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Lead-Lag Live

Michael A. Gayed, CFA

856 episodes

4 days ago

In this episode of Lead-Lag Live, I sit down with Jay Hatfield, CEO of Infrastructure Capital Advisors, to discuss why he believes the Fed’s latest dovish pivot was inevitable — and what it means for investors heading into 2025. From housing to money supply and the AI-driven growth cycle, Hatfield breaks down the data points that actually matter — and why he sees zero risk of recession, but a real chance of an economic boom. In this episode: – Why the Fed’s “weak labor market” narrative hides...

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In this episode of Lead-Lag Live, I sit down with Jay Hatfield, CEO of Infrastructure Capital Advisors, to discuss why he believes the Fed’s latest dovish pivot was inevitable — and what it means for investors heading into 2025. From housing to money supply and the AI-driven growth cycle, Hatfield breaks down the data points that actually matter — and why he sees zero risk of recession, but a real chance of an economic boom. In this episode: – Why the Fed’s “weak labor market” narrative hides...

Show more...

Episodes (20/856)

Lead-Lag Live

The Fed Got It Right (for the Wrong Reasons): Jay Hatfield on Rate Cuts, AI, and the Risk of a Boom

In this episode of Lead-Lag Live, I sit down with Jay Hatfield, CEO of Infrastructure Capital Advisors, to discuss why he believes the Fed’s latest dovish pivot was inevitable — and what it means for investors heading into 2025. From housing to money supply and the AI-driven growth cycle, Hatfield breaks down the data points that actually matter — and why he sees zero risk of recession, but a real chance of an economic boom. In this episode: – Why the Fed’s “weak labor market” narrative hides...

5 days ago

18 minutes

Lead-Lag Live

Fantasy vs Fundamentals: Seth Cogswell on Bubbles, Passive Flows, and What Breaks Next

In this episode of Lead-Lag Live, I sit down with Seth Cogswell, Managing Partner at Running Oak Capital, to unpack the strange market dynamic where low-quality, high-debt companies are outperforming — and why that may be setting up one of the biggest long-term buying opportunities in years. From zombie stocks to the passive investing paradox, Seth breaks down why common-sense investing has vanished from today’s markets — and how his “buy low, sell high” discipline at Running Oak is bringing ...

5 days ago

26 minutes

Lead-Lag Live

Webinar: Exploring the Cambria US Equal Weight ETF (USEW): Diversifying Beyond Market Cap

Tired of choosing between concentration risk and a painful tax bill? Michael sits down with Med Faber from Cambria Investment Management. We break down a smarter option: using a 351 ETF exchange to convert appreciated, concentrated stock positions into a diversified ETF without triggering taxes. Think of it like a 1031 for public equities—contribute eligible positions at launch, receive ETF shares in return, and let the portfolio rebalance inside the tax-efficient ETF wrapper. We walk throug...

1 week ago

29 minutes

Lead-Lag Live

Income Without Limits: Jonathan Shelon on CLIP, Covered Calls, and Monthly Payouts That Work

In this episode of Lead-Lag Live, I sit down with Jonathan Shelon, Chief Operating Officer at KraneShares, to unpack how the firm’s CLIP ETF delivers monthly income and international diversification — without giving up growth. With covered call strategies back in focus, Jonathan explains why China’s tech sector provides more volatility (and therefore more income potential) than traditional U.S. covered call ETFs, and how advisors are blending CLIP with core equity or income portfolios. In thi...

1 week ago

16 minutes

Lead-Lag Live

The $1,000 Revolution: Sam Nofzinger on Direct Indexing, Taxes, and the Future of Investing

In this episode of Lead-Lag Live, I sit down with Sam Nofsinger, General Manager of Brokerage at Public, to discuss how the company’s new direct indexing feature is bringing institutional investing tools to everyday investors. For the first time, investors can build their own index, own every underlying stock, and optimize for taxes with just $1,000 minimum. Sam explains how fractional shares, automation, and tax-loss harvesting are transforming what used to be a high-net-worth strategy into ...

1 week ago

17 minutes

Lead-Lag Live

Is the Fed about to start cutting rates — and what does that mean for your portfolio?

