Monetary Matters with Jack Farley en Jack Farley interviews the very best financial minds about macro, markets, and monetary matters. Follow Jack on Twitter @JackFarley96. https://megaphone.imgix.net/podcasts/ae922b50-71cc-11ef-b70f-ff42e3c63187/image/9e263a75ee53770c25c08c2adce3f11e.png?ixlib=rails-4.3.1&max-w=3000&max-h=3000&fit=crop&auto=format,compress Monetary Matters with Jack Farley episodic Jack Farley Jack Farley interviews the very best financial minds about macro, markets, and monetary matters. Follow Jack on Twitter @JackFarley96. Jack Farley interviews the very best financial minds about macro, markets, and monetary matters. Follow Jack on Twitter @JackFarley96.

]]> Jack Farley jack@monetary-matters.com Lending Where the Banks Won’t Go: What’s Fueling Europe’s Growing Real Estate Private Credit Market? Learn more about the Fundrise Income Fund here: https://fundrise.com/mm In this episode of Other People's Money, Thomas Lloyd-Jones, Co-founder and CIO of Zenzic Capital, joins the show to unpack the nuances of the real estate private credit market. He explains how the media often conflates direct lending with the broader asset class, overlooking real estate and asset-backed lending. Lloyd-Jones details how increasing banking regulations are forcing traditional lenders to retreat, creating a widening gap for opportunistic credit funds to step in. This podcast is for informational purposes only and not an inducement to invest with Zenzic Capital. Zenzic Capital’s investment products are limited to professional clients only. The information within this podcast should not be relied upon as tax, legal or investment advice. Learn more about Zenzic Capital: https://zenziccapital.com/ Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps: 00:00 Intro 01:52 Private Credit Breakdown 03:32 BDCs And Redemptions 06:35 Allocation Failure Debate 08:47 Regulation and Fragmentation 12:07 Basel III Shift 14:10 Fundrise Income Fund 15:10 Systemic Risk and Leverage 17:36 Banks’ Retreat is Opportunity 20:56 Good vs. Bad Risk Premia 24:39 Senior Finance 28:44 Downside Protection and Spotting Bad Deals 37:48 Macro Matters for Exits 40:13 Finding Fixable Distress 43:22 Geopolitics and Rate Shock 47:01 Preferred Equity Playbook 51:49 When Development Risk Pays 54:52 Student Housing Reality Check 59:40 Macro Allocation Framework 01:01:59 Conclusion Tue, 12 May 2026 13:52:00 -0000 full Jack Farley Learn more about the Fundrise Income Fund here: https://fundrise.com/mm In this episode of Other People's Money, Thomas Lloyd-Jones, Co-founder and CIO of Zenzic Capital, joins the show to unpack the nuances of the real estate private credit market. He explains how the media often conflates direct lending with the broader asset class, overlooking real estate and asset-backed lending. Lloyd-Jones details how increasing banking regulations are forcing traditional lenders to retreat, creating a widening gap for opportunistic credit funds to step in. This podcast is for informational purposes only and not an inducement to invest with Zenzic Capital. Zenzic Capital’s investment products are limited to professional clients only. The information within this podcast should not be relied upon as tax, legal or investment advice. Learn more about Zenzic Capital: https://zenziccapital.com/ Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps: 00:00 Intro 01:52 Private Credit Breakdown 03:32 BDCs And Redemptions 06:35 Allocation Failure Debate 08:47 Regulation and Fragmentation 12:07 Basel III Shift 14:10 Fundrise Income Fund 15:10 Systemic Risk and Leverage 17:36 Banks’ Retreat is Opportunity 20:56 Good vs. Bad Risk Premia 24:39 Senior Finance 28:44 Downside Protection and Spotting Bad Deals 37:48 Macro Matters for Exits 40:13 Finding Fixable Distress 43:22 Geopolitics and Rate Shock 47:01 Preferred Equity Playbook 51:49 When Development Risk Pays 54:52 Student Housing Reality Check 59:40 Macro Allocation Framework 01:01:59 Conclusion Learn more about the Fundrise Income Fund here: https://fundrise.com/mm


In this episode of Other People's Money, Thomas Lloyd-Jones, Co-founder and CIO of Zenzic Capital, joins the show to unpack the nuances of the real estate private credit market. He explains how the media often conflates direct lending with the broader asset class, overlooking real estate and asset-backed lending. Lloyd-Jones details how increasing banking regulations are forcing traditional lenders to retreat, creating a widening gap for opportunistic credit funds to step in.


This podcast is for informational purposes only and not an inducement to invest with Zenzic Capital. Zenzic Capital’s investment products are limited to professional clients only. The information within this podcast should not be relied upon as tax, legal or investment advice.


Learn more about Zenzic Capital: https://zenziccapital.com/


Follow Max on X: https://x.com/maxwiethe


Follow Other People’s Money on:

Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR

X https://x.com/opmpod


Timestamps:

00:00 Intro

01:52 Private Credit Breakdown

03:32 BDCs And Redemptions

06:35 Allocation Failure Debate

08:47 Regulation and Fragmentation

12:07 Basel III Shift

14:10 Fundrise Income Fund

15:10 Systemic Risk and Leverage

17:36 Banks’ Retreat is Opportunity

20:56 Good vs. Bad Risk Premia

24:39 Senior Finance

28:44 Downside Protection and Spotting Bad Deals

37:48 Macro Matters for Exits

40:13 Finding Fixable Distress

43:22 Geopolitics and Rate Shock

47:01 Preferred Equity Playbook

51:49 When Development Risk Pays

54:52 Student Housing Reality Check

59:40 Macro Allocation Framework

01:01:59 Conclusion

]]> 3754 no Why Generative AI Still Can’t Trade | David Wright on How Quant Alpha Actually Is Done With Machine Learning, Decision Trees, and Gradient Boosting This interview is brought to you by Pictet Asset Management. To learn more about Pictet AI-Enhanced  International Equity ETF ($PQNT), click here: https://etf.am.pictet.com/pqnt/ To learn more about Pictet AI Enhanced US Equity ETF ($PQUS), click here: https://etf.am.pictet.com/pqus/  Jack Farley sits down with David Wright, co-head of Quantitative Investments at Pictet Asset Management, to  discuss the machine learning techniques his team uses in their $30 billion quant franchise, and the degree to  which AI has impacted serious quantitative investing. Wright explains why he prefers to utilize many decision trees and use gradient boosting rather than Generative AI to generate return forecasts, citing the need to avoid  "hallucinations" and ensure models remain interpretable. The conversation explores their sophisticated  investment process, which analyzes over 400 features, including accounting data, market trends, and analyst  sentiment, to predict relative stock performance over 20-day horizons. These strategies, which now are included  in new ETFs $PQNT (Pictet AI Enhanced International Equity ETF) and $PQUS (Pictet AI Enhanced US Equity  ETF) are designed as "passive replacements," aiming to maintain a Beta of 1.0 while aiming to deliver an  additional 1–2% annual outperformance over the relevant benchmarks, S&P 500 and MSCI EAFE indices. Finally,  Wright addresses the common "black box" misconception of quantitative finance, advocating instead for a "crystal  box" approach that provides full transparency into the economic rationale behind every trade. Recorded April 21,  2026. For important information about the fund, please click: https://etf.am.pictet.com/”  Important Information  Before investing, carefully consider the fund’s investment objectives, risks, charges, and expenses. This and  other information can be found in the fund’s prospectus or, if available, the summary prospectus, which  may be obtained by calling (855) 994-4778 or visiting www.pictet.com/etf. Read it carefully before investing.  (In Italic or Bold)   Investing in Exchange Traded Funds (ETFs) involves risk, including possible loss of principal. The fund's principal  investment risks include Artificial Intelligence Models and Data Risk, Non-Diversification Risk, Convertible  Securities Risk, Rights and Warrants Risk, Real Estate Investment Trusts (REITs) Risk and Sustainability & ESG  Data Risk. For additional information about these and other fund risks, please refer to the "Principal Investment  Risks" section of the prospectus.  ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the  market price of an ETF's shares may trade at a premium or discount to its net asset value, an active secondary  trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade,  which may impact an ETF's ability to sell its shares. Shares of any ETF are bought and sold at market price (not  NAV) and are not individually redeemed from the ETF. Brokerage commissions will reduce returns.  Foreside fund services, LLC, distributor.  Definitions of terms used in the interview:  1. S&P 500 Index  The Standard & Poor’s 500 Index (S&P 500) is a market-capitalization-weighted index of 500 leading publicly  traded companies in the United States. It is widely regarded as the best single gauge of large-cap U.S. equities.  Because it is weighted by market value, larger companies have a greater impact on the index's performance than  smaller ones.  2. MSCI EAFE Index  The MSCI EAFE Index is a stock market index that tracks the performance of large- and mid-cap securities  across developed markets around the world, excluding the U.S. and Canada. The acronym stands for Europe,  Australasia, and the Far East. It is commonly used as a benchmark for international equity funds. 3. Alpha  Alpha represents the "excess return" of an investment relative to the return of a benchmark index. It is a measure  of performance on a risk-adjusted basis. "Positive Alpha: indicates the investment outperformed its benchmark  after accounting for risk and "Negative Alpha" indicates the investment underperformed relative to the  benchmark.  4. Beta  Beta measures the volatility—or systematic risk—of a security or portfolio in comparison to the market as a whole  (usually the S&P 500, which has a Beta of 1.0) A Beta > 1.0 indicates the investment is more volatile than the  market (e.g., if the market rises 10%, the investment might rise 12%) A Beta < 1.0 indicates the investment is less  volatile than the market (e.g., if the market falls 10%, the investment might only fall 8%).  5. Basis Points (bps)  A Basis Point is a standard unit of measure for interest rates and other percentages in finance. One basis point is  equal to 1/100th of 1%, or 0.01%. Sun, 10 May 2026 14:00:00 -0000 full Jack Farley This interview is brought to you by Pictet Asset Management. To learn more about Pictet AI-Enhanced  International Equity ETF ($PQNT), click here: https://etf.am.pictet.com/pqnt/ To learn more about Pictet AI Enhanced US Equity ETF ($PQUS), click here: https://etf.am.pictet.com/pqus/  Jack Farley sits down with David Wright, co-head of Quantitative Investments at Pictet Asset Management, to  discuss the machine learning techniques his team uses in their $30 billion quant franchise, and the degree to  which AI has impacted serious quantitative investing. Wright explains why he prefers to utilize many decision trees and use gradient boosting rather than Generative AI to generate return forecasts, citing the need to avoid  "hallucinations" and ensure models remain interpretable. The conversation explores their sophisticated  investment process, which analyzes over 400 features, including accounting data, market trends, and analyst  sentiment, to predict relative stock performance over 20-day horizons. These strategies, which now are included  in new ETFs $PQNT (Pictet AI Enhanced International Equity ETF) and $PQUS (Pictet AI Enhanced US Equity  ETF) are designed as "passive replacements," aiming to maintain a Beta of 1.0 while aiming to deliver an  additional 1–2% annual outperformance over the relevant benchmarks, S&P 500 and MSCI EAFE indices. Finally,  Wright addresses the common "black box" misconception of quantitative finance, advocating instead for a "crystal  box" approach that provides full transparency into the economic rationale behind every trade. Recorded April 21,  2026. For important information about the fund, please click: https://etf.am.pictet.com/”  Important Information  Before investing, carefully consider the fund’s investment objectives, risks, charges, and expenses. This and  other information can be found in the fund’s prospectus or, if available, the summary prospectus, which  may be obtained by calling (855) 994-4778 or visiting www.pictet.com/etf. Read it carefully before investing.  (In Italic or Bold)   Investing in Exchange Traded Funds (ETFs) involves risk, including possible loss of principal. The fund's principal  investment risks include Artificial Intelligence Models and Data Risk, Non-Diversification Risk, Convertible  Securities Risk, Rights and Warrants Risk, Real Estate Investment Trusts (REITs) Risk and Sustainability & ESG  Data Risk. For additional information about these and other fund risks, please refer to the "Principal Investment  Risks" section of the prospectus.  ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the  market price of an ETF's shares may trade at a premium or discount to its net asset value, an active secondary  trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade,  which may impact an ETF's ability to sell its shares. Shares of any ETF are bought and sold at market price (not  NAV) and are not individually redeemed from the ETF. Brokerage commissions will reduce returns.  Foreside fund services, LLC, distributor.  Definitions of terms used in the interview:  1. S&P 500 Index  The Standard & Poor’s 500 Index (S&P 500) is a market-capitalization-weighted index of 500 leading publicly  traded companies in the United States. It is widely regarded as the best single gauge of large-cap U.S. equities.  Because it is weighted by market value, larger companies have a greater impact on the index's performance than  smaller ones.  2. MSCI EAFE Index  The MSCI EAFE Index is a stock market index that tracks the performance of large- and mid-cap securities  across developed markets around the world, excluding the U.S. and Canada. The acronym stands for Europe,  Australasia, and the Far East. It is commonly used as a benchmark for international equity funds. 3. Alpha  Alpha represents the "excess return" of an investment relative to the return of a benchmark index. It is a measure  of performance on a risk-adjusted basis. "Positive Alpha: indicates the investment outperformed its benchmark  after accounting for risk and "Negative Alpha" indicates the investment underperformed relative to the  benchmark.  4. Beta  Beta measures the volatility—or systematic risk—of a security or portfolio in comparison to the market as a whole  (usually the S&P 500, which has a Beta of 1.0) A Beta > 1.0 indicates the investment is more volatile than the  market (e.g., if the market rises 10%, the investment might rise 12%) A Beta < 1.0 indicates the investment is less  volatile than the market (e.g., if the market falls 10%, the investment might only fall 8%).  5. Basis Points (bps)  A Basis Point is a standard unit of measure for interest rates and other percentages in finance. One basis point is  equal to 1/100th of 1%, or 0.01%. This interview is brought to you by Pictet Asset Management. To learn more about Pictet AI-Enhanced  International Equity ETF ($PQNT), click here: https://etf.am.pictet.com/pqnt/


To learn more about Pictet AI Enhanced US Equity ETF ($PQUS), click here: https://etf.am.pictet.com/pqus/ 


Jack Farley sits down with David Wright, co-head of Quantitative Investments at Pictet Asset Management, to  discuss the machine learning techniques his team uses in their $30 billion quant franchise, and the degree to  which AI has impacted serious quantitative investing. Wright explains why he prefers to utilize many decision trees and use gradient boosting rather than Generative AI to generate return forecasts, citing the need to avoid  "hallucinations" and ensure models remain interpretable. The conversation explores their sophisticated  investment process, which analyzes over 400 features, including accounting data, market trends, and analyst  sentiment, to predict relative stock performance over 20-day horizons. These strategies, which now are included  in new ETFs $PQNT (Pictet AI Enhanced International Equity ETF) and $PQUS (Pictet AI Enhanced US Equity  ETF) are designed as "passive replacements," aiming to maintain a Beta of 1.0 while aiming to deliver an  additional 1–2% annual outperformance over the relevant benchmarks, S&P 500 and MSCI EAFE indices. Finally,  Wright addresses the common "black box" misconception of quantitative finance, advocating instead for a "crystal  box" approach that provides full transparency into the economic rationale behind every trade. Recorded April 21,  2026.


For important information about the fund, please click: https://etf.am.pictet.com/” 

Important Information 

Before investing, carefully consider the fund’s investment objectives, risks, charges, and expenses. This and  other information can be found in the fund’s prospectus or, if available, the summary prospectus, which  may be obtained by calling (855) 994-4778 or visiting www.pictet.com/etf. Read it carefully before investing.  (In Italic or Bold)  

Investing in Exchange Traded Funds (ETFs) involves risk, including possible loss of principal. The fund's principal  investment risks include Artificial Intelligence Models and Data Risk, Non-Diversification Risk, Convertible  Securities Risk, Rights and Warrants Risk, Real Estate Investment Trusts (REITs) Risk and Sustainability & ESG  Data Risk. For additional information about these and other fund risks, please refer to the "Principal Investment  Risks" section of the prospectus. 

ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the  market price of an ETF's shares may trade at a premium or discount to its net asset value, an active secondary  trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade,  which may impact an ETF's ability to sell its shares. Shares of any ETF are bought and sold at market price (not  NAV) and are not individually redeemed from the ETF. Brokerage commissions will reduce returns. 

Foreside fund services, LLC, distributor. 

Definitions of terms used in the interview: 

1. S&P 500 Index 

The Standard & Poor’s 500 Index (S&P 500) is a market-capitalization-weighted index of 500 leading publicly  traded companies in the United States. It is widely regarded as the best single gauge of large-cap U.S. equities.  Because it is weighted by market value, larger companies have a greater impact on the index's performance than  smaller ones. 

2. MSCI EAFE Index 

The MSCI EAFE Index is a stock market index that tracks the performance of large- and mid-cap securities  across developed markets around the world, excluding the U.S. and Canada. The acronym stands for Europe,  Australasia, and the Far East. It is commonly used as a benchmark for international equity funds.

3. Alpha 

Alpha represents the "excess return" of an investment relative to the return of a benchmark index. It is a measure  of performance on a risk-adjusted basis. "Positive Alpha: indicates the investment outperformed its benchmark  after accounting for risk and "Negative Alpha" indicates the investment underperformed relative to the  benchmark. 

4. Beta 

Beta measures the volatility—or systematic risk—of a security or portfolio in comparison to the market as a whole  (usually the S&P 500, which has a Beta of 1.0) A Beta > 1.0 indicates the investment is more volatile than the  market (e.g., if the market rises 10%, the investment might rise 12%) A Beta < 1.0 indicates the investment is less  volatile than the market (e.g., if the market falls 10%, the investment might only fall 8%). 

5. Basis Points (bps) 

A Basis Point is a standard unit of measure for interest rates and other percentages in finance. One basis point is  equal to 1/100th of 1%, or 0.01%.


]]> 2286 Finding the Market’s Most Overlooked Macro Themes and Profiting from Global Volatility | Harris Kupperman Monetary Matters listeners can save $1000 on their first-year subscription to KEDM Research with coupon code mm2026: https://kedm.com/?add-to-cart=4175&apply_coupon=mm2026 Harris Kupperman and Roderick van Zuylen join Monetary Matters to discuss the intersection of thematic macro trends and event-driven catalysts. They dives deep into the severe supply-demand imbalances creating massive tailwinds for the refining industry, alongside the political shifts making Latin American equities a highly lucrative trade. They also discuss the rising volatility driving commodity brokers like Marex, and why the eldercare sector is primed for a breakout due to a halt in new facility construction. Follow KEDM Research on X: https://x.com/KEDM_COM Follow Harris Kupperman on X: https://x.com/hkuppy Follow Roderick van Zuylen on X: https://x.com/roojoo3 Follow Max Wiethe on X: https://x.com/maxwiethe Follow Jack Farley on X: https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Intro 01:10 Refiners Theme Setup 02:06 Why Cracks Tightened 05:18 Picking Refiner Winners 08:26 Earnings Path Dependence 14:22 Analyst Estimates Mispriced 17:54 Latin America Tailwinds 20:57 Brazil Financials Bet 24:01 Finding Mispriced Setups 30:28 KEDM Offer 31:15 Long Vol Through Brokers 34:03 Marex and Stonex Tailwinds 34:33 Macro Drivers of Volumes 36:11 CFO Hedging Incentives 37:57 Prediction Markets Opportunity 39:32 Eldercare Theme Setup 44:53 When Themes Meet Catalysts 46:17 Investor Days as Signals 48:45 Fallen Angels Returns 53:15 AI Automation for Monitors 54:23 CEO Pay as a Tell 55:26 US Consumer Weakness This podcast is for informational and educational purposes only and does not constitute investment, legal, tax, or other professional advice. Any views expressed are the personal opinions of the speakers and do not necessarily reflect the views of their employers, affiliates, clients, or any related parties. Listeners should conduct their own research and consult their own advisers before making any investment or financial decision. The appearance of any speaker, guest, company, product, or service on this podcast does not constitute an endorsement, recommendation, or approval by any participant or third party. Any investments discussed are illustrative only and are not intended to reflect any actual portfolio. Examples are meant to show aspects of an investment approach, and while some may highlight successful trades, not all trades are successful or profitable. Wed, 06 May 2026 15:30:00 -0000 full Jack Farley Monetary Matters listeners can save $1000 on their first-year subscription to KEDM Research with coupon code mm2026: https://kedm.com/?add-to-cart=4175&apply_coupon=mm2026 Harris Kupperman and Roderick van Zuylen join Monetary Matters to discuss the intersection of thematic macro trends and event-driven catalysts. They dives deep into the severe supply-demand imbalances creating massive tailwinds for the refining industry, alongside the political shifts making Latin American equities a highly lucrative trade. They also discuss the rising volatility driving commodity brokers like Marex, and why the eldercare sector is primed for a breakout due to a halt in new facility construction. Follow KEDM Research on X: https://x.com/KEDM_COM Follow Harris Kupperman on X: https://x.com/hkuppy Follow Roderick van Zuylen on X: https://x.com/roojoo3 Follow Max Wiethe on X: https://x.com/maxwiethe Follow Jack Farley on X: https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Intro 01:10 Refiners Theme Setup 02:06 Why Cracks Tightened 05:18 Picking Refiner Winners 08:26 Earnings Path Dependence 14:22 Analyst Estimates Mispriced 17:54 Latin America Tailwinds 20:57 Brazil Financials Bet 24:01 Finding Mispriced Setups 30:28 KEDM Offer 31:15 Long Vol Through Brokers 34:03 Marex and Stonex Tailwinds 34:33 Macro Drivers of Volumes 36:11 CFO Hedging Incentives 37:57 Prediction Markets Opportunity 39:32 Eldercare Theme Setup 44:53 When Themes Meet Catalysts 46:17 Investor Days as Signals 48:45 Fallen Angels Returns 53:15 AI Automation for Monitors 54:23 CEO Pay as a Tell 55:26 US Consumer Weakness This podcast is for informational and educational purposes only and does not constitute investment, legal, tax, or other professional advice. Any views expressed are the personal opinions of the speakers and do not necessarily reflect the views of their employers, affiliates, clients, or any related parties. Listeners should conduct their own research and consult their own advisers before making any investment or financial decision. The appearance of any speaker, guest, company, product, or service on this podcast does not constitute an endorsement, recommendation, or approval by any participant or third party. Any investments discussed are illustrative only and are not intended to reflect any actual portfolio. Examples are meant to show aspects of an investment approach, and while some may highlight successful trades, not all trades are successful or profitable. Monetary Matters listeners can save $1000 on their first-year subscription to KEDM Research with coupon code mm2026: https://kedm.com/?add-to-cart=4175&apply_coupon=mm2026


Harris Kupperman and Roderick van Zuylen join Monetary Matters to discuss the intersection of thematic macro trends and event-driven catalysts. They dives deep into the severe supply-demand imbalances creating massive tailwinds for the refining industry, alongside the political shifts making Latin American equities a highly lucrative trade. They also discuss the rising volatility driving commodity brokers like Marex, and why the eldercare sector is primed for a breakout due to a halt in new facility construction.


Follow KEDM Research on X: https://x.com/KEDM_COM

Follow Harris Kupperman on X: https://x.com/hkuppy

Follow Roderick van Zuylen on X: https://x.com/roojoo3


Follow Max Wiethe on X: https://x.com/maxwiethe

Follow Jack Farley on X: https://x.com/JackFarley96


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


Timestamps:

00:00 Intro

01:10 Refiners Theme Setup

02:06 Why Cracks Tightened

05:18 Picking Refiner Winners

08:26 Earnings Path Dependence

14:22 Analyst Estimates Mispriced

17:54 Latin America Tailwinds

20:57 Brazil Financials Bet

24:01 Finding Mispriced Setups

30:28 KEDM Offer

31:15 Long Vol Through Brokers

34:03 Marex and Stonex Tailwinds

34:33 Macro Drivers of Volumes

36:11 CFO Hedging Incentives

37:57 Prediction Markets Opportunity

39:32 Eldercare Theme Setup

44:53 When Themes Meet Catalysts

46:17 Investor Days as Signals

48:45 Fallen Angels Returns

53:15 AI Automation for Monitors

54:23 CEO Pay as a Tell

55:26 US Consumer Weakness


This podcast is for informational and educational purposes only and does not constitute investment, legal, tax, or other professional advice. Any views expressed are the personal opinions of the speakers and do not necessarily reflect the views of their employers, affiliates, clients, or any related parties. Listeners should conduct their own research and consult their own advisers before making any investment or financial decision. The appearance of any speaker, guest, company, product, or service on this podcast does not constitute an endorsement, recommendation, or approval by any participant or third party. Any investments discussed are illustrative only and are not intended to reflect any actual portfolio. Examples are meant to show aspects of an investment approach, and while some may highlight successful trades, not all trades are successful or profitable.

]]> 3604 no Warren Pies: The Scramble for Compute Cures All Ills | Two Wolves of “Hockeysticking Earnings” and Hormuz Oil Shock (Plus Caliban) Request Access to Free Trial to Caliban, Warren’s new AI-powered research tool that automates complex data sourcing & institutional-grade charting for investors: https://www.3fourteenresearch.com/monetary-matters In this episode, Warren Pies, founder of 314 Research and Caliban, joins the show to analyze the "two wolves" currently battling for control of the market: the transformative power of AI and the historic oil crisis in the Strait of Hormuz. Pies details how an "agentic explosion" in AI and a massive scramble for compute are fueling an unprecedented earnings boom, with proprietary data showing that frontier models like Mythos are driving a legitimate, if lopsided, market advance. On the flip side, we explore the terrifying 10-million-barrel-per-day oil deficit caused by geopolitical blockades and why "managed demand destruction" has been the only force keeping prices from skyrocketing past $200. Despite these risks, Warren remains fundamentally bullish on equities, arguing that the AI-driven CapEx cycle and resilient fiscal stimulus are powerful enough to help the S&P 500 look through the energy nightmare. We also get an exclusive look at Caliban. Finally, Warren shares his tactical portfolio positioning, explaining his strategy for staying overweight in both stocks and oil commodities while remaining underweight in fixed income. Tune in to see how the S&P 500 reached the 7,000 target predicted in 2024 and why Warren believes the path to 8,000 remains intact. Recorded May 1st, 2026. Mon, 04 May 2026 08:30:00 -0000 full Jack Farley Request Access to Free Trial to Caliban, Warren’s new AI-powered research tool that automates complex data sourcing & institutional-grade charting for investors: https://www.3fourteenresearch.com/monetary-matters In this episode, Warren Pies, founder of 314 Research and Caliban, joins the show to analyze the "two wolves" currently battling for control of the market: the transformative power of AI and the historic oil crisis in the Strait of Hormuz. Pies details how an "agentic explosion" in AI and a massive scramble for compute are fueling an unprecedented earnings boom, with proprietary data showing that frontier models like Mythos are driving a legitimate, if lopsided, market advance. On the flip side, we explore the terrifying 10-million-barrel-per-day oil deficit caused by geopolitical blockades and why "managed demand destruction" has been the only force keeping prices from skyrocketing past $200. Despite these risks, Warren remains fundamentally bullish on equities, arguing that the AI-driven CapEx cycle and resilient fiscal stimulus are powerful enough to help the S&P 500 look through the energy nightmare. We also get an exclusive look at Caliban. Finally, Warren shares his tactical portfolio positioning, explaining his strategy for staying overweight in both stocks and oil commodities while remaining underweight in fixed income. Tune in to see how the S&P 500 reached the 7,000 target predicted in 2024 and why Warren believes the path to 8,000 remains intact. Recorded May 1st, 2026. Request Access to Free Trial to Caliban, Warren’s new AI-powered research tool that automates complex data sourcing & institutional-grade charting for investors:

https://www.3fourteenresearch.com/monetary-matters


In this episode, Warren Pies, founder of 314 Research and Caliban, joins the show to analyze the "two wolves" currently battling for control of the market: the transformative power of AI and the historic oil crisis in the Strait of Hormuz. Pies details how an "agentic explosion" in AI and a massive scramble for compute are fueling an unprecedented earnings boom, with proprietary data showing that frontier models like Mythos are driving a legitimate, if lopsided, market advance. On the flip side, we explore the terrifying 10-million-barrel-per-day oil deficit caused by geopolitical blockades and why "managed demand destruction" has been the only force keeping prices from skyrocketing past $200. Despite these risks, Warren remains fundamentally bullish on equities, arguing that the AI-driven CapEx cycle and resilient fiscal stimulus are powerful enough to help the S&P 500 look through the energy nightmare. We also get an exclusive look at Caliban. Finally, Warren shares his tactical portfolio positioning, explaining his strategy for staying overweight in both stocks and oil commodities while remaining underweight in fixed income. Tune in to see how the S&P 500 reached the 7,000 target predicted in 2024 and why Warren believes the path to 8,000 remains intact. Recorded May 1st, 2026.

]]> 4243 Why Fundamentals Fail the New Economy | Jacob Pozharny on “Sentiment” Analysis’ Role in New Economy Stocks Learn More About Unlimited HFGM Global Macro ETF $HFGM: https://unlimitedetfs.com/hfgm In this episode of "Monetary Matters," Jacob Pozharny, Co-Chief Investment Officer and Portfolio Manager at Bridgeway Capital Management, explains why traditional fundamental analysis often fails "new economy" stocks due to the rise of intangible assets like R&D and customer relationships. He details a bifurcated investment strategy that utilizes advanced sentiment analysis for high-tech sectors while maintaining a classic fundamental approach for "old economy" industries. The discussion highlights how the 2026 Iran war is currently creating significant market dislocations in global energy and shipping, offering unique "alpha hunting" opportunities identified through proprietary textual analysis of earnings calls. Pozharny argues that the most effective stock picking occurs in less efficient mid-cap and small-cap markets outside the U.S., where the potential return spread is significantly wider than in the S&P 500. Finally, he outlines his firm's market-neutral approach to building idiosyncratic return streams that remain uncorrelated to broader market direction by leveraging unique data such as buy-side borrow availability. Jacob is portfolio manager of Bridgeway Global Opportunities Fund (BRGOX). Recorded April 16, 2026. Follow Jack Farley on X https://x.com/jackfarley96  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Disclaimer for today’s sponsor, Unlimited HFGM Global Macro ETF $HFGM: Past performance is not indicative of future results. An investment should not be made based solely on returns. Before investing you should carefully consider the Fund’s investment objectives, risks, charges, and expenses. This and other information is in the prospectus. Please read the prospectus carefully before you invest which can be found on unlimitedetfs.com/HFGM.  Distributed by Foreside Fund Services, LLC Fri, 01 May 2026 16:08:00 -0000 full Jack Farley Learn More About Unlimited HFGM Global Macro ETF $HFGM: https://unlimitedetfs.com/hfgm In this episode of "Monetary Matters," Jacob Pozharny, Co-Chief Investment Officer and Portfolio Manager at Bridgeway Capital Management, explains why traditional fundamental analysis often fails "new economy" stocks due to the rise of intangible assets like R&D and customer relationships. He details a bifurcated investment strategy that utilizes advanced sentiment analysis for high-tech sectors while maintaining a classic fundamental approach for "old economy" industries. The discussion highlights how the 2026 Iran war is currently creating significant market dislocations in global energy and shipping, offering unique "alpha hunting" opportunities identified through proprietary textual analysis of earnings calls. Pozharny argues that the most effective stock picking occurs in less efficient mid-cap and small-cap markets outside the U.S., where the potential return spread is significantly wider than in the S&P 500. Finally, he outlines his firm's market-neutral approach to building idiosyncratic return streams that remain uncorrelated to broader market direction by leveraging unique data such as buy-side borrow availability. Jacob is portfolio manager of Bridgeway Global Opportunities Fund (BRGOX). Recorded April 16, 2026. Follow Jack Farley on X https://x.com/jackfarley96  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Disclaimer for today’s sponsor, Unlimited HFGM Global Macro ETF $HFGM: Past performance is not indicative of future results. An investment should not be made based solely on returns. Before investing you should carefully consider the Fund’s investment objectives, risks, charges, and expenses. This and other information is in the prospectus. Please read the prospectus carefully before you invest which can be found on unlimitedetfs.com/HFGM.  Distributed by Foreside Fund Services, LLC Learn More About Unlimited HFGM Global Macro ETF $HFGM: https://unlimitedetfs.com/hfgm

In this episode of "Monetary Matters," Jacob Pozharny, Co-Chief Investment Officer and Portfolio Manager at Bridgeway Capital Management, explains why traditional fundamental analysis often fails "new economy" stocks due to the rise of intangible assets like R&D and customer relationships. He details a bifurcated investment strategy that utilizes advanced sentiment analysis for high-tech sectors while maintaining a classic fundamental approach for "old economy" industries. The discussion highlights how the 2026 Iran war is currently creating significant market dislocations in global energy and shipping, offering unique "alpha hunting" opportunities identified through proprietary textual analysis of earnings calls. Pozharny argues that the most effective stock picking occurs in less efficient mid-cap and small-cap markets outside the U.S., where the potential return spread is significantly wider than in the S&P 500. Finally, he outlines his firm's market-neutral approach to building idiosyncratic return streams that remain uncorrelated to broader market direction by leveraging unique data such as buy-side borrow availability. Jacob is portfolio manager of Bridgeway Global Opportunities Fund (BRGOX). Recorded April 16, 2026.


Follow Jack Farley on X https://x.com/jackfarley96

 Follow Monetary Matters on:

Apple Podcasts https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


Disclaimer for today’s sponsor, Unlimited HFGM Global Macro ETF $HFGM:

Past performance is not indicative of future results. An investment should not be made based solely on returns. Before investing you should carefully consider the Fund’s investment objectives, risks, charges, and expenses. This and other information is in the prospectus. Please read the prospectus carefully before you invest which can be found on unlimitedetfs.com/HFGM.  Distributed by Foreside Fund Services, LLC

]]> 4950 Jim Bianco on Division at the Fed and Jerome Powell’s Controversial Decision to Stay Monetary Matters is now streaming daily as part of Monitoring the Situation. Join us live on X and YouTube from 4 to 5 PM ET Monday through Friday @MTSituation for live interviews and analysis breaking down the market’s most important situations. This is recording of a recent live interview from MTS. Jack Farley and Max Wiethe interview Jim Bianco of Bianco Research. The discussion covers Federal Reserve Chairman Jerome Powell's controversial decision to stay on after Kevin Warsh becomes Chairman. Bianco highlights the shift towards independent voting at the Fed, pointing to a recent dissents focused on easing bias language. Bianco also explores the economic impact of the continued blockage of the Strait of Hormuz and shares his market outlook, predicting elevated oil prices and trending higher interest rates. Follow Jim Bianco on X: https://x.com/biancoresearch Follow Jack Farley on X: https://x.com/JackFarley96 Follow Max on X: https://x.com/maxwiethe Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Intro 00:10 Powell Stays Controversy 02:24 Fed Independence and Dissents 03:57 Investigation Deal Explained 09:04 Easing Bias Forward Guidance 13:55 Supreme Court and Fed Upheaval 19:20 Earnings and Market Reaction 21:47 Oil Shock and Inflation Debate 25:47 Warsh Era Fed Outlook 32:13 Strait of Hormuz War Fallout 39:11 Trades for a Protracted War 41:30 Wrap Up and Where to Follow Fri, 01 May 2026 03:04:00 -0000 full Jack Farley Monetary Matters is now streaming daily as part of Monitoring the Situation. Join us live on X and YouTube from 4 to 5 PM ET Monday through Friday @MTSituation for live interviews and analysis breaking down the market’s most important situations. This is recording of a recent live interview from MTS. Jack Farley and Max Wiethe interview Jim Bianco of Bianco Research. The discussion covers Federal Reserve Chairman Jerome Powell's controversial decision to stay on after Kevin Warsh becomes Chairman. Bianco highlights the shift towards independent voting at the Fed, pointing to a recent dissents focused on easing bias language. Bianco also explores the economic impact of the continued blockage of the Strait of Hormuz and shares his market outlook, predicting elevated oil prices and trending higher interest rates. Follow Jim Bianco on X: https://x.com/biancoresearch Follow Jack Farley on X: https://x.com/JackFarley96 Follow Max on X: https://x.com/maxwiethe Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Intro 00:10 Powell Stays Controversy 02:24 Fed Independence and Dissents 03:57 Investigation Deal Explained 09:04 Easing Bias Forward Guidance 13:55 Supreme Court and Fed Upheaval 19:20 Earnings and Market Reaction 21:47 Oil Shock and Inflation Debate 25:47 Warsh Era Fed Outlook 32:13 Strait of Hormuz War Fallout 39:11 Trades for a Protracted War 41:30 Wrap Up and Where to Follow Monetary Matters is now streaming daily as part of Monitoring the Situation. Join us live on X and YouTube from 4 to 5 PM ET Monday through Friday @MTSituation for live interviews and analysis breaking down the market’s most important situations. This is recording of a recent live interview from MTS.


Jack Farley and Max Wiethe interview Jim Bianco of Bianco Research. The discussion covers Federal Reserve Chairman Jerome Powell's controversial decision to stay on after Kevin Warsh becomes Chairman. Bianco highlights the shift towards independent voting at the Fed, pointing to a recent dissents focused on easing bias language. Bianco also explores the economic impact of the continued blockage of the Strait of Hormuz and shares his market outlook, predicting elevated oil prices and trending higher interest rates.


Follow Jim Bianco on X: https://x.com/biancoresearch

Follow Jack Farley on X: https://x.com/JackFarley96

Follow Max on X: https://x.com/maxwiethe


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


Timestamps:

00:00 Intro

00:10 Powell Stays Controversy

02:24 Fed Independence and Dissents

03:57 Investigation Deal Explained

09:04 Easing Bias Forward Guidance

13:55 Supreme Court and Fed Upheaval

19:20 Earnings and Market Reaction

21:47 Oil Shock and Inflation Debate

25:47 Warsh Era Fed Outlook

32:13 Strait of Hormuz War Fallout

39:11 Trades for a Protracted War

41:30 Wrap Up and Where to Follow

]]> 2501 no SpaceX IPO: Why This Hedge Fund Manager is Fading the Hype | Moez Kassam Monetary Matters is now streaming daily as part of Monitoring the Situation. Join us live on X and YouTube from 4 to 5 PM ET Monday through Friday @MTSlive for live interviews and analysis breaking down the market’s most important situations. This is recording of a recent live interview from MTS. Hosts Jack Farley and Max Wiethe are joined by Moez Kassam, the Chief Investment Officer of Anson Funds. Moez breaks down his strategy for generating alpha by acting as a contrarian and fading the crowd during times of rampant market speculation. In this episode, we cover: • The SpaceX IPO Rumors: Moez discusses the potential mechanics of the largest expected IPO in history and the rumors of early investor unlocks. He also details the "Day 9" trading strategy surrounding Nasdaq index inclusion. • The Massive Cannabis Opportunity: Learn why Anson Funds believes the U.S. cannabis sector could see a 400% move in a few years. Moez breaks down the DEA's descheduling process and the elimination of the restrictive 280E tax code. • Software and Activism: Why the indiscriminate selling of software stocks has created a massive opportunity for free cash flow investors and activist campaigns. • Navigating Emerging Tech: A candid assessment of AI, Space, and Quantum technologies. Moez explains why Quantum is facing a massive discount rate and why investors should be wary of the "me-too" space stocks. • Crypto & Private Credit: Insights from the recent Trump Crypto Conference and why the extreme negative sentiment around private credit makes its 10-15% yields highly attractive. Follow Moez Kassam on Instagram: @munchingmoez Follow Moez Kassam on X: https://x.com/MunchingMoez Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps: 00:00 Intro 02:10 SpaceX IPO Setup 05:49 Index Inclusion Trade 07:21 S-1 Filing Reality Check 08:32 Elon Rolls Up Businesses 12:12 Shorting Space Me Toos 13:35 AI, Space, Quantum Hype 16:18 Software Selloff and Activism 18:42 Cannabis Contrarian Bet 21:44 Descheduling Mechanics 24:30 AI & Semis: Crowded Trade? 26:10 Crypto Mood Shift 29:29 Media Activism Plays 31:16 Software Cash Flow vs Hype 34:49 Measuring Market Sentiment 37:51 Bitcoin Crowd Psychology 40:06 Shipping and Energy Contrarian 41:16 Canada: Gold & Oil Pulse 43:35 Process Over Predictions 45:50 Private Credit Negativity 46:34 Outro Thu, 30 Apr 2026 13:08:00 -0000 full Jack Farley Monetary Matters is now streaming daily as part of Monitoring the Situation. Join us live on X and YouTube from 4 to 5 PM ET Monday through Friday @MTSlive for live interviews and analysis breaking down the market’s most important situations. This is recording of a recent live interview from MTS. Hosts Jack Farley and Max Wiethe are joined by Moez Kassam, the Chief Investment Officer of Anson Funds. Moez breaks down his strategy for generating alpha by acting as a contrarian and fading the crowd during times of rampant market speculation. In this episode, we cover: • The SpaceX IPO Rumors: Moez discusses the potential mechanics of the largest expected IPO in history and the rumors of early investor unlocks. He also details the "Day 9" trading strategy surrounding Nasdaq index inclusion. • The Massive Cannabis Opportunity: Learn why Anson Funds believes the U.S. cannabis sector could see a 400% move in a few years. Moez breaks down the DEA's descheduling process and the elimination of the restrictive 280E tax code. • Software and Activism: Why the indiscriminate selling of software stocks has created a massive opportunity for free cash flow investors and activist campaigns. • Navigating Emerging Tech: A candid assessment of AI, Space, and Quantum technologies. Moez explains why Quantum is facing a massive discount rate and why investors should be wary of the "me-too" space stocks. • Crypto & Private Credit: Insights from the recent Trump Crypto Conference and why the extreme negative sentiment around private credit makes its 10-15% yields highly attractive. Follow Moez Kassam on Instagram: @munchingmoez Follow Moez Kassam on X: https://x.com/MunchingMoez Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps: 00:00 Intro 02:10 SpaceX IPO Setup 05:49 Index Inclusion Trade 07:21 S-1 Filing Reality Check 08:32 Elon Rolls Up Businesses 12:12 Shorting Space Me Toos 13:35 AI, Space, Quantum Hype 16:18 Software Selloff and Activism 18:42 Cannabis Contrarian Bet 21:44 Descheduling Mechanics 24:30 AI & Semis: Crowded Trade? 26:10 Crypto Mood Shift 29:29 Media Activism Plays 31:16 Software Cash Flow vs Hype 34:49 Measuring Market Sentiment 37:51 Bitcoin Crowd Psychology 40:06 Shipping and Energy Contrarian 41:16 Canada: Gold & Oil Pulse 43:35 Process Over Predictions 45:50 Private Credit Negativity 46:34 Outro Monetary Matters is now streaming daily as part of Monitoring the Situation. Join us live on X and YouTube from 4 to 5 PM ET Monday through Friday @MTSlive for live interviews and analysis breaking down the market’s most important situations. This is recording of a recent live interview from MTS.


Hosts Jack Farley and Max Wiethe are joined by Moez Kassam, the Chief Investment Officer of Anson Funds. Moez breaks down his strategy for generating alpha by acting as a contrarian and fading the crowd during times of rampant market speculation.

In this episode, we cover:

• The SpaceX IPO Rumors: Moez discusses the potential mechanics of the largest expected IPO in history and the rumors of early investor unlocks. He also details the "Day 9" trading strategy surrounding Nasdaq index inclusion.

• The Massive Cannabis Opportunity: Learn why Anson Funds believes the U.S. cannabis sector could see a 400% move in a few years. Moez breaks down the DEA's descheduling process and the elimination of the restrictive 280E tax code.

• Software and Activism: Why the indiscriminate selling of software stocks has created a massive opportunity for free cash flow investors and activist campaigns.

• Navigating Emerging Tech: A candid assessment of AI, Space, and Quantum technologies. Moez explains why Quantum is facing a massive discount rate and why investors should be wary of the "me-too" space stocks.

• Crypto & Private Credit: Insights from the recent Trump Crypto Conference and why the extreme negative sentiment around private credit makes its 10-15% yields highly attractive.


Follow Moez Kassam on Instagram: @munchingmoez


Follow Moez Kassam on X: https://x.com/MunchingMoez

Follow Max on X: https://x.com/maxwiethe


Follow Other People’s Money on:


Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR

X https://x.com/opmpod


Timestamps:

00:00 Intro

02:10 SpaceX IPO Setup

05:49 Index Inclusion Trade

07:21 S-1 Filing Reality Check

08:32 Elon Rolls Up Businesses

12:12 Shorting Space Me Toos

13:35 AI, Space, Quantum Hype

16:18 Software Selloff and Activism

18:42 Cannabis Contrarian Bet

21:44 Descheduling Mechanics

24:30 AI & Semis: Crowded Trade?

26:10 Crypto Mood Shift

29:29 Media Activism Plays

31:16 Software Cash Flow vs Hype

34:49 Measuring Market Sentiment

37:51 Bitcoin Crowd Psychology

40:06 Shipping and Energy Contrarian

41:16 Canada: Gold & Oil Pulse

43:35 Process Over Predictions

45:50 Private Credit Negativity

46:34 Outro

]]> 2802 no From Soros to Old Farm: How to Identify the Market’s Top Thematic Risk-Takers | Kieran Cavanna | Old Farm Partners This episode is brought to you by CAIA.nxt. Learn more about their alternatives education courses for investment advisors and get 10% off with code MMTEN: https://caia.org/content/welcome-monetary-matters-and-other-peoples-money-listeners Kieran Cavanna, the founder and CIO of Old Farm Partners and former head of external managers at Soros Fund Management joins Other People’s Money to break down his high-conviction approach to thematic investing, explaining why "making the main thing the main thing" is the secret to capturing outsized returns in the public markets. From his time working under legendary macro investor Scott Bessent to his current focus at Old Farm Partners, Kieran shares how he identifies "asymmetric" opportunities where the upside is massive and the downside is protected. If you've ever wondered how the world’s most sophisticated allocators source managers and structure co-investments to beat the market, this is an interview you can't miss. Listen to the Thematic Investors Podcast: https://www.youtube.com/playlist?list=PLTSvmgAOiFVttgxmUaO4hSgMxutOwyS9T Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps: 00:00 Intro 01:17 Soros External Managers 03:36 What Makes Great Managers 07:01 Spotting Skill Vs Luck 08:47 Risk Management 12:37 Geography and Benchmarks 15:21 Style Drift and Communication 18:57 Fees and Multi Strat Debate 22:30 Spinouts and Independence 26:47 Co-Investing in Public Markets 30:06 Allocator Base and Drawdown Focus 31:12 Family Office Allocators 32:13 Private Credit Shift 36:57 Big Launches Small Wins 38:40 AI CapEx Main Event 41:26 Defense Tech Next Theme 42:44 Asymmetry Not Binary 44:51 Cross Sector Blind Spots 49:51 Crowded Trades Unwind 52:58 Macro Themes Bottom Up 57:37 Risks and Hedging 59:42 Thematic Investors Podcast Wed, 29 Apr 2026 10:30:00 -0000 full Jack Farley This episode is brought to you by CAIA.nxt. Learn more about their alternatives education courses for investment advisors and get 10% off with code MMTEN: https://caia.org/content/welcome-monetary-matters-and-other-peoples-money-listeners Kieran Cavanna, the founder and CIO of Old Farm Partners and former head of external managers at Soros Fund Management joins Other People’s Money to break down his high-conviction approach to thematic investing, explaining why "making the main thing the main thing" is the secret to capturing outsized returns in the public markets. From his time working under legendary macro investor Scott Bessent to his current focus at Old Farm Partners, Kieran shares how he identifies "asymmetric" opportunities where the upside is massive and the downside is protected. If you've ever wondered how the world’s most sophisticated allocators source managers and structure co-investments to beat the market, this is an interview you can't miss. Listen to the Thematic Investors Podcast: https://www.youtube.com/playlist?list=PLTSvmgAOiFVttgxmUaO4hSgMxutOwyS9T Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps: 00:00 Intro 01:17 Soros External Managers 03:36 What Makes Great Managers 07:01 Spotting Skill Vs Luck 08:47 Risk Management 12:37 Geography and Benchmarks 15:21 Style Drift and Communication 18:57 Fees and Multi Strat Debate 22:30 Spinouts and Independence 26:47 Co-Investing in Public Markets 30:06 Allocator Base and Drawdown Focus 31:12 Family Office Allocators 32:13 Private Credit Shift 36:57 Big Launches Small Wins 38:40 AI CapEx Main Event 41:26 Defense Tech Next Theme 42:44 Asymmetry Not Binary 44:51 Cross Sector Blind Spots 49:51 Crowded Trades Unwind 52:58 Macro Themes Bottom Up 57:37 Risks and Hedging 59:42 Thematic Investors Podcast This episode is brought to you by CAIA.nxt. Learn more about their alternatives education courses for investment advisors and get 10% off with code MMTEN: https://caia.org/content/welcome-monetary-matters-and-other-peoples-money-listeners


Kieran Cavanna, the founder and CIO of Old Farm Partners and former head of external managers at Soros Fund Management joins Other People’s Money to break down his high-conviction approach to thematic investing, explaining why "making the main thing the main thing" is the secret to capturing outsized returns in the public markets. From his time working under legendary macro investor Scott Bessent to his current focus at Old Farm Partners, Kieran shares how he identifies "asymmetric" opportunities where the upside is massive and the downside is protected. If you've ever wondered how the world’s most sophisticated allocators source managers and structure co-investments to beat the market, this is an interview you can't miss.


Listen to the Thematic Investors Podcast: https://www.youtube.com/playlist?list=PLTSvmgAOiFVttgxmUaO4hSgMxutOwyS9T


Follow Max on X: https://x.com/maxwiethe


Follow Other People’s Money on:


Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR

X https://x.com/opmpod


Timestamps:

00:00 Intro

01:17 Soros External Managers

03:36 What Makes Great Managers

07:01 Spotting Skill Vs Luck

08:47 Risk Management

12:37 Geography and Benchmarks

15:21 Style Drift and Communication

18:57 Fees and Multi Strat Debate

22:30 Spinouts and Independence

26:47 Co-Investing in Public Markets

30:06 Allocator Base and Drawdown Focus

31:12 Family Office Allocators

32:13 Private Credit Shift

36:57 Big Launches Small Wins

38:40 AI CapEx Main Event

41:26 Defense Tech Next Theme

42:44 Asymmetry Not Binary

44:51 Cross Sector Blind Spots

49:51 Crowded Trades Unwind

52:58 Macro Themes Bottom Up

57:37 Risks and Hedging

59:42 Thematic Investors Podcast

]]> 3673 no “Overblown” Sell-off in Software Loans | Matthew Bloomfield on Public BDCs (Business Development Companies) and Collateralized Loan Obligations (CLOs) This episode is brought to you by CAIA.nxt. Learn more about their alternatives education courses for investment advisors and get 10% off with code MMTEN: https://caia.org/content/welcome-monetary-matters-and-other-peoples-money-listeners   Matthew Bloomfield, President of Palmer Square Capital BDC, joins Jack to discuss structured credit markets. With fears rising over private credit defaults, it is important to listen to voices like Matthew. Matthew dives deep into the nuances of business development companies (BDCs), collateralized loan obligations, A.I. disruption, and private credit. He brings with him years of domain specific expertise on credit markets and is an incredible resource for those looking to become more acquainted with the minutiae of the credit industry. Recorded on April 14th, 2026.   Follow Jack Farley on Twitter https://x.com/jackfarley96 Follow Matthew Bloomfield on LinkedIn https://www.linkedin.com/in/matt-bloomfield-66433932/   Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Sun, 26 Apr 2026 01:24:00 -0000 full Jack Farley This episode is brought to you by CAIA.nxt. Learn more about their alternatives education courses for investment advisors and get 10% off with code MMTEN: https://caia.org/content/welcome-monetary-matters-and-other-peoples-money-listeners   Matthew Bloomfield, President of Palmer Square Capital BDC, joins Jack to discuss structured credit markets. With fears rising over private credit defaults, it is important to listen to voices like Matthew. Matthew dives deep into the nuances of business development companies (BDCs), collateralized loan obligations, A.I. disruption, and private credit. He brings with him years of domain specific expertise on credit markets and is an incredible resource for those looking to become more acquainted with the minutiae of the credit industry. Recorded on April 14th, 2026.   Follow Jack Farley on Twitter https://x.com/jackfarley96 Follow Matthew Bloomfield on LinkedIn https://www.linkedin.com/in/matt-bloomfield-66433932/   Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez This episode is brought to you by CAIA.nxt. Learn more about their alternatives education courses for investment advisors and get 10% off with code MMTEN: https://caia.org/content/welcome-monetary-matters-and-other-peoples-money-listeners

 

Matthew Bloomfield, President of Palmer Square Capital BDC, joins Jack to discuss structured credit markets. With fears rising over private credit defaults, it is important to listen to voices like Matthew. Matthew dives deep into the nuances of business development companies (BDCs), collateralized loan obligations, A.I. disruption, and private credit. He brings with him years of domain specific expertise on credit markets and is an incredible resource for those looking to become more acquainted with the minutiae of the credit industry. Recorded on April 14th, 2026.

 

Follow Jack Farley on Twitter https://x.com/jackfarley96

Follow Matthew Bloomfield on LinkedIn https://www.linkedin.com/in/matt-bloomfield-66433932/

 

Follow Monetary Matters on:

Apple Podcasts https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

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]]> 4249 Navigating the SaaS Apocalypse: Why AI Disruption is Mispriced | Deiya Pernas | Pernas Research Monetary Matters listeners can save 20% on their first-year subscription to Pernas Research: http://pernasresearch.com/monetarymatters Software stocks have plummeted as the market prices in existential threats from AI capabilities and the rise of "vibe coding". In this episode, Deiya Pernas of Pernas Research explains why he believes the market is entirely misjudging the resilience of smaller SaaS companies. He argues that real-world integrations, enterprise-grade security, and privileged API access create powerful moats that simple code generation cannot easily replace. Pernas also reveals a previously multi-billion-dollar enterprise company that he sees 100% upside in over the next 12 months. Tune in to discover how to navigate the current "SaaS apocalypse" and identify mispriced opportunities in the market. Follow Pernas Research on X: https://x.com/pernasresearch Follow Max Wiethe on X: https://x.com/maxwiethe Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 SaaS Apocalypse Setup 00:43 Pernas Research Offer 02:02 Software’s Second Leg Down 04:21 What Really Disrupts 07:23 Spotting Real Pivots 08:58 Valuations Hit 3x EV/Sales 11:27 When Sentiment Flips 14:03 Real World SaaS Focus 15:32 Vibe Coding Reality Check 17:52 Research Tools and Hiring 19:09 Pernas Research Offer 22:57 Sprout Social Pitch 25:37 Moat via API Access 28:12 Competition and TAM 32:16 Sprout Growth Outlook Ahead 33:49 Stock Comp Debate 36:57 3 More Bullish Stocks 38:33 Xometry Marketplace Explained 44:57 Xometry Scaling and Profit Path 46:04 Remitly vs. Wise 49:11 Migration Theme and Risks 52:29 Policy Shock and Risk Mindset 55:22 Portfolio Volatility Playbook 59:11 Conclusion Sun, 19 Apr 2026 13:00:00 -0000 full Jack Farley Monetary Matters listeners can save 20% on their first-year subscription to Pernas Research: http://pernasresearch.com/monetarymatters Software stocks have plummeted as the market prices in existential threats from AI capabilities and the rise of "vibe coding". In this episode, Deiya Pernas of Pernas Research explains why he believes the market is entirely misjudging the resilience of smaller SaaS companies. He argues that real-world integrations, enterprise-grade security, and privileged API access create powerful moats that simple code generation cannot easily replace. Pernas also reveals a previously multi-billion-dollar enterprise company that he sees 100% upside in over the next 12 months. Tune in to discover how to navigate the current "SaaS apocalypse" and identify mispriced opportunities in the market. Follow Pernas Research on X: https://x.com/pernasresearch Follow Max Wiethe on X: https://x.com/maxwiethe Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 SaaS Apocalypse Setup 00:43 Pernas Research Offer 02:02 Software’s Second Leg Down 04:21 What Really Disrupts 07:23 Spotting Real Pivots 08:58 Valuations Hit 3x EV/Sales 11:27 When Sentiment Flips 14:03 Real World SaaS Focus 15:32 Vibe Coding Reality Check 17:52 Research Tools and Hiring 19:09 Pernas Research Offer 22:57 Sprout Social Pitch 25:37 Moat via API Access 28:12 Competition and TAM 32:16 Sprout Growth Outlook Ahead 33:49 Stock Comp Debate 36:57 3 More Bullish Stocks 38:33 Xometry Marketplace Explained 44:57 Xometry Scaling and Profit Path 46:04 Remitly vs. Wise 49:11 Migration Theme and Risks 52:29 Policy Shock and Risk Mindset 55:22 Portfolio Volatility Playbook 59:11 Conclusion Monetary Matters listeners can save 20% on their first-year subscription to Pernas Research: http://pernasresearch.com/monetarymatters


Software stocks have plummeted as the market prices in existential threats from AI capabilities and the rise of "vibe coding". In this episode, Deiya Pernas of Pernas Research explains why he believes the market is entirely misjudging the resilience of smaller SaaS companies. He argues that real-world integrations, enterprise-grade security, and privileged API access create powerful moats that simple code generation cannot easily replace. Pernas also reveals a previously multi-billion-dollar enterprise company that he sees 100% upside in over the next 12 months. Tune in to discover how to navigate the current "SaaS apocalypse" and identify mispriced opportunities in the market.


Follow Pernas Research on X: https://x.com/pernasresearch

Follow Max Wiethe on X: https://x.com/maxwiethe


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


Timestamps:

00:00 SaaS Apocalypse Setup

00:43 Pernas Research Offer

02:02 Software’s Second Leg Down

04:21 What Really Disrupts

07:23 Spotting Real Pivots

08:58 Valuations Hit 3x EV/Sales

11:27 When Sentiment Flips

14:03 Real World SaaS Focus

15:32 Vibe Coding Reality Check

17:52 Research Tools and Hiring

19:09 Pernas Research Offer

22:57 Sprout Social Pitch

25:37 Moat via API Access

28:12 Competition and TAM

32:16 Sprout Growth Outlook Ahead

33:49 Stock Comp Debate

36:57 3 More Bullish Stocks

38:33 Xometry Marketplace Explained

44:57 Xometry Scaling and Profit Path

46:04 Remitly vs. Wise

49:11 Migration Theme and Risks

52:29 Policy Shock and Risk Mindset

55:22 Portfolio Volatility Playbook

59:11 Conclusion

]]> 3717 no Banks' “Considerable” Exposure to Private Credit | Chris Whalen on Banks’ Loans to NBFIs, Plus CRE, Gold, and Payments Learn More About Unlimited HFGM Global Macro ETF $HFGM: https://unlimitedetfs.com/hfgm In this episode, banking specialist Chris Whalen joins Jack to unpack the hidden risks within recent bank earnings, focusing heavily on the sector's exposure to private credit and non-depository financial institutions. Chris explains how the widespread use of off-balance-sheet special purpose vehicles obscures the true level of risk, warning that regional banks could face significant pain as troubled private credit debt is forced into equity. The conversation also explores the ongoing turmoil in commercial real estate, noting that while premium properties remain insulated, older buildings and specific markets like Chicago are suffering steep valuation discounts. Shifting to asset protection, Chris details his bullish stance on precious metals, highlighting gold as a crucial global monetary trade and silver as an industrial necessity currently facing acute supply shortages. Recorded April 17, 2026. Follow Chris Whalen on X https://x.com/rcwhalen Follow Jack Farley on X https://x.com/jackfarley96  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Disclaimer for today’s sponsor, Unlimited HFGM Global Macro ETF $HFGM: Past performance is not indicative of future results. An investment should not be made based solely on returns. Before investing you should carefully consider the Fund’s investment objectives, risks, charges, and expenses. This and other information is in the prospectus. Please read the prospectus carefully before you invest which can be found on unlimitedetfs.com/HFGM.  Distributed by Foreside Fund Services, LLC Sat, 18 Apr 2026 15:32:00 -0000 full Jack Farley Learn More About Unlimited HFGM Global Macro ETF $HFGM: https://unlimitedetfs.com/hfgm In this episode, banking specialist Chris Whalen joins Jack to unpack the hidden risks within recent bank earnings, focusing heavily on the sector's exposure to private credit and non-depository financial institutions. Chris explains how the widespread use of off-balance-sheet special purpose vehicles obscures the true level of risk, warning that regional banks could face significant pain as troubled private credit debt is forced into equity. The conversation also explores the ongoing turmoil in commercial real estate, noting that while premium properties remain insulated, older buildings and specific markets like Chicago are suffering steep valuation discounts. Shifting to asset protection, Chris details his bullish stance on precious metals, highlighting gold as a crucial global monetary trade and silver as an industrial necessity currently facing acute supply shortages. Recorded April 17, 2026. Follow Chris Whalen on X https://x.com/rcwhalen Follow Jack Farley on X https://x.com/jackfarley96  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Disclaimer for today’s sponsor, Unlimited HFGM Global Macro ETF $HFGM: Past performance is not indicative of future results. An investment should not be made based solely on returns. Before investing you should carefully consider the Fund’s investment objectives, risks, charges, and expenses. This and other information is in the prospectus. Please read the prospectus carefully before you invest which can be found on unlimitedetfs.com/HFGM.  Distributed by Foreside Fund Services, LLC Learn More About Unlimited HFGM Global Macro ETF $HFGM: https://unlimitedetfs.com/hfgm


In this episode, banking specialist Chris Whalen joins Jack to unpack the hidden risks within recent bank earnings, focusing heavily on the sector's exposure to private credit and non-depository financial institutions. Chris explains how the widespread use of off-balance-sheet special purpose vehicles obscures the true level of risk, warning that regional banks could face significant pain as troubled private credit debt is forced into equity. The conversation also explores the ongoing turmoil in commercial real estate, noting that while premium properties remain insulated, older buildings and specific markets like Chicago are suffering steep valuation discounts. Shifting to asset protection, Chris details his bullish stance on precious metals, highlighting gold as a crucial global monetary trade and silver as an industrial necessity currently facing acute supply shortages. Recorded April 17, 2026.


Follow Chris Whalen on X https://x.com/rcwhalen

Follow Jack Farley on X https://x.com/jackfarley96


 Follow Monetary Matters on:

Apple Podcasts https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


Disclaimer for today’s sponsor, Unlimited HFGM Global Macro ETF $HFGM:

Past performance is not indicative of future results. An investment should not be made based solely on returns. Before investing you should carefully consider the Fund’s investment objectives, risks, charges, and expenses. This and other information is in the prospectus. Please read the prospectus carefully before you invest which can be found on unlimitedetfs.com/HFGM.  Distributed by Foreside Fund Services, LLC

]]> 3211 Financial Repression, Pt. 1 | Professor Hanno Lustig on Hidden Taxes, Fiscal Sustainability, and Japan’s Debt Puzzle Learn More About Unlimited HFGM Global Macro ETF $HFGM: https://unlimitedetfs.com/hfgm In this episode of Monetary Matters, Stanford University finance professor Hanno Lustig dives deep into the hidden mechanics of financial repression and fiscal sustainability. Professor Lustig explains how governments historically use financial repression to fund themselves at artificially low interest rates, shifting the economic burden away from taxpayers and onto everyday bondholders and savers. The conversation then centers on Japan's debt puzzle, exploring how the nation has sustained a debt-to-GDP ratio of over 200% without triggering a severe fiscal crisis. By consolidating the balance sheets of the Japanese government and the Bank of Japan, Lustig reveals that the public sector has been executing a massive, highly leveraged carry trade. This bold strategy involves funding operations by issuing bank reserves at near-zero interest rates and reinvesting those funds into higher-yielding foreign currencies and risky global equities. While this financial engineering has generated immense returns for the government, it operates as a hidden, regressive tax that heavily penalizes financially unsophisticated citizens who hold basic bank deposits. Finally, as inflation forces the Bank of Japan to abandon yield curve control and raise interest rates, Lustig warns that this carry trade could violently unravel, offering a cautionary tale for other indebted Western economies. Recorded April 8, 2026. Hanno Lustig’s Research discussed in interview: “What About Japan?”: https://www.nber.org/papers/w31850 “Japan’s Debt Puzzle: Sovereign Wealth Fund from Borrowed Money”: https://www.aeaweb.org/articles?id=10.1257/jep.20251452 “Safe until crisis: What 300 years of wars reveal about government debt safety”: https://cepr.org/voxeu/columns/safe-until-crisis-what-300-years-wars-reveal-about-government-debt-safety Hanno’s ‘Stack: https://thetwocents.substack.com/ Follow Hanno Lustig on X https://x.com/HannoLustig Follow Jack Farley on https://x.com/jackfarley96  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Disclaimer for today’s sponsor, Unlimited HFGM Global Macro ETF $HFGM: Past performance is not indicative of future results. An investment should not be made based solely on returns. Before investing you should carefully consider the Fund’s investment objectives, risks, charges, and expenses. This and other information is in the prospectus. Please read the prospectus carefully before you invest which can be found on unlimitedetfs.com/HFGM.  Distributed by Foreside Fund Services, LLC Wed, 15 Apr 2026 11:41:00 -0000 full Jack Farley Learn More About Unlimited HFGM Global Macro ETF $HFGM: https://unlimitedetfs.com/hfgm In this episode of Monetary Matters, Stanford University finance professor Hanno Lustig dives deep into the hidden mechanics of financial repression and fiscal sustainability. Professor Lustig explains how governments historically use financial repression to fund themselves at artificially low interest rates, shifting the economic burden away from taxpayers and onto everyday bondholders and savers. The conversation then centers on Japan's debt puzzle, exploring how the nation has sustained a debt-to-GDP ratio of over 200% without triggering a severe fiscal crisis. By consolidating the balance sheets of the Japanese government and the Bank of Japan, Lustig reveals that the public sector has been executing a massive, highly leveraged carry trade. This bold strategy involves funding operations by issuing bank reserves at near-zero interest rates and reinvesting those funds into higher-yielding foreign currencies and risky global equities. While this financial engineering has generated immense returns for the government, it operates as a hidden, regressive tax that heavily penalizes financially unsophisticated citizens who hold basic bank deposits. Finally, as inflation forces the Bank of Japan to abandon yield curve control and raise interest rates, Lustig warns that this carry trade could violently unravel, offering a cautionary tale for other indebted Western economies. Recorded April 8, 2026. Hanno Lustig’s Research discussed in interview: “What About Japan?”: https://www.nber.org/papers/w31850 “Japan’s Debt Puzzle: Sovereign Wealth Fund from Borrowed Money”: https://www.aeaweb.org/articles?id=10.1257/jep.20251452 “Safe until crisis: What 300 years of wars reveal about government debt safety”: https://cepr.org/voxeu/columns/safe-until-crisis-what-300-years-wars-reveal-about-government-debt-safety Hanno’s ‘Stack: https://thetwocents.substack.com/ Follow Hanno Lustig on X https://x.com/HannoLustig Follow Jack Farley on https://x.com/jackfarley96  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Disclaimer for today’s sponsor, Unlimited HFGM Global Macro ETF $HFGM: Past performance is not indicative of future results. An investment should not be made based solely on returns. Before investing you should carefully consider the Fund’s investment objectives, risks, charges, and expenses. This and other information is in the prospectus. Please read the prospectus carefully before you invest which can be found on unlimitedetfs.com/HFGM.  Distributed by Foreside Fund Services, LLC Learn More About Unlimited HFGM Global Macro ETF $HFGM: https://unlimitedetfs.com/hfgm

In this episode of Monetary Matters, Stanford University finance professor Hanno Lustig dives deep into the hidden mechanics of financial repression and fiscal sustainability. Professor Lustig explains how governments historically use financial repression to fund themselves at artificially low interest rates, shifting the economic burden away from taxpayers and onto everyday bondholders and savers. The conversation then centers on Japan's debt puzzle, exploring how the nation has sustained a debt-to-GDP ratio of over 200% without triggering a severe fiscal crisis. By consolidating the balance sheets of the Japanese government and the Bank of Japan, Lustig reveals that the public sector has been executing a massive, highly leveraged carry trade. This bold strategy involves funding operations by issuing bank reserves at near-zero interest rates and reinvesting those funds into higher-yielding foreign currencies and risky global equities. While this financial engineering has generated immense returns for the government, it operates as a hidden, regressive tax that heavily penalizes financially unsophisticated citizens who hold basic bank deposits. Finally, as inflation forces the Bank of Japan to abandon yield curve control and raise interest rates, Lustig warns that this carry trade could violently unravel, offering a cautionary tale for other indebted Western economies. Recorded April 8, 2026.


Hanno Lustig’s Research discussed in interview: “What About Japan?”: https://www.nber.org/papers/w31850

“Japan’s Debt Puzzle: Sovereign Wealth Fund from Borrowed Money”:

https://www.aeaweb.org/articles?id=10.1257/jep.20251452

“Safe until crisis: What 300 years of wars reveal about government debt safety”:

https://cepr.org/voxeu/columns/safe-until-crisis-what-300-years-wars-reveal-about-government-debt-safety

Hanno’s ‘Stack: https://thetwocents.substack.com/


Follow Hanno Lustig on X https://x.com/HannoLustig

Follow Jack Farley on https://x.com/jackfarley96


 Follow Monetary Matters on:

Apple Podcasts https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

Disclaimer for today’s sponsor, Unlimited HFGM Global Macro ETF $HFGM:

Past performance is not indicative of future results. An investment should not be made based solely on returns. Before investing you should carefully consider the Fund’s investment objectives, risks, charges, and expenses. This and other information is in the prospectus. Please read the prospectus carefully before you invest which can be found on unlimitedetfs.com/HFGM.  Distributed by Foreside Fund Services, LLC

]]> 5403 "I Don't Believe the Stagflation Narrative": How the Strong Consumer and AI Tailwinds Shape Sean Emory's Bullish Blueprint | Avory & Co This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS): https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm Pictet AI Enhanced International Equity ETF (PQNT): https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm In this episode of the OPM podcast, Avery and Co. founder Sean Emory explains why he firmly rejects the stagflation narrative and believes the consumer remains in fine shape. Emory argues that despite the psychological impact of higher gas prices, strong tax refunds and a stable housing market are continuing to support consistent consumer spending. He breaks down how this stable macroeconomic view aligns with his fundamental investment approach, detailing high-conviction bets on consumer-oriented companies like Clear Secure and First Watch. The conversation also explores how Emory leverages these macro insights alongside bottom-up analysis to identify long-term value in technology platforms such as Block, Zoom, and Omnicell. Listen to Avory’s Podcast here: https://www.avory.xyz/insidescooppodcast Follow Sean Emory on X: https://x.com/_SeanDavid Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps: 00:00 Intro 01:26 Avery Investing Style 02:56 Oil Shock Consumer Check 06:27 Housing Inflation Outlook 10:37 K Shaped Economy 13:50 AI, Employment, and Flows 18:06 Pictet AI-Enhanced Equity ETFs 19:41 Using AI for Investment Research 28:12 How AI is Making Trading More Short Term 31:09 Block ($XYZ) Investment Thesis 36:26 Zoom ($ZM) Investment Thesis 43:35 Defining Small Caps 45:57 Omnicell ($OMCL) Investment Thesis 53:42 Zillow ($Z) and Airbnb ($ABNB) Investment Thesis 54:58 Zillow Flywheel Explained 01:02:02 Housing Catalysts 01:04:30 Waiting Out AI Valuations 01:07:31 SpaceX IPO Speculation 01:09:31 Outro Tue, 14 Apr 2026 14:00:00 -0000 full Jack Farley This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS): https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm Pictet AI Enhanced International Equity ETF (PQNT): https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm In this episode of the OPM podcast, Avery and Co. founder Sean Emory explains why he firmly rejects the stagflation narrative and believes the consumer remains in fine shape. Emory argues that despite the psychological impact of higher gas prices, strong tax refunds and a stable housing market are continuing to support consistent consumer spending. He breaks down how this stable macroeconomic view aligns with his fundamental investment approach, detailing high-conviction bets on consumer-oriented companies like Clear Secure and First Watch. The conversation also explores how Emory leverages these macro insights alongside bottom-up analysis to identify long-term value in technology platforms such as Block, Zoom, and Omnicell. Listen to Avory’s Podcast here: https://www.avory.xyz/insidescooppodcast Follow Sean Emory on X: https://x.com/_SeanDavid Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps: 00:00 Intro 01:26 Avery Investing Style 02:56 Oil Shock Consumer Check 06:27 Housing Inflation Outlook 10:37 K Shaped Economy 13:50 AI, Employment, and Flows 18:06 Pictet AI-Enhanced Equity ETFs 19:41 Using AI for Investment Research 28:12 How AI is Making Trading More Short Term 31:09 Block ($XYZ) Investment Thesis 36:26 Zoom ($ZM) Investment Thesis 43:35 Defining Small Caps 45:57 Omnicell ($OMCL) Investment Thesis 53:42 Zillow ($Z) and Airbnb ($ABNB) Investment Thesis 54:58 Zillow Flywheel Explained 01:02:02 Housing Catalysts 01:04:30 Waiting Out AI Valuations 01:07:31 SpaceX IPO Speculation 01:09:31 Outro This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs.


Pictet AI Enhanced US Equity ETF (PQUS):

https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm


Pictet AI Enhanced International Equity ETF (PQNT):

https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm


In this episode of the OPM podcast, Avery and Co. founder Sean Emory explains why he firmly rejects the stagflation narrative and believes the consumer remains in fine shape. Emory argues that despite the psychological impact of higher gas prices, strong tax refunds and a stable housing market are continuing to support consistent consumer spending. He breaks down how this stable macroeconomic view aligns with his fundamental investment approach, detailing high-conviction bets on consumer-oriented companies like Clear Secure and First Watch. The conversation also explores how Emory leverages these macro insights alongside bottom-up analysis to identify long-term value in technology platforms such as Block, Zoom, and Omnicell.


Listen to Avory’s Podcast here: https://www.avory.xyz/insidescooppodcast


Follow Sean Emory on X: https://x.com/_SeanDavid

Follow Max on X: https://x.com/maxwiethe


Follow Other People’s Money on:


Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR

X https://x.com/opmpod


Timestamps:

00:00 Intro

01:26 Avery Investing Style

02:56 Oil Shock Consumer Check

06:27 Housing Inflation Outlook

10:37 K Shaped Economy

13:50 AI, Employment, and Flows

18:06 Pictet AI-Enhanced Equity ETFs

19:41 Using AI for Investment Research

28:12 How AI is Making Trading More Short Term

31:09 Block ($XYZ) Investment Thesis

36:26 Zoom ($ZM) Investment Thesis

43:35 Defining Small Caps

45:57 Omnicell ($OMCL) Investment Thesis

53:42 Zillow ($Z) and Airbnb ($ABNB) Investment Thesis

54:58 Zillow Flywheel Explained

01:02:02 Housing Catalysts

01:04:30 Waiting Out AI Valuations

01:07:31 SpaceX IPO Speculation

01:09:31 Outro

]]> 4231 no "The Best Time to Invest": How AI Disruption is Reshaping Software Valuations | Ben Topor | Titan Capital Partners This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS): https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm Pictet AI Enhanced International Equity ETF (PQNT): https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm Max Wiethe sits down with Ben Topor, founder of Titan Capital Partners and author of Decoding the Software Landscape, to unpack the seismic shifts happening in the tech investment world. Topor explains how AI is commoditizing the software application layer and shares why the recent correction in software valuations makes this a prime time to invest. The conversation also delves into the booming secondary market, the structural differences between US and Israeli tech hubs, and how startups can build unbreachable AI-proof moats through distribution and proprietary data. Finally, Topor reveals the strategic tactics founders use to outmaneuver tech giants by moving in silence and misdirecting competitors. Follow Ben Topor: https://x.com/ben_topor Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps: 00:00 Intro 02:10 Mapping the Software Landscape 03:45 What AI Changes in Software 09:13 AI Led M&A Wave 13:36 Valuations and Timing 15:34 Secondaries Liquidity Thesis 17:33 Pictet AI-Enhanced Equity ETFs 19:08 How Titan Buys Secondaries 21:07 Why Companies Stay Private 23:00 Finding Category Leaders 26:47 Reading Financial Symptoms 28:37 Mispriced Gems or Turnarounds? 31:25 Exit Paths Today 35:17 Investing in Israel 38:16 Cybersecurity Edge 41:08 Too Much Capital 43:38 AI Proof Moats 45:17 What Counts as Data 46:40 Private Credit Risks 50:36 Down Rounds Reframed 53:51 Titan’s Value Add 57:18 Competitive Maneuvering 01:02:37 Conclusion Thu, 09 Apr 2026 13:00:00 -0000 full Jack Farley This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS): https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm Pictet AI Enhanced International Equity ETF (PQNT): https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm Max Wiethe sits down with Ben Topor, founder of Titan Capital Partners and author of Decoding the Software Landscape, to unpack the seismic shifts happening in the tech investment world. Topor explains how AI is commoditizing the software application layer and shares why the recent correction in software valuations makes this a prime time to invest. The conversation also delves into the booming secondary market, the structural differences between US and Israeli tech hubs, and how startups can build unbreachable AI-proof moats through distribution and proprietary data. Finally, Topor reveals the strategic tactics founders use to outmaneuver tech giants by moving in silence and misdirecting competitors. Follow Ben Topor: https://x.com/ben_topor Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps: 00:00 Intro 02:10 Mapping the Software Landscape 03:45 What AI Changes in Software 09:13 AI Led M&A Wave 13:36 Valuations and Timing 15:34 Secondaries Liquidity Thesis 17:33 Pictet AI-Enhanced Equity ETFs 19:08 How Titan Buys Secondaries 21:07 Why Companies Stay Private 23:00 Finding Category Leaders 26:47 Reading Financial Symptoms 28:37 Mispriced Gems or Turnarounds? 31:25 Exit Paths Today 35:17 Investing in Israel 38:16 Cybersecurity Edge 41:08 Too Much Capital 43:38 AI Proof Moats 45:17 What Counts as Data 46:40 Private Credit Risks 50:36 Down Rounds Reframed 53:51 Titan’s Value Add 57:18 Competitive Maneuvering 01:02:37 Conclusion This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs.


Pictet AI Enhanced US Equity ETF (PQUS):

https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm


Pictet AI Enhanced International Equity ETF (PQNT):

https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm


Max Wiethe sits down with Ben Topor, founder of Titan Capital Partners and author of Decoding the Software Landscape, to unpack the seismic shifts happening in the tech investment world. Topor explains how AI is commoditizing the software application layer and shares why the recent correction in software valuations makes this a prime time to invest. The conversation also delves into the booming secondary market, the structural differences between US and Israeli tech hubs, and how startups can build unbreachable AI-proof moats through distribution and proprietary data. Finally, Topor reveals the strategic tactics founders use to outmaneuver tech giants by moving in silence and misdirecting competitors.


Follow Ben Topor: https://x.com/ben_topor

Follow Max on X: https://x.com/maxwiethe


Follow Other People’s Money on:


Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

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X https://x.com/opmpod


Timestamps:

00:00 Intro

02:10 Mapping the Software Landscape

03:45 What AI Changes in Software

09:13 AI Led M&A Wave

13:36 Valuations and Timing

15:34 Secondaries Liquidity Thesis

17:33 Pictet AI-Enhanced Equity ETFs

19:08 How Titan Buys Secondaries

21:07 Why Companies Stay Private

23:00 Finding Category Leaders

26:47 Reading Financial Symptoms

28:37 Mispriced Gems or Turnarounds?

31:25 Exit Paths Today

35:17 Investing in Israel

38:16 Cybersecurity Edge

41:08 Too Much Capital

43:38 AI Proof Moats

45:17 What Counts as Data

46:40 Private Credit Risks

50:36 Down Rounds Reframed

53:51 Titan’s Value Add

57:18 Competitive Maneuvering

01:02:37 Conclusion

]]> 3778 no Private Credit “Doom” Narrative On Shaky Foundation? | Michael Haynes On Why Retail Outflows Are Real But Credit Foundations Are Solid This episode is brought to you by CAIA.nxt. Learn more about their alternatives education courses for investment advisors and get 10% off with code MMTEN: https://caia.org/content/welcome-monetary-matters-and-other-peoples-money-listeners  Michael Haynes, Head of Private Credit at Beach Point Capital Management, joins Jack for a discussion of private credit. Michael explains the nuances of the asset class and why he sees panic around it as overblown. Recorded on April 2nd, 2026.   Follow Jack Farley on Twitter https://x.com/jackfarley96 Follow Michael Haynes on LinkedIn https://www.linkedin.com/in/michael-haynes-9550b295/   Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Wed, 08 Apr 2026 13:10:00 -0000 full Jack Farley This episode is brought to you by CAIA.nxt. Learn more about their alternatives education courses for investment advisors and get 10% off with code MMTEN: https://caia.org/content/welcome-monetary-matters-and-other-peoples-money-listeners  Michael Haynes, Head of Private Credit at Beach Point Capital Management, joins Jack for a discussion of private credit. Michael explains the nuances of the asset class and why he sees panic around it as overblown. Recorded on April 2nd, 2026.   Follow Jack Farley on Twitter https://x.com/jackfarley96 Follow Michael Haynes on LinkedIn https://www.linkedin.com/in/michael-haynes-9550b295/   Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez This episode is brought to you by CAIA.nxt. Learn more about their alternatives education courses for investment advisors and get 10% off with code MMTEN:

https://caia.org/content/welcome-monetary-matters-and-other-peoples-money-listeners


 Michael Haynes, Head of Private Credit at Beach Point Capital Management, joins Jack for a discussion of private credit. Michael explains the nuances of the asset class and why he sees panic around it as overblown. Recorded on April 2nd, 2026.

 

Follow Jack Farley on Twitter https://x.com/jackfarley96

Follow Michael Haynes on LinkedIn https://www.linkedin.com/in/michael-haynes-9550b295/

 

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]]> 4085 no Why Emerging Markets are Finally Outperforming Developed Markets | Robert Koenigsberger | Gramercy This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS):   https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm Pictet AI Enhanced International Equity ETF (PQNT):  https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm Emerging market outperformance is turning investors’ heads and in this episode of Other People’s Money, Robert Koenigsberger, CIO and founder of multi-billion dollar EM alternative asset manager Gramercy, explains why the macro environment has emerging markets looking more developed than some developed markets, particularly in how swiftly their central banks acted to combat inflation. He also explains how passive index investing can do damage to an emerging market portfolio and why the typical EM approach focusing on exposure is all wrong. Koenigsberger also dives into the structural advantages of emerging market private credit over its developed market counterparts, emphasizing the importance of local networks, senior secured collateral, and having a positive influence on corporate governance. Follow Robert Koenigsberger on X: https://x.com/GramercyRK Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps: 00:00 Intro 00:36 Pictet AI ETFs 01:54 How EM Investing Evolved 02:48 Why EMs Outperformed 04:08 Debt vs Equity Returns 06:09 Policy Convergence EM vs. DM 08:33 Diversifying Beyond Dollar 11:30 EM Private Credit 14:57 Pictet AI ETFs 16:32 Why Borrowers Choose Private 21:06 Defining EM Alpha 25:23 Index Construction Pitfalls 28:57 True Distress and Asymmetry 33:14 China Property Deep Value 35:15 Picking Winners at Five Cents 38:33 Sovereign Timing Checklist 40:07 Sanctions and “Uninvestibility” 43:37 Structuring Downside Control 44:58 Creditor Groups Collaboration 48:55 Restructuring Deal Template 50:23 Warrants Windfalls Risks 53:19 Governance in Private Credit 59:02 Underwriting People Networks 01:02:43 Hedging Without Shorting 01:05:49 Allocator Case for EM Credit 01:08:40 Liquidity Myths and Cycles Tue, 07 Apr 2026 13:00:00 -0000 full Jack Farley This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS):   https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm Pictet AI Enhanced International Equity ETF (PQNT):  https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm Emerging market outperformance is turning investors’ heads and in this episode of Other People’s Money, Robert Koenigsberger, CIO and founder of multi-billion dollar EM alternative asset manager Gramercy, explains why the macro environment has emerging markets looking more developed than some developed markets, particularly in how swiftly their central banks acted to combat inflation. He also explains how passive index investing can do damage to an emerging market portfolio and why the typical EM approach focusing on exposure is all wrong. Koenigsberger also dives into the structural advantages of emerging market private credit over its developed market counterparts, emphasizing the importance of local networks, senior secured collateral, and having a positive influence on corporate governance. Follow Robert Koenigsberger on X: https://x.com/GramercyRK Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps: 00:00 Intro 00:36 Pictet AI ETFs 01:54 How EM Investing Evolved 02:48 Why EMs Outperformed 04:08 Debt vs Equity Returns 06:09 Policy Convergence EM vs. DM 08:33 Diversifying Beyond Dollar 11:30 EM Private Credit 14:57 Pictet AI ETFs 16:32 Why Borrowers Choose Private 21:06 Defining EM Alpha 25:23 Index Construction Pitfalls 28:57 True Distress and Asymmetry 33:14 China Property Deep Value 35:15 Picking Winners at Five Cents 38:33 Sovereign Timing Checklist 40:07 Sanctions and “Uninvestibility” 43:37 Structuring Downside Control 44:58 Creditor Groups Collaboration 48:55 Restructuring Deal Template 50:23 Warrants Windfalls Risks 53:19 Governance in Private Credit 59:02 Underwriting People Networks 01:02:43 Hedging Without Shorting 01:05:49 Allocator Case for EM Credit 01:08:40 Liquidity Myths and Cycles This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS):  


https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm


Pictet AI Enhanced International Equity ETF (PQNT): 

https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm


Emerging market outperformance is turning investors’ heads and in this episode of Other People’s Money, Robert Koenigsberger, CIO and founder of multi-billion dollar EM alternative asset manager Gramercy, explains why the macro environment has emerging markets looking more developed than some developed markets, particularly in how swiftly their central banks acted to combat inflation. He also explains how passive index investing can do damage to an emerging market portfolio and why the typical EM approach focusing on exposure is all wrong. Koenigsberger also dives into the structural advantages of emerging market private credit over its developed market counterparts, emphasizing the importance of local networks, senior secured collateral, and having a positive influence on corporate governance.


