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The Bull of Wall Street
The Bull of Wall Street
53 episodes
5 days ago
This podcast takes a unique approach in discussing various topics that are of interest to financial advisors and investors. The hosts Jimmy Lee, CEO, The Wealth Consulting Group (WCG), Jim Worden, CFA, CAIA, CMT, Chief Investment Officer (WCG), and Tally Léger, Chief Market Strategist (WCG) will have discussions that concern the markets, economy, strategies, financial planning, taxes, and life. The information herein is for informational and entertainment purposes and intended for use by advisors only, and should not be copied, reproduced, or re-distributed without the consent of WCG.
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All content for The Bull of Wall Street is the property of The Bull of Wall Street and is served directly from their servers with no modification, redirects, or rehosting. The podcast is not affiliated with or endorsed by Podjoint in any way.
This podcast takes a unique approach in discussing various topics that are of interest to financial advisors and investors. The hosts Jimmy Lee, CEO, The Wealth Consulting Group (WCG), Jim Worden, CFA, CAIA, CMT, Chief Investment Officer (WCG), and Tally Léger, Chief Market Strategist (WCG) will have discussions that concern the markets, economy, strategies, financial planning, taxes, and life. The information herein is for informational and entertainment purposes and intended for use by advisors only, and should not be copied, reproduced, or re-distributed without the consent of WCG.
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Episodes (20/53)
The Bull of Wall Street
#54 – Phillip "Felipe' Toews - Author & Founder/CEO of Toews Asset Management on The Behavioral Portfolio, Long-Duration Risk, and Why the 60/40 Model Breaks When History Matters (recorded 12/15/25)

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

 

Follow us

LinkedIn: The Wealth Consulting Group

X (Twitter): @WealthCG

YouTube: @thewealthconsultinggroup

 

Making Life Better at The Wealth Consulting Group

If you’re ready to see how WCG helps advisors grow, subscribe for insights, updates, and resources built to make your practice, and your life better.

Subscribe at bit.ly/wealthcg

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5 days ago
1 hour 2 minutes 7 seconds

The Bull of Wall Street
#53 – Ron Baron and Michael Baron of Baron Capital on Long-Term Ownership, Conviction Investing, and Building Generational Wealth (recorded 12/10/25)

#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

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2 weeks ago
41 minutes 59 seconds

The Bull of Wall Street
#52 – Julius de Kempenaer, creator of Relative Rotation Graphs on Relative Rotation Graphs, Sector Rotation Intelligence, and Why Momentum Still Rules the Markets

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

 

Follow us

 

LinkedIn: The Wealth Consulting Group
X (Twitter): @WealthCG
YouTube: @thewealthconsultinggroup

 

Making Life Better at The Wealth Consulting Group

 

If you’re ready to see how WCG helps advisors grow, subscribe for insights, updates, and resources built to make your practice and your life, better.
Subscribe at bit.ly/wealthcg

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3 weeks ago
1 hour 6 minutes 2 seconds

The Bull of Wall Street
#51 – Rebecca Patterson, Senior Fellow at the Council on Foreign Relations, on the “Jenga Tower Economy,” Policy Volatility, and What Could Shake Markets in 2025 (recorded 11/24/25)

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

 

Follow us

LinkedIn: https://www.linkedin.com/company/the-wealth-consulting-group

X (Twitter): @WealthCG

YouTube: @thewealthconsultinggroup


Making Life Better at The Wealth Consulting Group

If you’re ready to see how WCG helps advisors grow, subscribe for insights, updates, and resources that make your practice, and your life better.

Subscribe: bit.ly/wealthcg

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1 month ago
52 minutes 16 seconds

The Bull of Wall Street
#50 – ARK Investment Management's Founder & CEO Cathie Wood on AI, Robotics, and the Next 10 Years of Disruption (recorded 11/19/25)

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)

 

 

Follow us

LinkedIn: The Wealth Consulting Group

X (Twitter): @WealthCG

YouTube: @thewealthconsultinggroup

 

Making Life Better at The Wealth Consulting Group

If you’re ready to see how WCG helps advisors grow, subscribe for insights, updates, and resources built to make your practice—and your life—better.

Subscribe at bit.ly/wealthcg

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1 month ago
35 minutes 54 seconds

The Bull of Wall Street
#49 – Author and former chief investment strategist Jim Paulsen on Early-Cycle Signals, Pessimistic Sentiment, and Why This Bull Market May Be Younger Than It Looks (recorded 11/17/25)

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)

 

Follow us

LinkedIn: The Wealth Consulting Group

X (Twitter): @WealthCG

YouTube: @thewealthconsultinggroup

 

 

Making Life Better at The Wealth Consulting Group

If you’re ready to see how WCG helps advisors grow, subscribe for insights, updates, and resources built to make your practice—and your life—better.