In this Lead Lag Live webinar, Michael Gayed sits down with Jay Hatfield, CEO of Infrastructure Capital Advisors, to break down the current macro landscape, why inflation fears may be overblown, and where the biggest investment opportunities lie as we enter a new market phase. Topics Covered: Why small caps could surge as rate cuts begin The truth about inflation, the BLS data lag, and money supply Outlook for the bond market, preferreds, and high-yield credit How active management can o...

2 weeks ago

42 minutes

Lead-Lag Live

Energy, Income, and AI: Jay Hatfield on the Fed, Housing, and Where the Real Growth Is Now

In this episode of Lead-Lag Live, I sit down with Jay Hatfield, CEO of Infrastructure Capital Advisors, to cut through the noise on the Fed, energy markets, and how investors can prepare for the next phase of the cycle. From the AI-driven power boom to small-cap rotation and bond opportunities, Jay shares why the Fed’s reliance on lagging data could be investors’ biggest advantage — and where long-term value is hiding in plain sight. In this episode: – Why the AI build-out could make natural ...

2 weeks ago

17 minutes

Lead-Lag Live

Beyond Buy and Hold: Si Katara on Zero-Day Options, Income Innovation & the Future of ETFs

In this episode of Lead-Lag Live, I sit down with Si Katara, Founder and CEO of Tap Alpha, to explore how zero-day options are reshaping income investing for everyday investors. From engineering background to ETF innovation, Katara shares how Tap Alpha’s TSPY ETF delivers daily option overlays on the S&P 500 — capturing upside while generating consistent, tax-efficient income in any market environment. In this episode: – Why traditional income products no longer work for investors today –...

2 weeks ago

17 minutes

Lead-Lag Live

Fragile Foundations: Ross Atefi on AI Euphoria, Market Concentration & the $500K Tax Trap

In this episode of Lead-Lag Live, I sit down with Ross Atefi, Founder and Wealth Advisor at Yatra Wealth Design, to break down why he believes the market is more fragile than headlines suggest. From AI mania to the quiet collapse in housing and jobs data, Ross explains how extreme concentration and stretched valuations have set up an environment that echoes the late ’90s bubble — and what investors need to watch next. In this episode: – Why the S&P 500’s “diversification” is a dangerous i...

2 weeks ago

22 minutes

Lead-Lag Live

Beyond the Hype: Derek Yan on the AI Build-Out, Private Access, and Where the Real Opportunity Lies

In this episode of Lead-Lag Live, I sit down with Derek Yan, CFA and Senior Investment Strategist at KraneShares, to cut through the noise surrounding the AI “bubble” narrative and unpack where the true opportunity still lies. From infrastructure shortages and the rise of reasoning models to the challenge of accessing private AI leaders, Derek shares why the current cycle is still in its infancy and how investors can capture the next phase of growth. In this episode: – Why AI demand is outpac...

2 weeks ago

22 minutes

Lead-Lag Live

California at a Crossroads: Ethan Penner on Gavin Newsom, Trump, Reform, and Rebuilding the State

In this episode of Lead-Lag Live, I sit down with Ethan Penner — independent candidate for California governor and a trailblazer in U.S. commercial real-estate finance — to break down what he calls the “collapse of competent governance” in California. From a radical tax overhaul to fixing housing and energy costs, Penner outlines how he’d reverse decades of political decay — and why he believes Gavin Newsom’s policies have left the state weaker, poorer, and more divided. In this episode: – Wh...

2 weeks ago

28 minutes

Lead-Lag Live

AI Today: From Chatbots to Humanoid Robots – Investing in the Full Stack

Imagine the internet’s 20-year curve compressed into a few years: costs plummet, capabilities skyrocket, and adoption leaps from novelty to necessity. That’s where AI stands today. In this episode, we go deep into the evolution of reasoning models—how chatbots are transforming into agents that plan, code, and act across real workflows. Then, we explore the next frontier: physical AI, humanoid robots designed to operate in human spaces, where the “final mile” of automation requires hands, bala...

3 weeks ago

52 minutes

Lead-Lag Live

Mastering Options Basics — Long vs. Short, Covered Calls, and Zero DTE Risks | Live Webinar

Join me as I sit down with Greg Jensen, Founder of OptionsAnimal, and Eric Hale, Founder of Trader Oasis, to break down the foundations of smart options trading. After our last deep dive into the collar strategy, we’re going back to basics to answer the biggest questions every trader faces. Greg and Eric explain when it’s appropriate to buy long options, why naked calls are among the riskiest trades you can make, and how to think through strategies like short puts vs. covered calls. They also...