Follow Robert Koenigsberger on X: https://x.com/GramercyRK

Follow Max on X: https://x.com/maxwiethe


Follow Other People’s Money on:


Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR

X https://x.com/opmpod


Timestamps:

00:00 Intro

00:36 Pictet AI ETFs

01:54 How EM Investing Evolved

02:48 Why EMs Outperformed

04:08 Debt vs Equity Returns

06:09 Policy Convergence EM vs. DM

08:33 Diversifying Beyond Dollar

11:30 EM Private Credit

14:57 Pictet AI ETFs

16:32 Why Borrowers Choose Private

21:06 Defining EM Alpha

25:23 Index Construction Pitfalls

28:57 True Distress and Asymmetry

33:14 China Property Deep Value

35:15 Picking Winners at Five Cents

38:33 Sovereign Timing Checklist

40:07 Sanctions and “Uninvestibility”

43:37 Structuring Downside Control

44:58 Creditor Groups Collaboration

48:55 Restructuring Deal Template

50:23 Warrants Windfalls Risks

53:19 Governance in Private Credit

59:02 Underwriting People Networks

01:02:43 Hedging Without Shorting

01:05:49 Allocator Case for EM Credit

01:08:40 Liquidity Myths and Cycles

]]> 4182 no “Books Will Be Written” About This Shipping Market | Ed Finley-Richardson of Misadventures in Shipping on War-Induced Oil Tanker Mayhem, Squeeze for Asiabound Refined Products, and Persian Gulf “Feeding Frenzy” Scenario Listeners can get 20% off Misadventures in Shipping subscriptions through April 17th here: https://edfin.substack.com/monetary Subscription includes access to Substack research pieces and private Twitter (X) account. ____ In this episode, Ed Finley-Richardson of the Misadventures in Shipping Substack joins Jack to break down how the Middle East conflict is creating unprecedented chaos (and massive profits) in the global shipping industry. With the ongoing disruptions near the Strait of Hormuz, global trade routes are being radically redrawn, forcing massive surges in spot market freight rates. Ed explains why smaller "MR" product tankers carrying refined fuels from the U.S. Gulf to Asia are currently minting fortunes, while very large crude carriers (VLCCs) prices are moderating after a surge that pre-dated the Iran War because of the aggressive actions of a certain Korean businessman. We dive deep into the specific tanker stocks positioned to capture this volatility, analyzing the fleets, corporate governance, and dividend potentials of major players like Frontline, International Seaways, and DHT Holdings. Listeners will learn about the counterintuitive economic forces unique to maritime trade, where logistical inefficiency directly drives margin expansion for shipowners. Finally, Ed lays out his "feeding frenzy" scenario—a potential massive logistical traffic jam that could occur if the straits reopen, proving exactly why books will be written about this generational shipping market. Recorded April 2, 2026. Pieces discussed from “Misadventures in Shipping”: “Bauxite (3): Why China is ‘locked in’ to Guinea as their main supplier” (March 14, 2026): https://edfin.substack.com/p/bauxite-3 “Hummus Fallout: A de facto Strait of Hormuz 'closure' is leading to a crescendo of panic” (March 6, 2026): https://edfin.substack.com/p/hummus-fallout “Atlantic MR Bonanza: Who Benefits Most?” (March 20, 2026): https://edfin.substack.com/p/atlantic-mr-bonanza-who-benefits “Iron Ore: Indexes, Inventories” (April 3, 2026): https://edfin.substack.com/p/iron-ore-indexes-inventories “DHT — How At Risk from Hormuz Fall-Out?” (March 10, 2026): https://edfin.substack.com/p/dht-how-at-risk-from-hormuz-fall “The Strait of Hormuz & Tankers (1)” (April 4, 2024): https://edfin.substack.com/p/hummus-fallout “VLCC S&P Rumor — 10 Vessels Sold” (January 7, 2024): https://edfin.substack.com/p/vlcc-s-and-p-rumor-10-vessels-sold “VLCC Period Charter Modeling” (February 26, 2026): https://edfin.substack.com/p/vlcc-period-charter-modeling Follow Ed Finley-Richardson on X https://x.com/ed_fin Follow Jack Farley on X https://x.com/jackfarley96  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5YouTube https://rb.gy/dpwxez Sat, 04 Apr 2026 06:09:00 -0000 full Jack Farley Listeners can get 20% off Misadventures in Shipping subscriptions through April 17th here: https://edfin.substack.com/monetary Subscription includes access to Substack research pieces and private Twitter (X) account. ____ In this episode, Ed Finley-Richardson of the Misadventures in Shipping Substack joins Jack to break down how the Middle East conflict is creating unprecedented chaos (and massive profits) in the global shipping industry. With the ongoing disruptions near the Strait of Hormuz, global trade routes are being radically redrawn, forcing massive surges in spot market freight rates. Ed explains why smaller "MR" product tankers carrying refined fuels from the U.S. Gulf to Asia are currently minting fortunes, while very large crude carriers (VLCCs) prices are moderating after a surge that pre-dated the Iran War because of the aggressive actions of a certain Korean businessman. We dive deep into the specific tanker stocks positioned to capture this volatility, analyzing the fleets, corporate governance, and dividend potentials of major players like Frontline, International Seaways, and DHT Holdings. Listeners will learn about the counterintuitive economic forces unique to maritime trade, where logistical inefficiency directly drives margin expansion for shipowners. Finally, Ed lays out his "feeding frenzy" scenario—a potential massive logistical traffic jam that could occur if the straits reopen, proving exactly why books will be written about this generational shipping market. Recorded April 2, 2026. Pieces discussed from “Misadventures in Shipping”: “Bauxite (3): Why China is ‘locked in’ to Guinea as their main supplier” (March 14, 2026): https://edfin.substack.com/p/bauxite-3 “Hummus Fallout: A de facto Strait of Hormuz 'closure' is leading to a crescendo of panic” (March 6, 2026): https://edfin.substack.com/p/hummus-fallout “Atlantic MR Bonanza: Who Benefits Most?” (March 20, 2026): https://edfin.substack.com/p/atlantic-mr-bonanza-who-benefits “Iron Ore: Indexes, Inventories” (April 3, 2026): https://edfin.substack.com/p/iron-ore-indexes-inventories “DHT — How At Risk from Hormuz Fall-Out?” (March 10, 2026): https://edfin.substack.com/p/dht-how-at-risk-from-hormuz-fall “The Strait of Hormuz & Tankers (1)” (April 4, 2024): https://edfin.substack.com/p/hummus-fallout “VLCC S&P Rumor — 10 Vessels Sold” (January 7, 2024): https://edfin.substack.com/p/vlcc-s-and-p-rumor-10-vessels-sold “VLCC Period Charter Modeling” (February 26, 2026): https://edfin.substack.com/p/vlcc-period-charter-modeling Follow Ed Finley-Richardson on X https://x.com/ed_fin Follow Jack Farley on X https://x.com/jackfarley96  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5YouTube https://rb.gy/dpwxez Listeners can get 20% off Misadventures in Shipping subscriptions through April 17th here:

https://edfin.substack.com/monetary


Subscription includes access to Substack research pieces and private Twitter (X) account.

____

In this episode, Ed Finley-Richardson of the Misadventures in Shipping Substack joins Jack to break down how the Middle East conflict is creating unprecedented chaos (and massive profits) in the global shipping industry. With the ongoing disruptions near the Strait of Hormuz, global trade routes are being radically redrawn, forcing massive surges in spot market freight rates. Ed explains why smaller "MR" product tankers carrying refined fuels from the U.S. Gulf to Asia are currently minting fortunes, while very large crude carriers (VLCCs) prices are moderating after a surge that pre-dated the Iran War because of the aggressive actions of a certain Korean businessman. We dive deep into the specific tanker stocks positioned to capture this volatility, analyzing the fleets, corporate governance, and dividend potentials of major players like Frontline, International Seaways, and DHT Holdings. Listeners will learn about the counterintuitive economic forces unique to maritime trade, where logistical inefficiency directly drives margin expansion for shipowners. Finally, Ed lays out his "feeding frenzy" scenario—a potential massive logistical traffic jam that could occur if the straits reopen, proving exactly why books will be written about this generational shipping market. Recorded April 2, 2026.


Pieces discussed from “Misadventures in Shipping”:

“Bauxite (3): Why China is ‘locked in’ to Guinea as their main supplier” (March 14, 2026): https://edfin.substack.com/p/bauxite-3

“Hummus Fallout: A de facto Strait of Hormuz 'closure' is leading to a crescendo of panic” (March 6, 2026):

https://edfin.substack.com/p/hummus-fallout

“Atlantic MR Bonanza: Who Benefits Most?” (March 20, 2026): https://edfin.substack.com/p/atlantic-mr-bonanza-who-benefits

“Iron Ore: Indexes, Inventories” (April 3, 2026): https://edfin.substack.com/p/iron-ore-indexes-inventories

“DHT — How At Risk from Hormuz Fall-Out?” (March 10, 2026): https://edfin.substack.com/p/dht-how-at-risk-from-hormuz-fall

“The Strait of Hormuz & Tankers (1)” (April 4, 2024): https://edfin.substack.com/p/hummus-fallout

“VLCC S&P Rumor — 10 Vessels Sold” (January 7, 2024): https://edfin.substack.com/p/vlcc-s-and-p-rumor-10-vessels-sold

“VLCC Period Charter Modeling” (February 26, 2026): https://edfin.substack.com/p/vlcc-period-charter-modeling


Follow Ed Finley-Richardson on X https://x.com/ed_fin

Follow Jack Farley on X https://x.com/jackfarley96


 Follow Monetary Matters on:

Apple Podcasts https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5
YouTube https://rb.gy/dpwxez

]]> 9262 Why $200 Oil Won’t Spike Inflation to 9% | Anna Wong on Recession Probability, PCE vs CPI, and Fed Reaction Function In A Scenario of Soaring Energy Prices This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS):   https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm Pictet AI Enhanced International Equity ETF (PQNT):  https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm In this episode of Monetary Matters, Bloomberg Chief US Economist Anna Wong explains why surging oil prices are unlikely to trigger a repeat of the 9% inflation seen in 2022. Wong argues that even if oil reaches $200 per barrel, headline CPI would likely peak near 6% before declining due to "base effects" and a lack of the excess consumer savings that fueled previous price spikes. She highlights the reality of "demand destruction," noting that sustained $100 oil would sap nearly $2,000 in spending power from the average American household. Despite these pressures, Wong does not view a recession as her base case, citing the offsetting support of expansionary fiscal policy and increased domestic production in the energy and defense sectors. The discussion also explores why the Federal Reserve should "look through" these commodity shocks, particularly as core PCE remains influenced by more persistent issues like the AI-driven memory chip shortage. Finally, Wong compares our current macro landscape to the 1970s, suggesting that while the situations "rhyme," a full repeat would require a much larger surge in government-driven demand. Recorded March 31, 2026 Follow Anna Wong on X https://x.com/AnnaEconomist Follow Jack Farley on X https://x.com/jackfarley96  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5YouTube https://rb.gy/dpwxez Wed, 01 Apr 2026 14:40:00 -0000 full Jack Farley This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS):   https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm Pictet AI Enhanced International Equity ETF (PQNT):  https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm In this episode of Monetary Matters, Bloomberg Chief US Economist Anna Wong explains why surging oil prices are unlikely to trigger a repeat of the 9% inflation seen in 2022. Wong argues that even if oil reaches $200 per barrel, headline CPI would likely peak near 6% before declining due to "base effects" and a lack of the excess consumer savings that fueled previous price spikes. She highlights the reality of "demand destruction," noting that sustained $100 oil would sap nearly $2,000 in spending power from the average American household. Despite these pressures, Wong does not view a recession as her base case, citing the offsetting support of expansionary fiscal policy and increased domestic production in the energy and defense sectors. The discussion also explores why the Federal Reserve should "look through" these commodity shocks, particularly as core PCE remains influenced by more persistent issues like the AI-driven memory chip shortage. Finally, Wong compares our current macro landscape to the 1970s, suggesting that while the situations "rhyme," a full repeat would require a much larger surge in government-driven demand. Recorded March 31, 2026 Follow Anna Wong on X https://x.com/AnnaEconomist Follow Jack Farley on X https://x.com/jackfarley96  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5YouTube https://rb.gy/dpwxez This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS):  


https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm


Pictet AI Enhanced International Equity ETF (PQNT): 

https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm


In this episode of Monetary Matters, Bloomberg Chief US Economist Anna Wong explains why surging oil prices are unlikely to trigger a repeat of the 9% inflation seen in 2022. Wong argues that even if oil reaches $200 per barrel, headline CPI would likely peak near 6% before declining due to "base effects" and a lack of the excess consumer savings that fueled previous price spikes. She highlights the reality of "demand destruction," noting that sustained $100 oil would sap nearly $2,000 in spending power from the average American household. Despite these pressures, Wong does not view a recession as her base case, citing the offsetting support of expansionary fiscal policy and increased domestic production in the energy and defense sectors. The discussion also explores why the Federal Reserve should "look through" these commodity shocks, particularly as core PCE remains influenced by more persistent issues like the AI-driven memory chip shortage. Finally, Wong compares our current macro landscape to the 1970s, suggesting that while the situations "rhyme," a full repeat would require a much larger surge in government-driven demand. Recorded March 31, 2026


Follow Anna Wong on X https://x.com/AnnaEconomist

Follow Jack Farley on X https://x.com/jackfarley96


 Follow Monetary Matters on:

Apple Podcasts https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5
YouTube https://rb.gy/dpwxez

]]> 3130 The Psychology of Market Champions: Inside the Minds of Point 72 & Citadel Portfolio Managers | Dr. Gio Valiante This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS):   https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm Pictet AI Enhanced International Equity ETF (PQNT):  https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm Join Max Wiethe on "Other People's Money" as he sits down with world-renowned performance coach Dr. Gio Valiante. Dr. Valiante has spent decades coaching elite performers, from PGA Tour champions like Jordan Spieth to legendary portfolio managers at Point 72 and Citadel. In this deep-dive podcast, Dr. Valiante pulls back the curtain on the psychology of the world’s most successful investors. He explains that top traders operate with the discipline and optimization of elite athletes—"investor athletes"—who must manage fear, detach from ego, and master their environment. Follow Dr. Gio: https://x.com/GioValiante Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps: 00:00 Intro 00:42 Pictet ETFs 00:55 Why Pods Took Over 03:04 Culture and Incentives Matter 05:19 Fear in Trading Explained 08:53 Embarrassment and Risk Aversion 12:03 Playing to Win vs Not Lose 13:21 Elite Funds Audit Process 14:34 Regret and Missed Trades 19:21 Pictet AI ETFs 20:56 Detaching from Short Term PnL 22:21 Weekends Recovery for PMs 24:15 Handling Weekend News Cycles 28:41 Regulation Favors Big Platforms 32:30 Spinoffs Vs Bootstrapping 33:29 Bootstrapped Edge 34:33 Leaving Pod Shop Reality 36:05 Situated Cognition Explained 37:55 Culture Sparks Ideas 39:43 Mandates and Opportunity Cost 41:17 Ego Identity and Seat 45:04 Capital Cycles Perspective 48:46 Entitlement Versus Humility 54:39 Performance Hierarchy 57:57 Why Hedge Funds Matter 01:00:18 Masters Picks and Wrap 01:01:54 Pictet AI ETFs Tue, 31 Mar 2026 13:00:00 -0000 full Jack Farley This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS):   https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm Pictet AI Enhanced International Equity ETF (PQNT):  https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm Join Max Wiethe on "Other People's Money" as he sits down with world-renowned performance coach Dr. Gio Valiante. Dr. Valiante has spent decades coaching elite performers, from PGA Tour champions like Jordan Spieth to legendary portfolio managers at Point 72 and Citadel. In this deep-dive podcast, Dr. Valiante pulls back the curtain on the psychology of the world’s most successful investors. He explains that top traders operate with the discipline and optimization of elite athletes—"investor athletes"—who must manage fear, detach from ego, and master their environment. Follow Dr. Gio: https://x.com/GioValiante Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps: 00:00 Intro 00:42 Pictet ETFs 00:55 Why Pods Took Over 03:04 Culture and Incentives Matter 05:19 Fear in Trading Explained 08:53 Embarrassment and Risk Aversion 12:03 Playing to Win vs Not Lose 13:21 Elite Funds Audit Process 14:34 Regret and Missed Trades 19:21 Pictet AI ETFs 20:56 Detaching from Short Term PnL 22:21 Weekends Recovery for PMs 24:15 Handling Weekend News Cycles 28:41 Regulation Favors Big Platforms 32:30 Spinoffs Vs Bootstrapping 33:29 Bootstrapped Edge 34:33 Leaving Pod Shop Reality 36:05 Situated Cognition Explained 37:55 Culture Sparks Ideas 39:43 Mandates and Opportunity Cost 41:17 Ego Identity and Seat 45:04 Capital Cycles Perspective 48:46 Entitlement Versus Humility 54:39 Performance Hierarchy 57:57 Why Hedge Funds Matter 01:00:18 Masters Picks and Wrap 01:01:54 Pictet AI ETFs This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS):  


https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm

Pictet AI Enhanced International Equity ETF (PQNT): 


https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm


Join Max Wiethe on "Other People's Money" as he sits down with world-renowned performance coach Dr. Gio Valiante. Dr. Valiante has spent decades coaching elite performers, from PGA Tour champions like Jordan Spieth to legendary portfolio managers at Point 72 and Citadel. In this deep-dive podcast, Dr. Valiante pulls back the curtain on the psychology of the world’s most successful investors. He explains that top traders operate with the discipline and optimization of elite athletes—"investor athletes"—who must manage fear, detach from ego, and master their environment.


Follow Dr. Gio: https://x.com/GioValiante

Follow Max on X: https://x.com/maxwiethe


Follow Other People’s Money on:


Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR

X https://x.com/opmpod


Timestamps:

00:00 Intro

00:42 Pictet ETFs

00:55 Why Pods Took Over

03:04 Culture and Incentives Matter

05:19 Fear in Trading Explained

08:53 Embarrassment and Risk Aversion

12:03 Playing to Win vs Not Lose

13:21 Elite Funds Audit Process

14:34 Regret and Missed Trades

19:21 Pictet AI ETFs

20:56 Detaching from Short Term PnL

22:21 Weekends Recovery for PMs

24:15 Handling Weekend News Cycles

28:41 Regulation Favors Big Platforms

32:30 Spinoffs Vs Bootstrapping

33:29 Bootstrapped Edge

34:33 Leaving Pod Shop Reality

36:05 Situated Cognition Explained

37:55 Culture Sparks Ideas

39:43 Mandates and Opportunity Cost

41:17 Ego Identity and Seat

45:04 Capital Cycles Perspective

48:46 Entitlement Versus Humility

54:39 Performance Hierarchy

57:57 Why Hedge Funds Matter

01:00:18 Masters Picks and Wrap

01:01:54 Pictet AI ETFs

]]> 3707 no The 2026 Private Credit Liquidity Crunch | Leyla Kunimoto on Redemptions in Semi-liquid Vehicles, Private/Public BDCs, and the Future of Alternatives This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS):   https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm Pictet AI Enhanced International Equity ETF (PQNT):  https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm In this episode, Jack sits down with Leyla Kunimoto, founder of Accredited Investor Insights, to discuss her journey into private markets and the ongoing "democratization" of alternative assets. The conversation explores the rise of "evergreen" or semi-liquid structures, which allow retail investors to bypass the traditional "J curve" by deploying capital almost immediately. Leyla provides a detailed look at the current wave of redemption requests hitting major private credit funds like Cliffwater and Blackstone, explaining the mechanics of 5% quarterly caps used to prevent the fire selling of assets. She further breaks down the risks associated with Collateralized Loan Obligations (CLOs) and the rise of "shadow defaults" through payment-in-kind (PIK) interest toggles. The interview highlights why Leyla currently prefers publicly traded Business Development Companies (BDCs) over private ones, noting the potential arbitrage available when public shares trade at a significant discount to their net asset value. Finally, Leyla shares why she is far more bearish on private equity than private credit, citing the asset class's extreme opaqueness and junior position in the capital stack. Recorded March 29, 2026. Accredited Insight: Cliffwater Part 1: https://www.accreditedinsight.com/p/cliffwater-corporate-lending-fund Cliffwater Redemptions: https://www.accreditedinsight.com/p/cliffwater-corporate-lending-fund-d4c Follow Leyla Kunimoto on LinkedIn https://www.linkedin.com/in/lkunimoto/ Follow Leyla Kunimoto on X https://x.com/LeylaKuni Follow Jack Farley on X https://x.com/jackfarley96  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Sun, 29 Mar 2026 16:23:00 -0000 full Jack Farley This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS):   https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm Pictet AI Enhanced International Equity ETF (PQNT):  https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm In this episode, Jack sits down with Leyla Kunimoto, founder of Accredited Investor Insights, to discuss her journey into private markets and the ongoing "democratization" of alternative assets. The conversation explores the rise of "evergreen" or semi-liquid structures, which allow retail investors to bypass the traditional "J curve" by deploying capital almost immediately. Leyla provides a detailed look at the current wave of redemption requests hitting major private credit funds like Cliffwater and Blackstone, explaining the mechanics of 5% quarterly caps used to prevent the fire selling of assets. She further breaks down the risks associated with Collateralized Loan Obligations (CLOs) and the rise of "shadow defaults" through payment-in-kind (PIK) interest toggles. The interview highlights why Leyla currently prefers publicly traded Business Development Companies (BDCs) over private ones, noting the potential arbitrage available when public shares trade at a significant discount to their net asset value. Finally, Leyla shares why she is far more bearish on private equity than private credit, citing the asset class's extreme opaqueness and junior position in the capital stack. Recorded March 29, 2026. Accredited Insight: Cliffwater Part 1: https://www.accreditedinsight.com/p/cliffwater-corporate-lending-fund Cliffwater Redemptions: https://www.accreditedinsight.com/p/cliffwater-corporate-lending-fund-d4c Follow Leyla Kunimoto on LinkedIn https://www.linkedin.com/in/lkunimoto/ Follow Leyla Kunimoto on X https://x.com/LeylaKuni Follow Jack Farley on X https://x.com/jackfarley96  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS):  


https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm


Pictet AI Enhanced International Equity ETF (PQNT): 

https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm


In this episode, Jack sits down with Leyla Kunimoto, founder of Accredited Investor Insights, to discuss her journey into private markets and the ongoing "democratization" of alternative assets. The conversation explores the rise of "evergreen" or semi-liquid structures, which allow retail investors to bypass the traditional "J curve" by deploying capital almost immediately. Leyla provides a detailed look at the current wave of redemption requests hitting major private credit funds like Cliffwater and Blackstone, explaining the mechanics of 5% quarterly caps used to prevent the fire selling of assets. She further breaks down the risks associated with Collateralized Loan Obligations (CLOs) and the rise of "shadow defaults" through payment-in-kind (PIK) interest toggles. The interview highlights why Leyla currently prefers publicly traded Business Development Companies (BDCs) over private ones, noting the potential arbitrage available when public shares trade at a significant discount to their net asset value. Finally, Leyla shares why she is far more bearish on private equity than private credit, citing the asset class's extreme opaqueness and junior position in the capital stack. Recorded March 29, 2026.


Accredited Insight:

Cliffwater Part 1: https://www.accreditedinsight.com/p/cliffwater-corporate-lending-fund

Cliffwater Redemptions: https://www.accreditedinsight.com/p/cliffwater-corporate-lending-fund-d4c


Follow Leyla Kunimoto on LinkedIn https://www.linkedin.com/in/lkunimoto/

Follow Leyla Kunimoto on X https://x.com/LeylaKuni

Follow Jack Farley on X https://x.com/jackfarley96


 Follow Monetary Matters on:

Apple Podcasts https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

]]> 5093 How the Iran War Reshapes the Sovereign Debt Landscape | Sovereign Debt Expert Lupin Rahman Learn More About Unlimited HFGM Global Macro ETF $HFGM: https://unlimitedetfs.com/hfgm   Former Head of Sovereign Credit at PIMCO Lupin Rahman joins Jack to discuss sovereign debt and its peculiarities. She explains why its technicals can differ significantly from fundamentals, the growth of emerging market debt, and risks to consider when investing in these assets. Jack and Lupin also discuss the important conflict in the Middle East and what it means for markets across the world. As an expert in both sovereign debt and emerging markets, Lupin is an important voice to consider when assessing global fixed income markets. Recorded on March 16th, 2026.   Lupin Rahman’s Book https://www.amazon.com Follow Jack Farley on Twitter https://x.com/jackfarley96 Follow Lupin Rahman on LinkedIn https://www.linkedin.com/in/lupin-rahman/   Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Fri, 27 Mar 2026 16:00:00 -0000 full Jack Farley Learn More About Unlimited HFGM Global Macro ETF $HFGM: https://unlimitedetfs.com/hfgm   Former Head of Sovereign Credit at PIMCO Lupin Rahman joins Jack to discuss sovereign debt and its peculiarities. She explains why its technicals can differ significantly from fundamentals, the growth of emerging market debt, and risks to consider when investing in these assets. Jack and Lupin also discuss the important conflict in the Middle East and what it means for markets across the world. As an expert in both sovereign debt and emerging markets, Lupin is an important voice to consider when assessing global fixed income markets. Recorded on March 16th, 2026.   Lupin Rahman’s Book https://www.amazon.com Follow Jack Farley on Twitter https://x.com/jackfarley96 Follow Lupin Rahman on LinkedIn https://www.linkedin.com/in/lupin-rahman/   Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Learn More About Unlimited HFGM Global Macro ETF $HFGM: https://unlimitedetfs.com/hfgm

 

Former Head of Sovereign Credit at PIMCO Lupin Rahman joins Jack to discuss sovereign debt and its peculiarities. She explains why its technicals can differ significantly from fundamentals, the growth of emerging market debt, and risks to consider when investing in these assets. Jack and Lupin also discuss the important conflict in the Middle East and what it means for markets across the world. As an expert in both sovereign debt and emerging markets, Lupin is an important voice to consider when assessing global fixed income markets. Recorded on March 16th, 2026.

 

Lupin Rahman’s Book https://www.amazon.com

Follow Jack Farley on Twitter https://x.com/jackfarley96

Follow Lupin Rahman on LinkedIn https://www.linkedin.com/in/lupin-rahman/

 

Follow Monetary Matters on:

Apple Podcasts https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

]]> 3766 no Headline Indices Are Masking Market Stress | Liz Ann Sonders on the Case For Quality Stocks During An Oil Shock This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS):   https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm Pictet AI Enhanced International Equity ETF (PQNT):  https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm In this episode of Monetary Matters,  Liz Ann Sonders, Charles Schwab’s Chief Investment Strategist, explains how 2026 presents an "analytically rich" environment where headline indices are currently masking significant underlying market stress. She notes that while the S&P 500 shows a modest drawdown, the average stock is seeing much steeper declines, reflecting a period of intense "rotation and churn" triggered by the war in Iran and a spike in oil prices. Sonders highlights a critical shift in investor behavior, where the previous year's preference for non-profitable speculative stocks has flip-flopped in favor of a "quality" factor centered on stable profitability and strong balance sheets. She draws parallels to the 1990 period, warning that the lack of alternate routes for oil through the Strait of Hormuz could lead to sustained economic demand destruction. Despite these geopolitical shocks, Sonders observes that forward earnings estimates for the tech and energy sectors remain surprisingly resilient, though she anticipates downward revisions as reporting season approaches. Ultimately, she reminds investors that in such a volatile cycle, "better or worse" as a leading indicator often matters more to the market than whether the data is objectively "good or bad". Recorded March 24, 2026. Pieces referenced: “Dire Strait: War's Impact on Stocks”: https://www.schwab.com/learn/story/dire-strait-wars-impact-on-stocks “Schwab Market Perspective”:  https://www.schwab.com/learn/story/stock-market-outlook “Smoke on the Water…Fire Under the Surface”: https://www.schwab.com/learn/story/smoke-on-waterfire-under-surface Follow Liz Ann Sonders on X https://x.com/LizAnnSondersFollow Liz Ann Sonders on LinkedIn https://www.linkedin.com/in/lizannsonders/ Follow Jack Farley on X https://x.com/jackfarley96  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Investing involves risks, including the possible loss of principal. Because these ETFs rely on an AI-driven model, the strategy may not perform as intended. International and U.S investments may involve additional risks such as currency, political, or regulatory developments. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Funds before investing. The prospectus contains this and other important information and may be obtained by visiting www.pictet.com/etf. Read it carefully before investing. Distributed by Foreside Fund Services. Wed, 25 Mar 2026 14:36:00 -0000 full Jack Farley This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS):   https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm Pictet AI Enhanced International Equity ETF (PQNT):  https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm In this episode of Monetary Matters,  Liz Ann Sonders, Charles Schwab’s Chief Investment Strategist, explains how 2026 presents an "analytically rich" environment where headline indices are currently masking significant underlying market stress. She notes that while the S&P 500 shows a modest drawdown, the average stock is seeing much steeper declines, reflecting a period of intense "rotation and churn" triggered by the war in Iran and a spike in oil prices. Sonders highlights a critical shift in investor behavior, where the previous year's preference for non-profitable speculative stocks has flip-flopped in favor of a "quality" factor centered on stable profitability and strong balance sheets. She draws parallels to the 1990 period, warning that the lack of alternate routes for oil through the Strait of Hormuz could lead to sustained economic demand destruction. Despite these geopolitical shocks, Sonders observes that forward earnings estimates for the tech and energy sectors remain surprisingly resilient, though she anticipates downward revisions as reporting season approaches. Ultimately, she reminds investors that in such a volatile cycle, "better or worse" as a leading indicator often matters more to the market than whether the data is objectively "good or bad". Recorded March 24, 2026. Pieces referenced: “Dire Strait: War's Impact on Stocks”: https://www.schwab.com/learn/story/dire-strait-wars-impact-on-stocks “Schwab Market Perspective”:  https://www.schwab.com/learn/story/stock-market-outlook “Smoke on the Water…Fire Under the Surface”: https://www.schwab.com/learn/story/smoke-on-waterfire-under-surface Follow Liz Ann Sonders on X https://x.com/LizAnnSondersFollow Liz Ann Sonders on LinkedIn https://www.linkedin.com/in/lizannsonders/ Follow Jack Farley on X https://x.com/jackfarley96  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Investing involves risks, including the possible loss of principal. Because these ETFs rely on an AI-driven model, the strategy may not perform as intended. International and U.S investments may involve additional risks such as currency, political, or regulatory developments. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Funds before investing. The prospectus contains this and other important information and may be obtained by visiting www.pictet.com/etf. Read it carefully before investing. Distributed by Foreside Fund Services. This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS):  

https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm


Pictet AI Enhanced International Equity ETF (PQNT): 

https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm


In this episode of Monetary Matters,  Liz Ann Sonders, Charles Schwab’s Chief Investment Strategist, explains how 2026 presents an "analytically rich" environment where headline indices are currently masking significant underlying market stress. She notes that while the S&P 500 shows a modest drawdown, the average stock is seeing much steeper declines, reflecting a period of intense "rotation and churn" triggered by the war in Iran and a spike in oil prices. Sonders highlights a critical shift in investor behavior, where the previous year's preference for non-profitable speculative stocks has flip-flopped in favor of a "quality" factor centered on stable profitability and strong balance sheets. She draws parallels to the 1990 period, warning that the lack of alternate routes for oil through the Strait of Hormuz could lead to sustained economic demand destruction. Despite these geopolitical shocks, Sonders observes that forward earnings estimates for the tech and energy sectors remain surprisingly resilient, though she anticipates downward revisions as reporting season approaches. Ultimately, she reminds investors that in such a volatile cycle, "better or worse" as a leading indicator often matters more to the market than whether the data is objectively "good or bad". Recorded March 24, 2026.


Pieces referenced:

“Dire Strait: War's Impact on Stocks”: https://www.schwab.com/learn/story/dire-strait-wars-impact-on-stocks

“Schwab Market Perspective”: 

https://www.schwab.com/learn/story/stock-market-outlook

“Smoke on the Water…Fire Under the Surface”: https://www.schwab.com/learn/story/smoke-on-waterfire-under-surface

Follow Liz Ann Sonders on X https://x.com/LizAnnSondersFollow Liz Ann Sonders on LinkedIn https://www.linkedin.com/in/lizannsonders/

Follow Jack Farley on X https://x.com/jackfarley96

 Follow Monetary Matters on:

Apple Podcasts https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


Investing involves risks, including the possible loss of principal. Because these ETFs rely on an AI-driven model, the strategy may not perform as intended. International and U.S investments may involve additional risks such as currency, political, or regulatory developments. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Funds before investing. The prospectus contains this and other important information and may be obtained by visiting www.pictet.com/etf. Read it carefully before investing. Distributed by Foreside Fund Services.

]]> 4084 “Not Until May” The Real Timeline for Controlling the Strait of Hormuz | Nadia Martin Wiggen Svelland Capital Learn more about Teucrium’s CORN ETF (CORN) here: https://teucrium.com/corn Nadia Martin Wiggen, Director at Svelland Capital joins Other People’s Money for a timely update on energy and shipping markets in light of the “5-day pause” Truth Social post that sent equity markets ripping higher and oil prices dipping lower. She explains why Svelland Capital believes May is the real timeline for controlling the Strait, how refining margins and refined product hoarding create a persistent bid for oil and gas, and how global energy supply chains have shifted with many ships sailing well outside of typical trade routes in their quest for alternative sources of oil. She also touches on how a protracted crisis would harm Asia, Australia, and emerging markets the most. Svelland Capital: https://www.svelland.com/ Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod This episode is sponsored by the Teucrium Corn Fund (CORN). Download our free eBook, "Why Investors Are Increasingly Turning to Commodity ETFs," to explore the macro forces shaping commodity markets today. Download the eBook: insights.teucrium.com/why-investors-turning-to-commodity-etfs CORN Fund Page & Prospectus: www.teucrium.com/corn This material must be preceded or accompanied by a prospectus. The prospectus is available at https://teucrium.com/corn. Investing involves risk, including the possible loss of principal. Commodities and futures generally are volatile, and instruments whose underlying investments include commodities and futures are not suitable for all investors. Past performance does not guarantee future results. For further discussion of these and additional risks associated with an investment in the Funds please read the respective Fund Prospectus before investing. CORN, CANE, SOYB, and WEAT are commodity pools regulated by the Commodity Futures Trading Commission (CFTC). The Funds do not track the spot price of corn, sugar, soybeans or wheat. These Funds, which are ETPs, are not a mutual fund or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and are not subject to regulation thereunder. Teucrium Trading, LLC is the Sponsor for CORN, CANE, SOYB, and WEAT. PINE Distributors LLC is the Marketing Agent for CORN, CANE, SOYB, and WEAT and is not affiliated with Teucrium Investment Advisors, LLC and Teucrium Trading, LLC. Timestamps: 00:00 Intro 00:46 Reaction to Trump Announcement and State of the Strait 01:57 Strait Reality Check 05:53 Oil Flows and Bottlenecks 09:32 Asia Scrambles for Supply 12:55 China Refined Export Ban 14:01 Demand Destruction Thresholds 15:05 Military Path to Reopen 17:09 CORN Mid Roll 18:46 New Oil Price Floor 21:28 Broader Market Repricing 25:06 Shipping Rates and Europe Pull 27:33 Export Bans and Hoarding Spiral 30:11 US Refining Edge and Australia 34:37 LNG Shortfall and Europe Risk 41:00 Long Term Diversification 41:33 Trading Signals and Logistics 45:16 Most Vulnerable Products Mon, 23 Mar 2026 23:38:00 -0000 full Jack Farley Learn more about Teucrium’s CORN ETF (CORN) here: https://teucrium.com/corn Nadia Martin Wiggen, Director at Svelland Capital joins Other People’s Money for a timely update on energy and shipping markets in light of the “5-day pause” Truth Social post that sent equity markets ripping higher and oil prices dipping lower. She explains why Svelland Capital believes May is the real timeline for controlling the Strait, how refining margins and refined product hoarding create a persistent bid for oil and gas, and how global energy supply chains have shifted with many ships sailing well outside of typical trade routes in their quest for alternative sources of oil. She also touches on how a protracted crisis would harm Asia, Australia, and emerging markets the most. Svelland Capital: https://www.svelland.com/ Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod This episode is sponsored by the Teucrium Corn Fund (CORN). Download our free eBook, "Why Investors Are Increasingly Turning to Commodity ETFs," to explore the macro forces shaping commodity markets today. Download the eBook: insights.teucrium.com/why-investors-turning-to-commodity-etfs CORN Fund Page & Prospectus: www.teucrium.com/corn This material must be preceded or accompanied by a prospectus. The prospectus is available at https://teucrium.com/corn. Investing involves risk, including the possible loss of principal. Commodities and futures generally are volatile, and instruments whose underlying investments include commodities and futures are not suitable for all investors. Past performance does not guarantee future results. For further discussion of these and additional risks associated with an investment in the Funds please read the respective Fund Prospectus before investing. CORN, CANE, SOYB, and WEAT are commodity pools regulated by the Commodity Futures Trading Commission (CFTC). The Funds do not track the spot price of corn, sugar, soybeans or wheat. These Funds, which are ETPs, are not a mutual fund or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and are not subject to regulation thereunder. Teucrium Trading, LLC is the Sponsor for CORN, CANE, SOYB, and WEAT. PINE Distributors LLC is the Marketing Agent for CORN, CANE, SOYB, and WEAT and is not affiliated with Teucrium Investment Advisors, LLC and Teucrium Trading, LLC. Timestamps: 00:00 Intro 00:46 Reaction to Trump Announcement and State of the Strait 01:57 Strait Reality Check 05:53 Oil Flows and Bottlenecks 09:32 Asia Scrambles for Supply 12:55 China Refined Export Ban 14:01 Demand Destruction Thresholds 15:05 Military Path to Reopen 17:09 CORN Mid Roll 18:46 New Oil Price Floor 21:28 Broader Market Repricing 25:06 Shipping Rates and Europe Pull 27:33 Export Bans and Hoarding Spiral 30:11 US Refining Edge and Australia 34:37 LNG Shortfall and Europe Risk 41:00 Long Term Diversification 41:33 Trading Signals and Logistics 45:16 Most Vulnerable Products Learn more about Teucrium’s CORN ETF (CORN) here: https://teucrium.com/corn


Nadia Martin Wiggen, Director at Svelland Capital joins Other People’s Money for a timely update on energy and shipping markets in light of the “5-day pause” Truth Social post that sent equity markets ripping higher and oil prices dipping lower. She explains why Svelland Capital believes May is the real timeline for controlling the Strait, how refining margins and refined product hoarding create a persistent bid for oil and gas, and how global energy supply chains have shifted with many ships sailing well outside of typical trade routes in their quest for alternative sources of oil. She also touches on how a protracted crisis would harm Asia, Australia, and emerging markets the most.


Svelland Capital: https://www.svelland.com/

Follow Max on X: https://x.com/maxwiethe


Follow Other People’s Money on:


Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR

X https://x.com/opmpod


This episode is sponsored by the Teucrium Corn Fund (CORN). Download our free eBook, "Why Investors Are Increasingly Turning to Commodity ETFs," to explore the macro forces shaping commodity markets today. Download the eBook: insights.teucrium.com/why-investors-turning-to-commodity-etfs CORN Fund Page & Prospectus: www.teucrium.com/corn


This material must be preceded or accompanied by a prospectus. The prospectus is available at https://teucrium.com/corn. Investing involves risk, including the possible loss of principal. Commodities and futures generally are volatile, and instruments whose underlying investments include commodities and futures are not suitable for all investors. Past performance does not guarantee future results. For further discussion of these and additional risks associated with an investment in the Funds please read the respective Fund Prospectus before investing.


CORN, CANE, SOYB, and WEAT are commodity pools regulated by the Commodity Futures Trading Commission (CFTC). The Funds do not track the spot price of corn, sugar, soybeans or wheat. These Funds, which are ETPs, are not a mutual fund or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and are not subject to regulation thereunder. Teucrium Trading, LLC is the Sponsor for CORN, CANE, SOYB, and WEAT. PINE Distributors LLC is the Marketing Agent for CORN, CANE, SOYB, and WEAT and is not affiliated with Teucrium Investment Advisors, LLC and Teucrium Trading, LLC.


Timestamps:

00:00 Intro

00:46 Reaction to Trump Announcement and State of the Strait

01:57 Strait Reality Check

05:53 Oil Flows and Bottlenecks

09:32 Asia Scrambles for Supply

12:55 China Refined Export Ban

14:01 Demand Destruction Thresholds

15:05 Military Path to Reopen

17:09 CORN Mid Roll

18:46 New Oil Price Floor

21:28 Broader Market Repricing

25:06 Shipping Rates and Europe Pull

27:33 Export Bans and Hoarding Spiral

30:11 US Refining Edge and Australia

34:37 LNG Shortfall and Europe Risk

41:00 Long Term Diversification

41:33 Trading Signals and Logistics

45:16 Most Vulnerable Products

]]> 2823 no A Fertilizer Crisis is Brewing (Quickly) | StoneX’s Josh Linville on How Iran War & Strait of Hormuz Closure Has Shut of Critical Fertilizer Chemical Feedstocks That Threaten Global Grain Supply Sponsor: Teucrium Corn Fund (NYSE Arca: CORN): https://teucrium.com/corn In this episode of Monetary Matters, StoneX Vice President Josh Linville explains how the Iran War and the closure of the Strait of Hormuz have triggered a global fertilizer crisis that is currently crippling agricultural economics. With urea prices effectively doubling in just a few months, Josh warns that the market is facing a supply shock far more severe than the 2022 crisis because current grain prices aren't high enough to offset these surging input costs. The geopolitical bottleneck in the Persian Gulf has effectively sidelined three of the world's top ten urea exporters, removing enough nitrogen from the market to cover nearly the entire US corn crop. Beyond shipping delays, recent attacks on energy infrastructure in Qatar and Iran have caused structural damage that experts estimate could take three to five years to fully repair. This massive loss of production capacity, combined with a lack of global stockpiles, means the market must now find balance through aggressive demand destruction. Consequently, the price floor for critical fertilizers has likely been raised for the remainder of 2026, forcing farmers to make difficult choices about planting and yields. Join us as we explore the long-term implications for global food security and why the current "bleeding red" financial state of farming might lead to higher agricultural commodity prices. Recorded March 20, 2026. Follow Josh Linville https://www.stonex.com/en/market-experts/josh-linville/ Josh Linville on X https://x.com/JLinvilleFert Josh Linville on LinkedIn https://www.linkedin.com/in/joshua-linville-9555a711 ______ This episode is sponsored by the Teucrium Corn Fund (CORN). Download our free eBook, "Why Investors Are  Increasingly Turning to Commodity ETFs," to explore the macro forces shaping commodity markets today.  Download the eBook: insights.teucrium.com/why-investors-turning-to-commodity-etfs  CORN Fund Page & Prospectus: www.teucrium.com/corn  This material must be preceded or accompanied by a prospectus. The prospectus is available at  https://teucrium.com/corn. Investing involves risk, including the possible loss of principal. Commodities and futures generally are volatile, and  instruments whose underlying investments include commodities and futures are not suitable for all investors. Past  performance does not guarantee future results.  For further discussion of these and additional risks associated with an investment in the Funds please read the  respective Fund Prospectus before investing.  CORN, CANE, SOYB, and WEAT are commodity pools regulated by the Commodity Futures Trading  Commission (CFTC). The Funds do not track the spot price of corn, sugar, soybeans or wheat. These Funds,  which are ETPs, are not a mutual fund or any other type of Investment Company within the meaning of the  Investment Company Act of 1940, as amended, and are not subject to regulation thereunder. Teucrium Trading,  LLC is the Sponsor for CORN, CANE, SOYB, and WEAT.  PINE Distributors LLC is the Marketing Agent for CORN, CANE, SOYB, and WEAT and is not affiliated with  Teucrium Investment Advisors, LLC and Teucrium Trading, LLC.  Sources  • Fertilizer trade through Strait of Hormuz: International Fertilizer Association (IFA), Global Fertilizer Trade Data; USDA  ERS, Fertilizer Use and Price reports.  • Corn as heaviest nitrogen user: USDA Economic Research Service, Fertilizer Use and Price (most recent edition). • Input cost / margin impact and acreage-switching scenarios: Framing is conditional and analytical; not presented as  projections. Consistent with FINRA 2210(d)(1) standards for educational market commentary.  • Fund structure: Teucrium Corn Fund Prospectus (most recent effective date).  Marketing Agent: PINE Distributors LLC.  5324752  Sun, 22 Mar 2026 14:56:00 -0000 full Jack Farley Sponsor: Teucrium Corn Fund (NYSE Arca: CORN): https://teucrium.com/corn In this episode of Monetary Matters, StoneX Vice President Josh Linville explains how the Iran War and the closure of the Strait of Hormuz have triggered a global fertilizer crisis that is currently crippling agricultural economics. With urea prices effectively doubling in just a few months, Josh warns that the market is facing a supply shock far more severe than the 2022 crisis because current grain prices aren't high enough to offset these surging input costs. The geopolitical bottleneck in the Persian Gulf has effectively sidelined three of the world's top ten urea exporters, removing enough nitrogen from the market to cover nearly the entire US corn crop. Beyond shipping delays, recent attacks on energy infrastructure in Qatar and Iran have caused structural damage that experts estimate could take three to five years to fully repair. This massive loss of production capacity, combined with a lack of global stockpiles, means the market must now find balance through aggressive demand destruction. Consequently, the price floor for critical fertilizers has likely been raised for the remainder of 2026, forcing farmers to make difficult choices about planting and yields. Join us as we explore the long-term implications for global food security and why the current "bleeding red" financial state of farming might lead to higher agricultural commodity prices. Recorded March 20, 2026. Follow Josh Linville https://www.stonex.com/en/market-experts/josh-linville/ Josh Linville on X https://x.com/JLinvilleFert Josh Linville on LinkedIn https://www.linkedin.com/in/joshua-linville-9555a711 ______ This episode is sponsored by the Teucrium Corn Fund (CORN). Download our free eBook, "Why Investors Are  Increasingly Turning to Commodity ETFs," to explore the macro forces shaping commodity markets today.  Download the eBook: insights.teucrium.com/why-investors-turning-to-commodity-etfs  CORN Fund Page & Prospectus: www.teucrium.com/corn  This material must be preceded or accompanied by a prospectus. The prospectus is available at  https://teucrium.com/corn. Investing involves risk, including the possible loss of principal. Commodities and futures generally are volatile, and  instruments whose underlying investments include commodities and futures are not suitable for all investors. Past  performance does not guarantee future results.  For further discussion of these and additional risks associated with an investment in the Funds please read the  respective Fund Prospectus before investing.  CORN, CANE, SOYB, and WEAT are commodity pools regulated by the Commodity Futures Trading  Commission (CFTC). The Funds do not track the spot price of corn, sugar, soybeans or wheat. These Funds,  which are ETPs, are not a mutual fund or any other type of Investment Company within the meaning of the  Investment Company Act of 1940, as amended, and are not subject to regulation thereunder. Teucrium Trading,  LLC is the Sponsor for CORN, CANE, SOYB, and WEAT.  PINE Distributors LLC is the Marketing Agent for CORN, CANE, SOYB, and WEAT and is not affiliated with  Teucrium Investment Advisors, LLC and Teucrium Trading, LLC.  Sources  • Fertilizer trade through Strait of Hormuz: International Fertilizer Association (IFA), Global Fertilizer Trade Data; USDA  ERS, Fertilizer Use and Price reports.  • Corn as heaviest nitrogen user: USDA Economic Research Service, Fertilizer Use and Price (most recent edition). • Input cost / margin impact and acreage-switching scenarios: Framing is conditional and analytical; not presented as  projections. Consistent with FINRA 2210(d)(1) standards for educational market commentary.  • Fund structure: Teucrium Corn Fund Prospectus (most recent effective date).  Marketing Agent: PINE Distributors LLC.  5324752  Sponsor: Teucrium Corn Fund (NYSE Arca: CORN):

https://teucrium.com/corn


In this episode of Monetary Matters, StoneX Vice President Josh Linville explains how the Iran War and the closure of the Strait of Hormuz have triggered a global fertilizer crisis that is currently crippling agricultural economics. With urea prices effectively doubling in just a few months, Josh warns that the market is facing a supply shock far more severe than the 2022 crisis because current grain prices aren't high enough to offset these surging input costs. The geopolitical bottleneck in the Persian Gulf has effectively sidelined three of the world's top ten urea exporters, removing enough nitrogen from the market to cover nearly the entire US corn crop. Beyond shipping delays, recent attacks on energy infrastructure in Qatar and Iran have caused structural damage that experts estimate could take three to five years to fully repair. This massive loss of production capacity, combined with a lack of global stockpiles, means the market must now find balance through aggressive demand destruction. Consequently, the price floor for critical fertilizers has likely been raised for the remainder of 2026, forcing farmers to make difficult choices about planting and yields. Join us as we explore the long-term implications for global food security and why the current "bleeding red" financial state of farming might lead to higher agricultural commodity prices. Recorded March 20, 2026.


Follow Josh Linville https://www.stonex.com/en/market-experts/josh-linville/

Josh Linville on X https://x.com/JLinvilleFert

Josh Linville on LinkedIn https://www.linkedin.com/in/joshua-linville-9555a711

______

This episode is sponsored by the Teucrium Corn Fund (CORN). Download our free eBook, "Why Investors Are  Increasingly Turning to Commodity ETFs," to explore the macro forces shaping commodity markets today. 

Download the eBook: insights.teucrium.com/why-investors-turning-to-commodity-etfs 

CORN Fund Page & Prospectus: www.teucrium.com/corn 

This material must be preceded or accompanied by a prospectus. The prospectus is available at  https://teucrium.com/corn.

Investing involves risk, including the possible loss of principal. Commodities and futures generally are volatile, and  instruments whose underlying investments include commodities and futures are not suitable for all investors. Past  performance does not guarantee future results. 

For further discussion of these and additional risks associated with an investment in the Funds please read the  respective Fund Prospectus before investing. 

CORN, CANE, SOYB, and WEAT are commodity pools regulated by the Commodity Futures Trading  Commission (CFTC). The Funds do not track the spot price of corn, sugar, soybeans or wheat. These Funds,  which are ETPs, are not a mutual fund or any other type of Investment Company within the meaning of the  Investment Company Act of 1940, as amended, and are not subject to regulation thereunder. Teucrium Trading,  LLC is the Sponsor for CORN, CANE, SOYB, and WEAT. 

PINE Distributors LLC is the Marketing Agent for CORN, CANE, SOYB, and WEAT and is not affiliated with  Teucrium Investment Advisors, LLC and Teucrium Trading, LLC. 

Sources 

• Fertilizer trade through Strait of Hormuz: International Fertilizer Association (IFA), Global Fertilizer Trade Data; USDA  ERS, Fertilizer Use and Price reports. 

• Corn as heaviest nitrogen user: USDA Economic Research Service, Fertilizer Use and Price (most recent edition). • Input cost / margin impact and acreage-switching scenarios: Framing is conditional and analytical; not presented as  projections. Consistent with FINRA 2210(d)(1) standards for educational market commentary. 

• Fund structure: Teucrium Corn Fund Prospectus (most recent effective date). 

Marketing Agent: PINE Distributors LLC. 

5324752 

]]> 3211 “This Is The End of The Oil Market As We Know It” | Rory Johnston on How $300 Oil Could Trigger Depression If De-Escalation Does Not Occur In Iran War 20% discount to annual subscription to Rory Johnston’s Commodity Context: https://www.commoditycontext.com/monetarymatters In this urgent episode of Monetary Matters Today, Jack sits down with Rory Johnston of Commodity Context to break down the unprecedented global oil shock caused by the ongoing war in Iran and the closure of the Strait of Hormuz. With 20 million barrels of daily flow disrupted and 9 million barrels of confirmed production shut-ins across the Middle East, Johnston warns that the market is facing a supply loss multiple times larger than the 2022 Russian invasion fears. They explore the timeline of global impact, the looming threat of operational shutdowns for Asian refineries, and why Johnston believes political de-escalation by President Trump is the only way to avoid $200+ oil and a global economic depression. Recorded March 19, 2026. Pieces discussed:  Oil & Iran War Context Weekly (W11) (March 13 2026) https://www.commoditycontext.com/p/ocw11w26 “No End in Sight,” March 12, 2026: https://www.commoditycontext.com/p/no-end-in-sight Oil and the Iran War Context Weekly (W10), March 6, 2026: https://www.commoditycontext.com/p/ocw10w26 North American Oil Data Deck (March 4, 2026):  https://www.commoditycontext.com/p/north-american-oil-data-deck-march-2026 “Strait to the Point on Iran (March 2, 2026)”:  https://www.commoditycontext.com/p/strait-to-the-point-on-iran Follow Rory Johnston on X: https://x.com/Rory_Johnston Follow Jack Farley on Twitter https://x.com/jackfarley96  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Thu, 19 Mar 2026 19:50:00 -0000 full Jack Farley 20% discount to annual subscription to Rory Johnston’s Commodity Context: https://www.commoditycontext.com/monetarymatters In this urgent episode of Monetary Matters Today, Jack sits down with Rory Johnston of Commodity Context to break down the unprecedented global oil shock caused by the ongoing war in Iran and the closure of the Strait of Hormuz. With 20 million barrels of daily flow disrupted and 9 million barrels of confirmed production shut-ins across the Middle East, Johnston warns that the market is facing a supply loss multiple times larger than the 2022 Russian invasion fears. They explore the timeline of global impact, the looming threat of operational shutdowns for Asian refineries, and why Johnston believes political de-escalation by President Trump is the only way to avoid $200+ oil and a global economic depression. Recorded March 19, 2026. Pieces discussed:  Oil & Iran War Context Weekly (W11) (March 13 2026) https://www.commoditycontext.com/p/ocw11w26 “No End in Sight,” March 12, 2026: https://www.commoditycontext.com/p/no-end-in-sight Oil and the Iran War Context Weekly (W10), March 6, 2026: https://www.commoditycontext.com/p/ocw10w26 North American Oil Data Deck (March 4, 2026):  https://www.commoditycontext.com/p/north-american-oil-data-deck-march-2026 “Strait to the Point on Iran (March 2, 2026)”:  https://www.commoditycontext.com/p/strait-to-the-point-on-iran Follow Rory Johnston on X: https://x.com/Rory_Johnston Follow Jack Farley on Twitter https://x.com/jackfarley96  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez 20% discount to annual subscription to Rory Johnston’s Commodity Context: https://www.commoditycontext.com/monetarymatters


In this urgent episode of Monetary Matters Today, Jack sits down with Rory Johnston of Commodity Context to break down the unprecedented global oil shock caused by the ongoing war in Iran and the closure of the Strait of Hormuz. With 20 million barrels of daily flow disrupted and 9 million barrels of confirmed production shut-ins across the Middle East, Johnston warns that the market is facing a supply loss multiple times larger than the 2022 Russian invasion fears. They explore the timeline of global impact, the looming threat of operational shutdowns for Asian refineries, and why Johnston believes political de-escalation by President Trump is the only way to avoid $200+ oil and a global economic depression. Recorded March 19, 2026.


Pieces discussed: 

Oil & Iran War Context Weekly (W11) (March 13 2026)

https://www.commoditycontext.com/p/ocw11w26

“No End in Sight,” March 12, 2026:

https://www.commoditycontext.com/p/no-end-in-sight

Oil and the Iran War Context Weekly (W10), March 6, 2026:

https://www.commoditycontext.com/p/ocw10w26

North American Oil Data Deck (March 4, 2026): 

https://www.commoditycontext.com/p/north-american-oil-data-deck-march-2026

“Strait to the Point on Iran (March 2, 2026)”: 

https://www.commoditycontext.com/p/strait-to-the-point-on-iran


Follow Rory Johnston on X: https://x.com/Rory_Johnston

Follow Jack Farley on Twitter https://x.com/jackfarley96


 Follow Monetary Matters on:

Apple Podcasts https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

]]> 4915 “We’re Just Getting Started” | Bob Elliott on Why The Oil Shock Is Not Fully Priced In To Markets Learn More About Unlimited HFGM Global Macro ETF $HFGM: https://unlimitedetfs.com/hfgm In this episode of Monetary Matters, Jack Farley and Max Wiethe are joined by Bob Elliott, Chief Investment Officer at Unlimited Funds, to discuss the economic fallout of the recent conflict and surging oil prices. Elliott explains that the massive spike in oil prices—which recently topped $110 for Brent and $150 in Oman—will inevitably reduce consumer spending power, fuel higher inflation, and drag down real economic growth. He argues that both the stock and bond markets are currently mispricing this risk, making a strong case for that both asset classes could struggle as yields rise. Furthermore, Elliott dismisses the Federal Reserve's 2026 inflation target of 2.7% as wildly unrealistic, warning that persistent inflation will keep the Fed from cutting rates anytime soon. Finally, Jack and Max preview their upcoming interviews with industry experts to further unpack the disruptions to global oil production, fertilizer supply chains, and shipping. Recorded afternoon of March 18, 2026, after FOMC meeting. Follow Bob Elliott on Twitter https://x.com/BobEUnlimited Follow Jack Farley on Twitter https://x.com/jackfarley96  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Thu, 19 Mar 2026 00:23:00 -0000 full Jack Farley Learn More About Unlimited HFGM Global Macro ETF $HFGM: https://unlimitedetfs.com/hfgm In this episode of Monetary Matters, Jack Farley and Max Wiethe are joined by Bob Elliott, Chief Investment Officer at Unlimited Funds, to discuss the economic fallout of the recent conflict and surging oil prices. Elliott explains that the massive spike in oil prices—which recently topped $110 for Brent and $150 in Oman—will inevitably reduce consumer spending power, fuel higher inflation, and drag down real economic growth. He argues that both the stock and bond markets are currently mispricing this risk, making a strong case for that both asset classes could struggle as yields rise. Furthermore, Elliott dismisses the Federal Reserve's 2026 inflation target of 2.7% as wildly unrealistic, warning that persistent inflation will keep the Fed from cutting rates anytime soon. Finally, Jack and Max preview their upcoming interviews with industry experts to further unpack the disruptions to global oil production, fertilizer supply chains, and shipping. Recorded afternoon of March 18, 2026, after FOMC meeting. Follow Bob Elliott on Twitter https://x.com/BobEUnlimited Follow Jack Farley on Twitter https://x.com/jackfarley96  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Learn More About Unlimited HFGM Global Macro ETF $HFGM: https://unlimitedetfs.com/hfgm


In this episode of Monetary Matters, Jack Farley and Max Wiethe are joined by Bob Elliott, Chief Investment Officer at Unlimited Funds, to discuss the economic fallout of the recent conflict and surging oil prices. Elliott explains that the massive spike in oil prices—which recently topped $110 for Brent and $150 in Oman—will inevitably reduce consumer spending power, fuel higher inflation, and drag down real economic growth. He argues that both the stock and bond markets are currently mispricing this risk, making a strong case for that both asset classes could struggle as yields rise. Furthermore, Elliott dismisses the Federal Reserve's 2026 inflation target of 2.7% as wildly unrealistic, warning that persistent inflation will keep the Fed from cutting rates anytime soon. Finally, Jack and Max preview their upcoming interviews with industry experts to further unpack the disruptions to global oil production, fertilizer supply chains, and shipping. Recorded afternoon of March 18, 2026, after FOMC meeting.


Follow Bob Elliott on Twitter https://x.com/BobEUnlimited

Follow Jack Farley on Twitter https://x.com/jackfarley96


 Follow Monetary Matters on:

Apple Podcasts https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

]]> 2561 Stock Market on Shaky Foundations | Blind Squirrel Macro’s Rupert Mitchell on IPO Supply, Oil, and Private Credit Learn more about Teucrium’s Soybean ETF (SOYB) here: https://teucrium.com/soyb In this episode of Monetary Matters, Jack sits down with Rupert Mitchell of Blind Squirrel Macro to unpack why the foundations of the current US stock market bull run might be crumbling. Mitchell details his transition to a 50% cash and gold portfolio, warning that a looming wave of jumbo IPOs and cracks in the private credit markets could severely disrupt equity liquidity. He also shares his actionable bearish thesis on vulnerable sectors, revealing why he is actively shorting SaaS businesses, boutique M&A banks, and overvalued fast-casual restaurant chains. On the bullish side, Mitchell explains his custom "Shiny Acorns" strategy for investing in gold miners without taking on jurisdiction risk, alongside his continued allocation to long-lived Canadian oil assets and US refiners. Tune in for a masterclass on macro positioning during times of elevated market volatility and consumer uncertainty. Recorded March 9th, 2026. Blind Squirrel Macro research: https://t.co/mgOvPYwOAi Follow Blind Squirrel Macro on Twitter https://x.com/SquirrelMacro Follow Jack Farley on Twitter https://x.com/jackfarley96  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5YouTube https://rb.gy/dpwxez SOYB Fund Page & Prospectus: www.teucrium.com/soyb Investing in SOYB involves risk, including the possible loss of principal. Commodity investments are subject to significant volatility. Past performance is not indicative of future results. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Teucrium Soybean Fund before investing. The prospectus contains this and other important information about the Fund. This material must be proceeded or accompanied by the prospectus. The prospectus is available atteucrium.com/soyb. Marketing Agent: PINE Distributors LLC. TUCRM-5281845-03/26 Wed, 18 Mar 2026 15:19:00 -0000 full Jack Farley Learn more about Teucrium’s Soybean ETF (SOYB) here: https://teucrium.com/soyb In this episode of Monetary Matters, Jack sits down with Rupert Mitchell of Blind Squirrel Macro to unpack why the foundations of the current US stock market bull run might be crumbling. Mitchell details his transition to a 50% cash and gold portfolio, warning that a looming wave of jumbo IPOs and cracks in the private credit markets could severely disrupt equity liquidity. He also shares his actionable bearish thesis on vulnerable sectors, revealing why he is actively shorting SaaS businesses, boutique M&A banks, and overvalued fast-casual restaurant chains. On the bullish side, Mitchell explains his custom "Shiny Acorns" strategy for investing in gold miners without taking on jurisdiction risk, alongside his continued allocation to long-lived Canadian oil assets and US refiners. Tune in for a masterclass on macro positioning during times of elevated market volatility and consumer uncertainty. Recorded March 9th, 2026. Blind Squirrel Macro research: https://t.co/mgOvPYwOAi Follow Blind Squirrel Macro on Twitter https://x.com/SquirrelMacro Follow Jack Farley on Twitter https://x.com/jackfarley96  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5YouTube https://rb.gy/dpwxez SOYB Fund Page & Prospectus: www.teucrium.com/soyb Investing in SOYB involves risk, including the possible loss of principal. Commodity investments are subject to significant volatility. Past performance is not indicative of future results. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Teucrium Soybean Fund before investing. The prospectus contains this and other important information about the Fund. This material must be proceeded or accompanied by the prospectus. The prospectus is available atteucrium.com/soyb. Marketing Agent: PINE Distributors LLC. TUCRM-5281845-03/26 Learn more about Teucrium’s Soybean ETF (SOYB) here: https://teucrium.com/soyb

In this episode of Monetary Matters, Jack sits down with Rupert Mitchell of Blind Squirrel Macro to unpack why the foundations of the current US stock market bull run might be crumbling. Mitchell details his transition to a 50% cash and gold portfolio, warning that a looming wave of jumbo IPOs and cracks in the private credit markets could severely disrupt equity liquidity. He also shares his actionable bearish thesis on vulnerable sectors, revealing why he is actively shorting SaaS businesses, boutique M&A banks, and overvalued fast-casual restaurant chains. On the bullish side, Mitchell explains his custom "Shiny Acorns" strategy for investing in gold miners without taking on jurisdiction risk, alongside his continued allocation to long-lived Canadian oil assets and US refiners. Tune in for a masterclass on macro positioning during times of elevated market volatility and consumer uncertainty. Recorded March 9th, 2026.


Blind Squirrel Macro research: https://t.co/mgOvPYwOAi

Follow Blind Squirrel Macro on Twitter https://x.com/SquirrelMacro

Follow Jack Farley on Twitter https://x.com/jackfarley96


 Follow Monetary Matters on:

Apple Podcasts https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5
YouTube https://rb.gy/dpwxez


SOYB Fund Page & Prospectus: www.teucrium.com/soyb


Investing in SOYB involves risk, including the possible loss of principal. Commodity investments are subject to significant volatility.


Past performance is not indicative of future results. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Teucrium Soybean Fund before investing. The prospectus contains this and other important information about the Fund.


This material must be proceeded or accompanied by the prospectus. The prospectus is available atteucrium.com/soyb.


Marketing Agent: PINE Distributors LLC.


TUCRM-5281845-03/26

]]> 5173 The Ultimate Hard Asset: American Farmland and The 300-Year Water Supply Hidden Underneath It | Chris Morris LandFund Partners Learn more about Teucrium’s Soybean ETF (SOYB) here: https://teucrium.com/soyb In this episode of Other People's Money, Max sits down with Chris Morris, President of LandFund Partners, to explore why they believe U.S. row crop farmland is the ultimate hard asset. Chris details how farmland performed as a portfolio diversifier during the Great Financial Crisis and explains why the relative value compared to other regions and essentially free access to 300-years of groundwater them has focusing on the U.S. Mid-South region. He highlights global water scarcity, food security, and inflation as macro drivers for this farmland, but he also argues that rising values and yields from technological improvements and increased demand for non-farming purposes like solar power are how they have delivered S&P 500 beating net returns since 2021. LandFund Partners website: https://www.landfundpartners.com/ Follow LandFund Partners on X: https://x.com/LandFundLP Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps: 00:00 Intro 00:40 Teucrium SOYB 01:00 Investing in Farmland 04:26 Diversification and Correlation 06:07 Real Assets and New Macro Risks 09:13 Scarcity and Water Thesis 10:48 Protein Demand Multiplier 12:45 How Farmland Returns Work 15:00 AI and Renewable Energy 15:41 Teucrium SOYB 17:02 Community Impact and Ethics 20:21 Who Buys Farmland? 22:47 Why the Mid-South 26:33 Valuation Gap Explained 28:25 Water Rights and Water Scarcity 35:06 Solar Leases Beat Crops 39:23 AI Boosts Farm Profits 42:22 Regenerative Farming and the Three Fs 44:35 Iran Conflict Inputs and Crops 48:26 Subsidies and Rent Security 54:02 Fund Focus and Growth Plans 57:30 Conclusion SOYB Fund Page & Prospectus: www.teucrium.com/soyb Investing in SOYB involves risk, including the possible loss of principal. Commodity investments are subject to significant volatility. Past performance is not indicative of future results. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Teucrium Soybean Fund before investing. The prospectus contains this and other important information about the Fund. This material must be proceeded or accompanied by the prospectus. The prospectus is available atteucrium.com/soyb. Marketing Agent: PINE Distributors LLC. TUCRM-5281845-03/26 Tue, 17 Mar 2026 13:00:00 -0000 full Jack Farley Learn more about Teucrium’s Soybean ETF (SOYB) here: https://teucrium.com/soyb In this episode of Other People's Money, Max sits down with Chris Morris, President of LandFund Partners, to explore why they believe U.S. row crop farmland is the ultimate hard asset. Chris details how farmland performed as a portfolio diversifier during the Great Financial Crisis and explains why the relative value compared to other regions and essentially free access to 300-years of groundwater them has focusing on the U.S. Mid-South region. He highlights global water scarcity, food security, and inflation as macro drivers for this farmland, but he also argues that rising values and yields from technological improvements and increased demand for non-farming purposes like solar power are how they have delivered S&P 500 beating net returns since 2021. LandFund Partners website: https://www.landfundpartners.com/ Follow LandFund Partners on X: https://x.com/LandFundLP Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps: 00:00 Intro 00:40 Teucrium SOYB 01:00 Investing in Farmland 04:26 Diversification and Correlation 06:07 Real Assets and New Macro Risks 09:13 Scarcity and Water Thesis 10:48 Protein Demand Multiplier 12:45 How Farmland Returns Work 15:00 AI and Renewable Energy 15:41 Teucrium SOYB 17:02 Community Impact and Ethics 20:21 Who Buys Farmland? 22:47 Why the Mid-South 26:33 Valuation Gap Explained 28:25 Water Rights and Water Scarcity 35:06 Solar Leases Beat Crops 39:23 AI Boosts Farm Profits 42:22 Regenerative Farming and the Three Fs 44:35 Iran Conflict Inputs and Crops 48:26 Subsidies and Rent Security 54:02 Fund Focus and Growth Plans 57:30 Conclusion SOYB Fund Page & Prospectus: www.teucrium.com/soyb Investing in SOYB involves risk, including the possible loss of principal. Commodity investments are subject to significant volatility. Past performance is not indicative of future results. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Teucrium Soybean Fund before investing. The prospectus contains this and other important information about the Fund. This material must be proceeded or accompanied by the prospectus. The prospectus is available atteucrium.com/soyb. Marketing Agent: PINE Distributors LLC. TUCRM-5281845-03/26 Learn more about Teucrium’s Soybean ETF (SOYB) here: https://teucrium.com/soyb


In this episode of Other People's Money, Max sits down with Chris Morris, President of LandFund Partners, to explore why they believe U.S. row crop farmland is the ultimate hard asset. Chris details how farmland performed as a portfolio diversifier during the Great Financial Crisis and explains why the relative value compared to other regions and essentially free access to 300-years of groundwater them has focusing on the U.S. Mid-South region. He highlights global water scarcity, food security, and inflation as macro drivers for this farmland, but he also argues that rising values and yields from technological improvements and increased demand for non-farming purposes like solar power are how they have delivered S&P 500 beating net returns since 2021.


LandFund Partners website: https://www.landfundpartners.com/


Follow LandFund Partners on X: https://x.com/LandFundLP

Follow Max on X: https://x.com/maxwiethe


Follow Other People’s Money on:


Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR

X https://x.com/opmpod


Timestamps:

00:00 Intro

00:40 Teucrium SOYB

01:00 Investing in Farmland

04:26 Diversification and Correlation

06:07 Real Assets and New Macro Risks

09:13 Scarcity and Water Thesis

10:48 Protein Demand Multiplier

12:45 How Farmland Returns Work

15:00 AI and Renewable Energy

15:41 Teucrium SOYB

17:02 Community Impact and Ethics

20:21 Who Buys Farmland?

22:47 Why the Mid-South

26:33 Valuation Gap Explained

28:25 Water Rights and Water Scarcity

35:06 Solar Leases Beat Crops

39:23 AI Boosts Farm Profits

42:22 Regenerative Farming and the Three Fs

44:35 Iran Conflict Inputs and Crops

48:26 Subsidies and Rent Security

54:02 Fund Focus and Growth Plans

57:30 Conclusion


SOYB Fund Page & Prospectus: www.teucrium.com/soyb


Investing in SOYB involves risk, including the possible loss of principal. Commodity investments are subject to significant volatility.


Past performance is not indicative of future results. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Teucrium Soybean Fund before investing. The prospectus contains this and other important information about the Fund.


This material must be proceeded or accompanied by the prospectus. The prospectus is available atteucrium.com/soyb.


Marketing Agent: PINE Distributors LLC.


TUCRM-5281845-03/26

]]> 3486 no “Deflationary Bust” A Risk From AI | Alex Gurevich’s Bull Case on Rates, “Perfect Trade” Potential in Japan, and The Risk of Artificial Intelligence Poses to Labor Market In this interview, Alex Gurevich of HonTe Investments outlines his macroeconomic outlook, highlighting a particularly bullish stance on the platinum and palladium markets because they historically follow long cycles that lag behind gold and silver. He predicts that the rapid advancement of artificial intelligence will initially act as a deflationary headwind, potentially automating away 20% of jobs by the end of the decade and permanently eliminating certain white-collar economic activities. To combat this impending deflation and job loss, he anticipates that the Federal Reserve will be forced to drastically cut short-term interest rates—possibly down to zero—alongside the introduction of massive government stimulus. Because of this dynamic, Kovich views being long on short-duration bonds as a "dominant trade" that can succeed under multiple economic outcomes, though he remains uncertain about the trajectory of long-term rates and therefore favors a steeper yield curve. Furthermore, he envisions a long-term AI-driven prosperity boom but warns that the massive compute power required will inevitably lead to a severe global energy bottleneck. As part of this AI infrastructure build-out, he specifically notes that there will not be enough copper on the planet to support the necessary power demands. Alex’s Book, “The Next Perfect Trade: A Magic Sword of Necessity”: https://www.amazon.com/dp/B0GBYXNLD4?tag=scribemedia0a-20&th=1&psc=1&geniuslink=true Follow Alex Gurevich on Twitter https://x.com/agurevich23/with_replies Follow Jack Farley on Twitter https://x.com/jackfarley96  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5YouTube https://rb.gy/dpwxez Sun, 15 Mar 2026 15:12:00 -0000 full Jack Farley In this interview, Alex Gurevich of HonTe Investments outlines his macroeconomic outlook, highlighting a particularly bullish stance on the platinum and palladium markets because they historically follow long cycles that lag behind gold and silver. He predicts that the rapid advancement of artificial intelligence will initially act as a deflationary headwind, potentially automating away 20% of jobs by the end of the decade and permanently eliminating certain white-collar economic activities. To combat this impending deflation and job loss, he anticipates that the Federal Reserve will be forced to drastically cut short-term interest rates—possibly down to zero—alongside the introduction of massive government stimulus. Because of this dynamic, Kovich views being long on short-duration bonds as a "dominant trade" that can succeed under multiple economic outcomes, though he remains uncertain about the trajectory of long-term rates and therefore favors a steeper yield curve. Furthermore, he envisions a long-term AI-driven prosperity boom but warns that the massive compute power required will inevitably lead to a severe global energy bottleneck. As part of this AI infrastructure build-out, he specifically notes that there will not be enough copper on the planet to support the necessary power demands. Alex’s Book, “The Next Perfect Trade: A Magic Sword of Necessity”: https://www.amazon.com/dp/B0GBYXNLD4?tag=scribemedia0a-20&th=1&psc=1&geniuslink=true Follow Alex Gurevich on Twitter https://x.com/agurevich23/with_replies Follow Jack Farley on Twitter https://x.com/jackfarley96  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5YouTube https://rb.gy/dpwxez In this interview, Alex Gurevich of HonTe Investments outlines his macroeconomic outlook, highlighting a particularly bullish stance on the platinum and palladium markets because they historically follow long cycles that lag behind gold and silver. He predicts that the rapid advancement of artificial intelligence will initially act as a deflationary headwind, potentially automating away 20% of jobs by the end of the decade and permanently eliminating certain white-collar economic activities. To combat this impending deflation and job loss, he anticipates that the Federal Reserve will be forced to drastically cut short-term interest rates—possibly down to zero—alongside the introduction of massive government stimulus. Because of this dynamic, Kovich views being long on short-duration bonds as a "dominant trade" that can succeed under multiple economic outcomes, though he remains uncertain about the trajectory of long-term rates and therefore favors a steeper yield curve. Furthermore, he envisions a long-term AI-driven prosperity boom but warns that the massive compute power required will inevitably lead to a severe global energy bottleneck. As part of this AI infrastructure build-out, he specifically notes that there will not be enough copper on the planet to support the necessary power demands.


Alex’s Book, “The Next Perfect Trade: A Magic Sword of Necessity”: https://www.amazon.com/dp/B0GBYXNLD4?tag=scribemedia0a-20&th=1&psc=1&geniuslink=true

Follow Alex Gurevich on Twitter https://x.com/agurevich23/with_replies

Follow Jack Farley on Twitter https://x.com/jackfarley96


 Follow Monetary Matters on:

Apple Podcasts https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5
YouTube https://rb.gy/dpwxez

]]> 4050 Could the Iran War Cause a New Oil Crisis? | FT's Chief Economics Commentator Martin Wolf Martin Wolf, chief economics commentator at the Financial Times joins Jack for a frank and important discussion on the war with Iran. Jack and Martin delve into the economic consequences of a prolonged war in Iran, particularly with regards to the Strait of Hormuz being affected by the war. In short—war with Iran could be a nightmare scenario for the world economy with few if any benefits for the U.S. and most of the world. Recorded on March 11th, 2026.   Follow Jack Farley on Twitter https://x.com/jackfarley96 Follow Martin Wolf on Twitter https://x.com/martinwolf_ Read Martin in the FT https://www.ft.com/content/dab7d625-77f8-40ff-aeb9-451f81772125 Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Fri, 13 Mar 2026 14:18:00 -0000 full Jack Farley Martin Wolf, chief economics commentator at the Financial Times joins Jack for a frank and important discussion on the war with Iran. Jack and Martin delve into the economic consequences of a prolonged war in Iran, particularly with regards to the Strait of Hormuz being affected by the war. In short—war with Iran could be a nightmare scenario for the world economy with few if any benefits for the U.S. and most of the world. Recorded on March 11th, 2026.   Follow Jack Farley on Twitter https://x.com/jackfarley96 Follow Martin Wolf on Twitter https://x.com/martinwolf_ Read Martin in the FT https://www.ft.com/content/dab7d625-77f8-40ff-aeb9-451f81772125 Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Martin Wolf, chief economics commentator at the Financial Times joins Jack for a frank and important discussion on the war with Iran. Jack and Martin delve into the economic consequences of a prolonged war in Iran, particularly with regards to the Strait of Hormuz being affected by the war. In short—war with Iran could be a nightmare scenario for the world economy with few if any benefits for the U.S. and most of the world. Recorded on March 11th, 2026.

 

Follow Jack Farley on Twitter https://x.com/jackfarley96

Follow Martin Wolf on Twitter https://x.com/martinwolf_

Read Martin in the FT https://www.ft.com/content/dab7d625-77f8-40ff-aeb9-451f81772125

Follow Monetary Matters on:

Apple Podcasts https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

]]> 3670 no Joseph Stiglitz: Higher Oil and Food Prices From Iran War Risk 1970s-Era Stagflation Learn more about Teucrium’s Soybean ETF (SOYB) here: https://teucrium.com/soyb Nobel Laureate in Economics Joseph Stiglitz (who holds highest #1 D-Index than all other Economists in the world) joins Jack to discuss the recent war in Iran, artificial intelligence, and his macroeconomic views. Dr. Stiglitz warns that the conflict in Iran is likely to have much more serious consequences for the U.S. & world economy than the Trump administration expected. In particular, the disruption of energy production could very well create an energy crisis similar to the one seen in the U.S. in the 1970s. Jack and Dr. Stiglitz also discuss Stiglitz’s work, including the recent The Road to Freedom, which touches on inequality, the cost of war, and economic freedom. Finally, they go over the effects of AI on employment and what the collapse of an AI bubble would mean for the economy. Recorded on March 9th, 2026. Professor Stiglitz’s The Road to Freedom https://wwnorton.com/books/9781324074373 Follow Jack Farley on Twitter https://x.com/jackfarley96 Follow Professor Stiglitz on Twitter https://x.com/JosephEStiglitz Follow Professor Stiglitz on Bluesky https://bsky.app/profile/did:plc:esniasaciq3ecprflyir2h3y  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5YouTube https://rb.gy/dpwxez SOYB Fund Page & Prospectus: www.teucrium.com/soyb Investing in SOYB involves risk, including the possible loss of principal. Commodity investments are subject to significant volatility. Past performance is not indicative of future results. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Teucrium Soybean Fund before investing. The prospectus contains this and other important information about the Fund. This material must be proceeded or accompanied by the prospectus. The prospectus is available atteucrium.com/soyb. Marketing Agent: PINE Distributors LLC. TUCRM-5281845-03/26 Wed, 11 Mar 2026 18:01:00 -0000 full Jack Farley Learn more about Teucrium’s Soybean ETF (SOYB) here: https://teucrium.com/soyb Nobel Laureate in Economics Joseph Stiglitz (who holds highest #1 D-Index than all other Economists in the world) joins Jack to discuss the recent war in Iran, artificial intelligence, and his macroeconomic views. Dr. Stiglitz warns that the conflict in Iran is likely to have much more serious consequences for the U.S. & world economy than the Trump administration expected. In particular, the disruption of energy production could very well create an energy crisis similar to the one seen in the U.S. in the 1970s. Jack and Dr. Stiglitz also discuss Stiglitz’s work, including the recent The Road to Freedom, which touches on inequality, the cost of war, and economic freedom. Finally, they go over the effects of AI on employment and what the collapse of an AI bubble would mean for the economy. Recorded on March 9th, 2026. Professor Stiglitz’s The Road to Freedom https://wwnorton.com/books/9781324074373 Follow Jack Farley on Twitter https://x.com/jackfarley96 Follow Professor Stiglitz on Twitter https://x.com/JosephEStiglitz Follow Professor Stiglitz on Bluesky https://bsky.app/profile/did:plc:esniasaciq3ecprflyir2h3y  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5YouTube https://rb.gy/dpwxez SOYB Fund Page & Prospectus: www.teucrium.com/soyb Investing in SOYB involves risk, including the possible loss of principal. Commodity investments are subject to significant volatility. Past performance is not indicative of future results. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Teucrium Soybean Fund before investing. The prospectus contains this and other important information about the Fund. This material must be proceeded or accompanied by the prospectus. The prospectus is available atteucrium.com/soyb. Marketing Agent: PINE Distributors LLC. TUCRM-5281845-03/26 Learn more about Teucrium’s Soybean ETF (SOYB) here: https://teucrium.com/soyb


Nobel Laureate in Economics Joseph Stiglitz (who holds highest #1 D-Index than all other Economists in the world) joins Jack to discuss the recent war in Iran, artificial intelligence, and his macroeconomic views. Dr. Stiglitz warns that the conflict in Iran is likely to have much more serious consequences for the U.S. & world economy than the Trump administration expected. In particular, the disruption of energy production could very well create an energy crisis similar to the one seen in the U.S. in the 1970s. Jack and Dr. Stiglitz also discuss Stiglitz’s work, including the recent The Road to Freedom, which touches on inequality, the cost of war, and economic freedom. Finally, they go over the effects of AI on employment and what the collapse of an AI bubble would mean for the economy. Recorded on March 9th, 2026.


Professor Stiglitz’s The Road to Freedom https://wwnorton.com/books/9781324074373


Follow Jack Farley on Twitter https://x.com/jackfarley96

Follow Professor Stiglitz on Twitter https://x.com/JosephEStiglitz

Follow Professor Stiglitz on Bluesky https://bsky.app/profile/did:plc:esniasaciq3ecprflyir2h3y


 Follow Monetary Matters on:

Apple Podcasts https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5
YouTube https://rb.gy/dpwxez


SOYB Fund Page & Prospectus: www.teucrium.com/soyb


Investing in SOYB involves risk, including the possible loss of principal. Commodity investments are subject to significant volatility.


Past performance is not indicative of future results. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Teucrium Soybean Fund before investing. The prospectus contains this and other important information about the Fund.


This material must be proceeded or accompanied by the prospectus. The prospectus is available atteucrium.com/soyb.


Marketing Agent: PINE Distributors LLC.


TUCRM-5281845-03/26

]]> 4761 Michael Howell: Markets On “Nervous Knife-Edge Equilibrium" As Global Liquidity Momentum Has Peaked Learn more about the Fundrise Income Fund here: https://Fundrise.com/mm In this episode, Michael Howell of Capital Wars and Global Liquidity Indexes discusses why the global liquidity cycle has peaked and is beginning to slow down in early 2026. This shift suggests that investors should pivot toward defensive assets, as the "everything bubble" transitions into a regime where liquidity is tighter relative to growing debt. Howell explains that while the US economy remains fundamentally strong, this strength may ironically act as a headwind for Wall Street by absorbing liquidity into the real economy. He identifies China as the primary driver behind the current surge in gold prices, noting their decoupling from Western cycles as they print money to manage significant debt burdens. Consequently, he highlights Chinese technology stocks and precious metals as unique areas of opportunity in an otherwise cautious market environment. Finally, Howell warns that the "canary in the coal mine" for this liquidity downturn is Bitcoin, which has historically shown extreme sensitivity to shifts in global liquidity momentum. Follow Michael Howell on X https://x.com/crossbordercap Follow Jack Farley on X https://x.com/JackFarley96 Capital Wars Substack: https://capitalwars.substack.com/ Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5YouTube https://rb.gy/dpwxez Mon, 09 Mar 2026 17:39:00 -0000 full Jack Farley Learn more about the Fundrise Income Fund here: https://Fundrise.com/mm In this episode, Michael Howell of Capital Wars and Global Liquidity Indexes discusses why the global liquidity cycle has peaked and is beginning to slow down in early 2026. This shift suggests that investors should pivot toward defensive assets, as the "everything bubble" transitions into a regime where liquidity is tighter relative to growing debt. Howell explains that while the US economy remains fundamentally strong, this strength may ironically act as a headwind for Wall Street by absorbing liquidity into the real economy. He identifies China as the primary driver behind the current surge in gold prices, noting their decoupling from Western cycles as they print money to manage significant debt burdens. Consequently, he highlights Chinese technology stocks and precious metals as unique areas of opportunity in an otherwise cautious market environment. Finally, Howell warns that the "canary in the coal mine" for this liquidity downturn is Bitcoin, which has historically shown extreme sensitivity to shifts in global liquidity momentum. Follow Michael Howell on X https://x.com/crossbordercap Follow Jack Farley on X https://x.com/JackFarley96 Capital Wars Substack: https://capitalwars.substack.com/ Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5YouTube https://rb.gy/dpwxez Learn more about the Fundrise Income Fund here:

https://Fundrise.com/mm


In this episode, Michael Howell of Capital Wars and Global Liquidity Indexes discusses why the global liquidity cycle has peaked and is beginning to slow down in early 2026. This shift suggests that investors should pivot toward defensive assets, as the "everything bubble" transitions into a regime where liquidity is tighter relative to growing debt. Howell explains that while the US economy remains fundamentally strong, this strength may ironically act as a headwind for Wall Street by absorbing liquidity into the real economy. He identifies China as the primary driver behind the current surge in gold prices, noting their decoupling from Western cycles as they print money to manage significant debt burdens. Consequently, he highlights Chinese technology stocks and precious metals as unique areas of opportunity in an otherwise cautious market environment. Finally, Howell warns that the "canary in the coal mine" for this liquidity downturn is Bitcoin, which has historically shown extreme sensitivity to shifts in global liquidity momentum.


