age of AI, electrification, and innovation supercycles. From creating one of the first hedge-fund-replication ETFs to building a new generation of active, rules-based products, Adam shares insights into how investors can capture the infrastructure powering artificial intelligence, and why transmission, cooling, and power distribution may be among the biggest opportunities in years.

The discussion also covers the concentration risk in major indices, the next phase of AI-driven capital spending, and how innovation in ETF design is meeting the demands of a fast-changing investment landscape.

What you’ll learn:

• Why 30% of an AI data center’s cost is cooling—and who’s profiting
• The “bill of materials” approach to ETF construction and why it matters
• Why AI infrastructure—not applications—will drive returns near term
• How electrification, energy transmission, and power are the next frontier
• The importance of real diversification as mega-cap concentration grows
• Lessons from launching IndexIQ and building successful ETF families

Chapters

02:00 – From Fortune Indexes to founding IndexIQ

03:46 – The early ETF era and selling to New York Life

05:33 – Launching VettaFi and meeting Tesla’s former president

06:50 – Building smarter AI ETFs with industry experts

08:37 – Mapping AI’s supply chain: the “bill of materials” approach1

0:11 – AI infrastructure vs. applications: where the profits are

11:19 – Power problem: generation vs. transmission opportunity

15:23 – Early innings of the AI supercycle

17:19 – Quantum computing, AI synergy, and what’s next

18:22 – Overlapping supercycles: AI, robotics, biotech, and space

23:14 – Inside VettaFi’s ETF families: growth, options income, tactical alpha

25:33 – Options income strategies and building stability26:17 – High-beta exposure and the “WILD” ETF

30:49 – Diversification, multifactor strategies, and position sizing

31:40 – Growing investor interest in options income

32:28 – Innovation pipeline: what’s next for ETFs

Guest: Adam Patti, CEO and Co-Founder of VettaFi

Hosts: Jim Worden, CFA, CMT, CAIA

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For advisor use only.

Cole Wilcox, Chief Investment Officer at Longboard Asset Management, discusses how to identify investments that may provide true diversification versus those that simply appear to. He also explains the difference between trend strategies and momentum approaches, and how stock-level trend following may help reduce correlation, improve tax efficiency, and enhance the overall client experience without relying on fully unconstrained futures strategies.

What You’ll Learn
  •  How to identify alternative investments that may provide genuine diversification.
  •  The difference between trend strategies and momentum approaches.
  •  How applying systematic trend techniques at the stock level may enhance portfolio diversification.
  •  The role of disciplined risk management and when allocations may shift toward short-term Treasury bills.
  •  How tax efficiency and loss-harvesting can vary between investment structures.
  •  Practical portfolio considerations for using multiple, uncorrelated alternative strategies effectively.

Advisors who are seeking ways to maintain diversification while improving the client experience with alternative strategies will find this discussion especially useful.

Chapters:

02:42 – Inside liquid alternatives and systematic trend strategies

06:12 – Market cycles, investor behavior, and risk awareness

09:20 – Trend vs. momentum: understanding the distinction

14:01 – The evolution of trend following and Longboard’s approach

16:51 – Why stock-level trend following may offer unique advantages

21:18 – How systematic risk management can guide shifts toward T-bills

25:21 – Building portfolios with diversification and discipline

27:29 – Tax efficiency and potential long-term investment implications

30:19 – How market dispersion and breadth can impact performance

33:11 – Managing whipsaw risk and maintaining process discipline

35:11 – Practical allocation insights and constructing an alt sleeve

39:04 – Avoiding redundancy in alternative strategies

42:07 – Balancing diversification goals with client experience

Guest: Cole Wilcox, CIO,  Longboard Asset Management
Hosts: Talley Leger, Paisley Nardini, CFA, CAIA, and Jim Worden, CFA, CMT, CAIA

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Few people have seen the financial advice industry evolve from as many vantage points as Andy Kalbaugh. Before becoming President of The Wealth Consulting Group, Andy spent over 25 years in the C-suite, including leading American General Securities and Mutual Service Corporation, and serving as Managing Director and Divisional President at LPL Financial—helping steer it to become the largest independent broker-dealer in the U.S.

