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On Investing

Charles Schwab
Federal Reserve
Inflation
Tariffs
Interest Rates
Labor Market
Bond Market
Municipal Bonds
Corporate Bonds
Bond Yields
Housing Market
Consumer Spending
Investment Strategies
Investor Sentiment
Magnificent Seven
Equity Market
Artificial Intelligence
Stock Market
Market Volatility
Federal Reserve Policy
Consumer Confidence

From market moves to the latest economic news, On Investing looks below the surface of the headline data to bring you fresh insights on what's happening and why—and what the implications are for your portfolio. Hosted by Schwab's Chief Investment Strategist Liz Ann Sonders and Collin Martin, Head of Fixed Income Research, On Investing is a weekly update featuring a variety of Schwab experts and sp... more

PublishesWeeklyEpisodes122Founded3 years ago
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Artwork for On Investing

Latest Episodes

In this episode, Liz Ann Sonders sits down with Keith McCullough, founder of Hedgeye, to revisit his “quads” framework—a model that categorizes market environments based on the direction of economic growth and inflation. McCullough emphasizes process... more

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At his first Fed meeting as chair, Kevin Warsh signaled a more hawkish stance focused squarely on inflation, while launching a sweeping reform agenda.

Policymakers are split between holding and potentially hiking, with strong emphasis on restoring p... more

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In this episode, Collin Martin and Liz Ann Sonders focus on the outlook for equities, fixed income, and the overall U.S. economy in the second half of 2026. They begin by discussing recent inflation data, noting that while CPI remains elevated, core ... more

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Liz Ann Sonders and Collin Martin discuss the recent wave of IPO hype and the surge in investor interest driven by high-profile listings and large valuation headlines. They explain why headline market caps can be misleading, emphasizing the importanc... more

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Recent Guests

Keith McCullough
Founder and CEO of Hedgeye Risk Management
Hedgeye Risk Management
Episode: What Happens After Peak Inflation? (With Keith McCullough)
Joe Brusuelas
Principal and Chief Economist
RSM
Episode: Higher for Longer: Markets Navigate a New Era of Uncertainty (With Joe Brusuelas)
Inga Rachwald
Director and Senior Investment Portfolio Strategist supporting Schwab Asset Management
Schwab Asset Management
Episode: Concentration Risk Meets Diversification Reality
Nela Richardson
Chief Economist and ESG Officer for ADP; leads ADP Research
ADP
Episode: Inside Today’s Labor Market: What Jobs Data & AI Are Really Telling Us (With Nela Richardson)
Jim Clark
CEO, Boys & Girls Clubs of America
Boys & Girls Clubs of America
Episode: Empowering the Next Generation Through Financial Education (With Jim Clark)
Dennis DeBusschere
President and Chief Market Strategist of 22V Research
22V Research
Episode: Breadth Is Back: What’s Powering Markets Beneath the Surface (With Dennis DeBusschere)
Jack Schwager
Author of Market Wizards and influential trader
Episode: Lessons Learned From Market Wizards (With Jack Schwager)
Peter Atwater
President of Financial Insights and adjunct professor
William & Mary and the University of Delaware
Episode: The Confidence Map: Navigating Investor Sentiment (With Peter Atwater)
Mike Townsend
Schwab's Washington-based political analyst
Charles Schwab
Episode: After the Shutdown: Markets, Policy & the Wall of Worry

Hosts

Liz Ann Sonders
Chief Investment Strategist at Schwab; co-host focused on macro markets and strategy
Collin Martin
Head of Fixed Income Research; co-host discussing bonds, macro and client implications
Kathy Jones
Co-host with expertise in fixed income and macro strategy; frequent guest and contributor

Reviews

4.9 out of 5 stars from 483 ratings
  • Love this and still recommend but….

    I’m an avid listener and have learned a lot from listening to this podcast over the years. Liz Ann is a phenomenal educator as was Kathy Jones. That said, their newest cohost could improve his guest interviewing style. It should be less about his knowledge and more about the guest’s knowledge. Teeing up the question is good, but answering the question first then asking for your guest to agree is not so great. He clearly knows his stuff but shouldn’t be trying to prove it. I recognize it’s probab... more

    Apple Podcasts
    3
    nonameinAZ
    United States2 months ago
  • Great show

    I always learned a lot, and it always makes me think about my investing in different ways

    Apple Podcasts
    5
    Fun time to listen
    United States2 months ago
  • Love it!

    I have been listening for a year or two and find the content insightful, helpful and concise. Happy to recommend it!!