Follow Michael Howell on X https://x.com/crossbordercap

Follow Jack Farley on X https://x.com/JackFarley96

Capital Wars Substack: https://capitalwars.substack.com/


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5
YouTube https://rb.gy/dpwxez

]]> 6389 The Economic Effects of Technological Disruption & Artificial Intelligence | Nobel Laureate in Economics Peter Howitt Recent Nobel laureate in economics Peter Howitt joins Jack to discuss his work on technological disruption and creative destruction. Dr. Howitt explains that technological advancement creates economic growth while also causing workers to lose their jobs and firms to go bankrupt due to obsolescence. This topic is especially relevant today because of the advancement of artificial intelligence technology. Jack and Dr. Howitt examine if artificial intelligence is truly economically different from past technological breakthroughs, the effects of its adoption, and more. Recorded on February 12th, 2026.   Follow Jack Farley on Twitter https://x.com/jackfarley96   Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Thu, 05 Mar 2026 17:00:00 -0000 full Jack Farley Recent Nobel laureate in economics Peter Howitt joins Jack to discuss his work on technological disruption and creative destruction. Dr. Howitt explains that technological advancement creates economic growth while also causing workers to lose their jobs and firms to go bankrupt due to obsolescence. This topic is especially relevant today because of the advancement of artificial intelligence technology. Jack and Dr. Howitt examine if artificial intelligence is truly economically different from past technological breakthroughs, the effects of its adoption, and more. Recorded on February 12th, 2026.   Follow Jack Farley on Twitter https://x.com/jackfarley96   Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Recent Nobel laureate in economics Peter Howitt joins Jack to discuss his work on technological disruption and creative destruction. Dr. Howitt explains that technological advancement creates economic growth while also causing workers to lose their jobs and firms to go bankrupt due to obsolescence. This topic is especially relevant today because of the advancement of artificial intelligence technology. Jack and Dr. Howitt examine if artificial intelligence is truly economically different from past technological breakthroughs, the effects of its adoption, and more. Recorded on February 12th, 2026.

 

Follow Jack Farley on Twitter https://x.com/jackfarley96

 

Follow Monetary Matters on:

Apple Podcasts https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

]]> 4581 no Jobless Growth, Euphoria, and a Manufacturing Recovery: How Iran Could Force a Macro Regime Change | Tian Yang This episode is brought to you by CAIA.nxt. Learn more about their alternatives education courses for investment advisors and get 10% off with code MMTEN: https://caia.org/content/welcome-monetary-matters-and-other-peoples-money-listeners Tian Yang, CEO of quant research platform Variant Perception, joins Monetary Matters to discuss how the benign macro regime might shift in the back half of 2026 should the Iran conflict not produce a prolonged shock. Yang also touches on how that roadmap would likely be altered by a prolonged conflict, the case for a manufacturing recovery, jobless growth, and peak market euphoria in the summer that could ultimately be marked by the generational IPO of SpaceX. Variant Perception: https://www.variantperception.com/ Follow Variant Perception on Twitter: https://x.com/VrntPerception Follow Jack Farley on Twitter: https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Summer Peak Setup 00:54 Benign Macro Regime 02:54 Iran Energy Shock Risks 04:19 US Versus Rest World 06:41 War Duration Scenarios 10:08 Energy Rotation Signals 10:55 Allocation Engine Explained 13:04 CAIA.nxt 14:00 Fast Calls Repriced 18:44 Historical Cycle Analogies 24:08 Jobless Growth Framework 27:42 Shifting Investment Drivers 29:48 Fed Credibility Tightrope 34:35 Housing Disinflation Drivers 38:58 AI Jobs Debate 39:10 Valuation And Terminal Value 42:28 Capital Cycle Framework 46:31 Semis Versus Software 47:22 Regional Banks Inflection 50:06 Sovereignty Investing Thesis 56:20 Energy and Reindustrialization 59:26 Gold as Risk Off 01:01:20 Conclusion Wed, 04 Mar 2026 23:51:00 -0000 full Jack Farley This episode is brought to you by CAIA.nxt. Learn more about their alternatives education courses for investment advisors and get 10% off with code MMTEN: https://caia.org/content/welcome-monetary-matters-and-other-peoples-money-listeners Tian Yang, CEO of quant research platform Variant Perception, joins Monetary Matters to discuss how the benign macro regime might shift in the back half of 2026 should the Iran conflict not produce a prolonged shock. Yang also touches on how that roadmap would likely be altered by a prolonged conflict, the case for a manufacturing recovery, jobless growth, and peak market euphoria in the summer that could ultimately be marked by the generational IPO of SpaceX. Variant Perception: https://www.variantperception.com/ Follow Variant Perception on Twitter: https://x.com/VrntPerception Follow Jack Farley on Twitter: https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Summer Peak Setup 00:54 Benign Macro Regime 02:54 Iran Energy Shock Risks 04:19 US Versus Rest World 06:41 War Duration Scenarios 10:08 Energy Rotation Signals 10:55 Allocation Engine Explained 13:04 CAIA.nxt 14:00 Fast Calls Repriced 18:44 Historical Cycle Analogies 24:08 Jobless Growth Framework 27:42 Shifting Investment Drivers 29:48 Fed Credibility Tightrope 34:35 Housing Disinflation Drivers 38:58 AI Jobs Debate 39:10 Valuation And Terminal Value 42:28 Capital Cycle Framework 46:31 Semis Versus Software 47:22 Regional Banks Inflection 50:06 Sovereignty Investing Thesis 56:20 Energy and Reindustrialization 59:26 Gold as Risk Off 01:01:20 Conclusion This episode is brought to you by CAIA.nxt. Learn more about their alternatives education courses for investment advisors and get 10% off with code MMTEN: https://caia.org/content/welcome-monetary-matters-and-other-peoples-money-listeners


Tian Yang, CEO of quant research platform Variant Perception, joins Monetary Matters to discuss how the benign macro regime might shift in the back half of 2026 should the Iran conflict not produce a prolonged shock. Yang also touches on how that roadmap would likely be altered by a prolonged conflict, the case for a manufacturing recovery, jobless growth, and peak market euphoria in the summer that could ultimately be marked by the generational IPO of SpaceX.


Variant Perception: https://www.variantperception.com/


Follow Variant Perception on Twitter: https://x.com/VrntPerception

Follow Jack Farley on Twitter: https://x.com/JackFarley96


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


Timestamps:

00:00 Summer Peak Setup

00:54 Benign Macro Regime

02:54 Iran Energy Shock Risks

04:19 US Versus Rest World

06:41 War Duration Scenarios

10:08 Energy Rotation Signals

10:55 Allocation Engine Explained

13:04 CAIA.nxt

14:00 Fast Calls Repriced

18:44 Historical Cycle Analogies

24:08 Jobless Growth Framework

27:42 Shifting Investment Drivers

29:48 Fed Credibility Tightrope

34:35 Housing Disinflation Drivers

38:58 AI Jobs Debate

39:10 Valuation And Terminal Value

42:28 Capital Cycle Framework

46:31 Semis Versus Software

47:22 Regional Banks Inflection

50:06 Sovereignty Investing Thesis

56:20 Energy and Reindustrialization

59:26 Gold as Risk Off

01:01:20 Conclusion

]]> 3684 no How Legendary Resource Investor Rick Rule is Investing for a 10-Year Bull Market This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS):   https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm Pictet AI Enhanced International Equity ETF (PQNT):  https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm Legendary resource investor Rick Rule, founder of Rule Investment Media, explains why he anticipates a 75% decline in US dollar purchasing power over the next decade. Rule breaks down his recent move to sell a significant portion of his silver holdings to rotate into silver miners, highlighting the massive valuation arbitrage currently available in the sector. He provides a masterclass on the "best-of-the-best" royalty and streaming companies and why he thinks streamers are going to make more deals than ever. He also outlines his top criteria for resources stocks in the mining and oil & gas sectors. Rule Investment Media: https://www.ruleinvestmentmedia.com/ Follow Rick Rule on Twitter: https://x.com/RealRickRule Follow Jack Farley on Twitter: https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Introduction 00:53 10 Year Metals Thesis 04:38 Contrarian Investing Rules 07:15 What Starts Bull Markets 10:22 Selling Silver For Miners 14:04 Pictet’s PQNT 16:57 Why Royalties Win 20:00 Big Streaming Deals Ahead 23:58 Valuation Arbitrage And M&A 27:02 Gold Linked Bonds And Credit 30:08 Elemental EMX Merger Synergies 34:11 Altius The Resource Allocator 36:22 Lithium DLE Threat 37:11 Altius Beyond Royalties 39:38 What Makes Great Majors 41:03 Recycle Ratio Explained 45:01 Efficiency Beats Optionality 47:10 Top Picks and M&A Logic 51:58 Jurisdiction Risk Reality 55:12 California Politics and Oil 59:19 Non Producers Highcroft 01:02:29 Snowline and Globex Views 01:06:15 Canadian Oil Royalties 01:09:55 Conclusion Sun, 01 Mar 2026 14:00:00 -0000 full Jack Farley This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS):   https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm Pictet AI Enhanced International Equity ETF (PQNT):  https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm Legendary resource investor Rick Rule, founder of Rule Investment Media, explains why he anticipates a 75% decline in US dollar purchasing power over the next decade. Rule breaks down his recent move to sell a significant portion of his silver holdings to rotate into silver miners, highlighting the massive valuation arbitrage currently available in the sector. He provides a masterclass on the "best-of-the-best" royalty and streaming companies and why he thinks streamers are going to make more deals than ever. He also outlines his top criteria for resources stocks in the mining and oil & gas sectors. Rule Investment Media: https://www.ruleinvestmentmedia.com/ Follow Rick Rule on Twitter: https://x.com/RealRickRule Follow Jack Farley on Twitter: https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Introduction 00:53 10 Year Metals Thesis 04:38 Contrarian Investing Rules 07:15 What Starts Bull Markets 10:22 Selling Silver For Miners 14:04 Pictet’s PQNT 16:57 Why Royalties Win 20:00 Big Streaming Deals Ahead 23:58 Valuation Arbitrage And M&A 27:02 Gold Linked Bonds And Credit 30:08 Elemental EMX Merger Synergies 34:11 Altius The Resource Allocator 36:22 Lithium DLE Threat 37:11 Altius Beyond Royalties 39:38 What Makes Great Majors 41:03 Recycle Ratio Explained 45:01 Efficiency Beats Optionality 47:10 Top Picks and M&A Logic 51:58 Jurisdiction Risk Reality 55:12 California Politics and Oil 59:19 Non Producers Highcroft 01:02:29 Snowline and Globex Views 01:06:15 Canadian Oil Royalties 01:09:55 Conclusion This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS):  

https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm


Pictet AI Enhanced International Equity ETF (PQNT): 

https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm


Legendary resource investor Rick Rule, founder of Rule Investment Media, explains why he anticipates a 75% decline in US dollar purchasing power over the next decade. Rule breaks down his recent move to sell a significant portion of his silver holdings to rotate into silver miners, highlighting the massive valuation arbitrage currently available in the sector. He provides a masterclass on the "best-of-the-best" royalty and streaming companies and why he thinks streamers are going to make more deals than ever. He also outlines his top criteria for resources stocks in the mining and oil & gas sectors.


Rule Investment Media: https://www.ruleinvestmentmedia.com/


Follow Rick Rule on Twitter: https://x.com/RealRickRule

Follow Jack Farley on Twitter: https://x.com/JackFarley96


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


Timestamps:

00:00 Introduction

00:53 10 Year Metals Thesis

04:38 Contrarian Investing Rules

07:15 What Starts Bull Markets

10:22 Selling Silver For Miners

14:04 Pictet’s PQNT

16:57 Why Royalties Win

20:00 Big Streaming Deals Ahead

23:58 Valuation Arbitrage And M&A

27:02 Gold Linked Bonds And Credit

30:08 Elemental EMX Merger Synergies

34:11 Altius The Resource Allocator

36:22 Lithium DLE Threat

37:11 Altius Beyond Royalties

39:38 What Makes Great Majors

41:03 Recycle Ratio Explained

45:01 Efficiency Beats Optionality

47:10 Top Picks and M&A Logic

51:58 Jurisdiction Risk Reality

55:12 California Politics and Oil

59:19 Non Producers Highcroft

01:02:29 Snowline and Globex Views

01:06:15 Canadian Oil Royalties

01:09:55 Conclusion

]]> 4216 “A Huge Problem for Everybody” | Paul Krugman on Currency Devaluation, Artificial Intelligence, Kevin Warsh Nomination, & More This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS):   https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm Pictet AI Enhanced International Equity ETF (PQNT):  https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm Distinguished economist Paul Krugman joins Jack to discuss the devaluation of the dollar, the nomination of Kevin Warsh, artificial intelligence, and much more. Dr. Krugman brings his expertise to give cogent and intelligent answers on important economic questions of our time. Recorded on February 6th, 2026.   Follow Paul Krugman on Substack https://paulkrugman.substack.com/ Follow Jack Farley on Twitter https://x.com/jackfarley96   Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Sun, 15 Feb 2026 20:38:00 -0000 full Jack Farley This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS):   https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm Pictet AI Enhanced International Equity ETF (PQNT):  https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm Distinguished economist Paul Krugman joins Jack to discuss the devaluation of the dollar, the nomination of Kevin Warsh, artificial intelligence, and much more. Dr. Krugman brings his expertise to give cogent and intelligent answers on important economic questions of our time. Recorded on February 6th, 2026.   Follow Paul Krugman on Substack https://paulkrugman.substack.com/ Follow Jack Farley on Twitter https://x.com/jackfarley96   Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS):  

https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm


Pictet AI Enhanced International Equity ETF (PQNT): 

https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm


Distinguished economist Paul Krugman joins Jack to discuss the devaluation of the dollar, the nomination of Kevin Warsh, artificial intelligence, and much more. Dr. Krugman brings his expertise to give cogent and intelligent answers on important economic questions of our time. Recorded on February 6th, 2026.

 

Follow Paul Krugman on Substack https://paulkrugman.substack.com/

Follow Jack Farley on Twitter https://x.com/jackfarley96

 

Follow Monetary Matters on:

Apple Podcasts https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


]]> 3547 no The “Climax Top” In Gold & Silver | Milton Berg, Turning Point Master, on Precious Metals, Bitcoin, and Disturbing December Warning In Stocks Learn more about the Fundrise Income Fund here: https://Fundrise.com/mm Recorded in February 6th 2026, technical analyst Milton Berg returns to discuss his market outlook after correctly predicting the major market bottom in April 2025. Although his long-term retail model remains 100% long equities until a specific 8% drawdown occurs, Berg reveals that his institutional portfolio is currently net short across major indices. This bearish institutional stance is driven by rare technical anomalies, including a "disturbing" volatility signal from December and a historic "island reversal" pattern in the Russell 2000. Berg admits the current market is tricky, noting that recent strong buying action might force him to cover shorts, though he remains skeptical of the rally's breadth. Turning to commodities, Berg states he is bearish on gold and silver, having shorted them near their late January highs due to signs of a "climax top" and extreme overvaluation relative to inflation. He also provides a critical assessment of Bitcoin, arguing it holds no intrinsic value and pointing out that it recently failed to hold critical technical support levels. Throughout the discussion, Berg emphasizes that his methodology ignores standard economic narratives in favor of identifying rare volume and price occurrences that signal market turning points . Finally, he introduces a new service for individual investors designed to capture the bulk of bull markets while neutralizing emotional decision-making. As Jack notes in the beginning, Milton has since turned from net short to net long U.S. stocks for institutional clients. About Milton Berg Edge: https://miltonbergedge.com/ Follow Milton Berg on X https://x.com/BergMilton Follow Jack Farley on X https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez DISCLAIMERS and DISCLOSURES for Milton Berg Edge   This Newsletter contains hypothetical performance results. Please carefully review and consider the following disclosures.  Important Disclosure Information Milton Berg Edge is a newsletter (“Newsletter”) owned and published by Milton Berg Advisors, LLC, doing business as “Milton Berg Edge” (“MB Edge,” “firm,” “we,” “our,” and “us”). Milton Berg Advisors, LLC is registered as an investment advisor in the States of Florida and New York. Registration as an investment advisor does not imply any level of skill or training. The Newsletter is a subscription based publication that contains (i) our general commentary and opinion on broad-based market trends and other factors affecting the domestic investment markets in the United States; (ii) answers and reactions to subscriber submitted questions and comments; and (iii) the actual trading activity and net performance of our proprietary investment model (as traded within an account that is actively managed by the firm) and the backtested performance of the model (the “Model”). The contents of the Newsletter and our website (“Website,” and collectively with the Newsletter, the “Content”) are for informational and educational purposes only. No portion of the Content should be construed as investment advice or recommendations tailored to the financial circumstances, investment needs, objectives, and/or limitations of any particular subscriber. Investing in securities involves the risk of loss. Past performance is not indicative of future results. Tue, 10 Feb 2026 18:14:00 -0000 full Jack Farley Learn more about the Fundrise Income Fund here: https://Fundrise.com/mm Recorded in February 6th 2026, technical analyst Milton Berg returns to discuss his market outlook after correctly predicting the major market bottom in April 2025. Although his long-term retail model remains 100% long equities until a specific 8% drawdown occurs, Berg reveals that his institutional portfolio is currently net short across major indices. This bearish institutional stance is driven by rare technical anomalies, including a "disturbing" volatility signal from December and a historic "island reversal" pattern in the Russell 2000. Berg admits the current market is tricky, noting that recent strong buying action might force him to cover shorts, though he remains skeptical of the rally's breadth. Turning to commodities, Berg states he is bearish on gold and silver, having shorted them near their late January highs due to signs of a "climax top" and extreme overvaluation relative to inflation. He also provides a critical assessment of Bitcoin, arguing it holds no intrinsic value and pointing out that it recently failed to hold critical technical support levels. Throughout the discussion, Berg emphasizes that his methodology ignores standard economic narratives in favor of identifying rare volume and price occurrences that signal market turning points . Finally, he introduces a new service for individual investors designed to capture the bulk of bull markets while neutralizing emotional decision-making. As Jack notes in the beginning, Milton has since turned from net short to net long U.S. stocks for institutional clients. About Milton Berg Edge: https://miltonbergedge.com/ Follow Milton Berg on X https://x.com/BergMilton Follow Jack Farley on X https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez DISCLAIMERS and DISCLOSURES for Milton Berg Edge   This Newsletter contains hypothetical performance results. Please carefully review and consider the following disclosures.  Important Disclosure Information Milton Berg Edge is a newsletter (“Newsletter”) owned and published by Milton Berg Advisors, LLC, doing business as “Milton Berg Edge” (“MB Edge,” “firm,” “we,” “our,” and “us”). Milton Berg Advisors, LLC is registered as an investment advisor in the States of Florida and New York. Registration as an investment advisor does not imply any level of skill or training. The Newsletter is a subscription based publication that contains (i) our general commentary and opinion on broad-based market trends and other factors affecting the domestic investment markets in the United States; (ii) answers and reactions to subscriber submitted questions and comments; and (iii) the actual trading activity and net performance of our proprietary investment model (as traded within an account that is actively managed by the firm) and the backtested performance of the model (the “Model”). The contents of the Newsletter and our website (“Website,” and collectively with the Newsletter, the “Content”) are for informational and educational purposes only. No portion of the Content should be construed as investment advice or recommendations tailored to the financial circumstances, investment needs, objectives, and/or limitations of any particular subscriber. Investing in securities involves the risk of loss. Past performance is not indicative of future results. Learn more about the Fundrise Income Fund here:

https://Fundrise.com/mm


Recorded in February 6th 2026, technical analyst Milton Berg returns to discuss his market outlook after correctly predicting the major market bottom in April 2025. Although his long-term retail model remains 100% long equities until a specific 8% drawdown occurs, Berg reveals that his institutional portfolio is currently net short across major indices. This bearish institutional stance is driven by rare technical anomalies, including a "disturbing" volatility signal from December and a historic "island reversal" pattern in the Russell 2000. Berg admits the current market is tricky, noting that recent strong buying action might force him to cover shorts, though he remains skeptical of the rally's breadth. Turning to commodities, Berg states he is bearish on gold and silver, having shorted them near their late January highs due to signs of a "climax top" and extreme overvaluation relative to inflation. He also provides a critical assessment of Bitcoin, arguing it holds no intrinsic value and pointing out that it recently failed to hold critical technical support levels. Throughout the discussion, Berg emphasizes that his methodology ignores standard economic narratives in favor of identifying rare volume and price occurrences that signal market turning points . Finally, he introduces a new service for individual investors designed to capture the bulk of bull markets while neutralizing emotional decision-making. As Jack notes in the beginning, Milton has since turned from net short to net long U.S. stocks for institutional clients.


About Milton Berg Edge: https://miltonbergedge.com/

Follow Milton Berg on X https://x.com/BergMilton

Follow Jack Farley on X https://x.com/JackFarley96


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


DISCLAIMERS and DISCLOSURES for Milton Berg Edge

 

This Newsletter contains hypothetical performance results. Please carefully review and consider the following disclosures. 

Important Disclosure Information

Milton Berg Edge is a newsletter (“Newsletter”) owned and published by Milton Berg Advisors, LLC, doing business as “Milton Berg Edge” (“MB Edge,” “firm,” “we,” “our,” and “us”). Milton Berg Advisors, LLC is registered as an investment advisor in the States of Florida and New York. Registration as an investment advisor does not imply any level of skill or training.

The Newsletter is a subscription based publication that contains (i) our general commentary and opinion on broad-based market trends and other factors affecting the domestic investment markets in the United States; (ii) answers and reactions to subscriber submitted questions and comments; and (iii) the actual trading activity and net performance of our proprietary investment model (as traded within an account that is actively managed by the firm) and the backtested performance of the model (the “Model”). The contents of the Newsletter and our website (“Website,” and collectively with the Newsletter, the “Content”) are for informational and educational purposes only. No portion of the Content should be construed as investment advice or recommendations tailored to the financial circumstances, investment needs, objectives, and/or limitations of any particular subscriber. Investing in securities involves the risk of loss. Past performance is not indicative of future results.

]]> 8226 Why Carson Block Won’t Short AI Names Until the IPOs Begin & Muddy Waters’ Pivot to Long Resources Stocks & S&P 500 Momentum This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS):   https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm Pictet AI Enhanced International Equity ETF (PQNT):  https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm Carson Block, founder of Muddy Waters Capital joins Monetary Matters to discuss why they aren’t rushing to short AI pretenders and fakers until more supply of speculative companies hits the market from big IPOs. They also discuss the increasing dominance of flows over fundamentals in US markets and abroad and Muddy Waters expanding investment focus including: metals and mining stocks, Vietnam, and momentum strategies. Follow Muddy Waters on Twitter: https://x.com/muddywatersre Follow Jack Farley on Twitter: https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Introduction 01:44 AI and Market Speculation 05:14 Challenges in Short Selling AI Stocks 17:58 Pictet PQNT 19:09 AI Pretenders 21:41 Mining Investments and Strategies 36:51 Red Flags in Investor Presentations 39:07 Geopolitical Considerations 40:15 Fraud in Chinese Companies 49:43 Vietnam and India Investment Opportunities 59:05 Momentum Strategy in the S&P 500 01:05:07 Activist Short Selling and Future Plans Wed, 04 Feb 2026 18:10:00 -0000 full Jack Farley This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS):   https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm Pictet AI Enhanced International Equity ETF (PQNT):  https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm Carson Block, founder of Muddy Waters Capital joins Monetary Matters to discuss why they aren’t rushing to short AI pretenders and fakers until more supply of speculative companies hits the market from big IPOs. They also discuss the increasing dominance of flows over fundamentals in US markets and abroad and Muddy Waters expanding investment focus including: metals and mining stocks, Vietnam, and momentum strategies. Follow Muddy Waters on Twitter: https://x.com/muddywatersre Follow Jack Farley on Twitter: https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Introduction 01:44 AI and Market Speculation 05:14 Challenges in Short Selling AI Stocks 17:58 Pictet PQNT 19:09 AI Pretenders 21:41 Mining Investments and Strategies 36:51 Red Flags in Investor Presentations 39:07 Geopolitical Considerations 40:15 Fraud in Chinese Companies 49:43 Vietnam and India Investment Opportunities 59:05 Momentum Strategy in the S&P 500 01:05:07 Activist Short Selling and Future Plans This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS):  

https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm


Pictet AI Enhanced International Equity ETF (PQNT): 

https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm


Carson Block, founder of Muddy Waters Capital joins Monetary Matters to discuss why they aren’t rushing to short AI pretenders and fakers until more supply of speculative companies hits the market from big IPOs. They also discuss the increasing dominance of flows over fundamentals in US markets and abroad and Muddy Waters expanding investment focus including: metals and mining stocks, Vietnam, and momentum strategies.


Follow Muddy Waters on Twitter: https://x.com/muddywatersre

Follow Jack Farley on Twitter: https://x.com/JackFarley96


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


Timestamps:

00:00 Introduction

01:44 AI and Market Speculation

05:14 Challenges in Short Selling AI Stocks

17:58 Pictet PQNT

19:09 AI Pretenders

21:41 Mining Investments and Strategies

36:51 Red Flags in Investor Presentations

39:07 Geopolitical Considerations

40:15 Fraud in Chinese Companies

49:43 Vietnam and India Investment Opportunities

59:05 Momentum Strategy in the S&P 500

01:05:07 Activist Short Selling and Future Plans

]]> 3969 no Why Silver Is Flowing East | Alex Campbell on Solar, Scarcity, and the Six-Sigma Silver Crash (Plus: SaaS & AI) This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS):   https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm Pictet AI Enhanced International Equity ETF (PQNT):  https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm Alexander Campbell, founder of Rose AI and former head of commodities at Bridgewater, joins the show to dissect the structural drivers behind the silver market and the transformative potential of artificial intelligence. Campbell details the "Silver Squeeze" thesis, attributing the metal's volatility to a combination of inelastic industrial demand from solar manufacturing and speculative capital flight out of China. He clarifies complex market dynamics, specifically the "Shanghai Premium" and the logistical friction involved in moving physical metal between Western and Eastern exchanges. Shifting to technology, Campbell warns of an impending "air pocket" for traditional software stocks, arguing that AI agents will disrupt companies that function primarily as "a database and a front end". He outlines a future defined by local compute and open-source models, predicting that value will accrue to data ownership and physical hardware rather than legacy SaaS applications. The conversation concludes with Campbell’s macro strategy of being long the "world of stuff" and data while betting against the "economy of paper" amidst de-globalization. Recorded February 2, 2026. Alex’s pieces: “Silver: The Only Money That Generates Electricity”: https://www.campbellramble.ai/p/silver-the-only-money-that-generates “The Silver Squeeze”: How Solar Threatens a Decade of Deficits https://www.campbellramble.ai/p/the-silver-squeeze “When You Feel Pain, Remember to Reflect”: https://www.campbellramble.ai/p/when-you-feel-pain-remember-to-reflect “The Protection Portfolio: September 2025”:https://www.campbellramble.ai/p/the-protection-portfolio-september Follow Alex Campbell on X https://x.com/abcampbell Follow Jack Farley on X https://x.com/JackFarley96 World Silver Survey 2025:https://silverinstitute.org/wp-content/uploads/2025/04/World_Silver_Survey-2025.pdf November 2025 Interim Market Review: https://silverinstitute.org/wp-content/uploads/2025/11/Silver_Institute_Silver_Interim_2025.pdf Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5YouTube https://rb.gy/dpwxez Tue, 03 Feb 2026 05:51:00 -0000 full Jack Farley This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS):   https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm Pictet AI Enhanced International Equity ETF (PQNT):  https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm Alexander Campbell, founder of Rose AI and former head of commodities at Bridgewater, joins the show to dissect the structural drivers behind the silver market and the transformative potential of artificial intelligence. Campbell details the "Silver Squeeze" thesis, attributing the metal's volatility to a combination of inelastic industrial demand from solar manufacturing and speculative capital flight out of China. He clarifies complex market dynamics, specifically the "Shanghai Premium" and the logistical friction involved in moving physical metal between Western and Eastern exchanges. Shifting to technology, Campbell warns of an impending "air pocket" for traditional software stocks, arguing that AI agents will disrupt companies that function primarily as "a database and a front end". He outlines a future defined by local compute and open-source models, predicting that value will accrue to data ownership and physical hardware rather than legacy SaaS applications. The conversation concludes with Campbell’s macro strategy of being long the "world of stuff" and data while betting against the "economy of paper" amidst de-globalization. Recorded February 2, 2026. Alex’s pieces: “Silver: The Only Money That Generates Electricity”: https://www.campbellramble.ai/p/silver-the-only-money-that-generates “The Silver Squeeze”: How Solar Threatens a Decade of Deficits https://www.campbellramble.ai/p/the-silver-squeeze “When You Feel Pain, Remember to Reflect”: https://www.campbellramble.ai/p/when-you-feel-pain-remember-to-reflect “The Protection Portfolio: September 2025”:https://www.campbellramble.ai/p/the-protection-portfolio-september Follow Alex Campbell on X https://x.com/abcampbell Follow Jack Farley on X https://x.com/JackFarley96 World Silver Survey 2025:https://silverinstitute.org/wp-content/uploads/2025/04/World_Silver_Survey-2025.pdf November 2025 Interim Market Review: https://silverinstitute.org/wp-content/uploads/2025/11/Silver_Institute_Silver_Interim_2025.pdf Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5YouTube https://rb.gy/dpwxez This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS):  

https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm


Pictet AI Enhanced International Equity ETF (PQNT): 

https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm


Alexander Campbell, founder of Rose AI and former head of commodities at Bridgewater, joins the show to dissect the structural drivers behind the silver market and the transformative potential of artificial intelligence. Campbell details the "Silver Squeeze" thesis, attributing the metal's volatility to a combination of inelastic industrial demand from solar manufacturing and speculative capital flight out of China. He clarifies complex market dynamics, specifically the "Shanghai Premium" and the logistical friction involved in moving physical metal between Western and Eastern exchanges. Shifting to technology, Campbell warns of an impending "air pocket" for traditional software stocks, arguing that AI agents will disrupt companies that function primarily as "a database and a front end". He outlines a future defined by local compute and open-source models, predicting that value will accrue to data ownership and physical hardware rather than legacy SaaS applications. The conversation concludes with Campbell’s macro strategy of being long the "world of stuff" and data while betting against the "economy of paper" amidst de-globalization. Recorded February 2, 2026.


Alex’s pieces:

“Silver: The Only Money That Generates Electricity”: https://www.campbellramble.ai/p/silver-the-only-money-that-generates

“The Silver Squeeze”: How Solar Threatens a Decade of Deficits

https://www.campbellramble.ai/p/the-silver-squeeze

“When You Feel Pain, Remember to Reflect”: https://www.campbellramble.ai/p/when-you-feel-pain-remember-to-reflect

“The Protection Portfolio: September 2025”:https://www.campbellramble.ai/p/the-protection-portfolio-september


Follow Alex Campbell on X https://x.com/abcampbell

Follow Jack Farley on X https://x.com/JackFarley96


World Silver Survey 2025:https://silverinstitute.org/wp-content/uploads/2025/04/World_Silver_Survey-2025.pdf

November 2025 Interim Market Review: https://silverinstitute.org/wp-content/uploads/2025/11/Silver_Institute_Silver_Interim_2025.pdf


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5
YouTube https://rb.gy/dpwxez

]]> 5801 Is the Age of Reckless Lending Coming To An End? | Oaktree’s Raghav Khanna on Private Credit, Software, and How Oaktree Correctly Saw First Brands' Red Flags This episode is brought to you by CAIA.nxt. Learn more about their alternatives education courses for investment advisors and get 10% off with code MMTEN: https://caia.org/content/welcome-monetary-matters-and-other-peoples-money-listeners   Raghav Khanna, managing director at Oaktree’s Global Private Debt strategy, joins Jack to discuss the ins and outs of the credit industry. Raghav offers insight into the opaque world of lending, including his opinions on the First Brands Group fiasco, private credit, and artificial intelligence. Raghav not only explains recent trends in credit, but gives his thoughts on where things may be headed as technology shifts. Recorded on January 22nd, 2026.   Follow Raghav Khanna on LinkedIn https://www.linkedin.com/in/raghavkhanna/ Follow Jack Farley on Twitter https://x.com/jackfarley96   Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Sun, 01 Feb 2026 15:50:00 -0000 full Jack Farley This episode is brought to you by CAIA.nxt. Learn more about their alternatives education courses for investment advisors and get 10% off with code MMTEN: https://caia.org/content/welcome-monetary-matters-and-other-peoples-money-listeners   Raghav Khanna, managing director at Oaktree’s Global Private Debt strategy, joins Jack to discuss the ins and outs of the credit industry. Raghav offers insight into the opaque world of lending, including his opinions on the First Brands Group fiasco, private credit, and artificial intelligence. Raghav not only explains recent trends in credit, but gives his thoughts on where things may be headed as technology shifts. Recorded on January 22nd, 2026.   Follow Raghav Khanna on LinkedIn https://www.linkedin.com/in/raghavkhanna/ Follow Jack Farley on Twitter https://x.com/jackfarley96   Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez This episode is brought to you by CAIA.nxt. Learn more about their alternatives education courses for investment advisors and get 10% off with code MMTEN: https://caia.org/content/welcome-monetary-matters-and-other-peoples-money-listeners

 

Raghav Khanna, managing director at Oaktree’s Global Private Debt strategy, joins Jack to discuss the ins and outs of the credit industry. Raghav offers insight into the opaque world of lending, including his opinions on the First Brands Group fiasco, private credit, and artificial intelligence. Raghav not only explains recent trends in credit, but gives his thoughts on where things may be headed as technology shifts. Recorded on January 22nd, 2026.

 

Follow Raghav Khanna on LinkedIn https://www.linkedin.com/in/raghavkhanna/

Follow Jack Farley on Twitter https://x.com/jackfarley96

 

Follow Monetary Matters on:

Apple Podcasts https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

]]> 3630 no Trump’s Hidden Mortgage Stimulus from Fannie & Freddie | Joseph Wang on GSEs, Kevin Warsh, Powell, and Dollar Hedging This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS):   https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm Pictet AI Enhanced International Equity ETF (PQNT):  https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm In this interview, Joseph Wang of FedGuy.com discusses various levers the Trump administration could pull to lower mortgage rates, even without the Federal Reserve's direct involvement. These include directing government-sponsored enterprises like Fannie Mae and Freddie Mac to increase their mortgage holdings, potentially by lifting their current portfolio caps. Wang also notes that expanding access to cheap financing from Federal Home Loan Banks for mortgage REITs could be another avenue. Beyond housing, Wang predicts that President Trump will significantly influence the Federal Reserve, potentially leading to more interest rate cuts than the market currently anticipates. He suggests that Chair Powell will likely leave his position in May, allowing Trump to appoint a successor. Wang is bullish on the US economy, citing tailwinds like a potential productivity boom, strong credit creation, and stimulative fiscal policy. However, he cautions that AI stocks are in a bubble, though he believes the technology itself will benefit the broader economy by increasing productivity. Recorded January 29, 2026. Joseph Wang’s YouTube channel: https://www.youtube.com/@Fedguy12 “Sleeping Giants” (Joseph’s piece on Fannie & Freddie): https://fedguy.com/sleeping-giants/ Follow Joseph Wang on X https://x.com/josephwang Follow Jack Farley on X https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Sat, 31 Jan 2026 15:47:00 -0000 full Jack Farley This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS):   https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm Pictet AI Enhanced International Equity ETF (PQNT):  https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm In this interview, Joseph Wang of FedGuy.com discusses various levers the Trump administration could pull to lower mortgage rates, even without the Federal Reserve's direct involvement. These include directing government-sponsored enterprises like Fannie Mae and Freddie Mac to increase their mortgage holdings, potentially by lifting their current portfolio caps. Wang also notes that expanding access to cheap financing from Federal Home Loan Banks for mortgage REITs could be another avenue. Beyond housing, Wang predicts that President Trump will significantly influence the Federal Reserve, potentially leading to more interest rate cuts than the market currently anticipates. He suggests that Chair Powell will likely leave his position in May, allowing Trump to appoint a successor. Wang is bullish on the US economy, citing tailwinds like a potential productivity boom, strong credit creation, and stimulative fiscal policy. However, he cautions that AI stocks are in a bubble, though he believes the technology itself will benefit the broader economy by increasing productivity. Recorded January 29, 2026. Joseph Wang’s YouTube channel: https://www.youtube.com/@Fedguy12 “Sleeping Giants” (Joseph’s piece on Fannie & Freddie): https://fedguy.com/sleeping-giants/ Follow Joseph Wang on X https://x.com/josephwang Follow Jack Farley on X https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS):  

https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm


Pictet AI Enhanced International Equity ETF (PQNT): 

https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm


In this interview, Joseph Wang of FedGuy.com discusses various levers the Trump administration could pull to lower mortgage rates, even without the Federal Reserve's direct involvement. These include directing government-sponsored enterprises like Fannie Mae and Freddie Mac to increase their mortgage holdings, potentially by lifting their current portfolio caps. Wang also notes that expanding access to cheap financing from Federal Home Loan Banks for mortgage REITs could be another avenue. Beyond housing, Wang predicts that President Trump will significantly influence the Federal Reserve, potentially leading to more interest rate cuts than the market currently anticipates. He suggests that Chair Powell will likely leave his position in May, allowing Trump to appoint a successor. Wang is bullish on the US economy, citing tailwinds like a potential productivity boom, strong credit creation, and stimulative fiscal policy. However, he cautions that AI stocks are in a bubble, though he believes the technology itself will benefit the broader economy by increasing productivity. Recorded January 29, 2026.


Joseph Wang’s YouTube channel: https://www.youtube.com/@Fedguy12

“Sleeping Giants” (Joseph’s piece on Fannie & Freddie): https://fedguy.com/sleeping-giants/


Follow Joseph Wang on X https://x.com/josephwang

Follow Jack Farley on X https://x.com/JackFarley96


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

]]> 3011 “Software Earnings Massacre” While Precious Metal Vol Explodes | Jack & Max on Silver, Fed Meeting, and Earnings This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: ⁠https://fiscal.ai/mm/ The relentless surge in precious metals continues, with gold seeing gains in all but three trading days this year and silver holding above $110 despite some analyst warnings that the rally may be nearing an end. While some attribute these moves to a "debasement trade" or a weakening US dollar, the speakers argue that silver’s rise is primarily driven by real industrial demand and supply shortages rather than pure speculation. Beyond metals, the 2026 market is being shaped by a "hawkish" Federal Reserve that signaled it is unlikely to cut rates in March due to a stable labor market and elevated inflation. On the earnings front, Microsoft and Meta reported strong revenue but faced differing investor reactions over massive capital expenditures in AI. Meanwhile, Tesla saw its stock rally despite a double-digit decline in automotive revenue, as investors focused on its transition into a "physical AI" company specializing in robotics and autonomous driving. Finally, a "doomsday" narrative is currently haunting software-as-a-service (SaaS) companies, as investors weigh whether AI will commoditize software or if established brands can maintain their high customer retention. Recorded evening of January 28, 2026. Follow Jack Farley on Twitter: https://x.com/JackFarley96 Follow Max Wiethe on Twitter: https://x.com/maxwiethe Follow Monetary Matters on:  Apple Podcast https://rb.gy/s5qfyh  Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Thu, 29 Jan 2026 15:50:00 -0000 full Jack Farley This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: ⁠https://fiscal.ai/mm/ The relentless surge in precious metals continues, with gold seeing gains in all but three trading days this year and silver holding above $110 despite some analyst warnings that the rally may be nearing an end. While some attribute these moves to a "debasement trade" or a weakening US dollar, the speakers argue that silver’s rise is primarily driven by real industrial demand and supply shortages rather than pure speculation. Beyond metals, the 2026 market is being shaped by a "hawkish" Federal Reserve that signaled it is unlikely to cut rates in March due to a stable labor market and elevated inflation. On the earnings front, Microsoft and Meta reported strong revenue but faced differing investor reactions over massive capital expenditures in AI. Meanwhile, Tesla saw its stock rally despite a double-digit decline in automotive revenue, as investors focused on its transition into a "physical AI" company specializing in robotics and autonomous driving. Finally, a "doomsday" narrative is currently haunting software-as-a-service (SaaS) companies, as investors weigh whether AI will commoditize software or if established brands can maintain their high customer retention. Recorded evening of January 28, 2026. Follow Jack Farley on Twitter: https://x.com/JackFarley96 Follow Max Wiethe on Twitter: https://x.com/maxwiethe Follow Monetary Matters on:  Apple Podcast https://rb.gy/s5qfyh  Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: ⁠https://fiscal.ai/mm/


The relentless surge in precious metals continues, with gold seeing gains in all but three trading days this year and silver holding above $110 despite some analyst warnings that the rally may be nearing an end. While some attribute these moves to a "debasement trade" or a weakening US dollar, the speakers argue that silver’s rise is primarily driven by real industrial demand and supply shortages rather than pure speculation. Beyond metals, the 2026 market is being shaped by a "hawkish" Federal Reserve that signaled it is unlikely to cut rates in March due to a stable labor market and elevated inflation. On the earnings front, Microsoft and Meta reported strong revenue but faced differing investor reactions over massive capital expenditures in AI. Meanwhile, Tesla saw its stock rally despite a double-digit decline in automotive revenue, as investors focused on its transition into a "physical AI" company specializing in robotics and autonomous driving. Finally, a "doomsday" narrative is currently haunting software-as-a-service (SaaS) companies, as investors weigh whether AI will commoditize software or if established brands can maintain their high customer retention. Recorded evening of January 28, 2026.


Follow Jack Farley on Twitter: https://x.com/JackFarley96

Follow Max Wiethe on Twitter: https://x.com/maxwiethe


Follow Monetary Matters on: 

Apple Podcast https://rb.gy/s5qfyh 

Spotify https://rb.gy/x56dx5 
YouTube https://rb.gy/dpwxez

]]> 3826 The SaaS Reckoning, Consumer Trends, & AI Disruption: The Macro & Micro Signals That Matter in 2026 | Deiya Pernas Deiya Pernas, co-founder of Pernas Research, has crushed the market and compounded at over 30% since he and his partners began tracking their portfolio in 2017. In this interview, Deiya examines 10 key micro and macro questions that he believes could be the key to continued outperformance in 2026, including questions around SaaS spend, white collar hiring, home buying in a lower rate environment, consumer spending trends, and more. Learn more about Pernas Research: https://pernasresearch.com Follow Pernas Research on Twitter: https://x.com/pernasresearch Follow Max Wiethe on Twitter: https://x.com/maxwiethe Follow Jack Farley on Twitter: https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Introduction 01:14 Key Market Questions for 2025 02:19 The SaaS Apocalypse and Disruption Risks in SaaS 05:03 Investment Strategies and Mean Reversion 11:17 AI's Role in SaaS and Portfolio Construction 13:53 Structural Changes and Consumer Behavior 18:13 SEO and Commercial Search Intent 23:14 Small Companies and Market Trends 27:19 Investment Philosophy and Risk Management 29:34 Remitly: A Case Study in Investment 32:46 Stablecoins and Remittance Payments 36:39 Challenges for Crypto Adoption in Remittances 38:30 Understanding Migrant Financial Behavior 39:41 Consumer Spending Shifts Post-2020 42:25 Housing Market and Economic Indicators 44:26 Brand Equity and Consumer Discretionary Investments 49:36 The Influence of Social Media on Sports Spend 56:57 Commercial Travel and Office Return Trends 01:05:31 Cybersecurity: A Growing Investment Focus 01:07:56 Conclusion Wed, 28 Jan 2026 14:33:00 -0000 full Jack Farley Deiya Pernas, co-founder of Pernas Research, has crushed the market and compounded at over 30% since he and his partners began tracking their portfolio in 2017. In this interview, Deiya examines 10 key micro and macro questions that he believes could be the key to continued outperformance in 2026, including questions around SaaS spend, white collar hiring, home buying in a lower rate environment, consumer spending trends, and more. Learn more about Pernas Research: https://pernasresearch.com Follow Pernas Research on Twitter: https://x.com/pernasresearch Follow Max Wiethe on Twitter: https://x.com/maxwiethe Follow Jack Farley on Twitter: https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Introduction 01:14 Key Market Questions for 2025 02:19 The SaaS Apocalypse and Disruption Risks in SaaS 05:03 Investment Strategies and Mean Reversion 11:17 AI's Role in SaaS and Portfolio Construction 13:53 Structural Changes and Consumer Behavior 18:13 SEO and Commercial Search Intent 23:14 Small Companies and Market Trends 27:19 Investment Philosophy and Risk Management 29:34 Remitly: A Case Study in Investment 32:46 Stablecoins and Remittance Payments 36:39 Challenges for Crypto Adoption in Remittances 38:30 Understanding Migrant Financial Behavior 39:41 Consumer Spending Shifts Post-2020 42:25 Housing Market and Economic Indicators 44:26 Brand Equity and Consumer Discretionary Investments 49:36 The Influence of Social Media on Sports Spend 56:57 Commercial Travel and Office Return Trends 01:05:31 Cybersecurity: A Growing Investment Focus 01:07:56 Conclusion Deiya Pernas, co-founder of Pernas Research, has crushed the market and compounded at over 30% since he and his partners began tracking their portfolio in 2017. In this interview, Deiya examines 10 key micro and macro questions that he believes could be the key to continued outperformance in 2026, including questions around SaaS spend, white collar hiring, home buying in a lower rate environment, consumer spending trends, and more.


Learn more about Pernas Research: https://pernasresearch.com


Follow Pernas Research on Twitter: https://x.com/pernasresearch

Follow Max Wiethe on Twitter: https://x.com/maxwiethe

Follow Jack Farley on Twitter: https://x.com/JackFarley96


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


Timestamps:

00:00 Introduction

01:14 Key Market Questions for 2025

02:19 The SaaS Apocalypse and Disruption Risks in SaaS

05:03 Investment Strategies and Mean Reversion

11:17 AI's Role in SaaS and Portfolio Construction

13:53 Structural Changes and Consumer Behavior

18:13 SEO and Commercial Search Intent

23:14 Small Companies and Market Trends

27:19 Investment Philosophy and Risk Management

29:34 Remitly: A Case Study in Investment

32:46 Stablecoins and Remittance Payments

36:39 Challenges for Crypto Adoption in Remittances

38:30 Understanding Migrant Financial Behavior

39:41 Consumer Spending Shifts Post-2020

42:25 Housing Market and Economic Indicators

44:26 Brand Equity and Consumer Discretionary Investments

49:36 The Influence of Social Media on Sports Spend

56:57 Commercial Travel and Office Return Trends

01:05:31 Cybersecurity: A Growing Investment Focus

01:07:56 Conclusion

]]> 4055 How $100B Asset Managers Are Making Tokenized Funds a Reality | Maredith Hannon of WisdomTree Maredith Hannon, Head of Business Development at Wisdom Tree Digital, joins Other People’s Money to discuss how tokenized real-world assets are taking off at a pace eerily similar to the early growth of ETFs. Crypto enthusiasts have long touted the potential for fund vehicles to be tokenized and put on chain. That story is quickly becoming a reality with rapid AUM growth and established players like WisdomTree with over $100B in AUM quickly launching funds from money market and equity to alternatives like private credit. Hannon also discuss the additional utility that on chain funds provide and how they are giving access to retail and institutional clients alike with platforms like WisdomTree Prime and WisdomTree Connect. Follow Maredith Hannon on X: https://x.com/MaredithH1 Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps: 00:00 Introduction 00:54 The Rise of Tokenization 02:20 WisdomTree's Tokenized Funds 04:35 Comparing ETFs and Tokenized Funds 10:35 User Experience in Tokenized Assets 20:29 Regulation and Future of Tokenized Funds 25:12 Tokenized Private Credit 26:01 Liquidity and Redemption in Private Credit Funds 28:08 Secondary Market and Peer-to-Peer Transfers 29:34 Transparency and Daily Updates 37:10 Future of KYC and Identity Verification 43:12 Global Expansion and New Use Cases 46:10 Getting Started with WisdomTree Prime Tue, 27 Jan 2026 14:51:00 -0000 full Jack Farley Maredith Hannon, Head of Business Development at Wisdom Tree Digital, joins Other People’s Money to discuss how tokenized real-world assets are taking off at a pace eerily similar to the early growth of ETFs. Crypto enthusiasts have long touted the potential for fund vehicles to be tokenized and put on chain. That story is quickly becoming a reality with rapid AUM growth and established players like WisdomTree with over $100B in AUM quickly launching funds from money market and equity to alternatives like private credit. Hannon also discuss the additional utility that on chain funds provide and how they are giving access to retail and institutional clients alike with platforms like WisdomTree Prime and WisdomTree Connect. Follow Maredith Hannon on X: https://x.com/MaredithH1 Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps: 00:00 Introduction 00:54 The Rise of Tokenization 02:20 WisdomTree's Tokenized Funds 04:35 Comparing ETFs and Tokenized Funds 10:35 User Experience in Tokenized Assets 20:29 Regulation and Future of Tokenized Funds 25:12 Tokenized Private Credit 26:01 Liquidity and Redemption in Private Credit Funds 28:08 Secondary Market and Peer-to-Peer Transfers 29:34 Transparency and Daily Updates 37:10 Future of KYC and Identity Verification 43:12 Global Expansion and New Use Cases 46:10 Getting Started with WisdomTree Prime Maredith Hannon, Head of Business Development at Wisdom Tree Digital, joins Other People’s Money to discuss how tokenized real-world assets are taking off at a pace eerily similar to the early growth of ETFs. Crypto enthusiasts have long touted the potential for fund vehicles to be tokenized and put on chain. That story is quickly becoming a reality with rapid AUM growth and established players like WisdomTree with over $100B in AUM quickly launching funds from money market and equity to alternatives like private credit. Hannon also discuss the additional utility that on chain funds provide and how they are giving access to retail and institutional clients alike with platforms like WisdomTree Prime and WisdomTree Connect.


Follow Maredith Hannon on X: https://x.com/MaredithH1

Follow Max on X: https://x.com/maxwiethe


Follow Other People’s Money on:


Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR

X https://x.com/opmpod



Timestamps:

00:00 Introduction

00:54 The Rise of Tokenization

02:20 WisdomTree's Tokenized Funds

04:35 Comparing ETFs and Tokenized Funds

10:35 User Experience in Tokenized Assets

20:29 Regulation and Future of Tokenized Funds

25:12 Tokenized Private Credit

26:01 Liquidity and Redemption in Private Credit Funds

28:08 Secondary Market and Peer-to-Peer Transfers

29:34 Transparency and Daily Updates

37:10 Future of KYC and Identity Verification

43:12 Global Expansion and New Use Cases

46:10 Getting Started with WisdomTree Prime

]]> 2808 no U.S. Stocks Are Overvalued, But Not In A Bubble | Professor Aswath Damodaran on Equity Valuations, AI Data Center Boom, and “Big Market Delusions” Learn more about the Fundrise Income Fund here: https://Fundrise.com/mm In this deep-dive interview, NYU Finance Professor Aswath Damodaran, the "Dean of Valuation," assesses the current state of the U.S. stock market, describing the S&P 500 as richly priced but stopping short of calling it a bubble. He explores the "big market delusion" inherent in the AI revolution, distinguishing between the profitable "architecture" of chips and the highly speculative future of Large Language Models. Damodaran provides a candid look at his own portfolio, explaining why he recently exited his Nvidia position after a massive run while continuing to hold Microsoft. He offers a sharp critique of "lazy" valuation metrics like the P/E ratio, arguing that investors must instead focus on cash flows and the shift toward buybacks to understand market resilience . Furthermore, he warns that while AI will benefit consumers, the resulting competition may actually lead to lower profit margins for most companies collectively. Finally, the Professor touches on the role of gold as something that is viewed as an "insurance policy" in a world where institutional trust is rapidly eroding. Recorded on January 15, 2026. Aswath Damodaran’s YouTube channel https://www.youtube.com/@AswathDamodaranonValuation Aswath Damodaran’s Website https://pages.stern.nyu.edu/~adamodar/ Aswath Damodaran on X https://x.com/AswathDamodaran Aswath Damodaran on LinkedIn https://www.linkedin.com/in/aswathdamodaran/ Follow Jack Farley on X https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Sun, 25 Jan 2026 19:31:00 -0000 full Jack Farley Learn more about the Fundrise Income Fund here: https://Fundrise.com/mm In this deep-dive interview, NYU Finance Professor Aswath Damodaran, the "Dean of Valuation," assesses the current state of the U.S. stock market, describing the S&P 500 as richly priced but stopping short of calling it a bubble. He explores the "big market delusion" inherent in the AI revolution, distinguishing between the profitable "architecture" of chips and the highly speculative future of Large Language Models. Damodaran provides a candid look at his own portfolio, explaining why he recently exited his Nvidia position after a massive run while continuing to hold Microsoft. He offers a sharp critique of "lazy" valuation metrics like the P/E ratio, arguing that investors must instead focus on cash flows and the shift toward buybacks to understand market resilience . Furthermore, he warns that while AI will benefit consumers, the resulting competition may actually lead to lower profit margins for most companies collectively. Finally, the Professor touches on the role of gold as something that is viewed as an "insurance policy" in a world where institutional trust is rapidly eroding. Recorded on January 15, 2026. Aswath Damodaran’s YouTube channel https://www.youtube.com/@AswathDamodaranonValuation Aswath Damodaran’s Website https://pages.stern.nyu.edu/~adamodar/ Aswath Damodaran on X https://x.com/AswathDamodaran Aswath Damodaran on LinkedIn https://www.linkedin.com/in/aswathdamodaran/ Follow Jack Farley on X https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Learn more about the Fundrise Income Fund here:

https://Fundrise.com/mm


In this deep-dive interview, NYU Finance Professor Aswath Damodaran, the "Dean of Valuation," assesses the current state of the U.S. stock market, describing the S&P 500 as richly priced but stopping short of calling it a bubble. He explores the "big market delusion" inherent in the AI revolution, distinguishing between the profitable "architecture" of chips and the highly speculative future of Large Language Models. Damodaran provides a candid look at his own portfolio, explaining why he recently exited his Nvidia position after a massive run while continuing to hold Microsoft. He offers a sharp critique of "lazy" valuation metrics like the P/E ratio, arguing that investors must instead focus on cash flows and the shift toward buybacks to understand market resilience . Furthermore, he warns that while AI will benefit consumers, the resulting competition may actually lead to lower profit margins for most companies collectively. Finally, the Professor touches on the role of gold as something that is viewed as an "insurance policy" in a world where institutional trust is rapidly eroding. Recorded on January 15, 2026.


Aswath Damodaran’s YouTube channel https://www.youtube.com/@AswathDamodaranonValuation

Aswath Damodaran’s Website https://pages.stern.nyu.edu/~adamodar/

Aswath Damodaran on X https://x.com/AswathDamodaran

Aswath Damodaran on LinkedIn https://www.linkedin.com/in/aswathdamodaran/

Follow Jack Farley on X https://x.com/JackFarley96

Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

]]> 3554 Breaking Down the Precious Metals Bull Market, Natural Gas, Intel’s Disappointment, & the Small Cap Surge | Jack & Max This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: ⁠https://fiscal.ai/mm/ Jack & Max break down the bull market in silver and gold, how they are expressing their bullish views via royalty companies, and debate whether we are approaching peak prices. They also discuss surging natural gas prices, what Intel’s disappointing earnings mean for the AI bull market, and the strong performance from small caps so far in 2026. Follow Max Wiethe on Twitter: https://x.com/maxwiethe Follow Jack Farley on Twitter: https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Introduction 01:33 Silver Market Dynamics and Industrial Demand 07:13 Historical Context and Market Speculation 13:30 Investment Strategies in Precious Metals 18:22 Gold Mining Companies and Market Trends 32:24 Intel and the Semiconductor Market 34:48 Intel's Struggles in Semiconductor Production 35:42 Comparing Intel and Taiwan Semiconductor 36:22 AI and Semiconductor Market Trends 43:30 Natural Gas and Commodities Market 46:12 Small Cap Stocks and Market Performance 58:17 Natural Gas Infrastructure and Investment 01:02:08 Federal Reserve and Interest Rate Speculations 01:07:26 Final Thoughts and Market Predictions Sat, 24 Jan 2026 20:01:00 -0000 full Jack Farley This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: ⁠https://fiscal.ai/mm/ Jack & Max break down the bull market in silver and gold, how they are expressing their bullish views via royalty companies, and debate whether we are approaching peak prices. They also discuss surging natural gas prices, what Intel’s disappointing earnings mean for the AI bull market, and the strong performance from small caps so far in 2026. Follow Max Wiethe on Twitter: https://x.com/maxwiethe Follow Jack Farley on Twitter: https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Introduction 01:33 Silver Market Dynamics and Industrial Demand 07:13 Historical Context and Market Speculation 13:30 Investment Strategies in Precious Metals 18:22 Gold Mining Companies and Market Trends 32:24 Intel and the Semiconductor Market 34:48 Intel's Struggles in Semiconductor Production 35:42 Comparing Intel and Taiwan Semiconductor 36:22 AI and Semiconductor Market Trends 43:30 Natural Gas and Commodities Market 46:12 Small Cap Stocks and Market Performance 58:17 Natural Gas Infrastructure and Investment 01:02:08 Federal Reserve and Interest Rate Speculations 01:07:26 Final Thoughts and Market Predictions This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: ⁠https://fiscal.ai/mm/


Jack & Max break down the bull market in silver and gold, how they are expressing their bullish views via royalty companies, and debate whether we are approaching peak prices. They also discuss surging natural gas prices, what Intel’s disappointing earnings mean for the AI bull market, and the strong performance from small caps so far in 2026.


Follow Max Wiethe on Twitter: https://x.com/maxwiethe

Follow Jack Farley on Twitter: https://x.com/JackFarley96


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


Timestamps:

00:00 Introduction

01:33 Silver Market Dynamics and Industrial Demand

07:13 Historical Context and Market Speculation

13:30 Investment Strategies in Precious Metals

18:22 Gold Mining Companies and Market Trends

32:24 Intel and the Semiconductor Market

34:48 Intel's Struggles in Semiconductor Production

35:42 Comparing Intel and Taiwan Semiconductor

36:22 AI and Semiconductor Market Trends

43:30 Natural Gas and Commodities Market

46:12 Small Cap Stocks and Market Performance

58:17 Natural Gas Infrastructure and Investment

01:02:08 Federal Reserve and Interest Rate Speculations

01:07:26 Final Thoughts and Market Predictions

]]> 4226 no Sell America Trade 2.0 | Andy Constan on Foreign Outperformance, Huge Financing Need, and Bull Case For Short-Term Rates In this episode, Andy Constan of Damped Spring Advisors reveals why he has liquidated 100% of his US asset positions to bet on the "Rest of the World". He breaks down the looming financing headwinds created by massive AI capital expenditures and political promises, explaining how this borrowing spree creates a near-term drag on US equity and corporate bond prices. Constan argues that the era of US exceptionalism is fading, making Japanese and European assets far more attractive for risk premia and diversification now that their yields have normalized. He also predicts that while a recession isn't imminent, economic growth will likely miss lofty expectations, potentially forcing the Federal Reserve to cut rates more aggressively than the market has priced in. Finally, Constan shares his insights on why he remains long gold as a portfolio hedge and how investors should reposition for a period where global assets are set to outperform the U.S. Recorded January 20, 2026. Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Andy Constan on Twitter https://x.com/dampedspring Andy’s gold piece, “Glittery”: https://dampedspring.com/wp-content/uploads/2025/09/Glittery.pdf Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Thu, 22 Jan 2026 12:55:00 -0000 full Jack Farley In this episode, Andy Constan of Damped Spring Advisors reveals why he has liquidated 100% of his US asset positions to bet on the "Rest of the World". He breaks down the looming financing headwinds created by massive AI capital expenditures and political promises, explaining how this borrowing spree creates a near-term drag on US equity and corporate bond prices. Constan argues that the era of US exceptionalism is fading, making Japanese and European assets far more attractive for risk premia and diversification now that their yields have normalized. He also predicts that while a recession isn't imminent, economic growth will likely miss lofty expectations, potentially forcing the Federal Reserve to cut rates more aggressively than the market has priced in. Finally, Constan shares his insights on why he remains long gold as a portfolio hedge and how investors should reposition for a period where global assets are set to outperform the U.S. Recorded January 20, 2026. Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Andy Constan on Twitter https://x.com/dampedspring Andy’s gold piece, “Glittery”: https://dampedspring.com/wp-content/uploads/2025/09/Glittery.pdf Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez In this episode, Andy Constan of Damped Spring Advisors reveals why he has liquidated 100% of his US asset positions to bet on the "Rest of the World". He breaks down the looming financing headwinds created by massive AI capital expenditures and political promises, explaining how this borrowing spree creates a near-term drag on US equity and corporate bond prices. Constan argues that the era of US exceptionalism is fading, making Japanese and European assets far more attractive for risk premia and diversification now that their yields have normalized. He also predicts that while a recession isn't imminent, economic growth will likely miss lofty expectations, potentially forcing the Federal Reserve to cut rates more aggressively than the market has priced in. Finally, Constan shares his insights on why he remains long gold as a portfolio hedge and how investors should reposition for a period where global assets are set to outperform the U.S. Recorded January 20, 2026.


Follow Jack Farley on Twitter https://x.com/JackFarley96

Follow Andy Constan on Twitter https://x.com/dampedspring

Andy’s gold piece, “Glittery”: https://dampedspring.com/wp-content/uploads/2025/09/Glittery.pdf


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

]]> 4760 The Triumphs & Crises of China’s Economy | Professor Barry Naughton on China’s Debt, Deflation, and “Industrial Policy 3.0” Barry Naughton, a renowned professor and chair of Chinese International Affairs at UC San Diego, provides a deep dive into the current crises and triumphs of the Chinese economy. In this interview, Naughton analyzes why China is grappling with its most difficult challenges in decades, from a persistent housing bust to entrenched deflationary pressures. He offers a critical look at the shift from market liberalization to aggressive state-driven industrial policy, including the massive "government guidance funds" used to target a new technological revolution. The conversation explores the geopolitical showdown between the U.S. and China over critical mineral supply chains and the race for AI dominance. Naughton also addresses the demographic "graying" of China and the shifting household psychology that is transforming the nation’s growth potential. This is an essential listen for anyone looking to understand the "Industrial Policy 3.0" era and its implications for global trade and investment. Recorded on January 12, 2026. Barry Naughton’s books:“The Rise of China's Industrial Policy, 1978 to 2020”: https://www.amazon.com/Rise-Chinas-Industrial-Policy-1978/dp/6078066595 “The Chinese Economy: Transitions And Growth”: https://www.amazon.com/Chinese-Economy-Transitions-Growth-Press/dp/0262640643 More info:https://gps.ucsd.edu/faculty-directory/barry-naughton.html Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Sun, 18 Jan 2026 18:00:00 -0000 full Jack Farley Barry Naughton, a renowned professor and chair of Chinese International Affairs at UC San Diego, provides a deep dive into the current crises and triumphs of the Chinese economy. In this interview, Naughton analyzes why China is grappling with its most difficult challenges in decades, from a persistent housing bust to entrenched deflationary pressures. He offers a critical look at the shift from market liberalization to aggressive state-driven industrial policy, including the massive "government guidance funds" used to target a new technological revolution. The conversation explores the geopolitical showdown between the U.S. and China over critical mineral supply chains and the race for AI dominance. Naughton also addresses the demographic "graying" of China and the shifting household psychology that is transforming the nation’s growth potential. This is an essential listen for anyone looking to understand the "Industrial Policy 3.0" era and its implications for global trade and investment. Recorded on January 12, 2026. Barry Naughton’s books:“The Rise of China's Industrial Policy, 1978 to 2020”: https://www.amazon.com/Rise-Chinas-Industrial-Policy-1978/dp/6078066595 “The Chinese Economy: Transitions And Growth”: https://www.amazon.com/Chinese-Economy-Transitions-Growth-Press/dp/0262640643 More info:https://gps.ucsd.edu/faculty-directory/barry-naughton.html Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Barry Naughton, a renowned professor and chair of Chinese International Affairs at UC San Diego, provides a deep dive into the current crises and triumphs of the Chinese economy. In this interview, Naughton analyzes why China is grappling with its most difficult challenges in decades, from a persistent housing bust to entrenched deflationary pressures. He offers a critical look at the shift from market liberalization to aggressive state-driven industrial policy, including the massive "government guidance funds" used to target a new technological revolution. The conversation explores the geopolitical showdown between the U.S. and China over critical mineral supply chains and the race for AI dominance. Naughton also addresses the demographic "graying" of China and the shifting household psychology that is transforming the nation’s growth potential. This is an essential listen for anyone looking to understand the "Industrial Policy 3.0" era and its implications for global trade and investment. Recorded on January 12, 2026.


Barry Naughton’s books:“The Rise of China's Industrial Policy, 1978 to 2020”: https://www.amazon.com/Rise-Chinas-Industrial-Policy-1978/dp/6078066595

“The Chinese Economy: Transitions And Growth”: https://www.amazon.com/Chinese-Economy-Transitions-Growth-Press/dp/0262640643

More info:https://gps.ucsd.edu/faculty-directory/barry-naughton.html

Follow Jack Farley on Twitter https://x.com/JackFarley96

Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

]]> 4675 Banks Under Fire From Executive Action | Jack & Max on Trump's Threatened 10% Credit Card Cap and How Executive Action Is Shaping Markets in Defense, Housing, Payments, Central Banking, and More This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: ⁠https://fiscal.ai/mm/?via=monetarymatters President Trump has shaken the financial markets by proposing a strict 10% interest rate cap on credit cards, a move that sent stocks like Visa and MasterCard tumbling. In this episode, Jack and Max break down whether this policy is a genuine legislative goal or a political stunt designed to win the midterms by addressing the affordability crisis. They explore how banks might retaliate—potentially by releasing a "teaser" card with limited access—and which subprime lenders and pawn shops could actually boom if traditional credit dries up. The duo also analyzes the surprising bipartisan roots of this idea, tracing it back to proposals from Bernie Sanders and AOC. They discuss if the current dip in payment stocks represents a buying opportunity for contrarian investors. They also explore other executive interventions from the President in defense, mortgages, and the Federal Reserve. Recorded the evening of January 13, 2026. Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Max Wiethe on Twitter https://x.com/maxwiethe Follow Other People’s Money on Twitter https://x.com/OPMpod Pieces Discussed:Joseph Wang’s “Sleeping Giants”: https://www.stern.nyu.edu/sites/default/files/assets/documents/NPLH_AER%20(2).pdf Buyback Capital’s “[Updates #34] The GSE's, Bill Pulte, and Implications”: https://buybackcapital.substack.com/p/updates-34-the-gses-bill-pulte-and?utm_campaign=email-half-post&r=4jms2a&utm_source=substack&utm_medium=email “No Price Like Home: Global House Prices, 1870  2012”: https://www.stern.nyu.edu/sites/default/files/assets/documents/NPLH_AER%20(2).pdf Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Wed, 14 Jan 2026 18:09:00 -0000 full Jack Farley This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: ⁠https://fiscal.ai/mm/?via=monetarymatters President Trump has shaken the financial markets by proposing a strict 10% interest rate cap on credit cards, a move that sent stocks like Visa and MasterCard tumbling. In this episode, Jack and Max break down whether this policy is a genuine legislative goal or a political stunt designed to win the midterms by addressing the affordability crisis. They explore how banks might retaliate—potentially by releasing a "teaser" card with limited access—and which subprime lenders and pawn shops could actually boom if traditional credit dries up. The duo also analyzes the surprising bipartisan roots of this idea, tracing it back to proposals from Bernie Sanders and AOC. They discuss if the current dip in payment stocks represents a buying opportunity for contrarian investors. They also explore other executive interventions from the President in defense, mortgages, and the Federal Reserve. Recorded the evening of January 13, 2026. Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Max Wiethe on Twitter https://x.com/maxwiethe Follow Other People’s Money on Twitter https://x.com/OPMpod Pieces Discussed:Joseph Wang’s “Sleeping Giants”: https://www.stern.nyu.edu/sites/default/files/assets/documents/NPLH_AER%20(2).pdf Buyback Capital’s “[Updates #34] The GSE's, Bill Pulte, and Implications”: https://buybackcapital.substack.com/p/updates-34-the-gses-bill-pulte-and?utm_campaign=email-half-post&r=4jms2a&utm_source=substack&utm_medium=email “No Price Like Home: Global House Prices, 1870  2012”: https://www.stern.nyu.edu/sites/default/files/assets/documents/NPLH_AER%20(2).pdf Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: ⁠https://fiscal.ai/mm/?via=monetarymatters


President Trump has shaken the financial markets by proposing a strict 10% interest rate cap on credit cards, a move that sent stocks like Visa and MasterCard tumbling. In this episode, Jack and Max break down whether this policy is a genuine legislative goal or a political stunt designed to win the midterms by addressing the affordability crisis. They explore how banks might retaliate—potentially by releasing a "teaser" card with limited access—and which subprime lenders and pawn shops could actually boom if traditional credit dries up. The duo also analyzes the surprising bipartisan roots of this idea, tracing it back to proposals from Bernie Sanders and AOC. They discuss if the current dip in payment stocks represents a buying opportunity for contrarian investors. They also explore other executive interventions from the President in defense, mortgages, and the Federal Reserve. Recorded the evening of January 13, 2026.


Follow Jack Farley on Twitter https://x.com/JackFarley96

Follow Max Wiethe on Twitter https://x.com/maxwiethe

Follow Other People’s Money on Twitter https://x.com/OPMpod


Pieces Discussed:Joseph Wang’s “Sleeping Giants”: https://www.stern.nyu.edu/sites/default/files/assets/documents/NPLH_AER%20(2).pdf

Buyback Capital’s “[Updates #34] The GSE's, Bill Pulte, and Implications”: https://buybackcapital.substack.com/p/updates-34-the-gses-bill-pulte-and?utm_campaign=email-half-post&r=4jms2a&utm_source=substack&utm_medium=email

“No Price Like Home: Global House Prices, 1870  2012”: https://www.stern.nyu.edu/sites/default/files/assets/documents/NPLH_AER%20(2).pdf


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

]]> 4335 The Market’s Biggest Whales are Making Huge Changes: Total Portfolio Revolution | Steve Novakovic of CAIA This episode is brought to you by CAIA.nxt. Learn more about their alternatives education courses for investment advisors and get 10% off with code MMTEN: https://caia.org/content/welcome-monetary-matters-and-other-peoples-money-listeners Steven Novakovic, Managing Director of Educational Programs at CAIA, discusses the monumental shift from strategic asset allocation to the Total Portfolio Approach (TPA), a change recently highlighted by major moves at CalPERS. The conversation explores the evolving landscape of private markets, specifically how secondary markets are providing crucial liquidity and entry points for investors dealing with slowed distributions and the "denominator effect". Novakovic also provides a candid look at the friction between hedge fund fees and beta-heavy returns, arguing that sophisticated limited partners will not pay for beta. As alternative investments become more accessible to retail wealth, he emphasizes the critical need for education regarding evergreen funds and the unique risks of private market liquidity. Finally, the episode looks forward to 2026 educational initiatives at CAIA.Follow Steve Novakovic on LinkedIn: https://www.linkedin.com/in/steven-novakovic-caia/ Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on:Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps: 00:00 Introduction to Governance Changes in Pension Plans 00:45 Strategic Asset Allocation vs. Total Portfolio Approach 03:24 Early Adopters and Global Trends in TPA 05:06 Benchmarking and Decision-Making Shifts 09:58 CalPERS Case Study: Governance and Tactical Opportunities 17:32 Impact on Managers and Investment Strategies 22:08 Current Market Trends and Private Credit 25:54 Private Equity Distributions and Secondary Markets 35:32 Reinvesting Portfolio Proceeds 36:39 Understanding Secondary Market Buyers 37:09 Benefits of Secondary Allocations 39:14 Challenges and Strategies in Secondary Markets 45:03 Hedge Funds vs. Equity Markets 46:35 Evaluating Hedge Fund Performance 49:02 Active Management and Fee Structures 56:53 Educating Investors on Alternatives 01:03:00 CAIA's Educational Resources 01:05:44 Upcoming CAIA Programs Tue, 13 Jan 2026 14:00:00 -0000 full Jack Farley This episode is brought to you by CAIA.nxt. Learn more about their alternatives education courses for investment advisors and get 10% off with code MMTEN: https://caia.org/content/welcome-monetary-matters-and-other-peoples-money-listeners Steven Novakovic, Managing Director of Educational Programs at CAIA, discusses the monumental shift from strategic asset allocation to the Total Portfolio Approach (TPA), a change recently highlighted by major moves at CalPERS. The conversation explores the evolving landscape of private markets, specifically how secondary markets are providing crucial liquidity and entry points for investors dealing with slowed distributions and the "denominator effect". Novakovic also provides a candid look at the friction between hedge fund fees and beta-heavy returns, arguing that sophisticated limited partners will not pay for beta. As alternative investments become more accessible to retail wealth, he emphasizes the critical need for education regarding evergreen funds and the unique risks of private market liquidity. Finally, the episode looks forward to 2026 educational initiatives at CAIA.Follow Steve Novakovic on LinkedIn: https://www.linkedin.com/in/steven-novakovic-caia/ Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on:Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps: 00:00 Introduction to Governance Changes in Pension Plans 00:45 Strategic Asset Allocation vs. Total Portfolio Approach 03:24 Early Adopters and Global Trends in TPA 05:06 Benchmarking and Decision-Making Shifts 09:58 CalPERS Case Study: Governance and Tactical Opportunities 17:32 Impact on Managers and Investment Strategies 22:08 Current Market Trends and Private Credit 25:54 Private Equity Distributions and Secondary Markets 35:32 Reinvesting Portfolio Proceeds 36:39 Understanding Secondary Market Buyers 37:09 Benefits of Secondary Allocations 39:14 Challenges and Strategies in Secondary Markets 45:03 Hedge Funds vs. Equity Markets 46:35 Evaluating Hedge Fund Performance 49:02 Active Management and Fee Structures 56:53 Educating Investors on Alternatives 01:03:00 CAIA's Educational Resources 01:05:44 Upcoming CAIA Programs This episode is brought to you by CAIA.nxt. Learn more about their alternatives education courses for investment advisors and get 10% off with code MMTEN: https://caia.org/content/welcome-monetary-matters-and-other-peoples-money-listeners


Steven Novakovic, Managing Director of Educational Programs at CAIA, discusses the monumental shift from strategic asset allocation to the Total Portfolio Approach (TPA), a change recently highlighted by major moves at CalPERS. The conversation explores the evolving landscape of private markets, specifically how secondary markets are providing crucial liquidity and entry points for investors dealing with slowed distributions and the "denominator effect". Novakovic also provides a candid look at the friction between hedge fund fees and beta-heavy returns, arguing that sophisticated limited partners will not pay for beta. As alternative investments become more accessible to retail wealth, he emphasizes the critical need for education regarding evergreen funds and the unique risks of private market liquidity. Finally, the episode looks forward to 2026 educational initiatives at CAIA.Follow Steve Novakovic on LinkedIn: https://www.linkedin.com/in/steven-novakovic-caia/


Follow Max on X: https://x.com/maxwiethe

Follow Other People’s Money on:Apple Podcast https://bit.ly/4e7QJ1M


Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR

X https://x.com/opmpod


Timestamps:

00:00 Introduction to Governance Changes in Pension Plans

00:45 Strategic Asset Allocation vs. Total Portfolio Approach

03:24 Early Adopters and Global Trends in TPA

05:06 Benchmarking and Decision-Making Shifts

09:58 CalPERS Case Study: Governance and Tactical Opportunities

17:32 Impact on Managers and Investment Strategies

22:08 Current Market Trends and Private Credit

25:54 Private Equity Distributions and Secondary Markets

35:32 Reinvesting Portfolio Proceeds

36:39 Understanding Secondary Market Buyers

37:09 Benefits of Secondary Allocations

39:14 Challenges and Strategies in Secondary Markets

45:03 Hedge Funds vs. Equity Markets

46:35 Evaluating Hedge Fund Performance

49:02 Active Management and Fee Structures

56:53 Educating Investors on Alternatives

01:03:00 CAIA's Educational Resources

01:05:44 Upcoming CAIA Programs

]]> 4031 no How China Could Dominate U.S. AI | Dr. Michael Power on Open Source and "The Three Assassins" of Moore's Law Dr. Michael Power, a seasoned financial analyst, consultant, and strategist, joins Jack to discuss his recent work that predicts the Chinese A.I. industry may soon beat the U.S. at its own game. Dr. Power explains what makes the Chinese approach fundamentally different from U.S. labs like OpenAI and how it will likely affect the Chinese economy, the worldwide adoption of A.I., and the valuations of U.S. A.I. companies. As Dr. Power explains, China has the potential to not only catch up to the U.S., but to become the global leader in artificial intelligence. He and Jack get into the weeds to cut through the noise and get a read on what is really happening with Chinese A.I. Recorded on January 7th, 2026.   Read Dr. Power’s No More Moore? Essay https://tinyurl.com/hvxdubbw Follow Dr. Power on LinkedIn https://za.linkedin.com/in/michael-power-8825473 Follow Jack Farley on Twitter https://x.com/jackfarley96 Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Mon, 12 Jan 2026 16:59:00 -0000 full Jack Farley Dr. Michael Power, a seasoned financial analyst, consultant, and strategist, joins Jack to discuss his recent work that predicts the Chinese A.I. industry may soon beat the U.S. at its own game. Dr. Power explains what makes the Chinese approach fundamentally different from U.S. labs like OpenAI and how it will likely affect the Chinese economy, the worldwide adoption of A.I., and the valuations of U.S. A.I. companies. As Dr. Power explains, China has the potential to not only catch up to the U.S., but to become the global leader in artificial intelligence. He and Jack get into the weeds to cut through the noise and get a read on what is really happening with Chinese A.I. Recorded on January 7th, 2026.   Read Dr. Power’s No More Moore? Essay https://tinyurl.com/hvxdubbw Follow Dr. Power on LinkedIn https://za.linkedin.com/in/michael-power-8825473 Follow Jack Farley on Twitter https://x.com/jackfarley96 Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Dr. Michael Power, a seasoned financial analyst, consultant, and strategist, joins Jack to discuss his recent work that predicts the Chinese A.I. industry may soon beat the U.S. at its own game. Dr. Power explains what makes the Chinese approach fundamentally different from U.S. labs like OpenAI and how it will likely affect the Chinese economy, the worldwide adoption of A.I., and the valuations of U.S. A.I. companies. As Dr. Power explains, China has the potential to not only catch up to the U.S., but to become the global leader in artificial intelligence. He and Jack get into the weeds to cut through the noise and get a read on what is really happening with Chinese A.I. Recorded on January 7th, 2026.

 

Read Dr. Power’s No More Moore? Essay https://tinyurl.com/hvxdubbw

Follow Dr. Power on LinkedIn https://za.linkedin.com/in/michael-power-8825473

Follow Jack Farley on Twitter https://x.com/jackfarley96

Follow Monetary Matters on:

Apple Podcasts https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

]]> 6863 no Why Venezuela Won’t Solve America’s Real Energy Crisis | Michael Kao on AI, Electrification, and the Natural Gas Bottleneck In this episode of Monetary Matters, Max Wiethe sits down with Michael Kao, CIO of Akanthos Capital Management and the Kao Family Office, to unpack the real energy risks facing the U.S. economy. The conversation opens with Venezuela and the Trump administration’s push to reshape global oil supply. Michael explains why Venezuela’s vast reserves are unlikely to move the market quickly, why OPEC spare capacity still caps oil prices, and why he remains structurally bearish on oil despite constant fears of shortages. From there, the focus shifts to what Michael believes is the true vulnerability: natural gas. He lays out a three-pillar thesis centered on premature electrification, the explosive growth of AI data centers, and expanding LNG exports. Together, these forces are driving electricity demand higher for the first time in decades, straining a power grid that increasingly depends on natural gas for baseload generation. The episode concludes with a discussion of how Michael is positioning for this shift, why he favors natural gas mineral rights over commodities or equities, and why natural gas is fundamentally different from oil when it comes to geopolitics and government intervention. Read Michael’s Substack, “Macro/Geopolitics/Investing - The Energy Achilles' Heel of America” here: https://www.urbankaoboy.com/p/re-macrogeopoliticsinvesting-the Follow Michael Kao on Twitter: https://x.com/UrbanKaoboy Follow Max Wiethe on Twitter: https://x.com/maxwiethe Follow Jack Farley on Twitter: https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Introduction to Geopolitical Energy Security 00:46 US Energy Concerns and Venezuela 01:33 Venezuela's Oil Production Potential 03:22 Natural Gas: The New Dependency 04:49 Challenges in Oil Production and Pricing 15:16 The Role of Natural Gas in the Energy Market 20:58 The Future of Natural Gas and Electricity Demand 31:13 Investment Strategies in Natural Gas 32:03 Challenges and Risks in Natural Gas Trading 33:45 Advantages of Mineral Rights Investments 38:16 Global and Local Dynamics of Natural Gas 40:39 Data Centers and Energy Demand 42:39 Future of Natural Gas and Market Trends 52:26 Investment Considerations and Strategies 01:03:12 Conclusion and Final Thoughts Sun, 11 Jan 2026 13:50:00 -0000 full Jack Farley In this episode of Monetary Matters, Max Wiethe sits down with Michael Kao, CIO of Akanthos Capital Management and the Kao Family Office, to unpack the real energy risks facing the U.S. economy. The conversation opens with Venezuela and the Trump administration’s push to reshape global oil supply. Michael explains why Venezuela’s vast reserves are unlikely to move the market quickly, why OPEC spare capacity still caps oil prices, and why he remains structurally bearish on oil despite constant fears of shortages. From there, the focus shifts to what Michael believes is the true vulnerability: natural gas. He lays out a three-pillar thesis centered on premature electrification, the explosive growth of AI data centers, and expanding LNG exports. Together, these forces are driving electricity demand higher for the first time in decades, straining a power grid that increasingly depends on natural gas for baseload generation. The episode concludes with a discussion of how Michael is positioning for this shift, why he favors natural gas mineral rights over commodities or equities, and why natural gas is fundamentally different from oil when it comes to geopolitics and government intervention. Read Michael’s Substack, “Macro/Geopolitics/Investing - The Energy Achilles' Heel of America” here: https://www.urbankaoboy.com/p/re-macrogeopoliticsinvesting-the Follow Michael Kao on Twitter: https://x.com/UrbanKaoboy Follow Max Wiethe on Twitter: https://x.com/maxwiethe Follow Jack Farley on Twitter: https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Introduction to Geopolitical Energy Security 00:46 US Energy Concerns and Venezuela 01:33 Venezuela's Oil Production Potential 03:22 Natural Gas: The New Dependency 04:49 Challenges in Oil Production and Pricing 15:16 The Role of Natural Gas in the Energy Market 20:58 The Future of Natural Gas and Electricity Demand 31:13 Investment Strategies in Natural Gas 32:03 Challenges and Risks in Natural Gas Trading 33:45 Advantages of Mineral Rights Investments 38:16 Global and Local Dynamics of Natural Gas 40:39 Data Centers and Energy Demand 42:39 Future of Natural Gas and Market Trends 52:26 Investment Considerations and Strategies 01:03:12 Conclusion and Final Thoughts In this episode of Monetary Matters, Max Wiethe sits down with Michael Kao, CIO of Akanthos Capital Management and the Kao Family Office, to unpack the real energy risks facing the U.S. economy. The conversation opens with Venezuela and the Trump administration’s push to reshape global oil supply. Michael explains why Venezuela’s vast reserves are unlikely to move the market quickly, why OPEC spare capacity still caps oil prices, and why he remains structurally bearish on oil despite constant fears of shortages. From there, the focus shifts to what Michael believes is the true vulnerability: natural gas. He lays out a three-pillar thesis centered on premature electrification, the explosive growth of AI data centers, and expanding LNG exports. Together, these forces are driving electricity demand higher for the first time in decades, straining a power grid that increasingly depends on natural gas for baseload generation. The episode concludes with a discussion of how Michael is positioning for this shift, why he favors natural gas mineral rights over commodities or equities, and why natural gas is fundamentally different from oil when it comes to geopolitics and government intervention.


Read Michael’s Substack, “Macro/Geopolitics/Investing - The Energy Achilles' Heel of America” here: https://www.urbankaoboy.com/p/re-macrogeopoliticsinvesting-the


Follow Michael Kao on Twitter: https://x.com/UrbanKaoboy


Follow Max Wiethe on Twitter: https://x.com/maxwiethe

Follow Jack Farley on Twitter: https://x.com/JackFarley96


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


Timestamps:

00:00 Introduction to Geopolitical Energy Security

00:46 US Energy Concerns and Venezuela

01:33 Venezuela's Oil Production Potential

03:22 Natural Gas: The New Dependency

04:49 Challenges in Oil Production and Pricing

15:16 The Role of Natural Gas in the Energy Market

20:58 The Future of Natural Gas and Electricity Demand

31:13 Investment Strategies in Natural Gas

32:03 Challenges and Risks in Natural Gas Trading

33:45 Advantages of Mineral Rights Investments

38:16 Global and Local Dynamics of Natural Gas

40:39 Data Centers and Energy Demand

42:39 Future of Natural Gas and Market Trends

52:26 Investment Considerations and Strategies

01:03:12 Conclusion and Final Thoughts

]]> 3784 no The Global Bull Market: Examining the Dramatic Outperformance of Global Stocks vs. the US | Jack & Max This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: ⁠https://fiscal.ai/mm In this episode, Jack Farley and Max Wiethe break down what really happened in markets in 2025 and what it means for investors heading into 2026. While U.S. equities delivered strong returns and continued to attract record foreign capital, global markets quietly outperformed, with emerging markets, Europe, Japan, and parts of Asia posting significantly higher total returns. The conversation digs into why the “U.S. is the only game in town” narrative broke down, how currency hedging changed foreign capital flows, and why countries like South Korea and China dominated performance. Jack and Max also explore sector-level winners and losers, the ongoing strength of AI and semiconductors, and the rise of speculative excess in areas with little fundamental support. Looking ahead, they debate the biggest risks for 2026, including AI valuations, private credit, labor market weakness, and the growing disconnect between corporate profits and employment. The episode closes with a discussion of tariffs, geopolitics, precious metals, and where real opportunities and hidden risks may lie as the global bull market continues to evolve. Follow Jack Farley on Twitter: https://x.com/JackFarley96 Follow Max Wiethe on Twitter: https://x.com/maxwiethe Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Introduction 00:47 US Market Performance in 2025 02:37 Global Market Comparison 04:25 Top Performing Countries and Sectors 05:08 Worst Performing Markets 11:29 Sector Analysis and Trends 16:50 Speculative Stocks and Quantum Computing 19:59 AI Trade and Precious Metals 23:55 Silver Market Dynamics and Supply Constraints 25:02 Biggest Risks to Market Stability in 2026 26:58 Bond Market and Inflationary Concerns 30:28 Private Credit and Market Risks 36:02 Tariffs and Their Impact on the Market 41:29 Geopolitical Special Situations: Venezuela 44:15 Upcoming Interviews and Fiscal AI Wed, 07 Jan 2026 21:21:00 -0000 full Jack Farley This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: ⁠https://fiscal.ai/mm In this episode, Jack Farley and Max Wiethe break down what really happened in markets in 2025 and what it means for investors heading into 2026. While U.S. equities delivered strong returns and continued to attract record foreign capital, global markets quietly outperformed, with emerging markets, Europe, Japan, and parts of Asia posting significantly higher total returns. The conversation digs into why the “U.S. is the only game in town” narrative broke down, how currency hedging changed foreign capital flows, and why countries like South Korea and China dominated performance. Jack and Max also explore sector-level winners and losers, the ongoing strength of AI and semiconductors, and the rise of speculative excess in areas with little fundamental support. Looking ahead, they debate the biggest risks for 2026, including AI valuations, private credit, labor market weakness, and the growing disconnect between corporate profits and employment. The episode closes with a discussion of tariffs, geopolitics, precious metals, and where real opportunities and hidden risks may lie as the global bull market continues to evolve. Follow Jack Farley on Twitter: https://x.com/JackFarley96 Follow Max Wiethe on Twitter: https://x.com/maxwiethe Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Introduction 00:47 US Market Performance in 2025 02:37 Global Market Comparison 04:25 Top Performing Countries and Sectors 05:08 Worst Performing Markets 11:29 Sector Analysis and Trends 16:50 Speculative Stocks and Quantum Computing 19:59 AI Trade and Precious Metals 23:55 Silver Market Dynamics and Supply Constraints 25:02 Biggest Risks to Market Stability in 2026 26:58 Bond Market and Inflationary Concerns 30:28 Private Credit and Market Risks 36:02 Tariffs and Their Impact on the Market 41:29 Geopolitical Special Situations: Venezuela 44:15 Upcoming Interviews and Fiscal AI This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: ⁠https://fiscal.ai/mm


In this episode, Jack Farley and Max Wiethe break down what really happened in markets in 2025 and what it means for investors heading into 2026. While U.S. equities delivered strong returns and continued to attract record foreign capital, global markets quietly outperformed, with emerging markets, Europe, Japan, and parts of Asia posting significantly higher total returns. The conversation digs into why the “U.S. is the only game in town” narrative broke down, how currency hedging changed foreign capital flows, and why countries like South Korea and China dominated performance. Jack and Max also explore sector-level winners and losers, the ongoing strength of AI and semiconductors, and the rise of speculative excess in areas with little fundamental support. Looking ahead, they debate the biggest risks for 2026, including AI valuations, private credit, labor market weakness, and the growing disconnect between corporate profits and employment. The episode closes with a discussion of tariffs, geopolitics, precious metals, and where real opportunities and hidden risks may lie as the global bull market continues to evolve.