In this episode, Andy joins Jimmy Lee to discuss the future of advice, what drives firm enterprise value, and how advisors can build businesses that last beyond them. From the role of technology and AI to the human side of client relationships, Andy shares hard-won insights on leadership, capital, and succession planning from decades at the top.

What you’ll learn:
  •  How technology is reshaping, not replacing, financial advice
  •  The four pillars of enterprise value every advisor should track
  •  Why building a repeatable business is key to freedom and valuation
  •  Lessons from leadership at AIG and LPL that apply to any firm owner
  •  The growing role of private equity and capital solutions in advisor succession
  •  Why the human connection will remain at the center of wealth management

Chapters:
04:04 – The advisor landscape: how tech and human advice will coexist
07:32 – The rise of $100B+ firms and the next wave of consolidation
10:36 – Enterprise value: recurring revenue, organic growth, M&A, and talent
15:30 – Building a business that runs without you: systems, process, brand
19:14 – Working on the business vs. in the business
24:26 – Attracting affluent clients through expertise and brand focus
30:04 – Lessons from legends: Hank Greenberg, Mark Casady, and Dan Arnold
34:42 – Industry risks, AI disruption, and why empathy still wins
44:03 – Succession planning and the rise of private equity capital

Guest:
Andy Kalbaugh, President, The Wealth Consulting Group

Host: Jimmy Lee, CEO, The Wealth Consulting Group

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From the dot-com era to today’s AI boom, Baron Technology Fund portfolio manager Ashim Mehra has seen innovation cycles up close. In this episode, he joins Jim Worden and Talley Leger to break down the layers of AI (infrastructure, models, and applications), where the real opportunities lie, and why even trillion-dollar narratives need perspective. The conversation explores the speed of disruption, global competition, capital flows, and how investors can separate durable trends from froth.

What you’ll learn:

• How AI compares to the internet revolution and why the pace is even faster
• Why infrastructure, models, and applications each carry different investment risks
• The difference between a bubble and a mania—and why AI is not just air
• How OpenAI, Nvidia, and other players are shaping short-term demand
• Why long-term winners will be defined by innovation speed and execution
• The global AI race between the U.S. and China, and what it means for investors
• Practical examples of applied AI already transforming industries

Guest: Ashim Mehra, Portfolio Manager, Barron Technology Fund

Hosts: Jim Worden (CIO, WCG) & Talley Leger (Chief Market Strategist, WCG)

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02:01 – AI’s rapid evolution and comparison to the internet era

03:29 – The AI stack: infrastructure, models, and applications

08:13 – Bubble vs. mania: why AI is real but returns may not be linear

11:09 – Nvidia, OpenAI, and the concentration of demand

15:34 – Beyond productivity: medicine, robotics, chemistry, and new compounds

29:54 – AGI timelines and why enterprises chase the prize

36:26 – Evaluating people and pattern recognition in investing

37:35 – U.S.–China AI race, geopolitics, and cloud gatekeepers

43:41 – Risks to capex: power, efficiency, and ROI concerns

48:55 – Applied AI examples: Axon police workflows and Hinge Health PT

57:18 – Small/mid-cap opportunities and concentration challenges

60:05 – Stock picking today: more data, more volatility

62:13 – Will AI replace investors or become an efficiency tool?

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Health is wealth, and as advisors the impact we make extends beyond portfolios. In this two-part episode, Jimmy Lee first sits down with his good friend Dr. Matthew Schwartz, radiation oncologist and UNLV faculty member, to explore how proteomics is changing cancer treatment. Then Dr. Thomas Dayspring, one of the world’s foremost educators on lipids and mentor to Dr. Peter Attia, explains why cardiovascular disease remains the number one preventable cause of death, plus the simple blood tests and treatments that can save lives.
Disclaimer: This episode is for informational purposes only and does not constitute medical advice. Please consult your physician for personal medical guidance.
 