    Apple Podcasts
    5
    Easyfeeling
    Philippines3 months ago
  • Keep up the good work

    As a retired investor, I have really found listening to this report very informative. I only wish there wasn’t a big lag from the taping to its broadcast, only because it seems that there’s so much that happens between Wednesday and Friday. I would almost rather wish that it would be taped on Friday and released on Monday, but I know that there are logistical reasons for why you do what you do. Also, I will miss Kathy a lot, but look forward to hearing what Collin has to contribute. Keep up the ... more

    Apple Podcasts
    5
    ear4g00dmusik
    United States3 months ago
  • Great Leadership

    Best of luck to Kathy! And welcome Collin! Can’t wait for the new addition to the show.

    Apple Podcasts
    5
    Herb Br00ks
    United States4 months ago

Listeners Say

Key themes from listener reviews, highlighting what works and what could be improved about the show.

Guests are generally strong and insightful, adding depth to Schwab-host discussions.
Some feedback notes a desire for more balanced interview pacing and guest-first questioning.
Listeners value the calm, data-driven approach and clear explanations of complex market concepts.

Chart Rankings

How this podcast ranks in the Apple Podcasts, Spotify and YouTube charts.

Talking Points

Recent interactions between the hosts and their guests.

What Happens After Peak Inflation? (With Keith McCullough)
Q: What does this mean in practice for how you position risk assets given the shift in the macro environment and the stock/bond rotation you described?
Keith emphasizes staying on the right side of the quad signal and adjusting exposure to rate-sensitive and lagging sectors as inflation and rates move, with a focus on evidence-based reads from multi-timecast data and AI-enhanced modeling to anticipate regime changes.
What Happens After Peak Inflation? (With Keith McCullough)
Q: But you work with what you call a quads framework. So maybe just share what that framework is, how you think about markets in that context, and then we'll take it from there and go in multiple directions.
Keith explains the quads as four market regimes determined by GDP growth and inflation: Quad 1 (Goldilocks: rising growth with falling inflation), Quad 2 (overheating: rising growth with rising inflation), Quad 3 (stagflation: slowing growth with rising inflation), and Quad 4 (deflationary/slowdown: slowing growth with falling inflation). The framework emphasizes momentum, not just level, and is used to map signals and position portfolios accordingly.
Higher for Longer: Markets Navigate a New Era of Uncertainty (With Joe Brusuelas)
Q: What role do tariffs play in the inflation picture and how should investors think about them?
He argues tariffs create a persistent upward reset of the price level, functioning as an inflation tax, with near-term pass-through and long-term pricing implications that require planning beyond short-term news cycles.
Higher for Longer: Markets Navigate a New Era of Uncertainty (With Joe Brusuelas)
Q: How unique is this inflation/uncertainty environment and how does it affect your forecasting approach?
Brusuelas describes an elevated, structural shift driven by AI, a regime change from the pandemic era, and a 'split-screen' economy that differentiates asset-rich and asset-poor groups, requiring a broader set of indicators beyond traditional measures to forecast policy and growth.
Rising Yields Highlight Muni Opportunities
Q: How does tax status affect whether munis are right for a given investor?
Taxable accounts earn ordinary taxes on interest, while muni interest is tax-exempt federally and sometimes state-wise; the breakeven tax rate suggests that at certain combined federal, state, and local tax rates, munis can outperform taxable bonds after taxes, particularly for higher tax brackets.

Audience Metrics

Listeners, social reach, demographics and more for this podcast.

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Location
Interests
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Frequently Asked Questions About On Investing

What is On Investing about and what kind of topics does it cover?

A data-driven finance show that focuses on macro trends, fixed income, and equity implications with practical takeaways for portfolios. Episodes frequently center on macro policy, inflation, Federal Reserve signals, and how developments in yields, credit markets, and geopolitical events affect investment outcomes. A recurring strength is clear, sober analysis from experienced hosts drawing on a wide slate of guests, including senior Schwab strategists and external market experts. The format often blends big-picture context with actionable guidance on diversification, risk management, and tactical positioning for clients. The show stands out for its emphasis on real-time data interpretation, chairing guests who bring specialized perspectives... more

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Which podcasts are similar to On Investing?

These podcasts share a similar audience with On Investing:

1. WashingtonWise
2. Schwab Market Update Audio
3. Financial Decoder
4. Investing Insights
5. Barron's Live

How many episodes of On Investing are there?

On Investing launched 3 years ago and published 122 episodes to date. You can find more information about this podcast including rankings, audience demographics and engagement in our podcast database.

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What guests have appeared on On Investing?

Recent guests on On Investing include:

1. Keith McCullough
2. Joe Brusuelas
3. Inga Rachwald
4. Nela Richardson
5. Jim Clark
6. Dennis DeBusschere
7. Jack Schwager
8. Peter Atwater

To view more recent guests and their details, simply upgrade your Rephonic account. You'll also get access to a typical guest profile to help you decide if the show is worth pitching.

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