Follow Jack Farley on Twitter: https://x.com/JackFarley96

Follow Max Wiethe on Twitter: https://x.com/maxwiethe


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


Timestamps:

00:00 Introduction

00:47 US Market Performance in 2025

02:37 Global Market Comparison

04:25 Top Performing Countries and Sectors

05:08 Worst Performing Markets

11:29 Sector Analysis and Trends

16:50 Speculative Stocks and Quantum Computing

19:59 AI Trade and Precious Metals

23:55 Silver Market Dynamics and Supply Constraints

25:02 Biggest Risks to Market Stability in 2026

26:58 Bond Market and Inflationary Concerns

30:28 Private Credit and Market Risks

36:02 Tariffs and Their Impact on the Market

41:29 Geopolitical Special Situations: Venezuela

44:15 Upcoming Interviews and Fiscal AI

]]> 2744 no The Convexity Maven’s Biggest Macro Trades of 2026: Why Bonds, Gold, and Debasement Matter Again in 2026 | Harley Bassman Harley Bassman, managing partner at Simplify Asset Management and widely known as the “Convexity Maven,” joins Monetary Matters to break down the hidden risks shaping today’s markets. He explains why inflation is likely to remain structurally higher, why massive fiscal deficits matter more than Fed policy, and how passive flows continue to support equities despite growing cracks underneath. The conversation dives deep into bonds, mortgage-backed securities, credit risk, gold as an alternative currency, and why convexity is the key concept investors consistently underestimate. Bassman also outlines practical portfolio hedges designed to perform when markets move to extremes, offering a rare, long-horizon framework for navigating uncertainty in 2026 and beyond. Read Harley’s 2026 Stocking Stuffers here: https://www.convexitymaven.com Follow Harley Bassman on Twitter: https://x.com/ConvexityMaven Follow Jack Farley on Twitter: https://x.com/JackFarley96 Follow Max Wiethe on Twitter: https://x.com/maxwiethe Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Introduction to Financial Crises and Convexity 00:30 Meet the Convexity Maven: Harley Bassman 01:08 Macro View: Inflation and Economic Drivers 01:48 Demographics and Spending Trends 03:24 Immigration and GDP Growth 04:21 Fiscal Policy and Inflation 05:36 Bond Market Predictions 13:27 Equity Markets and Passive Flows 17:31 Mortgage-Backed Securities: A Safe Bet? 23:51 Leveraged Trades and Interest Rate Hedges 32:09 Comparing Long Duration Investments 33:50 Understanding Positive Carry in Options 40:36 Private Credit and High Quality BDCs 48:48 Investing in Big Oil and MLPs 55:03 Gold as an Alternative Currency 01:00:12 Portfolio Construction and Sizing 01:01:50 Conclusion and Future Episodes Sun, 04 Jan 2026 14:00:00 -0000 full Jack Farley Harley Bassman, managing partner at Simplify Asset Management and widely known as the “Convexity Maven,” joins Monetary Matters to break down the hidden risks shaping today’s markets. He explains why inflation is likely to remain structurally higher, why massive fiscal deficits matter more than Fed policy, and how passive flows continue to support equities despite growing cracks underneath. The conversation dives deep into bonds, mortgage-backed securities, credit risk, gold as an alternative currency, and why convexity is the key concept investors consistently underestimate. Bassman also outlines practical portfolio hedges designed to perform when markets move to extremes, offering a rare, long-horizon framework for navigating uncertainty in 2026 and beyond. Read Harley’s 2026 Stocking Stuffers here: https://www.convexitymaven.com Follow Harley Bassman on Twitter: https://x.com/ConvexityMaven Follow Jack Farley on Twitter: https://x.com/JackFarley96 Follow Max Wiethe on Twitter: https://x.com/maxwiethe Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Introduction to Financial Crises and Convexity 00:30 Meet the Convexity Maven: Harley Bassman 01:08 Macro View: Inflation and Economic Drivers 01:48 Demographics and Spending Trends 03:24 Immigration and GDP Growth 04:21 Fiscal Policy and Inflation 05:36 Bond Market Predictions 13:27 Equity Markets and Passive Flows 17:31 Mortgage-Backed Securities: A Safe Bet? 23:51 Leveraged Trades and Interest Rate Hedges 32:09 Comparing Long Duration Investments 33:50 Understanding Positive Carry in Options 40:36 Private Credit and High Quality BDCs 48:48 Investing in Big Oil and MLPs 55:03 Gold as an Alternative Currency 01:00:12 Portfolio Construction and Sizing 01:01:50 Conclusion and Future Episodes Harley Bassman, managing partner at Simplify Asset Management and widely known as the “Convexity Maven,” joins Monetary Matters to break down the hidden risks shaping today’s markets. He explains why inflation is likely to remain structurally higher, why massive fiscal deficits matter more than Fed policy, and how passive flows continue to support equities despite growing cracks underneath. The conversation dives deep into bonds, mortgage-backed securities, credit risk, gold as an alternative currency, and why convexity is the key concept investors consistently underestimate. Bassman also outlines practical portfolio hedges designed to perform when markets move to extremes, offering a rare, long-horizon framework for navigating uncertainty in 2026 and beyond.


Read Harley’s 2026 Stocking Stuffers here: https://www.convexitymaven.com


Follow Harley Bassman on Twitter: https://x.com/ConvexityMaven

Follow Jack Farley on Twitter: https://x.com/JackFarley96

Follow Max Wiethe on Twitter: https://x.com/maxwiethe


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


Timestamps:

00:00 Introduction to Financial Crises and Convexity

00:30 Meet the Convexity Maven: Harley Bassman

01:08 Macro View: Inflation and Economic Drivers

01:48 Demographics and Spending Trends

03:24 Immigration and GDP Growth

04:21 Fiscal Policy and Inflation

05:36 Bond Market Predictions

13:27 Equity Markets and Passive Flows

17:31 Mortgage-Backed Securities: A Safe Bet?

23:51 Leveraged Trades and Interest Rate Hedges

32:09 Comparing Long Duration Investments

33:50 Understanding Positive Carry in Options

40:36 Private Credit and High Quality BDCs

48:48 Investing in Big Oil and MLPs

55:03 Gold as an Alternative Currency

01:00:12 Portfolio Construction and Sizing

01:01:50 Conclusion and Future Episodes

]]> 3728 Citrini’s 26 Trades for 2026 | Citrini on BS Jobs, AI Materials, Advanced Packaging, World Cup, & More Monetary Matters can get 25% off Citrini Bundle (Citrindex AND Citrini Research) here through January 14: https://www.citriniresearch.com/subscribe?coupon=398e4269 The investor known only as Citrini returns to share his thematic watchlist for the new year, aka “26 Trades for 2026.” The conversation pivots from the hardware-focused "phase one" of the AI trade toward "phase two," which focuses on companies utilizing AI to streamline bloated bureaucracies and increase margins. Citrini details his high-conviction "AI Bureaucracy Alpha" framework, identifying firms that could significantly reduce headcounts and improve profitability through automation. Beyond labor, the interview explores critical bottlenecks in the supply chain, specifically highlighting the importance of advanced packaging and custom silicon. They also dive into commodities like natural gas and copper, analyzing how AI data center demand is creating a potential supply squeeze. Finally, Citrini discusses his "Post-Traumatic Supply Disorder" theory, identifying cyclical sectors that are currently showing extreme capital discipline after years of trauma. Recorded December 24, 2025. Pieces Discussed:“26 Trades for 2026: A Thematic Watchlist for the New Year”: https://www.citriniresearch.com/p/26-trades-for-2026 “Carving Up the TPU: Leftovers for Jensen or Just Gravy on the AI Trade?”: https://www.citriniresearch.com/p/carving-up-the-tpu “Robotics Update: Revealing Teradyne’s Vulcan Contract Win, Citrini’s China Supply Chain Tour, and Robotics Basket Winners”: https://www.citriniresearch.com/p/robotics-update Follow Citrini on Twitter https://x.com/Citrini7 Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Wed, 31 Dec 2025 16:35:00 -0000 full Jack Farley Monetary Matters can get 25% off Citrini Bundle (Citrindex AND Citrini Research) here through January 14: https://www.citriniresearch.com/subscribe?coupon=398e4269 The investor known only as Citrini returns to share his thematic watchlist for the new year, aka “26 Trades for 2026.” The conversation pivots from the hardware-focused "phase one" of the AI trade toward "phase two," which focuses on companies utilizing AI to streamline bloated bureaucracies and increase margins. Citrini details his high-conviction "AI Bureaucracy Alpha" framework, identifying firms that could significantly reduce headcounts and improve profitability through automation. Beyond labor, the interview explores critical bottlenecks in the supply chain, specifically highlighting the importance of advanced packaging and custom silicon. They also dive into commodities like natural gas and copper, analyzing how AI data center demand is creating a potential supply squeeze. Finally, Citrini discusses his "Post-Traumatic Supply Disorder" theory, identifying cyclical sectors that are currently showing extreme capital discipline after years of trauma. Recorded December 24, 2025. Pieces Discussed:“26 Trades for 2026: A Thematic Watchlist for the New Year”: https://www.citriniresearch.com/p/26-trades-for-2026 “Carving Up the TPU: Leftovers for Jensen or Just Gravy on the AI Trade?”: https://www.citriniresearch.com/p/carving-up-the-tpu “Robotics Update: Revealing Teradyne’s Vulcan Contract Win, Citrini’s China Supply Chain Tour, and Robotics Basket Winners”: https://www.citriniresearch.com/p/robotics-update Follow Citrini on Twitter https://x.com/Citrini7 Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Monetary Matters can get 25% off Citrini Bundle (Citrindex AND Citrini Research) here through January 14: https://www.citriniresearch.com/subscribe?coupon=398e4269


The investor known only as Citrini returns to share his thematic watchlist for the new year, aka “26 Trades for 2026.” The conversation pivots from the hardware-focused "phase one" of the AI trade toward "phase two," which focuses on companies utilizing AI to streamline bloated bureaucracies and increase margins. Citrini details his high-conviction "AI Bureaucracy Alpha" framework, identifying firms that could significantly reduce headcounts and improve profitability through automation. Beyond labor, the interview explores critical bottlenecks in the supply chain, specifically highlighting the importance of advanced packaging and custom silicon. They also dive into commodities like natural gas and copper, analyzing how AI data center demand is creating a potential supply squeeze. Finally, Citrini discusses his "Post-Traumatic Supply Disorder" theory, identifying cyclical sectors that are currently showing extreme capital discipline after years of trauma. Recorded December 24, 2025.


Pieces Discussed:“26 Trades for 2026: A Thematic Watchlist for the New Year”: https://www.citriniresearch.com/p/26-trades-for-2026

“Carving Up the TPU: Leftovers for Jensen or Just Gravy on the AI Trade?”: https://www.citriniresearch.com/p/carving-up-the-tpu

“Robotics Update: Revealing Teradyne’s Vulcan Contract Win, Citrini’s China Supply Chain Tour, and Robotics Basket Winners”: https://www.citriniresearch.com/p/robotics-update


Follow Citrini on Twitter https://x.com/Citrini7

Follow Jack Farley on Twitter https://x.com/JackFarley96


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

]]> 6779 Investing Data is Evolving: AI, The Degenerate Economy & More | Matt Ober | Social Leverage In this episode of Other People’s Money, Matt Ober, General Partner at Social Leverage, discusses how the data economy is evolving for providers, vendors, and investors. He explains how AI is reshaping data business models, highlights emerging data sources in what he calls the “degenerate economy,” and argues that many alternative data sets once considered sources of alpha are rapidly becoming commoditized beta. Matt also shares how Social Leverage uses data to make seed stage venture investments, how its approach differs from that of mega VC firms, and where the firm is currently focused. He reflects on his career path from quantitative hedge funds to venture capital and how the expanding role of data shaped his trajectory in the investment business. Before joining Social Leverage, Matt was Chief Data Scientist at Third Point, where he built the firm’s data analytics and technology platform supporting investments across equities, structured credit, venture capital, and cryptocurrency. Earlier, he was Head of Data Strategy at WorldQuant and a founding member of WorldQuant Ventures, focused on private investments in fintech, data, and technology. Sign up for Matt’s newsletter The Rollup: https://www.mattober.co/ Follow Matt on X: https://x.com/obermattj Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps: 00:00 Introduction 01:21 The Business of Data 03:28 Data Pricing and AI Impact 04:36 Challenges for Data Companies 07:31 Emerging Data Sets and Buyers 14:25 Social Leverage's Investment Strategy 17:07 Venture Capital Market Dynamics 21:22 Fund of Funds and Network Value 22:40 Insights on Software and AI 25:54 Beehive vs. Substack 29:46 Hedge Fund Journey and Data Evolution 31:41 The Data-Driven Investment Strategy 32:05 Scaling Up: From Millions to Billions 32:24 Global Data Acquisition 32:49 Building a Data-Driven Ecosystem 33:06 Transition to Third Point 33:43 Integrating Data with Investment Processes 34:34 Challenges and Politics in Hedge Funds 35:49 Evaluating Data Sets and Their Impact 37:43 The Evolution of Data in Investment 38:49 The Role of Data in Hedge Fund Success 43:10 From Hedge Funds to Venture Capital 52:08 The Future of Wealth Management 55:00 The Rise of Prediction Markets 59:35 Conclusion and Final Thoughts Tue, 30 Dec 2025 13:00:00 -0000 full Jack Farley In this episode of Other People’s Money, Matt Ober, General Partner at Social Leverage, discusses how the data economy is evolving for providers, vendors, and investors. He explains how AI is reshaping data business models, highlights emerging data sources in what he calls the “degenerate economy,” and argues that many alternative data sets once considered sources of alpha are rapidly becoming commoditized beta. Matt also shares how Social Leverage uses data to make seed stage venture investments, how its approach differs from that of mega VC firms, and where the firm is currently focused. He reflects on his career path from quantitative hedge funds to venture capital and how the expanding role of data shaped his trajectory in the investment business. Before joining Social Leverage, Matt was Chief Data Scientist at Third Point, where he built the firm’s data analytics and technology platform supporting investments across equities, structured credit, venture capital, and cryptocurrency. Earlier, he was Head of Data Strategy at WorldQuant and a founding member of WorldQuant Ventures, focused on private investments in fintech, data, and technology. Sign up for Matt’s newsletter The Rollup: https://www.mattober.co/ Follow Matt on X: https://x.com/obermattj Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps: 00:00 Introduction 01:21 The Business of Data 03:28 Data Pricing and AI Impact 04:36 Challenges for Data Companies 07:31 Emerging Data Sets and Buyers 14:25 Social Leverage's Investment Strategy 17:07 Venture Capital Market Dynamics 21:22 Fund of Funds and Network Value 22:40 Insights on Software and AI 25:54 Beehive vs. Substack 29:46 Hedge Fund Journey and Data Evolution 31:41 The Data-Driven Investment Strategy 32:05 Scaling Up: From Millions to Billions 32:24 Global Data Acquisition 32:49 Building a Data-Driven Ecosystem 33:06 Transition to Third Point 33:43 Integrating Data with Investment Processes 34:34 Challenges and Politics in Hedge Funds 35:49 Evaluating Data Sets and Their Impact 37:43 The Evolution of Data in Investment 38:49 The Role of Data in Hedge Fund Success 43:10 From Hedge Funds to Venture Capital 52:08 The Future of Wealth Management 55:00 The Rise of Prediction Markets 59:35 Conclusion and Final Thoughts In this episode of Other People’s Money, Matt Ober, General Partner at Social Leverage, discusses how the data economy is evolving for providers, vendors, and investors. He explains how AI is reshaping data business models, highlights emerging data sources in what he calls the “degenerate economy,” and argues that many alternative data sets once considered sources of alpha are rapidly becoming commoditized beta.


Matt also shares how Social Leverage uses data to make seed stage venture investments, how its approach differs from that of mega VC firms, and where the firm is currently focused. He reflects on his career path from quantitative hedge funds to venture capital and how the expanding role of data shaped his trajectory in the investment business.


Before joining Social Leverage, Matt was Chief Data Scientist at Third Point, where he built the firm’s data analytics and technology platform supporting investments across equities, structured credit, venture capital, and cryptocurrency. Earlier, he was Head of Data Strategy at WorldQuant and a founding member of WorldQuant Ventures, focused on private investments in fintech, data, and technology.


Sign up for Matt’s newsletter The Rollup: https://www.mattober.co/


Follow Matt on X: https://x.com/obermattj

Follow Max on X: https://x.com/maxwiethe


Follow Other People’s Money on:


Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR

X https://x.com/opmpod



Timestamps:

00:00 Introduction

01:21 The Business of Data

03:28 Data Pricing and AI Impact

04:36 Challenges for Data Companies

07:31 Emerging Data Sets and Buyers

14:25 Social Leverage's Investment Strategy

17:07 Venture Capital Market Dynamics

21:22 Fund of Funds and Network Value

22:40 Insights on Software and AI

25:54 Beehive vs. Substack

29:46 Hedge Fund Journey and Data Evolution

31:41 The Data-Driven Investment Strategy

32:05 Scaling Up: From Millions to Billions

32:24 Global Data Acquisition

32:49 Building a Data-Driven Ecosystem

33:06 Transition to Third Point

33:43 Integrating Data with Investment Processes

34:34 Challenges and Politics in Hedge Funds

35:49 Evaluating Data Sets and Their Impact

37:43 The Evolution of Data in Investment

38:49 The Role of Data in Hedge Fund Success

43:10 From Hedge Funds to Venture Capital

52:08 The Future of Wealth Management

55:00 The Rise of Prediction Markets

59:35 Conclusion and Final Thoughts

]]> 3582 no Investing in Gray | Pictet’s Maria Vassalou on Aging Demographics and Technological Innovations Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe Jack welcomes Maria Vassalou, head of the Pictet Research Institute, to discuss global demographic decline and how technological revolution is imperative to prevent economic stagnation. They talk about why aging populations in countries like China, Japan, and Italy pose a fundamental threat to traditional economic growth as dependency ratios are projected to exceed 50%. Maria argues that while these trends seem "gloomy" in isolation, the rise of robotics and AI provides a critical remedy by substituting for scarce labor and significantly boosting productivity. The episode concludes with a look at the "winners" and "losers" of this shift, identifying housing, healthcare, and food as resilient sectors, while cautioning that countries must invest heavily in technology now to avoid long-term GDP flatlining/decline. Recorded December 12, 2025.  “Demographics and Technology” Paper (by Maria Vassalou PhD & Pictet Research Institute): https://www.pictet.com/us/en/about/pictet-research-institute/publications-and-press/demographics-and-technology More info about Pictet Research Institute: https://www.pictet.com/us/en/about/pictet-research-institute/publications-and-press/FT-coverage-30oct2025 Follow Maria Vassalou on LinkedIn linkedin.com/in/maria-vassalou-ph-d-2b771511 Follow Teucrium on Twitter https://x.com/TeucriumETFs Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Mon, 29 Dec 2025 16:29:00 -0000 full Jack Farley Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe Jack welcomes Maria Vassalou, head of the Pictet Research Institute, to discuss global demographic decline and how technological revolution is imperative to prevent economic stagnation. They talk about why aging populations in countries like China, Japan, and Italy pose a fundamental threat to traditional economic growth as dependency ratios are projected to exceed 50%. Maria argues that while these trends seem "gloomy" in isolation, the rise of robotics and AI provides a critical remedy by substituting for scarce labor and significantly boosting productivity. The episode concludes with a look at the "winners" and "losers" of this shift, identifying housing, healthcare, and food as resilient sectors, while cautioning that countries must invest heavily in technology now to avoid long-term GDP flatlining/decline. Recorded December 12, 2025.  “Demographics and Technology” Paper (by Maria Vassalou PhD & Pictet Research Institute): https://www.pictet.com/us/en/about/pictet-research-institute/publications-and-press/demographics-and-technology More info about Pictet Research Institute: https://www.pictet.com/us/en/about/pictet-research-institute/publications-and-press/FT-coverage-30oct2025 Follow Maria Vassalou on LinkedIn linkedin.com/in/maria-vassalou-ph-d-2b771511 Follow Teucrium on Twitter https://x.com/TeucriumETFs Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe


Jack welcomes Maria Vassalou, head of the Pictet Research Institute, to discuss global demographic decline and how technological revolution is imperative to prevent economic stagnation. They talk about why aging populations in countries like China, Japan, and Italy pose a fundamental threat to traditional economic growth as dependency ratios are projected to exceed 50%. Maria argues that while these trends seem "gloomy" in isolation, the rise of robotics and AI provides a critical remedy by substituting for scarce labor and significantly boosting productivity. The episode concludes with a look at the "winners" and "losers" of this shift, identifying housing, healthcare, and food as resilient sectors, while cautioning that countries must invest heavily in technology now to avoid long-term GDP flatlining/decline. Recorded December 12, 2025. 


“Demographics and Technology” Paper (by Maria Vassalou PhD & Pictet Research Institute): https://www.pictet.com/us/en/about/pictet-research-institute/publications-and-press/demographics-and-technology

More info about Pictet Research Institute: https://www.pictet.com/us/en/about/pictet-research-institute/publications-and-press/FT-coverage-30oct2025


Follow Maria Vassalou on LinkedIn linkedin.com/in/maria-vassalou-ph-d-2b771511

Follow Teucrium on Twitter https://x.com/TeucriumETFs

Follow Jack Farley on Twitter https://x.com/JackFarley96


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

]]> 4926 China and the Reordering of World Trade | Former Under Secretary of the Treasury for International Affairs Jay Shambaugh Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe   Jay Shambaugh, former Under Secretary of the Treasury for International Affairs, joins Jack to discuss U.S. economic relations, China, and more. He draws on his years of expertise to deliver important insights into how America has realigned itself in the world economic order in the second Trump administration. Recorded on December 17th, 2025.   Follow Teucrium on Twitter https://x.com/TeucriumETFs Follow Jay Shambaugh on Twitter https://x.com/jaycshambaugh Follow Jack Farley on Twitter https://x.com/jackfarley96   Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Wed, 24 Dec 2025 18:06:00 -0000 full Jack Farley Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe   Jay Shambaugh, former Under Secretary of the Treasury for International Affairs, joins Jack to discuss U.S. economic relations, China, and more. He draws on his years of expertise to deliver important insights into how America has realigned itself in the world economic order in the second Trump administration. Recorded on December 17th, 2025.   Follow Teucrium on Twitter https://x.com/TeucriumETFs Follow Jay Shambaugh on Twitter https://x.com/jaycshambaugh Follow Jack Farley on Twitter https://x.com/jackfarley96   Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe

 

Jay Shambaugh, former Under Secretary of the Treasury for International Affairs, joins Jack to discuss U.S. economic relations, China, and more. He draws on his years of expertise to deliver important insights into how America has realigned itself in the world economic order in the second Trump administration. Recorded on December 17th, 2025.

 

Follow Teucrium on Twitter https://x.com/TeucriumETFs

Follow Jay Shambaugh on Twitter https://x.com/jaycshambaugh

Follow Jack Farley on Twitter https://x.com/jackfarley96

 

Follow Monetary Matters on:

Apple Podcasts https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

]]> 4893 no How India’s Macro Tailwinds Are Fueling Its Aerospace & Defense Sectors | Andrei Stetsenko This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm Read about Indian Aerospace & Defense and sign up for Dispatches From India: https://www.gymkhanapartners.com/dispatches/major-sector-inflection-india-defense-and-aerospace Andrei Stetsenko, partner and portfolio manager at Gymkhana Partners, discusses the explosive growth of India's economy, its strategic shift toward global defense and aerospace leadership, and under appreciated small-cap companies. Follow Andrei on X: https://x.com/astetsen Follow Jack on X: https://x.com/JackFarley96 Follow Gymkhana Partners on X: https://x.com/GymkhanaFund Timestamps: 00:00 Introduction to Indian Aerospace 01:26 Gymkhana Partners: Investment Philosophy 04:09 Valuation and Sectoral Differences 05:36 India's Economic Growth 14:34 Government Policies and Reforms 18:20 Indian Consumer Market 26:03 US-India Trade Relations and Tariffs 28:06 Aerospace & Defense Sector in India 31:49 Investment Opportunities in Indian Aerospace 37:43 Complexities of Indian MRO & Sika's Growth 42:41 Defense Sector Opportunities 46:53 Indigenization of Indian Defense Procurement 56:06 HoldCo Dynamics & Maharashtra Scooters 01:05:56 Gymkhana’s Investment Strategy & Performance 01:13:34 AI Investments & Alphabet's Strategy 01:18:19 Conclusion Disclosure: Andrei’s business partner is Jack's father and Gymkhana Partners is a consulting client of Monetary Matters parent company. Disclaimer: This presentation is for informational purposes only and should not be construed as investment advice. It is not a recommendation of, nor does it constitute an offer to sell or solicitation of an offer to buy, any security, strategy, or investment product. The research for this presentation is based on current public information that Farly Capital considers reliable. However, Farley Capital does not represent that the research or the presentation is accurate or complete, and it should not be relied on as such. The views and opinions expressed herein are current as of the date of this report and are subject to change. Past performance is no guarantee of future results. Certain statements contained herein are forward looking. There is no guarantee such forward looking statements will materialize, and results may differ entirely from what is described. The holdings identified in this presentation do not represent all of the securities purchased, sold, or recommended for Gymkhana Partners L.P. It should not be assumed that investments made in the future will be profitable or will equal the performance of the securities in this list. Past performance does not guarantee future results. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to Gymkhana Partners L.P.’s performance will be provided upon request. Any market index referred to in this presentation has been selected for purposes of comparing the performance of an investment in Gymkhana Partners L.P. with a well-known, broad-based equity benchmark. Viewers should not consider any comparative index shown in this document to be a performance benchmark for Gymkhana Partners L.P. The statistical data regarding such an index has been obtained from sources believed to be reliable. The nature of such indices differs from that of Gymkhana Partners L.P. Gymkhana Partners L.P. is not restricted to investing in those securities that comprise any such index; its performance may or may not correlate to any such index and should not be considered a proxy for any such index. Historical performance results for indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. Sun, 21 Dec 2025 14:00:00 -0000 full Jack Farley This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm Read about Indian Aerospace & Defense and sign up for Dispatches From India: https://www.gymkhanapartners.com/dispatches/major-sector-inflection-india-defense-and-aerospace Andrei Stetsenko, partner and portfolio manager at Gymkhana Partners, discusses the explosive growth of India's economy, its strategic shift toward global defense and aerospace leadership, and under appreciated small-cap companies. Follow Andrei on X: https://x.com/astetsen Follow Jack on X: https://x.com/JackFarley96 Follow Gymkhana Partners on X: https://x.com/GymkhanaFund Timestamps: 00:00 Introduction to Indian Aerospace 01:26 Gymkhana Partners: Investment Philosophy 04:09 Valuation and Sectoral Differences 05:36 India's Economic Growth 14:34 Government Policies and Reforms 18:20 Indian Consumer Market 26:03 US-India Trade Relations and Tariffs 28:06 Aerospace & Defense Sector in India 31:49 Investment Opportunities in Indian Aerospace 37:43 Complexities of Indian MRO & Sika's Growth 42:41 Defense Sector Opportunities 46:53 Indigenization of Indian Defense Procurement 56:06 HoldCo Dynamics & Maharashtra Scooters 01:05:56 Gymkhana’s Investment Strategy & Performance 01:13:34 AI Investments & Alphabet's Strategy 01:18:19 Conclusion Disclosure: Andrei’s business partner is Jack's father and Gymkhana Partners is a consulting client of Monetary Matters parent company. Disclaimer: This presentation is for informational purposes only and should not be construed as investment advice. It is not a recommendation of, nor does it constitute an offer to sell or solicitation of an offer to buy, any security, strategy, or investment product. The research for this presentation is based on current public information that Farly Capital considers reliable. However, Farley Capital does not represent that the research or the presentation is accurate or complete, and it should not be relied on as such. The views and opinions expressed herein are current as of the date of this report and are subject to change. Past performance is no guarantee of future results. Certain statements contained herein are forward looking. There is no guarantee such forward looking statements will materialize, and results may differ entirely from what is described. The holdings identified in this presentation do not represent all of the securities purchased, sold, or recommended for Gymkhana Partners L.P. It should not be assumed that investments made in the future will be profitable or will equal the performance of the securities in this list. Past performance does not guarantee future results. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to Gymkhana Partners L.P.’s performance will be provided upon request. Any market index referred to in this presentation has been selected for purposes of comparing the performance of an investment in Gymkhana Partners L.P. with a well-known, broad-based equity benchmark. Viewers should not consider any comparative index shown in this document to be a performance benchmark for Gymkhana Partners L.P. The statistical data regarding such an index has been obtained from sources believed to be reliable. The nature of such indices differs from that of Gymkhana Partners L.P. Gymkhana Partners L.P. is not restricted to investing in those securities that comprise any such index; its performance may or may not correlate to any such index and should not be considered a proxy for any such index. Historical performance results for indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm


Read about Indian Aerospace & Defense and sign up for Dispatches From India: https://www.gymkhanapartners.com/dispatches/major-sector-inflection-india-defense-and-aerospace


Andrei Stetsenko, partner and portfolio manager at Gymkhana Partners, discusses the explosive growth of India's economy, its strategic shift toward global defense and aerospace leadership, and under appreciated small-cap companies.


Follow Andrei on X: https://x.com/astetsen

Follow Jack on X: https://x.com/JackFarley96

Follow Gymkhana Partners on X: https://x.com/GymkhanaFund


Timestamps:

00:00 Introduction to Indian Aerospace

01:26 Gymkhana Partners: Investment Philosophy

04:09 Valuation and Sectoral Differences

05:36 India's Economic Growth

14:34 Government Policies and Reforms

18:20 Indian Consumer Market

26:03 US-India Trade Relations and Tariffs

28:06 Aerospace & Defense Sector in India

31:49 Investment Opportunities in Indian Aerospace

37:43 Complexities of Indian MRO & Sika's Growth

42:41 Defense Sector Opportunities

46:53 Indigenization of Indian Defense Procurement

56:06 HoldCo Dynamics & Maharashtra Scooters

01:05:56 Gymkhana’s Investment Strategy & Performance

01:13:34 AI Investments & Alphabet's Strategy

01:18:19 Conclusion


Disclosure: Andrei’s business partner is Jack's father and Gymkhana Partners is a consulting client of Monetary Matters parent company.


Disclaimer: This presentation is for informational purposes only and should not be construed as investment advice. It is not a recommendation of, nor does it constitute an offer to sell or solicitation of an offer to buy, any security, strategy, or investment product.


The research for this presentation is based on current public information that Farly Capital considers reliable. However, Farley Capital does not represent that the research or the presentation is accurate or complete, and it should not be relied on as such. The views and opinions expressed herein are current as of the date of this report and are subject to change. Past performance is no guarantee of future results. Certain statements contained herein are forward looking. There is no guarantee such forward looking statements will materialize, and results may differ entirely from what is described.


The holdings identified in this presentation do not represent all of the securities purchased, sold, or recommended for Gymkhana Partners L.P. It should not be assumed that investments made in the future will be profitable or will equal the performance of the securities in this list. Past performance does not guarantee future results. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to Gymkhana Partners L.P.’s performance will be provided upon request.


Any market index referred to in this presentation has been selected for purposes of comparing the performance of an investment in Gymkhana Partners L.P. with a well-known, broad-based equity benchmark. Viewers should not consider any comparative index shown in this document to be a performance benchmark for Gymkhana Partners L.P. The statistical data regarding such an index has been obtained from sources believed to be reliable. The nature of such indices differs from that of Gymkhana Partners L.P. Gymkhana Partners L.P. is not restricted to investing in those securities that comprise any such index; its performance may or may not correlate to any such index and should not be considered a proxy for any such index. Historical performance results for indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results.

]]> 4792 no From Bad to Less Bad: A Quantitative Approach to Turnarounds | Bloomberg Indices’ Steve Hou on “Reformers Index,” Baumol Disease, and Structural Inflation Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe In this episode of Monetary Matters, Jack sits down with Steve Hou, Senior Quant Researcher at Bloomberg, to discuss the structural forces reshaping the global economy. Hou argues that we have entered a "structurally, modestly more inflationary regime" driven by five key forces: Decarbonization, Demographic aging, Deglobalization, Debt/Fiscal Dominance, and a secular rise in global Defense spending. The conversation explores the "Baumol Effect” and Mike Green’s theory of the poverty level.  Hou also provides a deep dive into his "Reformers Index," a quantitative strategy he is working on at Bloomberg Indices that ignores traditional "quality" stocks to find companies at a fundamental inflection point. By identifying firms moving from "bad to less bad,” such as Uber, Palantir, and Robinhood, Hou demonstrates how systematic fundamental momentum can outperform the broader market. Recorded December 12, 2025. Follow Steve Hou on Twitter https://x.com/stevehou Follow Steve Hou on LinkedIn https://www.linkedin.com/in/steve-hou-001/ Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5YouTube https://rb.gy/dpwxez Sat, 20 Dec 2025 18:42:00 -0000 full Jack Farley Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe In this episode of Monetary Matters, Jack sits down with Steve Hou, Senior Quant Researcher at Bloomberg, to discuss the structural forces reshaping the global economy. Hou argues that we have entered a "structurally, modestly more inflationary regime" driven by five key forces: Decarbonization, Demographic aging, Deglobalization, Debt/Fiscal Dominance, and a secular rise in global Defense spending. The conversation explores the "Baumol Effect” and Mike Green’s theory of the poverty level.  Hou also provides a deep dive into his "Reformers Index," a quantitative strategy he is working on at Bloomberg Indices that ignores traditional "quality" stocks to find companies at a fundamental inflection point. By identifying firms moving from "bad to less bad,” such as Uber, Palantir, and Robinhood, Hou demonstrates how systematic fundamental momentum can outperform the broader market. Recorded December 12, 2025. Follow Steve Hou on Twitter https://x.com/stevehou Follow Steve Hou on LinkedIn https://www.linkedin.com/in/steve-hou-001/ Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5YouTube https://rb.gy/dpwxez Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe


In this episode of Monetary Matters, Jack sits down with Steve Hou, Senior Quant Researcher at Bloomberg, to discuss the structural forces reshaping the global economy. Hou argues that we have entered a "structurally, modestly more inflationary regime" driven by five key forces: Decarbonization, Demographic aging, Deglobalization, Debt/Fiscal Dominance, and a secular rise in global Defense spending. The conversation explores the "Baumol Effect” and Mike Green’s theory of the poverty level. 

Hou also provides a deep dive into his "Reformers Index," a quantitative strategy he is working on at Bloomberg Indices that ignores traditional "quality" stocks to find companies at a fundamental inflection point. By identifying firms moving from "bad to less bad,” such as Uber, Palantir, and Robinhood, Hou demonstrates how systematic fundamental momentum can outperform the broader market. Recorded December 12, 2025.


Follow Steve Hou on Twitter https://x.com/stevehou

Follow Steve Hou on LinkedIn https://www.linkedin.com/in/steve-hou-001/

Follow Jack Farley on Twitter https://x.com/JackFarley96

Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5
YouTube https://rb.gy/dpwxez

]]> 4023 Allocators Want What They Want | Andrew Beer on Pod Shops, “Volatility Laundering,” and Building Liquid Alts That Don’t Suck This episode is brought to you by CAIA.nxt. Learn more about their alternatives education courses for investment advisors and get 10% off with code MMTEN: https://caia.org/content/welcome-monetary-matters-and-other-peoples-money-listeners Why do institutional investors continue to flock to hedge funds when the average fund underperforms the S&P 500? In this deep-dive interview, Andrew Beer, founder and managing member of DBI, joins Jack Farley to pull back the curtain on the "broad insanity" of the institutional investment world and the evolution of the multi-strategy "pod" model. Andrew argues that much of institutional decision-making is driven by "non-economic considerations" and the "principal-agent issue," where allocators are more concerned with career risk and avoiding difficult conversations with investment committees than they are with maximizing returns. We explore why "smooth" returns in private equity and private credit are often used to mask underlying volatility and correlation issues. Follow Andrew Beer on LinkedIn https://www.linkedin.com/in/andrewdbeer/ Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Thu, 18 Dec 2025 16:42:00 -0000 full Jack Farley This episode is brought to you by CAIA.nxt. Learn more about their alternatives education courses for investment advisors and get 10% off with code MMTEN: https://caia.org/content/welcome-monetary-matters-and-other-peoples-money-listeners Why do institutional investors continue to flock to hedge funds when the average fund underperforms the S&P 500? In this deep-dive interview, Andrew Beer, founder and managing member of DBI, joins Jack Farley to pull back the curtain on the "broad insanity" of the institutional investment world and the evolution of the multi-strategy "pod" model. Andrew argues that much of institutional decision-making is driven by "non-economic considerations" and the "principal-agent issue," where allocators are more concerned with career risk and avoiding difficult conversations with investment committees than they are with maximizing returns. We explore why "smooth" returns in private equity and private credit are often used to mask underlying volatility and correlation issues. Follow Andrew Beer on LinkedIn https://www.linkedin.com/in/andrewdbeer/ Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez This episode is brought to you by CAIA.nxt. Learn more about their alternatives education courses for investment advisors and get 10% off with code MMTEN: https://caia.org/content/welcome-monetary-matters-and-other-peoples-money-listeners


Why do institutional investors continue to flock to hedge funds when the average fund underperforms the S&P 500? In this deep-dive interview, Andrew Beer, founder and managing member of DBI, joins Jack Farley to pull back the curtain on the "broad insanity" of the institutional investment world and the evolution of the multi-strategy "pod" model.

Andrew argues that much of institutional decision-making is driven by "non-economic considerations" and the "principal-agent issue," where allocators are more concerned with career risk and avoiding difficult conversations with investment committees than they are with maximizing returns. We explore why "smooth" returns in private equity and private credit are often used to mask underlying volatility and correlation issues.


Follow Andrew Beer on LinkedIn https://www.linkedin.com/in/andrewdbeer/

Follow Jack Farley on Twitter https://x.com/JackFarley96


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

]]> 3421 How This Value Investor Beat the Market and Grew His Hedge Fund | Yaron Naymark | 1 Main Capital This episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm Over the last 8 years, Yaron Naymark, founder and managing partner of 1 Main Capital, has patiently grown his concentrated long-biased hedge fund by outperforming major equity benchmarks like the S&P 500. Any manager who has been in his shoes though will tell you that outperforming the market isn’t enough to attract the institutional capital necessary to seriously scale a fund. Here he discusses the importance of consistency of communication with investors, how his portfolio management has evolved, and the other operational improvements he has made that have helped spur growth. He also discusses a $20m strategic investment from Cannell Capital he took in 2025 and how he thinks about these types of “seed” deals. Sign up for 1 Main Capital’s distribution list: https://www.1maincapital.com Follow Yaron Naymark on X: https://x.com/1MainCapital Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps 00:00 Introduction and Personal Insights on Investing 00:43 Guest Introduction and Fund Background 00:55 Fund Growth and Milestones 02:41 Challenges and Turning Points 03:20 Marketing and Investor Relations 07:41 Economic Considerations and Fund Management 10:51 Investment Philosophy and Strategy 27:08 Podcasting and Public Engagement 28:55 Transparency in Investment Strategies 29:41 Audience Growth and Distribution 31:03 Pitching Ideas and Raising Capital 32:20 Investment Minimums and Investor Relations 33:37 Marketing and Outreach Strategies 36:57 Switching to Jefferies and Other Service Providers 42:57 Strategic Investment from Cannell Capital 51:54 Hiring an Analyst and Future Plans 55:19 Managing Fund Capacity and Performance 58:40 Conclusion and Contact Information Wed, 17 Dec 2025 14:00:00 -0000 full Jack Farley This episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm Over the last 8 years, Yaron Naymark, founder and managing partner of 1 Main Capital, has patiently grown his concentrated long-biased hedge fund by outperforming major equity benchmarks like the S&P 500. Any manager who has been in his shoes though will tell you that outperforming the market isn’t enough to attract the institutional capital necessary to seriously scale a fund. Here he discusses the importance of consistency of communication with investors, how his portfolio management has evolved, and the other operational improvements he has made that have helped spur growth. He also discusses a $20m strategic investment from Cannell Capital he took in 2025 and how he thinks about these types of “seed” deals. Sign up for 1 Main Capital’s distribution list: https://www.1maincapital.com Follow Yaron Naymark on X: https://x.com/1MainCapital Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps 00:00 Introduction and Personal Insights on Investing 00:43 Guest Introduction and Fund Background 00:55 Fund Growth and Milestones 02:41 Challenges and Turning Points 03:20 Marketing and Investor Relations 07:41 Economic Considerations and Fund Management 10:51 Investment Philosophy and Strategy 27:08 Podcasting and Public Engagement 28:55 Transparency in Investment Strategies 29:41 Audience Growth and Distribution 31:03 Pitching Ideas and Raising Capital 32:20 Investment Minimums and Investor Relations 33:37 Marketing and Outreach Strategies 36:57 Switching to Jefferies and Other Service Providers 42:57 Strategic Investment from Cannell Capital 51:54 Hiring an Analyst and Future Plans 55:19 Managing Fund Capacity and Performance 58:40 Conclusion and Contact Information This episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm


Over the last 8 years, Yaron Naymark, founder and managing partner of 1 Main Capital, has patiently grown his concentrated long-biased hedge fund by outperforming major equity benchmarks like the S&P 500. Any manager who has been in his shoes though will tell you that outperforming the market isn’t enough to attract the institutional capital necessary to seriously scale a fund. Here he discusses the importance of consistency of communication with investors, how his portfolio management has evolved, and the other operational improvements he has made that have helped spur growth. He also discusses a $20m strategic investment from Cannell Capital he took in 2025 and how he thinks about these types of “seed” deals.


Sign up for 1 Main Capital’s distribution list: https://www.1maincapital.com


Follow Yaron Naymark on X: https://x.com/1MainCapital

Follow Max on X: https://x.com/maxwiethe


Follow Other People’s Money on:


Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR

X https://x.com/opmpod


Timestamps

00:00 Introduction and Personal Insights on Investing

00:43 Guest Introduction and Fund Background

00:55 Fund Growth and Milestones

02:41 Challenges and Turning Points

03:20 Marketing and Investor Relations

07:41 Economic Considerations and Fund Management

10:51 Investment Philosophy and Strategy

27:08 Podcasting and Public Engagement

28:55 Transparency in Investment Strategies

29:41 Audience Growth and Distribution

31:03 Pitching Ideas and Raising Capital

32:20 Investment Minimums and Investor Relations

33:37 Marketing and Outreach Strategies

36:57 Switching to Jefferies and Other Service Providers

42:57 Strategic Investment from Cannell Capital

51:54 Hiring an Analyst and Future Plans

55:19 Managing Fund Capacity and Performance

58:40 Conclusion and Contact Information


]]> 3556 no The AI Data Center Short | Jim Chanos on Oracle, Data Centers Landlords, and GPU Merchants Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe In this interview, Chanos breaks down why hosting GPUs is a commodity business with low returns and why the depreciation of AI chips (like Nvidia’s) creates a massive financial risk for companies like CoreWeave and Oracle. He also discusses the dangers of private credit, the accounting tricks at Live Nation, and why the "unprofitable" nature of today’s AI customers makes this cycle riskier than the Dotcom era. Recorded on December 11, 2025. Follow Teucrium on Twitter https://x.com/TeucriumETFs Follow Jim Chanos on Twitter https://x.com/RealJimChanos Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Mon, 15 Dec 2025 16:54:00 -0000 full Jack Farley Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe In this interview, Chanos breaks down why hosting GPUs is a commodity business with low returns and why the depreciation of AI chips (like Nvidia’s) creates a massive financial risk for companies like CoreWeave and Oracle. He also discusses the dangers of private credit, the accounting tricks at Live Nation, and why the "unprofitable" nature of today’s AI customers makes this cycle riskier than the Dotcom era. Recorded on December 11, 2025. Follow Teucrium on Twitter https://x.com/TeucriumETFs Follow Jim Chanos on Twitter https://x.com/RealJimChanos Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe


In this interview, Chanos breaks down why hosting GPUs is a commodity business with low returns and why the depreciation of AI chips (like Nvidia’s) creates a massive financial risk for companies like CoreWeave and Oracle. He also discusses the dangers of private credit, the accounting tricks at Live Nation, and why the "unprofitable" nature of today’s AI customers makes this cycle riskier than the Dotcom era. Recorded on December 11, 2025.


Follow Teucrium on Twitter https://x.com/TeucriumETFs

Follow Jim Chanos on Twitter https://x.com/RealJimChanos

Follow Jack Farley on Twitter https://x.com/JackFarley96


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

]]> 4048 “Mother All Crises” | Luke Gromen on America’s Choice Between AI Dominance and Real Value of Treasury Market Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe Luke Gromen of Forrest For The Trees argues that the US is facing the "Mother of All Crises": a forced choice between losing the AI race to China or destroying the US Treasury market. In this deep dive, we cover why the electrical grid is the ultimate bottleneck, why Bitcoin is flashing a warning signal for 2026, and the mathematical path to $15,000 gold. Recorded December 1, 2025. Follow Teucrium on Twitter https://x.com/TeucriumETFs Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Luke Gromen on Twitter https://x.com/LukeGromen Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Wed, 10 Dec 2025 16:13:00 -0000 full Jack Farley Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe Luke Gromen of Forrest For The Trees argues that the US is facing the "Mother of All Crises": a forced choice between losing the AI race to China or destroying the US Treasury market. In this deep dive, we cover why the electrical grid is the ultimate bottleneck, why Bitcoin is flashing a warning signal for 2026, and the mathematical path to $15,000 gold. Recorded December 1, 2025. Follow Teucrium on Twitter https://x.com/TeucriumETFs Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Luke Gromen on Twitter https://x.com/LukeGromen Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe


Luke Gromen of Forrest For The Trees argues that the US is facing the "Mother of All Crises": a forced choice between losing the AI race to China or destroying the US Treasury market. In this deep dive, we cover why the electrical grid is the ultimate bottleneck, why Bitcoin is flashing a warning signal for 2026, and the mathematical path to $15,000 gold. Recorded December 1, 2025.


Follow Teucrium on Twitter https://x.com/TeucriumETFs

Follow Jack Farley on Twitter https://x.com/JackFarley96

Follow Luke Gromen on Twitter https://x.com/LukeGromen


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

]]> 5611 Beating Bitcoin at Scale with Directional Crypto Strategies | Sam Gaer of Monarq Asset Management This episode is brought to you by VanEck. Learn more about the VanEck Rare Earth and Strategic Metals ETF: http://vaneck.com/REMXMax Sam Gaer, CIO of Directional Strategies at Monarq Asset Management, joins Other People’s Money to discuss how he uses quantitative directional strategies to trade crypto assets and produce an institutional quality return stream that has outperformed bitcoin at scale. He explains how his experience as a market maker, executive, and self-taught electronic exchange technologist driving some of the most important technological advances in finance led him to “burn the boats,” leave tradfi, and go all in on building institutional crypto strategies with Monarq. He also discusses how institutional appetite for crypto hedge fund strategies is growing with increased regulatory clarity, greater availability of institutional level funds, and evolving market opportunities in crypto-native and crypto-linked tradfi assets. Follow Sam Gaer on X: https://x.com/samg67 Follow Monarq on X: https://x.com/monarq_mgmt Follow VanEck on X: https://x.com/vaneck_us Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps 00:00 Intro 01:43 Q4 Crypto Volatility 06:21 A Disappointing Year for Crypto Bulls 10:29 Taking Advantage of Extreme Volatility 12:50 Triple Barrier Risk Management 15:43 $REMX 16:26 Responsible Leverage 17:17 Is the 4-Year Cycle Over 21:55 Early Days Pit Trading 24:16 Building Electronic Exchange Technology 26:38 CEO of NYMEX Europe and NYMEX IPO 27:24 Move to FINRA 28:43 Building and Selling a Volatility Hedge Fund 29:15 Burn the Boats 32:14 Joining Monarq 37:14 Differences Between Crypto Fund Managers and TradFi 39:17 Institutional Adoption of Crypto Hedge Funds 44:27 Can Crypto Strategies Scale to Meet the Demand? 47:19 The Crypto TradFi Collision 49:57 The Difference Between Institutional and Non-institutional Quality Crypto Funds 54:13 Hyper Liquid and Other Market Improvements in Crypto 59:26 Will TradFi Take Over Crypto? 01:01:31 Digital Asset Treasuries 01:08:46 The Next Stage for Monarq Tue, 09 Dec 2025 14:00:00 -0000 full Jack Farley This episode is brought to you by VanEck. Learn more about the VanEck Rare Earth and Strategic Metals ETF: http://vaneck.com/REMXMax Sam Gaer, CIO of Directional Strategies at Monarq Asset Management, joins Other People’s Money to discuss how he uses quantitative directional strategies to trade crypto assets and produce an institutional quality return stream that has outperformed bitcoin at scale. He explains how his experience as a market maker, executive, and self-taught electronic exchange technologist driving some of the most important technological advances in finance led him to “burn the boats,” leave tradfi, and go all in on building institutional crypto strategies with Monarq. He also discusses how institutional appetite for crypto hedge fund strategies is growing with increased regulatory clarity, greater availability of institutional level funds, and evolving market opportunities in crypto-native and crypto-linked tradfi assets. Follow Sam Gaer on X: https://x.com/samg67 Follow Monarq on X: https://x.com/monarq_mgmt Follow VanEck on X: https://x.com/vaneck_us Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps 00:00 Intro 01:43 Q4 Crypto Volatility 06:21 A Disappointing Year for Crypto Bulls 10:29 Taking Advantage of Extreme Volatility 12:50 Triple Barrier Risk Management 15:43 $REMX 16:26 Responsible Leverage 17:17 Is the 4-Year Cycle Over 21:55 Early Days Pit Trading 24:16 Building Electronic Exchange Technology 26:38 CEO of NYMEX Europe and NYMEX IPO 27:24 Move to FINRA 28:43 Building and Selling a Volatility Hedge Fund 29:15 Burn the Boats 32:14 Joining Monarq 37:14 Differences Between Crypto Fund Managers and TradFi 39:17 Institutional Adoption of Crypto Hedge Funds 44:27 Can Crypto Strategies Scale to Meet the Demand? 47:19 The Crypto TradFi Collision 49:57 The Difference Between Institutional and Non-institutional Quality Crypto Funds 54:13 Hyper Liquid and Other Market Improvements in Crypto 59:26 Will TradFi Take Over Crypto? 01:01:31 Digital Asset Treasuries 01:08:46 The Next Stage for Monarq This episode is brought to you by VanEck. Learn more about the VanEck Rare Earth and Strategic Metals ETF: http://vaneck.com/REMXMax


Sam Gaer, CIO of Directional Strategies at Monarq Asset Management, joins Other People’s Money to discuss how he uses quantitative directional strategies to trade crypto assets and produce an institutional quality return stream that has outperformed bitcoin at scale. He explains how his experience as a market maker, executive, and self-taught electronic exchange technologist driving some of the most important technological advances in finance led him to “burn the boats,” leave tradfi, and go all in on building institutional crypto strategies with Monarq. He also discusses how institutional appetite for crypto hedge fund strategies is growing with increased regulatory clarity, greater availability of institutional level funds, and evolving market opportunities in crypto-native and crypto-linked tradfi assets.


Follow Sam Gaer on X: https://x.com/samg67

Follow Monarq on X: https://x.com/monarq_mgmt

Follow VanEck on X: https://x.com/vaneck_us

Follow Max on X: https://x.com/maxwiethe


Follow Other People’s Money on:


Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR

X https://x.com/opmpod


Timestamps

00:00 Intro

01:43 Q4 Crypto Volatility

06:21 A Disappointing Year for Crypto Bulls

10:29 Taking Advantage of Extreme Volatility

12:50 Triple Barrier Risk Management

15:43 $REMX

16:26 Responsible Leverage

17:17 Is the 4-Year Cycle Over

21:55 Early Days Pit Trading

24:16 Building Electronic Exchange Technology

26:38 CEO of NYMEX Europe and NYMEX IPO

27:24 Move to FINRA

28:43 Building and Selling a Volatility Hedge Fund

29:15 Burn the Boats

32:14 Joining Monarq

37:14 Differences Between Crypto Fund Managers and TradFi

39:17 Institutional Adoption of Crypto Hedge Funds

44:27 Can Crypto Strategies Scale to Meet the Demand?

47:19 The Crypto TradFi Collision

49:57 The Difference Between Institutional and Non-institutional Quality Crypto Funds

54:13 Hyper Liquid and Other Market Improvements in Crypto

59:26 Will TradFi Take Over Crypto?

01:01:31 Digital Asset Treasuries

01:08:46 The Next Stage for Monarq

]]> 4211 no Why Metals Are Soaring While Oil Stalls | CME Chief Economist Erik Norland on Precious Metals, Oil, Copper, and More Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe Erik Norland, Chief Economist at the CME Group, joins Jack Farley to discuss the wild volatility in commodity markets. With Silver up over 80% in the past year, Erik breaks down the technological shift from photography to solar panels that is driving demand. They discuss the global fiscal situation, where major economies from the US to Brazil are running deficits between 6% and 8% of GDP , creating a bid for gold prices as investors seek assets central banks can't print. Norland also covers copper, oil, and agricultural commodities. Recorded December 4, 2025. Follow Teucrium on Twitter https://x.com/TeucriumETFs Follow Erik Norland on LinkedIn uk.linkedin.com/in/erik-norland-a089124 Follow Jack Farley on Twitter https://x.com/JackFarley96 Erik Norland’s articles: google.com/search?q=erik+norland+cme&oq=erik&gs_lcrp=EgZjaHJvbWUqBggAEEUYOzIGCAAQRRg7MgoIARAuGLEDGIAEMgYIAhBFGEAyBggDEEUYPDIGCAQQRRg8MgYIBRBFGD0yBggGEEUYQTIGCAcQRRhB0gEHNTk3ajBqN6gCALACAA&sourceid=chrome&ie=UTF-8 “What’s Driving Platinum and Palladium Prices?”: https://www.cmegroup.com/openmarkets/economics/2025/Whats-Driving-Platinum-and-Palladium-Prices.html “Four Major Drivers of the Gold-Silver Price Ratio”: https://www.cmegroup.com/insights/economic-research/2025/four-major-drivers-of-the-gold-silver-price-ratio.html “Is Crude Oil at a Major Inflection Point?”: https://www.cmegroup.com/insights/economic-research/2025/is-crude-oil-at-a-major-inflection-point.html Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Mon, 08 Dec 2025 14:53:00 -0000 full Jack Farley Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe Erik Norland, Chief Economist at the CME Group, joins Jack Farley to discuss the wild volatility in commodity markets. With Silver up over 80% in the past year, Erik breaks down the technological shift from photography to solar panels that is driving demand. They discuss the global fiscal situation, where major economies from the US to Brazil are running deficits between 6% and 8% of GDP , creating a bid for gold prices as investors seek assets central banks can't print. Norland also covers copper, oil, and agricultural commodities. Recorded December 4, 2025. Follow Teucrium on Twitter https://x.com/TeucriumETFs Follow Erik Norland on LinkedIn uk.linkedin.com/in/erik-norland-a089124 Follow Jack Farley on Twitter https://x.com/JackFarley96 Erik Norland’s articles: google.com/search?q=erik+norland+cme&oq=erik&gs_lcrp=EgZjaHJvbWUqBggAEEUYOzIGCAAQRRg7MgoIARAuGLEDGIAEMgYIAhBFGEAyBggDEEUYPDIGCAQQRRg8MgYIBRBFGD0yBggGEEUYQTIGCAcQRRhB0gEHNTk3ajBqN6gCALACAA&sourceid=chrome&ie=UTF-8 “What’s Driving Platinum and Palladium Prices?”: https://www.cmegroup.com/openmarkets/economics/2025/Whats-Driving-Platinum-and-Palladium-Prices.html “Four Major Drivers of the Gold-Silver Price Ratio”: https://www.cmegroup.com/insights/economic-research/2025/four-major-drivers-of-the-gold-silver-price-ratio.html “Is Crude Oil at a Major Inflection Point?”: https://www.cmegroup.com/insights/economic-research/2025/is-crude-oil-at-a-major-inflection-point.html Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe


Erik Norland, Chief Economist at the CME Group, joins Jack Farley to discuss the wild volatility in commodity markets. With Silver up over 80% in the past year, Erik breaks down the technological shift from photography to solar panels that is driving demand. They discuss the global fiscal situation, where major economies from the US to Brazil are running deficits between 6% and 8% of GDP , creating a bid for gold prices as investors seek assets central banks can't print. Norland also covers copper, oil, and agricultural commodities. Recorded December 4, 2025.


Follow Teucrium on Twitter https://x.com/TeucriumETFs

Follow Erik Norland on LinkedIn uk.linkedin.com/in/erik-norland-a089124

Follow Jack Farley on Twitter https://x.com/JackFarley96


Erik Norland’s articles: google.com/search?q=erik+norland+cme&oq=erik&gs_lcrp=EgZjaHJvbWUqBggAEEUYOzIGCAAQRRg7MgoIARAuGLEDGIAEMgYIAhBFGEAyBggDEEUYPDIGCAQQRRg8MgYIBRBFGD0yBggGEEUYQTIGCAcQRRhB0gEHNTk3ajBqN6gCALACAA&sourceid=chrome&ie=UTF-8

“What’s Driving Platinum and Palladium Prices?”: https://www.cmegroup.com/openmarkets/economics/2025/Whats-Driving-Platinum-and-Palladium-Prices.html

“Four Major Drivers of the Gold-Silver Price Ratio”: https://www.cmegroup.com/insights/economic-research/2025/four-major-drivers-of-the-gold-silver-price-ratio.html

“Is Crude Oil at a Major Inflection Point?”: https://www.cmegroup.com/insights/economic-research/2025/is-crude-oil-at-a-major-inflection-point.html


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

]]> 3540 China’s Involution Trap | Michael Pettis on China's Excess Savings, Industrial Overcapacity, and Exporting of Deflation Learn more about the VanEck Rare Earth and Strategic Metals ETF: www.vaneck.com/REMXJack In this episode of Monetary Matters, Jack sits down with Michael Pettis, Senior Fellow at the Carnegie Endowment, to deconstruct the massive economic imbalances between China and the rest of the world. For decades, the global economy has relied on a specific mechanism: China suppresses domestic consumption to subsidize manufacturing, and the US runs massive deficits to absorb that excess supply. Pettis argues this model has reached its limit. They discuss the concept of "economic involution," why China’s shift from real estate bubbles to manufacturing bubbles is dangerous for Europe and the US, and why the current tariff regimes are merely shifting trade routes rather than solving the problem. If you want to understand why the trade deficit keeps growing despite political intervention, and what a "Great Rebalancing" actually looks like, this is a must-listen. Recorded on November 24, 2025. Trade Wars Are Class Wars book:  https://www.amazon.com/Trade-Wars-Are-Class-International/dp/0300244177 Michael Pettis’ Work At Carnegie Endowment For International Peace: https://carnegieendowment.org/people/michael-pettis?lang=en Follow VanEck on Twitter https://x.com/vaneck_us Follow Michael Pettis on Twitter https://x.com/michaelxpettis Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Sun, 30 Nov 2025 19:26:00 -0000 full Jack Farley Learn more about the VanEck Rare Earth and Strategic Metals ETF: www.vaneck.com/REMXJack In this episode of Monetary Matters, Jack sits down with Michael Pettis, Senior Fellow at the Carnegie Endowment, to deconstruct the massive economic imbalances between China and the rest of the world. For decades, the global economy has relied on a specific mechanism: China suppresses domestic consumption to subsidize manufacturing, and the US runs massive deficits to absorb that excess supply. Pettis argues this model has reached its limit. They discuss the concept of "economic involution," why China’s shift from real estate bubbles to manufacturing bubbles is dangerous for Europe and the US, and why the current tariff regimes are merely shifting trade routes rather than solving the problem. If you want to understand why the trade deficit keeps growing despite political intervention, and what a "Great Rebalancing" actually looks like, this is a must-listen. Recorded on November 24, 2025. Trade Wars Are Class Wars book:  https://www.amazon.com/Trade-Wars-Are-Class-International/dp/0300244177 Michael Pettis’ Work At Carnegie Endowment For International Peace: https://carnegieendowment.org/people/michael-pettis?lang=en Follow VanEck on Twitter https://x.com/vaneck_us Follow Michael Pettis on Twitter https://x.com/michaelxpettis Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Learn more about the VanEck Rare Earth and Strategic Metals ETF: www.vaneck.com/REMXJack


In this episode of Monetary Matters, Jack sits down with Michael Pettis, Senior Fellow at the Carnegie Endowment, to deconstruct the massive economic imbalances between China and the rest of the world.

For decades, the global economy has relied on a specific mechanism: China suppresses domestic consumption to subsidize manufacturing, and the US runs massive deficits to absorb that excess supply. Pettis argues this model has reached its limit. They discuss the concept of "economic involution," why China’s shift from real estate bubbles to manufacturing bubbles is dangerous for Europe and the US, and why the current tariff regimes are merely shifting trade routes rather than solving the problem. If you want to understand why the trade deficit keeps growing despite political intervention, and what a "Great Rebalancing" actually looks like, this is a must-listen. Recorded on November 24, 2025.


Trade Wars Are Class Wars book: 

https://www.amazon.com/Trade-Wars-Are-Class-International/dp/0300244177

Michael Pettis’ Work At Carnegie Endowment For International Peace:

https://carnegieendowment.org/people/michael-pettis?lang=en


Follow VanEck on Twitter https://x.com/vaneck_us

Follow Michael Pettis on Twitter https://x.com/michaelxpettis

Follow Jack Farley on Twitter https://x.com/JackFarley96


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

]]> 4706 The Lopsided Expansion | Aahan Menon on Why Long-Term Forecasts Don’t Make Money, And The Growing Divergence Between AI CapEx And Labor Market Monetary Matters listeners can get 20% of Prometheus Macro Substack here: https://www.prometheus-macro.com/subscribe?coupon=a60c1c9f Aahan Menon, founder of Prometheus Macro and a trusted "quant's quant" for sophisticated hedge funds, joins Jack Farley to explain why his models are signaling a meaningful shift down in risk. While previously striking a bullish tone, Aahan reveals why his institutional strategies have moved from "max bullish" to neutral on equities and commodities. Aahan breaks down a concerning divergence in the economy: while GDP and spending are being propped up by a surge in AI CapEx and top-heavy consumption, the underlying labor market is weakening. He explains the "circularity" problem of AI investment—eventually, CapEx must turn into consumption, which requires wage growth that is currently stalling. Later in the conversation, Aahan challenges core macro beliefs, presenting data on why long-term economic forecasting and tracking "rates of change" generate negligible or negative alpha. He also details his current positioning, including being short homebuilders, long French bonds against Japanese JGBs, and his "Crisis Protection" portfolio. Recorded on November 25, 2025. Follow Aahan Menon on Twitter https://x.com/AahanPrometheus Follow Prometheus Macro on Twitter https://x.com/prometheusmacro Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5YouTube https://rb.gy/dpwxez Sat, 29 Nov 2025 19:56:00 -0000 full Jack Farley Monetary Matters listeners can get 20% of Prometheus Macro Substack here: https://www.prometheus-macro.com/subscribe?coupon=a60c1c9f Aahan Menon, founder of Prometheus Macro and a trusted "quant's quant" for sophisticated hedge funds, joins Jack Farley to explain why his models are signaling a meaningful shift down in risk. While previously striking a bullish tone, Aahan reveals why his institutional strategies have moved from "max bullish" to neutral on equities and commodities. Aahan breaks down a concerning divergence in the economy: while GDP and spending are being propped up by a surge in AI CapEx and top-heavy consumption, the underlying labor market is weakening. He explains the "circularity" problem of AI investment—eventually, CapEx must turn into consumption, which requires wage growth that is currently stalling. Later in the conversation, Aahan challenges core macro beliefs, presenting data on why long-term economic forecasting and tracking "rates of change" generate negligible or negative alpha. He also details his current positioning, including being short homebuilders, long French bonds against Japanese JGBs, and his "Crisis Protection" portfolio. Recorded on November 25, 2025. Follow Aahan Menon on Twitter https://x.com/AahanPrometheus Follow Prometheus Macro on Twitter https://x.com/prometheusmacro Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5YouTube https://rb.gy/dpwxez Monetary Matters listeners can get 20% of Prometheus Macro Substack here: https://www.prometheus-macro.com/subscribe?coupon=a60c1c9f


Aahan Menon, founder of Prometheus Macro and a trusted "quant's quant" for sophisticated hedge funds, joins Jack Farley to explain why his models are signaling a meaningful shift down in risk. While previously striking a bullish tone, Aahan reveals why his institutional strategies have moved from "max bullish" to neutral on equities and commodities.

Aahan breaks down a concerning divergence in the economy: while GDP and spending are being propped up by a surge in AI CapEx and top-heavy consumption, the underlying labor market is weakening. He explains the "circularity" problem of AI investment—eventually, CapEx must turn into consumption, which requires wage growth that is currently stalling.

Later in the conversation, Aahan challenges core macro beliefs, presenting data on why long-term economic forecasting and tracking "rates of change" generate negligible or negative alpha. He also details his current positioning, including being short homebuilders, long French bonds against Japanese JGBs, and his "Crisis Protection" portfolio. Recorded on November 25, 2025.


Follow Aahan Menon on Twitter https://x.com/AahanPrometheus

Follow Prometheus Macro on Twitter https://x.com/prometheusmacro

Follow Jack Farley on Twitter https://x.com/JackFarley96


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5
YouTube https://rb.gy/dpwxez

]]> 5253 Breaking Down Michael Burry’s Big Nvidia Short Thesis and Open AI’s Massive Loss Projections | Jack & Max This Monetary Matters episode is brought to you by Fiscal AI. Save 30% off any paid tier at for Black Friday: http://fiscal.ai/mm Jack Farley & Max Wiethe breakdown Michael Burry’s big Nvidia short thesis and the recent projections from HSBC that Open AI will lose nearly half a trillion dollars between now and 2030. They also discuss the recent repricing of Fed rate cuts in December and debate which companies are the biggest losers if AI turns out to be a bubble. Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Max on Twitter: https://x.com/maxwiethe Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Intro 00:16 The Biggest Event in Macro 00:55 Breaking Down Michael Burry's Short Thesis for Nvidia 04:47 Semiconductors Are Historically Cyclical 07:08 Is Nvidia a Good Short? 08:25 Criticism of Burry's Analysis 16:38 Fiscal.ai 18:17 Open AI's Massive Loss Projections 24:26 AI Coding Agent Revenues 26:25 Can Nvidia Escape Unscathed? 29:54 Michael Burry's Substack Success 30:54 AI Spending's Impact on GDP 31:56 December Fed Meeting Fri, 28 Nov 2025 14:00:00 -0000 full Jack Farley This Monetary Matters episode is brought to you by Fiscal AI. Save 30% off any paid tier at for Black Friday: http://fiscal.ai/mm Jack Farley & Max Wiethe breakdown Michael Burry’s big Nvidia short thesis and the recent projections from HSBC that Open AI will lose nearly half a trillion dollars between now and 2030. They also discuss the recent repricing of Fed rate cuts in December and debate which companies are the biggest losers if AI turns out to be a bubble. Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Max on Twitter: https://x.com/maxwiethe Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Intro 00:16 The Biggest Event in Macro 00:55 Breaking Down Michael Burry's Short Thesis for Nvidia 04:47 Semiconductors Are Historically Cyclical 07:08 Is Nvidia a Good Short? 08:25 Criticism of Burry's Analysis 16:38 Fiscal.ai 18:17 Open AI's Massive Loss Projections 24:26 AI Coding Agent Revenues 26:25 Can Nvidia Escape Unscathed? 29:54 Michael Burry's Substack Success 30:54 AI Spending's Impact on GDP 31:56 December Fed Meeting This Monetary Matters episode is brought to you by Fiscal AI. Save 30% off any paid tier at for Black Friday: http://fiscal.ai/mm


Jack Farley & Max Wiethe breakdown Michael Burry’s big Nvidia short thesis and the recent projections from HSBC that Open AI will lose nearly half a trillion dollars between now and 2030. They also discuss the recent repricing of Fed rate cuts in December and debate which companies are the biggest losers if AI turns out to be a bubble.


Follow Jack Farley on Twitter https://x.com/JackFarley96

Follow Max on Twitter: https://x.com/maxwiethe


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


Timestamps:

00:00 Intro

00:16 The Biggest Event in Macro

00:55 Breaking Down Michael Burry's Short Thesis for Nvidia

04:47 Semiconductors Are Historically Cyclical

07:08 Is Nvidia a Good Short?

08:25 Criticism of Burry's Analysis

16:38 Fiscal.ai

18:17 Open AI's Massive Loss Projections

24:26 AI Coding Agent Revenues

26:25 Can Nvidia Escape Unscathed?

29:54 Michael Burry's Substack Success

30:54 AI Spending's Impact on GDP

31:56 December Fed Meeting

]]> 2043 no As Good As It Gets? | Meb Faber on U.S. Stock Valuations, Trend Following, and Endowment Allocations To Private Markets This episode is brought to you by CAIA.nxt. Learn more about their alternatives education courses for investment advisors and get 10% off with code MMTEN: https://caia.org/content/welcome-monetary-matters-and-other-peoples-money-listeners In this episode of Monetary Matters, Jack welcomes Meb Faber, founder of Cambria Funds, to discuss the extreme valuations in the US stock market and where investors can still find value. Meb breaks down historical market cycles, comparing the current AI boom to the railroad bubbles of the past, and explains why "expensive uptrends" can persist longer than logic dictates. The conversation shifts to the institutional world, where Meb challenges the status quo of major endowments like Harvard and CalPERS, arguing that complex private equity strategies can often be beaten by simple, liquid ETFs. Finally, Meb reveals a tax code loophole (Section 351) that allows investors to swap concentrated stock positions for diversified ETFs on a tax-deferred basis. Recorded on November 20, 2025. Follow Meb Faber on Twitter https://x.com/MebFaber Follow The Idea Farm on Twitter https://x.com/theideafarm Follow Jack Farley on Twitter https://x.com/JackFarley96 Pieces Discussed: “Exceptional Expectations: U.S. vs. Non-U.S. Equities”: https://www.aqr.com/Insights/Research/White-Papers/Exceptional-Expectations-US-vs-Non-US-Equities “LEARNING TO LOVE INVESTMENT BUBBLES: WHAT IF SIR ISAAC NEWTON HAD BEEN A TRENDFOLLOWER?”: https://mebfaber.com/wp-content/uploads/2016/05/SSRN-id1923387.pdf Follow Monetary Matters on:  Apple Podcast https://rb.gy/s5qfyh  Spotify https://rb.gy/x56dx5  YouTube https://rb.gy/dpwxez Thu, 27 Nov 2025 16:05:00 -0000 full Jack Farley This episode is brought to you by CAIA.nxt. Learn more about their alternatives education courses for investment advisors and get 10% off with code MMTEN: https://caia.org/content/welcome-monetary-matters-and-other-peoples-money-listeners In this episode of Monetary Matters, Jack welcomes Meb Faber, founder of Cambria Funds, to discuss the extreme valuations in the US stock market and where investors can still find value. Meb breaks down historical market cycles, comparing the current AI boom to the railroad bubbles of the past, and explains why "expensive uptrends" can persist longer than logic dictates. The conversation shifts to the institutional world, where Meb challenges the status quo of major endowments like Harvard and CalPERS, arguing that complex private equity strategies can often be beaten by simple, liquid ETFs. Finally, Meb reveals a tax code loophole (Section 351) that allows investors to swap concentrated stock positions for diversified ETFs on a tax-deferred basis. Recorded on November 20, 2025. Follow Meb Faber on Twitter https://x.com/MebFaber Follow The Idea Farm on Twitter https://x.com/theideafarm Follow Jack Farley on Twitter https://x.com/JackFarley96 Pieces Discussed: “Exceptional Expectations: U.S. vs. Non-U.S. Equities”: https://www.aqr.com/Insights/Research/White-Papers/Exceptional-Expectations-US-vs-Non-US-Equities “LEARNING TO LOVE INVESTMENT BUBBLES: WHAT IF SIR ISAAC NEWTON HAD BEEN A TRENDFOLLOWER?”: https://mebfaber.com/wp-content/uploads/2016/05/SSRN-id1923387.pdf Follow Monetary Matters on:  Apple Podcast https://rb.gy/s5qfyh  Spotify https://rb.gy/x56dx5  YouTube https://rb.gy/dpwxez This episode is brought to you by CAIA.nxt. Learn more about their alternatives education courses for investment advisors and get 10% off with code MMTEN:

https://caia.org/content/welcome-monetary-matters-and-other-peoples-money-listeners


In this episode of Monetary Matters, Jack welcomes Meb Faber, founder of Cambria Funds, to discuss the extreme valuations in the US stock market and where investors can still find value. Meb breaks down historical market cycles, comparing the current AI boom to the railroad bubbles of the past, and explains why "expensive uptrends" can persist longer than logic dictates.

The conversation shifts to the institutional world, where Meb challenges the status quo of major endowments like Harvard and CalPERS, arguing that complex private equity strategies can often be beaten by simple, liquid ETFs. Finally, Meb reveals a tax code loophole (Section 351) that allows investors to swap concentrated stock positions for diversified ETFs on a tax-deferred basis. Recorded on November 20, 2025.


Follow Meb Faber on Twitter https://x.com/MebFaber

Follow The Idea Farm on Twitter https://x.com/theideafarm

Follow Jack Farley on Twitter https://x.com/JackFarley96


Pieces Discussed:

“Exceptional Expectations: U.S. vs. Non-U.S. Equities”: https://www.aqr.com/Insights/Research/White-Papers/Exceptional-Expectations-US-vs-Non-US-Equities

“LEARNING TO LOVE INVESTMENT BUBBLES: WHAT IF SIR ISAAC NEWTON HAD BEEN A

TRENDFOLLOWER?”: https://mebfaber.com/wp-content/uploads/2016/05/SSRN-id1923387.pdf


Follow Monetary Matters on: 

Apple Podcast https://rb.gy/s5qfyh 

Spotify https://rb.gy/x56dx5 

YouTube https://rb.gy/dpwxez

]]> 4347 Venture Capital’s Collision with Public Markets, the Dry Powder Bubble, and VC Metrics that Lie | James Wang of Creative Ventures This Other People’s Money episode is brought to you by CAIA.nxt. Learn more about their alternatives education courses for investment advisors and get 10% off with code MMTEN: https://caia.org/content/welcome-monetary-matters-and-other-peoples-money-listeners James Wang, General Partner at Creative Ventures and author of “What You Need to Know About AI” joins Other People’s Money to discuss the most pressing issues facing venture capital right now including: VC’s collision with public markets, the “RIAifaction” of VC firms, and the reality that there is still too much dry powder propping up venture valuations. Wang also discusses the difficulty of judging VC funds off of typical metrics like MOIC and TVPI, especially when the fund is still in the middle of its life cycle. Wang closes the podcast with his views on AI as expressed in his new book and the reasons why he believes many are being distracted by first-order effects. Follow James Wang on X: https://x.com/AJamesWang Read Weighty Thoughts: https://weightythoughts.com Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps 00:00 Intro 01:22 The Collision of Public and Private Markets 04:13 Venture Capital is Following the Same Path as Other Asset Classes 05:52 Venture's Shifting Role in Portfolios 13:36 Venture Capital Emerging Managers 18:39 Corporate Venture Capital 20:58 The Most Active Venture LPs 22:45 Sovereign Wealth Funds and Strategic Venture 26:56 RIAs and Private Wealth as the Next Source of Capital 31:58 The Emergence of Star Athletes and Actors as VCs 33:41 Most VCs Don't Add Value to Portfolio Companies 35:31 Comparing VC Funds: The Metrics That Lie 43:32 Sneaky VC Marketing Tricks and Marketing Materials 48:33 Reference Checks and Speaking with Founders 50:17 The Dry Powder Bubble 57:41 What You Need to Know About AI 59:47 Tracking AI Progress 01:03:42 The Politics of AI 01:07:32 The Next Stage of Training AI Models Tue, 25 Nov 2025 21:55:00 -0000 full Jack Farley This Other People’s Money episode is brought to you by CAIA.nxt. Learn more about their alternatives education courses for investment advisors and get 10% off with code MMTEN: https://caia.org/content/welcome-monetary-matters-and-other-peoples-money-listeners James Wang, General Partner at Creative Ventures and author of “What You Need to Know About AI” joins Other People’s Money to discuss the most pressing issues facing venture capital right now including: VC’s collision with public markets, the “RIAifaction” of VC firms, and the reality that there is still too much dry powder propping up venture valuations. Wang also discusses the difficulty of judging VC funds off of typical metrics like MOIC and TVPI, especially when the fund is still in the middle of its life cycle. Wang closes the podcast with his views on AI as expressed in his new book and the reasons why he believes many are being distracted by first-order effects. Follow James Wang on X: https://x.com/AJamesWang Read Weighty Thoughts: https://weightythoughts.com Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps 00:00 Intro 01:22 The Collision of Public and Private Markets 04:13 Venture Capital is Following the Same Path as Other Asset Classes 05:52 Venture's Shifting Role in Portfolios 13:36 Venture Capital Emerging Managers 18:39 Corporate Venture Capital 20:58 The Most Active Venture LPs 22:45 Sovereign Wealth Funds and Strategic Venture 26:56 RIAs and Private Wealth as the Next Source of Capital 31:58 The Emergence of Star Athletes and Actors as VCs 33:41 Most VCs Don't Add Value to Portfolio Companies 35:31 Comparing VC Funds: The Metrics That Lie 43:32 Sneaky VC Marketing Tricks and Marketing Materials 48:33 Reference Checks and Speaking with Founders 50:17 The Dry Powder Bubble 57:41 What You Need to Know About AI 59:47 Tracking AI Progress 01:03:42 The Politics of AI 01:07:32 The Next Stage of Training AI Models This Other People’s Money episode is brought to you by CAIA.nxt. Learn more about their alternatives education courses for investment advisors and get 10% off with code MMTEN: https://caia.org/content/welcome-monetary-matters-and-other-peoples-money-listeners


James Wang, General Partner at Creative Ventures and author of “What You Need to Know About AI” joins Other People’s Money to discuss the most pressing issues facing venture capital right now including: VC’s collision with public markets, the “RIAifaction” of VC firms, and the reality that there is still too much dry powder propping up venture valuations. Wang also discusses the difficulty of judging VC funds off of typical metrics like MOIC and TVPI, especially when the fund is still in the middle of its life cycle. Wang closes the podcast with his views on AI as expressed in his new book and the reasons why he believes many are being distracted by first-order effects.


Follow James Wang on X: https://x.com/AJamesWang

Read Weighty Thoughts: https://weightythoughts.com


Follow Max on X: https://x.com/maxwiethe


Follow Other People’s Money on:


Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR

X https://x.com/opmpod


Timestamps

00:00 Intro

01:22 The Collision of Public and Private Markets

04:13 Venture Capital is Following the Same Path as Other Asset Classes

05:52 Venture's Shifting Role in Portfolios

13:36 Venture Capital Emerging Managers

18:39 Corporate Venture Capital

20:58 The Most Active Venture LPs

22:45 Sovereign Wealth Funds and Strategic Venture

26:56 RIAs and Private Wealth as the Next Source of Capital

31:58 The Emergence of Star Athletes and Actors as VCs

33:41 Most VCs Don't Add Value to Portfolio Companies

35:31 Comparing VC Funds: The Metrics That Lie

43:32 Sneaky VC Marketing Tricks and Marketing Materials

48:33 Reference Checks and Speaking with Founders

50:17 The Dry Powder Bubble

57:41 What You Need to Know About AI

59:47 Tracking AI Progress

01:03:42 The Politics of AI

01:07:32 The Next Stage of Training AI Models

]]> 4558 no Demystifying First Brands Group’s $ 12 Billion Bankruptcy | Robert Smith of the Financial Times Robert Smith, Corporate Finance Editor at the FT, joins Jack to discuss the recent $12 billion bankruptcy of First Brands Group that has shocked the financial world. He explains the history of First Brands, its collapse, and the company’s ongoing bankruptcy proceedings. Robert also discusses the larger world of private credit and if First Brands is the first of many ‘credit cockroaches.’ The bankruptcy is of particular interest given the fact that it could be a signal of further problems on the horizon of the private credit market. Recorded on November 21st, 2025.   Follow Jack Farley on Twitter https://x.com/jackfarley96 Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Robert Smith on Twitter https://x.com/BondHack Follow Robert Smith on Bluesky https://bsky.app/profile/bondhack.ft.com Read Robert’s FT Articles https://www.ft.com/robert-smith First Brands Collapse in a Nutshell https://on.ft.com/48ptTUu Mon, 24 Nov 2025 15:57:00 -0000 full Jack Farley Robert Smith, Corporate Finance Editor at the FT, joins Jack to discuss the recent $12 billion bankruptcy of First Brands Group that has shocked the financial world. He explains the history of First Brands, its collapse, and the company’s ongoing bankruptcy proceedings. Robert also discusses the larger world of private credit and if First Brands is the first of many ‘credit cockroaches.’ The bankruptcy is of particular interest given the fact that it could be a signal of further problems on the horizon of the private credit market. Recorded on November 21st, 2025.   Follow Jack Farley on Twitter https://x.com/jackfarley96 Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Robert Smith on Twitter https://x.com/BondHack Follow Robert Smith on Bluesky https://bsky.app/profile/bondhack.ft.com Read Robert’s FT Articles https://www.ft.com/robert-smith First Brands Collapse in a Nutshell https://on.ft.com/48ptTUu Robert Smith, Corporate Finance Editor at the FT, joins Jack to discuss the recent $12 billion bankruptcy of First Brands Group that has shocked the financial world. He explains the history of First Brands, its collapse, and the company’s ongoing bankruptcy proceedings. Robert also discusses the larger world of private credit and if First Brands is the first of many ‘credit cockroaches.’ The bankruptcy is of particular interest given the fact that it could be a signal of further problems on the horizon of the private credit market. Recorded on November 21st, 2025.

 

Follow Jack Farley on Twitter https://x.com/jackfarley96

Follow Monetary Matters on:

Apple Podcasts https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

Follow Robert Smith on Twitter https://x.com/BondHack

Follow Robert Smith on Bluesky https://bsky.app/profile/bondhack.ft.com

Read Robert’s FT Articles https://www.ft.com/robert-smith

First Brands Collapse in a Nutshell https://on.ft.com/48ptTUu

]]> 3749 no The Fed Won’t Pop AI: It Will Save Housing | Blue Door’s Dan Krausz On The Three Neutral Rates, The Liquidity Waterfall, and Why Profits Rising While Employment Falters Is Not Bearish For The Stock Market This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm  Dan Krausz of Blue Door Asset Management joins Monetary Matters to argue that the global economy is currently driven by two dominant macro factors: aggressive fiscal policy and Artificial Intelligence. He breaks down the concept of a "three-speed economy," explaining how 6% fiscal deficits create a "liquidity waterfall" that funds the government first while leaving housing and small businesses in a silent recession. Dan posits the contrarian view that the Federal Reserve may actually need an AI productivity boom to manage long-term inflation and debt, making the potential "AI bubble" a necessary economic tool rather than a threat. Finally, he outlines his three critical rules for positioning in this environment, explaining why investors must "avoid the middle" and why the opportunity is shifting from AI infrastructure to implementation. Recorded on November 18, 2025. Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on:  Apple Podcast https://rb.gy/s5qfyh  Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Sun, 23 Nov 2025 07:33:00 -0000 full Jack Farley This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm  Dan Krausz of Blue Door Asset Management joins Monetary Matters to argue that the global economy is currently driven by two dominant macro factors: aggressive fiscal policy and Artificial Intelligence. He breaks down the concept of a "three-speed economy," explaining how 6% fiscal deficits create a "liquidity waterfall" that funds the government first while leaving housing and small businesses in a silent recession. Dan posits the contrarian view that the Federal Reserve may actually need an AI productivity boom to manage long-term inflation and debt, making the potential "AI bubble" a necessary economic tool rather than a threat. Finally, he outlines his three critical rules for positioning in this environment, explaining why investors must "avoid the middle" and why the opportunity is shifting from AI infrastructure to implementation. Recorded on November 18, 2025. Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on:  Apple Podcast https://rb.gy/s5qfyh  Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm 


Dan Krausz of Blue Door Asset Management joins Monetary Matters to argue that the global economy is currently driven by two dominant macro factors: aggressive fiscal policy and Artificial Intelligence. He breaks down the concept of a "three-speed economy," explaining how 6% fiscal deficits create a "liquidity waterfall" that funds the government first while leaving housing and small businesses in a silent recession. Dan posits the contrarian view that the Federal Reserve may actually need an AI productivity boom to manage long-term inflation and debt, making the potential "AI bubble" a necessary economic tool rather than a threat. Finally, he outlines his three critical rules for positioning in this environment, explaining why investors must "avoid the middle" and why the opportunity is shifting from AI infrastructure to implementation. Recorded on November 18, 2025.


