About this episode
While everyone is arguing about AI disrupting software stocks, WisdomTree's Jeremy Schwartz and Jeff Weniger quietly explain why the most important market story of 2026 has nothing to do with the SaaS selloff — and everything to do with where capital is actually moving.WisdomTree Global CIO Jeremy Schwartz and Head of Equity Strategy Jeff Weniger join Pierre Daillie and Mike Philbrick on Raise Your Average to cut through the noise of the AI disruption panic and make the case for a broader, more structural story unfolding in global markets. From the defense tech supercycle reshaping international equity allocations, to the gold gap most North American portfolios haven't fixed, to a contrarian call on the US dollar at a moment of record-extreme bearish positioning — this conversation covers the ideas that matter most for advisors and investors navigating 2026. Japan, small caps, monetary policy lag, and the behavioral biases keeping investors anchored to a 15-year-old playbook all come into the discussion. If you manage money for clients — or your own — this episode is essential listening.CHAPTERS00:00 — Introduction & what's happening in markets right now08:16 — Guests join: Jeremy Schwartz & Jeff Weniger on the SaaSpocalypse10:27 — Is the AI disruption panic overblown? The BlackBerry parallel16:09 — Rotation: structural shift or head fake?19:35 — AI, jobs, and the history of innovation28:09 — Who actually benefits from the AI buildout?31:50 — The 15-year mega-cap tech bull market is ending — here's what's next32:39 — Jeremy Schwartz introduces the defense tech supercycle35:36 — The dollar: why Weniger is a contrarian bull right now40:30 — Gold: the 10–12% neutral allocation most portfolios are missing44:29 — Why the gold-dollar relationship has changed46:34 — Bitcoin liquidation and the case for gold & silver in 202648:06 — The gold gap: US investors vs. European investors51:14 — International flows: the 80/20 problem and how to fix it55:53 — Japan: the most underowned trade of the decade57:07 — Currency hedging, volatility, and the case for DXJ01:01:45 — Is US mega-cap dominance cracking or just pausing?01:04:16 — The biggest mistake advisors make translating macro into allocation01:05:26 — The Fed lag effect: why 2026 may surprise to the upside01:14:02 — Japan deep dive: debt-to-GDP, Buffett's trade, and OPPJ01:20:41 — Jeremy's top idea: the Japan Opportunities Fund (OPPJ)01:26:28 — Jeff's top idea: the contrarian dollar trade and small caps01:30:37 — Market internals: why most portfolios are actually in the black01:35:14 — What surprises advisors most in the next 12 months?01:39:22 — Uncertainty vs. actual losses — the disconnect in 202601:40:27 — Closing thoughts & thank you5 Key Takeaways1.