What you’ll learn:

• How proteomics differs from genomics and why it could be a game changer for cancer care
  
• Why many oncologists are not yet using this testing and what patients and families should know
  
• The role of precision oncology in identifying the right treatment at the right time
  
• Why cardiovascular disease is still the leading killer, and how ApoB and Lp(a) testing can change outcomes
  
• Treatment options that go far beyond good vs. bad cholesterol, and what longevity-focused medicine recommends
  
• Practical steps advisors and their clients can take to advocate for their health
  

Chapters
00:00 – Welcome and episode purpose
02:18 – Dr. Matthew Schwartz on proteomics vs. genomics
07:06 – How Ignite testing works and why it matters
11:07 – Effectiveness, adoption, and access for patients
16:31 – Awareness, advocacy, and making cancer a chronic disease
21:23 – Dr. Thomas Dayspring on cardiovascular disease prevention
28:36 – ApoB and why particle number drives risk
40:12 – Lipoprotein(a), genetics, and early testing
52:08 – Treatment options: lifestyle, statins, PCSK9s
58:40 – Lowering ApoB, plaque, and longevity goals
01:19:21 – Target numbers and why very low is safe
01:26:23 – New therapies for Lp(a) and what’s ahead
01:33:20 – Diet, imaging, and practical takeaways
01:37:56 – Education gap and being your own advocate
01:42:39 – Closing thoughts and advisor role
Guests:
Dr. Matthew Schwartz, MD, Radiation Oncologist, Comprehensive Cancer Centers of Nevada
Dr. Thomas Dayspring, MD, FACP, FNLA, Educator on Lipids, Early Medical
Host: Jimmy Lee, CEO, The Wealth Consulting Group
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Here's the title and description.

Title:
Jonathan Krane, CEO of KraneShares on China as an Asset Class, AI’s “ChatGPT Moment,” and What Advisors Are Missing

Description:
Are your clients under-allocated to the world’s second-largest economy? KraneShares CEO Jonathan Krane argues China is behaving like a distinct asset class—and many portfolios aren’t built for it.

What you’ll learn:

• Why China’s share of EM could justify EM ex-China + China completion strategies
• How A-shares, Hong Kong, and U.S. listings fit together in practical ETF allocations
• Why 2025’s AI and clean-tech surge in China may mirror the U.S. “Magnificent 7” run
• How sentiment, low local rates, high savings, and targeted policy shifts can fuel flows
• A realistic path for U.S.–China engagement that balances competition and cooperation
• Where advisors can find thematic exposure (EVs, batteries, energy storage, biotech, carbon)

Chapters

• 00:00 – Welcome: Talley Leger & Jim Worden set the table
• 01:08 – Founding KraneShares: boots-on-the-ground in Shanghai → ETF thesis
• 05:48 – China as its own allocation: from EM to EM ex-China + China
• 08:17 – Sentiment shift & 2025 performance: why investors may be caught off guard
• 13:23 – Efficient access for advisors: core A-shares + thematic building blocks
• 14:20 – Tech leadership: EVs, batteries, solar, AI, biotech—what scaled first in China
• 17:18 – Cooperation vs. competition: a pragmatic framework for engagement
• 23:47 – Infrastructure 2.0 & domestic demand: savings, stimulus, and renewal
• 26:13 – Clean energy reality: EV adoption, storage, and grid-friendly solutions
• 29:34 – What KraneShares is watching: AI, humanoid robotics, carbon markets, alts
• 31:25 – Tokenization: new liquidity pools for “traditional” products
• 32:16 – Closing thoughts & takeaways for advisor portfolios

Guest: Jonathan Krane, CEO of KraneShares

Hosts: Talley Leger (Chief Market Strategist, WCG) & Jim Worden (CIO, WCG)

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Fred and Talley go all in on what’s happening in the markets.  As a former President of The Chartered Market Technician Association, Fred combines a  macro background to technical analysis.  The Fred Report provides research to his clients that includes financial advisors.  He currently likes some asset classes that present both attractive charts and value.  Don’t miss Fred and Talley discuss current markets and how technicals are blinking green in some areas that investors are not paying enough attention to.