Follow Jack Farley on Twitter https://x.com/JackFarley96


Follow Monetary Matters on: 

Apple Podcast https://rb.gy/s5qfyh 

Spotify https://rb.gy/x56dx5 
YouTube https://rb.gy/dpwxez

]]> 4895 Is The AI Bubble Popping? | Jack and Max on Data Center Debt, Fragile Markets, and Insurance Companies This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mmAs investors’ outlook on AI capital expenditure sours, Jack and Max explore the rising debt issuance to fund artificial intelligence development, and the faltering share prices of companies with exposure to the “AI factor”: the hyperscalers (particularly Oracle), the chip companies, and the neoclouds such as Coreweave and Nebius. Jack then looks at two insurance companies, Kinsale and Palomar, as insurance sector does its part to hold up the S&P 500. Jack and Max also give an update on Chinese fintechs at the end. Recorded on November 21, 2025.Follow Jack Farley on Twitter https://x.com/JackFarley96Follow Max on Twitter: https://x.com/maxwietheFollow Monetary Matters on:Apple Podcast https://rb.gy/s5qfyhSpotify https://rb.gy/x56dx5YouTube https://rb.gy/dpwxez Timestamps: 00:00 Intro 02:28 Debt Fueled CapEx Boom 08:23 "AI CEOs Are Building a God" 11:24 The Real Speculative Bubble 15:51 NeoCloud Risk 17:53 Fiscal AI 19:11 Healthcare and Insurance Strength 21:38 Kinsale Capital Group 27:38 Factors Benefiting Insurance 29:12 Palomar Holdings 33:48 Jobs Data and December Fed Meeting 37:26 Chinese Fintech Bloodbath 40:32 Conclusion Fri, 21 Nov 2025 22:29:00 -0000 full Jack Farley This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mmAs investors’ outlook on AI capital expenditure sours, Jack and Max explore the rising debt issuance to fund artificial intelligence development, and the faltering share prices of companies with exposure to the “AI factor”: the hyperscalers (particularly Oracle), the chip companies, and the neoclouds such as Coreweave and Nebius. Jack then looks at two insurance companies, Kinsale and Palomar, as insurance sector does its part to hold up the S&P 500. Jack and Max also give an update on Chinese fintechs at the end. Recorded on November 21, 2025.Follow Jack Farley on Twitter https://x.com/JackFarley96Follow Max on Twitter: https://x.com/maxwietheFollow Monetary Matters on:Apple Podcast https://rb.gy/s5qfyhSpotify https://rb.gy/x56dx5YouTube https://rb.gy/dpwxez Timestamps: 00:00 Intro 02:28 Debt Fueled CapEx Boom 08:23 "AI CEOs Are Building a God" 11:24 The Real Speculative Bubble 15:51 NeoCloud Risk 17:53 Fiscal AI 19:11 Healthcare and Insurance Strength 21:38 Kinsale Capital Group 27:38 Factors Benefiting Insurance 29:12 Palomar Holdings 33:48 Jobs Data and December Fed Meeting 37:26 Chinese Fintech Bloodbath 40:32 Conclusion This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm
As investors’ outlook on AI capital expenditure sours, Jack and Max explore the rising debt issuance to fund artificial intelligence development, and the faltering share prices of companies with exposure to the “AI factor”: the hyperscalers (particularly Oracle), the chip companies, and the neoclouds such as Coreweave and Nebius. Jack then looks at two insurance companies, Kinsale and Palomar, as insurance sector does its part to hold up the S&P 500. Jack and Max also give an update on Chinese fintechs at the end. Recorded on November 21, 2025.
Follow Jack Farley on Twitter https://x.com/JackFarley96
Follow Max on Twitter: https://x.com/maxwiethe
Follow Monetary Matters on:
Apple Podcast https://rb.gy/s5qfyh
Spotify https://rb.gy/x56dx5
YouTube https://rb.gy/dpwxez


Timestamps:

00:00 Intro

02:28 Debt Fueled CapEx Boom

08:23 "AI CEOs Are Building a God"

11:24 The Real Speculative Bubble

15:51 NeoCloud Risk

17:53 Fiscal AI

19:11 Healthcare and Insurance Strength

21:38 Kinsale Capital Group

27:38 Factors Benefiting Insurance

29:12 Palomar Holdings

33:48 Jobs Data and December Fed Meeting

37:26 Chinese Fintech Bloodbath

40:32 Conclusion

]]> 2460 no AI Euphoria Is Rolling Over | Lyn Alden on Bitcoin Correction, Who Satoshi Is, Data Center CapEx, and Whether AI Is A Bubble Learn more about the VanEck Rare Earth and Strategic Metals ETF: www.vaneck.com/REMXJack In a change of pace, Lyn Alden of Lyn Alden Investment Strategy returns to Monetary Matters not to talk macro, but to discuss in-depth her views on AI capital expenditures that are driving a majority of the economic growth in the United States. Describing herself as “a moderate bull on AI,” Alden argues that AI is masking the true weakness of the U.S. economy, and that, while AI will prove to transform industries, there could be hiccups in the huge sums that are being spent to build out this AI vision. She notes that “AI euphoria is rolling over” and shares her views on the chip depreciation, with analogues to Bitcoin mining. Alden shares her view on Bitcoin in 2026 and explains in depth how the difficulty adjustments within Bitcoin support the long-term sustainability of the network. This is the most in-depth on Bitcoin Jack has gone with Lyn Alden in his many interviews going back to 2020. Recorded on November 17, 2025. Pieces discussed: “Liquidity, Shutdowns, Tariffs, and Earnings,” November 9, 2025: https://www.lynalden.com/premium-2025-11-9/ “Liquidity Pivot and Banking Update,” October 26, 2025: https://www.lynalden.com/premium-2025-10-26/ “Two AI Stock Rotations,” October 12, 2025: https://www.lynalden.com/premium-2025-10-12/ Follow VanEck on Twitter https://x.com/vaneck_us Follow Lyn Alden on Twitter https://x.com/LynAldenContact Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Wed, 19 Nov 2025 17:19:00 -0000 full Jack Farley Learn more about the VanEck Rare Earth and Strategic Metals ETF: www.vaneck.com/REMXJack In a change of pace, Lyn Alden of Lyn Alden Investment Strategy returns to Monetary Matters not to talk macro, but to discuss in-depth her views on AI capital expenditures that are driving a majority of the economic growth in the United States. Describing herself as “a moderate bull on AI,” Alden argues that AI is masking the true weakness of the U.S. economy, and that, while AI will prove to transform industries, there could be hiccups in the huge sums that are being spent to build out this AI vision. She notes that “AI euphoria is rolling over” and shares her views on the chip depreciation, with analogues to Bitcoin mining. Alden shares her view on Bitcoin in 2026 and explains in depth how the difficulty adjustments within Bitcoin support the long-term sustainability of the network. This is the most in-depth on Bitcoin Jack has gone with Lyn Alden in his many interviews going back to 2020. Recorded on November 17, 2025. Pieces discussed: “Liquidity, Shutdowns, Tariffs, and Earnings,” November 9, 2025: https://www.lynalden.com/premium-2025-11-9/ “Liquidity Pivot and Banking Update,” October 26, 2025: https://www.lynalden.com/premium-2025-10-26/ “Two AI Stock Rotations,” October 12, 2025: https://www.lynalden.com/premium-2025-10-12/ Follow VanEck on Twitter https://x.com/vaneck_us Follow Lyn Alden on Twitter https://x.com/LynAldenContact Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Learn more about the VanEck Rare Earth and Strategic Metals ETF: www.vaneck.com/REMXJack

In a change of pace, Lyn Alden of Lyn Alden Investment Strategy returns to Monetary Matters not to talk macro, but to discuss in-depth her views on AI capital expenditures that are driving a majority of the economic growth in the United States. Describing herself as “a moderate bull on AI,” Alden argues that AI is masking the true weakness of the U.S. economy, and that, while AI will prove to transform industries, there could be hiccups in the huge sums that are being spent to build out this AI vision. She notes that “AI euphoria is rolling over” and shares her views on the chip depreciation, with analogues to Bitcoin mining.

Alden shares her view on Bitcoin in 2026 and explains in depth how the difficulty adjustments within Bitcoin support the long-term sustainability of the network. This is the most in-depth on Bitcoin Jack has gone with Lyn Alden in his many interviews going back to 2020. Recorded on November 17, 2025.


Pieces discussed:

“Liquidity, Shutdowns, Tariffs, and Earnings,” November 9, 2025: https://www.lynalden.com/premium-2025-11-9/

“Liquidity Pivot and Banking Update,” October 26, 2025: https://www.lynalden.com/premium-2025-10-26/

“Two AI Stock Rotations,” October 12, 2025: https://www.lynalden.com/premium-2025-10-12/


Follow VanEck on Twitter https://x.com/vaneck_us

Follow Lyn Alden on Twitter https://x.com/LynAldenContact

Follow Jack Farley on Twitter https://x.com/JackFarley96


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

]]> 5488 Can Alpha Capture Save Fundamental Long/Short Equity Investing? | David Stemerman CenterBook Partners This Other People’s Money episode is brought you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm Fundamental long-short equity investing has been in decline with fewer new fund launches and dwindling assets, but David Stemerman, CEO, CIO and Co-founder of CenterBook Partners believes data clearly shows these investors still have significant investing skill. He argues that single manger hedge fund data collected using alpha capture can be used to construct new portfolios and strategies that will be more attractive for institutional investors. Through a combination of direct payments, data sharing, and partnering with single managers on custom strategies he believes that that alpha capture can revitalize single manager hedge funds. Not all alpha capture strategies are made equal though and one of the biggest problems he is trying to solve is convincing managers and their LPs that alpha capture can be done without harming the returns of the manager. Read the white paper: https://www.centerbook.com/ACPaper Become a CenterBook Partners partner fund: https://www.centerbook.com/contributors Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps 00:00 Intro 00:40 Fiscal.ai 01:34 Single Manager & Tiger Cub Origins 02:45 Fundamental Long Short Equity Under Pressure 07:21 History of Alpha Capture 09:07 Responsible Alpha Capture 16:40 Fiscal.ai 17:58 Why Don’t Managers Adapt to Allocator Demands? 26:48 CenterBook's Current Alpha Capture Strategy 33:14 How Do You Manage External Partners? 35:38 Reactions From LPs at Partner Funds 39:46 Types of Allocators Are Interested in Alpha Capture? 41:53 Types of Managers Partnering with CenterBook 43:04 Is Alpha Theory a Requirement? 46:03 Scale Limits for CenterBook 48:39 Do Most Managers Have Skill? 53:15 Active Extension: The Future of Active Management? 01:03:13 Timeline for Single Manager Active Extensions Tue, 18 Nov 2025 14:00:00 -0000 full Jack Farley This Other People’s Money episode is brought you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm Fundamental long-short equity investing has been in decline with fewer new fund launches and dwindling assets, but David Stemerman, CEO, CIO and Co-founder of CenterBook Partners believes data clearly shows these investors still have significant investing skill. He argues that single manger hedge fund data collected using alpha capture can be used to construct new portfolios and strategies that will be more attractive for institutional investors. Through a combination of direct payments, data sharing, and partnering with single managers on custom strategies he believes that that alpha capture can revitalize single manager hedge funds. Not all alpha capture strategies are made equal though and one of the biggest problems he is trying to solve is convincing managers and their LPs that alpha capture can be done without harming the returns of the manager. Read the white paper: https://www.centerbook.com/ACPaper Become a CenterBook Partners partner fund: https://www.centerbook.com/contributors Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps 00:00 Intro 00:40 Fiscal.ai 01:34 Single Manager & Tiger Cub Origins 02:45 Fundamental Long Short Equity Under Pressure 07:21 History of Alpha Capture 09:07 Responsible Alpha Capture 16:40 Fiscal.ai 17:58 Why Don’t Managers Adapt to Allocator Demands? 26:48 CenterBook's Current Alpha Capture Strategy 33:14 How Do You Manage External Partners? 35:38 Reactions From LPs at Partner Funds 39:46 Types of Allocators Are Interested in Alpha Capture? 41:53 Types of Managers Partnering with CenterBook 43:04 Is Alpha Theory a Requirement? 46:03 Scale Limits for CenterBook 48:39 Do Most Managers Have Skill? 53:15 Active Extension: The Future of Active Management? 01:03:13 Timeline for Single Manager Active Extensions This Other People’s Money episode is brought you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm


Fundamental long-short equity investing has been in decline with fewer new fund launches and dwindling assets, but David Stemerman, CEO, CIO and Co-founder of CenterBook Partners believes data clearly shows these investors still have significant investing skill. He argues that single manger hedge fund data collected using alpha capture can be used to construct new portfolios and strategies that will be more attractive for institutional investors. Through a combination of direct payments, data sharing, and partnering with single managers on custom strategies he believes that that alpha capture can revitalize single manager hedge funds. Not all alpha capture strategies are made equal though and one of the biggest problems he is trying to solve is convincing managers and their LPs that alpha capture can be done without harming the returns of the manager.


Read the white paper: https://www.centerbook.com/ACPaper

Become a CenterBook Partners partner fund: https://www.centerbook.com/contributors


Follow Max on X: https://x.com/maxwiethe


Follow Other People’s Money on:


Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR

X https://x.com/opmpod


Timestamps

00:00 Intro

00:40 Fiscal.ai

01:34 Single Manager & Tiger Cub Origins

02:45 Fundamental Long Short Equity Under Pressure

07:21 History of Alpha Capture

09:07 Responsible Alpha Capture

16:40 Fiscal.ai

17:58 Why Don’t Managers Adapt to Allocator Demands?

26:48 CenterBook's Current Alpha Capture Strategy

33:14 How Do You Manage External Partners?

35:38 Reactions From LPs at Partner Funds

39:46 Types of Allocators Are Interested in Alpha Capture?

41:53 Types of Managers Partnering with CenterBook

43:04 Is Alpha Theory a Requirement?

46:03 Scale Limits for CenterBook

48:39 Do Most Managers Have Skill?

53:15 Active Extension: The Future of Active Management?

01:03:13 Timeline for Single Manager Active Extensions

]]> 4179 no The State of Real Estate Credit | Rithm Capital's Satish Mansukhani on Mortgage Servicing, Commercial Real Estate, and Rithm's Asset Manager Acquisition Strategy This episode is brought to you by CAIA.nxt. Learn more about their alternatives education courses for investment advisors and get 10% off with code MMTEN: https://caia.org/content/welcome-monetary-matters-and-other-peoples-money-listeners Satish Mansukhani, managing director at Rithm Capital, joins Jack on Monetary Matters for a high-level real estate discussion. Jack and Satish discuss the complexities of real estate investing, credit quality, private credit, and more in an interview that explores the minutiae of this gigantic sector of capital markets. Recorded on October 22nd, 2025. Follow Jack Farley on Twitter https://x.com/jackfarley96 Follow Satish on LinkedIn https://www.linkedin.com/in/satishmansukhani/  Satish’s Articles: “Life in Office—It’s Not All Bad”: https://www.rithmcap.com/insights/life-in-office-it-s-not-all-bad/  “Control Over Access: The Structural Edge in Asset-Backed Finance”: https://www.rithmcap.com/insights/control-over-access-the-structural-edge-in-asset-backed-finance/ Follow Monetary Matters on:  Apple Podcast https://rb.gy/s5qfyh  Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Sun, 16 Nov 2025 20:39:00 -0000 full Jack Farley This episode is brought to you by CAIA.nxt. Learn more about their alternatives education courses for investment advisors and get 10% off with code MMTEN: https://caia.org/content/welcome-monetary-matters-and-other-peoples-money-listeners Satish Mansukhani, managing director at Rithm Capital, joins Jack on Monetary Matters for a high-level real estate discussion. Jack and Satish discuss the complexities of real estate investing, credit quality, private credit, and more in an interview that explores the minutiae of this gigantic sector of capital markets. Recorded on October 22nd, 2025. Follow Jack Farley on Twitter https://x.com/jackfarley96 Follow Satish on LinkedIn https://www.linkedin.com/in/satishmansukhani/  Satish’s Articles: “Life in Office—It’s Not All Bad”: https://www.rithmcap.com/insights/life-in-office-it-s-not-all-bad/  “Control Over Access: The Structural Edge in Asset-Backed Finance”: https://www.rithmcap.com/insights/control-over-access-the-structural-edge-in-asset-backed-finance/ Follow Monetary Matters on:  Apple Podcast https://rb.gy/s5qfyh  Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez This episode is brought to you by CAIA.nxt. Learn more about their alternatives education courses for investment advisors and get 10% off with code MMTEN:

https://caia.org/content/welcome-monetary-matters-and-other-peoples-money-listeners


Satish Mansukhani, managing director at Rithm Capital, joins Jack on Monetary Matters for a high-level real estate discussion. Jack and Satish discuss the complexities of real estate investing, credit quality, private credit, and more in an interview that explores the minutiae of this gigantic sector of capital markets. Recorded on October 22nd, 2025.


Follow Jack Farley on Twitter https://x.com/jackfarley96

Follow Satish on LinkedIn https://www.linkedin.com/in/satishmansukhani/ 


Satish’s Articles:

“Life in Office—It’s Not All Bad”: https://www.rithmcap.com/insights/life-in-office-it-s-not-all-bad/ 

“Control Over Access: The Structural Edge in Asset-Backed Finance”: https://www.rithmcap.com/insights/control-over-access-the-structural-edge-in-asset-backed-finance/


Follow Monetary Matters on: 

Apple Podcast https://rb.gy/s5qfyh 

Spotify https://rb.gy/x56dx5 
YouTube https://rb.gy/dpwxez

]]> 4635 The Case For S&P 10,000 by 2027 | Erik YWR on Global Economic Boom, Why Soaring Earnings Support High Equity Valuations, and Oil + China Erik YWR, global investor and author of the Your Weekend Reading Substack, joins Monetary Matters to make the case that the stock market is headed higher, and that investors are far too bearish. Erik argues that with corporate earnings growing at double digit levels, valuations can get a lot higher from here. Several tailwinds that support this ongoing bull market include strong fiscal spending, high and durable earnings growth worldwide, a strong banking sector that is about to be unleashed, and technological transformations in AI, semiconductors, electric grids, and grid transformation. Recorded on November 6, 2025. Follow Erik YWR on Twitter https://x.com/erik_ywr Follow Jack Farley on Twitter https://x.com/JackFarley96  Pieces discussed: “YWR Killer Wave Charts,” October 24, 2025: https://www.ywr.world/p/ywr-killer-wave-charts “YWR: $200 oil pops the bubble,” October:  https://www.ywr.world/p/ywr-200-oil-pops-the-bubble “YWR: China Trip Highlights,” November 3, 2025: https://www.ywr.world/p/ywr-china-trip-highlights Follow Monetary Matters on:  Apple Podcast https://rb.gy/s5qfyh  Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Fri, 14 Nov 2025 18:48:00 -0000 full Jack Farley Erik YWR, global investor and author of the Your Weekend Reading Substack, joins Monetary Matters to make the case that the stock market is headed higher, and that investors are far too bearish. Erik argues that with corporate earnings growing at double digit levels, valuations can get a lot higher from here. Several tailwinds that support this ongoing bull market include strong fiscal spending, high and durable earnings growth worldwide, a strong banking sector that is about to be unleashed, and technological transformations in AI, semiconductors, electric grids, and grid transformation. Recorded on November 6, 2025. Follow Erik YWR on Twitter https://x.com/erik_ywr Follow Jack Farley on Twitter https://x.com/JackFarley96  Pieces discussed: “YWR Killer Wave Charts,” October 24, 2025: https://www.ywr.world/p/ywr-killer-wave-charts “YWR: $200 oil pops the bubble,” October:  https://www.ywr.world/p/ywr-200-oil-pops-the-bubble “YWR: China Trip Highlights,” November 3, 2025: https://www.ywr.world/p/ywr-china-trip-highlights Follow Monetary Matters on:  Apple Podcast https://rb.gy/s5qfyh  Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Erik YWR, global investor and author of the Your Weekend Reading Substack, joins Monetary Matters to make the case that the stock market is headed higher, and that investors are far too bearish. Erik argues that with corporate earnings growing at double digit levels, valuations can get a lot higher from here. Several tailwinds that support this ongoing bull market include strong fiscal spending, high and durable earnings growth worldwide, a strong banking sector that is about to be unleashed, and technological transformations in AI, semiconductors, electric grids, and grid transformation. Recorded on November 6, 2025.


Follow Erik YWR on Twitter https://x.com/erik_ywr

Follow Jack Farley on Twitter https://x.com/JackFarley96 


Pieces discussed:

“YWR Killer Wave Charts,” October 24, 2025: https://www.ywr.world/p/ywr-killer-wave-charts

“YWR: $200 oil pops the bubble,” October: 

https://www.ywr.world/p/ywr-200-oil-pops-the-bubble

“YWR: China Trip Highlights,” November 3, 2025: https://www.ywr.world/p/ywr-china-trip-highlights


Follow Monetary Matters on: 

Apple Podcast https://rb.gy/s5qfyh 

Spotify https://rb.gy/x56dx5 
YouTube https://rb.gy/dpwxez

]]> 3614 Why Beating the Market Isn’t Enough for Investment Managers | Corey Hoffstein This Other People’s Money episode is brought you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm Corey Hoffstein, CEO and CIO of Newfound Research and co-founder and PM of Return Stacked ETFs, joins OPM to discuss his journey in the investment management business. He argues that beating the market is a commoditized value proposition and that investment managers need to solve other problems for their clients to attract assets. He also discusses his experience licensing research to other asset managers, his belief that distribution is the key question of success in the asset management business, and how quantitative research and other forms of content like podcasts and social media can help build brand awareness. Follow Corey on X: https://x.com/choffstein Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps 00:00 Intro 00:27 Fiscal AI 01:16 The Difference Between Quant and Systematic Investing 03:18 Can Market Bubbles Be Measured? 05:05 Is Market Timing a Good Bet? 09:31 Evolving Risk Premia and Market Inefficiencies 16:41 Fiscal AI 18:20 Beginnings in Investment Management 23:04 Licensing Indexes to Other Managers 27:35 Providing Education Materials 31:26 Moving Into Asset Management 36:47 Evolving into Current Strategies 40:06 Thinking About the Investment Product Wrapper 43:11 Asset Management vs Investment Management 47:27 Solving Behavioral Finance Problems and Market Problems 51:28 Different Ways of Using Leverage 52:41 Knowing Your Client Base Isn’t Institutional 55:45 Content Creation and Brand Building 59:27 Growing an Audience: What Financial Content Goes Viral? 01:04:27 Dealing with Compliance and Education 01:07:22 How To Read and Interpret Quantitative Research as a Normie 01:12:22 How Is AI Being Used by Quants? 01:15:48 Conclusion Thu, 13 Nov 2025 16:06:00 -0000 full Jack Farley This Other People’s Money episode is brought you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm Corey Hoffstein, CEO and CIO of Newfound Research and co-founder and PM of Return Stacked ETFs, joins OPM to discuss his journey in the investment management business. He argues that beating the market is a commoditized value proposition and that investment managers need to solve other problems for their clients to attract assets. He also discusses his experience licensing research to other asset managers, his belief that distribution is the key question of success in the asset management business, and how quantitative research and other forms of content like podcasts and social media can help build brand awareness. Follow Corey on X: https://x.com/choffstein Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps 00:00 Intro 00:27 Fiscal AI 01:16 The Difference Between Quant and Systematic Investing 03:18 Can Market Bubbles Be Measured? 05:05 Is Market Timing a Good Bet? 09:31 Evolving Risk Premia and Market Inefficiencies 16:41 Fiscal AI 18:20 Beginnings in Investment Management 23:04 Licensing Indexes to Other Managers 27:35 Providing Education Materials 31:26 Moving Into Asset Management 36:47 Evolving into Current Strategies 40:06 Thinking About the Investment Product Wrapper 43:11 Asset Management vs Investment Management 47:27 Solving Behavioral Finance Problems and Market Problems 51:28 Different Ways of Using Leverage 52:41 Knowing Your Client Base Isn’t Institutional 55:45 Content Creation and Brand Building 59:27 Growing an Audience: What Financial Content Goes Viral? 01:04:27 Dealing with Compliance and Education 01:07:22 How To Read and Interpret Quantitative Research as a Normie 01:12:22 How Is AI Being Used by Quants? 01:15:48 Conclusion This Other People’s Money episode is brought you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm


Corey Hoffstein, CEO and CIO of Newfound Research and co-founder and PM of Return Stacked ETFs, joins OPM to discuss his journey in the investment management business. He argues that beating the market is a commoditized value proposition and that investment managers need to solve other problems for their clients to attract assets. He also discusses his experience licensing research to other asset managers, his belief that distribution is the key question of success in the asset management business, and how quantitative research and other forms of content like podcasts and social media can help build brand awareness.


Follow Corey on X: https://x.com/choffstein

Follow Max on X: https://x.com/maxwiethe


Follow Other People’s Money on:


Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR

X https://x.com/opmpod


Timestamps

00:00 Intro

00:27 Fiscal AI

01:16 The Difference Between Quant and Systematic Investing

03:18 Can Market Bubbles Be Measured?

05:05 Is Market Timing a Good Bet?

09:31 Evolving Risk Premia and Market Inefficiencies

16:41 Fiscal AI

18:20 Beginnings in Investment Management

23:04 Licensing Indexes to Other Managers

27:35 Providing Education Materials

31:26 Moving Into Asset Management

36:47 Evolving into Current Strategies

40:06 Thinking About the Investment Product Wrapper

43:11 Asset Management vs Investment Management

47:27 Solving Behavioral Finance Problems and Market Problems

51:28 Different Ways of Using Leverage

52:41 Knowing Your Client Base Isn’t Institutional

55:45 Content Creation and Brand Building

59:27 Growing an Audience: What Financial Content Goes Viral?

01:04:27 Dealing with Compliance and Education

01:07:22 How To Read and Interpret Quantitative Research as a Normie

01:12:22 How Is AI Being Used by Quants?

01:15:48 Conclusion

]]> 4586 no Is It Enough? Michael Howell on Money Market Turbulence, Standing Repo Facility, and Why Fed Balance Sheet Expansion Is Inevitable Monetary Matters listeners can get 20% discounted access to an annual subscription of Michael Howell’s Capital Wars here: https://capitalwars.substack.com/MonetaryMatters With the Federal Reserve announcing the end of Quantitative Tightening (QT) on December 1st, Jack welcomes Michael Howell of GL Indexes and the Capital Wars Substack back to share an update on his measure of Fed liquidity and his outlook for 2026. Howell explains why Fed balance sheet expansion is inevitable. Recorded on November 6, 2025.  Pieces discussed: “The Return Of ‘Not-QE, QE’ (Part 1),” October 31, 2025: https://capitalwars.substack.com/p/the-return-of-not-qe-qe-part-1 “The Return Of ‘Not-QE, QE’ (Part 2),” November 1, 2025: https://capitalwars.substack.com/p/the-return-of-not-qe-qe-part-2 “Global Liquidity Watch: Weekly Update,” November 4, 2025: https://capitalwars.substack.com/p/global-liquidity-watch-weekly-update-c8e Also: “Scrambled Eggs, The Fed’s Latest Policy Directive: ‘FSSF-Off,’” November 9, 2025: https://capitalwars.substack.com/p/scrambled-eggs Follow Michael Howell on Twitter https://x.com/crossbordercap Follow Jack Farley on Twitter https://x.com/JackFarley96  Follow Monetary Matters on:  Apple Podcast https://rb.gy/s5qfyh  Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Mon, 10 Nov 2025 20:20:00 -0000 full Jack Farley Monetary Matters listeners can get 20% discounted access to an annual subscription of Michael Howell’s Capital Wars here: https://capitalwars.substack.com/MonetaryMatters With the Federal Reserve announcing the end of Quantitative Tightening (QT) on December 1st, Jack welcomes Michael Howell of GL Indexes and the Capital Wars Substack back to share an update on his measure of Fed liquidity and his outlook for 2026. Howell explains why Fed balance sheet expansion is inevitable. Recorded on November 6, 2025.  Pieces discussed: “The Return Of ‘Not-QE, QE’ (Part 1),” October 31, 2025: https://capitalwars.substack.com/p/the-return-of-not-qe-qe-part-1 “The Return Of ‘Not-QE, QE’ (Part 2),” November 1, 2025: https://capitalwars.substack.com/p/the-return-of-not-qe-qe-part-2 “Global Liquidity Watch: Weekly Update,” November 4, 2025: https://capitalwars.substack.com/p/global-liquidity-watch-weekly-update-c8e Also: “Scrambled Eggs, The Fed’s Latest Policy Directive: ‘FSSF-Off,’” November 9, 2025: https://capitalwars.substack.com/p/scrambled-eggs Follow Michael Howell on Twitter https://x.com/crossbordercap Follow Jack Farley on Twitter https://x.com/JackFarley96  Follow Monetary Matters on:  Apple Podcast https://rb.gy/s5qfyh  Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Monetary Matters listeners can get 20% discounted access to an annual subscription of Michael Howell’s Capital Wars here: https://capitalwars.substack.com/MonetaryMatters


With the Federal Reserve announcing the end of Quantitative Tightening (QT) on December 1st, Jack welcomes Michael Howell of GL Indexes and the Capital Wars Substack back to share an update on his measure of Fed liquidity and his outlook for 2026. Howell explains why Fed balance sheet expansion is inevitable. Recorded on November 6, 2025. 


Pieces discussed:

“The Return Of ‘Not-QE, QE’ (Part 1),” October 31, 2025: https://capitalwars.substack.com/p/the-return-of-not-qe-qe-part-1


“The Return Of ‘Not-QE, QE’ (Part 2),” November 1, 2025: https://capitalwars.substack.com/p/the-return-of-not-qe-qe-part-2


“Global Liquidity Watch: Weekly Update,” November 4, 2025: https://capitalwars.substack.com/p/global-liquidity-watch-weekly-update-c8e


Also:

“Scrambled Eggs, The Fed’s Latest Policy Directive: ‘FSSF-Off,’” November 9, 2025: https://capitalwars.substack.com/p/scrambled-eggs


Follow Michael Howell on Twitter https://x.com/crossbordercap

Follow Jack Farley on Twitter https://x.com/JackFarley96 


Follow Monetary Matters on: 

Apple Podcast https://rb.gy/s5qfyh 

Spotify https://rb.gy/x56dx5 
YouTube https://rb.gy/dpwxez

]]> 3668 Fed Governor Miran: The Case For Big Rate Cuts | Miran on Deterioration in Labor Market, the Neutral Rate of Interest, and Fed Balance Sheet Policy Learn more about the VanEck Rare Earth and Strategic Metals ETF: https://vaneck.com/REMXJack Stephen Miran, member of the Federal Reserve Board of Governors, has dissented in two consecutive Fed FOMC meetings since his joining the Board in September 2025, preferring to cut by 50 basis points (0.50%) instead of 25 basis points (0.25%). Governor Miran joins Monetary Matters today to explain in detail his reasoning for why he thinks considerably lower interest rates are appropriate. Tariffs, fiscal policy, immigration, weakening labor market. Recorded on November 4, 2025.  Governor Miran’s speech on September 22, 2025, “Nonmonetary Forces and Appropriate Monetary Policy”: https://www.federalreserve.gov/newsevents/speech/miran20250922a.htm Follow Governor Stephen Miran on Twitter https://x.com/SteveMiran Full unedited (other than for form) transcript of this interview: https://docs.google.com/document/d/1vaZ8-ArOIdDKnnkeoxp92nMBq52aXxNA/edit?usp=sharing&ouid=113485899782770300642&rtpof=true&sd=true Note: in Jack’s introduction, he makes an incomplete remark where he says Miran was “appointed by President Trump.” In actuality, Miran was nominated by Trump, and approved by the Senate.  Follow VanEck on Twitter https://x.com/vaneck_us Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Thu, 06 Nov 2025 15:46:00 -0000 full Jack Farley Learn more about the VanEck Rare Earth and Strategic Metals ETF: https://vaneck.com/REMXJack Stephen Miran, member of the Federal Reserve Board of Governors, has dissented in two consecutive Fed FOMC meetings since his joining the Board in September 2025, preferring to cut by 50 basis points (0.50%) instead of 25 basis points (0.25%). Governor Miran joins Monetary Matters today to explain in detail his reasoning for why he thinks considerably lower interest rates are appropriate. Tariffs, fiscal policy, immigration, weakening labor market. Recorded on November 4, 2025.  Governor Miran’s speech on September 22, 2025, “Nonmonetary Forces and Appropriate Monetary Policy”: https://www.federalreserve.gov/newsevents/speech/miran20250922a.htm Follow Governor Stephen Miran on Twitter https://x.com/SteveMiran Full unedited (other than for form) transcript of this interview: https://docs.google.com/document/d/1vaZ8-ArOIdDKnnkeoxp92nMBq52aXxNA/edit?usp=sharing&ouid=113485899782770300642&rtpof=true&sd=true Note: in Jack’s introduction, he makes an incomplete remark where he says Miran was “appointed by President Trump.” In actuality, Miran was nominated by Trump, and approved by the Senate.  Follow VanEck on Twitter https://x.com/vaneck_us Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Learn more about the VanEck Rare Earth and Strategic Metals ETF: https://vaneck.com/REMXJack


Stephen Miran, member of the Federal Reserve Board of Governors, has dissented in two consecutive Fed FOMC meetings since his joining the Board in September 2025, preferring to cut by 50 basis points (0.50%) instead of 25 basis points (0.25%). Governor Miran joins Monetary Matters today to explain in detail his reasoning for why he thinks considerably lower interest rates are appropriate. Tariffs, fiscal policy, immigration, weakening labor market. Recorded on November 4, 2025. 


Governor Miran’s speech on September 22, 2025, “Nonmonetary Forces and Appropriate Monetary Policy”:

https://www.federalreserve.gov/newsevents/speech/miran20250922a.htm

Follow Governor Stephen Miran on Twitter https://x.com/SteveMiran


Full unedited (other than for form) transcript of this interview: https://docs.google.com/document/d/1vaZ8-ArOIdDKnnkeoxp92nMBq52aXxNA/edit?usp=sharing&ouid=113485899782770300642&rtpof=true&sd=true


Note: in Jack’s introduction, he makes an incomplete remark where he says Miran was “appointed by President Trump.” In actuality, Miran was nominated by Trump, and approved by the Senate. 


Follow VanEck on Twitter https://x.com/vaneck_us

Follow Jack Farley on Twitter https://x.com/JackFarley96


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

]]> 2982 This Hedge Fund Trying to Become the Top Pod Shop in Crypto is Rethinking the Multi-Manager Hedge Fund Model | Anatoly Crachilov of Nickel Digital This Other People’s Money episode is brought to you by CAIA.nxt. Learn more about their alternatives education courses for investment advisors and get 10% off with code MMTEN: https://caia.org/content/welcome-monetary-matters-and-other-peoples-money-listeners Anatoly Crachilov, CEO and Co-Founder of Nickel Digital Asset Management, joins Other People’s Money to discuss why crypto is the perfect asset class for the multi-manager pod shop model. He also explains how Nickel is taking a “West Berlin” approach to partnering with external traders compared to the “East Berlin” approach of many traditional pod shops where non-competes and strict control of IP is the norm. He also discusses why 2025 has been a difficult year for crypto traders, how their team is managing the choppy markets, and how scaled up pods and incubation stage pods managed the extreme volatility in October. Follow Anatoly Crachilov on LinkedIn: https://www.linkedin.com/in/anatoly-crachilov/ Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps 00:00 Intro 00:38 CAIA.nxt 01:24 Multi-Manager Origin Story 03:12 No Central Book or Alpha Capture 04:32 Expanding Number of Pods 06:15 Technology Enabled Growth 10:09 Onboarding a New Pod 14:38 Benefits of Crypto's Infinite Divisibility 15:58 CAIA.nxt 16:54 Determining the Scalability of Strategies 18:03 Minimum & Maximum Pod Sizes at Scale 18:33 Measuring Risk Adjusted Returns 20:34 Pod Compensation and Fund Level Fees 24:43 Winning the War for Talent 29:29 Pods Can Be Independent Prop Shops and Single Managers 35:03 Demand for Crypto Multi-Manager Funds 39:02 Reducing Risk in Crypto with 3rd Party Settlement & Custodians 46:08 Crypto Still Has Low Liquidity 49:41 The Cost of Poor Trade Execution in Crypto 53:16 Current Environment for Crypto 58:22 Risk Management Adjustments in a Choppy Year 01:02:04 Different Testing Environments for New Pods 01:06:30 What Happens When a Scaled Pod Has a Drawdown? 01:09:35 Conclusion Tue, 04 Nov 2025 19:00:00 -0000 full Jack Farley This Other People’s Money episode is brought to you by CAIA.nxt. Learn more about their alternatives education courses for investment advisors and get 10% off with code MMTEN: https://caia.org/content/welcome-monetary-matters-and-other-peoples-money-listeners Anatoly Crachilov, CEO and Co-Founder of Nickel Digital Asset Management, joins Other People’s Money to discuss why crypto is the perfect asset class for the multi-manager pod shop model. He also explains how Nickel is taking a “West Berlin” approach to partnering with external traders compared to the “East Berlin” approach of many traditional pod shops where non-competes and strict control of IP is the norm. He also discusses why 2025 has been a difficult year for crypto traders, how their team is managing the choppy markets, and how scaled up pods and incubation stage pods managed the extreme volatility in October. Follow Anatoly Crachilov on LinkedIn: https://www.linkedin.com/in/anatoly-crachilov/ Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps 00:00 Intro 00:38 CAIA.nxt 01:24 Multi-Manager Origin Story 03:12 No Central Book or Alpha Capture 04:32 Expanding Number of Pods 06:15 Technology Enabled Growth 10:09 Onboarding a New Pod 14:38 Benefits of Crypto's Infinite Divisibility 15:58 CAIA.nxt 16:54 Determining the Scalability of Strategies 18:03 Minimum & Maximum Pod Sizes at Scale 18:33 Measuring Risk Adjusted Returns 20:34 Pod Compensation and Fund Level Fees 24:43 Winning the War for Talent 29:29 Pods Can Be Independent Prop Shops and Single Managers 35:03 Demand for Crypto Multi-Manager Funds 39:02 Reducing Risk in Crypto with 3rd Party Settlement & Custodians 46:08 Crypto Still Has Low Liquidity 49:41 The Cost of Poor Trade Execution in Crypto 53:16 Current Environment for Crypto 58:22 Risk Management Adjustments in a Choppy Year 01:02:04 Different Testing Environments for New Pods 01:06:30 What Happens When a Scaled Pod Has a Drawdown? 01:09:35 Conclusion This Other People’s Money episode is brought to you by CAIA.nxt. Learn more about their alternatives education courses for investment advisors and get 10% off with code MMTEN: https://caia.org/content/welcome-monetary-matters-and-other-peoples-money-listeners


Anatoly Crachilov, CEO and Co-Founder of Nickel Digital Asset Management, joins Other People’s Money to discuss why crypto is the perfect asset class for the multi-manager pod shop model. He also explains how Nickel is taking a “West Berlin” approach to partnering with external traders compared to the “East Berlin” approach of many traditional pod shops where non-competes and strict control of IP is the norm. He also discusses why 2025 has been a difficult year for crypto traders, how their team is managing the choppy markets, and how scaled up pods and incubation stage pods managed the extreme volatility in October.


Follow Anatoly Crachilov on LinkedIn: https://www.linkedin.com/in/anatoly-crachilov/

Follow Max on X: https://x.com/maxwiethe


Follow Other People’s Money on:


Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR

X https://x.com/opmpod


Timestamps

00:00 Intro

00:38 CAIA.nxt

01:24 Multi-Manager Origin Story

03:12 No Central Book or Alpha Capture

04:32 Expanding Number of Pods

06:15 Technology Enabled Growth

10:09 Onboarding a New Pod

14:38 Benefits of Crypto's Infinite Divisibility

15:58 CAIA.nxt

16:54 Determining the Scalability of Strategies

18:03 Minimum & Maximum Pod Sizes at Scale

18:33 Measuring Risk Adjusted Returns

20:34 Pod Compensation and Fund Level Fees

24:43 Winning the War for Talent

29:29 Pods Can Be Independent Prop Shops and Single Managers

35:03 Demand for Crypto Multi-Manager Funds

39:02 Reducing Risk in Crypto with 3rd Party Settlement & Custodians

46:08 Crypto Still Has Low Liquidity

49:41 The Cost of Poor Trade Execution in Crypto

53:16 Current Environment for Crypto

58:22 Risk Management Adjustments in a Choppy Year

01:02:04 Different Testing Environments for New Pods

01:06:30 What Happens When a Scaled Pod Has a Drawdown?

01:09:35 Conclusion

]]> 4223 no More Credit Problems, Mag 7 AI CapEX Continues, and Money Market Stress | Jack & Max This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm Jack Farley & Max Wiethe breakdown yet another credit “cockroach” that appears to be more related to fraud than overall market weakness. They also discuss the Mag 7 earnings report and the continued onslaught of AI CapEx spending that many believe has entered bubble territory. Finally, they breakdown this week’s fed decision and why big changes to both the Fed balance sheet and the rate cutting cycle could be coming up soon. Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Max on Twitter: https://x.com/maxwiethe Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Fiscal AI Intro 00:12 More Credit Problems 11:08 Mag 7 Earnings 16:43 Fiscal AI Mid Roll 19:29 Are CapEx Estimates Still Too Low? 28:07 AI CapEx “Bubble” Winners and Losers 34:11 Mag 7 Becoming Capital Intensive? 43:33 Fed Meeting Breakdown 52:11 Market Impact of December Fed Meeting 57:11 Fiscal AI Sun, 02 Nov 2025 17:22:00 -0000 full Jack Farley This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm Jack Farley & Max Wiethe breakdown yet another credit “cockroach” that appears to be more related to fraud than overall market weakness. They also discuss the Mag 7 earnings report and the continued onslaught of AI CapEx spending that many believe has entered bubble territory. Finally, they breakdown this week’s fed decision and why big changes to both the Fed balance sheet and the rate cutting cycle could be coming up soon. Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Max on Twitter: https://x.com/maxwiethe Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Fiscal AI Intro 00:12 More Credit Problems 11:08 Mag 7 Earnings 16:43 Fiscal AI Mid Roll 19:29 Are CapEx Estimates Still Too Low? 28:07 AI CapEx “Bubble” Winners and Losers 34:11 Mag 7 Becoming Capital Intensive? 43:33 Fed Meeting Breakdown 52:11 Market Impact of December Fed Meeting 57:11 Fiscal AI This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm


Jack Farley & Max Wiethe breakdown yet another credit “cockroach” that appears to be more related to fraud than overall market weakness. They also discuss the Mag 7 earnings report and the continued onslaught of AI CapEx spending that many believe has entered bubble territory. Finally, they breakdown this week’s fed decision and why big changes to both the Fed balance sheet and the rate cutting cycle could be coming up soon.


Follow Jack Farley on Twitter https://x.com/JackFarley96

Follow Max on Twitter: https://x.com/maxwiethe


Follow Monetary Matters on:

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Timestamps:

00:00 Fiscal AI Intro

00:12 More Credit Problems

11:08 Mag 7 Earnings

16:43 Fiscal AI Mid Roll

19:29 Are CapEx Estimates Still Too Low?

28:07 AI CapEx “Bubble” Winners and Losers

34:11 Mag 7 Becoming Capital Intensive?

43:33 Fed Meeting Breakdown

52:11 Market Impact of December Fed Meeting

57:11 Fiscal AI

]]> 3446 no Joseph Wang: Fed Likely To Have To Expand Balance Sheet To Avoid Losing Control Over Repo Market Joseph Wang, former senior trader for the New York Fed and author at FedGuy.com returns to Monetary Matters at a critical juncture to break down the October Fed meeting and the Fed's decision to stop reducing its balance sheet on December 1st and thereby end QT (Quantitative Tightening). Wang, a veteran of money markets, explains the stress he sees in repo markets and why he thinks the Fed has to go further and actually start expanding its balance sheet in order to inject enough liquidity to calm the repo market down. Recorded October 29, 2025. Joseph's piece on FedGuy, "Balance Sheet Dominance": https://fedguy.com/balance-sheet-dominance/ Follow Joseph Wang on Twitter https://x.com/FedGuy12 Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Thu, 30 Oct 2025 00:53:00 -0000 full Jack Farley Joseph Wang, former senior trader for the New York Fed and author at FedGuy.com returns to Monetary Matters at a critical juncture to break down the October Fed meeting and the Fed's decision to stop reducing its balance sheet on December 1st and thereby end QT (Quantitative Tightening). Wang, a veteran of money markets, explains the stress he sees in repo markets and why he thinks the Fed has to go further and actually start expanding its balance sheet in order to inject enough liquidity to calm the repo market down. Recorded October 29, 2025. Joseph's piece on FedGuy, "Balance Sheet Dominance": https://fedguy.com/balance-sheet-dominance/ Follow Joseph Wang on Twitter https://x.com/FedGuy12 Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Joseph Wang, former senior trader for the New York Fed and author at FedGuy.com returns to Monetary Matters at a critical juncture to break down the October Fed meeting and the Fed's decision to stop reducing its balance sheet on December 1st and thereby end QT (Quantitative Tightening). Wang, a veteran of money markets, explains the stress he sees in repo markets and why he thinks the Fed has to go further and actually start expanding its balance sheet in order to inject enough liquidity to calm the repo market down. Recorded October 29, 2025. Joseph's piece on FedGuy, "Balance Sheet Dominance": https://fedguy.com/balance-sheet-dominance/ Follow Joseph Wang on Twitter https://x.com/FedGuy12 Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

]]> 4463 The Liquidity Divergence Between East and West | Michael Howell on Deteriorating Federal Liquidity While People’s Bank of China (PBOC) Injects Stimulus and Pumps Gold Monetary Matters listeners can get 20% discounted access to an annual subscription of Michael Howell’s Capital Wars here: https://capitalwars.substack.com/MonetaryMatters Michael Howell of GL Indexes and the Capital Wars Substack returns to Monetary Matters with alarming news. His readings of liquidity from over 90 central banks indicate that global central bank liquidity is deteriorating, led primarily by the Federal Reserve. Howell’s measure of Fed liquidity is weakening because the Fed’s Reverse Repo (RRP) facility is effectively fully drained. This is partially offset by U.S. Treasury issuing lots of short-duration bills, as well as People’s Bank of China injecting 7+ Trillion Yuan into its money markets and pumping the price of gold in yuan terms. Howell sees a growing divergence between East and West and warns that 2026 “won’t be a great year for financial assets.” Recorded on October 21, 2025. Follow Michael Howell on Twitter https://x.com/crossbordercap Follow Jack Farley on Twitter https://x.com/JackFarley96  Follow Monetary Matters on:  Apple Podcast https://rb.gy/s5qfyh  Spotify https://rb.gy/x56dx5  YouTube https://rb.gy/dpwxez Wed, 29 Oct 2025 12:51:00 -0000 full Jack Farley Monetary Matters listeners can get 20% discounted access to an annual subscription of Michael Howell’s Capital Wars here: https://capitalwars.substack.com/MonetaryMatters Michael Howell of GL Indexes and the Capital Wars Substack returns to Monetary Matters with alarming news. His readings of liquidity from over 90 central banks indicate that global central bank liquidity is deteriorating, led primarily by the Federal Reserve. Howell’s measure of Fed liquidity is weakening because the Fed’s Reverse Repo (RRP) facility is effectively fully drained. This is partially offset by U.S. Treasury issuing lots of short-duration bills, as well as People’s Bank of China injecting 7+ Trillion Yuan into its money markets and pumping the price of gold in yuan terms. Howell sees a growing divergence between East and West and warns that 2026 “won’t be a great year for financial assets.” Recorded on October 21, 2025. Follow Michael Howell on Twitter https://x.com/crossbordercap Follow Jack Farley on Twitter https://x.com/JackFarley96  Follow Monetary Matters on:  Apple Podcast https://rb.gy/s5qfyh  Spotify https://rb.gy/x56dx5  YouTube https://rb.gy/dpwxez Monetary Matters listeners can get 20% discounted access to an annual subscription of Michael Howell’s Capital Wars here: https://capitalwars.substack.com/MonetaryMatters


Michael Howell of GL Indexes and the Capital Wars Substack returns to Monetary Matters with alarming news. His readings of liquidity from over 90 central banks indicate that global central bank liquidity is deteriorating, led primarily by the Federal Reserve. Howell’s measure of Fed liquidity is weakening because the Fed’s Reverse Repo (RRP) facility is effectively fully drained. This is partially offset by U.S. Treasury issuing lots of short-duration bills, as well as People’s Bank of China injecting 7+ Trillion Yuan into its money markets and pumping the price of gold in yuan terms. Howell sees a growing divergence between East and West and warns that 2026 “won’t be a great year for financial assets.” Recorded on October 21, 2025.


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]]> 7074 Credit Concern is Overblown Argues Financials Hedge Fund Manager Beating the S&P 500 | Derek Pilecki of Gator Capital Derek Pilecki’s hedge fund Gator Capital has outperformed the S&P 500, compounding at over 22% since inception while focusing exclusively on financial sector stocks. In this interview Derek discusses why he thinks recent concern in the financial sector is overblown, how he has grown his firm’s assets to over $300m, and why he believes that good performance is simply not enough to grow a successful hedge fund. Derek also discusses how he manages his mutual fund alongside his hedge fund and why he doesn’t see the vehicles as competing but serving two separate investor bases. Sign up for Gator Capital's distribution list: https://www.gatorcapital.com/ Follow Derek on X: https://x.com/gatorcapital Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Tue, 28 Oct 2025 19:00:00 -0000 full Jack Farley Derek Pilecki’s hedge fund Gator Capital has outperformed the S&P 500, compounding at over 22% since inception while focusing exclusively on financial sector stocks. In this interview Derek discusses why he thinks recent concern in the financial sector is overblown, how he has grown his firm’s assets to over $300m, and why he believes that good performance is simply not enough to grow a successful hedge fund. Derek also discusses how he manages his mutual fund alongside his hedge fund and why he doesn’t see the vehicles as competing but serving two separate investor bases. Sign up for Gator Capital's distribution list: https://www.gatorcapital.com/ Follow Derek on X: https://x.com/gatorcapital Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Derek Pilecki’s hedge fund Gator Capital has outperformed the S&P 500, compounding at over 22% since inception while focusing exclusively on financial sector stocks. In this interview Derek discusses why he thinks recent concern in the financial sector is overblown, how he has grown his firm’s assets to over $300m, and why he believes that good performance is simply not enough to grow a successful hedge fund. Derek also discusses how he manages his mutual fund alongside his hedge fund and why he doesn’t see the vehicles as competing but serving two separate investor bases.


Sign up for Gator Capital's distribution list: https://www.gatorcapital.com/


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]]> 3414 no The Core of Dollar Weakness | George Saravelos, Deutsche Bank's Head of FX Research, on Growth Differentials, Fed Rate Cuts, and 4% U.S. Current Account as Key Threshold For USD Declines George Saravelos, head of FX research at Deutsche Bank, joins Jack on Monetary Matters to go deep into the world of currency trading. Jack and George discuss central bank independence, emerging markets, carry positions, hedging, and more. George gives a clear and intelligent look at the often-opaque foreign exchange market and explains his views on it. Don’t miss this episode. Recorded on October 20, 2025.   Follow Jack Farley on Twitter https://x.com/jackfarley96 Follow George on LinkedIn https://www.linkedin.com/in/saravelos/?originalSubdomain=uk   George’s FX podcast for Deutsche Bank https://tinyurl.com/4nh5d3y9 George's Primer, "The Brilliant World of FX": https://www.dbresearch.com/PROD/RPS_EN-PROD/The_Brilliant_World_of_FX_-_A_Primer/RPS_EN_DOC_VIEW.calias?rwnode=PROD0000000000464258&ProdCollection=PROD0000000000542285 Wed, 22 Oct 2025 11:20:00 -0000 full Jack Farley George Saravelos, head of FX research at Deutsche Bank, joins Jack on Monetary Matters to go deep into the world of currency trading. Jack and George discuss central bank independence, emerging markets, carry positions, hedging, and more. George gives a clear and intelligent look at the often-opaque foreign exchange market and explains his views on it. Don’t miss this episode. Recorded on October 20, 2025.   Follow Jack Farley on Twitter https://x.com/jackfarley96 Follow George on LinkedIn https://www.linkedin.com/in/saravelos/?originalSubdomain=uk   George’s FX podcast for Deutsche Bank https://tinyurl.com/4nh5d3y9 George's Primer, "The Brilliant World of FX": https://www.dbresearch.com/PROD/RPS_EN-PROD/The_Brilliant_World_of_FX_-_A_Primer/RPS_EN_DOC_VIEW.calias?rwnode=PROD0000000000464258&ProdCollection=PROD0000000000542285 George Saravelos, head of FX research at Deutsche Bank, joins Jack on Monetary Matters to go deep into the world of currency trading. Jack and George discuss central bank independence, emerging markets, carry positions, hedging, and more. George gives a clear and intelligent look at the often-opaque foreign exchange market and explains his views on it. Don’t miss this episode. Recorded on October 20, 2025.

 

Follow Jack Farley on Twitter https://x.com/jackfarley96

Follow George on LinkedIn https://www.linkedin.com/in/saravelos/?originalSubdomain=uk

 

George’s FX podcast for Deutsche Bank https://tinyurl.com/4nh5d3y9

George's Primer, "The Brilliant World of FX": https://www.dbresearch.com/PROD/RPS_EN-PROD/The_Brilliant_World_of_FX_-_A_Primer/RPS_EN_DOC_VIEW.calias?rwnode=PROD0000000000464258&ProdCollection=PROD0000000000542285

]]> 2540 The Dollar’s Impossible Trifecta | Jon Turek on Why USD Hedging Flows Will Increase Throughout Fed’s Rate Cutting Cycle This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm  Jon Turek of JST Advisors explains why he thinks a decline in U.S. interest rates will make dollar hedging more attractive to foreign owners of U.S. assets. He makes the case for steeper yield curves around the world, reviews the situation in China, and shares his thoughts on the wild bull market in gold. Recorded on October 16, 2025. Follow Jonathan Turek on Twitter https://x.com/jturek18 Follow Jack Farley on Twitter https://x.com/JackFarley96  Follow Monetary Matters on:  Apple Podcast https://rb.gy/s5qfyh  Spotify https://rb.gy/x56dx5  YouTube https://rb.gy/dpwxez Mon, 20 Oct 2025 15:14:00 -0000 full Jack Farley This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm  Jon Turek of JST Advisors explains why he thinks a decline in U.S. interest rates will make dollar hedging more attractive to foreign owners of U.S. assets. He makes the case for steeper yield curves around the world, reviews the situation in China, and shares his thoughts on the wild bull market in gold. Recorded on October 16, 2025. Follow Jonathan Turek on Twitter https://x.com/jturek18 Follow Jack Farley on Twitter https://x.com/JackFarley96  Follow Monetary Matters on:  Apple Podcast https://rb.gy/s5qfyh  Spotify https://rb.gy/x56dx5  YouTube https://rb.gy/dpwxez This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm 


Jon Turek of JST Advisors explains why he thinks a decline in U.S. interest rates will make dollar hedging more attractive to foreign owners of U.S. assets. He makes the case for steeper yield curves around the world, reviews the situation in China, and shares his thoughts on the wild bull market in gold. Recorded on October 16, 2025.


Follow Jonathan Turek on Twitter https://x.com/jturek18

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]]> 3833 Cockroaches in Credit? | Jack & Max on Zion’s Cali CRE Write-off, Big Bank Earnings Blowout, and First Brands Update This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm Jack and Max break down the beginning of earnings season. Jack reviews a new credit flare-up in California’s commercial real estate (CRE) market that affected Zions Bancorporation and Western Alliance Bancorporation, before commenting on the very strong earnings from the large banks such as Bank of America and JPMorgan. Max and Jack then discuss precious metals, as well as current market positioning as revealed by brokerage data. Recorded on October 17, 2025. Follow Jack Farley on Twitter https://x.com/JackFarley96  Follow Max on Twitter: https://x.com/maxwiethe  Follow Monetary Matters on:  Apple Podcast https://rb.gy/s5qfyh  Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Sat, 18 Oct 2025 13:37:00 -0000 full Jack Farley This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm Jack and Max break down the beginning of earnings season. Jack reviews a new credit flare-up in California’s commercial real estate (CRE) market that affected Zions Bancorporation and Western Alliance Bancorporation, before commenting on the very strong earnings from the large banks such as Bank of America and JPMorgan. Max and Jack then discuss precious metals, as well as current market positioning as revealed by brokerage data. Recorded on October 17, 2025. Follow Jack Farley on Twitter https://x.com/JackFarley96  Follow Max on Twitter: https://x.com/maxwiethe  Follow Monetary Matters on:  Apple Podcast https://rb.gy/s5qfyh  Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm


Jack and Max break down the beginning of earnings season. Jack reviews a new credit flare-up in California’s commercial real estate (CRE) market that affected Zions Bancorporation and Western Alliance Bancorporation, before commenting on the very strong earnings from the large banks such as Bank of America and JPMorgan. Max and Jack then discuss precious metals, as well as current market positioning as revealed by brokerage data. Recorded on October 17, 2025.


Follow Jack Farley on Twitter https://x.com/JackFarley96 

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]]> 2252 Bringing Long/Short Hedge Fund Strategies to ETFs | David Orr (Bonus Episode) This is a special bonus episode of OPM with David Orr. In my first conversation with David, we only discussed his hedge fund that has crushed the S&P 500 since its inception in 2021. In addition to his hedge fund, he also runs the Militia Long/Short Equity ETF ($ORR) which since its inception in January 2025 has also beaten the S&P 500 running a similar but still distinct long/short strategy from the one he employs at his hedge fund. We discuss his unorthodox decision to launch the ETF when the hedge fund was going so well, how he is managing the different liquidity needs, his dual fiduciary duties, differing compliance realities, and the increased transparency of the ETF wrapper. Follow David Orr on X: https://x.com/orrdavid Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Thu, 16 Oct 2025 22:00:00 -0000 bonus Jack Farley This is a special bonus episode of OPM with David Orr. In my first conversation with David, we only discussed his hedge fund that has crushed the S&P 500 since its inception in 2021. In addition to his hedge fund, he also runs the Militia Long/Short Equity ETF ($ORR) which since its inception in January 2025 has also beaten the S&P 500 running a similar but still distinct long/short strategy from the one he employs at his hedge fund. We discuss his unorthodox decision to launch the ETF when the hedge fund was going so well, how he is managing the different liquidity needs, his dual fiduciary duties, differing compliance realities, and the increased transparency of the ETF wrapper. Follow David Orr on X: https://x.com/orrdavid Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod This is a special bonus episode of OPM with David Orr. In my first conversation with David, we only discussed his hedge fund that has crushed the S&P 500 since its inception in 2021. In addition to his hedge fund, he also runs the Militia Long/Short Equity ETF ($ORR) which since its inception in January 2025 has also beaten the S&P 500 running a similar but still distinct long/short strategy from the one he employs at his hedge fund. We discuss his unorthodox decision to launch the ETF when the hedge fund was going so well, how he is managing the different liquidity needs, his dual fiduciary duties, differing compliance realities, and the increased transparency of the ETF wrapper.


Follow David Orr on X: https://x.com/orrdavid

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Follow Other People’s Money on:


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]]> 2178 no What China is Really Doing With Its “Giant Surpluses” | Brad Setser on China’s Export Dominance, Trade Strategy, and Capital Flows This episode of Monetary Matters is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack Brad Setser, Whitney Shepardson senior fellow at the Council on Foreign Relations (CFR), returns to Monetary Matters to share how China’s growing export dominance is squeezing the balance of payments position of the U.S., Europe, and many other countries as well. Recorded on October 10, 2025. Relevant articles by Brad:“China’s Stealth Trade Surplus”: https://www.cfr.org/blog/chinas-stealth-trade-surplus “China’s Data Still Doesn’t Add Up”: https://www.cfr.org/blog/chinas-data-still-doesnt-add “China’s New Intervention Rule”: https://www.cfr.org/blog/chinas-new-intervention-rule “China is also Fighting a Trade War with Europe (and Winning)”: https://www.cfr.org/blog/china-also-fighting-trade-war-europe-and-winning “The Case that China is Now Actively Resisting Pressure on the Yuan to Appreciate”: https://www.cfr.org/blog/case-china-now-actively-resisting-pressure-yuan-appreciate Follow VanEck on Twitter https://x.com/vaneck_us Follow Julian Brigden on Twitter Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Mon, 13 Oct 2025 17:14:00 -0000 full Jack Farley This episode of Monetary Matters is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack Brad Setser, Whitney Shepardson senior fellow at the Council on Foreign Relations (CFR), returns to Monetary Matters to share how China’s growing export dominance is squeezing the balance of payments position of the U.S., Europe, and many other countries as well. Recorded on October 10, 2025. Relevant articles by Brad:“China’s Stealth Trade Surplus”: https://www.cfr.org/blog/chinas-stealth-trade-surplus “China’s Data Still Doesn’t Add Up”: https://www.cfr.org/blog/chinas-data-still-doesnt-add “China’s New Intervention Rule”: https://www.cfr.org/blog/chinas-new-intervention-rule “China is also Fighting a Trade War with Europe (and Winning)”: https://www.cfr.org/blog/china-also-fighting-trade-war-europe-and-winning “The Case that China is Now Actively Resisting Pressure on the Yuan to Appreciate”: https://www.cfr.org/blog/case-china-now-actively-resisting-pressure-yuan-appreciate Follow VanEck on Twitter https://x.com/vaneck_us Follow Julian Brigden on Twitter Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez This episode of Monetary Matters is brought to you by VanEck.


Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack


Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack


Brad Setser, Whitney Shepardson senior fellow at the Council on Foreign Relations (CFR), returns to Monetary Matters to share how China’s growing export dominance is squeezing the balance of payments position of the U.S., Europe, and many other countries as well. Recorded on October 10, 2025.


Relevant articles by Brad:“China’s Stealth Trade Surplus”: https://www.cfr.org/blog/chinas-stealth-trade-surplus

“China’s Data Still Doesn’t Add Up”: https://www.cfr.org/blog/chinas-data-still-doesnt-add

“China’s New Intervention Rule”: https://www.cfr.org/blog/chinas-new-intervention-rule

“China is also Fighting a Trade War with Europe (and Winning)”: https://www.cfr.org/blog/china-also-fighting-trade-war-europe-and-winning

“The Case that China is Now Actively Resisting Pressure on the Yuan to Appreciate”: https://www.cfr.org/blog/case-china-now-actively-resisting-pressure-yuan-appreciate


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]]> 4517 Panic on Wall Street | First Brands’ Credit Shockwave & Trump’s 100% China Tariff Threat This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm  Jack Farley & Max Wiethe react to the weakness in the credit markets upon the large (>$10 Billion) bankruptcy of First Brands and the banks and financial entities that have exposure to it, such as Jeffries, UBS, and others. They also discuss President Trump’s threat to raise tariffs on China substantially, which he later specified as 100%, which sent the stock market and other risk assets tumbling on October 10.  Gymkhana Partners’ (a client) piece on India and tariffs: https://www.gymkhanapartners.com/dispatches/missing-the-forest-for-the-trees Follow Jack Farley on Twitter https://x.com/JackFarley96  Follow Max on Twitter: https://x.com/maxwiethe  Follow Monetary Matters on:  Apple Podcast https://rb.gy/s5qfyh  Spotify https://rb.gy/x56dx5  YouTube https://rb.gy/dpwxez Sat, 11 Oct 2025 13:33:00 -0000 full Jack Farley This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm  Jack Farley & Max Wiethe react to the weakness in the credit markets upon the large (>$10 Billion) bankruptcy of First Brands and the banks and financial entities that have exposure to it, such as Jeffries, UBS, and others. They also discuss President Trump’s threat to raise tariffs on China substantially, which he later specified as 100%, which sent the stock market and other risk assets tumbling on October 10.  Gymkhana Partners’ (a client) piece on India and tariffs: https://www.gymkhanapartners.com/dispatches/missing-the-forest-for-the-trees Follow Jack Farley on Twitter https://x.com/JackFarley96  Follow Max on Twitter: https://x.com/maxwiethe  Follow Monetary Matters on:  Apple Podcast https://rb.gy/s5qfyh  Spotify https://rb.gy/x56dx5  YouTube https://rb.gy/dpwxez This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm 


Jack Farley & Max Wiethe react to the weakness in the credit markets upon the large (>$10 Billion) bankruptcy of First Brands and the banks and financial entities that have exposure to it, such as Jeffries, UBS, and others. They also discuss President Trump’s threat to raise tariffs on China substantially, which he later specified as 100%, which sent the stock market and other risk assets tumbling on October 10. 


Gymkhana Partners’ (a client) piece on India and tariffs: https://www.gymkhanapartners.com/dispatches/missing-the-forest-for-the-trees


Follow Jack Farley on Twitter https://x.com/JackFarley96 

Follow Max on Twitter: https://x.com/maxwiethe 

Follow Monetary Matters on: 

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]]> 3696 How Governments Can Actually Raise More Revenues | Taxation Expert Richard Murphy Richard J Murphy, a political economist, chartered accountant, tax reform advocate, and professor emeritus at the University of Sheffield, joins Jack on Monetary Matters to discuss tax reform, economic theory, inflation, deficits, central banking, and more. While the stock market has risen to record heights, there is an increasing uncertainty on the health of the economy. Richard gives his insights into how he believes that we can both increase the productivity of the economy and general welfare by reforming the taxation system.   Follow Richard Murphy on Twitter https://x.com/richardjmurphy?lang=en Follow Jack Farley on Twitter https://x.com/jackfarley96   Murphy’s “The Taxing Wealth Report 2024”: https://taxingwealth.uk/ Murphy’s blog, “Funding The Future”: https://www.taxresearch.org.uk/Blog/ Murphy’s Book, “The Joy of Tax”: https://www.amazon.com/Joy-Tax-Richard-Murphy/dp/059307517X Wed, 08 Oct 2025 11:00:00 -0000 full Jack Farley Richard J Murphy, a political economist, chartered accountant, tax reform advocate, and professor emeritus at the University of Sheffield, joins Jack on Monetary Matters to discuss tax reform, economic theory, inflation, deficits, central banking, and more. While the stock market has risen to record heights, there is an increasing uncertainty on the health of the economy. Richard gives his insights into how he believes that we can both increase the productivity of the economy and general welfare by reforming the taxation system.   Follow Richard Murphy on Twitter https://x.com/richardjmurphy?lang=en Follow Jack Farley on Twitter https://x.com/jackfarley96   Murphy’s “The Taxing Wealth Report 2024”: https://taxingwealth.uk/ Murphy’s blog, “Funding The Future”: https://www.taxresearch.org.uk/Blog/ Murphy’s Book, “The Joy of Tax”: https://www.amazon.com/Joy-Tax-Richard-Murphy/dp/059307517X Richard J Murphy, a political economist, chartered accountant, tax reform advocate, and professor emeritus at the University of Sheffield, joins Jack on Monetary Matters to discuss tax reform, economic theory, inflation, deficits, central banking, and more. While the stock market has risen to record heights, there is an increasing uncertainty on the health of the economy. Richard gives his insights into how he believes that we can both increase the productivity of the economy and general welfare by reforming the taxation system.

 

Follow Richard Murphy on Twitter https://x.com/richardjmurphy?lang=en

Follow Jack Farley on Twitter https://x.com/jackfarley96

 

Murphy’s “The Taxing Wealth Report 2024”: https://taxingwealth.uk/

Murphy’s blog, “Funding The Future”: https://www.taxresearch.org.uk/Blog/

Murphy’s Book, “The Joy of Tax”: https://www.amazon.com/Joy-Tax-Richard-Murphy/dp/059307517X

]]> 3488 The AI Capex Bubble, Gold & Silver on the Rise, and Signs of Market Froth | Jack & Max This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm Jack Farley & Max Wiethe react to the lack of employment data, discuss the “bubble” in AI capex, gold and silver’s recent rise and examine other signs of market froth pointing to the current stage of the market cycle. Jack and Max also discuss a few interesting short and long opportunities they are playing. Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Max on Twitter: https://x.com/maxwiethe Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Intro 00:27 No Jobs Numbers & Government Shut Down 02:12 AI Capex Bubble 09:55 Market Bubbles 19:08 Gold & Silver on the Rise 30:21 Fiscal AI 31:44 Opportunities for Shorting ($SWBI) 46:13 Data Center Buildout Theme 48:21 Rates Market is Too Dovish 52:26 Polling the Audience 55:53 Small Cap Season 57:35 Trusting the Bull Market Sun, 05 Oct 2025 13:00:00 -0000 full Jack Farley This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm Jack Farley & Max Wiethe react to the lack of employment data, discuss the “bubble” in AI capex, gold and silver’s recent rise and examine other signs of market froth pointing to the current stage of the market cycle. Jack and Max also discuss a few interesting short and long opportunities they are playing. Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Max on Twitter: https://x.com/maxwiethe Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Intro 00:27 No Jobs Numbers & Government Shut Down 02:12 AI Capex Bubble 09:55 Market Bubbles 19:08 Gold & Silver on the Rise 30:21 Fiscal AI 31:44 Opportunities for Shorting ($SWBI) 46:13 Data Center Buildout Theme 48:21 Rates Market is Too Dovish 52:26 Polling the Audience 55:53 Small Cap Season 57:35 Trusting the Bull Market This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm


Jack Farley & Max Wiethe react to the lack of employment data, discuss the “bubble” in AI capex, gold and silver’s recent rise and examine other signs of market froth pointing to the current stage of the market cycle. Jack and Max also discuss a few interesting short and long opportunities they are playing.


Follow Jack Farley on Twitter https://x.com/JackFarley96

Follow Max on Twitter: https://x.com/maxwiethe


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


Timestamps: 00:00 Intro 00:27 No Jobs Numbers & Government Shut Down 02:12 AI Capex Bubble 09:55 Market Bubbles 19:08 Gold & Silver on the Rise 30:21 Fiscal AI 31:44 Opportunities for Shorting ($SWBI) 46:13 Data Center Buildout Theme 48:21 Rates Market is Too Dovish 52:26 Polling the Audience 55:53 Small Cap Season 57:35 Trusting the Bull Market

]]> 3859 no Echoes of 2007 In Mushrooming Private Credit Boom? | Patrick Perret-Green on Tricolor & First Brands Bankruptcy, Asian Disinflation, And Why U.K. Duration Looks Attractive Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe Follow Patrick Perret-Green on Twitter https://x.com/PPGMacro Follow Jack Farley on Twitter https://x.com/JackFarley96 Patrick Perret-Green of PPG Macro is a veteran macro trader and analyst. He joins us today to share his concern over two recent high-profile bankruptcies that have caused jitters in the non-bank financial sector: Tricolor and First Brands. Patrick explains why he is bullish on long-duration sovereign bonds in Australia, the U.K., and Japan. Recorded on September 30, 2025. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Wed, 01 Oct 2025 13:39:00 -0000 full Jack Farley Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe Follow Patrick Perret-Green on Twitter https://x.com/PPGMacro Follow Jack Farley on Twitter https://x.com/JackFarley96 Patrick Perret-Green of PPG Macro is a veteran macro trader and analyst. He joins us today to share his concern over two recent high-profile bankruptcies that have caused jitters in the non-bank financial sector: Tricolor and First Brands. Patrick explains why he is bullish on long-duration sovereign bonds in Australia, the U.K., and Japan. Recorded on September 30, 2025. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe


Follow Patrick Perret-Green on Twitter https://x.com/PPGMacro

Follow Jack Farley on Twitter https://x.com/JackFarley96


Patrick Perret-Green of PPG Macro is a veteran macro trader and analyst. He joins us today to share his concern over two recent high-profile bankruptcies that have caused jitters in the non-bank financial sector: Tricolor and First Brands. Patrick explains why he is bullish on long-duration sovereign bonds in Australia, the U.K., and Japan. Recorded on September 30, 2025.


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]]> 3345 Doubting Goldilocks | Julian Brigden on Precious Metals, Fed Independence, and the U.S. Dollar Sign up for MacroCapture by MI2 Partners today with coupon codes MM10 (for annual) and MM10Q (for quarterly) to save 10% at: https://portal.mi2partners.com/buy-macro-capture/ This episode of Monetary Matters is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack Julian Brigden of MI2 Partners and MacroCapture returns to Monetary Matters to update viewers on his thinking about markets and the economy. Follow VanEck on Twitter https://x.com/vaneck_us Follow Julian Brigden on Twitter Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Sun, 28 Sep 2025 15:40:00 -0000 full Jack Farley Sign up for MacroCapture by MI2 Partners today with coupon codes MM10 (for annual) and MM10Q (for quarterly) to save 10% at: https://portal.mi2partners.com/buy-macro-capture/ This episode of Monetary Matters is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack Julian Brigden of MI2 Partners and MacroCapture returns to Monetary Matters to update viewers on his thinking about markets and the economy. Follow VanEck on Twitter https://x.com/vaneck_us Follow Julian Brigden on Twitter Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Sign up for MacroCapture by MI2 Partners today with coupon codes MM10 (for annual) and MM10Q (for quarterly) to save 10% at: https://portal.mi2partners.com/buy-macro-capture/


This episode of Monetary Matters is brought to you by VanEck.


Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack


Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack


Julian Brigden of MI2 Partners and MacroCapture returns to Monetary Matters to update viewers on his thinking about markets and the economy.


Follow VanEck on Twitter https://x.com/vaneck_us

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]]> 4271 Top Crypto Fund of Funds on the Current Crypto Cycle, Hedge Funds, & VCs | Pure Crypto LP This Other People’s Money episode is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHMax Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXMax Jeremy Boynton and Zach Lindquist, managing partners at Pure Crypto, have built one of the best performing crypto fund of funds since their inception 2018. In this interview they discuss their view that the crypto market structure is being changed by ETFs and crypto treasury companies, how they think about manager selection, the subtle differences between crypto VCs and crypto hedge funds, and why they are eschewing new entrants into the crypto fund space in favor of OGs who have managed capital and survived multiple market cycles. They also explain why they are volatility agnostic and prefer to take on crypto market beta rather than invest in market neutral and multi-manager crypto funds. Follow Zach Lindquist on X: https://x.com/PureCryptoLP Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod An investment in the VanEck Semiconductor ETF (SMH) and VanEck Fabless Semiconductor ETF (SMHX) may be subject to risks which include, among others, risks related to investing in the semiconductor industry, special risk considerations of investing in Taiwanese issuers, equity securities, small-, medium and large-capitalization companies, foreign securities, emerging market issuers, foreign currency, depositary receipts, issuer-specific changes, market, operational, index tracking, authorized participant concentration, new fund, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares, non-diversified, and index-related concentration risks, all of which may adversely affect the Fund. Small, medium and large-capitalization companies may be subject to elevated risks. Emerging market issuers and foreign securities may be subject to securities markets, political and economic, investment and repatriation restrictions, different rules and regulations, less publicly available financial information, foreign currency and exchange rates, operational and settlement, and corporate and securities laws risks. Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of a Fund carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing. © Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation Thu, 25 Sep 2025 13:00:00 -0000 full Jack Farley This Other People’s Money episode is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHMax Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXMax Jeremy Boynton and Zach Lindquist, managing partners at Pure Crypto, have built one of the best performing crypto fund of funds since their inception 2018. In this interview they discuss their view that the crypto market structure is being changed by ETFs and crypto treasury companies, how they think about manager selection, the subtle differences between crypto VCs and crypto hedge funds, and why they are eschewing new entrants into the crypto fund space in favor of OGs who have managed capital and survived multiple market cycles. They also explain why they are volatility agnostic and prefer to take on crypto market beta rather than invest in market neutral and multi-manager crypto funds. Follow Zach Lindquist on X: https://x.com/PureCryptoLP Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod An investment in the VanEck Semiconductor ETF (SMH) and VanEck Fabless Semiconductor ETF (SMHX) may be subject to risks which include, among others, risks related to investing in the semiconductor industry, special risk considerations of investing in Taiwanese issuers, equity securities, small-, medium and large-capitalization companies, foreign securities, emerging market issuers, foreign currency, depositary receipts, issuer-specific changes, market, operational, index tracking, authorized participant concentration, new fund, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares, non-diversified, and index-related concentration risks, all of which may adversely affect the Fund. Small, medium and large-capitalization companies may be subject to elevated risks. Emerging market issuers and foreign securities may be subject to securities markets, political and economic, investment and repatriation restrictions, different rules and regulations, less publicly available financial information, foreign currency and exchange rates, operational and settlement, and corporate and securities laws risks. Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of a Fund carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing. © Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation This Other People’s Money episode is brought to you by VanEck.


Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHMax


Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXMax


Jeremy Boynton and Zach Lindquist, managing partners at Pure Crypto, have built one of the best performing crypto fund of funds since their inception 2018. In this interview they discuss their view that the crypto market structure is being changed by ETFs and crypto treasury companies, how they think about manager selection, the subtle differences between crypto VCs and crypto hedge funds, and why they are eschewing new entrants into the crypto fund space in favor of OGs who have managed capital and survived multiple market cycles. They also explain why they are volatility agnostic and prefer to take on crypto market beta rather than invest in market neutral and multi-manager crypto funds.


Follow Zach Lindquist on X: https://x.com/PureCryptoLP

Follow Max on X: https://x.com/maxwiethe


Follow Other People’s Money on:


Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR

X https://x.com/opmpod


An investment in the VanEck Semiconductor ETF (SMH) and VanEck Fabless Semiconductor ETF (SMHX) may be subject to risks which include, among others, risks related to investing in the semiconductor industry, special risk considerations of investing in Taiwanese issuers, equity securities, small-, medium and large-capitalization companies, foreign securities, emerging market issuers, foreign currency, depositary receipts, issuer-specific changes, market, operational, index tracking, authorized participant concentration, new fund, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares, non-diversified, and index-related concentration risks, all of which may adversely affect the Fund. Small, medium and large-capitalization companies may be subject to elevated risks. Emerging market issuers and foreign securities may be subject to securities markets, political and economic, investment and repatriation restrictions, different rules and regulations, less publicly available financial information, foreign currency and exchange rates, operational and settlement, and corporate and securities laws risks.


Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of a Fund carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.


© Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation

]]> 3947 no Brace for More Volatile Electricity Markets | LOGARISK's Imane Bakkar on Weather, AI, and other Forces Causing More Volatile Electric Grids Take the Monetary Matters poll: https://docs.google.com/forms/d/e/1FAIpQLSdhu6Ez_R0jcLiz75kDNEPe_KzhNefYAT-Jvj1cm-3xVwQ4Zg/viewform?usp=sharing&ouid=113485899782770300642 Imane Bakkar, Founder and Managing Director of Logarisk, joins Monetary Matters to discuss her most recent White Paper, “Weather Is No Small Talk.” She argues that the electricity grid and the financial system are becoming more weather dependent because of the rise of renewable power, AI, climate, and the increasing ownership of the grid by non-bank financial institutions (NBFIs). Recorded on September 9, 2025. Imane’s paper, “Weather Is No Small Talk”: https://logarisk.co/2025/09/01/white-paper-weather-is-no-small-talk/ Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Wed, 24 Sep 2025 14:29:00 -0000 full Jack Farley Take the Monetary Matters poll: https://docs.google.com/forms/d/e/1FAIpQLSdhu6Ez_R0jcLiz75kDNEPe_KzhNefYAT-Jvj1cm-3xVwQ4Zg/viewform?usp=sharing&ouid=113485899782770300642 Imane Bakkar, Founder and Managing Director of Logarisk, joins Monetary Matters to discuss her most recent White Paper, “Weather Is No Small Talk.” She argues that the electricity grid and the financial system are becoming more weather dependent because of the rise of renewable power, AI, climate, and the increasing ownership of the grid by non-bank financial institutions (NBFIs). Recorded on September 9, 2025. Imane’s paper, “Weather Is No Small Talk”: https://logarisk.co/2025/09/01/white-paper-weather-is-no-small-talk/ Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Take the Monetary Matters poll:


https://docs.google.com/forms/d/e/1FAIpQLSdhu6Ez_R0jcLiz75kDNEPe_KzhNefYAT-Jvj1cm-3xVwQ4Zg/viewform?usp=sharing&ouid=113485899782770300642


Imane Bakkar, Founder and Managing Director of Logarisk, joins Monetary Matters to discuss her most recent White Paper, “Weather Is No Small Talk.” She argues that the electricity grid and the financial system are becoming more weather dependent because of the rise of renewable power, AI, climate, and the increasing ownership of the grid by non-bank financial institutions (NBFIs). Recorded on September 9, 2025.


Imane’s paper, “Weather Is No Small Talk”: https://logarisk.co/2025/09/01/white-paper-weather-is-no-small-talk/


Follow Jack Farley on Twitter https://x.com/JackFarley96

Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

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YouTube https://rb.gy/dpwxez

]]> 3114 Small Cap Season | Jack & Max on Fed Independence, Acuren, Franco Nevada, MSCI, and More This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm Jack and Max break down the September Fed meeting, threats to Federal Reserve Independence, and several stocks such as Acuren, Franco Nevada, and MSCI. Recorded on September 18, 2025. Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Max on Twitter: https://x.com/maxwiethe Follow Monetary Matters on:  Apple Podcast https://rb.gy/s5qfyh  Spotify https://rb.gy/x56dx5  YouTube https://rb.gy/dpwxez Fri, 19 Sep 2025 14:33:00 -0000 full Jack Farley This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm Jack and Max break down the September Fed meeting, threats to Federal Reserve Independence, and several stocks such as Acuren, Franco Nevada, and MSCI. Recorded on September 18, 2025. Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Max on Twitter: https://x.com/maxwiethe Follow Monetary Matters on:  Apple Podcast https://rb.gy/s5qfyh  Spotify https://rb.gy/x56dx5  YouTube https://rb.gy/dpwxez This Monetary Matters episode is brought to you by Fiscal.ai.


Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm


Jack and Max break down the September Fed meeting, threats to Federal Reserve Independence, and several stocks such as Acuren, Franco Nevada, and MSCI. Recorded on September 18, 2025.


Follow Jack Farley on Twitter https://x.com/JackFarley96

Follow Max on Twitter: https://x.com/maxwiethe


Follow Monetary Matters on: 

Apple Podcast https://rb.gy/s5qfyh 

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]]> 2790 Outperforming the S&P 500 & Growing from One-Man Shop to Multi-Manager Hedge Fund | David Orr of Militia Capital This Other People’s Money episode is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHMax Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXMax Since launching Militia Capital in 2021, David Orr has crushed the S&P 500 and is up over 500% net of fees. In fact, during this period, he’s one of few managers to have set the S&P 500 as the hurdle rate for the fund to earn performance fees. In this interview Orr discusses Militia Capital’s growth from $3m to over $160m today, the expansion of the strategy to include two additional external portfolio managers, and why he thinks most hedge fund managers have social media and compliance all wrong. He also discusses his investment philosophy and belief that most “value trap” investors and “story stock” investors don’t know the first thing about real investing. Follow David Orr on X: https://x.com/orrdavid Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod An investment in the VanEck Semiconductor ETF (SMH) and VanEck Fabless Semiconductor ETF (SMHX) may be subject to risks which include, among others, risks related to investing in the semiconductor industry, special risk considerations of investing in Taiwanese issuers, equity securities, small-, medium and large-capitalization companies, foreign securities, emerging market issuers, foreign currency, depositary receipts, issuer-specific changes, market, operational, index tracking, authorized participant concentration, new fund, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares, non-diversified, and index-related concentration risks, all of which may adversely affect the Fund. Small, medium and large-capitalization companies may be subject to elevated risks. Emerging market issuers and foreign securities may be subject to securities markets, political and economic, investment and repatriation restrictions, different rules and regulations, less publicly available financial information, foreign currency and exchange rates, operational and settlement, and corporate and securities laws risks. Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of a Fund carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing. © Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation Timestamps 00:00 Intro 00:31 $SMH & SMHX 01:21 Militia Capital’s Growth Into a Multi-Manager 04:57 Twitter & Social Media 07:33 Marketing & 506(c) Hedge Funds 11:11 Benchmarking to the S&P 500 15:00 Comparing to Large Multi-Manager Funds 17:11 VanEck Mid-Roll 18:06 Risk Managing Other PMs & Collaboration 20:06 David’s Investing Philosophy 27:36 Investors Who Don’t Know Anything 38:51 Market timing & the Current Environment 45:40 Trading Macro 48:14 Hunting For New Portfolio Managers 51:32 David’s Favorite Accounts on Twitter 54:04 Rethinking Compliance 57:52 Outro Tue, 16 Sep 2025 13:55:00 -0000 full Jack Farley This Other People’s Money episode is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHMax Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXMax Since launching Militia Capital in 2021, David Orr has crushed the S&P 500 and is up over 500% net of fees. In fact, during this period, he’s one of few managers to have set the S&P 500 as the hurdle rate for the fund to earn performance fees. In this interview Orr discusses Militia Capital’s growth from $3m to over $160m today, the expansion of the strategy to include two additional external portfolio managers, and why he thinks most hedge fund managers have social media and compliance all wrong. He also discusses his investment philosophy and belief that most “value trap” investors and “story stock” investors don’t know the first thing about real investing. Follow David Orr on X: https://x.com/orrdavid Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod An investment in the VanEck Semiconductor ETF (SMH) and VanEck Fabless Semiconductor ETF (SMHX) may be subject to risks which include, among others, risks related to investing in the semiconductor industry, special risk considerations of investing in Taiwanese issuers, equity securities, small-, medium and large-capitalization companies, foreign securities, emerging market issuers, foreign currency, depositary receipts, issuer-specific changes, market, operational, index tracking, authorized participant concentration, new fund, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares, non-diversified, and index-related concentration risks, all of which may adversely affect the Fund. Small, medium and large-capitalization companies may be subject to elevated risks. Emerging market issuers and foreign securities may be subject to securities markets, political and economic, investment and repatriation restrictions, different rules and regulations, less publicly available financial information, foreign currency and exchange rates, operational and settlement, and corporate and securities laws risks. Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of a Fund carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing. © Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation Timestamps 00:00 Intro 00:31 $SMH & SMHX 01:21 Militia Capital’s Growth Into a Multi-Manager 04:57 Twitter & Social Media 07:33 Marketing & 506(c) Hedge Funds 11:11 Benchmarking to the S&P 500 15:00 Comparing to Large Multi-Manager Funds 17:11 VanEck Mid-Roll 18:06 Risk Managing Other PMs & Collaboration 20:06 David’s Investing Philosophy 27:36 Investors Who Don’t Know Anything 38:51 Market timing & the Current Environment 45:40 Trading Macro 48:14 Hunting For New Portfolio Managers 51:32 David’s Favorite Accounts on Twitter 54:04 Rethinking Compliance 57:52 Outro This Other People’s Money episode is brought to you by VanEck.


Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHMax


Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXMax


Since launching Militia Capital in 2021, David Orr has crushed the S&P 500 and is up over 500% net of fees. In fact, during this period, he’s one of few managers to have set the S&P 500 as the hurdle rate for the fund to earn performance fees. In this interview Orr discusses Militia Capital’s growth from $3m to over $160m today, the expansion of the strategy to include two additional external portfolio managers, and why he thinks most hedge fund managers have social media and compliance all wrong. He also discusses his investment philosophy and belief that most “value trap” investors and “story stock” investors don’t know the first thing about real investing.


Follow David Orr on X: https://x.com/orrdavid

Follow Max on X: https://x.com/maxwiethe


Follow Other People’s Money on:


Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR

X https://x.com/opmpod


An investment in the VanEck Semiconductor ETF (SMH) and VanEck Fabless Semiconductor ETF (SMHX) may be subject to risks which include, among others, risks related to investing in the semiconductor industry, special risk considerations of investing in Taiwanese issuers, equity securities, small-, medium and large-capitalization companies, foreign securities, emerging market issuers, foreign currency, depositary receipts, issuer-specific changes, market, operational, index tracking, authorized participant concentration, new fund, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares, non-diversified, and index-related concentration risks, all of which may adversely affect the Fund. Small, medium and large-capitalization companies may be subject to elevated risks. Emerging market issuers and foreign securities may be subject to securities markets, political and economic, investment and repatriation restrictions, different rules and regulations, less publicly available financial information, foreign currency and exchange rates, operational and settlement, and corporate and securities laws risks.


Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of a Fund carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.


© Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation


Timestamps

00:00 Intro

00:31 $SMH & SMHX

01:21 Militia Capital’s Growth Into a Multi-Manager

04:57 Twitter & Social Media

07:33 Marketing & 506(c) Hedge Funds

11:11 Benchmarking to the S&P 500

15:00 Comparing to Large Multi-Manager Funds

17:11 VanEck Mid-Roll

18:06 Risk Managing Other PMs & Collaboration

20:06 David’s Investing Philosophy

27:36 Investors Who Don’t Know Anything

38:51 Market timing & the Current Environment

45:40 Trading Macro

48:14 Hunting For New Portfolio Managers

51:32 David’s Favorite Accounts on Twitter

54:04 Rethinking Compliance

57:52 Outro

]]> 3517 no “This Is A Frothy Bubble” | Rob Arnott on Excessive Valuations, AI, and Reinventing Cap-Weighted Indexing This episode of Monetary Matters is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack Rob Arnott, founder and chairman of the board of Research Affiliates, joins Jack today for an in-depth conversation on AI, bubbles, asset allocation, weighting in index funds, and other topics. The record heights of today’s markets brought on from excitement in the AI industry remind many of the dotcom bubble, which Rob examines using his decades of experience in the finance industry. With how fast everything moves in these turbulent times, this is one episode a dedicated observers cannot miss. Recorded on September 5th, 2025. Research Papers discussed:“RACWI: Reinventing Cap-Weighted Indexing”: https://www.researchaffiliates.com/publications/articles/1095-racwi-reinventing-cap-weighted-indexing “The AI Boom vs. the Dot-Com Bubble: Have We Seen This Movie Before?”: https://www.researchaffiliates.com/publications/articles/1038-ai-boom-dot-com-bubble-seen-this-before Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Mon, 15 Sep 2025 14:16:00 -0000 full Jack Farley This episode of Monetary Matters is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack Rob Arnott, founder and chairman of the board of Research Affiliates, joins Jack today for an in-depth conversation on AI, bubbles, asset allocation, weighting in index funds, and other topics. The record heights of today’s markets brought on from excitement in the AI industry remind many of the dotcom bubble, which Rob examines using his decades of experience in the finance industry. With how fast everything moves in these turbulent times, this is one episode a dedicated observers cannot miss. Recorded on September 5th, 2025. Research Papers discussed:“RACWI: Reinventing Cap-Weighted Indexing”: https://www.researchaffiliates.com/publications/articles/1095-racwi-reinventing-cap-weighted-indexing “The AI Boom vs. the Dot-Com Bubble: Have We Seen This Movie Before?”: https://www.researchaffiliates.com/publications/articles/1038-ai-boom-dot-com-bubble-seen-this-before Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez This episode of Monetary Matters is brought to you by VanEck.

Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack

Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack


Rob Arnott, founder and chairman of the board of Research Affiliates, joins Jack today for an in-depth conversation on AI, bubbles, asset allocation, weighting in index funds, and other topics. The record heights of today’s markets brought on from excitement in the AI industry remind many of the dotcom bubble, which Rob examines using his decades of experience in the finance industry. With how fast everything moves in these turbulent times, this is one episode a dedicated observers cannot miss. Recorded on September 5th, 2025.


Research Papers discussed:“RACWI: Reinventing Cap-Weighted Indexing”: https://www.researchaffiliates.com/publications/articles/1095-racwi-reinventing-cap-weighted-indexing

“The AI Boom vs. the Dot-Com Bubble: Have We Seen This Movie Before?”: https://www.researchaffiliates.com/publications/articles/1038-ai-boom-dot-com-bubble-seen-this-before

Follow Jack Farley on Twitter https://x.com/JackFarley96

Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

]]> 5465 Why 900,000+ Jobs Just Got Penciled In To Disappear | Anna Wong & Danielle DiMartino Booth on -911k Non-farm Payroll Revision, Unemployment Rate, and Immigration’s Impact on Labor Market Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe Jack welcomes QI Research’s Danielle DiMartino Booth and Bloomberg Economics’ Chief U.S. Economist Anna Wong to interpret the Bureau of Labor Statistics’ (BLS) recent preliminary 911,000 downward revision to non-farm payrolls. Recorded September 11, 2025. Follow Danielle DiMartino Booth on Twitter https://x.com/DiMartinoBooth Follow Anna Wong on Twitter https://x.com/AnnaEconomist Follow Bloomberg Economics on Twitter https://x.com/economics Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Fri, 12 Sep 2025 15:32:00 -0000 full Jack Farley Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe Jack welcomes QI Research’s Danielle DiMartino Booth and Bloomberg Economics’ Chief U.S. Economist Anna Wong to interpret the Bureau of Labor Statistics’ (BLS) recent preliminary 911,000 downward revision to non-farm payrolls. Recorded September 11, 2025. Follow Danielle DiMartino Booth on Twitter https://x.com/DiMartinoBooth Follow Anna Wong on Twitter https://x.com/AnnaEconomist Follow Bloomberg Economics on Twitter https://x.com/economics Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe


Jack welcomes QI Research’s Danielle DiMartino Booth and Bloomberg Economics’ Chief U.S. Economist Anna Wong to interpret the Bureau of Labor Statistics’ (BLS) recent preliminary 911,000 downward revision to non-farm payrolls. Recorded September 11, 2025.


Follow Danielle DiMartino Booth on Twitter https://x.com/DiMartinoBooth

Follow Anna Wong on Twitter https://x.com/AnnaEconomist

Follow Bloomberg Economics on Twitter https://x.com/economics

Follow Jack Farley on Twitter https://x.com/JackFarley96


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

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]]> 4136 Why Bonds Still Suck | Aahan Menon of Prometheus Macro on Immigration’s Impact on Lower Job Numbers, Technology CapEx, Business Expansion, Manufacturing Green Shoots, and More This episode of Monetary Matters is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack Take the Monetary Matters poll:  https://docs.google.com/forms/d/e/1FAIpQLSdhu6Ez_R0jcLiz75kDNEPe_KzhNefYAT-Jvj1cm-3xVwQ4Zg/viewform?usp=sharing&ouid=113485899782770300642 Aahan Menon of Prometheus Macro returns to Monetary Matters to explain why he still thinks bonds offer a poor risk/reward relative to stocks. He argues that job market weakness is the result of reduced immigration, in other words, weak supply of labor rather than weak demand for labor. Recorded on September 4, 2025. Follow Aahan Menon on X https://x.com/AahanPrometheus Follow Prometheus Macro on X https://x.com/prometheusmacro Follow Jack Farley on X https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Thu, 11 Sep 2025 15:21:00 -0000 full Jack Farley This episode of Monetary Matters is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack Take the Monetary Matters poll:  https://docs.google.com/forms/d/e/1FAIpQLSdhu6Ez_R0jcLiz75kDNEPe_KzhNefYAT-Jvj1cm-3xVwQ4Zg/viewform?usp=sharing&ouid=113485899782770300642 Aahan Menon of Prometheus Macro returns to Monetary Matters to explain why he still thinks bonds offer a poor risk/reward relative to stocks. He argues that job market weakness is the result of reduced immigration, in other words, weak supply of labor rather than weak demand for labor. Recorded on September 4, 2025. Follow Aahan Menon on X https://x.com/AahanPrometheus Follow Prometheus Macro on X https://x.com/prometheusmacro Follow Jack Farley on X https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez This episode of Monetary Matters is brought to you by VanEck.


Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack


Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack


Take the Monetary Matters poll: 

https://docs.google.com/forms/d/e/1FAIpQLSdhu6Ez_R0jcLiz75kDNEPe_KzhNefYAT-Jvj1cm-3xVwQ4Zg/viewform?usp=sharing&ouid=113485899782770300642


Aahan Menon of Prometheus Macro returns to Monetary Matters to explain why he still thinks bonds offer a poor risk/reward relative to stocks. He argues that job market weakness is the result of reduced immigration, in other words, weak supply of labor rather than weak demand for labor. Recorded on September 4, 2025.


Follow Aahan Menon on X https://x.com/AahanPrometheus

Follow Prometheus Macro on X https://x.com/prometheusmacro

Follow Jack Farley on X https://x.com/JackFarley96


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

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]]> 4680 Concentrated Investing in Small Caps at the Intersection of Change, Crisis, & Controversy | Stoic Point Capital Management This episode is brought to you by Fundamental Edge. Learn more about their new AI Academy for buyside professionals: https://www.fundamentedge.com/ai-academy Raj Shah and Cullen Rose of Stoic Point Capital Management join OPM for a specials double episode. In the first half we explore their view that we may be in for a repeat of the 2020 to 2021 new issuance cycle and how some of their favorite opportunities are still orphaned securities from that last cycle. They explain why small caps undergoing change events like new issuance or that are misunderstood due to crisis & controversy are their favorite as concentrated small cap investors. Make sure to check out the OPM classic episode we recorded with Stoic Point Capital Management over on the main Other People's Money podcast feed. Follow Stoic Point Capital Management on X: https://x.com/stoic_point Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Tue, 09 Sep 2025 16:00:00 -0000 full Jack Farley This episode is brought to you by Fundamental Edge. Learn more about their new AI Academy for buyside professionals: https://www.fundamentedge.com/ai-academy Raj Shah and Cullen Rose of Stoic Point Capital Management join OPM for a specials double episode. In the first half we explore their view that we may be in for a repeat of the 2020 to 2021 new issuance cycle and how some of their favorite opportunities are still orphaned securities from that last cycle. They explain why small caps undergoing change events like new issuance or that are misunderstood due to crisis & controversy are their favorite as concentrated small cap investors. Make sure to check out the OPM classic episode we recorded with Stoic Point Capital Management over on the main Other People's Money podcast feed. Follow Stoic Point Capital Management on X: https://x.com/stoic_point Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod This episode is brought to you by Fundamental Edge. Learn more about their new AI Academy for buyside professionals: https://www.fundamentedge.com/ai-academy


Raj Shah and Cullen Rose of Stoic Point Capital Management join OPM for a specials double episode. In the first half we explore their view that we may be in for a repeat of the 2020 to 2021 new issuance cycle and how some of their favorite opportunities are still orphaned securities from that last cycle. They explain why small caps undergoing change events like new issuance or that are misunderstood due to crisis & controversy are their favorite as concentrated small cap investors.


Make sure to check out the OPM classic episode we recorded with Stoic Point Capital Management over on the main Other People's Money podcast feed.


Follow Stoic Point Capital Management on X: https://x.com/stoic_point

Follow Max on X: https://x.com/maxwiethe


Follow Other People’s Money on:


Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR

X https://x.com/opmpod

]]> 3104 no The Era of AI Semiconductor CapEx | Angus Shillington & Nick Frasse (Fireside Chat) This episode of Monetary Matters is a Sponsored Fireside Chat brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack The AI revolution has spurred a growth in capital expenditure on semiconductors the scale of which the world has never seen before. Today Jack explores this phenomenon in a sponsored Fireside Chat with VanEck’s Angus Shillington and Nick Frasse. Shillington, lead semiconductor analyst and deputy portfolio manager, argues CapEx on semiconductors is increasing so much because cloud computing hyperscalers are unable to keep up with demand, and they feel pressure from their competitors. In addition, the expenditure is being spent by the most profitable companies on earth such as Microsoft and Alphabet (Google). Frasse, a product manager covering thematic suite of ETFs, including $SMH and $SMHX, makes the case that AI is more akin to the industrial revolution than it is to the internet.  The trio discuss why and how the VanEck Semiconductor ETF ($SMH) has outperformed a competitor (letting the winners win), and the newer VanEck Fabless Semiconductor ETF ($SMHX) which gives exposure to fabless semi companies that are powering the AI revolution. Follow VanEck on X https://x.com/vaneck_us Follow Angus Shillington on X https://x.com/angusshillingto Follow Nick Frasse on X https://x.com/NickFrasse Follow Jack Farley on X https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Sun, 07 Sep 2025 15:49:00 -0000 full Jack Farley This episode of Monetary Matters is a Sponsored Fireside Chat brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack The AI revolution has spurred a growth in capital expenditure on semiconductors the scale of which the world has never seen before. Today Jack explores this phenomenon in a sponsored Fireside Chat with VanEck’s Angus Shillington and Nick Frasse. Shillington, lead semiconductor analyst and deputy portfolio manager, argues CapEx on semiconductors is increasing so much because cloud computing hyperscalers are unable to keep up with demand, and they feel pressure from their competitors. In addition, the expenditure is being spent by the most profitable companies on earth such as Microsoft and Alphabet (Google). Frasse, a product manager covering thematic suite of ETFs, including $SMH and $SMHX, makes the case that AI is more akin to the industrial revolution than it is to the internet.  The trio discuss why and how the VanEck Semiconductor ETF ($SMH) has outperformed a competitor (letting the winners win), and the newer VanEck Fabless Semiconductor ETF ($SMHX) which gives exposure to fabless semi companies that are powering the AI revolution. Follow VanEck on X https://x.com/vaneck_us Follow Angus Shillington on X https://x.com/angusshillingto Follow Nick Frasse on X https://x.com/NickFrasse Follow Jack Farley on X https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez This episode of Monetary Matters is a Sponsored Fireside Chat brought to you by VanEck.


Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack


Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack


The AI revolution has spurred a growth in capital expenditure on semiconductors the scale of which the world has never seen before. Today Jack explores this phenomenon in a sponsored Fireside Chat with VanEck’s Angus Shillington and Nick Frasse. Shillington, lead semiconductor analyst and deputy portfolio manager, argues CapEx on semiconductors is increasing so much because cloud computing hyperscalers are unable to keep up with demand, and they feel pressure from their competitors. In addition, the expenditure is being spent by the most profitable companies on earth such as Microsoft and Alphabet (Google). Frasse, a product manager covering thematic suite of ETFs, including $SMH and $SMHX, makes the case that AI is more akin to the industrial revolution than it is to the internet. 


The trio discuss why and how the VanEck Semiconductor ETF ($SMH) has outperformed a competitor (letting the winners win), and the newer VanEck Fabless Semiconductor ETF ($SMHX) which gives exposure to fabless semi companies that are powering the AI revolution.


Follow VanEck on X https://x.com/vaneck_us

Follow Angus Shillington on X https://x.com/angusshillingto

Follow Nick Frasse on X https://x.com/NickFrasse

Follow Jack Farley on X https://x.com/JackFarley96


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

]]> 3893 How AI Tools Are Rapidly Disrupting the Investment Industry | Brett Caughran & David Plon Learn more about the new AI Academy from Fundamental Edge: https://www.fundamentedge.com/ai-academy There’s no shortage of speculation about how AI will reshape the workforce, but one area where no speculation is needed is the investment industry. AI is already rapidly disrupting the way investment professionals conduct fundamental equity research and shifting the competitive landscape for fund managers and talent alike. In this interview with Brett Caughran, founder of buyside training academy Fundamental Edge, and David Plon, co-founder and CEO of AI powered investment research platform Portrait Analytics join OPM to discuss the areas of the investment process where AI can already make an impact, the pitfalls and weaknesses of AI in its current state, how this is changing the job description for both portfolio managers and analysts, and the surprising reality that the first movers of AI adoption Follow Brett Caughran on X: https://x.com/FundamentEdge Follow David Plon on X: https://x.com/Dplon88 Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps 00:00 Intro 01:25 The Rapid Pace of AI Advancements 07:15 How to Start Adding AI to Your Process 15:00 Thesis Monitoring and the Next Frontiers of AI Investment Research 18:45 Current Level of AI Adoption and First Movers in the Hedge Fund World 23:19 Importance of Clearly Defining Your Investment Process Before Adding AI 26:35 The Role of Specialty Investment Tools 29:49 Custom vs Off-The-Shelf Solutions 38:16 Thoughtful AI Prompting is Key 44:01 Biggest AI Pitfalls to Avoid 48:52 How Has AI Shifted the Competitive Landscape? 54:43 AI Investing Bootcamp Wed, 03 Sep 2025 12:00:00 -0000 full Jack Farley Learn more about the new AI Academy from Fundamental Edge: https://www.fundamentedge.com/ai-academy There’s no shortage of speculation about how AI will reshape the workforce, but one area where no speculation is needed is the investment industry. AI is already rapidly disrupting the way investment professionals conduct fundamental equity research and shifting the competitive landscape for fund managers and talent alike. In this interview with Brett Caughran, founder of buyside training academy Fundamental Edge, and David Plon, co-founder and CEO of AI powered investment research platform Portrait Analytics join OPM to discuss the areas of the investment process where AI can already make an impact, the pitfalls and weaknesses of AI in its current state, how this is changing the job description for both portfolio managers and analysts, and the surprising reality that the first movers of AI adoption Follow Brett Caughran on X: https://x.com/FundamentEdge Follow David Plon on X: https://x.com/Dplon88 Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps 00:00 Intro 01:25 The Rapid Pace of AI Advancements 07:15 How to Start Adding AI to Your Process 15:00 Thesis Monitoring and the Next Frontiers of AI Investment Research 18:45 Current Level of AI Adoption and First Movers in the Hedge Fund World 23:19 Importance of Clearly Defining Your Investment Process Before Adding AI 26:35 The Role of Specialty Investment Tools 29:49 Custom vs Off-The-Shelf Solutions 38:16 Thoughtful AI Prompting is Key 44:01 Biggest AI Pitfalls to Avoid 48:52 How Has AI Shifted the Competitive Landscape? 54:43 AI Investing Bootcamp Learn more about the new AI Academy from Fundamental Edge: https://www.fundamentedge.com/ai-academy


There’s no shortage of speculation about how AI will reshape the workforce, but one area where no speculation is needed is the investment industry. AI is already rapidly disrupting the way investment professionals conduct fundamental equity research and shifting the competitive landscape for fund managers and talent alike. In this interview with Brett Caughran, founder of buyside training academy Fundamental Edge, and David Plon, co-founder and CEO of AI powered investment research platform Portrait Analytics join OPM to discuss the areas of the investment process where AI can already make an impact, the pitfalls and weaknesses of AI in its current state, how this is changing the job description for both portfolio managers and analysts, and the surprising reality that the first movers of AI adoption


Follow Brett Caughran on X: https://x.com/FundamentEdge

Follow David Plon on X: https://x.com/Dplon88

Follow Max on X: https://x.com/maxwiethe


Follow Other People’s Money on:


Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR

X https://x.com/opmpod


Timestamps

00:00 Intro

01:25 The Rapid Pace of AI Advancements

07:15 How to Start Adding AI to Your Process

15:00 Thesis Monitoring and the Next Frontiers of AI Investment Research

18:45 Current Level of AI Adoption and First Movers in the Hedge Fund World

23:19 Importance of Clearly Defining Your Investment Process Before Adding AI

26:35 The Role of Specialty Investment Tools

29:49 Custom vs Off-The-Shelf Solutions

38:16 Thoughtful AI Prompting is Key

44:01 Biggest AI Pitfalls to Avoid

48:52 How Has AI Shifted the Competitive Landscape?

54:43 AI Investing Bootcamp

]]> 3499 no Non-Bank Leverage & Financial Stability | Financial Stability Board General Secretary John Schindler This episode of Monetary Matters is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack John Schindler, General Secretary of the Financial Stability Board (FSB), joins Monetary Matters to discuss the rise of non-bank financial intermediation (NBFI), sometimes referred to as “shadow banking.” There are signs that NBFI leverage is growing and NBFI data is not as transparent or available as in the traditional banking system, and these two forces may pose financial stability risks. Schindler shares the FSB’s recommendations for how to ameliorate these potential risks. From the FSB: The Financial Stability Board (FSB) coordinates at the international level the work of national financial authorities and international standard-setting bodies in order to develop and promote the implementation of effective regulatory, supervisory and other financial sector policies. Its mandate is set out in the FSB Charter, which governs the policymaking and related activities of the FSB. Reports and recommendations: Final FSB Report on NBFI Leverage (web link): https://www.fsb.org/2025/07/leverage-in-nonbank-financial-intermediation-final-report/ Final FSB Report on NBFI Leverage (pdf): https://www.fsb.org/uploads/P090725-1.pdf Scihndler’s Eurofi speech: https://www.fsb.org/2024/09/building-bridges-the-case-for-better-data-and-coordination-for-the-non-bank-sector/ Global Monitoring Report on Non-Bank Financial Intermediation 2024: https://www.fsb.org/2024/12/global-monitoring-report-on-non-bank-financial-intermediation-2024/ 2021 Report on Money Market Resilience: https://www.fsb.org/2021/10/policy-proposals-to-enhance-money-market-fund-resilience-final-report/ Revised Policy Recommendations to Address Structural Vulnerabilities from Liquidity Mismatch in Open-Ended Funds: https://www.fsb.org/2023/12/revised-policy-recommendations-to-address-structural-vulnerabilities-from-liquidity-mismatch-in-open-ended-funds/ Liquidity Preparedness for Margin and Collateral Calls: Final report: “https://www.fsb.org/2024/12/liquidity-preparedness-for-margin-and-collateral-calls-final-report/” “High-level Recommendations for the Regulation, Supervision and Oversight of Global Stablecoin Arrangements: Final report”: https://www.fsb.org/2023/07/high-level-recommendations-for-the-regulation-supervision-and-oversight-of-global-stablecoin-arrangements-final-report/ Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Sun, 31 Aug 2025 14:36:00 -0000 full Jack Farley This episode of Monetary Matters is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack John Schindler, General Secretary of the Financial Stability Board (FSB), joins Monetary Matters to discuss the rise of non-bank financial intermediation (NBFI), sometimes referred to as “shadow banking.” There are signs that NBFI leverage is growing and NBFI data is not as transparent or available as in the traditional banking system, and these two forces may pose financial stability risks. Schindler shares the FSB’s recommendations for how to ameliorate these potential risks. From the FSB: The Financial Stability Board (FSB) coordinates at the international level the work of national financial authorities and international standard-setting bodies in order to develop and promote the implementation of effective regulatory, supervisory and other financial sector policies. Its mandate is set out in the FSB Charter, which governs the policymaking and related activities of the FSB. Reports and recommendations: Final FSB Report on NBFI Leverage (web link): https://www.fsb.org/2025/07/leverage-in-nonbank-financial-intermediation-final-report/ Final FSB Report on NBFI Leverage (pdf): https://www.fsb.org/uploads/P090725-1.pdf Scihndler’s Eurofi speech: https://www.fsb.org/2024/09/building-bridges-the-case-for-better-data-and-coordination-for-the-non-bank-sector/ Global Monitoring Report on Non-Bank Financial Intermediation 2024: https://www.fsb.org/2024/12/global-monitoring-report-on-non-bank-financial-intermediation-2024/ 2021 Report on Money Market Resilience: https://www.fsb.org/2021/10/policy-proposals-to-enhance-money-market-fund-resilience-final-report/ Revised Policy Recommendations to Address Structural Vulnerabilities from Liquidity Mismatch in Open-Ended Funds: https://www.fsb.org/2023/12/revised-policy-recommendations-to-address-structural-vulnerabilities-from-liquidity-mismatch-in-open-ended-funds/ Liquidity Preparedness for Margin and Collateral Calls: Final report: “https://www.fsb.org/2024/12/liquidity-preparedness-for-margin-and-collateral-calls-final-report/” “High-level Recommendations for the Regulation, Supervision and Oversight of Global Stablecoin Arrangements: Final report”: https://www.fsb.org/2023/07/high-level-recommendations-for-the-regulation-supervision-and-oversight-of-global-stablecoin-arrangements-final-report/ Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez This episode of Monetary Matters is brought to you by VanEck.

Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack

Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack


John Schindler, General Secretary of the Financial Stability Board (FSB), joins Monetary Matters to discuss the rise of non-bank financial intermediation (NBFI), sometimes referred to as “shadow banking.” There are signs that NBFI leverage is growing and NBFI data is not as transparent or available as in the traditional banking system, and these two forces may pose financial stability risks. Schindler shares the FSB’s recommendations for how to ameliorate these potential risks.


From the FSB: The Financial Stability Board (FSB) coordinates at the international level the work of national financial authorities and international standard-setting bodies in order to develop and promote the implementation of effective regulatory, supervisory and other financial sector policies. Its mandate is set out in the FSB Charter, which governs the policymaking and related activities of the FSB.


Reports and recommendations:

Final FSB Report on NBFI Leverage (web link):

https://www.fsb.org/2025/07/leverage-in-nonbank-financial-intermediation-final-report/


Final FSB Report on NBFI Leverage (pdf): https://www.fsb.org/uploads/P090725-1.pdf


Scihndler’s Eurofi speech: https://www.fsb.org/2024/09/building-bridges-the-case-for-better-data-and-coordination-for-the-non-bank-sector/


Global Monitoring Report on Non-Bank Financial Intermediation 2024: https://www.fsb.org/2024/12/global-monitoring-report-on-non-bank-financial-intermediation-2024/


2021 Report on Money Market Resilience: https://www.fsb.org/2021/10/policy-proposals-to-enhance-money-market-fund-resilience-final-report/


Revised Policy Recommendations to Address Structural Vulnerabilities from Liquidity Mismatch in Open-Ended Funds: https://www.fsb.org/2023/12/revised-policy-recommendations-to-address-structural-vulnerabilities-from-liquidity-mismatch-in-open-ended-funds/


Liquidity Preparedness for Margin and Collateral Calls: Final report: “https://www.fsb.org/2024/12/liquidity-preparedness-for-margin-and-collateral-calls-final-report/”


“High-level Recommendations for the Regulation, Supervision and Oversight of Global Stablecoin Arrangements: Final report”: https://www.fsb.org/2023/07/high-level-recommendations-for-the-regulation-supervision-and-oversight-of-global-stablecoin-arrangements-final-report/


Follow Monetary Matters on:

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]]> 4084 Climbing the Hedge Fund Ladder: From Analyst to Hedge Fund Founder This episode is brought to you by Fundamental Edge, the leaders in buyside analyst training. Reserve your spot in their new AI Academy: https://www.fundamentedge.com/ai-academy In the online community of FinTwit it is extremely common for hedge funders to have anonymous profiles because of strict regulations, but not all these anonymous profiles are made equal. @hfreflection is one of the most insightful anonymous members of the FinTwit community, especially when it comes to the business and industry of hedge funds. In this interview (while maintaining anonymity) HF reveals key aspects of his path to success and shares the insights he picked up on his journey from analyst to eventually launching his own firm after a long stint at a multi-billion dollar long/short equity manager. He touches on the hard decisions people face at different stages, whether you are a young professional trying to break into the industry, a mid-career analyst trying to find the right seat, or a seasoned professional deciding whether staying put or launching your own fund is the right path forward. Follow HF Reflections on X: https://x.com/hfreflection Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Wed, 27 Aug 2025 12:00:00 -0000 full Jack Farley This episode is brought to you by Fundamental Edge, the leaders in buyside analyst training. Reserve your spot in their new AI Academy: https://www.fundamentedge.com/ai-academy In the online community of FinTwit it is extremely common for hedge funders to have anonymous profiles because of strict regulations, but not all these anonymous profiles are made equal. @hfreflection is one of the most insightful anonymous members of the FinTwit community, especially when it comes to the business and industry of hedge funds. In this interview (while maintaining anonymity) HF reveals key aspects of his path to success and shares the insights he picked up on his journey from analyst to eventually launching his own firm after a long stint at a multi-billion dollar long/short equity manager. He touches on the hard decisions people face at different stages, whether you are a young professional trying to break into the industry, a mid-career analyst trying to find the right seat, or a seasoned professional deciding whether staying put or launching your own fund is the right path forward. Follow HF Reflections on X: https://x.com/hfreflection Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod This episode is brought to you by Fundamental Edge, the leaders in buyside analyst training. Reserve your spot in their new AI Academy: https://www.fundamentedge.com/ai-academy


In the online community of FinTwit it is extremely common for hedge funders to have anonymous profiles because of strict regulations, but not all these anonymous profiles are made equal. @hfreflection is one of the most insightful anonymous members of the FinTwit community, especially when it comes to the business and industry of hedge funds. In this interview (while maintaining anonymity) HF reveals key aspects of his path to success and shares the insights he picked up on his journey from analyst to eventually launching his own firm after a long stint at a multi-billion dollar long/short equity manager. He touches on the hard decisions people face at different stages, whether you are a young professional trying to break into the industry, a mid-career analyst trying to find the right seat, or a seasoned professional deciding whether staying put or launching your own fund is the right path forward.


Follow HF Reflections on X: https://x.com/hfreflection

Follow Max on X: https://x.com/maxwiethe


Follow Other People’s Money on:


Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

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X https://x.com/opmpod

]]> 5534 “Potemkin Village of Credit” | BankRegData’s Bill Moreland on Banks’ Loan Modification Morass & Note-on-Note Financing Spree This episode of Monetary Matters is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack Bill Moreland of BankRegData joins Jack to share how many banks’ extensive use of loan modifications have caused reported delinquencies to appear lower than they might otherwise have been. While Moreland acknowledges that modifications play a vital role in securing repayment, he maintains that their popularity over the past 3 years indicates it is unusual and that some banks may be “manipulating the shit out of” the data. Moreland tells Jack about note-on-note financing - a practice wherein a bank sells a loan to a buyer and lends that buyer the funds to buy it - is further used to hide losses within bank balance sheets. Recorded on August 19, 2025.More info about BankRegData: https://www.bankregdata.com/main.asp Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Tue, 26 Aug 2025 11:35:00 -0000 full Jack Farley This episode of Monetary Matters is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack Bill Moreland of BankRegData joins Jack to share how many banks’ extensive use of loan modifications have caused reported delinquencies to appear lower than they might otherwise have been. While Moreland acknowledges that modifications play a vital role in securing repayment, he maintains that their popularity over the past 3 years indicates it is unusual and that some banks may be “manipulating the shit out of” the data. Moreland tells Jack about note-on-note financing - a practice wherein a bank sells a loan to a buyer and lends that buyer the funds to buy it - is further used to hide losses within bank balance sheets. Recorded on August 19, 2025.More info about BankRegData: https://www.bankregdata.com/main.asp Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez This episode of Monetary Matters is brought to you by VanEck.


Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack


Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack


Bill Moreland of BankRegData joins Jack to share how many banks’ extensive use of loan modifications have caused reported delinquencies to appear lower than they might otherwise have been. While Moreland acknowledges that modifications play a vital role in securing repayment, he maintains that their popularity over the past 3 years indicates it is unusual and that some banks may be “manipulating the shit out of” the data. Moreland tells Jack about note-on-note financing - a practice wherein a bank sells a loan to a buyer and lends that buyer the funds to buy it - is further used to hide losses within bank balance sheets. Recorded on August 19, 2025.More info about BankRegData: https://www.bankregdata.com/main.asp


Follow Jack Farley on Twitter https://x.com/JackFarley96


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

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]]> 5738 Breaking Down Powell’s Jackson Hole Speech, September Rate Cut Odds, and Chinese Consumer Lending FinTech’s | Jack & Max This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm Jack Farley & Max Wiethe break down Jerome Powell’s Jackson Hole speech that markets have interpreted as signaling rate cuts are coming in September, the Fed’s long-term reassessment of their policy framework for combatting inflation and maintaining full employment, and Chinese consumer lending fintech companies that Jack is bullish on. Fed Statements on Longer-Run Goals and Monetary Policy Strategy Updated August 2025: https://www.federalreserve.gov/monetarypolicy/monetary-policy-strategy-tools-and-communications-statement-on-longer-run-goals-monetary-policy-strategy-2025.htm Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Max on Twitter: https://x.com/maxwiethe Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Intro 00:34 Fiscal.ai Front Roll 00:53 Jerome Powell Signals Rate Cuts? 06:35 The Fed’s View of the Labor Market 07:41 Updating the Fed’s Policy Framework 11:35 Fiscal.ai Mid Roll 12:58 Lisa Cook, Politics at the Fed, & the Next Fed Chair 21:06 Bullish Outlook on Chinese Consumer FinTech Basket 40:40 Outro Fri, 22 Aug 2025 19:50:00 -0000 full Jack Farley This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm Jack Farley & Max Wiethe break down Jerome Powell’s Jackson Hole speech that markets have interpreted as signaling rate cuts are coming in September, the Fed’s long-term reassessment of their policy framework for combatting inflation and maintaining full employment, and Chinese consumer lending fintech companies that Jack is bullish on. Fed Statements on Longer-Run Goals and Monetary Policy Strategy Updated August 2025: https://www.federalreserve.gov/monetarypolicy/monetary-policy-strategy-tools-and-communications-statement-on-longer-run-goals-monetary-policy-strategy-2025.htm Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Max on Twitter: https://x.com/maxwiethe Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Intro 00:34 Fiscal.ai Front Roll 00:53 Jerome Powell Signals Rate Cuts? 06:35 The Fed’s View of the Labor Market 07:41 Updating the Fed’s Policy Framework 11:35 Fiscal.ai Mid Roll 12:58 Lisa Cook, Politics at the Fed, & the Next Fed Chair 21:06 Bullish Outlook on Chinese Consumer FinTech Basket 40:40 Outro This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm


Jack Farley & Max Wiethe break down Jerome Powell’s Jackson Hole speech that markets have interpreted as signaling rate cuts are coming in September, the Fed’s long-term reassessment of their policy framework for combatting inflation and maintaining full employment, and Chinese consumer lending fintech companies that Jack is bullish on.


Fed Statements on Longer-Run Goals and Monetary Policy Strategy Updated August 2025: https://www.federalreserve.gov/monetarypolicy/monetary-policy-strategy-tools-and-communications-statement-on-longer-run-goals-monetary-policy-strategy-2025.htm


Follow Jack Farley on Twitter https://x.com/JackFarley96

Follow Max on Twitter: https://x.com/maxwiethe


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


Timestamps:

00:00 Intro

00:34 Fiscal.ai Front Roll

00:53 Jerome Powell Signals Rate Cuts?

06:35 The Fed’s View of the Labor Market

07:41 Updating the Fed’s Policy Framework

11:35 Fiscal.ai Mid Roll

12:58 Lisa Cook, Politics at the Fed, & the Next Fed Chair

21:06 Bullish Outlook on Chinese Consumer FinTech Basket

40:40 Outro

]]> 2565 The Golden Age of Fundamental Commodities Trading with Tor Svelland of Svelland Capital (18.5% Annualized Since Inception) Tor Svelland, CIO and Founder of Svelland Capital, has annualized over 18.5% net of fees since inception in 2017 in their strategy that trades a combination of commodity futures, commodity linked equities, freight derivatives, energy transition linked companies, and electricity producers. Svelland joins Other People’s Money to discuss why he believes new market participants and structural undersupply have made the current environment for commodities trading so exciting. He also discusses how he’s grown his business from personal capital to almost $1 billion in AUM with investors all over the globe. Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps 00:00 Intro 04:09 Trafigura & Goldman Sachs as Commodities Trading Talent Hubs 06:38 Launching Svelland Capital with Personal Capital 09:03 The First Major Hurdles: 3 Years & $100m in AUM 10:56 ESG and the Commodity Market Backdrop 15:59 Underinvestment & Undersupply in Shipping & Commodities 20:41 Trading Global Supply Chains Shifts 23:44 Trade Expression & Commodities Portfolio Construction 29:06 The Effects of New Commodity Market Participants 36:06 TTF Gas Markets & Price Spike Potential 39:38 Multiple PMs & The Benefits of Taking Risk 42:05 Thinking Internationally & Advice for Young Commodities Traders 45:56 International Investor Interest in Commodities 48:00 Managing AUM Growth & Capacity Constraints Tue, 19 Aug 2025 12:00:00 -0000 full Jack Farley Tor Svelland, CIO and Founder of Svelland Capital, has annualized over 18.5% net of fees since inception in 2017 in their strategy that trades a combination of commodity futures, commodity linked equities, freight derivatives, energy transition linked companies, and electricity producers. Svelland joins Other People’s Money to discuss why he believes new market participants and structural undersupply have made the current environment for commodities trading so exciting. He also discusses how he’s grown his business from personal capital to almost $1 billion in AUM with investors all over the globe. Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps 00:00 Intro 04:09 Trafigura & Goldman Sachs as Commodities Trading Talent Hubs 06:38 Launching Svelland Capital with Personal Capital 09:03 The First Major Hurdles: 3 Years & $100m in AUM 10:56 ESG and the Commodity Market Backdrop 15:59 Underinvestment & Undersupply in Shipping & Commodities 20:41 Trading Global Supply Chains Shifts 23:44 Trade Expression & Commodities Portfolio Construction 29:06 The Effects of New Commodity Market Participants 36:06 TTF Gas Markets & Price Spike Potential 39:38 Multiple PMs & The Benefits of Taking Risk 42:05 Thinking Internationally & Advice for Young Commodities Traders 45:56 International Investor Interest in Commodities 48:00 Managing AUM Growth & Capacity Constraints Tor Svelland, CIO and Founder of Svelland Capital, has annualized over 18.5% net of fees since inception in 2017 in their strategy that trades a combination of commodity futures, commodity linked equities, freight derivatives, energy transition linked companies, and electricity producers. Svelland joins Other People’s Money to discuss why he believes new market participants and structural undersupply have made the current environment for commodities trading so exciting. He also discusses how he’s grown his business from personal capital to almost $1 billion in AUM with investors all over the globe.


Follow Max on X: https://x.com/maxwiethe


Follow Other People’s Money on:


Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR

X https://x.com/opmpod



Timestamps

00:00 Intro

04:09 Trafigura & Goldman Sachs as Commodities Trading Talent Hubs

06:38 Launching Svelland Capital with Personal Capital

09:03 The First Major Hurdles: 3 Years & $100m in AUM

10:56 ESG and the Commodity Market Backdrop

15:59 Underinvestment & Undersupply in Shipping & Commodities

20:41 Trading Global Supply Chains Shifts

23:44 Trade Expression & Commodities Portfolio Construction

29:06 The Effects of New Commodity Market Participants

36:06 TTF Gas Markets & Price Spike Potential

39:38 Multiple PMs & The Benefits of Taking Risk

42:05 Thinking Internationally & Advice for Young Commodities Traders

45:56 International Investor Interest in Commodities

48:00 Managing AUM Growth & Capacity Constraints

]]> 2991 Biggest Trade Shock Since Civil War | Douglas Irwin on Trump’s “Bigger Than Smoot-Hawley” Tariffs, Great Depression Balance of Payments History, and Tariff Incidence (Who Pays?) This episode of Monetary Matters is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack Renowned trade historian Douglas Irwin joins Jack to compare the ongoing shifts in American trade policy to Smoot-Hawley tariff during the Great Depression and the McKinley-era tariffs of the late 19th century of which President Trump speaks so fondly. Irwin, the John French Professor of Economics at Dartmouth College, and author of “Clashing over Commerce” and “Trade Policy Disaster” among other titles, notes that most economic historians agree that the Smoot-Hawley tariff was not the primary cause of the Great Depression. Rather, while it probably exacerbated the global economic slowdown, trade barriers in a narrow sense served their respective countries' interest in limiting gold outflows. Professor Irwin argues that current tariffs (2% to ~15%) are a greater shock than Smoot-Hawley (38% to 42%), because of the higher rate of change and because U.S. trade as a percentage of GDP is higher now than it was in the 1930s. Jack lobs pro-protectionist arguments that Irwin strongly rejects. The two reflect on balance of payments, with Irwin noting that large capital inflows into the United States are a major cause of the large and persistent U.S. trade deficit. Recorded on August 7, 2025. Douglas Irwin’s books discussed: “Trade Policy Disaster: Lessons from the 1930s”: https://direct.mit.edu/books/monograph/3374/Trade-Policy-DisasterLessons-from-the-1930s “Clashing over Commerce: A History of US Trade Policy”: https://press.uchicago.edu/ucp/books/book/chicago/C/bo24475328.html “Peddling Protectionism: Smoot-Hawley and the Great Depression”: https://press.princeton.edu/books/paperback/9780691178066/peddling-protectionism?srsltid=AfmBOoqh-ZTEvY-wNf7wqitXQpkh-tfA7MEOyqxhKCoeHo7WbyUaJRB9 Douglas Irwin’s papers discussed: “TARIFF INCIDENCE: EVIDENCE FROM U.S. SUGAR DUTIES, 1890-1930”: https://www.nber.org/system/files/working_papers/w20635/w20635.pdf “HIGHER TARIFFS, LOWER REVENUES? ANALYZING THE FISCAL ASPECTS OF THE "GREAT TARIFF DEBATE OF 1888"”: https://www.nber.org/system/files/working_papers/w6239/w6239.pdf Follow Douglas Irwin on Twitter https://x.com/D_A_Irwin Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Mon, 18 Aug 2025 15:55:00 -0000 full Jack Farley This episode of Monetary Matters is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack Renowned trade historian Douglas Irwin joins Jack to compare the ongoing shifts in American trade policy to Smoot-Hawley tariff during the Great Depression and the McKinley-era tariffs of the late 19th century of which President Trump speaks so fondly. Irwin, the John French Professor of Economics at Dartmouth College, and author of “Clashing over Commerce” and “Trade Policy Disaster” among other titles, notes that most economic historians agree that the Smoot-Hawley tariff was not the primary cause of the Great Depression. Rather, while it probably exacerbated the global economic slowdown, trade barriers in a narrow sense served their respective countries' interest in limiting gold outflows. Professor Irwin argues that current tariffs (2% to ~15%) are a greater shock than Smoot-Hawley (38% to 42%), because of the higher rate of change and because U.S. trade as a percentage of GDP is higher now than it was in the 1930s. Jack lobs pro-protectionist arguments that Irwin strongly rejects. The two reflect on balance of payments, with Irwin noting that large capital inflows into the United States are a major cause of the large and persistent U.S. trade deficit. Recorded on August 7, 2025. Douglas Irwin’s books discussed: “Trade Policy Disaster: Lessons from the 1930s”: https://direct.mit.edu/books/monograph/3374/Trade-Policy-DisasterLessons-from-the-1930s “Clashing over Commerce: A History of US Trade Policy”: https://press.uchicago.edu/ucp/books/book/chicago/C/bo24475328.html “Peddling Protectionism: Smoot-Hawley and the Great Depression”: https://press.princeton.edu/books/paperback/9780691178066/peddling-protectionism?srsltid=AfmBOoqh-ZTEvY-wNf7wqitXQpkh-tfA7MEOyqxhKCoeHo7WbyUaJRB9 Douglas Irwin’s papers discussed: “TARIFF INCIDENCE: EVIDENCE FROM U.S. SUGAR DUTIES, 1890-1930”: https://www.nber.org/system/files/working_papers/w20635/w20635.pdf “HIGHER TARIFFS, LOWER REVENUES? ANALYZING THE FISCAL ASPECTS OF THE "GREAT TARIFF DEBATE OF 1888"”: https://www.nber.org/system/files/working_papers/w6239/w6239.pdf Follow Douglas Irwin on Twitter https://x.com/D_A_Irwin Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez This episode of Monetary Matters is brought to you by VanEck.

Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack

Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack

Renowned trade historian Douglas Irwin joins Jack to compare the ongoing shifts in American trade policy to Smoot-Hawley tariff during the Great Depression and the McKinley-era tariffs of the late 19th century of which President Trump speaks so fondly. Irwin, the John French Professor of Economics at Dartmouth College, and author of “Clashing over Commerce” and “Trade Policy Disaster” among other titles, notes that most economic historians agree that the Smoot-Hawley tariff was not the primary cause of the Great Depression. Rather, while it probably exacerbated the global economic slowdown, trade barriers in a narrow sense served their respective countries' interest in limiting gold outflows. Professor Irwin argues that current tariffs (2% to ~15%) are a greater shock than Smoot-Hawley (38% to 42%), because of the higher rate of change and because U.S. trade as a percentage of GDP is higher now than it was in the 1930s. Jack lobs pro-protectionist arguments that Irwin strongly rejects. The two reflect on balance of payments, with Irwin noting that large capital inflows into the United States are a major cause of the large and persistent U.S. trade deficit. Recorded on August 7, 2025.

Douglas Irwin’s books discussed: “Trade Policy Disaster: Lessons from the 1930s”: https://direct.mit.edu/books/monograph/3374/Trade-Policy-DisasterLessons-from-the-1930s

“Clashing over Commerce: A History of US Trade Policy”: https://press.uchicago.edu/ucp/books/book/chicago/C/bo24475328.html

“Peddling Protectionism: Smoot-Hawley and the Great Depression”: https://press.princeton.edu/books/paperback/9780691178066/peddling-protectionism?srsltid=AfmBOoqh-ZTEvY-wNf7wqitXQpkh-tfA7MEOyqxhKCoeHo7WbyUaJRB9

Douglas Irwin’s papers discussed:

“TARIFF INCIDENCE: EVIDENCE FROM U.S. SUGAR DUTIES, 1890-1930”: https://www.nber.org/system/files/working_papers/w20635/w20635.pdf

“HIGHER TARIFFS, LOWER REVENUES? ANALYZING THE FISCAL ASPECTS OF THE "GREAT TARIFF DEBATE OF 1888"”: https://www.nber.org/system/files/working_papers/w6239/w6239.pdf


Follow Douglas Irwin on Twitter https://x.com/D_A_Irwin

Follow Jack Farley on Twitter https://x.com/JackFarley96


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

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]]> 4622 Wall Street is Crushing Main Street: Juxtaposing Market Strength with Economic Softness This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm Jack Farley & Max Wiethe break down recent economic data on inflation and the labor market, the parade of positive earnings reports sending markets higher, and how this is representative of an economic expansion that is benefiting Wall Street while Main Street is left behind. Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Max on Twitter: https://x.com/maxwiethe Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Intro 00:46 Financial Conditions Are Easy 01:48 Inflation Report (CPI) 04:02 Market Strength (Wall St.) vs Economic Weakness (Main St.) 10:13 Earnings Expectations: Priced for Perfection? 16:13 Fiscal AI 17:36 Are We in a Bubble? 22:12 AI CapEx Trends 25:42 AMZN and Earnings Season Losers 30:38 What’s Up Next Earnings 33:11 The New BLS and Labor Market Data 38:12 Market Complacency and Long-term Predictions 42:46 What’s in the Portfolio of “Super Investors” Thu, 14 Aug 2025 12:40:00 -0000 full Jack Farley This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm Jack Farley & Max Wiethe break down recent economic data on inflation and the labor market, the parade of positive earnings reports sending markets higher, and how this is representative of an economic expansion that is benefiting Wall Street while Main Street is left behind. Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Max on Twitter: https://x.com/maxwiethe Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Intro 00:46 Financial Conditions Are Easy 01:48 Inflation Report (CPI) 04:02 Market Strength (Wall St.) vs Economic Weakness (Main St.) 10:13 Earnings Expectations: Priced for Perfection? 16:13 Fiscal AI 17:36 Are We in a Bubble? 22:12 AI CapEx Trends 25:42 AMZN and Earnings Season Losers 30:38 What’s Up Next Earnings 33:11 The New BLS and Labor Market Data 38:12 Market Complacency and Long-term Predictions 42:46 What’s in the Portfolio of “Super Investors” This Monetary Matters episode is brought to you by Fiscal.ai. Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm


Jack Farley & Max Wiethe break down recent economic data on inflation and the labor market, the parade of positive earnings reports sending markets higher, and how this is representative of an economic expansion that is benefiting Wall Street while Main Street is left behind.


Follow Jack Farley on Twitter https://x.com/JackFarley96

Follow Max on Twitter: https://x.com/maxwiethe


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


Timestamps:

00:00 Intro

00:46 Financial Conditions Are Easy

01:48 Inflation Report (CPI)

04:02 Market Strength (Wall St.) vs Economic Weakness (Main St.)

10:13 Earnings Expectations: Priced for Perfection?

16:13 Fiscal AI

17:36 Are We in a Bubble?

22:12 AI CapEx Trends

25:42 AMZN and Earnings Season Losers

30:38 What’s Up Next Earnings

33:11 The New BLS and Labor Market Data

38:12 Market Complacency and Long-term Predictions

42:46 What’s in the Portfolio of “Super Investors”

]]> 2658 The ETFization of Private Credit | Leland Clemons on Fixed Income Flows, ETF Mechanics, and High-Yield Bond Market Leland Clemons, co-founder and CEO of BondBloxx, shares his view on where he thinks fixed-income ETFs are headed. He talks about the creation of the first private credit ETF (consisting of tranches of middle-market CLOs), the mechanics of ETF creation via authorized participants (APs), equity concentration risk, and increased specialization of fixed-income ETFs. Recorded August 8, 2025. Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Tue, 12 Aug 2025 13:15:00 -0000 full Jack Farley Leland Clemons, co-founder and CEO of BondBloxx, shares his view on where he thinks fixed-income ETFs are headed. He talks about the creation of the first private credit ETF (consisting of tranches of middle-market CLOs), the mechanics of ETF creation via authorized participants (APs), equity concentration risk, and increased specialization of fixed-income ETFs. Recorded August 8, 2025. Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Leland Clemons, co-founder and CEO of BondBloxx, shares his view on where he thinks fixed-income ETFs are headed. He talks about the creation of the first private credit ETF (consisting of tranches of middle-market CLOs), the mechanics of ETF creation via authorized participants (APs), equity concentration risk, and increased specialization of fixed-income ETFs. Recorded August 8, 2025.


Follow Jack Farley on Twitter https://x.com/JackFarley96


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

]]> 3427 Waiting For The Fat Pitch | “Recession Denier” Jonny Matthews on Real Slowdown In U.S. Economic Data For 26% off to SuperMacro: https://billing.super-macro.com/b/14A5kDfMVeim3VM5ZW7bW06 For many Jonny Matthews, former PM at Brevan Howard and publisher of SuperMacro, has emphatically rejected the case for a recession in the U.S. Recent economic data is causing him to reevaluate his view. While he still calls himself a “recession denier,” Matthews now thinks a slowdown is already occurring in the U.S. that will *look* like stagflation in the fall. Whether it will actually be “real stagflation” is a different question. But Matthews has a bearish view on stocks and bonds, while acknowledging that putting on these trades are difficult and that he is waiting for the right time. Recorded on August 6, 2025.  About SuperMacro https://super-macro.com/who-we-are Follow Jonny Matthews on Twitter https://x.com/super_macro Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Fri, 08 Aug 2025 15:04:00 -0000 full Jack Farley For 26% off to SuperMacro: https://billing.super-macro.com/b/14A5kDfMVeim3VM5ZW7bW06 For many Jonny Matthews, former PM at Brevan Howard and publisher of SuperMacro, has emphatically rejected the case for a recession in the U.S. Recent economic data is causing him to reevaluate his view. While he still calls himself a “recession denier,” Matthews now thinks a slowdown is already occurring in the U.S. that will *look* like stagflation in the fall. Whether it will actually be “real stagflation” is a different question. But Matthews has a bearish view on stocks and bonds, while acknowledging that putting on these trades are difficult and that he is waiting for the right time. Recorded on August 6, 2025.  About SuperMacro https://super-macro.com/who-we-are Follow Jonny Matthews on Twitter https://x.com/super_macro Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez For 26% off to SuperMacro: https://billing.super-macro.com/b/14A5kDfMVeim3VM5ZW7bW06


For many Jonny Matthews, former PM at Brevan Howard and publisher of SuperMacro, has emphatically rejected the case for a recession in the U.S. Recent economic data is causing him to reevaluate his view. While he still calls himself a “recession denier,” Matthews now thinks a slowdown is already occurring in the U.S. that will *look* like stagflation in the fall. Whether it will actually be “real stagflation” is a different question. But Matthews has a bearish view on stocks and bonds, while acknowledging that putting on these trades are difficult and that he is waiting for the right time. Recorded on August 6, 2025. 


About SuperMacro https://super-macro.com/who-we-are

Follow Jonny Matthews on Twitter https://x.com/super_macro

Follow Jack Farley on Twitter https://x.com/JackFarley96


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

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]]> 4443 Deep Engagement: A Banking Approach to Classical Value Investing | Donald Zilkha of Zilkha Investments Donald Zilkha, founder of Zilkha Investments joins Other People’s Money to discuss how his deep-rooted DNA in banking and deal making has evolved into an investment strategy focused on deep research and engagement with management to affect change without upsetting the apple cart. He discusses how this strategy has evolved from single name SPVs to the commingled strategy he has today, case studies like Nathan’s Famous Hot Dogs, and why this classical style resonates with investors. Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps 00:00 Intro 00:34 The Birth of Modern Banking in the Middle East 10:27 Evolution from Venture, to SPVs, to Drawdown, to Vanilla Equity 19:09 Engagement vs. Activism 27:17 Nathan's Famous Hot Dogs Case Study 33:05 Take Private Opportunities 35:55 Investing in a "Classical" Style 38:43 Talking About Process Instead of Positions 45:02 Value Investing in Tech and Old-Line Businesses 50:05 Team Continuity & Incentives 54:18 Marketing After 10+ Years Tue, 05 Aug 2025 14:00:00 -0000 full Jack Farley Donald Zilkha, founder of Zilkha Investments joins Other People’s Money to discuss how his deep-rooted DNA in banking and deal making has evolved into an investment strategy focused on deep research and engagement with management to affect change without upsetting the apple cart. He discusses how this strategy has evolved from single name SPVs to the commingled strategy he has today, case studies like Nathan’s Famous Hot Dogs, and why this classical style resonates with investors. Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps 00:00 Intro 00:34 The Birth of Modern Banking in the Middle East 10:27 Evolution from Venture, to SPVs, to Drawdown, to Vanilla Equity 19:09 Engagement vs. Activism 27:17 Nathan's Famous Hot Dogs Case Study 33:05 Take Private Opportunities 35:55 Investing in a "Classical" Style 38:43 Talking About Process Instead of Positions 45:02 Value Investing in Tech and Old-Line Businesses 50:05 Team Continuity & Incentives 54:18 Marketing After 10+ Years Donald Zilkha, founder of Zilkha Investments joins Other People’s Money to discuss how his deep-rooted DNA in banking and deal making has evolved into an investment strategy focused on deep research and engagement with management to affect change without upsetting the apple cart. He discusses how this strategy has evolved from single name SPVs to the commingled strategy he has today, case studies like Nathan’s Famous Hot Dogs, and why this classical style resonates with investors.


Follow Max on X: https://x.com/maxwiethe


Follow Other People’s Money on:


Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR

X https://x.com/opmpod



Timestamps

00:00 Intro

00:34 The Birth of Modern Banking in the Middle East

10:27 Evolution from Venture, to SPVs, to Drawdown, to Vanilla Equity

19:09 Engagement vs. Activism

27:17 Nathan's Famous Hot Dogs Case Study

33:05 Take Private Opportunities

35:55 Investing in a "Classical" Style

38:43 Talking About Process Instead of Positions

45:02 Value Investing in Tech and Old-Line Businesses

50:05 Team Continuity & Incentives

54:18 Marketing After 10+ Years

]]> 3456 The Speculation Phase Begins | Michael Howell on Liquidity Cycle, China, Fiscal Dominance, and Dollar Weakening This episode of Monetary Matters is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack Michael Howell of Crossborder Capital returns to Monetary Matters to share a strategic update on his reading of the liquidity cycle. A weakening U.S. Dollar is allowing many central banks around the world to ease. With large amounts of monetary easing from China’s central bank (PBOC), falling fixed-income volatility, and a shortening of the U.S. debt term structure, which Howell calls “not yield curve control yield curve control,” Howell sees a bullish liquidity backdrop throughout the end of the year into 2026. Recorded July 21, 2025. Follow Michael Howell on Twitter https://x.com/crossbordercap Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Sun, 03 Aug 2025 13:40:00 -0000 full Jack Farley This episode of Monetary Matters is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack Michael Howell of Crossborder Capital returns to Monetary Matters to share a strategic update on his reading of the liquidity cycle. A weakening U.S. Dollar is allowing many central banks around the world to ease. With large amounts of monetary easing from China’s central bank (PBOC), falling fixed-income volatility, and a shortening of the U.S. debt term structure, which Howell calls “not yield curve control yield curve control,” Howell sees a bullish liquidity backdrop throughout the end of the year into 2026. Recorded July 21, 2025. Follow Michael Howell on Twitter https://x.com/crossbordercap Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez This episode of Monetary Matters is brought to you by VanEck.

Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack

Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack


Michael Howell of Crossborder Capital returns to Monetary Matters to share a strategic update on his reading of the liquidity cycle. A weakening U.S. Dollar is allowing many central banks around the world to ease. With large amounts of monetary easing from China’s central bank (PBOC), falling fixed-income volatility, and a shortening of the U.S. debt term structure, which Howell calls “not yield curve control yield curve control,” Howell sees a bullish liquidity backdrop throughout the end of the year into 2026. Recorded July 21, 2025.


Follow Michael Howell on Twitter https://x.com/crossbordercap

Follow Jack Farley on Twitter https://x.com/JackFarley96


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

]]> 4895 Beyond the Fed | Jack & Max on FOMC, GDP, Earnings & Tariffs This Monetary Matters episode is brought to you by Fiscal.ai.Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm Jack Farley & Max Wiethe break down today’s FOMC rate cut decision, this morning’s GDP report, recent tariff developments as major August deadlines approach, and the big earnings reports that are moving markets. Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Max on Twitter: https://x.com/maxwiethe Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez  Thu, 31 Jul 2025 00:06:00 -0000 full Jack Farley This Monetary Matters episode is brought to you by Fiscal.ai.Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm Jack Farley & Max Wiethe break down today’s FOMC rate cut decision, this morning’s GDP report, recent tariff developments as major August deadlines approach, and the big earnings reports that are moving markets. Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Max on Twitter: https://x.com/maxwiethe Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez  This Monetary Matters episode is brought to you by Fiscal.ai.Sign up for a 2-week free trial and get 15% off any paid tier at: http://fiscal.ai/mm


Jack Farley & Max Wiethe break down today’s FOMC rate cut decision, this morning’s GDP report, recent tariff developments as major August deadlines approach, and the big earnings reports that are moving markets.


Follow Jack Farley on Twitter https://x.com/JackFarley96

Follow Max on Twitter: https://x.com/maxwiethe


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez 

]]> 2736 Optimizing the Investment Business for Long-term Results | David Steinberg of Marlowe Partners David Steinberg, founder and CIO of Marlowe Partners joins Other People’s Money to discuss why he believes the operational and capital raising side of the investment business is the most important factor in determining success. He also discusses how he is navigating the capital raising process with a focus on weeding out investors who are not a fit for his concentrated long-term investing style, how that long-term style affects his ability to use AI in the research process, and why it is important not to be too innovative with your investment terms. David would also like to highlight the importance of high quality service providers and has shared three service providers he would highly recommend to other investment professionals. For accounting services David uses: https://rsmus.com For outsourced compliance services David uses: https://www.salusgrc.com For legal services David uses: https://www.akingump.com/en Follow David on Twitter: https://x.com/PeterLakeSounds Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps 00:00 Intro 00:30 The Most Important Aspect of Investing 10:16 The Market for Concentrated Investing 13:47 Staying in the Game 17:45 Non-Standard Structures Are a Risk 19:41 New Structures for Individual Investors 27:11 Communicating Investing Process 34:28 Using AI to Cut Investment Research Costs 49:04 The Mission of $1B to $100B Wed, 30 Jul 2025 13:56:00 -0000 full Jack Farley David Steinberg, founder and CIO of Marlowe Partners joins Other People’s Money to discuss why he believes the operational and capital raising side of the investment business is the most important factor in determining success. He also discusses how he is navigating the capital raising process with a focus on weeding out investors who are not a fit for his concentrated long-term investing style, how that long-term style affects his ability to use AI in the research process, and why it is important not to be too innovative with your investment terms. David would also like to highlight the importance of high quality service providers and has shared three service providers he would highly recommend to other investment professionals. For accounting services David uses: https://rsmus.com For outsourced compliance services David uses: https://www.salusgrc.com For legal services David uses: https://www.akingump.com/en Follow David on Twitter: https://x.com/PeterLakeSounds Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps 00:00 Intro 00:30 The Most Important Aspect of Investing 10:16 The Market for Concentrated Investing 13:47 Staying in the Game 17:45 Non-Standard Structures Are a Risk 19:41 New Structures for Individual Investors 27:11 Communicating Investing Process 34:28 Using AI to Cut Investment Research Costs 49:04 The Mission of $1B to $100B David Steinberg, founder and CIO of Marlowe Partners joins Other People’s Money to discuss why he believes the operational and capital raising side of the investment business is the most important factor in determining success. He also discusses how he is navigating the capital raising process with a focus on weeding out investors who are not a fit for his concentrated long-term investing style, how that long-term style affects his ability to use AI in the research process, and why it is important not to be too innovative with your investment terms.


David would also like to highlight the importance of high quality service providers and has shared three service providers he would highly recommend to other investment professionals.


For accounting services David uses: https://rsmus.com

For outsourced compliance services David uses: https://www.salusgrc.com

For legal services David uses: https://www.akingump.com/en


Follow David on Twitter: https://x.com/PeterLakeSounds

Follow Max on X: https://x.com/maxwiethe


Follow Other People’s Money on:


Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR

X https://x.com/opmpod



Timestamps

00:00 Intro

00:30 The Most Important Aspect of Investing

10:16 The Market for Concentrated Investing

13:47 Staying in the Game

17:45 Non-Standard Structures Are a Risk

19:41 New Structures for Individual Investors

27:11 Communicating Investing Process

34:28 Using AI to Cut Investment Research Costs

49:04 The Mission of $1B to $100B


]]> 3264 A US Sovereign Debt Crisis is Bullish for the Dollar | Brent Johnson This Monetary Matters episode is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack Brent Johnson, CEO of Santiago Capital, joins Monetary Matters to discuss why he believes the idea that a US sovereign debt crisis could occur in a vacuum without spilling over into a global sovereign debt crisis is outlandish. He argues that because there would be knock on effects globally, any such crisis would be extremely bullish for the dollar, not bearish as many have argued. He also argues that current panic around dollar weakness is overblown and that the current battle between the Fed and the US Treasury will be won by the Treasury and usher in a new error of less autonomy and independence from the Federal Reserve, potentially sending yields and dollars higher. Read Brent’s Research: https://pages.santiagocapital.com/research Follow Brent Johnson on Twitter: https://x.com/SantiagoAuFund Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez An investment in the VanEck Semiconductor ETF (SMH) and VanEck Fabless Semiconductor ETF (SMHX) may be subject to risks which include, among others, risks related to investing in the semiconductor industry, special risk considerations of investing in Taiwanese issuers, equity securities, small-, medium and large-capitalization companies, foreign securities, emerging market issuers, foreign currency, depositary receipts, issuer-specific changes, market, operational, index tracking, authorized participant concentration, new fund, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares, non-diversified, and index-related concentration risks, all of which may adversely affect the Fund. Small, medium and large-capitalization companies may be subject to elevated risks. Emerging market issuers and foreign securities may be subject to securities markets, political and economic, investment and repatriation restrictions, different rules and regulations, less publicly available financial information, foreign currency and exchange rates, operational and settlement, and corporate and securities laws risks. Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of a Fund carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing. © Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation Sun, 27 Jul 2025 11:00:00 -0000 full Jack Farley This Monetary Matters episode is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack Brent Johnson, CEO of Santiago Capital, joins Monetary Matters to discuss why he believes the idea that a US sovereign debt crisis could occur in a vacuum without spilling over into a global sovereign debt crisis is outlandish. He argues that because there would be knock on effects globally, any such crisis would be extremely bullish for the dollar, not bearish as many have argued. He also argues that current panic around dollar weakness is overblown and that the current battle between the Fed and the US Treasury will be won by the Treasury and usher in a new error of less autonomy and independence from the Federal Reserve, potentially sending yields and dollars higher. Read Brent’s Research: https://pages.santiagocapital.com/research Follow Brent Johnson on Twitter: https://x.com/SantiagoAuFund Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez An investment in the VanEck Semiconductor ETF (SMH) and VanEck Fabless Semiconductor ETF (SMHX) may be subject to risks which include, among others, risks related to investing in the semiconductor industry, special risk considerations of investing in Taiwanese issuers, equity securities, small-, medium and large-capitalization companies, foreign securities, emerging market issuers, foreign currency, depositary receipts, issuer-specific changes, market, operational, index tracking, authorized participant concentration, new fund, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares, non-diversified, and index-related concentration risks, all of which may adversely affect the Fund. Small, medium and large-capitalization companies may be subject to elevated risks. Emerging market issuers and foreign securities may be subject to securities markets, political and economic, investment and repatriation restrictions, different rules and regulations, less publicly available financial information, foreign currency and exchange rates, operational and settlement, and corporate and securities laws risks. Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of a Fund carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing. © Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation This Monetary Matters episode is brought to you by VanEck.


Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack


Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack


Brent Johnson, CEO of Santiago Capital, joins Monetary Matters to discuss why he believes the idea that a US sovereign debt crisis could occur in a vacuum without spilling over into a global sovereign debt crisis is outlandish. He argues that because there would be knock on effects globally, any such crisis would be extremely bullish for the dollar, not bearish as many have argued. He also argues that current panic around dollar weakness is overblown and that the current battle between the Fed and the US Treasury will be won by the Treasury and usher in a new error of less autonomy and independence from the Federal Reserve, potentially sending yields and dollars higher.


Read Brent’s Research: https://pages.santiagocapital.com/research


Follow Brent Johnson on Twitter: https://x.com/SantiagoAuFund

Follow Jack Farley on Twitter https://x.com/JackFarley96


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


An investment in the VanEck Semiconductor ETF (SMH) and VanEck Fabless Semiconductor ETF (SMHX) may be subject to risks which include, among others, risks related to investing in the semiconductor industry, special risk considerations of investing in Taiwanese issuers, equity securities, small-, medium and large-capitalization companies, foreign securities, emerging market issuers, foreign currency, depositary receipts, issuer-specific changes, market, operational, index tracking, authorized participant concentration, new fund, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares, non-diversified, and index-related concentration risks, all of which may adversely affect the Fund. Small, medium and large-capitalization companies may be subject to elevated risks. Emerging market issuers and foreign securities may be subject to securities markets, political and economic, investment and repatriation restrictions, different rules and regulations, less publicly available financial information, foreign currency and exchange rates, operational and settlement, and corporate and securities laws risks.


Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of a Fund carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.


© Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation

]]> 4970 Navigating the Non-Investment Grade Landscape In A High Tariff World | Oaktree’s Wayne Dahl on High-Yield Bonds, Bank Loans, CLOs, CMBS, and Private Credit Wayne Dahl, managing director and co-portfolio manager of Global Credit at Oaktree Capital Management, joins Monetary Matters to share his views on navigating the world of credit. With spreads low not just in high-yield, but also in bank loans, collateralized loan obligations (CLOs), and private credit, Dahl talks about where value is to be found during a time of high tariffs and high uncertainty. Recorded July 14, 2025. Follow Wayne Dahl on LinkedIn https://www.linkedin.com/in/wayne-dahl-3530175 Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Wed, 23 Jul 2025 14:51:00 -0000 full Jack Farley Wayne Dahl, managing director and co-portfolio manager of Global Credit at Oaktree Capital Management, joins Monetary Matters to share his views on navigating the world of credit. With spreads low not just in high-yield, but also in bank loans, collateralized loan obligations (CLOs), and private credit, Dahl talks about where value is to be found during a time of high tariffs and high uncertainty. Recorded July 14, 2025. Follow Wayne Dahl on LinkedIn https://www.linkedin.com/in/wayne-dahl-3530175 Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Wayne Dahl, managing director and co-portfolio manager of Global Credit at Oaktree Capital Management, joins Monetary Matters to share his views on navigating the world of credit. With spreads low not just in high-yield, but also in bank loans, collateralized loan obligations (CLOs), and private credit, Dahl talks about where value is to be found during a time of high tariffs and high uncertainty. Recorded July 14, 2025.

Follow Wayne Dahl on LinkedIn https://www.linkedin.com/in/wayne-dahl-3530175

Follow Jack Farley on Twitter https://x.com/JackFarley96

Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


]]> 3558 SPACs Are Booming but Are We Back in Bubble Territory? | Louis Camhi of RLH Capital Louis Camhi, founder and CIO of RLH Capital returns to Other People’s Money to discuss how SPACs are making a comeback in 2025. Camhi discusses the differences between SPACs and DeSPACs, common misconceptions about SPAC risk, and how 2025’s boom in SPAC issuance is a far cry from what we saw in 2021. Camhi also discusses the different strategies he employs to take advantage of the unique opportunities SPACs provide, thematic trends in SPAC acquisition targets, and how he is using SPVs to increase exposure to SPAC target bridge loans. Follow Louis on Twitter: https://x.com/valwithcatalyst Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Tue, 22 Jul 2025 18:29:00 -0000 full Jack Farley Louis Camhi, founder and CIO of RLH Capital returns to Other People’s Money to discuss how SPACs are making a comeback in 2025. Camhi discusses the differences between SPACs and DeSPACs, common misconceptions about SPAC risk, and how 2025’s boom in SPAC issuance is a far cry from what we saw in 2021. Camhi also discusses the different strategies he employs to take advantage of the unique opportunities SPACs provide, thematic trends in SPAC acquisition targets, and how he is using SPVs to increase exposure to SPAC target bridge loans. Follow Louis on Twitter: https://x.com/valwithcatalyst Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Louis Camhi, founder and CIO of RLH Capital returns to Other People’s Money to discuss how SPACs are making a comeback in 2025. Camhi discusses the differences between SPACs and DeSPACs, common misconceptions about SPAC risk, and how 2025’s boom in SPAC issuance is a far cry from what we saw in 2021. Camhi also discusses the different strategies he employs to take advantage of the unique opportunities SPACs provide, thematic trends in SPAC acquisition targets, and how he is using SPVs to increase exposure to SPAC target bridge loans.


Follow Louis on Twitter: https://x.com/valwithcatalyst

Follow Max on X: https://x.com/maxwiethe


Follow Other People’s Money on:


Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR

X https://x.com/opmpod


]]> 2868 Bitcoin Calls Are Cheap, Equity Puts Are Rich | Dean Curnutt on TACO, Variance Drag, Leveraged ETFs, and Cross Asset Vol Volatility specialist Dean Curnutt, founder of Macro Risk Advisors and host of the Alpha Exchange podcast, joins Jack to share his view on volatility across assets. He explains why he thinks even though equity puts may be attractive for rainy day insurance, technically equity implied vol is very expensive relative to realized vol. While in Bitcoin land, Dean argues that Bitcoin volatility is cheap because vol can expand as the asset rises. Dean shares his view of tariffs and the U.S. Treasury market. Recorded July 9, 2025. Follow Dean Curnutt on Twitter https://x.com/Alpha_Ex_LLC Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Sun, 20 Jul 2025 14:00:00 -0000 full Jack Farley Volatility specialist Dean Curnutt, founder of Macro Risk Advisors and host of the Alpha Exchange podcast, joins Jack to share his view on volatility across assets. He explains why he thinks even though equity puts may be attractive for rainy day insurance, technically equity implied vol is very expensive relative to realized vol. While in Bitcoin land, Dean argues that Bitcoin volatility is cheap because vol can expand as the asset rises. Dean shares his view of tariffs and the U.S. Treasury market. Recorded July 9, 2025. Follow Dean Curnutt on Twitter https://x.com/Alpha_Ex_LLC Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Volatility specialist Dean Curnutt, founder of Macro Risk Advisors and host of the Alpha Exchange podcast, joins Jack to share his view on volatility across assets. He explains why he thinks even though equity puts may be attractive for rainy day insurance, technically equity implied vol is very expensive relative to realized vol. While in Bitcoin land, Dean argues that Bitcoin volatility is cheap because vol can expand as the asset rises. Dean shares his view of tariffs and the U.S. Treasury market. Recorded July 9, 2025.

Follow Dean Curnutt on Twitter https://x.com/Alpha_Ex_LLC

Follow Jack Farley on Twitter https://x.com/JackFarley96

Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


]]> 3931 Top Hedge Funds Are Hiding and It’s Warping Return Data | Jon Caplis of PivotalPath This Other People’s Money episode is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHMax Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXMax Jon Caplis, CEO and founder at PivotalPath joins Other People’s Money to discuss how underreporting of data by the top tier of hedge funds is skewing the data that institutional investors use to make allocation decisions, resulting in undeservedly poor perception of the asset class, and significant underinvestment from institutional investors relying on allocation models. He argues that the top firms’ absence from most data sets has dragged industry wide return metrics down by approximately 400 basis points annually. Caplis also discusses how PivotalPath is combatting this data issue, the performance of hedge funds in 2025, and the mistakes many hedge funds make in communicating with institutional LPs that make up PivotalPath’s client base. Learn more about PivotalPath at https://www.pivotalpath.com/ Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod An investment in the VanEck Semiconductor ETF (SMH) and VanEck Fabless Semiconductor ETF (SMHX) may be subject to risks which include, among others, risks related to investing in the semiconductor industry, special risk considerations of investing in Taiwanese issuers, equity securities, small-, medium and large-capitalization companies, foreign securities, emerging market issuers, foreign currency, depositary receipts, issuer-specific changes, market, operational, index tracking, authorized participant concentration, new fund, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares, non-diversified, and index-related concentration risks, all of which may adversely affect the Fund. Small, medium and large-capitalization companies may be subject to elevated risks. Emerging market issuers and foreign securities may be subject to securities markets, political and economic, investment and repatriation restrictions, different rules and regulations, less publicly available financial information, foreign currency and exchange rates, operational and settlement, and corporate and securities laws risks. Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of a Fund carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing. © Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation Tue, 15 Jul 2025 21:00:00 -0000 full Jack Farley This Other People’s Money episode is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHMax Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXMax Jon Caplis, CEO and founder at PivotalPath joins Other People’s Money to discuss how underreporting of data by the top tier of hedge funds is skewing the data that institutional investors use to make allocation decisions, resulting in undeservedly poor perception of the asset class, and significant underinvestment from institutional investors relying on allocation models. He argues that the top firms’ absence from most data sets has dragged industry wide return metrics down by approximately 400 basis points annually. Caplis also discusses how PivotalPath is combatting this data issue, the performance of hedge funds in 2025, and the mistakes many hedge funds make in communicating with institutional LPs that make up PivotalPath’s client base. Learn more about PivotalPath at https://www.pivotalpath.com/ Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod An investment in the VanEck Semiconductor ETF (SMH) and VanEck Fabless Semiconductor ETF (SMHX) may be subject to risks which include, among others, risks related to investing in the semiconductor industry, special risk considerations of investing in Taiwanese issuers, equity securities, small-, medium and large-capitalization companies, foreign securities, emerging market issuers, foreign currency, depositary receipts, issuer-specific changes, market, operational, index tracking, authorized participant concentration, new fund, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares, non-diversified, and index-related concentration risks, all of which may adversely affect the Fund. Small, medium and large-capitalization companies may be subject to elevated risks. Emerging market issuers and foreign securities may be subject to securities markets, political and economic, investment and repatriation restrictions, different rules and regulations, less publicly available financial information, foreign currency and exchange rates, operational and settlement, and corporate and securities laws risks. Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of a Fund carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing. © Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation This Other People’s Money episode is brought to you by VanEck.


Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHMax


Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXMax


Jon Caplis, CEO and founder at PivotalPath joins Other People’s Money to discuss how underreporting of data by the top tier of hedge funds is skewing the data that institutional investors use to make allocation decisions, resulting in undeservedly poor perception of the asset class, and significant underinvestment from institutional investors relying on allocation models. He argues that the top firms’ absence from most data sets has dragged industry wide return metrics down by approximately 400 basis points annually. Caplis also discusses how PivotalPath is combatting this data issue, the performance of hedge funds in 2025, and the mistakes many hedge funds make in communicating with institutional LPs that make up PivotalPath’s client base.


Learn more about PivotalPath at https://www.pivotalpath.com/

Follow Max on X: https://x.com/maxwiethe


Follow Other People’s Money on:


Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR

X https://x.com/opmpod


An investment in the VanEck Semiconductor ETF (SMH) and VanEck Fabless Semiconductor ETF (SMHX) may be subject to risks which include, among others, risks related to investing in the semiconductor industry, special risk considerations of investing in Taiwanese issuers, equity securities, small-, medium and large-capitalization companies, foreign securities, emerging market issuers, foreign currency, depositary receipts, issuer-specific changes, market, operational, index tracking, authorized participant concentration, new fund, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares, non-diversified, and index-related concentration risks, all of which may adversely affect the Fund. Small, medium and large-capitalization companies may be subject to elevated risks. Emerging market issuers and foreign securities may be subject to securities markets, political and economic, investment and repatriation restrictions, different rules and regulations, less publicly available financial information, foreign currency and exchange rates, operational and settlement, and corporate and securities laws risks.


Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of a Fund carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.


© Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation

]]> 4245 The 5th Inning | Citrini on Phase II of AI, Semis, Robotics, Healthcare, and Teradyne This episode of Monetary Matters is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack Citrini returns to Monetary Matters to review his “25 Trade Ideas” shared at year-end and to look forward to the next phase of AI. Citrini shares his views on the semiconductor industry, and explains why he thinks the next phase of outperformance could be in robotics. He also talks China, healthcare, and a particular stock that recently caught his interest. Recorded July 10, 2025. Follow Citrini on Twitter https://x.com/Citrini7 Follow Jack Farley on Twitter https://x.com/JackFarley96 Citrini Research: https://www.citriniresearch.com/ Citrindex: https://www.citrindex.com/ Pieces discussed: “Robotics Update: Revealing Teradyne’s Vulcan Contract Win, Citrini’s China Supply Chain Tour, and Robotics Basket Winners”: https://www.citriniresearch.com/p/robotics-update “Thematic Primer: Artificial Intelligence, Phase 2”: https://www.citriniresearch.com/p/thematic-primer-artificial-intelligence Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Sun, 13 Jul 2025 18:01:00 -0000 full Jack Farley This episode of Monetary Matters is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack Citrini returns to Monetary Matters to review his “25 Trade Ideas” shared at year-end and to look forward to the next phase of AI. Citrini shares his views on the semiconductor industry, and explains why he thinks the next phase of outperformance could be in robotics. He also talks China, healthcare, and a particular stock that recently caught his interest. Recorded July 10, 2025. Follow Citrini on Twitter https://x.com/Citrini7 Follow Jack Farley on Twitter https://x.com/JackFarley96 Citrini Research: https://www.citriniresearch.com/ Citrindex: https://www.citrindex.com/ Pieces discussed: “Robotics Update: Revealing Teradyne’s Vulcan Contract Win, Citrini’s China Supply Chain Tour, and Robotics Basket Winners”: https://www.citriniresearch.com/p/robotics-update “Thematic Primer: Artificial Intelligence, Phase 2”: https://www.citriniresearch.com/p/thematic-primer-artificial-intelligence Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez This episode of Monetary Matters is brought to you by VanEck.

Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHJack

Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXJack

Citrini returns to Monetary Matters to review his “25 Trade Ideas” shared at year-end and to look forward to the next phase of AI. Citrini shares his views on the semiconductor industry, and explains why he thinks the next phase of outperformance could be in robotics. He also talks China, healthcare, and a particular stock that recently caught his interest. Recorded July 10, 2025.

Follow Citrini on Twitter https://x.com/Citrini7

Follow Jack Farley on Twitter https://x.com/JackFarley96

Citrini Research: https://www.citriniresearch.com/

Citrindex: https://www.citrindex.com/

Pieces discussed: “Robotics Update: Revealing Teradyne’s Vulcan Contract Win, Citrini’s China Supply Chain Tour, and Robotics Basket Winners”: https://www.citriniresearch.com/p/robotics-update

“Thematic Primer: Artificial Intelligence, Phase 2”: https://www.citriniresearch.com/p/thematic-primer-artificial-intelligence

Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


]]> 4227 The Case For Tariffs | Oren Cass on Why Globalization Has Mostly Been Bad, And The Need To Redress Unbalanced Trade Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe Oren Cass, chief economist at American Compass, joins Jack to make the case that globalization over the past 50 years has been bad for American workers, and that tariffs are needed in order to remedy longstanding imbalances within the global economy. Cass also shares his view on tariffs’ role within the broader American conservative movement. Recorded on June 25, 2025. Oren Cass’ book, “The New Conservatives: Restoring America's Commitment to Family, Community, and Industry”: https://www.amazon.com/New-Conservatives-Restoring-Commitment-Community/dp/B0DXD6CB8M/ref=sr_1_3?dib=eyJ2IjoiMSJ9.Cg1AhfRv1IF_PQOZF9cf-rypEl5AfrYsisPBB9QXvHaosPwFIYLnD9WaHz50kbCfcY87loISitb1GKHjwNxWDw.IPnNIrxv3NdYL_dChBGywJ8HWT_pGd2RsPP8jt2J9T8&dib_tag=se&qid=1752157606&refinements=p_27%3AOren+Cass&s=books&sr=1-3 Follow Oren Cass on Twitter https://x.com/oren_cassFollow American Compass on Twitter https://x.com/AmerCompass Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Thu, 10 Jul 2025 14:32:00 -0000 full Jack Farley Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe Oren Cass, chief economist at American Compass, joins Jack to make the case that globalization over the past 50 years has been bad for American workers, and that tariffs are needed in order to remedy longstanding imbalances within the global economy. Cass also shares his view on tariffs’ role within the broader American conservative movement. Recorded on June 25, 2025. Oren Cass’ book, “The New Conservatives: Restoring America's Commitment to Family, Community, and Industry”: https://www.amazon.com/New-Conservatives-Restoring-Commitment-Community/dp/B0DXD6CB8M/ref=sr_1_3?dib=eyJ2IjoiMSJ9.Cg1AhfRv1IF_PQOZF9cf-rypEl5AfrYsisPBB9QXvHaosPwFIYLnD9WaHz50kbCfcY87loISitb1GKHjwNxWDw.IPnNIrxv3NdYL_dChBGywJ8HWT_pGd2RsPP8jt2J9T8&dib_tag=se&qid=1752157606&refinements=p_27%3AOren+Cass&s=books&sr=1-3 Follow Oren Cass on Twitter https://x.com/oren_cassFollow American Compass on Twitter https://x.com/AmerCompass Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe


Oren Cass, chief economist at American Compass, joins Jack to make the case that globalization over the past 50 years has been bad for American workers, and that tariffs are needed in order to remedy longstanding imbalances within the global economy. Cass also shares his view on tariffs’ role within the broader American conservative movement. Recorded on June 25, 2025.

Oren Cass’ book, “The New Conservatives: Restoring America's Commitment to Family, Community, and Industry”: https://www.amazon.com/New-Conservatives-Restoring-Commitment-Community/dp/B0DXD6CB8M/ref=sr_1_3?dib=eyJ2IjoiMSJ9.Cg1AhfRv1IF_PQOZF9cf-rypEl5AfrYsisPBB9QXvHaosPwFIYLnD9WaHz50kbCfcY87loISitb1GKHjwNxWDw.IPnNIrxv3NdYL_dChBGywJ8HWT_pGd2RsPP8jt2J9T8&dib_tag=se&qid=1752157606&refinements=p_27%3AOren+Cass&s=books&sr=1-3

Follow Oren Cass on Twitter https://x.com/oren_cassFollow American Compass on Twitter https://x.com/AmerCompass

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]]> 3871 The Market Has Moved from Deflation to Debasement | Warren Pies This Other People’s Money episode is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHMax Learn more about the VanEck Fabless Semiconductor ETF (SMHX): vaneck.com/SMHXMax Warren Pies, strategist and co-founder at 3Fourteen Research joins Other People’s Money to discuss how the market and economy are transitioning from a deflation to a debasement mindset. He explains why he’s bullish equities, expecting continued disinflation despite his longer-term debasement view, and expecting the Fed to cut 3 times before the end of the year while the economy avoids recession. Pies also looks back on his launching his first year as an ETF fund manager. Follow Warren on X: https://x.com/WarrenPies Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod An investment in the VanEck Semiconductor ETF (SMH) and VanEck Fabless Semiconductor ETF (SMHX) may be subject to risks which include, among others, risks related to investing in the semiconductor industry, special risk considerations of investing in Taiwanese issuers, equity securities, small-, medium and large-capitalization companies, foreign securities, emerging market issuers, foreign currency, depositary receipts, issuer-specific changes, market, operational, index tracking, authorized participant concentration, new fund, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares, non-diversified, and index-related concentration risks, all of which may adversely affect the Fund. Small, medium and large-capitalization companies may be subject to elevated risks. Emerging market issuers and foreign securities may be subject to securities markets, political and economic, investment and repatriation restrictions, different rules and regulations, less publicly available financial information, foreign currency and exchange rates, operational and settlement, and corporate and securities laws risks. Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of a Fund carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing. © Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation Tue, 08 Jul 2025 11:00:00 -0000 full Jack Farley This Other People’s Money episode is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHMax Learn more about the VanEck Fabless Semiconductor ETF (SMHX): vaneck.com/SMHXMax Warren Pies, strategist and co-founder at 3Fourteen Research joins Other People’s Money to discuss how the market and economy are transitioning from a deflation to a debasement mindset. He explains why he’s bullish equities, expecting continued disinflation despite his longer-term debasement view, and expecting the Fed to cut 3 times before the end of the year while the economy avoids recession. Pies also looks back on his launching his first year as an ETF fund manager. Follow Warren on X: https://x.com/WarrenPies Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod An investment in the VanEck Semiconductor ETF (SMH) and VanEck Fabless Semiconductor ETF (SMHX) may be subject to risks which include, among others, risks related to investing in the semiconductor industry, special risk considerations of investing in Taiwanese issuers, equity securities, small-, medium and large-capitalization companies, foreign securities, emerging market issuers, foreign currency, depositary receipts, issuer-specific changes, market, operational, index tracking, authorized participant concentration, new fund, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares, non-diversified, and index-related concentration risks, all of which may adversely affect the Fund. Small, medium and large-capitalization companies may be subject to elevated risks. Emerging market issuers and foreign securities may be subject to securities markets, political and economic, investment and repatriation restrictions, different rules and regulations, less publicly available financial information, foreign currency and exchange rates, operational and settlement, and corporate and securities laws risks. Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of a Fund carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing. © Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation This Other People’s Money episode is brought to you by VanEck.

Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHMax

Learn more about the VanEck Fabless Semiconductor ETF (SMHX): vaneck.com/SMHXMax


Warren Pies, strategist and co-founder at 3Fourteen Research joins Other People’s Money to discuss how the market and economy are transitioning from a deflation to a debasement mindset. He explains why he’s bullish equities, expecting continued disinflation despite his longer-term debasement view, and expecting the Fed to cut 3 times before the end of the year while the economy avoids recession. Pies also looks back on his launching his first year as an ETF fund manager.



Follow Warren on X: https://x.com/WarrenPies

Follow Max on X: https://x.com/maxwiethe


Follow Other People’s Money on:


Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR

X https://x.com/opmpod


An investment in the VanEck Semiconductor ETF (SMH) and VanEck Fabless Semiconductor ETF (SMHX) may be subject to risks which include, among others, risks related to investing in the semiconductor industry, special risk considerations of investing in Taiwanese issuers, equity securities, small-, medium and large-capitalization companies, foreign securities, emerging market issuers, foreign currency, depositary receipts, issuer-specific changes, market, operational, index tracking, authorized participant concentration, new fund, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares, non-diversified, and index-related concentration risks, all of which may adversely affect the Fund. Small, medium and large-capitalization companies may be subject to elevated risks. Emerging market issuers and foreign securities may be subject to securities markets, political and economic, investment and repatriation restrictions, different rules and regulations, less publicly available financial information, foreign currency and exchange rates, operational and settlement, and corporate and securities laws risks.


Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of a Fund carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.


© Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation

]]> 4033 The Double Dip Recession | Danielle DiMartino Booth’s Take on Job Market, Credit, Tariffs, and Fed Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe Danielle DiMartino Booth, CEO and chief strategist at QI Research, returns to Monetary Matters to update listeners on her read of the economic cycle and credit markets. She shares her thesis that the U.S. economy entered recession in early 2024, exited it, and is now entering another recession in a process similar to the double dip recession of 1980-1981. Recorded on June 26, 2025 Follow Teucrium on Twitter https://x.com/TeucriumETFsFollow Danielle DiMartino Booth on Twitter https://x.com/DiMartinoBooth Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Sun, 06 Jul 2025 17:27:00 -0000 full Jack Farley Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe Danielle DiMartino Booth, CEO and chief strategist at QI Research, returns to Monetary Matters to update listeners on her read of the economic cycle and credit markets. She shares her thesis that the U.S. economy entered recession in early 2024, exited it, and is now entering another recession in a process similar to the double dip recession of 1980-1981. Recorded on June 26, 2025 Follow Teucrium on Twitter https://x.com/TeucriumETFsFollow Danielle DiMartino Booth on Twitter https://x.com/DiMartinoBooth Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe


Danielle DiMartino Booth, CEO and chief strategist at QI Research, returns to Monetary Matters to update listeners on her read of the economic cycle and credit markets. She shares her thesis that the U.S. economy entered recession in early 2024, exited it, and is now entering another recession in a process similar to the double dip recession of 1980-1981. Recorded on June 26, 2025


Follow Teucrium on Twitter https://x.com/TeucriumETFsFollow Danielle DiMartino Booth on Twitter https://x.com/DiMartinoBooth

Follow Jack Farley on Twitter https://x.com/JackFarley96


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]]> 3142 Bull Markets' Tumultuous Third Year | Sam Stovall on Earnings Expectations, Sector Outlooks, and bull Case for U.S. Stocks Sam Stovall, CFRA Research’s U.S. Equity Strategist joins Monetary Matters to explain his bullish (with a lowercase b) view on U.S. equities, and offers several overweights and underweights of CFRA Research across the stock market. Recorded on June 25, 2025.Sam Stovall’s book, “The Seven Rules of Wall Street”: https://www.amazon.com/Seven-Rules-Wall-Street-Crash-Tested/dp/0071615172 Follow Sam Stovall on Twitter https://x.com/StovallCFRA Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Wed, 02 Jul 2025 14:10:00 -0000 full Jack Farley Sam Stovall, CFRA Research’s U.S. Equity Strategist joins Monetary Matters to explain his bullish (with a lowercase b) view on U.S. equities, and offers several overweights and underweights of CFRA Research across the stock market. Recorded on June 25, 2025.Sam Stovall’s book, “The Seven Rules of Wall Street”: https://www.amazon.com/Seven-Rules-Wall-Street-Crash-Tested/dp/0071615172 Follow Sam Stovall on Twitter https://x.com/StovallCFRA Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Sam Stovall, CFRA Research’s U.S. Equity Strategist joins Monetary Matters to explain his bullish (with a lowercase b) view on U.S. equities, and offers several overweights and underweights of CFRA Research across the stock market. Recorded on June 25, 2025.Sam Stovall’s book, “The Seven Rules of Wall Street”: https://www.amazon.com/Seven-Rules-Wall-Street-Crash-Tested/dp/0071615172

Follow Sam Stovall on Twitter https://x.com/StovallCFRA

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]]> 2722 Is Leverage the Solution to America’s Retirement Crisis? | Abdul Al-Asaad of Basic Capital Abdul Al-Asaad, CEO and co-founder of Basic Capital, joins Other People’s Money to discuss how Basic Capital is revolutionizing access to leverage for everyday Americans. He argues that American’s have far too much access to credit for the wrong use, consumption, and far too little access for positive uses like investing in assets that could change their financial future. He discusses how Basic Capital’s term financing works, why most of the capital you receive through Basic Capital is invested in private credit, and why he believes that for many people inaction is a bigger risk than taking a leveraged bet on stocks and bonds. Learn more about Basic Capital: https://basiccapital.com Follow Abdul on X: https://x.com/Abude_al_asaad Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps 00:00 Intro 00:52 Basic Capital Backlash 10:12 Leverage as General Purpose Tool 17:07 Risk in Leverage 20:13 Learning from the Kings of Leverage 25:42 Term Financing 31:46 Private Credit & S&P 500: How Basic Capital Invests 38:51 How Private Credit Works 44:44 Private Credit Hates Basic Capital 48:37 The Risk of Being Left Behind 56:02 Basic Capital Fees and 401k Investing 01:03:32 Building a New Credit Market Tue, 01 Jul 2025 13:36:00 -0000 full Jack Farley Abdul Al-Asaad, CEO and co-founder of Basic Capital, joins Other People’s Money to discuss how Basic Capital is revolutionizing access to leverage for everyday Americans. He argues that American’s have far too much access to credit for the wrong use, consumption, and far too little access for positive uses like investing in assets that could change their financial future. He discusses how Basic Capital’s term financing works, why most of the capital you receive through Basic Capital is invested in private credit, and why he believes that for many people inaction is a bigger risk than taking a leveraged bet on stocks and bonds. Learn more about Basic Capital: https://basiccapital.com Follow Abdul on X: https://x.com/Abude_al_asaad Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps 00:00 Intro 00:52 Basic Capital Backlash 10:12 Leverage as General Purpose Tool 17:07 Risk in Leverage 20:13 Learning from the Kings of Leverage 25:42 Term Financing 31:46 Private Credit & S&P 500: How Basic Capital Invests 38:51 How Private Credit Works 44:44 Private Credit Hates Basic Capital 48:37 The Risk of Being Left Behind 56:02 Basic Capital Fees and 401k Investing 01:03:32 Building a New Credit Market Abdul Al-Asaad, CEO and co-founder of Basic Capital, joins Other People’s Money to discuss how Basic Capital is revolutionizing access to leverage for everyday Americans. He argues that American’s have far too much access to credit for the wrong use, consumption, and far too little access for positive uses like investing in assets that could change their financial future. He discusses how Basic Capital’s term financing works, why most of the capital you receive through Basic Capital is invested in private credit, and why he believes that for many people inaction is a bigger risk than taking a leveraged bet on stocks and bonds.


Learn more about Basic Capital: https://basiccapital.com


Follow Abdul on X: https://x.com/Abude_al_asaad

Follow Max on X: https://x.com/maxwiethe


Follow Other People’s Money on:


Apple Podcast https://bit.ly/4e7QJ1M

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X https://x.com/opmpod


Timestamps

00:00 Intro

00:52 Basic Capital Backlash

10:12 Leverage as General Purpose Tool

17:07 Risk in Leverage

20:13 Learning from the Kings of Leverage

25:42 Term Financing

31:46 Private Credit & S&P 500: How Basic Capital Invests

38:51 How Private Credit Works

44:44 Private Credit Hates Basic Capital

48:37 The Risk of Being Left Behind

56:02 Basic Capital Fees and 401k Investing

01:03:32 Building a New Credit Market


]]> 3960 Gold’s Time To Shine | Joseph Cavatoni on Central Bank Bullion Purchases, Permitting Reform in U.S., and Global Investor Demand for Gold Joseph Cavatoni, senior market strategist at The World Gold Council, joins Jack to share the developments within the global gold market. Cavatoni shares findings from The World Gold Council’s recent report on central banks’ gold reserves, and he explains current demand trends across the world. He reviews the supply situation and tells Jack about the more mine-friendly permitting regime from the new U.S. administration. Recorded on June 23, 2025.World Gold Council’s Central Bank Gold Reserves Survey 2025: https://www.gold.org/goldhub/research/central-bank-gold-reserves-survey-2025 Follow Joseph Cavatoni on Twitter https://x.com/JCavatoni_WGC?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Sun, 29 Jun 2025 15:51:00 -0000 full Jack Farley Joseph Cavatoni, senior market strategist at The World Gold Council, joins Jack to share the developments within the global gold market. Cavatoni shares findings from The World Gold Council’s recent report on central banks’ gold reserves, and he explains current demand trends across the world. He reviews the supply situation and tells Jack about the more mine-friendly permitting regime from the new U.S. administration. Recorded on June 23, 2025.World Gold Council’s Central Bank Gold Reserves Survey 2025: https://www.gold.org/goldhub/research/central-bank-gold-reserves-survey-2025 Follow Joseph Cavatoni on Twitter https://x.com/JCavatoni_WGC?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Joseph Cavatoni, senior market strategist at The World Gold Council, joins Jack to share the developments within the global gold market. Cavatoni shares findings from The World Gold Council’s recent report on central banks’ gold reserves, and he explains current demand trends across the world. He reviews the supply situation and tells Jack about the more mine-friendly permitting regime from the new U.S. administration. Recorded on June 23, 2025.World Gold Council’s Central Bank Gold Reserves Survey 2025: https://www.gold.org/goldhub/research/central-bank-gold-reserves-survey-2025

Follow Joseph Cavatoni on Twitter https://x.com/JCavatoni_WGC?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor

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]]> 3394 The Healthcare Sector Job Growth is Propping Up the US Economy (For Now) | Eric Pachman Eric Pachman, Chief Analytics Officer at Bancreek Capital Advisors, joins Monetary Matters to discuss how the healthcare sector, the strongest sector for job growth in the whole economy, could falter because of the proposed cuts to spending in the Big Beautiful Bill and potentially even tip the whole economy into a recession. He also discusses how important government spending is in propping up the healthcare industry, making it largely unaffected by the tools the Federal Reserve would likely use to combat a potential recession led by the healthcare sector. Read more from Eric and try Bancreek’s data visualization tools: https://www.bancreek.com/blog Follow Eric Pachman on Twitter: https://x.com/EricPachman Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Thu, 26 Jun 2025 11:00:00 -0000 full Jack Farley Eric Pachman, Chief Analytics Officer at Bancreek Capital Advisors, joins Monetary Matters to discuss how the healthcare sector, the strongest sector for job growth in the whole economy, could falter because of the proposed cuts to spending in the Big Beautiful Bill and potentially even tip the whole economy into a recession. He also discusses how important government spending is in propping up the healthcare industry, making it largely unaffected by the tools the Federal Reserve would likely use to combat a potential recession led by the healthcare sector. Read more from Eric and try Bancreek’s data visualization tools: https://www.bancreek.com/blog Follow Eric Pachman on Twitter: https://x.com/EricPachman Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Eric Pachman, Chief Analytics Officer at Bancreek Capital Advisors, joins Monetary Matters to discuss how the healthcare sector, the strongest sector for job growth in the whole economy, could falter because of the proposed cuts to spending in the Big Beautiful Bill and potentially even tip the whole economy into a recession. He also discusses how important government spending is in propping up the healthcare industry, making it largely unaffected by the tools the Federal Reserve would likely use to combat a potential recession led by the healthcare sector.


Read more from Eric and try Bancreek’s data visualization tools: https://www.bancreek.com/blog


Follow Eric Pachman on Twitter: https://x.com/EricPachman

Follow Jack Farley on Twitter https://x.com/JackFarley96


Follow Monetary Matters on:

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]]> 5182 The Window of Vulnerability | Tian Yang on Global Imbalances, the Dollar, Growth Vulnerabilities, and Housing (Plus A Special Offering for Monetary Matters Listeners) Request sample reports from Variant Perception here: https://variantperception.com/monetary-matters-listeners/ Monetary Matters listeners can get discounted access to Variant Perception’s Research Subscription by clicking the link above. In addition, for those who sign up to Variant Perception’s Research Subscription, a trial of Variant Perception’s full product suite will be available for one quarter. Tian Yang, CEO of Variant Perception, returns to Monetary Matters to share his thoughts on global imbalances that have been building in the monetary system for decades. He shares what his data-driven approach indicates about the U.S. Dollar, global equities, and more. He also explains the challenges he sees ahead for U.S. homebuilding companies. Recorded June 19, 2025. Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Variant Perception on Twitter https://x.com/VrntPerception Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Sun, 22 Jun 2025 18:16:00 -0000 full Jack Farley Request sample reports from Variant Perception here: https://variantperception.com/monetary-matters-listeners/ Monetary Matters listeners can get discounted access to Variant Perception’s Research Subscription by clicking the link above. In addition, for those who sign up to Variant Perception’s Research Subscription, a trial of Variant Perception’s full product suite will be available for one quarter. Tian Yang, CEO of Variant Perception, returns to Monetary Matters to share his thoughts on global imbalances that have been building in the monetary system for decades. He shares what his data-driven approach indicates about the U.S. Dollar, global equities, and more. He also explains the challenges he sees ahead for U.S. homebuilding companies. Recorded June 19, 2025. Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Variant Perception on Twitter https://x.com/VrntPerception Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Request sample reports from Variant Perception here:

https://variantperception.com/monetary-matters-listeners/

Monetary Matters listeners can get discounted access to Variant Perception’s Research Subscription by clicking the link above. In addition, for those who sign up to Variant Perception’s Research Subscription, a trial of Variant Perception’s full product suite will be available for one quarter.


Tian Yang, CEO of Variant Perception, returns to Monetary Matters to share his thoughts on global imbalances that have been building in the monetary system for decades. He shares what his data-driven approach indicates about the U.S. Dollar, global equities, and more. He also explains the challenges he sees ahead for U.S. homebuilding companies. Recorded June 19, 2025.

Follow Jack Farley on Twitter https://x.com/JackFarley96

Follow Variant Perception on Twitter https://x.com/VrntPerception

Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


]]> 4525 Fed Scared of Inflation Resurgence | Jack Farley & Max Wiethe Jack Farley and Max Wiethe break down the market’s reaction to today’s Federal Reserve decision, the Summary of Economic Projections, and Jerome Powell’s press conference. They also discuss parallels between this market and late 2021, debate whether AI is a bubble, and the eternal question of when the next US recession will occur. Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Max Wiethe on Twitter: https://x.com/maxwiethe Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Wed, 18 Jun 2025 22:11:00 -0000 full Jack Farley Jack Farley and Max Wiethe break down the market’s reaction to today’s Federal Reserve decision, the Summary of Economic Projections, and Jerome Powell’s press conference. They also discuss parallels between this market and late 2021, debate whether AI is a bubble, and the eternal question of when the next US recession will occur. Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Max Wiethe on Twitter: https://x.com/maxwiethe Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Jack Farley and Max Wiethe break down the market’s reaction to today’s Federal Reserve decision, the Summary of Economic Projections, and Jerome Powell’s press conference. They also discuss parallels between this market and late 2021, debate whether AI is a bubble, and the eternal question of when the next US recession will occur.


Follow Jack Farley on Twitter https://x.com/JackFarley96

Follow Max Wiethe on Twitter: https://x.com/maxwiethe


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

]]> 2010 Equity Market Strength is Masking a Recession | Mike Green Mike Green, Portfolio Manager and Chief Strategist at Simplify, joins Monetary Matters to discuss why the strength of the equity market and other technical factors are obfuscating weakness in the US consumer and broader indicators of economic weakness to the point that it could be masking a recession. Green also discusses his views on inflation, the bond market, and the current stage of the passive investing endgame that he believes is the main culprit driving equity markets higher and higher. Follow Mike Green on Twitter: https://x.com/profplum99 Follow Max Wiethe on Twitter: https://x.com/maxwiethe Follow Jack Farley on Twitter https://x.com/JackFarley96 Read Mike’s Substack here: https://www.yesigiveafig.com Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Intro 00:46 US Consumer Mirage 08:59 The Impact of High Interest Rates 13:39 Labor Market Weakness Will Eventually Force the Fed to Cut 15:03 Current Stage of the Passive Endgame 25:25 Recession Timing 33:31 How Will Asset Values Fair in the Next Recession? 40:30 Bond Market &Inflation Views 46:38 Uber's Impact on Unemployment 52:03 Tariff Uncertainty & the Fed 54:04 Bonds, Housing, & Other Macro Trades 01:02:03 Bitcoin, Solana, & Other Closing Thoughts Wed, 18 Jun 2025 11:00:00 -0000 full Jack Farley Mike Green, Portfolio Manager and Chief Strategist at Simplify, joins Monetary Matters to discuss why the strength of the equity market and other technical factors are obfuscating weakness in the US consumer and broader indicators of economic weakness to the point that it could be masking a recession. Green also discusses his views on inflation, the bond market, and the current stage of the passive investing endgame that he believes is the main culprit driving equity markets higher and higher. Follow Mike Green on Twitter: https://x.com/profplum99 Follow Max Wiethe on Twitter: https://x.com/maxwiethe Follow Jack Farley on Twitter https://x.com/JackFarley96 Read Mike’s Substack here: https://www.yesigiveafig.com Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Intro 00:46 US Consumer Mirage 08:59 The Impact of High Interest Rates 13:39 Labor Market Weakness Will Eventually Force the Fed to Cut 15:03 Current Stage of the Passive Endgame 25:25 Recession Timing 33:31 How Will Asset Values Fair in the Next Recession? 40:30 Bond Market &Inflation Views 46:38 Uber's Impact on Unemployment 52:03 Tariff Uncertainty & the Fed 54:04 Bonds, Housing, & Other Macro Trades 01:02:03 Bitcoin, Solana, & Other Closing Thoughts Mike Green, Portfolio Manager and Chief Strategist at Simplify, joins Monetary Matters to discuss why the strength of the equity market and other technical factors are obfuscating weakness in the US consumer and broader indicators of economic weakness to the point that it could be masking a recession. Green also discusses his views on inflation, the bond market, and the current stage of the passive investing endgame that he believes is the main culprit driving equity markets higher and higher.


Follow Mike Green on Twitter: https://x.com/profplum99

Follow Max Wiethe on Twitter: https://x.com/maxwiethe

Follow Jack Farley on Twitter https://x.com/JackFarley96


Read Mike’s Substack here: https://www.yesigiveafig.com


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


Timestamps:

00:00 Intro

00:46 US Consumer Mirage

08:59 The Impact of High Interest Rates

13:39 Labor Market Weakness Will Eventually Force the Fed to Cut

15:03 Current Stage of the Passive Endgame

25:25 Recession Timing

33:31 How Will Asset Values Fair in the Next Recession?

40:30 Bond Market &Inflation Views

46:38 Uber's Impact on Unemployment

52:03 Tariff Uncertainty & the Fed

54:04 Bonds, Housing, & Other Macro Trades

01:02:03 Bitcoin, Solana, & Other Closing Thoughts


]]> 4442 The Fed Will Choose Inflation Over Recession | Vincent Deluard Vincent Deluard, Director of Global Macro Strategy at StoneX joins Monetary Matters to discuss why he believes changes to policy makers toolkit and to the structure of the economy mean recessions are “cancelled.” He also discusses why he believes Trump’s MAGA economic policies will be bad for corporate profit margins and his bullish outlook on oil and energy stocks. Follow Vincent Deluard on Twitter https://x.com/VincentDeluard Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Max Wiethe on Twitter https://x.com/maxwiethe Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Intro 01:07 Recessions are Cancelled 08:23 The No Recession Feedback Loop 11:11 Impact of Tariffs 13:21 MAGA’s War on Corporate Profits 19:26 Corporate Tax Rates 21:56 Fiscal Balance of Payments Crisis 26:11 Outlook for Inflation, Growth, and Rates 36:07 Outlook for the Stock Market 40:51 US Multiples Compared to Rest of the World 45:18 Bullish View on Oil & Energy Sector 55:15 July Fed Predictions Sun, 15 Jun 2025 15:10:00 -0000 full Jack Farley Vincent Deluard, Director of Global Macro Strategy at StoneX joins Monetary Matters to discuss why he believes changes to policy makers toolkit and to the structure of the economy mean recessions are “cancelled.” He also discusses why he believes Trump’s MAGA economic policies will be bad for corporate profit margins and his bullish outlook on oil and energy stocks. Follow Vincent Deluard on Twitter https://x.com/VincentDeluard Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Max Wiethe on Twitter https://x.com/maxwiethe Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Intro 01:07 Recessions are Cancelled 08:23 The No Recession Feedback Loop 11:11 Impact of Tariffs 13:21 MAGA’s War on Corporate Profits 19:26 Corporate Tax Rates 21:56 Fiscal Balance of Payments Crisis 26:11 Outlook for Inflation, Growth, and Rates 36:07 Outlook for the Stock Market 40:51 US Multiples Compared to Rest of the World 45:18 Bullish View on Oil & Energy Sector 55:15 July Fed Predictions Vincent Deluard, Director of Global Macro Strategy at StoneX joins Monetary Matters to discuss why he believes changes to policy makers toolkit and to the structure of the economy mean recessions are “cancelled.” He also discusses why he believes Trump’s MAGA economic policies will be bad for corporate profit margins and his bullish outlook on oil and energy stocks.


Follow Vincent Deluard on Twitter https://x.com/VincentDeluard

Follow Jack Farley on Twitter https://x.com/JackFarley96

Follow Max Wiethe on Twitter https://x.com/maxwiethe


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


Timestamps:

00:00 Intro

01:07 Recessions are Cancelled

08:23 The No Recession Feedback Loop

11:11 Impact of Tariffs

13:21 MAGA’s War on Corporate Profits

19:26 Corporate Tax Rates

21:56 Fiscal Balance of Payments Crisis

26:11 Outlook for Inflation, Growth, and Rates

36:07 Outlook for the Stock Market

40:51 US Multiples Compared to Rest of the World

45:18 Bullish View on Oil & Energy Sector

55:15 July Fed Predictions


]]> 3469 Capacity Constrained by Design: The 25-Year-Old Building Niche Multi-Manager Hedge Fund Platforms | Zach Levitt Zach Levitt, CIO and Founder of Sixth Turn Capital and Opus One Asset Management joins Other People’s Money to discuss how he is standing up multi-manager platforms at just 25 years old by focusing on niche capacity constrained managers. Levitt discusses the benefits of combining uncorrelated capacity constrained strategies in a multi-manager platform, his unconventional path to founding a multi-manager platform, how mentorship has helped accelerate his growth, and how he goes about attracting talented investors to his platform. Follow Zach on X: https://x.com/derivative_bro Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps 00:00 Intro 00:48 Skipping the Analyst Track and Founding a Hedge Fund at 25 07:14 Many Great Track Records Indicate Nefarious Information Was Traded On 09:42 What Does a Good Capacity Constrained Manager Look Like? 13:38 What Level of Correlation is "Uncorrelated" 18:20 What Level of Capacity is "Capacity Constrained"? 21:30 Mentorship Through Podcasts & Cold Outreach 26:13 Convincing Managers To Join Your Platform as a 25 Year Old 28:46 Investor Interest in SMAs vs Commingled Funds 35:25 Battling Startup Costs 39:06 Selling Talented Investors on Your Success Story 43:39 Risk Management and Cutting Portfolio Managers 47:38 Marketing "Hypothetical" Track Records 52:32 Next Stages of Growth 54:20 Assessing the Capacity Limits 57:17 Can PA Traders Become PMs? Thu, 12 Jun 2025 11:00:00 -0000 full Jack Farley Zach Levitt, CIO and Founder of Sixth Turn Capital and Opus One Asset Management joins Other People’s Money to discuss how he is standing up multi-manager platforms at just 25 years old by focusing on niche capacity constrained managers. Levitt discusses the benefits of combining uncorrelated capacity constrained strategies in a multi-manager platform, his unconventional path to founding a multi-manager platform, how mentorship has helped accelerate his growth, and how he goes about attracting talented investors to his platform. Follow Zach on X: https://x.com/derivative_bro Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps 00:00 Intro 00:48 Skipping the Analyst Track and Founding a Hedge Fund at 25 07:14 Many Great Track Records Indicate Nefarious Information Was Traded On 09:42 What Does a Good Capacity Constrained Manager Look Like? 13:38 What Level of Correlation is "Uncorrelated" 18:20 What Level of Capacity is "Capacity Constrained"? 21:30 Mentorship Through Podcasts & Cold Outreach 26:13 Convincing Managers To Join Your Platform as a 25 Year Old 28:46 Investor Interest in SMAs vs Commingled Funds 35:25 Battling Startup Costs 39:06 Selling Talented Investors on Your Success Story 43:39 Risk Management and Cutting Portfolio Managers 47:38 Marketing "Hypothetical" Track Records 52:32 Next Stages of Growth 54:20 Assessing the Capacity Limits 57:17 Can PA Traders Become PMs? Zach Levitt, CIO and Founder of Sixth Turn Capital and Opus One Asset Management joins Other People’s Money to discuss how he is standing up multi-manager platforms at just 25 years old by focusing on niche capacity constrained managers. Levitt discusses the benefits of combining uncorrelated capacity constrained strategies in a multi-manager platform, his unconventional path to founding a multi-manager platform, how mentorship has helped accelerate his growth, and how he goes about attracting talented investors to his platform.


Follow Zach on X: https://x.com/derivative_bro

Follow Max on X: https://x.com/maxwiethe


Follow Other People’s Money on:


Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR

X https://x.com/opmpod


Timestamps

00:00 Intro

00:48 Skipping the Analyst Track and Founding a Hedge Fund at 25

07:14 Many Great Track Records Indicate Nefarious Information Was Traded On

09:42 What Does a Good Capacity Constrained Manager Look Like?

13:38 What Level of Correlation is "Uncorrelated"

18:20 What Level of Capacity is "Capacity Constrained"?

21:30 Mentorship Through Podcasts & Cold Outreach

26:13 Convincing Managers To Join Your Platform as a 25 Year Old

28:46 Investor Interest in SMAs vs Commingled Funds

35:25 Battling Startup Costs

39:06 Selling Talented Investors on Your Success Story

43:39 Risk Management and Cutting Portfolio Managers

47:38 Marketing "Hypothetical" Track Records

52:32 Next Stages of Growth

54:20 Assessing the Capacity Limits

57:17 Can PA Traders Become PMs?


]]> 3623 Trade Policy Isn't Driving China’s Trade Surplus | Matthew Klein Matthew Klein, founder of The Overshoot and UN/BALANCED and co-author of Trade Wars Are Class Wars with Michael Pettis joins Monetary Matters to discuss what factors really lead to major trade and capital flow imbalances between countries. He argues that factors like income inequality, domestic economic policy and decisions being made at the corporate level can have far more impact than country level trade policy. He also discusses why even though extreme trade and capital flow imbalances may be dangerous, implementing improper solutions can exacerbate the damage. Follow Matthew Klein on Twitter: https://x.com/M_C_Klein Follow Jack Farley on Twitter https://x.com/JackFarley96 Read Matthews Substack The Overshoot here: https://theovershoot.co/ Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Intro 00:52 Why Trade Wars Are Class Wars 12:13 Trade Surpluses vs Trade Deficits 18:51 Income Distribution Drives Capital Flows 28:28 China's Shifting Income Distribution 33:41 The Problem With China's Growing Trade and Current Account Surplus 41:51 Who is Winning in China? 44:04 How to Combat China's "Cheating on Trade" 49:25 Who Has the Upper Hand in Trade Negotiations? 54:05 Will Tariffs Drive Reshoring? 59:53 How Can the US Restore Balance of Trade? 01:08:29 Conclusions Wed, 11 Jun 2025 11:00:00 -0000 full Jack Farley Matthew Klein, founder of The Overshoot and UN/BALANCED and co-author of Trade Wars Are Class Wars with Michael Pettis joins Monetary Matters to discuss what factors really lead to major trade and capital flow imbalances between countries. He argues that factors like income inequality, domestic economic policy and decisions being made at the corporate level can have far more impact than country level trade policy. He also discusses why even though extreme trade and capital flow imbalances may be dangerous, implementing improper solutions can exacerbate the damage. Follow Matthew Klein on Twitter: https://x.com/M_C_Klein Follow Jack Farley on Twitter https://x.com/JackFarley96 Read Matthews Substack The Overshoot here: https://theovershoot.co/ Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Intro 00:52 Why Trade Wars Are Class Wars 12:13 Trade Surpluses vs Trade Deficits 18:51 Income Distribution Drives Capital Flows 28:28 China's Shifting Income Distribution 33:41 The Problem With China's Growing Trade and Current Account Surplus 41:51 Who is Winning in China? 44:04 How to Combat China's "Cheating on Trade" 49:25 Who Has the Upper Hand in Trade Negotiations? 54:05 Will Tariffs Drive Reshoring? 59:53 How Can the US Restore Balance of Trade? 01:08:29 Conclusions Matthew Klein, founder of The Overshoot and UN/BALANCED and co-author of Trade Wars Are Class Wars with Michael Pettis joins Monetary Matters to discuss what factors really lead to major trade and capital flow imbalances between countries. He argues that factors like income inequality, domestic economic policy and decisions being made at the corporate level can have far more impact than country level trade policy. He also discusses why even though extreme trade and capital flow imbalances may be dangerous, implementing improper solutions can exacerbate the damage.


Follow Matthew Klein on Twitter: https://x.com/M_C_Klein

Follow Jack Farley on Twitter https://x.com/JackFarley96


Read Matthews Substack The Overshoot here: https://theovershoot.co/


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


Timestamps:

00:00 Intro

00:52 Why Trade Wars Are Class Wars

12:13 Trade Surpluses vs Trade Deficits

18:51 Income Distribution Drives Capital Flows

28:28 China's Shifting Income Distribution

33:41 The Problem With China's Growing Trade and Current Account Surplus

41:51 Who is Winning in China?

44:04 How to Combat China's "Cheating on Trade"

49:25 Who Has the Upper Hand in Trade Negotiations?

54:05 Will Tariffs Drive Reshoring?

59:53 How Can the US Restore Balance of Trade?

01:08:29 Conclusions

]]> 4415 “The Dollar Gets Annihilated” | Julian Brigden & Jonny Matthews on Fiscal Dominance, Secular Bond Bear Market, and Outlook on Rates & Tariffs This conversation was originally recorded for Julian Brigden’s research service, MacroCapture. Sign up for MacroCapture by MI2 Partners today with coupon codes MM10 (for annual) and MM10Q (for quarterly) to save 10% at: https://mi2partners.com/macrocapture-landing-page/ Julian Brigden of MI2 Partners and veteran macro trader Jonny Matthews of SuperMacro join Monetary Matters for a wide-ranging discussion of the forces that are contributing to a global weak market in sovereign bonds. Recorded May 28th and released for Julian’s MacroCapture clients on June 3rd. Follow Julian Brigden on Twitter https://x.com/JulianMI2 Follow Jonny Matthews on Twitter https://x.com/super_macro Follow MI2 Partners on Twitter https://x.com/MI2Partners Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Sun, 08 Jun 2025 16:39:00 -0000 full Jack Farley This conversation was originally recorded for Julian Brigden’s research service, MacroCapture. Sign up for MacroCapture by MI2 Partners today with coupon codes MM10 (for annual) and MM10Q (for quarterly) to save 10% at: https://mi2partners.com/macrocapture-landing-page/ Julian Brigden of MI2 Partners and veteran macro trader Jonny Matthews of SuperMacro join Monetary Matters for a wide-ranging discussion of the forces that are contributing to a global weak market in sovereign bonds. Recorded May 28th and released for Julian’s MacroCapture clients on June 3rd. Follow Julian Brigden on Twitter https://x.com/JulianMI2 Follow Jonny Matthews on Twitter https://x.com/super_macro Follow MI2 Partners on Twitter https://x.com/MI2Partners Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez This conversation was originally recorded for Julian Brigden’s research service, MacroCapture. Sign up for MacroCapture by MI2 Partners today with coupon codes MM10 (for annual) and MM10Q (for quarterly) to save 10% at:

https://mi2partners.com/macrocapture-landing-page/


Julian Brigden of MI2 Partners and veteran macro trader Jonny Matthews of SuperMacro join Monetary Matters for a wide-ranging discussion of the forces that are contributing to a global weak market in sovereign bonds. Recorded May 28th and released for Julian’s MacroCapture clients on June 3rd.


Follow Julian Brigden on Twitter https://x.com/JulianMI2

Follow Jonny Matthews on Twitter https://x.com/super_macro

Follow MI2 Partners on Twitter https://x.com/MI2Partners

Follow Jack Farley on Twitter https://x.com/JackFarley96


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

]]> 5592 What Investors Are Overlooking in AI & Semis | Val Zlatev Val Zlatev, Portfolio Manager and Senior Partner at hard tech specialist hedge fund Analog Century Capital Management joins Other People’s Money to discuss what he thinks investors still fail to appreciate about the secular growth of AI and semiconductors. He also discusses why DeepSeek was so misunderstood, other aspects of the AI supply chain, the state of the analog chip cycle, running long/short and market neutral strategies and garnering interest from the large multi-manager platforms. Learn More About Analog Century Capital Management: https://www.analogcm.com/ Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps 00:00 Intro 01:15 What is Hard Tech? 02:41 The Evolution of the Hard Tech Sector From the 90s to Now 05:04 Investors Are Underweight Hard Tech 11:09 The Massive Impact of the End of Moore's Law 16:59 New Investment in Semiconductor Capacity 18:08 Why AI Should Be Compared to Cloud, Not Fiber 22:55 What Investors Got Wrong About DeepSeek 25:41 The US Government's Impact on AI & Chips 33:04 The Chinese Government’s Involvement in AI & Chips 35:13 Dominant Players in Chinese Semiconductor Market 39:12 The AI Supply Chain Beyond Semiconductors 43:53 Analog Semiconductors & Power Management 49:55 Winners, Losers, and Fakers in AI 57:03 Research Process for Hard Tech 01:01:25 Dispersion in Hard Tech Returns 01:03:31 Trading and Portfolio Construction at Analog Century 01:08:13 Market Neutral & Garnering Interest From Multi-Manager Platforms 01:12:20 Market Neutral vs Long/Short Investors 01:14:51 The Value of Partners and Team Continuity 01:16:42 Conclusion Thu, 05 Jun 2025 11:00:00 -0000 full Jack Farley Val Zlatev, Portfolio Manager and Senior Partner at hard tech specialist hedge fund Analog Century Capital Management joins Other People’s Money to discuss what he thinks investors still fail to appreciate about the secular growth of AI and semiconductors. He also discusses why DeepSeek was so misunderstood, other aspects of the AI supply chain, the state of the analog chip cycle, running long/short and market neutral strategies and garnering interest from the large multi-manager platforms. Learn More About Analog Century Capital Management: https://www.analogcm.com/ Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps 00:00 Intro 01:15 What is Hard Tech? 02:41 The Evolution of the Hard Tech Sector From the 90s to Now 05:04 Investors Are Underweight Hard Tech 11:09 The Massive Impact of the End of Moore's Law 16:59 New Investment in Semiconductor Capacity 18:08 Why AI Should Be Compared to Cloud, Not Fiber 22:55 What Investors Got Wrong About DeepSeek 25:41 The US Government's Impact on AI & Chips 33:04 The Chinese Government’s Involvement in AI & Chips 35:13 Dominant Players in Chinese Semiconductor Market 39:12 The AI Supply Chain Beyond Semiconductors 43:53 Analog Semiconductors & Power Management 49:55 Winners, Losers, and Fakers in AI 57:03 Research Process for Hard Tech 01:01:25 Dispersion in Hard Tech Returns 01:03:31 Trading and Portfolio Construction at Analog Century 01:08:13 Market Neutral & Garnering Interest From Multi-Manager Platforms 01:12:20 Market Neutral vs Long/Short Investors 01:14:51 The Value of Partners and Team Continuity 01:16:42 Conclusion Val Zlatev, Portfolio Manager and Senior Partner at hard tech specialist hedge fund Analog Century Capital Management joins Other People’s Money to discuss what he thinks investors still fail to appreciate about the secular growth of AI and semiconductors. He also discusses why DeepSeek was so misunderstood, other aspects of the AI supply chain, the state of the analog chip cycle, running long/short and market neutral strategies and garnering interest from the large multi-manager platforms.


Learn More About Analog Century Capital Management: https://www.analogcm.com/

Follow Max on X: https://x.com/maxwiethe


Follow Other People’s Money on:


Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR

X https://x.com/opmpod


Timestamps

00:00 Intro

01:15 What is Hard Tech?

02:41 The Evolution of the Hard Tech Sector From the 90s to Now

05:04 Investors Are Underweight Hard Tech

11:09 The Massive Impact of the End of Moore's Law

16:59 New Investment in Semiconductor Capacity

18:08 Why AI Should Be Compared to Cloud, Not Fiber

22:55 What Investors Got Wrong About DeepSeek

25:41 The US Government's Impact on AI & Chips

33:04 The Chinese Government’s Involvement in AI & Chips

35:13 Dominant Players in Chinese Semiconductor Market

39:12 The AI Supply Chain Beyond Semiconductors

43:53 Analog Semiconductors & Power Management

49:55 Winners, Losers, and Fakers in AI

57:03 Research Process for Hard Tech

01:01:25 Dispersion in Hard Tech Returns

01:03:31 Trading and Portfolio Construction at Analog Century

01:08:13 Market Neutral & Garnering Interest From Multi-Manager Platforms

01:12:20 Market Neutral vs Long/Short Investors

01:14:51 The Value of Partners and Team Continuity

01:16:42 Conclusion

]]> 4611 Soaring US Debt Burden & The Global Market Reset | Gerard Minack To learn more about the VanEck Merk Gold ETF (OUNZ): https://www.vaneck.com/OUNZJack/overview/ To view the prospectus: https://www.vaneck.com/OUNZProspectus Gerard Minack of Minack Advisors joins Monetary Matters to discuss why even though other developed nations like Japan may have higher debt to GDP ratios, factors like net debt, monetized debt, and the overall size of US debt make this comparison flawed. He argues these factors make the current trajectory of US debt levels completely unsustainable and that the bond vigilantes will step in long before even more extreme levels are reached. He also discussed the extreme valuation gap for US assets compared to the rest of the world, why he thinks that gap will narrow, Mag 7 dominance and AI, and why he thinks Japan, not China, is the large Asian market set to outperform. Follow VanEck on Twitter https://x.com/vaneck_us You can find Gerard Minack on Bloomberg Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Intro 00:24 Van Eck OUNZ 01:00 Interest Rate & Bond Market Views 09:13 Comparing US Debt Levels to Japan 12:21 Comparing Soft & Hard Data 16:19 Two Growth Scenarios Affecting Rates This Year 23:30 Van Eck OUNZ 24:05 The New World of Higher Rates 33:12 How Higher Rates Impact Stocks 43:01 The AI Trade and US Valuations 49:23 The US Valuation Gap vs The Rest of the World 53:12 Mag 7 Dominance 01:03:15 Bearish on Chinese Stocks and Bullish on Japan 01:09:23 Japan's Macro Backdrop 01:16:19 The Neutral Rate & Demographics 01:21:22 No Recessions in Australia 01:26:16 Australian Outlook Wed, 04 Jun 2025 11:00:00 -0000 full Jack Farley To learn more about the VanEck Merk Gold ETF (OUNZ): https://www.vaneck.com/OUNZJack/overview/ To view the prospectus: https://www.vaneck.com/OUNZProspectus Gerard Minack of Minack Advisors joins Monetary Matters to discuss why even though other developed nations like Japan may have higher debt to GDP ratios, factors like net debt, monetized debt, and the overall size of US debt make this comparison flawed. He argues these factors make the current trajectory of US debt levels completely unsustainable and that the bond vigilantes will step in long before even more extreme levels are reached. He also discussed the extreme valuation gap for US assets compared to the rest of the world, why he thinks that gap will narrow, Mag 7 dominance and AI, and why he thinks Japan, not China, is the large Asian market set to outperform. Follow VanEck on Twitter https://x.com/vaneck_us You can find Gerard Minack on Bloomberg Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Intro 00:24 Van Eck OUNZ 01:00 Interest Rate & Bond Market Views 09:13 Comparing US Debt Levels to Japan 12:21 Comparing Soft & Hard Data 16:19 Two Growth Scenarios Affecting Rates This Year 23:30 Van Eck OUNZ 24:05 The New World of Higher Rates 33:12 How Higher Rates Impact Stocks 43:01 The AI Trade and US Valuations 49:23 The US Valuation Gap vs The Rest of the World 53:12 Mag 7 Dominance 01:03:15 Bearish on Chinese Stocks and Bullish on Japan 01:09:23 Japan's Macro Backdrop 01:16:19 The Neutral Rate & Demographics 01:21:22 No Recessions in Australia 01:26:16 Australian Outlook To learn more about the VanEck Merk Gold ETF (OUNZ): https://www.vaneck.com/OUNZJack/overview/


To view the prospectus: https://www.vaneck.com/OUNZProspectus


Gerard Minack of Minack Advisors joins Monetary Matters to discuss why even though other developed nations like Japan may have higher debt to GDP ratios, factors like net debt, monetized debt, and the overall size of US debt make this comparison flawed. He argues these factors make the current trajectory of US debt levels completely unsustainable and that the bond vigilantes will step in long before even more extreme levels are reached. He also discussed the extreme valuation gap for US assets compared to the rest of the world, why he thinks that gap will narrow, Mag 7 dominance and AI, and why he thinks Japan, not China, is the large Asian market set to outperform.


Follow VanEck on Twitter https://x.com/vaneck_us

You can find Gerard Minack on Bloomberg

Follow Jack Farley on Twitter https://x.com/JackFarley96


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


Timestamps:

00:00 Intro

00:24 Van Eck OUNZ

01:00 Interest Rate & Bond Market Views

09:13 Comparing US Debt Levels to Japan

12:21 Comparing Soft & Hard Data

16:19 Two Growth Scenarios Affecting Rates This Year

23:30 Van Eck OUNZ

24:05 The New World of Higher Rates

33:12 How Higher Rates Impact Stocks

43:01 The AI Trade and US Valuations

49:23 The US Valuation Gap vs The Rest of the World

53:12 Mag 7 Dominance

01:03:15 Bearish on Chinese Stocks and Bullish on Japan

01:09:23 Japan's Macro Backdrop

01:16:19 The Neutral Rate & Demographics

01:21:22 No Recessions in Australia

01:26:16 Australian Outlook

]]> 5538 American Exceptionalism was a Fiscal Facade | Marko Papic Marko Papic, Chief Strategist at BCA Research, joins Monetary Matters to argue that while tariffs may be the catalyst that shifts global appetites for US assets, it will be the necessary shift to fiscal hawkishness that will drive the end of “American Exceptionalism” and outperformance of US markets. Papic also discusses his views on as shift towards a multipolar world and why he views the dual polar world with US and China as competing global hegemons as the least likely outcome when compared with a multipolar reality or the revitalization of the American Empire. Follow Marko Papic on Twitter https://x.com/Geo_papic Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 01:00 Why TACO (Trump Always Chickens Out) is Wrong 08:29 Recession Risks vs Stock Market Risks 12:21 Comparing Soft & Hard Data 15:12 Timeline for Trade Policy Certainty 20:53 Tariffs as a Catalyst for Domestic Economic Improvements Globally 26:47 The US Fiscal Facade 28:28 China Outlook 30:14 The Big Beautiful Bill & US Fiscal Deficit 41:02 DOGE’s Political Signal Value 48:09 US Defense Spending 51:13 Russia & Ukraine War 56:07 Foreign Policy in a Multipolar World 01:03:01 Middle East Stability Sun, 01 Jun 2025 11:00:00 -0000 full Jack Farley Marko Papic, Chief Strategist at BCA Research, joins Monetary Matters to argue that while tariffs may be the catalyst that shifts global appetites for US assets, it will be the necessary shift to fiscal hawkishness that will drive the end of “American Exceptionalism” and outperformance of US markets. Papic also discusses his views on as shift towards a multipolar world and why he views the dual polar world with US and China as competing global hegemons as the least likely outcome when compared with a multipolar reality or the revitalization of the American Empire. Follow Marko Papic on Twitter https://x.com/Geo_papic Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 01:00 Why TACO (Trump Always Chickens Out) is Wrong 08:29 Recession Risks vs Stock Market Risks 12:21 Comparing Soft & Hard Data 15:12 Timeline for Trade Policy Certainty 20:53 Tariffs as a Catalyst for Domestic Economic Improvements Globally 26:47 The US Fiscal Facade 28:28 China Outlook 30:14 The Big Beautiful Bill & US Fiscal Deficit 41:02 DOGE’s Political Signal Value 48:09 US Defense Spending 51:13 Russia & Ukraine War 56:07 Foreign Policy in a Multipolar World 01:03:01 Middle East Stability Marko Papic, Chief Strategist at BCA Research, joins Monetary Matters to argue that while tariffs may be the catalyst that shifts global appetites for US assets, it will be the necessary shift to fiscal hawkishness that will drive the end of “American Exceptionalism” and outperformance of US markets. Papic also discusses his views on as shift towards a multipolar world and why he views the dual polar world with US and China as competing global hegemons as the least likely outcome when compared with a multipolar reality or the revitalization of the American Empire.


Follow Marko Papic on Twitter https://x.com/Geo_papic

Follow Jack Farley on Twitter https://x.com/JackFarley96


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


Timestamps:

01:00 Why TACO (Trump Always Chickens Out) is Wrong

08:29 Recession Risks vs Stock Market Risks

12:21 Comparing Soft & Hard Data

15:12 Timeline for Trade Policy Certainty

20:53 Tariffs as a Catalyst for Domestic Economic Improvements Globally

26:47 The US Fiscal Facade

28:28 China Outlook

30:14 The Big Beautiful Bill & US Fiscal Deficit

41:02 DOGE’s Political Signal Value

48:09 US Defense Spending

51:13 Russia & Ukraine War

56:07 Foreign Policy in a Multipolar World

01:03:01 Middle East Stability

]]> 3984 Patient Value Investing and America’s Industrial Advantage | Bob Robotti Bob Robotti, legendary value investor and President and CIO of Robotti and Company Advisors, is one of a very select group of investors with a 30+ year track record of S&P 500 outperformance. Here he joins Other People’s Money to discuss long-term value investing, why he likes to invest in companies perceived to be facing headwinds, and his view that American based industrial companies are competitively advantaged for reasons completely unaffected by trade policy. He also discusses how he operates both an advisory business and a broker dealer business and how the broker dealer has served as a starting point for many other great value investors. Learn More About Robotti Advisors: https://advisors.robotti.com Follow Bob Robotti on X: https://x.com/BobRobotti Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M  Spotify https://bit.ly/3Yhaazi  YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps 00:00 Intro 01:27 Patient Capital 08:05 Investing in Companies with Headwinds 12:13 Building Products Businesses 16:08 North American Industrial Advantage 22:41 Industries Returning to the USA 27:18 Valuing Businesses on Cost of Replacement 30:56 The Links Between Lumber, Building Products, and Housing 33:24 Engaging With Management in Long-term Positions 39:04 Trading Around Long-Term Positions 47:57 Buying Stocks After They've Gone Up 52:56 Trading Against Each Other 55:01 Having a Broker Dealer and Advisory Business 59:15 Jumping From the Sell Side to the Buy Side 01:04:08 Capital Churn 01:06:03 All US Equity Investors Should Compare Themselves to the S&P 500 Thu, 29 May 2025 11:00:00 -0000 full Jack Farley Bob Robotti, legendary value investor and President and CIO of Robotti and Company Advisors, is one of a very select group of investors with a 30+ year track record of S&P 500 outperformance. Here he joins Other People’s Money to discuss long-term value investing, why he likes to invest in companies perceived to be facing headwinds, and his view that American based industrial companies are competitively advantaged for reasons completely unaffected by trade policy. He also discusses how he operates both an advisory business and a broker dealer business and how the broker dealer has served as a starting point for many other great value investors. Learn More About Robotti Advisors: https://advisors.robotti.com Follow Bob Robotti on X: https://x.com/BobRobotti Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M  Spotify https://bit.ly/3Yhaazi  YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps 00:00 Intro 01:27 Patient Capital 08:05 Investing in Companies with Headwinds 12:13 Building Products Businesses 16:08 North American Industrial Advantage 22:41 Industries Returning to the USA 27:18 Valuing Businesses on Cost of Replacement 30:56 The Links Between Lumber, Building Products, and Housing 33:24 Engaging With Management in Long-term Positions 39:04 Trading Around Long-Term Positions 47:57 Buying Stocks After They've Gone Up 52:56 Trading Against Each Other 55:01 Having a Broker Dealer and Advisory Business 59:15 Jumping From the Sell Side to the Buy Side 01:04:08 Capital Churn 01:06:03 All US Equity Investors Should Compare Themselves to the S&P 500 Bob Robotti, legendary value investor and President and CIO of Robotti and Company Advisors, is one of a very select group of investors with a 30+ year track record of S&P 500 outperformance. Here he joins Other People’s Money to discuss long-term value investing, why he likes to invest in companies perceived to be facing headwinds, and his view that American based industrial companies are competitively advantaged for reasons completely unaffected by trade policy. He also discusses how he operates both an advisory business and a broker dealer business and how the broker dealer has served as a starting point for many other great value investors.
Learn More About Robotti Advisors: https://advisors.robotti.com


Follow Bob Robotti on X: https://x.com/BobRobotti

Follow Max on X: https://x.com/maxwiethe


Follow Other People’s Money on:
Apple Podcast https://bit.ly/4e7QJ1M

 Spotify https://bit.ly/3Yhaazi

 YouTube https://bit.ly/3C63VXR

X https://x.com/opmpod

Timestamps

00:00 Intro

01:27 Patient Capital

08:05 Investing in Companies with Headwinds

12:13 Building Products Businesses

16:08 North American Industrial Advantage

22:41 Industries Returning to the USA

27:18 Valuing Businesses on Cost of Replacement

30:56 The Links Between Lumber, Building Products, and Housing

33:24 Engaging With Management in Long-term Positions

39:04 Trading Around Long-Term Positions

47:57 Buying Stocks After They've Gone Up

52:56 Trading Against Each Other

55:01 Having a Broker Dealer and Advisory Business

59:15 Jumping From the Sell Side to the Buy Side

01:04:08 Capital Churn

01:06:03 All US Equity Investors Should Compare Themselves to the S&P 500

]]> 4447 Regime of Uncertainty | Steve Hanke on Money Supply Shock, Tariff and Current Account, and Why Recession Remains Base Case For 2025 To view the prospectus for the VanEck Merk Gold ETF (OUNZ), please visit: https://www.vaneck.com/OUNZProspectus Learn more: https://www.vaneck.com/OUNZJack/overview/ Steve Hanke, author of “Making Money Work” and Professor of Applied Economics The Johns Hopkins University in Baltimore, joins Monetary Matters to share his thoughts on the anemic bank credit growth, fiscal and tariffs policy in the United States, and the global Dollar system. Recorded May 20, 2025. Follow VanEck on Twitter https://x.com/vaneck_usFollow Steve Hanke on Twitter https://x.com/steve_hanke Follow Jack Farley on Twitter https://x.com/JackFarley96 Steve’s book, “Making Money Work: How to Rewrite the Rules of Our Financial System”, on Amazon: https://www.amazon.com/Making-Money-Work-Rewrite-Financial/dp/1394257260 “Making Money Work” from Publisher (Wiley): https://www.wiley.com/en-us/Making+Money+Work%3A+How+to+Rewrite+the+Rules+of+Our+Financial+System-p-9781394257270 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Wed, 28 May 2025 14:17:00 -0000 full Jack Farley To view the prospectus for the VanEck Merk Gold ETF (OUNZ), please visit: https://www.vaneck.com/OUNZProspectus Learn more: https://www.vaneck.com/OUNZJack/overview/ Steve Hanke, author of “Making Money Work” and Professor of Applied Economics The Johns Hopkins University in Baltimore, joins Monetary Matters to share his thoughts on the anemic bank credit growth, fiscal and tariffs policy in the United States, and the global Dollar system. Recorded May 20, 2025. Follow VanEck on Twitter https://x.com/vaneck_usFollow Steve Hanke on Twitter https://x.com/steve_hanke Follow Jack Farley on Twitter https://x.com/JackFarley96 Steve’s book, “Making Money Work: How to Rewrite the Rules of Our Financial System”, on Amazon: https://www.amazon.com/Making-Money-Work-Rewrite-Financial/dp/1394257260 “Making Money Work” from Publisher (Wiley): https://www.wiley.com/en-us/Making+Money+Work%3A+How+to+Rewrite+the+Rules+of+Our+Financial+System-p-9781394257270 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez To view the prospectus for the VanEck Merk Gold ETF (OUNZ), please visit: https://www.vaneck.com/OUNZProspectus

Learn more: https://www.vaneck.com/OUNZJack/overview/


Steve Hanke, author of “Making Money Work” and Professor of Applied Economics The Johns Hopkins University in Baltimore, joins Monetary Matters to share his thoughts on the anemic bank credit growth, fiscal and tariffs policy in the United States, and the global Dollar system. Recorded May 20, 2025.


Follow VanEck on Twitter https://x.com/vaneck_usFollow Steve Hanke on Twitter https://x.com/steve_hanke

Follow Jack Farley on Twitter https://x.com/JackFarley96


Steve’s book, “Making Money Work: How to Rewrite the Rules of Our Financial System”, on Amazon: https://www.amazon.com/Making-Money-Work-Rewrite-Financial/dp/1394257260

“Making Money Work” from Publisher (Wiley): https://www.wiley.com/en-us/Making+Money+Work%3A+How+to+Rewrite+the+Rules+of+Our+Financial+System-p-9781394257270


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

]]> 2711 Economic Policy To The Fore | Jason Furman on Deregulation, Tax Cuts, Tariffs, and Healthcare Jason Furman, former Chairman of Council of Economic Advisers for President Obama and Aetna Professor of the Practice of Economic Policy jointly at Harvard Kennedy School (HKS) and the Department of Economics at Harvard University, joins Monetary Matters to share his view of the Trump administration’s “three-legged stool” of tariffs, deregulation, and tax cuts. Recorded May 20, 2025. Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Jason Furman on Twitter https://x.com/jasonfurman Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Sun, 25 May 2025 16:32:00 -0000 full Jack Farley Jason Furman, former Chairman of Council of Economic Advisers for President Obama and Aetna Professor of the Practice of Economic Policy jointly at Harvard Kennedy School (HKS) and the Department of Economics at Harvard University, joins Monetary Matters to share his view of the Trump administration’s “three-legged stool” of tariffs, deregulation, and tax cuts. Recorded May 20, 2025. Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Jason Furman on Twitter https://x.com/jasonfurman Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Jason Furman, former Chairman of Council of Economic Advisers for President Obama and Aetna Professor of the Practice of Economic Policy jointly at Harvard Kennedy School (HKS) and the Department of Economics at Harvard University, joins Monetary Matters to share his view of the Trump administration’s “three-legged stool” of tariffs, deregulation, and tax cuts. Recorded May 20, 2025.


Follow Jack Farley on Twitter https://x.com/JackFarley96

Follow Jason Furman on Twitter https://x.com/jasonfurman


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


]]> 2259 Fiscal Decay, EM Parallels, and What’s Next for the Dollar | Nicolás Dujovne Nicolás Dujovne, CIO and founder of Tenac Asset Management and former Treasury Minister of Argentina joins Monetary Matters to discuss the evolution of emerging market economies, EM debt investing, and why even though the US’s failure to address fiscal issues may be reminiscent of emerging markets it still falls short of full EM status even if it risks the US Dollar’s reserve currency status over the long run. Dujovne also identifies the opportunities he's watching now, explains why he thinks the dollar is moving lower, and makes the case for EM debt becoming more common in investor portfolios. PAST PERFORMANCE IS NOT AN INDICATION OF FUTURE RESULTS. Historical performance is included for informational purposes only and should not be relied on as being indicative of results that will be achieved by the Fund. Future returns are not guaranteed, and a loss of principal may occur. Differences in the timing of the transactions, capital contributions or withdrawals, and market conditions prevailing at the time of the investment will lead to different results. Performance shown is for the stated time period only. Performance is presented net of fees and expenses and assumes the reinvestment of income and earnings. The net figures reflect the deduction of management fees (1.5%) and incentive fees (15%). BENCHMARKS. The performance of the Fund is shown as compared to indices. Broad-based securities indices are unmanaged and are not subject to fees and expenses typically associated with investment funds. Investments cannot be made directly in a broad-based securities index. The benchmark is provided for reference only and does not imply that the Fund will achieve returns, volatility, or other results similar to the benchmark. The composition of a benchmark index does not reflect the way the Fund portfolio is constructed in relation to expected or achieved returns, investment holdings, sectors, correlations, concentrations or tracking error targets, all of which are subject to change over time. Learn more about Tenac Asset Management: https://tenacam.com Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:46 The Impact of the Dollar on EMs Like Argentina 04:59 The Impact of the Fed and US Rated on EMs Experiencing Crisis 08:15 The Causes of Argentina's Inflation 15:17 The Mechanics of Money Printing 18:38 Macro Investing in Emerging Markets 28:30 Dollar Bonds vs Local Currency Bonds 34:55 Why Do Countries Issue Dollar Bonds? 40:05 The Case for EM Debt as an Asset Class 44:21 Balance of Payments 47:51 Economics vs Trading 52:58 Rebalancing the US vs the Rest of World 55:40 The Weakening US Dollar 57:54 Tariff Impacts on US GDP 01:01:36 One Year Dollar Outlook 01:03:25 Current Positioning 01:05:26 Current Market Anomalies 01:08:52 Is the US Becoming an Emerging Market 01:13:54 LATAM Tariff Winners 01:17:16 Opinions on Milei 01:21:18 Argentina Market Views Fri, 23 May 2025 11:00:00 -0000 full Jack Farley Nicolás Dujovne, CIO and founder of Tenac Asset Management and former Treasury Minister of Argentina joins Monetary Matters to discuss the evolution of emerging market economies, EM debt investing, and why even though the US’s failure to address fiscal issues may be reminiscent of emerging markets it still falls short of full EM status even if it risks the US Dollar’s reserve currency status over the long run. Dujovne also identifies the opportunities he's watching now, explains why he thinks the dollar is moving lower, and makes the case for EM debt becoming more common in investor portfolios. PAST PERFORMANCE IS NOT AN INDICATION OF FUTURE RESULTS. Historical performance is included for informational purposes only and should not be relied on as being indicative of results that will be achieved by the Fund. Future returns are not guaranteed, and a loss of principal may occur. Differences in the timing of the transactions, capital contributions or withdrawals, and market conditions prevailing at the time of the investment will lead to different results. Performance shown is for the stated time period only. Performance is presented net of fees and expenses and assumes the reinvestment of income and earnings. The net figures reflect the deduction of management fees (1.5%) and incentive fees (15%). BENCHMARKS. The performance of the Fund is shown as compared to indices. Broad-based securities indices are unmanaged and are not subject to fees and expenses typically associated with investment funds. Investments cannot be made directly in a broad-based securities index. The benchmark is provided for reference only and does not imply that the Fund will achieve returns, volatility, or other results similar to the benchmark. The composition of a benchmark index does not reflect the way the Fund portfolio is constructed in relation to expected or achieved returns, investment holdings, sectors, correlations, concentrations or tracking error targets, all of which are subject to change over time. Learn more about Tenac Asset Management: https://tenacam.com Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:46 The Impact of the Dollar on EMs Like Argentina 04:59 The Impact of the Fed and US Rated on EMs Experiencing Crisis 08:15 The Causes of Argentina's Inflation 15:17 The Mechanics of Money Printing 18:38 Macro Investing in Emerging Markets 28:30 Dollar Bonds vs Local Currency Bonds 34:55 Why Do Countries Issue Dollar Bonds? 40:05 The Case for EM Debt as an Asset Class 44:21 Balance of Payments 47:51 Economics vs Trading 52:58 Rebalancing the US vs the Rest of World 55:40 The Weakening US Dollar 57:54 Tariff Impacts on US GDP 01:01:36 One Year Dollar Outlook 01:03:25 Current Positioning 01:05:26 Current Market Anomalies 01:08:52 Is the US Becoming an Emerging Market 01:13:54 LATAM Tariff Winners 01:17:16 Opinions on Milei 01:21:18 Argentina Market Views Nicolás Dujovne, CIO and founder of Tenac Asset Management and former Treasury Minister of Argentina joins Monetary Matters to discuss the evolution of emerging market economies, EM debt investing, and why even though the US’s failure to address fiscal issues may be reminiscent of emerging markets it still falls short of full EM status even if it risks the US Dollar’s reserve currency status over the long run. Dujovne also identifies the opportunities he's watching now, explains why he thinks the dollar is moving lower, and makes the case for EM debt becoming more common in investor portfolios.


PAST PERFORMANCE IS NOT AN INDICATION OF FUTURE RESULTS. Historical performance is included for informational purposes only and should not be relied on as being indicative of results that will be achieved by the Fund. Future returns are not guaranteed, and a loss of principal may occur. Differences in the timing of the transactions, capital contributions or withdrawals, and market conditions prevailing at the time of the investment will lead to different results. Performance shown is for the stated time period only. Performance is presented net of fees and expenses and assumes the reinvestment of income and earnings. The net figures reflect the deduction of management fees (1.5%) and incentive fees (15%). BENCHMARKS. The performance of the Fund is shown as compared to indices. Broad-based securities indices are unmanaged and are not subject to fees and expenses typically associated with investment funds. Investments cannot be made directly in a broad-based securities index. The benchmark is provided for reference only and does not imply that the Fund will achieve returns, volatility, or other results similar to the benchmark. The composition of a benchmark index does not reflect the way the Fund portfolio is constructed in relation to expected or achieved returns, investment holdings, sectors, correlations, concentrations or tracking error targets, all of which are subject to change over time.
Learn more about Tenac Asset Management: https://tenacam.com Follow Jack Farley on Twitter https://x.com/JackFarley96
Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez
Timestamps:
00:46 The Impact of the Dollar on EMs Like Argentina 04:59 The Impact of the Fed and US Rated on EMs Experiencing Crisis 08:15 The Causes of Argentina's Inflation 15:17 The Mechanics of Money Printing 18:38 Macro Investing in Emerging Markets 28:30 Dollar Bonds vs Local Currency Bonds 34:55 Why Do Countries Issue Dollar Bonds? 40:05 The Case for EM Debt as an Asset Class 44:21 Balance of Payments 47:51 Economics vs Trading 52:58 Rebalancing the US vs the Rest of World 55:40 The Weakening US Dollar 57:54 Tariff Impacts on US GDP 01:01:36 One Year Dollar Outlook 01:03:25 Current Positioning 01:05:26 Current Market Anomalies 01:08:52 Is the US Becoming an Emerging Market 01:13:54 LATAM Tariff Winners 01:17:16 Opinions on Milei 01:21:18 Argentina Market Views

]]> 5114 The Holy Grail of Macro | Prometheus Macro’s Aahan Menon on Why Tariffs Won’t Cause A Recession And Why Buying Dips Only Works In An Expansion Monetary Matters listeners can get a 25% discount to Prometheus Macro: https://www.prometheus-macro.com/monetarymatters Aahan Menon, founder and CEO of Prometheus Macro, returns to Monetary Matters to share his in-depth macro process. He talks about how returns come from three factors: carry, mean reversion, and trend, and about how these three factors interact with other macro variables. Prometheus Macro is a trusted source for Jack and Monetary Matters listeners can get discounted access to Aahan’s research service by using the link below. Annual subscriptions can be purchased at 25% off the monthly subscription rate, and monthly subscribers can get a 10% discounted rate. https://www.prometheus-macro.com/monetarymatters Follow Aahan Menon on Twitter https://x.com/AahanPrometheus Follow Prometheus Macro on Twitter https://x.com/prometheusmacro Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Tue, 20 May 2025 13:42:00 -0000 full Jack Farley Monetary Matters listeners can get a 25% discount to Prometheus Macro: https://www.prometheus-macro.com/monetarymatters Aahan Menon, founder and CEO of Prometheus Macro, returns to Monetary Matters to share his in-depth macro process. He talks about how returns come from three factors: carry, mean reversion, and trend, and about how these three factors interact with other macro variables. Prometheus Macro is a trusted source for Jack and Monetary Matters listeners can get discounted access to Aahan’s research service by using the link below. Annual subscriptions can be purchased at 25% off the monthly subscription rate, and monthly subscribers can get a 10% discounted rate. https://www.prometheus-macro.com/monetarymatters Follow Aahan Menon on Twitter https://x.com/AahanPrometheus Follow Prometheus Macro on Twitter https://x.com/prometheusmacro Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Monetary Matters listeners can get a 25% discount to Prometheus Macro: https://www.prometheus-macro.com/monetarymatters


Aahan Menon, founder and CEO of Prometheus Macro, returns to Monetary Matters to share his in-depth macro process. He talks about how returns come from three factors: carry, mean reversion, and trend, and about how these three factors interact with other macro variables. Prometheus Macro is a trusted source for Jack and Monetary Matters listeners can get discounted access to Aahan’s research service by using the link below. Annual subscriptions can be purchased at 25% off the monthly subscription rate, and monthly subscribers can get a 10% discounted rate.


https://www.prometheus-macro.com/monetarymatters


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]]> 6234 Is Private Credit a Systemic Risk? (A Regulator’s View) | Fabio Natalucci Fabio Natalucci, CEO of the Anderson Institute for Finance & Economics, joins Monetary Matters to discuss his work at the IMF on the potential risks to the global financial system that the growth of private credit may pose. They also discuss the affects that tariffs will have not just on the economy but the functioning of the financial system.Learn more about the Anderson Institute: https://www.andersen.com/ Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Intro 00:48 A Regulator's View of Private Credit 12:58 Private Credit Replacing the Banking System 15:46 New Types of Private Credit Investors 19:34 Private Credit Liquidity 24:11 Private Credit Leverage 29:00 Geographical Regulatory Risks 30:23 Is Private Credit Investment Grade? 36:01 Private Capital's Entry to the Insurance Business 41:49 Derivatives in Private Credit and Collateralized Fund Obligations 45:44 Economic and Financial Implications of Tariffs 01:01:53 The Risk of Foreigners Selling US Assets 01:09:53 Taiwan Life Insurance Markets 01:12:37 Does Trump Want a Weaker Dollar? 01:15:37 Lack of Consumption Ex-US 01:20:29 The Anderson Institute Sat, 17 May 2025 15:11:00 -0000 full Jack Farley Fabio Natalucci, CEO of the Anderson Institute for Finance & Economics, joins Monetary Matters to discuss his work at the IMF on the potential risks to the global financial system that the growth of private credit may pose. They also discuss the affects that tariffs will have not just on the economy but the functioning of the financial system.Learn more about the Anderson Institute: https://www.andersen.com/ Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Intro 00:48 A Regulator's View of Private Credit 12:58 Private Credit Replacing the Banking System 15:46 New Types of Private Credit Investors 19:34 Private Credit Liquidity 24:11 Private Credit Leverage 29:00 Geographical Regulatory Risks 30:23 Is Private Credit Investment Grade? 36:01 Private Capital's Entry to the Insurance Business 41:49 Derivatives in Private Credit and Collateralized Fund Obligations 45:44 Economic and Financial Implications of Tariffs 01:01:53 The Risk of Foreigners Selling US Assets 01:09:53 Taiwan Life Insurance Markets 01:12:37 Does Trump Want a Weaker Dollar? 01:15:37 Lack of Consumption Ex-US 01:20:29 The Anderson Institute Fabio Natalucci, CEO of the Anderson Institute for Finance & Economics, joins Monetary Matters to discuss his work at the IMF on the potential risks to the global financial system that the growth of private credit may pose. They also discuss the affects that tariffs will have not just on the economy but the functioning of the financial system.
Learn more about the Anderson Institute: https://www.andersen.com/ Follow Jack Farley on Twitter https://x.com/JackFarley96
Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez
Timestamps: 00:00 Intro 00:48 A Regulator's View of Private Credit 12:58 Private Credit Replacing the Banking System 15:46 New Types of Private Credit Investors 19:34 Private Credit Liquidity 24:11 Private Credit Leverage 29:00 Geographical Regulatory Risks 30:23 Is Private Credit Investment Grade? 36:01 Private Capital's Entry to the Insurance Business 41:49 Derivatives in Private Credit and Collateralized Fund Obligations 45:44 Economic and Financial Implications of Tariffs 01:01:53 The Risk of Foreigners Selling US Assets 01:09:53 Taiwan Life Insurance Markets 01:12:37 Does Trump Want a Weaker Dollar? 01:15:37 Lack of Consumption Ex-US 01:20:29 The Anderson Institute

]]> 5112 The Fed and The Flu | David Kotok on How Pandemics Transform Economies and Markets David Kotok, Co-Founder & Strategic Advisor at Cumberland Advisors, joins Monetary Matters to discuss insights from his new book, “The Fed and the Flu: Parsing Pandemic Economic Shocks.” Kotok cites data over millennia to show that pandemics typically cause natural real interest rates to decline, and productivity and inequality to rise. Kotok argues that we must prepare for the next pandemic and shares his view on the origin of the COVID virus. Part II of an interview recorded on April 4, 2025, with the first part having aired on April 7, 2025.  David Kotok’s book, “The Fed and the Flu: Parsing Pandemic Economic Shocks”:  https://www.amazon.com/Fed-Flu-Parsing-Pandemic-Economic-ebook/dp/B0DCK1ZHJT Paper, “Longer-Run Economic Consequences of Pandemics”: https://www.nber.org/system/files/working_papers/w26934/w26934.pdf Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow David Kotok on Twitter https://x.com/DavidKotokGIC Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Fri, 16 May 2025 18:41:00 -0000 full Jack Farley David Kotok, Co-Founder & Strategic Advisor at Cumberland Advisors, joins Monetary Matters to discuss insights from his new book, “The Fed and the Flu: Parsing Pandemic Economic Shocks.” Kotok cites data over millennia to show that pandemics typically cause natural real interest rates to decline, and productivity and inequality to rise. Kotok argues that we must prepare for the next pandemic and shares his view on the origin of the COVID virus. Part II of an interview recorded on April 4, 2025, with the first part having aired on April 7, 2025.  David Kotok’s book, “The Fed and the Flu: Parsing Pandemic Economic Shocks”:  https://www.amazon.com/Fed-Flu-Parsing-Pandemic-Economic-ebook/dp/B0DCK1ZHJT Paper, “Longer-Run Economic Consequences of Pandemics”: https://www.nber.org/system/files/working_papers/w26934/w26934.pdf Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow David Kotok on Twitter https://x.com/DavidKotokGIC Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez David Kotok, Co-Founder & Strategic Advisor at Cumberland Advisors, joins Monetary Matters to discuss insights from his new book, “The Fed and the Flu: Parsing Pandemic Economic Shocks.” Kotok cites data over millennia to show that pandemics typically cause natural real interest rates to decline, and productivity and inequality to rise. Kotok argues that we must prepare for the next pandemic and shares his view on the origin of the COVID virus. Part II of an interview recorded on April 4, 2025, with the first part having aired on April 7, 2025. 


David Kotok’s book, “The Fed and the Flu: Parsing Pandemic Economic Shocks”: 

https://www.amazon.com/Fed-Flu-Parsing-Pandemic-Economic-ebook/dp/B0DCK1ZHJT

Paper, “Longer-Run Economic Consequences of Pandemics”: https://www.nber.org/system/files/working_papers/w26934/w26934.pdf


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]]> 3897 Milton Berg: “Overwhelming” Evidence of Bullish Action In Stock Market Milton Berg, pioneer in technical market data analysis, explains why he thinks early April was a turning point in the U.S. stock market and why the stock market is likely headed higher. Recorded May 13, 2025 Follow Milton Berg on Twitter https://x.com/BergMilton Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Wed, 14 May 2025 14:32:00 -0000 full Jack Farley Milton Berg, pioneer in technical market data analysis, explains why he thinks early April was a turning point in the U.S. stock market and why the stock market is likely headed higher. Recorded May 13, 2025 Follow Milton Berg on Twitter https://x.com/BergMilton Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Milton Berg, pioneer in technical market data analysis, explains why he thinks early April was a turning point in the U.S. stock market and why the stock market is likely headed higher. Recorded May 13, 2025


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]]> 5081 Ken Rogoff on Past, Present, and Future of U.S. Dollar Hegemony To view the prospectus for the VanEck Merk Gold ETF (OUNZ), please visit: https://www.vaneck.com/OUNZProspectus Learn more: https://www.vaneck.com/OUNZJack/overview/ Ken Rogoff’s new book on the U.S. Dollar on Amazon: https://www.amazon.com/Our-Dollar-Your-Problem-Turbulent/dp/0300275315 On Publisher’s site: https://yalebooks.yale.edu/book/9780300275315/our-dollar-your-problem/ Ken Rogoff, renowned economist and author of “Our Dollar, Your Problem: An Insider's View of Seven Turbulent Decades of Global Finance, and the Road Ahead” traces the development of the U.S. Dollar’s rise to world dominance, and he connects it with the trade and capital imbalances that have recently motivated large tariff actions from the United States. Rogoff argues that he thinks the Trump tariff policy through April 30 2025 was somewhat “dumb” but that there is a chance that 10 years from now Trump will be viewed as having been right. Recorded April 30, 2025.  Follow VanEck on Twitter https://x.com/vaneck_us Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Mon, 12 May 2025 16:02:00 -0000 full Jack Farley To view the prospectus for the VanEck Merk Gold ETF (OUNZ), please visit: https://www.vaneck.com/OUNZProspectus Learn more: https://www.vaneck.com/OUNZJack/overview/ Ken Rogoff’s new book on the U.S. Dollar on Amazon: https://www.amazon.com/Our-Dollar-Your-Problem-Turbulent/dp/0300275315 On Publisher’s site: https://yalebooks.yale.edu/book/9780300275315/our-dollar-your-problem/ Ken Rogoff, renowned economist and author of “Our Dollar, Your Problem: An Insider's View of Seven Turbulent Decades of Global Finance, and the Road Ahead” traces the development of the U.S. Dollar’s rise to world dominance, and he connects it with the trade and capital imbalances that have recently motivated large tariff actions from the United States. Rogoff argues that he thinks the Trump tariff policy through April 30 2025 was somewhat “dumb” but that there is a chance that 10 years from now Trump will be viewed as having been right. Recorded April 30, 2025.  Follow VanEck on Twitter https://x.com/vaneck_us Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez To view the prospectus for the VanEck Merk Gold ETF (OUNZ), please visit: https://www.vaneck.com/OUNZProspectus

Learn more: https://www.vaneck.com/OUNZJack/overview/


Ken Rogoff’s new book on the U.S. Dollar on Amazon: https://www.amazon.com/Our-Dollar-Your-Problem-Turbulent/dp/0300275315

On Publisher’s site: https://yalebooks.yale.edu/book/9780300275315/our-dollar-your-problem/


Ken Rogoff, renowned economist and author of “Our Dollar, Your Problem: An Insider's View of Seven Turbulent Decades of Global Finance, and the Road Ahead” traces the development of the U.S. Dollar’s rise to world dominance, and he connects it with the trade and capital imbalances that have recently motivated large tariff actions from the United States. Rogoff argues that he thinks the Trump tariff policy through April 30 2025 was somewhat “dumb” but that there is a chance that 10 years from now Trump will be viewed as having been right. Recorded April 30, 2025. 


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]]> 4079 The Global Trade Reset Was Inevitable | George Magnus George Magnus, famed economist and Associate at the China Centre Oxford, joins Monetary Matters to discuss how the global trade reset was inevitable because of unsustainable trade imbalances built up prior to the Trump administration. They also discuss the likelihood of tariffs being lowered and the relative strength of the US and China in trade negotiations. Follow George Magnus on Twitter https://x.com/georgemagnus1Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Thu, 08 May 2025 20:55:00 -0000 full Jack Farley George Magnus, famed economist and Associate at the China Centre Oxford, joins Monetary Matters to discuss how the global trade reset was inevitable because of unsustainable trade imbalances built up prior to the Trump administration. They also discuss the likelihood of tariffs being lowered and the relative strength of the US and China in trade negotiations. Follow George Magnus on Twitter https://x.com/georgemagnus1Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez George Magnus, famed economist and Associate at the China Centre Oxford, joins Monetary Matters to discuss how the global trade reset was inevitable because of unsustainable trade imbalances built up prior to the Trump administration. They also discuss the likelihood of tariffs being lowered and the relative strength of the US and China in trade negotiations.
Follow George Magnus on Twitter https://x.com/georgemagnus1
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]]> 4838 Wait & See | Jack & Max on May Fed Meeting, Shipping Volumes, China Stimulus, and Tariff Newsflow Jack welcomes Max Wiethe, Other People’s Money podcast host. The two discuss the May Fed meeting, in which Powell repeatedly stressed that the central bank is in a wait and see posture as it gauges how tariffs will impact inflation and growth. The two also discuss shipping volumes, tariff front running, and China’s recent monetary stimulus. Recorded May 7, 2025. Follow Max Wiethe on Twitter https://x.com/maxwiethe Follow Other People’s Money podcast on Twitter https://x.com/OPMpod Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Wed, 07 May 2025 22:32:00 -0000 full Jack Farley Jack welcomes Max Wiethe, Other People’s Money podcast host. The two discuss the May Fed meeting, in which Powell repeatedly stressed that the central bank is in a wait and see posture as it gauges how tariffs will impact inflation and growth. The two also discuss shipping volumes, tariff front running, and China’s recent monetary stimulus. Recorded May 7, 2025. Follow Max Wiethe on Twitter https://x.com/maxwiethe Follow Other People’s Money podcast on Twitter https://x.com/OPMpod Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Jack welcomes Max Wiethe, Other People’s Money podcast host. The two discuss the May Fed meeting, in which Powell repeatedly stressed that the central bank is in a wait and see posture as it gauges how tariffs will impact inflation and growth. The two also discuss shipping volumes, tariff front running, and China’s recent monetary stimulus. Recorded May 7, 2025.


Follow Max Wiethe on Twitter https://x.com/maxwiethe

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]]> 3018 Getting Ready For A Protracted Bear Market | Last Bear Standing Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe Last Bear Standing joins Monetary Matters to explain why he thinks subpar equity returns are likely. In his words, “ The market’s current decline is not a correction, a bump in the road, or a dip to be bought. We have entered a protracted bear market.” Recorded on May 1, 2025. Follow Last Bear Standing on Twitter https://x.com/LastBearStandng Follow Teucrium on Twitter https://x.com/TeucriumETFs Follow Jack Farley on Twitter https://x.com/JackFarley96 “The Matador”: https://substack.com/@thelastbearstanding/p-162490853 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Tue, 06 May 2025 12:59:00 -0000 full Jack Farley Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe Last Bear Standing joins Monetary Matters to explain why he thinks subpar equity returns are likely. In his words, “ The market’s current decline is not a correction, a bump in the road, or a dip to be bought. We have entered a protracted bear market.” Recorded on May 1, 2025. Follow Last Bear Standing on Twitter https://x.com/LastBearStandng Follow Teucrium on Twitter https://x.com/TeucriumETFs Follow Jack Farley on Twitter https://x.com/JackFarley96 “The Matador”: https://substack.com/@thelastbearstanding/p-162490853 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe


Last Bear Standing joins Monetary Matters to explain why he thinks subpar equity returns are likely. In his words, “ The market’s current decline is not a correction, a bump in the road, or a dip to be bought. We have entered a protracted bear market.” Recorded on May 1, 2025.


Follow Last Bear Standing on Twitter https://x.com/LastBearStandng

Follow Teucrium on Twitter https://x.com/TeucriumETFs

Follow Jack Farley on Twitter https://x.com/JackFarley96


“The Matador”: https://substack.com/@thelastbearstanding/p-162490853


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]]> 4008 End of Free Trade Era Should Not Spook Long-Term Investors | Kara Murphy Kara Murphy, CIO of Kestra Investment Management, joins Monetary Matters to share her investment outlook at a time of great uncertainty in global financial markets. Murphy argues that investors are best served taking a long-term approach, and investors with a long-time horizon ought not to spooked by policy-induced short-term gyrations in the stock market. Recorded on May 2, 2025. Follow Kara Murphy on LinkedIn https://www.linkedin.com/in/moneywithmurphy/ Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Sun, 04 May 2025 17:48:00 -0000 full Jack Farley Kara Murphy, CIO of Kestra Investment Management, joins Monetary Matters to share her investment outlook at a time of great uncertainty in global financial markets. Murphy argues that investors are best served taking a long-term approach, and investors with a long-time horizon ought not to spooked by policy-induced short-term gyrations in the stock market. Recorded on May 2, 2025. Follow Kara Murphy on LinkedIn https://www.linkedin.com/in/moneywithmurphy/ Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Kara Murphy, CIO of Kestra Investment Management, joins Monetary Matters to share her investment outlook at a time of great uncertainty in global financial markets. Murphy argues that investors are best served taking a long-term approach, and investors with a long-time horizon ought not to spooked by policy-induced short-term gyrations in the stock market. Recorded on May 2, 2025.


Follow Kara Murphy on LinkedIn https://www.linkedin.com/in/moneywithmurphy/

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]]> 3196 How Hedge Funds Have Managed Market Turmoil with Jack and Max The first 4 months of 2025 have been highly volatile hurting both equity and fixed income investors alike, but how has the “smart money” faired in this environment? Jack and Max breakdown the performance of hedge funds in Q1 and April of 2025 with data from Citco Fund Services and HFRI. They also discuss the recent moves by Yale and Harvard to sell some of their private equity stakes and other indicators that might signal trouble ahead for PE as an asset class. Follow Jack on X: https://x.com/JackFarley96 Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M  Spotify https://bit.ly/3Yhaazi  YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Wed, 30 Apr 2025 01:25:00 -0000 full Jack Farley The first 4 months of 2025 have been highly volatile hurting both equity and fixed income investors alike, but how has the “smart money” faired in this environment? Jack and Max breakdown the performance of hedge funds in Q1 and April of 2025 with data from Citco Fund Services and HFRI. They also discuss the recent moves by Yale and Harvard to sell some of their private equity stakes and other indicators that might signal trouble ahead for PE as an asset class. Follow Jack on X: https://x.com/JackFarley96 Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M  Spotify https://bit.ly/3Yhaazi  YouTube https://bit.ly/3C63VXR X https://x.com/opmpod The first 4 months of 2025 have been highly volatile hurting both equity and fixed income investors alike, but how has the “smart money” faired in this environment? Jack and Max breakdown the performance of hedge funds in Q1 and April of 2025 with data from Citco Fund Services and HFRI. They also discuss the recent moves by Yale and Harvard to sell some of their private equity stakes and other indicators that might signal trouble ahead for PE as an asset class.


Follow Jack on X: https://x.com/JackFarley96

Follow Max on X: https://x.com/maxwiethe

Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M

 Spotify https://bit.ly/3Yhaazi

 YouTube https://bit.ly/3C63VXR

X https://x.com/opmpod

]]> 3438 Opportunities In Agricultural Commodities | Teucrium's Sal Gilbertie on Grain Stockpiles, Trade Disruptions To Crops, and Ripple (FIRESIDE CHAT) Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe Learn more about Teucrium’s Model Commodity Portfolio: https://insights.teucrium.com/commodities1subscribe Golden Grain Cycle: https://insights.teucrium.com/golden-grain-cycle This Fireside Chat is a sponsored conversation with the CEO of Teucrium, Sal Gilbertie. Sal’s company offers access to agricultural commodities such as corn ($CORN), soybeans ($SOYB), wheat ($WEAT), sugar, as well as broad commodity indices ($TAGS & $TILL) and 2x levered Ripple ($XXRP).  Follow Teucrium on Twitter https://x.com/TeucriumETFs Follow Sal Gilbertie on Twitter https://x.com/GilbertieSal Follow Jake Hanley on Twitter https://x.com/MacroView_Jake Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5YouTube https://rb.gy/dpwxez Mon, 28 Apr 2025 16:15:00 -0000 full Jack Farley Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe Learn more about Teucrium’s Model Commodity Portfolio: https://insights.teucrium.com/commodities1subscribe Golden Grain Cycle: https://insights.teucrium.com/golden-grain-cycle This Fireside Chat is a sponsored conversation with the CEO of Teucrium, Sal Gilbertie. Sal’s company offers access to agricultural commodities such as corn ($CORN), soybeans ($SOYB), wheat ($WEAT), sugar, as well as broad commodity indices ($TAGS & $TILL) and 2x levered Ripple ($XXRP).  Follow Teucrium on Twitter https://x.com/TeucriumETFs Follow Sal Gilbertie on Twitter https://x.com/GilbertieSal Follow Jake Hanley on Twitter https://x.com/MacroView_Jake Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5YouTube https://rb.gy/dpwxez Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe


Learn more about Teucrium’s Model Commodity Portfolio: https://insights.teucrium.com/commodities1subscribe


Golden Grain Cycle: https://insights.teucrium.com/golden-grain-cycle


This Fireside Chat is a sponsored conversation with the CEO of Teucrium, Sal Gilbertie. Sal’s company offers access to agricultural commodities such as corn ($CORN), soybeans ($SOYB), wheat ($WEAT), sugar, as well as broad commodity indices ($TAGS & $TILL) and 2x levered Ripple ($XXRP). 