Subscribe at bit.ly/wealthcg

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1 month ago
1 hour 7 minutes 44 seconds

The Bull of Wall Street
#48 - Ethos Investment Management founder & CIO James Fletcher on Emerging Markets, Boots-on-the-Ground Alpha, and Building the Next Generation of Investors (recorded 11/10/25)

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

 

Follow us

LinkedIn: The Wealth Consulting Group

X (Twitter): @WealthCG

YouTube: @thewealthconsultinggroup

 

Making Life Better at The Wealth Consulting Group

If you’re ready to see how WCG helps advisors grow, subscribe for insights, updates, and resources built to make your practice—and your life—better.

Subscribe at bit.ly/wealthcg

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1 month ago
51 minutes 39 seconds

The Bull of Wall Street
#47 - Fairlead Strategies founder and technical strategist Katie Stockton on Technical Analysis, Trend Discipline, and Building a Risk-Aware ETF (recorded 11/03/25)

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)

 

Follow us
LinkedIn: The Wealth Consulting Group
X (Twitter): @WealthCG
YouTube: @thewealthconsultinggroup

 

Making Life Better at The Wealth Consulting Group
If you’re ready to see how WCG helps advisors grow, subscribe for insights, updates, and resources built to make your practice—and your life—better.
Subscribe at bit.ly/wealthcg

Show more...
1 month ago
1 hour 2 minutes 39 seconds

The Bull of Wall Street
#46 - Adam Patti, CEO and Co-Founder of VistaShares on AI Infrastructure, Electrification, and Building ETFs for the Next Supercycle

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

 

Follow usLinkedIn: ⁠https://www.linkedin.com/company/the-wealth-consulting-group/⁠

X (Twitter): @WealthCG

YouTube: @thewealthconsultinggroup

 

Making Life Better at The Wealth Consulting GroupSubscribe for advisor-first insights and resources: bit.ly/wealthcg

 

For advisor use only.

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2 months ago
34 minutes 51 seconds

The Bull of Wall Street
#45 - Cole Wilcox, CIO, Longboard Asset Management on Stock-Level Trend Following, Real Diversification, and When to Hit the T-Bill Brake (recorded 10/13/25)

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

 

Follow us
LinkedIn: https://www.linkedin.com/company/the-wealth-consulting-group/

X (Twitter): @WealthCG

YouTube: @thewealthconsultinggroup

 

Making Life Better at The Wealth Consulting Group
Subscribe for advisor-first insights and resources: bit.ly/wealthcg

 

For advisor use only.

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2 months ago
1 hour 9 minutes 50 seconds

The Bull of Wall Street
#44 - Andy Kalbaugh, President at The Wealth Consulting Group on the Future of Financial Advisors, Business Succession, and Lessons from a Life in Leadership

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

 

Follow us
LinkedIn: https://www.linkedin.com/company/the-wealth-consulting-group/
X (Twitter): @WealthCG
YouTube: @thewealthconsultinggroup

 

Making Life Better at The Wealth Consulting Group
If you’re ready to see how WCG helps advisors grow, subscribe for insights, updates, and resources built to make your practice—and your life—better.

Subscribe at bit.ly/wealthcg

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2 months ago
54 minutes 7 seconds

The Bull of Wall Street
#43 - Ashim Mehra on AI’s Frenetic Pace, Bubbles vs. Manias, and the Next Wave of Disruption (recorded 09/29/25)

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)

 

Follow us
LinkedIn: https://www.linkedin.com/company/the-wealth-consulting-group/
X (Twitter): @WealthCG
YouTube: @thewealthconsultinggroup

 

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?

 

Making Life Better at The Wealth Consulting Group
If you are ready to see how WCG helps advisors grow, subscribe for insights, updates, and resources built to make your practice and your life better.
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3 months ago
1 hour 5 minutes 41 seconds

The Bull of Wall Street
#41 - Dr. Matthew Schwartz, MD and Dr. Thomas Dayspring, MD, FACP, FNLA on Cancer Innovation, Cardiovascular Disease Prevention, and What Everyone Needs to Know (recorded 09/15/25)

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
Follow us
LinkedIn: https://www.linkedin.com/company/the-wealth-consulting-group/
X (Twitter): @WealthCG
YouTube: @thewealthconsultinggroup
Making Life Better at The Wealth Consulting Group
If you are ready to see how WCG helps advisors grow, subscribe for insights, updates, and resources built to make your practice and your life better.
Subscribe at bit.ly/wealthcg

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3 months ago
1 hour 43 minutes 36 seconds

The Bull of Wall Street
#40 - Jonathan Krane, CEO of KraneShares on China as an Asset Class, AI’s “ChatGPT Moment,” and What Advisors Are Missing (recorded 09/08/25)

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)

Follow us

  • LinkedIn: https://www.linkedin.com/company/the-wealth-consulting-group/
  • X (Twitter): @WealthCG
  • YouTube: @thewealthconsultinggroup

Making Life Better at The Wealth Consulting Group

If you’re ready to see how WCG helps advisors grow, subscribe for insights, updates, and resources built to make your practice—and your life—better.

