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

Lead-Lag Live

In this episode of Lead‑Lag Live, I sit down with Seth Cogswell, Founding Partner and Portfolio Manager at Running Oak, to cut through the hype and examine what’s really underpinning today’s market momentum.
From zombie companies to the staggering dominance of passive investing, Seth lays out how fundamentals no longer align with price—and why the next correction may be bigger than it looks.
In this episode:
– Why today’s market strength is more fantasy than fact
– The hidden risks built into passive strategies
– The destabilizing role of concentrated index flows
– How Fed stimulus has delayed, not eliminated, downside risk
– Why mid- and small-cap names matter when the narrative shifts
Lead‑Lag Live brings you inside conversations with the financial thinkers who shape markets.
Subscribe for interviews that go deeper than the noise.
#LeadLagLive #Markets #Investing #SethCogswell #PassiveInvesting #MarketFragility #RunningOak

Energy Rocks: the trending Focus Candy now on sale! or Power up now with Energy Rocks Adult Focus Candy. energyrocks.store/LEAD25OFF.

Sign up to The Lead-Lag Report on Substack and get 30% off the annual subscription today by visiting http://theleadlag.report/leadlaglive.

Support the show

챕터

1. Investing Where Others Aren't (00:00:00)

2. Contradictions in Investor Sentiment (00:01:56)

3. The Nonsensical Nature of Cap-Weighting (00:04:56)

4. Benefits of Equal-Weighted Portfolios (00:10:09)

5. Running Oak vs RSP Strategy (00:15:06)

6. Mid-Cap: The Overlooked Middle Child (00:18:45)

7. Finding Resources and Closing Thoughts (00:24:56)