3 weeks ago

34 minutes

Lead-Lag Live

Beyond 60/40: Alex Shahidi on Diversification, Inflation, and Risk Parity Investing

In this episode of Lead-Lag Live, I sit down with Alex Shahidi, Managing Partner and Co-Chief Investment Officer at Evoke Advisors, to explore why traditional portfolio construction is failing investors. From lost decades in the S&P 500 to the dangers of overconcentration, Alex lays out why diversification is more than a buzzword—and how risk parity creates a framework that can withstand both growth and inflation shocks. In this episode: – Why owning the S&P 500 alone exposes invest...

3 weeks ago

17 minutes

Lead-Lag Live

Why Gold’s Quiet All‑Time High Matters (and How BAR Lowers the Cost of Owning It)

A record high without the roar—gold has climbed to new territory while the crowd looks elsewhere. We sit down with GraniteShares founder and CEO Will Rind to unpack why this is the most interesting precious metals cycle in years: a quiet surge powered by falling real yields, relentless debt growth, and a decade‑long shift by central banks toward gold as the de facto alternative to the dollar. Will brings rare perspective from building gold ETFs in the UK, stewarding GLD, and launching BAR, a ...

3 weeks ago

49 minutes

Lead-Lag Live

Building All-Weather Income with Pass-Throughs and HIPS

Rate cuts change the math on income, but your cash flow doesn’t have to shrink. We invited Will Rind of GraniteShares to unpack a practical way to keep payouts steady as short-term yields slide: a diversified basket of pass-through securities inside the HIPS ETF that aims for an all-weather stream of monthly income. We dig into how REITs, MLPs, BDCs, and fixed income–oriented closed-end funds each respond to different growth and inflation regimes, and why blending them can smooth the ride whe...

3 weeks ago

45 minutes

Lead-Lag Live

Boom or Bust: Kai Wu on AI CapEx, Concentration Risk, and the Next Phase of Tech

In this episode of Lead-Lag Live, I sit down with Kai Wu, Founder and CIO of Sparkline Capital, to break down the AI-driven capital cycle reshaping markets. From Nvidia’s record-shattering deals to hyperscalers pouring trillions into infrastructure, Kai explains why today’s AI boom echoes past capital cycles—and why investors may be missing the real risk. In this episode: – Why mega-cap tech is shifting from asset-light to asset-heavy – The historic link between rapid asset growth and underpe...

1 month ago

20 minutes

Lead-Lag Live

Fed vs Reality: Jay Hatfield on Outdated Data, Rate Cuts, and Where to Invest Now

In this episode of Lead-Lag Live, I sit down with Jay Hatfield, CEO of Infrastructure Capital Advisors, to unpack why the Fed keeps getting it wrong—and how investors can actually benefit from the new rate-cutting cycle. From outdated shelter calculations to overlooked leading indicators, Jay explains why monetary policy needs modernization and where the next opportunities lie as markets adjust. In this episode: – Why the Fed’s reliance on lagging shelter data distorts inflation – How the mon...

1 month ago

25 minutes

Lead-Lag Live

Collar Strategies: Protecting Downside While Keeping Upside Alive

Learn how professional traders use the collar strategy to protect against downside while keeping upside potential alive. In this session, Greg and Eric from Options Animal break down: How collars act as a dynamic “insurance policy” for your portfolio Why risk management matters more than stock picking Real trade examples with Apple & Nvidia How to think about diversification beyond “more tickers” Perfect for investors who want smarter strategies, real-world adjustments, and consisten...

1 month ago

26 minutes

Lead-Lag Live

Access the AI Revolution — How AGIX Gives Investors Pre-IPO Exposure to AI Unicorns

Join me live as I sit down with Derek Yan, Director at KraneShares, to explore how the AGIX ETF is reshaping AI investing by giving everyday investors exposure to private AI unicorns like Anthropic and xAI—companies powering the foundation models behind the next wave of enterprise AI. In this expert-led discussion, Derek explains how AGIX combines public equities with late-stage private companies, the proprietary AI scoring system that drives stock selection, and why model companies are the e...

1 month ago

53 minutes