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 \u2014 and everything to do with where capital is actually moving.<\/p>\n
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 \u2014 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 \u2014 or your own \u2014 this episode is essential listening.<\/p>\n
CHAPTERS<\/strong><\/p>\n 00:00 \u2014 Introduction & what’s happening in markets right now<\/p>\n 08:16 \u2014 Guests join: Jeremy Schwartz & Jeff Weniger on the SaaSpocalypse<\/p>\n 10:27 \u2014 Is the AI disruption panic overblown? The BlackBerry parallel<\/p>\n 16:09 \u2014 Rotation: structural shift or head fake?<\/p>\n 19:35 \u2014 AI, jobs, and the history of innovation<\/p>\n 28:09 \u2014 Who actually benefits from the AI buildout?<\/p>\n 31:50 \u2014 The 15-year mega-cap tech bull market is ending \u2014 here’s what’s next<\/p>\n 32:39 \u2014 Jeremy Schwartz introduces the defense tech supercycle<\/p>\n 35:36 \u2014 The dollar: why Weniger is a contrarian bull right now<\/p>\n 40:30 \u2014 Gold: the 10\u201312% neutral allocation most portfolios are missing<\/p>\n 44:29 \u2014 Why the gold-dollar relationship has changed<\/p>\n 46:34 \u2014 Bitcoin liquidation and the case for gold & silver in 2026<\/p>\n 48:06 \u2014 The gold gap: US investors vs. European investors<\/p>\n 51:14 \u2014 International flows: the 80\/20 problem and how to fix it<\/p>\n 55:53 \u2014 Japan: the most underowned trade of the decade<\/p>\n 57:07 \u2014 Currency hedging, volatility, and the case for DXJ<\/p>\n 01:01:45 \u2014 Is US mega-cap dominance cracking or just pausing?<\/p>\n 01:04:16 \u2014 The biggest mistake advisors make translating macro into allocation<\/p>\n 01:05:26 \u2014 The Fed lag effect: why 2026 may surprise to the upside<\/p>\n 01:14:02 \u2014 Japan deep dive: debt-to-GDP, Buffett’s trade, and OPPJ<\/p>\n 01:20:41 \u2014 Jeremy’s top idea: the Japan Opportunities Fund (OPPJ)<\/p>\n 01:26:28 \u2014 Jeff’s top idea: the contrarian dollar trade and small caps<\/p>\n 01:30:37 \u2014 Market internals: why most portfolios are actually in the black<\/p>\n 01:35:14 \u2014 What surprises advisors most in the next 12 months?<\/p>\n 01:39:22 \u2014 Uncertainty vs. actual losses \u2014 the disconnect in 2026<\/p>\n 01:40:27 \u2014 Closing thoughts & thank you<\/p>\n 5 KEY TAKEAWAYS<\/strong><\/p>\n 1. The broad market is healthier than the headlines suggest.<\/strong>Ten of eleven S&P sectors were positive over the prior three months. Mid and small caps were outperforming large by 500\u2013700 basis points. Most diversified portfolios were in the black \u2014 the pain is concentrated in software and AI-disruption names, not the market as a whole.<\/p>\n 2. The defense tech supercycle is the structural story most advisors are missing.<\/strong>Rising defense budgets across NATO, Japan, Korea, and India are the seed capital for the next generation of global technology \u2014 just as DARPA spending gave us the internet and the cell phone. Europe and Japan are becoming technology investment destinations in their own right.<\/p>\n 3. Gold belongs at 10\u201312% in a neutral portfolio \u2014 and almost no one is there.<\/strong>US investors allocate less than 2% of ETF assets to commodities versus four to five times that in Europe. Falling yields, Bitcoin liquidation flows, and persistent central bank buying from Asia make 2026 one of the strongest setups for gold in years.<\/p>\n 4. Dollar bearishness has reached historically extreme levels \u2014 a classic contrarian signal.<\/strong>BofA’s Fund Manager Survey showed record negative dollar positioning. Every major economy is now running large deficits, weakening the relative case for selling dollars. Weniger’s best idea for the next 12 months: the greenback surprises to the upside.<\/p>\n 5. Japan remains the most underowned and underappreciated equity market in the world.<\/strong>Currency-hedged Japanese equities have compounded at 14\u201315% annually since 2012, driven by real earnings and dividend growth \u2014 not multiple expansion. Japanese equities trade at 15\u201316x earnings with competitive earnings growth. The biggest mistake: betting on the yen rather than hedging it.<\/p>\n #WisdomTree #RaiseYourAverage #GlobalMacro #InternationalStocks #JapanEquities #GoldInvesting #DefenseTech #MarketRotation #PortfolioStrategy #AssetAllocation #AIInvesting #SmallCaps #CurrencyHedging #InvestingIn2026 #FinancialAdvisors<\/p>\n","protected":false},"excerpt":{"rendered":" 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 \u2014 and everything to do with where capital is actually moving.<\/p>\n 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 \u2014 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 \u2014 or your own \u2014 this episode is essential listening.<\/p>\n","protected":false},"author":1,"featured_media":1343,"menu_order":0,"comment_status":"open","ping_status":"closed","template":"","meta":[],"categories":[18],"tags":[],"_links":{"self":[{"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/episode\/1295"}],"collection":[{"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/episode"}],"about":[{"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/types\/episode"}],"author":[{"embeddable":true,"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/comments?post=1295"}],"version-history":[{"count":3,"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/episode\/1295\/revisions"}],"predecessor-version":[{"id":1368,"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/episode\/1295\/revisions\/1368"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/media\/1343"}],"wp:attachment":[{"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/media?parent=1295"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/categories?post=1295"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/tags?post=1295"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}