Subscribe at bit.ly/wealthcg

 

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3 months ago
33 minutes 39 seconds

The Bull of Wall Street
#39 - Fred Meissner, CMT- Owner of the Fred Report (recorded 08/25/25)

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.

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4 months ago
53 minutes 6 seconds

The Bull of Wall Street
#38 - Meb Faber, CEO, Co-Founder and CIO of Cambria Investment Management, author, speaker, and podcast host The Meb Faber Show (recorded 08/18/25)

Meb, Paisley, Jim and Talley riff about surfing, 351 ETF conversions, stock buy backs, shareholder yield, why Mark Cuban is wrong, and much more!  Meb is one of the best personalities in finance with a combination of knowledge and great communication skills.  Listen to our gang and Meb discuss why certain investment strategies are ripping today and some are not.  He likes being diversified right now- FYI! He's also hosting a surf event at Future Proof for those who are attending.  Don't miss Meb on The Bull of Wall Street!

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4 months ago
1 hour 8 minutes 5 seconds

The Bull of Wall Street
#37 - Carley Garner, DeCarley Trading (division of Zander) Senior Commodity Strategist, Broker, Author, Columnist (recorded 08/11/25)

Carley is a regular in the financial media being interviewed everywhere for her expertise in trading, options, commodities, and the markets.  She talks to Jim about how managing risk and her concerns about how deleveraging can affect certain products out there.  
It’s an important interview to get all investors to pay attention to risk.  Carley points out how all of the money that has been created and invested into the economy has created inflation in many assets. She also points out the trading strategies that many investors are using may be exposed to more risk than they think.  She also talks about Crypto brokerages and how some of them operate.

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4 months ago
53 minutes 21 seconds

The Bull of Wall Street
#36- Zack Ellison, MBA, MS, CFA, CAIA, Managing General Partner and Chief Investment Officer of Applied Real Intelligence, LLC (A.R.I.) (recorded 08/04/25)

Zack is a venture debt investment fund manager and podcast host.  He is also an author with a very unique perspective being a part of some of the biggest bond trades of all time.  A.R.I. provides growth credit to the best VC-backed technology companies in North America. He was Director of U.S. Public Fixed Income at Sun Life Financial.  Prior to Sun Life, Zack was a corporate bond and credit default swap trader at Deutsche Bank.  During the GFC, he was an investment banker where he successfully underwrote and managed a portfolio of leveraged media, tech, and telecom loans at Scotia Bank.  

 

Zack talks to Jim and Talley about how venture debt works.  The strategy includes lending against revenue vs. hard assets for typical loans. In many cases it's the intellectual property that is used as the collateral for these loans.  Learn about why private lending has taken off and more specifically concerning the fast moving tech sector.  

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4 months ago
1 hour 38 minutes 22 seconds

The Bull of Wall Street
#35 - Jan van Eck, CEO, VanEck (recorded 07/28/25)

Jan van Eck is the CEO of VanEck, an asset manager that been known since 1955 for identifying investment trends.  VanEck was one of the first U.S. asset managers to offer investors access to international markets and recognized early the transformative potential of gold investing, emerging markets, ETFs and digital assets. Today, the firm’s capabilities range from core investment opportunities to more specialized exposures to enhance portfolio diversification.
Jan brings a unique approach and perspective to investing.  His quote, “Don’t settle for the conventional. Dare to be different.”

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5 months ago
53 minutes 13 seconds

The Bull of Wall Street
The Bull of Wall Street #34 - Chuck Jaffe, Journalist, Host of “Moneylife with Chuck Jaffe”

Chuck talks to Jim and Jimmy about all of his amazing guests he’s had a chance to interview.  He believes that the Fed will not cut rates before the end of this year and gives us his reason why.  We explore the do it your self investor and if they have changed based on demographics.  He has written books about how to pick an advisor and provides great insight about investor’s with his many years of experience being a journalist first leveraging radio and now podcasts.

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5 months ago
1 hour 9 minutes 10 seconds

The Bull of Wall Street
This podcast takes a unique approach in discussing various topics that are of interest to financial advisors and investors. The hosts Jimmy Lee, CEO, The Wealth Consulting Group (WCG), Jim Worden, CFA, CAIA, CMT, Chief Investment Officer (WCG), and Tally Léger, Chief Market Strategist (WCG) will have discussions that concern the markets, economy, strategies, financial planning, taxes, and life. The information herein is for informational and entertainment purposes and intended for use by advisors only, and should not be copied, reproduced, or re-distributed without the consent of WCG.