Follow Teucrium on Twitter https://x.com/TeucriumETFs

Follow Sal Gilbertie on Twitter https://x.com/GilbertieSal

Follow Jake Hanley on Twitter https://x.com/MacroView_Jake

Follow Jack Farley on Twitter https://x.com/JackFarley96


Follow Monetary Matters on:

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]]> 2774 The Financial Sector Prepares for Recession | Marc Rubinstein Marc Rubinstein, former hedge fund manager and author of Net Interest joins Monetary Matters to discuss how the financial sector is preparing itself for the risks of a recession and how they are managing tariff uncertainty during this earnings season. Rubinstein touches on the different subsectors of the financial sector, like banks, non-banks, asset managers and payments companies, as well as how financials in different geographies may benefit from the reshuffling of global trade. Read Marc’s Net Interest Substack on The Great Payments Processor Reshuffle of 2025: https://www.netinterest.co/p/partner-swap Follow Marc Rubinstein on Twitter https://x.com/MarcRuby Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Sun, 27 Apr 2025 21:30:00 -0000 full Jack Farley Marc Rubinstein, former hedge fund manager and author of Net Interest joins Monetary Matters to discuss how the financial sector is preparing itself for the risks of a recession and how they are managing tariff uncertainty during this earnings season. Rubinstein touches on the different subsectors of the financial sector, like banks, non-banks, asset managers and payments companies, as well as how financials in different geographies may benefit from the reshuffling of global trade. Read Marc’s Net Interest Substack on The Great Payments Processor Reshuffle of 2025: https://www.netinterest.co/p/partner-swap Follow Marc Rubinstein on Twitter https://x.com/MarcRuby Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Marc Rubinstein, former hedge fund manager and author of Net Interest joins Monetary Matters to discuss how the financial sector is preparing itself for the risks of a recession and how they are managing tariff uncertainty during this earnings season. Rubinstein touches on the different subsectors of the financial sector, like banks, non-banks, asset managers and payments companies, as well as how financials in different geographies may benefit from the reshuffling of global trade.
Read Marc’s Net Interest Substack on The Great Payments Processor Reshuffle of 2025: https://www.netinterest.co/p/partner-swap


Follow Marc Rubinstein on Twitter https://x.com/MarcRuby
Follow Jack Farley on Twitter https://x.com/JackFarley96
Follow Monetary Matters on:
Apple Podcast https://rb.gy/s5qfyh
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]]> 4826 Hidden Mortgage Market Shifts Are Creating Opportunities | Matt Jozoff of Trevally Capital Matt Jozoff, co-CEO, Portfolio Manager, and Head of Macro Research at Trevally Capital joins Other People’s Money, to discuss how trends like the growth in the Ginnie Mae market, low credit borrowers and non-bank originators, and other factors are affecting mortgage prepayments and creating opportunities in the mortgage market for firms like Trevally Capital. He also discusses how Trevally Capital is looking to extract alpha from these opportunities and build a world-class institutional asset manager with the backing of partners like The Raptor Group and Seaport Global Securities. Learn more about Trevally Capital: https://www.trevallycapital.com/ Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M  Spotify https://bit.ly/3Yhaazi  YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps 00:00 Intro 01:33 Post-Tariff Fixed Income Market Update 06:49 Recent Mortgage Market Developments 10:45 Ginnie Mae Mortgages 12:04 Not Calling For Another Mortgage Crisis 13:42 Nobody Can Afford Refinancing 17:24 Trump Admin and Fannie & Freddie 21:08 Factors Affecting Mortgage Prepayments 28:27 Day one Institutional Quality 34:53 Prepayments Part II 39:04 Importance of Seed Investors like Raptor & Seaport Global 42:07 Hedge Fund Seed Investing is Venture Capital 43:55 Peers & Competitors in the Mortgage Market 49:36 Physics & Cincinnati Connection Thu, 24 Apr 2025 11:00:00 -0000 full Jack Farley Matt Jozoff, co-CEO, Portfolio Manager, and Head of Macro Research at Trevally Capital joins Other People’s Money, to discuss how trends like the growth in the Ginnie Mae market, low credit borrowers and non-bank originators, and other factors are affecting mortgage prepayments and creating opportunities in the mortgage market for firms like Trevally Capital. He also discusses how Trevally Capital is looking to extract alpha from these opportunities and build a world-class institutional asset manager with the backing of partners like The Raptor Group and Seaport Global Securities. Learn more about Trevally Capital: https://www.trevallycapital.com/ Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M  Spotify https://bit.ly/3Yhaazi  YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps 00:00 Intro 01:33 Post-Tariff Fixed Income Market Update 06:49 Recent Mortgage Market Developments 10:45 Ginnie Mae Mortgages 12:04 Not Calling For Another Mortgage Crisis 13:42 Nobody Can Afford Refinancing 17:24 Trump Admin and Fannie & Freddie 21:08 Factors Affecting Mortgage Prepayments 28:27 Day one Institutional Quality 34:53 Prepayments Part II 39:04 Importance of Seed Investors like Raptor & Seaport Global 42:07 Hedge Fund Seed Investing is Venture Capital 43:55 Peers & Competitors in the Mortgage Market 49:36 Physics & Cincinnati Connection Matt Jozoff, co-CEO, Portfolio Manager, and Head of Macro Research at Trevally Capital joins Other People’s Money, to discuss how trends like the growth in the Ginnie Mae market, low credit borrowers and non-bank originators, and other factors are affecting mortgage prepayments and creating opportunities in the mortgage market for firms like Trevally Capital. He also discusses how Trevally Capital is looking to extract alpha from these opportunities and build a world-class institutional asset manager with the backing of partners like The Raptor Group and Seaport Global Securities.


Learn more about Trevally Capital: https://www.trevallycapital.com/

Follow Max on X: https://x.com/maxwiethe


Follow Other People’s Money on:


Apple Podcast https://bit.ly/4e7QJ1M

 Spotify https://bit.ly/3Yhaazi

 YouTube https://bit.ly/3C63VXR

X https://x.com/opmpod


Timestamps

00:00 Intro

01:33 Post-Tariff Fixed Income Market Update

06:49 Recent Mortgage Market Developments

10:45 Ginnie Mae Mortgages

12:04 Not Calling For Another Mortgage Crisis

13:42 Nobody Can Afford Refinancing

17:24 Trump Admin and Fannie & Freddie

21:08 Factors Affecting Mortgage Prepayments

28:27 Day one Institutional Quality

34:53 Prepayments Part II

39:04 Importance of Seed Investors like Raptor & Seaport Global

42:07 Hedge Fund Seed Investing is Venture Capital

43:55 Peers & Competitors in the Mortgage Market

49:36 Physics & Cincinnati Connection


]]> 3042 Tariffs Aren’t Going Away | PIMCO’s Policy Head Libby Cantrill on Trade and Tax Environment In New U.S. Administration Libby Cantrill, Managing Director and Head of Public Policy at PIMCO, joins Monetary Matters to explain her outlook on U.S. trade and tax policy. Cantrill argues that while Trump administration has flexibility in tariff negotiations and that the China tariffs are likely headed much lower (a prediction that already looks like it will come true), tariffs are not going away anytime soon and she views the 10% tariffs on the world as a floor, with reciprocal tariffs on top of that floor especially on China being elevated. Cantrill also shares her views on sectoral tariffs, the rumored “Mar-a-Lago Accord” (she doesn’t think it has traction), and tax cuts. Recorded the afternoon of April 22, 2025. Follow Libby Cantrill on LinkedIn https://www.linkedin.com/in/libby-cantrill-cfa-17162513b/ Most recent piece, “Overall U.S. Tariff Level Still High Despite Exemptions”: https://www.pimco.com/us/en/insights/overall-us-tariff-level-still-high-despite-exemptions Cantrill’s profile on PIMCO: https://www.pimco.com/us/en/experts/libby-cantrill Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Wed, 23 Apr 2025 23:08:00 -0000 full Jack Farley Libby Cantrill, Managing Director and Head of Public Policy at PIMCO, joins Monetary Matters to explain her outlook on U.S. trade and tax policy. Cantrill argues that while Trump administration has flexibility in tariff negotiations and that the China tariffs are likely headed much lower (a prediction that already looks like it will come true), tariffs are not going away anytime soon and she views the 10% tariffs on the world as a floor, with reciprocal tariffs on top of that floor especially on China being elevated. Cantrill also shares her views on sectoral tariffs, the rumored “Mar-a-Lago Accord” (she doesn’t think it has traction), and tax cuts. Recorded the afternoon of April 22, 2025. Follow Libby Cantrill on LinkedIn https://www.linkedin.com/in/libby-cantrill-cfa-17162513b/ Most recent piece, “Overall U.S. Tariff Level Still High Despite Exemptions”: https://www.pimco.com/us/en/insights/overall-us-tariff-level-still-high-despite-exemptions Cantrill’s profile on PIMCO: https://www.pimco.com/us/en/experts/libby-cantrill Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Libby Cantrill, Managing Director and Head of Public Policy at PIMCO, joins Monetary Matters to explain her outlook on U.S. trade and tax policy. Cantrill argues that while Trump administration has flexibility in tariff negotiations and that the China tariffs are likely headed much lower (a prediction that already looks like it will come true), tariffs are not going away anytime soon and she views the 10% tariffs on the world as a floor, with reciprocal tariffs on top of that floor especially on China being elevated. Cantrill also shares her views on sectoral tariffs, the rumored “Mar-a-Lago Accord” (she doesn’t think it has traction), and tax cuts. Recorded the afternoon of April 22, 2025.


Follow Libby Cantrill on LinkedIn https://www.linkedin.com/in/libby-cantrill-cfa-17162513b/

Most recent piece, “Overall U.S. Tariff Level Still High Despite Exemptions”:

https://www.pimco.com/us/en/insights/overall-us-tariff-level-still-high-despite-exemptions

Cantrill’s profile on PIMCO: https://www.pimco.com/us/en/experts/libby-cantrill


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

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]]> 3318 Preparing For A Real Credit Cycle | Danny Moses on Tariff Fatigue, Private Credit, Gold, Tarnishing of U.S. Brand, and Why Stocks Still Aren’t Cheap To view the prospectus for the VanEck Merk Gold ETF (OUNZ), please visit: https://www.vaneck.com/OUNZProspectus Learn more: https://www.vaneck.com/OUNZJack/overview/ What happens to Private Credit in a slowdown? Are fears of tariffs overblown? Danny Moses of “The Big Short” renown joins Monetary Matters to share his views on these important issues and more. Recorded April 17 2025. Follow Danny Moses on Twitter https://x.com/dmoses34 Follow Jack Farley on Twitter https://x.com/JackFarley96 Danny Moses’ podcast, On The Tape: https://open.spotify.com/show/1Bawg52xr2HpGeN36npyua Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Tue, 22 Apr 2025 19:34:00 -0000 full Jack Farley To view the prospectus for the VanEck Merk Gold ETF (OUNZ), please visit: https://www.vaneck.com/OUNZProspectus Learn more: https://www.vaneck.com/OUNZJack/overview/ What happens to Private Credit in a slowdown? Are fears of tariffs overblown? Danny Moses of “The Big Short” renown joins Monetary Matters to share his views on these important issues and more. Recorded April 17 2025. Follow Danny Moses on Twitter https://x.com/dmoses34 Follow Jack Farley on Twitter https://x.com/JackFarley96 Danny Moses’ podcast, On The Tape: https://open.spotify.com/show/1Bawg52xr2HpGeN36npyua Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez To view the prospectus for the VanEck Merk Gold ETF (OUNZ), please visit: https://www.vaneck.com/OUNZProspectus


Learn more: https://www.vaneck.com/OUNZJack/overview/


What happens to Private Credit in a slowdown? Are fears of tariffs overblown? Danny Moses of “The Big Short” renown joins Monetary Matters to share his views on these important issues and more. Recorded April 17 2025.


Follow Danny Moses on Twitter https://x.com/dmoses34

Follow Jack Farley on Twitter https://x.com/JackFarley96

Danny Moses’ podcast, On The Tape: https://open.spotify.com/show/1Bawg52xr2HpGeN36npyua


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

]]> 4287 Breaking The Dollar System | Freya Beamish Freya Beamish, Chief Economist at TS Lombard, joins Jack to argue why American tariff policy is accelerating a transition to a multi-polar international monetary order. She estimates that U.S. and China will reach a deal lowering tariffs to ~30% levels and shares her views on bonds and gold. Recorded on April 14, 2025. Follow Freya Beamish on Twitter https://x.com/freyabeamish Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Sun, 20 Apr 2025 15:18:00 -0000 full Jack Farley Freya Beamish, Chief Economist at TS Lombard, joins Jack to argue why American tariff policy is accelerating a transition to a multi-polar international monetary order. She estimates that U.S. and China will reach a deal lowering tariffs to ~30% levels and shares her views on bonds and gold. Recorded on April 14, 2025. Follow Freya Beamish on Twitter https://x.com/freyabeamish Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Freya Beamish, Chief Economist at TS Lombard, joins Jack to argue why American tariff policy is accelerating a transition to a multi-polar international monetary order. She estimates that U.S. and China will reach a deal lowering tariffs to ~30% levels and shares her views on bonds and gold. Recorded on April 14, 2025.


Follow Freya Beamish on Twitter https://x.com/freyabeamish

Follow Jack Farley on Twitter https://x.com/JackFarley96


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

]]> 4307 The World Is Dumping U.S. Assets | Julian Brigden Sign up for MacroCapture by MI2 Partners today with coupon codes MM10 (for annual) and MM10Q (for quarterly) to save 10% at: https://mi2partners.com/macrocapture-landing-page/ Julian Brigden Co-Founder of MI2 Partners joins Monetary Matters to discuss why the dramatic shift in US trade policy is making non-US investors dump US assets and bring home the profits from a historic bull run in US assets. He also explains why this repatriation of profits coupled with an eventual slowdown in the flow of dollars driven by tariff policy itself spells a weaker dollar and trouble for US financial markets, even if it does result in American reindustrialization. Recorded April 15, 2025. Follow Julian Brigden on Twitter https://x.com/JulianMI2 Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Intro 01:53 The Whole World is Overweight the US 09:55 Tariffs Slow the Dollar Flow 17:54 Selling US Assets is Prudent for Foreign Investors 26:42 Who Wins in the US Domestic Economy? 29:56 MacroCapture 34:58 Tariffs Have Been a Carpet-bomb Approach 44:06 Tariffs = Stagflation 49:43 Tariff Effects on China and Europe 54:04 Are Risks Greater in the US? 01:00:13 Will Foreign Markets Outperform on US Weakness or Their Strength? 01:04:32 Bond Market Outlook 01:10:24 Gold Outlook 01:12:50 Reading the Tape to Detect Market Participants 01:18:16 Where is the Trump Put? 01:22:21 America’s Liz Truss Moment 01:25:59 Credit Trades and HYG Wed, 16 Apr 2025 11:00:00 -0000 full Jack Farley Sign up for MacroCapture by MI2 Partners today with coupon codes MM10 (for annual) and MM10Q (for quarterly) to save 10% at: https://mi2partners.com/macrocapture-landing-page/ Julian Brigden Co-Founder of MI2 Partners joins Monetary Matters to discuss why the dramatic shift in US trade policy is making non-US investors dump US assets and bring home the profits from a historic bull run in US assets. He also explains why this repatriation of profits coupled with an eventual slowdown in the flow of dollars driven by tariff policy itself spells a weaker dollar and trouble for US financial markets, even if it does result in American reindustrialization. Recorded April 15, 2025. Follow Julian Brigden on Twitter https://x.com/JulianMI2 Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Intro 01:53 The Whole World is Overweight the US 09:55 Tariffs Slow the Dollar Flow 17:54 Selling US Assets is Prudent for Foreign Investors 26:42 Who Wins in the US Domestic Economy? 29:56 MacroCapture 34:58 Tariffs Have Been a Carpet-bomb Approach 44:06 Tariffs = Stagflation 49:43 Tariff Effects on China and Europe 54:04 Are Risks Greater in the US? 01:00:13 Will Foreign Markets Outperform on US Weakness or Their Strength? 01:04:32 Bond Market Outlook 01:10:24 Gold Outlook 01:12:50 Reading the Tape to Detect Market Participants 01:18:16 Where is the Trump Put? 01:22:21 America’s Liz Truss Moment 01:25:59 Credit Trades and HYG Sign up for MacroCapture by MI2 Partners today with coupon codes MM10 (for annual) and MM10Q (for quarterly) to save 10% at: https://mi2partners.com/macrocapture-landing-page/


Julian Brigden Co-Founder of MI2 Partners joins Monetary Matters to discuss why the dramatic shift in US trade policy is making non-US investors dump US assets and bring home the profits from a historic bull run in US assets. He also explains why this repatriation of profits coupled with an eventual slowdown in the flow of dollars driven by tariff policy itself spells a weaker dollar and trouble for US financial markets, even if it does result in American reindustrialization. Recorded April 15, 2025.


Follow Julian Brigden on Twitter https://x.com/JulianMI2

Follow Jack Farley on Twitter https://x.com/JackFarley96


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


Timestamps:

00:00 Intro

01:53 The Whole World is Overweight the US

09:55 Tariffs Slow the Dollar Flow

17:54 Selling US Assets is Prudent for Foreign Investors

26:42 Who Wins in the US Domestic Economy?

29:56 MacroCapture

34:58 Tariffs Have Been a Carpet-bomb Approach

44:06 Tariffs = Stagflation

49:43 Tariff Effects on China and Europe

54:04 Are Risks Greater in the US?

01:00:13 Will Foreign Markets Outperform on US Weakness or Their Strength?

01:04:32 Bond Market Outlook

01:10:24 Gold Outlook

01:12:50 Reading the Tape to Detect Market Participants

01:18:16 Where is the Trump Put?

01:22:21 America’s Liz Truss Moment

01:25:59 Credit Trades and HYG


]]> 5702 Dodging Tariff Turmoil in Nordic High Yield Credit | Måns Levin of Ridge Capital Måns Levin, CEO and co-founder of Ridge Capital, joins Other People’s Money, to discuss why they believe the Nordic high yield credit market provides unique opportunities for double-digit returns and insolation from tariff and trade war risks. Levin discusses the exceptional start Ridge Capital has had, both in terms of performance and asset raising, the specific features and composition of the Nordic high yield market that they find most attractive, and the flexibility in strategies required to take full advantage of the opportunities they see. Follow Ridge Capital on LinkedIn: https://www.linkedin.com/company/ridgecap/ Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod #credit #creditmarket #fixedincome #bonds #nordic #sweden #norway #denmark #finland #stocks #economics #economy #stockmarket #investing #hedgefunds #trading #wallstreet #ridgecapital #finance Tue, 15 Apr 2025 11:00:00 -0000 full Jack Farley Måns Levin, CEO and co-founder of Ridge Capital, joins Other People’s Money, to discuss why they believe the Nordic high yield credit market provides unique opportunities for double-digit returns and insolation from tariff and trade war risks. Levin discusses the exceptional start Ridge Capital has had, both in terms of performance and asset raising, the specific features and composition of the Nordic high yield market that they find most attractive, and the flexibility in strategies required to take full advantage of the opportunities they see. Follow Ridge Capital on LinkedIn: https://www.linkedin.com/company/ridgecap/ Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod #credit #creditmarket #fixedincome #bonds #nordic #sweden #norway #denmark #finland #stocks #economics #economy #stockmarket #investing #hedgefunds #trading #wallstreet #ridgecapital #finance Måns Levin, CEO and co-founder of Ridge Capital, joins Other People’s Money, to discuss why they believe the Nordic high yield credit market provides unique opportunities for double-digit returns and insolation from tariff and trade war risks. Levin discusses the exceptional start Ridge Capital has had, both in terms of performance and asset raising, the specific features and composition of the Nordic high yield market that they find most attractive, and the flexibility in strategies required to take full advantage of the opportunities they see.


Follow Ridge Capital on LinkedIn: https://www.linkedin.com/company/ridgecap/

Follow Max on X: https://x.com/maxwiethe


Follow Other People’s Money on:


Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR

X https://x.com/opmpod


#credit #creditmarket #fixedincome #bonds #nordic #sweden #norway #denmark #finland #stocks #economics #economy #stockmarket #investing #hedgefunds #trading #wallstreet #ridgecapital #finance

]]> 3110 Lyn Alden: Challenge America’s Trade Deficit, Challenge The U.S. Dollar | Alden on China, Gold, and Financial and Economic Impacts of Tariffs To view the prospectus for the VanEck Merk Gold ETF (OUNZ), please visit: vaneck.com/OUNZProspectus Learn more: vaneck.com/OUNZJack Lyn Alden of Lyn Alden Investment Strategy explains the connection between the capital and financial imbalances the U.S. has with the rest of the world and its trade imbalances which are under so much scrutiny by the current U.S. administration. Alden argues that turbulence in markets, particularly U.S. assets, could continue, and warns listeners not to be exposed beyond their risk limits at a juncture that could be a historic time for markets and the global economy. Recorded April 10, 2025. Follow Lyn Alden on Twitter https://x.com/LynAldenContact Follow Jack Farley on Twitter https://x.com/JackFarley96 Lyn Alden’s book, “Broken Money”: https://www.amazon.com/Broken-Money-Financial-System-Failing/dp/B0CG8985FR Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez ____ The material must be preceded or accompanied by a prospectus. Before investing you should carefully consider the VanEck Merk Gold ETF’s (“OUNZ” or the “Trust”) investment objectives, risks, charges and expenses. An investment in the VanEck Merk Gold ETF (“OUNZ” or the “Trust”) is subject to significant risk and may not be suitable for all investors. OUNZ is not an investment company registered under the Investment Company Act of 1940 (the “1940 Act”) and therefore is not subject to the same protections as mutual funds or ETFs registered under the 1940 Act. The request for redemption of shares for gold is subject to a number of risks including but not limited to the potential for the price of gold to decline during the time between the submission of the request and delivery. Delivery may take a considerable amount of time depending on your location. The Sponsor for the Trust is Merk Investments, LLC. The Marketing Agent for the Trust is Van Eck Securities Corporation. © Merk Investments LLC © Van Eck Associates Corporation Fri, 11 Apr 2025 16:05:00 -0000 full Jack Farley To view the prospectus for the VanEck Merk Gold ETF (OUNZ), please visit: vaneck.com/OUNZProspectus Learn more: vaneck.com/OUNZJack Lyn Alden of Lyn Alden Investment Strategy explains the connection between the capital and financial imbalances the U.S. has with the rest of the world and its trade imbalances which are under so much scrutiny by the current U.S. administration. Alden argues that turbulence in markets, particularly U.S. assets, could continue, and warns listeners not to be exposed beyond their risk limits at a juncture that could be a historic time for markets and the global economy. Recorded April 10, 2025. Follow Lyn Alden on Twitter https://x.com/LynAldenContact Follow Jack Farley on Twitter https://x.com/JackFarley96 Lyn Alden’s book, “Broken Money”: https://www.amazon.com/Broken-Money-Financial-System-Failing/dp/B0CG8985FR Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez ____ The material must be preceded or accompanied by a prospectus. Before investing you should carefully consider the VanEck Merk Gold ETF’s (“OUNZ” or the “Trust”) investment objectives, risks, charges and expenses. An investment in the VanEck Merk Gold ETF (“OUNZ” or the “Trust”) is subject to significant risk and may not be suitable for all investors. OUNZ is not an investment company registered under the Investment Company Act of 1940 (the “1940 Act”) and therefore is not subject to the same protections as mutual funds or ETFs registered under the 1940 Act. The request for redemption of shares for gold is subject to a number of risks including but not limited to the potential for the price of gold to decline during the time between the submission of the request and delivery. Delivery may take a considerable amount of time depending on your location. The Sponsor for the Trust is Merk Investments, LLC. The Marketing Agent for the Trust is Van Eck Securities Corporation. © Merk Investments LLC © Van Eck Associates Corporation To view the prospectus for the VanEck Merk Gold ETF (OUNZ), please visit: vaneck.com/OUNZProspectus


Learn more: vaneck.com/OUNZJack


Lyn Alden of Lyn Alden Investment Strategy explains the connection between the capital and financial imbalances the U.S. has with the rest of the world and its trade imbalances which are under so much scrutiny by the current U.S. administration. Alden argues that turbulence in markets, particularly U.S. assets, could continue, and warns listeners not to be exposed beyond their risk limits at a juncture that could be a historic time for markets and the global economy. Recorded April 10, 2025.


Follow Lyn Alden on Twitter https://x.com/LynAldenContact

Follow Jack Farley on Twitter https://x.com/JackFarley96

Lyn Alden’s book, “Broken Money”: https://www.amazon.com/Broken-Money-Financial-System-Failing/dp/B0CG8985FR


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


____


The material must be preceded or accompanied by a prospectus. Before investing you

should carefully consider the VanEck Merk Gold ETF’s (“OUNZ” or the “Trust”)

investment objectives, risks, charges and expenses.


An investment in the VanEck Merk Gold ETF (“OUNZ” or the “Trust”) is subject to

significant risk and may not be suitable for all investors. OUNZ is not an investment

company registered under the Investment Company Act of 1940 (the “1940 Act”) and

therefore is not subject to the same protections as mutual funds or ETFs registered

under the 1940 Act.


The request for redemption of shares for gold is subject to a number of risks

including but not limited to the potential for the price of gold to decline during

the time between the submission of the request and delivery. Delivery may

take a considerable amount of time depending on your location.


The Sponsor for the Trust is Merk Investments, LLC. The Marketing Agent for

the Trust is Van Eck Securities Corporation.


© Merk Investments LLC

© Van Eck Associates Corporation

]]> 4152 When the Market Crashes… They Profit | Wayne Himelsein on Logica Capital’s Long Volatility Playbook Wayne Himelsein, CIO and founder of Logic Capital Advisors, joins Other People’s Money, to discuss how his hedge fund is built to profit when volatility spikes in moments just like this. Everybody wants to carry crash protection but if implemented improperly the cost of carrying hedges can bleed you dry. Finding innovative ways to solve this problem is what drives Himelsein and Logica forward and in this discussion he discusses their approach to maintaining at the money long volatility exposure without relying on spread trades to fund tail hedges. This episode is brought to you by Fintool, a financial copilot tailored for institutional investors. Fintool leverages Large Language Models (LLMs) to discover financial insights beyond the reach of timely human analysis. From summarizing extensive annual reports to computing numbers and unearthing new insights by comparing years of filings, Fintool equips institutional investors like Janus Henderson, First Manhattan and companies like PWC. Learn more about how you can add AI to your investment process: https://fintool.com/?utm_source=the_opm Follow Wayne on X: https://x.com/WayneHimelsein Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Wed, 09 Apr 2025 11:00:00 -0000 full Jack Farley Wayne Himelsein, CIO and founder of Logic Capital Advisors, joins Other People’s Money, to discuss how his hedge fund is built to profit when volatility spikes in moments just like this. Everybody wants to carry crash protection but if implemented improperly the cost of carrying hedges can bleed you dry. Finding innovative ways to solve this problem is what drives Himelsein and Logica forward and in this discussion he discusses their approach to maintaining at the money long volatility exposure without relying on spread trades to fund tail hedges. This episode is brought to you by Fintool, a financial copilot tailored for institutional investors. Fintool leverages Large Language Models (LLMs) to discover financial insights beyond the reach of timely human analysis. From summarizing extensive annual reports to computing numbers and unearthing new insights by comparing years of filings, Fintool equips institutional investors like Janus Henderson, First Manhattan and companies like PWC. Learn more about how you can add AI to your investment process: https://fintool.com/?utm_source=the_opm Follow Wayne on X: https://x.com/WayneHimelsein Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Wayne Himelsein, CIO and founder of Logic Capital Advisors, joins Other People’s Money, to discuss how his hedge fund is built to profit when volatility spikes in moments just like this. Everybody wants to carry crash protection but if implemented improperly the cost of carrying hedges can bleed you dry. Finding innovative ways to solve this problem is what drives Himelsein and Logica forward and in this discussion he discusses their approach to maintaining at the money long volatility exposure without relying on spread trades to fund tail hedges.


This episode is brought to you by Fintool, a financial copilot tailored for institutional investors. Fintool leverages Large Language Models (LLMs) to discover financial insights beyond the reach of timely human analysis. From summarizing extensive annual reports to computing numbers and unearthing new insights by comparing years of filings, Fintool equips institutional investors like Janus Henderson, First Manhattan and companies like PWC. Learn more about how you can add AI to your investment process: https://fintool.com/?utm_source=the_opm


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]]> 3384 Why Trump Is Likely To Negotiate Trade Deals | Charles Gasparino on Tariffs, White House Factions, and Protectionist Conservative Coalition Charles Gasparino, Fox Business Senior Correspondent, give color into the protectionist and moderate factions in the White House, and explains why he thinks that, President Trump is likely to reach a deal with major trading partners. Recorded April 8, 2025. Follow Charles Gasparino on Twitter https://x.com/CGasparino Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Tue, 08 Apr 2025 23:13:00 -0000 full Jack Farley Charles Gasparino, Fox Business Senior Correspondent, give color into the protectionist and moderate factions in the White House, and explains why he thinks that, President Trump is likely to reach a deal with major trading partners. Recorded April 8, 2025. Follow Charles Gasparino on Twitter https://x.com/CGasparino Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Charles Gasparino, Fox Business Senior Correspondent, give color into the protectionist and moderate factions in the White House, and explains why he thinks that, President Trump is likely to reach a deal with major trading partners. Recorded April 8, 2025.


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]]> 3250 “Going Full Reagan” | Tian Yang on Trump Administration’s Bet To Shrink U.S. Trade Deficit, Signs of Market Panic, and Dollar Outlook Tian Yang, CEO and head of research at Variant Perception, explains his view on a variety of assets on time horizons of tactical, cyclical, and structural duration. Recorded April 7, 2025. Follow Variant Perception on Twitter https://x.com/VrntPerception Follow Jack Farley on Twitter https://x.com/JackFarley96 Variant Perception website: https://variantperception.com/ Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Tue, 08 Apr 2025 14:31:00 -0000 full Jack Farley Tian Yang, CEO and head of research at Variant Perception, explains his view on a variety of assets on time horizons of tactical, cyclical, and structural duration. Recorded April 7, 2025. Follow Variant Perception on Twitter https://x.com/VrntPerception Follow Jack Farley on Twitter https://x.com/JackFarley96 Variant Perception website: https://variantperception.com/ Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Tian Yang, CEO and head of research at Variant Perception, explains his view on a variety of assets on time horizons of tactical, cyclical, and structural duration. Recorded April 7, 2025.


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Variant Perception website: https://variantperception.com/


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]]> 3598 Tariff Escalation Update | Jack & Max on April 7 Tariff News & Market Follow Jack Farley on Twitter https://x.com/JackFarley96 Max Wiethe on Twitter https://x.com/maxwiethe Other People’s Money Podcast on Twitter https://x.com/OPMpod Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Mon, 07 Apr 2025 22:36:00 -0000 full Jack Farley Follow Jack Farley on Twitter https://x.com/JackFarley96 Max Wiethe on Twitter https://x.com/maxwiethe Other People’s Money Podcast on Twitter https://x.com/OPMpod Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Jack Farley on Twitter https://x.com/JackFarley96

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]]> 2671 “Supply Shock Greater Than Great Depression-Era Smoot-Hawley Tariff” | David Kotok on Trump’s Sweeping Tariffs And Market Crash David Kotok’s book, “The Fed and the Flu: Parsing Pandemic Economic Shocks”:  https://www.amazon.com/Fed-Flu-Parsing-Pandemic-Economic-ebook/dp/B0DCK1ZHJT Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow David Kotok on Twitter https://x.com/DavidKotokGIC Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Mon, 07 Apr 2025 13:01:00 -0000 full Jack Farley David Kotok’s book, “The Fed and the Flu: Parsing Pandemic Economic Shocks”:  https://www.amazon.com/Fed-Flu-Parsing-Pandemic-Economic-ebook/dp/B0DCK1ZHJT Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow David Kotok on Twitter https://x.com/DavidKotokGIC Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez David Kotok’s book, “The Fed and the Flu: Parsing Pandemic Economic Shocks”: 

https://www.amazon.com/Fed-Flu-Parsing-Pandemic-Economic-ebook/dp/B0DCK1ZHJT


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]]> 3398 Trump’s War on Markets | Benn Eifert on Volatility, Tariffs and Growth of Derivatives-Embedded ETFs Benn Eifert of QVR Advisors joins Monetary Matters to share his thoughts on tariffs, volatility, and the growth of ETFs with embedded derivatives. Recorded on March 26 (before “Liberation Day” and the market crash). Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Benn Eifert on Twitter https://x.com/bennpeifert Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Sat, 05 Apr 2025 16:18:00 -0000 full Jack Farley Benn Eifert of QVR Advisors joins Monetary Matters to share his thoughts on tariffs, volatility, and the growth of ETFs with embedded derivatives. Recorded on March 26 (before “Liberation Day” and the market crash). Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Benn Eifert on Twitter https://x.com/bennpeifert Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Benn Eifert of QVR Advisors joins Monetary Matters to share his thoughts on tariffs, volatility, and the growth of ETFs with embedded derivatives. Recorded on March 26 (before “Liberation Day” and the market crash).


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]]> 3932 Liberation Day Has Come | Jack & Max on Seismic Market Revolt Against Trump Admin’s Tariff Policy (Recorded April 3 2025) Jack Farley & Max Wiethe share their analysis as global financial markets react with shock to Trump’s reciprocal tariffs which are based not on other countries’ tariff or non-tariff trade measures, but on the level of trade deficit itself. Recorded the morning of April 3, 2025. Follow Jack Farley on Twitter https://x.com/JackFarley96 Max Wiethe on Twitter https://x.com/maxwiethe Other People’s Money Podcast on Twitter https://x.com/OPMpod Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Thu, 03 Apr 2025 16:22:00 -0000 full Jack Farley Jack Farley & Max Wiethe share their analysis as global financial markets react with shock to Trump’s reciprocal tariffs which are based not on other countries’ tariff or non-tariff trade measures, but on the level of trade deficit itself. Recorded the morning of April 3, 2025. Follow Jack Farley on Twitter https://x.com/JackFarley96 Max Wiethe on Twitter https://x.com/maxwiethe Other People’s Money Podcast on Twitter https://x.com/OPMpod Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Jack Farley & Max Wiethe share their analysis as global financial markets react with shock to Trump’s reciprocal tariffs which are based not on other countries’ tariff or non-tariff trade measures, but on the level of trade deficit itself. Recorded the morning of April 3, 2025.


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]]> 2682 Tariffs: The Ultimate Stagflationary Shock? | Darius Dale on "Liberation Day," DOGE, Gold, and the Global Debt Refinancing Air Pocket Darius Dale of 42Macro joins Jack to explain why he’s been bearish on U.S. stocks and expects the rough sledding to continue. Dale believes stagflationary shock from tariffs and deflationary DOGE forces could cause Treasurys to catch a short-term bid, but long-term he is bearish on bonds. On a longer-term time horizon, Dale thinks Trump fiscal forces could be positive for the economy and markets. Recorded on April 1, 2025. Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Darius Dale on Twitter https://x.com/DariusDale42 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Wed, 02 Apr 2025 14:27:00 -0000 full Jack Farley Darius Dale of 42Macro joins Jack to explain why he’s been bearish on U.S. stocks and expects the rough sledding to continue. Dale believes stagflationary shock from tariffs and deflationary DOGE forces could cause Treasurys to catch a short-term bid, but long-term he is bearish on bonds. On a longer-term time horizon, Dale thinks Trump fiscal forces could be positive for the economy and markets. Recorded on April 1, 2025. Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Darius Dale on Twitter https://x.com/DariusDale42 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Darius Dale of 42Macro joins Jack to explain why he’s been bearish on U.S. stocks and expects the rough sledding to continue. Dale believes stagflationary shock from tariffs and deflationary DOGE forces could cause Treasurys to catch a short-term bid, but long-term he is bearish on bonds. On a longer-term time horizon, Dale thinks Trump fiscal forces could be positive for the economy and markets. Recorded on April 1, 2025.


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]]> 3947 Trading Market Turmoil: Any System is Better than No System | OPM Trader Talks with Petr Pinkhasov of Anthem Capital Management This episode is brought to you by Fintool. Learn more about how you can add AI to your investment process with Fintool: https://fintool.com/?utm_source=the_opm Petr Pinkhasov, CIO and founder of Anthem Capital Management, joins Other People’s Money, for a special “Trader Talks” episode where he discusses how he trades incorporating quantitative signals, thematic views, and technical analysis patterns like DeMark indicators. Petr also discusses how he’s been handling the volatile start to 2025 and what forces he is attributing the market’s recent turmoil and rotations. This episode is brought to you by Fintool, a financial copilot tailored for institutional investors. Fintool leverages Large Language Models (LLMs) to discover financial insights beyond the reach of timely human analysis. From summarizing extensive annual reports to computing numbers and unearthing new insights by comparing years of filings, Fintool equips institutional investors like Janus Henderson, First Manhattan and companies like PWC. Learn more about how you can add AI to your investment process: https://fintool.com/?utm_source=the_opm Follow Petr on X: https://x.com/pinkhasov Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Tue, 01 Apr 2025 11:00:00 -0000 full Jack Farley This episode is brought to you by Fintool. Learn more about how you can add AI to your investment process with Fintool: https://fintool.com/?utm_source=the_opm Petr Pinkhasov, CIO and founder of Anthem Capital Management, joins Other People’s Money, for a special “Trader Talks” episode where he discusses how he trades incorporating quantitative signals, thematic views, and technical analysis patterns like DeMark indicators. Petr also discusses how he’s been handling the volatile start to 2025 and what forces he is attributing the market’s recent turmoil and rotations. This episode is brought to you by Fintool, a financial copilot tailored for institutional investors. Fintool leverages Large Language Models (LLMs) to discover financial insights beyond the reach of timely human analysis. From summarizing extensive annual reports to computing numbers and unearthing new insights by comparing years of filings, Fintool equips institutional investors like Janus Henderson, First Manhattan and companies like PWC. Learn more about how you can add AI to your investment process: https://fintool.com/?utm_source=the_opm Follow Petr on X: https://x.com/pinkhasov Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod This episode is brought to you by Fintool. Learn more about how you can add AI to your investment process with Fintool: https://fintool.com/?utm_source=the_opm


Petr Pinkhasov, CIO and founder of Anthem Capital Management, joins Other People’s Money, for a special “Trader Talks” episode where he discusses how he trades incorporating quantitative signals, thematic views, and technical analysis patterns like DeMark indicators. Petr also discusses how he’s been handling the volatile start to 2025 and what forces he is attributing the market’s recent turmoil and rotations.


This episode is brought to you by Fintool, a financial copilot tailored for institutional investors. Fintool leverages Large Language Models (LLMs) to discover financial insights beyond the reach of timely human analysis. From summarizing extensive annual reports to computing numbers and unearthing new insights by comparing years of filings, Fintool equips institutional investors like Janus Henderson, First Manhattan and companies like PWC. Learn more about how you can add AI to your investment process: https://fintool.com/?utm_source=the_opm


Follow Petr on X: https://x.com/pinkhasov


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]]> 3333 Tariffs & Q2 Growth Shock | Trade Maven Brad Setser on Trump’s Tariff Warpath, China’s Balance of Payments, and “Self-Induced Recession” Probabilities This Monetary Matters episode is brought to you by VanEck. Learn more about VanEck Uranium & Nuclear ETF: http://vaneck.com/NLRJack Brad Setser is an expert on global trade and capital flows, having served as senior advisor to the United States Trade Representative from 2021 to 2022. The Whitney Shepardson senior fellow at the Council on Foreign Relations (CFR) joins Monetary Matters to explain why he thinks President Trump’s tariffs are likely to cause a growth shock in the second quarter. Recorded on March 20, 2025 Brad Setser piece on China’s Balance of Payments: https://www.cfr.org/blog/iphone-imf-and-chinas-balance-payments “The Evolution of Global Trade in 2024”: https://www.cfr.org/blog/evolution-global-trade-2024 Follow VanEck on Twitter https://x.com/vaneck_us Brad Setser on Twitter https://x.com/Brad_Setser Brad Setser on CFR: https://www.cfr.org/expert/brad-w-setser Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Wed, 26 Mar 2025 14:15:00 -0000 full Jack Farley This Monetary Matters episode is brought to you by VanEck. Learn more about VanEck Uranium & Nuclear ETF: http://vaneck.com/NLRJack Brad Setser is an expert on global trade and capital flows, having served as senior advisor to the United States Trade Representative from 2021 to 2022. The Whitney Shepardson senior fellow at the Council on Foreign Relations (CFR) joins Monetary Matters to explain why he thinks President Trump’s tariffs are likely to cause a growth shock in the second quarter. Recorded on March 20, 2025 Brad Setser piece on China’s Balance of Payments: https://www.cfr.org/blog/iphone-imf-and-chinas-balance-payments “The Evolution of Global Trade in 2024”: https://www.cfr.org/blog/evolution-global-trade-2024 Follow VanEck on Twitter https://x.com/vaneck_us Brad Setser on Twitter https://x.com/Brad_Setser Brad Setser on CFR: https://www.cfr.org/expert/brad-w-setser Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez This Monetary Matters episode is brought to you by VanEck.


Learn more about VanEck Uranium & Nuclear ETF: http://vaneck.com/NLRJack


Brad Setser is an expert on global trade and capital flows, having served as senior advisor to the United States Trade Representative from 2021 to 2022. The Whitney Shepardson senior fellow at the Council on Foreign Relations (CFR) joins Monetary Matters to explain why he thinks President Trump’s tariffs are likely to cause a growth shock in the second quarter. Recorded on March 20, 2025


Brad Setser piece on China’s Balance of Payments: https://www.cfr.org/blog/iphone-imf-and-chinas-balance-payments


“The Evolution of Global Trade in 2024”: https://www.cfr.org/blog/evolution-global-trade-2024


Follow VanEck on Twitter https://x.com/vaneck_us

Brad Setser on Twitter https://x.com/Brad_Setser

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]]> 5185 From Treasury Minister of Argentina to Macro Hedge Fund Manager | Nicolás Dujovne of Tenac Asset Management This episode is brought to you by Fintool. Learn more about how you can add AI to your investment process with Fintool: https://fintool.com/?utm_source=the_opm Nicolás Dujovne, CIO and founder of Tenac Asset Management, joins Other People’s Money to discuss his path from Treasury Minister of Argentina and president of the G-20 to hedge fund manager. Despite more experience managing economies than trading them, Dujovne and his partners at Tenac have succeeded in building a 5+ year track record with no down years and an annualized rate of 17.18% net of fees, focusing mostly on sovereign and corporate debt of emerging market countries. In the interview we discuss how global macro feeds portfolio construction, the important factors when analyzing individual emerging markets, and how understanding large international organizations like the IMF is crucial to predicting outcomes in EM. This episode is brought to you by Fintool, a financial copilot tailored for institutional investors. Fintool leverages Large Language Models (LLMs) to discover financial insights beyond the reach of timely human analysis. From summarizing extensive annual reports to computing numbers and unearthing new insights by comparing years of filings, Fintool equips institutional investors like Janus Henderson, First Manhattan and companies like PWC. Learn more about how you can add AI to your investment process: https://fintool.com/?utm_source=the_opm PAST PERFORMANCE IS NOT AN INDICATION OF FUTURE RESULTS. Historical performance is included for informational purposes only and should not be relied on as being indicative of results that will be achieved by the Fund. Future returns are not guaranteed, and a loss of principal may occur. Differences in the timing of the transactions, capital contributions or withdrawals, and market conditions prevailing at the time of the investment will lead to different results. Performance shown is for the stated time period only. Performance is presented net of fees and expenses and assumes the reinvestment of income and earnings. The net figures reflect the deduction of management fees (1.5%) and incentive fees (15%). BENCHMARKS. The performance of the Fund is shown as compared to indices. Broad-based securities indices are unmanaged and are not subject to fees and expenses typically associated with investment funds. Investments cannot be made directly in a broad-based securities index. The benchmark is provided for reference only and does not imply that the Fund will achieve returns, volatility, or other results similar to the benchmark. The composition of a benchmark index does not reflect the way the Fund portfolio is constructed in relation to expected or achieved returns, investment holdings, sectors, correlations, concentrations or tracking error targets, all of which are subject to change over time. Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps: 00:00 Intro 00:29 Fintool Front Roll 02:00 Why is LATAM a Macro Hotbed? 04:11 From Minister of the Treasury to Macro Trader 11:36 Capital Raising in LATAM 16:31 Developing & Communicating Your Investment Process 20:53 Fintool Mid Roll 22:01 The Growth of EM Debt Markets 25:56 Dispersion and Portfolio Management 30:50 Corporate/Quasi Sovereign Debt 34:30 The Events That Move Markets in EM 38:22 Data Integrity Issues in EM 39:28 Vol and Investor Expectations 43:14 Global Spotlight on Argentina 44:57 Unique Requirements of Global Investing 48:16 The Roll of the IMF 54:27 Elections and Prediction Markets 56:58 The Roll of US Financial Conditions 01:01:45 Current Outlook for US Trade Policy 01:03:17 Opportunity Right Now #stocks #economics #economy #recession #bonds #stockmarket #investing #hedgefunds #analyst #Alternatives #Argentina #NicolasDujovne #tenac #emergingmarkets #EMinvesting Tue, 25 Mar 2025 11:00:00 -0000 full Jack Farley This episode is brought to you by Fintool. Learn more about how you can add AI to your investment process with Fintool: https://fintool.com/?utm_source=the_opm Nicolás Dujovne, CIO and founder of Tenac Asset Management, joins Other People’s Money to discuss his path from Treasury Minister of Argentina and president of the G-20 to hedge fund manager. Despite more experience managing economies than trading them, Dujovne and his partners at Tenac have succeeded in building a 5+ year track record with no down years and an annualized rate of 17.18% net of fees, focusing mostly on sovereign and corporate debt of emerging market countries. In the interview we discuss how global macro feeds portfolio construction, the important factors when analyzing individual emerging markets, and how understanding large international organizations like the IMF is crucial to predicting outcomes in EM. This episode is brought to you by Fintool, a financial copilot tailored for institutional investors. Fintool leverages Large Language Models (LLMs) to discover financial insights beyond the reach of timely human analysis. From summarizing extensive annual reports to computing numbers and unearthing new insights by comparing years of filings, Fintool equips institutional investors like Janus Henderson, First Manhattan and companies like PWC. Learn more about how you can add AI to your investment process: https://fintool.com/?utm_source=the_opm PAST PERFORMANCE IS NOT AN INDICATION OF FUTURE RESULTS. Historical performance is included for informational purposes only and should not be relied on as being indicative of results that will be achieved by the Fund. Future returns are not guaranteed, and a loss of principal may occur. Differences in the timing of the transactions, capital contributions or withdrawals, and market conditions prevailing at the time of the investment will lead to different results. Performance shown is for the stated time period only. Performance is presented net of fees and expenses and assumes the reinvestment of income and earnings. The net figures reflect the deduction of management fees (1.5%) and incentive fees (15%). BENCHMARKS. The performance of the Fund is shown as compared to indices. Broad-based securities indices are unmanaged and are not subject to fees and expenses typically associated with investment funds. Investments cannot be made directly in a broad-based securities index. The benchmark is provided for reference only and does not imply that the Fund will achieve returns, volatility, or other results similar to the benchmark. The composition of a benchmark index does not reflect the way the Fund portfolio is constructed in relation to expected or achieved returns, investment holdings, sectors, correlations, concentrations or tracking error targets, all of which are subject to change over time. Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps: 00:00 Intro 00:29 Fintool Front Roll 02:00 Why is LATAM a Macro Hotbed? 04:11 From Minister of the Treasury to Macro Trader 11:36 Capital Raising in LATAM 16:31 Developing & Communicating Your Investment Process 20:53 Fintool Mid Roll 22:01 The Growth of EM Debt Markets 25:56 Dispersion and Portfolio Management 30:50 Corporate/Quasi Sovereign Debt 34:30 The Events That Move Markets in EM 38:22 Data Integrity Issues in EM 39:28 Vol and Investor Expectations 43:14 Global Spotlight on Argentina 44:57 Unique Requirements of Global Investing 48:16 The Roll of the IMF 54:27 Elections and Prediction Markets 56:58 The Roll of US Financial Conditions 01:01:45 Current Outlook for US Trade Policy 01:03:17 Opportunity Right Now #stocks #economics #economy #recession #bonds #stockmarket #investing #hedgefunds #analyst #Alternatives #Argentina #NicolasDujovne #tenac #emergingmarkets #EMinvesting This episode is brought to you by Fintool. Learn more about how you can add AI to your investment process with Fintool: https://fintool.com/?utm_source=the_opm


Nicolás Dujovne, CIO and founder of Tenac Asset Management, joins Other People’s Money to discuss his path from Treasury Minister of Argentina and president of the G-20 to hedge fund manager. Despite more experience managing economies than trading them, Dujovne and his partners at Tenac have succeeded in building a 5+ year track record with no down years and an annualized rate of 17.18% net of fees, focusing mostly on sovereign and corporate debt of emerging market countries. In the interview we discuss how global macro feeds portfolio construction, the important factors when analyzing individual emerging markets, and how understanding large international organizations like the IMF is crucial to predicting outcomes in EM.


This episode is brought to you by Fintool, a financial copilot tailored for institutional investors. Fintool leverages Large Language Models (LLMs) to discover financial insights beyond the reach of timely human analysis. From summarizing extensive annual reports to computing numbers and unearthing new insights by comparing years of filings, Fintool equips institutional investors like Janus Henderson, First Manhattan and companies like PWC. Learn more about how you can add AI to your investment process: https://fintool.com/?utm_source=the_opm


PAST PERFORMANCE IS NOT AN INDICATION OF FUTURE RESULTS. Historical performance is included for informational purposes only and should not be relied on as being indicative of results that will be achieved by the Fund. Future returns are not guaranteed, and a loss of principal may occur. Differences in the timing of the transactions, capital contributions or withdrawals, and market conditions prevailing at the time of the investment will lead to different results. Performance shown is for the stated time period only. Performance is presented net of fees and expenses and assumes the reinvestment of income and earnings. The net figures reflect the deduction of management fees (1.5%) and incentive fees (15%). BENCHMARKS. The performance of the Fund is shown as compared to indices. Broad-based securities indices are unmanaged and are not subject to fees and expenses typically associated with investment funds. Investments cannot be made directly in a broad-based securities index. The benchmark is provided for reference only and does not imply that the Fund will achieve returns, volatility, or other results similar to the benchmark. The composition of a benchmark index does not reflect the way the Fund portfolio is constructed in relation to expected or achieved returns, investment holdings, sectors, correlations, concentrations or tracking error targets, all of which are subject to change over time.


Follow Other People’s Money on:


Apple Podcast https://bit.ly/4e7QJ1M

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YouTube https://bit.ly/3C63VXR

X https://x.com/opmpod


Timestamps:

00:00 Intro

00:29 Fintool Front Roll

02:00 Why is LATAM a Macro Hotbed?

04:11 From Minister of the Treasury to Macro Trader

11:36 Capital Raising in LATAM

16:31 Developing & Communicating Your Investment Process

20:53 Fintool Mid Roll

22:01 The Growth of EM Debt Markets

25:56 Dispersion and Portfolio Management

30:50 Corporate/Quasi Sovereign Debt

34:30 The Events That Move Markets in EM

38:22 Data Integrity Issues in EM

39:28 Vol and Investor Expectations

43:14 Global Spotlight on Argentina

44:57 Unique Requirements of Global Investing

48:16 The Roll of the IMF

54:27 Elections and Prediction Markets

56:58 The Roll of US Financial Conditions

01:01:45 Current Outlook for US Trade Policy

01:03:17 Opportunity Right Now


#stocks #economics #economy #recession #bonds #stockmarket #investing #hedgefunds #analyst #Alternatives #Argentina #NicolasDujovne #tenac #emergingmarkets #EMinvesting

]]> 3923 A Foreclosure Wave Is Coming | Chris Whalen on FHA Mortgage Loans, Tariffs, Bank Valuations, and Payment Companies Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe While Chris Whalen of Whalen Global Advisors is a supporter of many of the Trump administration’s policies, he expects they will cause some significant turbulence in credit and economic markets. Chris explains why he thinks FHA Mortgage foreclosures will rise, and shares his views on tariffs, bank stocks, and payment companies. Recorded on March 20, 2025. Second edition of Chris Whalen’s “Inflated”: https://www.wiley.com/en-us/Inflated%3A+Money%2C+Debt+and+the+American+Dream%2C+2nd+Edition-p-9781394285716 Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Chris Whalen on Twitter https://x.com/rcwhalen Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Sun, 23 Mar 2025 13:12:00 -0000 full Jack Farley Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe While Chris Whalen of Whalen Global Advisors is a supporter of many of the Trump administration’s policies, he expects they will cause some significant turbulence in credit and economic markets. Chris explains why he thinks FHA Mortgage foreclosures will rise, and shares his views on tariffs, bank stocks, and payment companies. Recorded on March 20, 2025. Second edition of Chris Whalen’s “Inflated”: https://www.wiley.com/en-us/Inflated%3A+Money%2C+Debt+and+the+American+Dream%2C+2nd+Edition-p-9781394285716 Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Chris Whalen on Twitter https://x.com/rcwhalen Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe


While Chris Whalen of Whalen Global Advisors is a supporter of many of the Trump administration’s policies, he expects they will cause some significant turbulence in credit and economic markets. Chris explains why he thinks FHA Mortgage foreclosures will rise, and shares his views on tariffs, bank stocks, and payment companies. Recorded on March 20, 2025.


Second edition of Chris Whalen’s “Inflated”: https://www.wiley.com/en-us/Inflated%3A+Money%2C+Debt+and+the+American+Dream%2C+2nd+Edition-p-9781394285716

Follow Jack Farley on Twitter https://x.com/JackFarley96

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]]> 3849 The Fed's Rate Cutting Cycle Is Already Over | Jim Bianco on March Fed Meeting, Trump Tariffs, and 4/5/6 Markets This Monetary Matters episode is brought to you by VanEck. Learn more about VanEck Uranium & Nuclear ETF: http://vaneck.com/NLRJack Jim Bianco returns to Monetary Matters to break down the March Federal Reserve meeting. He explains why he thinks tariffs are unlikely to cause a recession and share his current asset allocation outlook. Recorded the afternoon of March 19, 2025. Follow VanEck on Twitter https://x.com/vaneck_us Follow Jim Bianco on Twitter https://x.com/biancoresearch Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Thu, 20 Mar 2025 02:34:00 -0000 full Jack Farley This Monetary Matters episode is brought to you by VanEck. Learn more about VanEck Uranium & Nuclear ETF: http://vaneck.com/NLRJack Jim Bianco returns to Monetary Matters to break down the March Federal Reserve meeting. He explains why he thinks tariffs are unlikely to cause a recession and share his current asset allocation outlook. Recorded the afternoon of March 19, 2025. Follow VanEck on Twitter https://x.com/vaneck_us Follow Jim Bianco on Twitter https://x.com/biancoresearch Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez This Monetary Matters episode is brought to you by VanEck.


Learn more about VanEck Uranium & Nuclear ETF: http://vaneck.com/NLRJack


Jim Bianco returns to Monetary Matters to break down the March Federal Reserve meeting. He explains why he thinks tariffs are unlikely to cause a recession and share his current asset allocation outlook. Recorded the afternoon of March 19, 2025.


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]]> 4265 Volatility Markets Are Complacent | Kris Sidial on Tariff Risk to Stocks, Dispersion Trade, and Margin Risk Kris Sidial, co-CIO of The Ambrus Group, returns to Monetary Matters to share his decidedly bearish view of the U.S. stock market. Kris argues that volatility markets are not sufficiently pricing in the risks of President Trump’s economic policy, and if that if anything, vol traders are expecting a bounce and laying off hedges rather than buying them. Kris also explains the dispersion trade, vol selling in ETFs, index arb, vanna & volga, VVIX, and margin risk. Recorded on March 18, 2025. Follow Kris Sidial on Twitter https://x.com/Ksidiii Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Wed, 19 Mar 2025 13:55:00 -0000 full Jack Farley Kris Sidial, co-CIO of The Ambrus Group, returns to Monetary Matters to share his decidedly bearish view of the U.S. stock market. Kris argues that volatility markets are not sufficiently pricing in the risks of President Trump’s economic policy, and if that if anything, vol traders are expecting a bounce and laying off hedges rather than buying them. Kris also explains the dispersion trade, vol selling in ETFs, index arb, vanna & volga, VVIX, and margin risk. Recorded on March 18, 2025. Follow Kris Sidial on Twitter https://x.com/Ksidiii Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Kris Sidial, co-CIO of The Ambrus Group, returns to Monetary Matters to share his decidedly bearish view of the U.S. stock market. Kris argues that volatility markets are not sufficiently pricing in the risks of President Trump’s economic policy, and if that if anything, vol traders are expecting a bounce and laying off hedges rather than buying them. Kris also explains the dispersion trade, vol selling in ETFs, index arb, vanna & volga, VVIX, and margin risk. Recorded on March 18, 2025.


Follow Kris Sidial on Twitter https://x.com/Ksidiii

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]]> 3250 Geopolitical Uncertainty is Freezing Private Capital | John Bowman of CAIA This episode is brought to you by Fintool. Learn more about how you can add AI to your investment process with Fintool: https://fintool.com/?utm_source=the_opm John Bowman, CEO of CAIA Association, the Association of Chartered Alternative Investment Analysts, joins Jack Farley on a special crossover episode of Monetary Matters and Other People’s Money to discuss the biggest trends in alternative investments. Bowman explains how Tariff uncertainty and other geopolitical factors might be the #1 factor that led to last year’s drop in PE assets, why he believes there is still another shoe to drop in private credit, and that hedge funds are coming back into vogue with alternatives investors. This episode is brought to you by Fintool, a financial copilot tailored for institutional investors. Fintool leverages Large Language Models (LLMs) to discover financial insights beyond the reach of timely human analysis. From summarizing extensive annual reports to computing numbers and unearthing new insights by comparing years of filings, Fintool equips institutional investors like Janus Henderson, First Manhattan and companies like PWC. Learn more about how you can add AI to your investment process: https://fintool.com/?utm_source=the_opm Follow John Bowman on X: https://x.com/BowmanJohnL Follow CAIA on X: https://x.com/CAIAAssociation Follow Fintool on Twitter https://x.com/fintoolx Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Tue, 18 Mar 2025 16:00:00 -0000 full Jack Farley This episode is brought to you by Fintool. Learn more about how you can add AI to your investment process with Fintool: https://fintool.com/?utm_source=the_opm John Bowman, CEO of CAIA Association, the Association of Chartered Alternative Investment Analysts, joins Jack Farley on a special crossover episode of Monetary Matters and Other People’s Money to discuss the biggest trends in alternative investments. Bowman explains how Tariff uncertainty and other geopolitical factors might be the #1 factor that led to last year’s drop in PE assets, why he believes there is still another shoe to drop in private credit, and that hedge funds are coming back into vogue with alternatives investors. This episode is brought to you by Fintool, a financial copilot tailored for institutional investors. Fintool leverages Large Language Models (LLMs) to discover financial insights beyond the reach of timely human analysis. From summarizing extensive annual reports to computing numbers and unearthing new insights by comparing years of filings, Fintool equips institutional investors like Janus Henderson, First Manhattan and companies like PWC. Learn more about how you can add AI to your investment process: https://fintool.com/?utm_source=the_opm Follow John Bowman on X: https://x.com/BowmanJohnL Follow CAIA on X: https://x.com/CAIAAssociation Follow Fintool on Twitter https://x.com/fintoolx Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod This episode is brought to you by Fintool. Learn more about how you can add AI to your investment process with Fintool: https://fintool.com/?utm_source=the_opm


John Bowman, CEO of CAIA Association, the Association of Chartered Alternative Investment Analysts, joins Jack Farley on a special crossover episode of Monetary Matters and Other People’s Money to discuss the biggest trends in alternative investments. Bowman explains how Tariff uncertainty and other geopolitical factors might be the #1 factor that led to last year’s drop in PE assets, why he believes there is still another shoe to drop in private credit, and that hedge funds are coming back into vogue with alternatives investors.


This episode is brought to you by Fintool, a financial copilot tailored for institutional investors. Fintool leverages Large Language Models (LLMs) to discover financial insights beyond the reach of timely human analysis. From summarizing extensive annual reports to computing numbers and unearthing new insights by comparing years of filings, Fintool equips institutional investors like Janus Henderson, First Manhattan and companies like PWC. Learn more about how you can add AI to your investment process: https://fintool.com/?utm_source=the_opm


Follow John Bowman on X: https://x.com/BowmanJohnL

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]]> 4742 “It’s All About Credit” | James Aitken on Widening Credit Spreads & Falling U.S. Stocks, Tariff-Induced Slowdown & Trade Disruption, Chinese & European Stocks, and Private Credit This episode is brought to you by Fintool. Learn more about how you can add AI to your investment process with Fintool: https://fintool.com/?utm_source=the_opm James Aitken of Aitken Advisors is one of the world’s most respected investment minds. He joins Monetary Matters to share his view that tariffs - and in particular announced reciprocal tariffs - from the Trump administration are set to slow economic growth in the U.S. from 5% to around 3%, and that accordingly the high-growth environment wherein credit and equities performed extremely well is likely set to give way to a lower-growth environment which will be more bumpy for credit and stocks. Aitken evaluates the current risk-reward in European and Chinese equities, and also shares his analysis of the situation in private credit. Recorded March 14, 2025.  Follow James Aitken on Twitter https://x.com/AitkenAdvisors Follow Fintool on Twitter https://x.com/fintoolx Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Sun, 16 Mar 2025 14:10:00 -0000 full Jack Farley This episode is brought to you by Fintool. Learn more about how you can add AI to your investment process with Fintool: https://fintool.com/?utm_source=the_opm James Aitken of Aitken Advisors is one of the world’s most respected investment minds. He joins Monetary Matters to share his view that tariffs - and in particular announced reciprocal tariffs - from the Trump administration are set to slow economic growth in the U.S. from 5% to around 3%, and that accordingly the high-growth environment wherein credit and equities performed extremely well is likely set to give way to a lower-growth environment which will be more bumpy for credit and stocks. Aitken evaluates the current risk-reward in European and Chinese equities, and also shares his analysis of the situation in private credit. Recorded March 14, 2025.  Follow James Aitken on Twitter https://x.com/AitkenAdvisors Follow Fintool on Twitter https://x.com/fintoolx Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez This episode is brought to you by Fintool.


Learn more about how you can add AI to your investment process with Fintool: https://fintool.com/?utm_source=the_opm


James Aitken of Aitken Advisors is one of the world’s most respected investment minds. He joins Monetary Matters to share his view that tariffs - and in particular announced reciprocal tariffs - from the Trump administration are set to slow economic growth in the U.S. from 5% to around 3%, and that accordingly the high-growth environment wherein credit and equities performed extremely well is likely set to give way to a lower-growth environment which will be more bumpy for credit and stocks. Aitken evaluates the current risk-reward in European and Chinese equities, and also shares his analysis of the situation in private credit. Recorded March 14, 2025. 


Follow James Aitken on Twitter https://x.com/AitkenAdvisors

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]]> 6510 Tariffs Unlikely To Derail Strong Economy—But Market Risk Has Risen | Prometheus Macro’s Aahan Menon Recorded on March 13, 2025. Follow Aahan Menon on Twitter https://x.com/AahanPrometheus Follow Prometheus Macro on Twitter https://x.com/prometheusmacro Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Fri, 14 Mar 2025 13:00:00 -0000 full Jack Farley Recorded on March 13, 2025. Follow Aahan Menon on Twitter https://x.com/AahanPrometheus Follow Prometheus Macro on Twitter https://x.com/prometheusmacro Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Recorded on March 13, 2025.


Follow Aahan Menon on Twitter https://x.com/AahanPrometheus

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]]> 4485 The Liquidity Squeeze | Michael Howell On Funding Pressures, China’s Gold Yuan Devaluation, and Trump Admin’s Tariff Endgame This Monetary Matters episode is brought to you by VanEck. Learn more about VanEck Uranium & Nuclear ETF: http://vaneck.com/NLRJack Michael Howell of Crossborder Capital returns to Monetary Matters to share his view on how global liquidity is impacting asset markets. While falling fixed income volatility and a declining dollar should buoy liquidity, Howell notes a distinct fall in liquidity momentum from central banks and worries that there could be a liquidity squeeze unless central banks inject more liquidity. He touches on various topics including the PBOC’s new mechanism, gold, and SOFR/EFFR spreads. Recorded on March 10, 2025.  Follow VanEck on Twitter https://x.com/vaneck_us Follow Michael Howell on Twitter https://x.com/crossbordercap Follow Jack Farley on Twitter https://x.com/JackFarley96 Crossborder Substack https://capitalwars.substack.com/ Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Wed, 12 Mar 2025 11:10:00 -0000 full Jack Farley This Monetary Matters episode is brought to you by VanEck. Learn more about VanEck Uranium & Nuclear ETF: http://vaneck.com/NLRJack Michael Howell of Crossborder Capital returns to Monetary Matters to share his view on how global liquidity is impacting asset markets. While falling fixed income volatility and a declining dollar should buoy liquidity, Howell notes a distinct fall in liquidity momentum from central banks and worries that there could be a liquidity squeeze unless central banks inject more liquidity. He touches on various topics including the PBOC’s new mechanism, gold, and SOFR/EFFR spreads. Recorded on March 10, 2025.  Follow VanEck on Twitter https://x.com/vaneck_us Follow Michael Howell on Twitter https://x.com/crossbordercap Follow Jack Farley on Twitter https://x.com/JackFarley96 Crossborder Substack https://capitalwars.substack.com/ Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez This Monetary Matters episode is brought to you by VanEck.


Learn more about VanEck Uranium & Nuclear ETF: http://vaneck.com/NLRJack


Michael Howell of Crossborder Capital returns to Monetary Matters to share his view on how global liquidity is impacting asset markets. While falling fixed income volatility and a declining dollar should buoy liquidity, Howell notes a distinct fall in liquidity momentum from central banks and worries that there could be a liquidity squeeze unless central banks inject more liquidity. He touches on various topics including the PBOC’s new mechanism, gold, and SOFR/EFFR spreads. Recorded on March 10, 2025. 


Follow VanEck on Twitter https://x.com/vaneck_us

Follow Michael Howell on Twitter https://x.com/crossbordercap

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Crossborder Substack https://capitalwars.substack.com/


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]]> 4855 The Specialist Hedge Fund That Has Crushed the S&P 500 | Moez Kassam of Anson Funds This episode is brought to you by Fintool. Learn more about how you can add AI to your investment process with Fintool: https://fintool.com/?utm_source=the_opm Toronto may be the financial capital of Canada but compared to NYC or London it does not quite have the same cachet for top hedge fund managers. This might be why Moez Kassam, CIO and Founder of Anson Funds, has flown under the radar of many keeping track of the industry’s titans while growing Anson Funds to over $2b in assets under management and putting together a track record of 15% annualized returns since inception in 2007. Known as a short selling specialist, Kassam shares his views on the art of shorting, dives into some of the other differentiated strategies Anson employs and explains how he attracts top talent to Toronto. This episode is brought to you by Fintool, a financial copilot tailored for institutional investors. Fintool leverages Large Language Models (LLMs) to discover financial insights beyond the reach of timely human analysis. From summarizing extensive annual reports to computing numbers and unearthing new insights by comparing years of filings, Fintool equips institutional investors like Janus Henderson, First Manhattan and companies like PWC. Learn more about how you can add AI to your investment process: https://fintool.com/?utm_source=the_opm Follow Moez Kassam on X: https://x.com/MunchingMoez Follow Anson Funds on X: https://x.com/AnsonGroupFunds Follow Max Wiethe on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Tue, 11 Mar 2025 11:00:00 -0000 full Jack Farley This episode is brought to you by Fintool. Learn more about how you can add AI to your investment process with Fintool: https://fintool.com/?utm_source=the_opm Toronto may be the financial capital of Canada but compared to NYC or London it does not quite have the same cachet for top hedge fund managers. This might be why Moez Kassam, CIO and Founder of Anson Funds, has flown under the radar of many keeping track of the industry’s titans while growing Anson Funds to over $2b in assets under management and putting together a track record of 15% annualized returns since inception in 2007. Known as a short selling specialist, Kassam shares his views on the art of shorting, dives into some of the other differentiated strategies Anson employs and explains how he attracts top talent to Toronto. This episode is brought to you by Fintool, a financial copilot tailored for institutional investors. Fintool leverages Large Language Models (LLMs) to discover financial insights beyond the reach of timely human analysis. From summarizing extensive annual reports to computing numbers and unearthing new insights by comparing years of filings, Fintool equips institutional investors like Janus Henderson, First Manhattan and companies like PWC. Learn more about how you can add AI to your investment process: https://fintool.com/?utm_source=the_opm Follow Moez Kassam on X: https://x.com/MunchingMoez Follow Anson Funds on X: https://x.com/AnsonGroupFunds Follow Max Wiethe on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod This episode is brought to you by Fintool. Learn more about how you can add AI to your investment process with Fintool: https://fintool.com/?utm_source=the_opm


Toronto may be the financial capital of Canada but compared to NYC or London it does not quite have the same cachet for top hedge fund managers. This might be why Moez Kassam, CIO and Founder of Anson Funds, has flown under the radar of many keeping track of the industry’s titans while growing Anson Funds to over $2b in assets under management and putting together a track record of 15% annualized returns since inception in 2007. Known as a short selling specialist, Kassam shares his views on the art of shorting, dives into some of the other differentiated strategies Anson employs and explains how he attracts top talent to Toronto.


This episode is brought to you by Fintool, a financial copilot tailored for institutional investors. Fintool leverages Large Language Models (LLMs) to discover financial insights beyond the reach of timely human analysis. From summarizing extensive annual reports to computing numbers and unearthing new insights by comparing years of filings, Fintool equips institutional investors like Janus Henderson, First Manhattan and companies like PWC. Learn more about how you can add AI to your investment process: https://fintool.com/?utm_source=the_opm


Follow Moez Kassam on X: https://x.com/MunchingMoez

Follow Anson Funds on X: https://x.com/AnsonGroupFunds

Follow Max Wiethe on X: https://x.com/maxwiethe


Follow Other People’s Money on:


Apple Podcast https://bit.ly/4e7QJ1M

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X https://x.com/opmpod

]]> 3361 The “Biblical” Rotation Out Of U.S. Stocks | Julian Brigden on Flight from Dollar Assets, Tariffs, and Rumored “Mar-a-Lago Accord” This Monetary Matters episode is brought to you by VanEck. Learn more about VanEck Uranium & Nuclear ETF: http://vaneck.com/NLRJack During most stock market sell-offs, the dollar tends to rise. Julian Brigden, co-founder of Macro Intelligence 2 Partners, explains why he thinks the U.S. dollar will weaken as the stock market declines as a bubble in dollar assets is popped by new U.S. fiscal policy. Recorded on March 6, 2025. Follow VanEck on Twitter https://x.com/vaneck_us Follow Julian Brigden on Twitter https://x.com/JulianMI2 Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Sun, 09 Mar 2025 15:01:00 -0000 full Jack Farley This Monetary Matters episode is brought to you by VanEck. Learn more about VanEck Uranium & Nuclear ETF: http://vaneck.com/NLRJack During most stock market sell-offs, the dollar tends to rise. Julian Brigden, co-founder of Macro Intelligence 2 Partners, explains why he thinks the U.S. dollar will weaken as the stock market declines as a bubble in dollar assets is popped by new U.S. fiscal policy. Recorded on March 6, 2025. Follow VanEck on Twitter https://x.com/vaneck_us Follow Julian Brigden on Twitter https://x.com/JulianMI2 Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez This Monetary Matters episode is brought to you by VanEck.


Learn more about VanEck Uranium & Nuclear ETF: http://vaneck.com/NLRJack


During most stock market sell-offs, the dollar tends to rise. Julian Brigden, co-founder of Macro Intelligence 2 Partners, explains why he thinks the U.S. dollar will weaken as the stock market declines as a bubble in dollar assets is popped by new U.S. fiscal policy. Recorded on March 6, 2025.


Follow VanEck on Twitter https://x.com/vaneck_us

Follow Julian Brigden on Twitter https://x.com/JulianMI2

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]]> 4189 The Stock Market Blues | Jack Farley & Max Wiethe on Tariff Uncertainty & Jobs Market Data With a week of tough declines in U.S. stocks and the U.S. dollar, Jack welcomes business partner and host of “Other People’s Money” show Max Wiethe to talk the uncertainty that is driving markets lower. Jack explains why he is a relative bear on U.S. stocks against global equities, and why he is bullish on Chinese stocks. Max and Jack interpret the February labor market data which showed hiring had slowed, and Jack shares why he thinks the next few jobs reports will be weak because of the efforts to cut waste fraud and abuse from the Department of Government Efficiency (DOGE). Recorded the afternoon of March 7, 2025. Follow Max Wiethe on Twitter https://x.com/maxwiethe Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Other People’s Money on:  Apple Podcast https://bit.ly/4e7QJ1M  Spotify https://bit.ly/3Yhaazi  YouTube https://bit.ly/3C63VXR Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Sat, 08 Mar 2025 12:00:00 -0000 full Jack Farley With a week of tough declines in U.S. stocks and the U.S. dollar, Jack welcomes business partner and host of “Other People’s Money” show Max Wiethe to talk the uncertainty that is driving markets lower. Jack explains why he is a relative bear on U.S. stocks against global equities, and why he is bullish on Chinese stocks. Max and Jack interpret the February labor market data which showed hiring had slowed, and Jack shares why he thinks the next few jobs reports will be weak because of the efforts to cut waste fraud and abuse from the Department of Government Efficiency (DOGE). Recorded the afternoon of March 7, 2025. Follow Max Wiethe on Twitter https://x.com/maxwiethe Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Other People’s Money on:  Apple Podcast https://bit.ly/4e7QJ1M  Spotify https://bit.ly/3Yhaazi  YouTube https://bit.ly/3C63VXR Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez With a week of tough declines in U.S. stocks and the U.S. dollar, Jack welcomes business partner and host of “Other People’s Money” show Max Wiethe to talk the uncertainty that is driving markets lower. Jack explains why he is a relative bear on U.S. stocks against global equities, and why he is bullish on Chinese stocks. Max and Jack interpret the February labor market data which showed hiring had slowed, and Jack shares why he thinks the next few jobs reports will be weak because of the efforts to cut waste fraud and abuse from the Department of Government Efficiency (DOGE). Recorded the afternoon of March 7, 2025.


Follow Max Wiethe on Twitter https://x.com/maxwiethe

Follow Jack Farley on Twitter https://x.com/JackFarley96


Follow Other People’s Money on: 

Apple Podcast https://bit.ly/4e7QJ1M 

Spotify https://bit.ly/3Yhaazi 

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]]> 2967 How Tariffs Jeopardize The Soft Landing | Jonny Matthews, former Brevan Partner, on Bond Yields, Japanese Yen, and Gold This Monetary Matters episode is brought to you by VanEck. Learn more about VanEck Uranium & Nuclear ETF: http://vaneck.com/NLRJack Recorded on March 4, 2025. Follow VanEck on Twitter https://x.com/vaneck_us Follow Jonny Matthews on Twitter https://x.com/super_macro Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Wed, 05 Mar 2025 17:30:00 -0000 full Jack Farley This Monetary Matters episode is brought to you by VanEck. Learn more about VanEck Uranium & Nuclear ETF: http://vaneck.com/NLRJack Recorded on March 4, 2025. Follow VanEck on Twitter https://x.com/vaneck_us Follow Jonny Matthews on Twitter https://x.com/super_macro Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez This Monetary Matters episode is brought to you by VanEck.


Learn more about VanEck Uranium & Nuclear ETF: http://vaneck.com/NLRJack


Recorded on March 4, 2025.


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]]> 4289 Economic Playbook For Trump 2.0 | Eric Wallerstein on Tariffs, DOGE, Jobs Numbers, and Global Trade War Tail Risk Eric Wallerstein, Chief Markets Strategist for Yardeni Research, joins Jack to share his optimist outlook on the U.S. economy. Recorded on February 27, 2025. Follow Eric Wallerstein on Twitter https://x.com/ericwallerstein Follow Yardeni on Twitter https://x.com/yardeni Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Sun, 02 Mar 2025 16:41:00 -0000 full Jack Farley Eric Wallerstein, Chief Markets Strategist for Yardeni Research, joins Jack to share his optimist outlook on the U.S. economy. Recorded on February 27, 2025. Follow Eric Wallerstein on Twitter https://x.com/ericwallerstein Follow Yardeni on Twitter https://x.com/yardeni Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Eric Wallerstein, Chief Markets Strategist for Yardeni Research, joins Jack to share his optimist outlook on the U.S. economy. Recorded on February 27, 2025.


Follow Eric Wallerstein on Twitter https://x.com/ericwallerstein

Follow Yardeni on Twitter https://x.com/yardeni

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]]> 5230 Inside the Alternative Investment Platform Megatrend | Alan Strauss of Crystal Capital Partners Whether you are talking about hedge funds, private equity, private credit, or venture capital, alternative investment strategies are becoming a much larger part of the portfolios of individual investors. For many that’s being done through investment platforms targeting their registered investment advisors. Alan Strauss, senior partner at Crystal Capital Partners, joins OPM to discuss how alternative investment platforms like Crystal Capital are ushering in a new wave of adoption of alternative assets for RIAs and their clients by providing lower investment minimums, curated menus of top tier funds, and improved customization and investment “wrappers.” Are you a buyside professional looking to fast track your career? Sign up for the Fundamental Edge Analyst Academy and save 10% with coupon code OPM-10 at https://www.fundamentedge.com/opm Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR Learn more about Crystal Capital Partners: https://www.crystalfunds.com Follow Max Wiethe on Twitter: https://x.com/maxwiethe Timestamps: 00:00 Intro 01:03 History of Fund of Funds 08:47 Early Alternatives Platforms 12:35 Who Invests on Alts Platforms 15:16 Customized Fund of Funds 19:26 Platform Fee Structures 20:46 What Types of Funds Thrive on Platforms 23:56 Fundamental Edge Analyst Academy 25:38 Smaller Fund Managers 27:01 What Gets a Fund Kicked Off Investment Platforms 29:59 The Rise of Private Market Investing 35:36 Newer Vintage Funds 39:10 how Do New Funds Got On Platforms 45:45 Sub Strategy Fund Trends 49:06 Advisor Influence on Fund Menus 53:07 Are Platforms Helping Smaller Fund Managers? Thu, 27 Feb 2025 12:00:00 -0000 full Jack Farley Whether you are talking about hedge funds, private equity, private credit, or venture capital, alternative investment strategies are becoming a much larger part of the portfolios of individual investors. For many that’s being done through investment platforms targeting their registered investment advisors. Alan Strauss, senior partner at Crystal Capital Partners, joins OPM to discuss how alternative investment platforms like Crystal Capital are ushering in a new wave of adoption of alternative assets for RIAs and their clients by providing lower investment minimums, curated menus of top tier funds, and improved customization and investment “wrappers.” Are you a buyside professional looking to fast track your career? Sign up for the Fundamental Edge Analyst Academy and save 10% with coupon code OPM-10 at https://www.fundamentedge.com/opm Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR Learn more about Crystal Capital Partners: https://www.crystalfunds.com Follow Max Wiethe on Twitter: https://x.com/maxwiethe Timestamps: 00:00 Intro 01:03 History of Fund of Funds 08:47 Early Alternatives Platforms 12:35 Who Invests on Alts Platforms 15:16 Customized Fund of Funds 19:26 Platform Fee Structures 20:46 What Types of Funds Thrive on Platforms 23:56 Fundamental Edge Analyst Academy 25:38 Smaller Fund Managers 27:01 What Gets a Fund Kicked Off Investment Platforms 29:59 The Rise of Private Market Investing 35:36 Newer Vintage Funds 39:10 how Do New Funds Got On Platforms 45:45 Sub Strategy Fund Trends 49:06 Advisor Influence on Fund Menus 53:07 Are Platforms Helping Smaller Fund Managers? Whether you are talking about hedge funds, private equity, private credit, or venture capital, alternative investment strategies are becoming a much larger part of the portfolios of individual investors. For many that’s being done through investment platforms targeting their registered investment advisors. Alan Strauss, senior partner at Crystal Capital Partners, joins OPM to discuss how alternative investment platforms like Crystal Capital are ushering in a new wave of adoption of alternative assets for RIAs and their clients by providing lower investment minimums, curated menus of top tier funds, and improved customization and investment “wrappers.”


Are you a buyside professional looking to fast track your career? Sign up for the Fundamental Edge Analyst Academy and save 10% with coupon code OPM-10 at https://www.fundamentedge.com/opm


Follow Other People’s Money on:


Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR


Learn more about Crystal Capital Partners: https://www.crystalfunds.com

Follow Max Wiethe on Twitter: https://x.com/maxwiethe


Timestamps:

00:00 Intro

01:03 History of Fund of Funds

08:47 Early Alternatives Platforms

12:35 Who Invests on Alts Platforms

15:16 Customized Fund of Funds

19:26 Platform Fee Structures

20:46 What Types of Funds Thrive on Platforms

23:56 Fundamental Edge Analyst Academy

25:38 Smaller Fund Managers

27:01 What Gets a Fund Kicked Off Investment Platforms

29:59 The Rise of Private Market Investing

35:36 Newer Vintage Funds

39:10 how Do New Funds Got On Platforms

45:45 Sub Strategy Fund Trends

49:06 Advisor Influence on Fund Menus

53:07 Are Platforms Helping Smaller Fund Managers?

]]> 3271 Gambling Man: Masayoshi Son’s Bold AI Vision For 2025 & Beyond | Lionel Barber “Gambling Man” on Simon & Schuster: https://www.simonandschuster.com/books/Gambling-Man/Lionel-Barber/9781668070741 “Gambling Man” on Amazon: https://www.amazon.com/Gambling-Man-Greatest-Disruptor-Masayoshi/dp/166807074X Lionel Barber, former editor of the Financial Times and author of “Gambling Man: The Secret Story of the World's Greatest Disruptor, Masayoshi Son,” joins Jack on Monetary Matters. Recorded on February 19, 2025.  Follow Lionel Barber on Twitter https://x.com/lionelbarber Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Sun, 23 Feb 2025 19:55:00 -0000 full Jack Farley “Gambling Man” on Simon & Schuster: https://www.simonandschuster.com/books/Gambling-Man/Lionel-Barber/9781668070741 “Gambling Man” on Amazon: https://www.amazon.com/Gambling-Man-Greatest-Disruptor-Masayoshi/dp/166807074X Lionel Barber, former editor of the Financial Times and author of “Gambling Man: The Secret Story of the World's Greatest Disruptor, Masayoshi Son,” joins Jack on Monetary Matters. Recorded on February 19, 2025.  Follow Lionel Barber on Twitter https://x.com/lionelbarber Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez “Gambling Man” on Simon & Schuster: https://www.simonandschuster.com/books/Gambling-Man/Lionel-Barber/9781668070741


“Gambling Man” on Amazon: https://www.amazon.com/Gambling-Man-Greatest-Disruptor-Masayoshi/dp/166807074X


Lionel Barber, former editor of the Financial Times and author of “Gambling Man: The Secret Story of the World's Greatest Disruptor, Masayoshi Son,” joins Jack on Monetary Matters. Recorded on February 19, 2025. 


Follow Lionel Barber on Twitter https://x.com/lionelbarber

Follow Jack Farley on Twitter https://x.com/JackFarley96


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]]> 2886 The Private Markets Digestion Phase | Jean-Baptiste Wautier on Key Man Risk, GP/LP Returns, and Private Credit “Bubble” Jean-Baptiste Wautie, a veteran of private markets, joins Jack to share his nuanced and informed view on the asset class. Jean-Baptiste (JB) Wautier’s career highlights include significant roles at Arthur Andersen, Morgan Stanley, IK Partners, and BC Partners (BC) where he spent 20 years and was CIO for a decade. At BC he co-managed €40 billion of assets, helped raising three flagship funds and led ten major investments. Recorded on February 7, 2025. Follow Jean-Baptiste Wautier on Twitter https://x.com/jbwautier Follow Jean-Baptiste Wautier on LinkedIn https://www.linkedin.com/in/jean-baptiste-wautier-1a95a2/ Jean-Baptiste Wautier website: https://wautier.co.uk/ Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Wed, 19 Feb 2025 14:58:00 -0000 full Jack Farley Jean-Baptiste Wautie, a veteran of private markets, joins Jack to share his nuanced and informed view on the asset class. Jean-Baptiste (JB) Wautier’s career highlights include significant roles at Arthur Andersen, Morgan Stanley, IK Partners, and BC Partners (BC) where he spent 20 years and was CIO for a decade. At BC he co-managed €40 billion of assets, helped raising three flagship funds and led ten major investments. Recorded on February 7, 2025. Follow Jean-Baptiste Wautier on Twitter https://x.com/jbwautier Follow Jean-Baptiste Wautier on LinkedIn https://www.linkedin.com/in/jean-baptiste-wautier-1a95a2/ Jean-Baptiste Wautier website: https://wautier.co.uk/ Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Jean-Baptiste Wautie, a veteran of private markets, joins Jack to share his nuanced and informed view on the asset class. Jean-Baptiste (JB) Wautier’s career highlights include significant roles at Arthur Andersen, Morgan Stanley, IK Partners, and BC Partners (BC) where he spent 20 years and was CIO for a decade. At BC he co-managed €40 billion of assets, helped raising three flagship funds and led ten major investments. Recorded on February 7, 2025.


Follow Jean-Baptiste Wautier on Twitter https://x.com/jbwautier

Follow Jean-Baptiste Wautier on LinkedIn https://www.linkedin.com/in/jean-baptiste-wautier-1a95a2/

Jean-Baptiste Wautier website: https://wautier.co.uk/

Follow Jack Farley on Twitter https://x.com/JackFarley96


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]]> 5165 The Trends Driving the Hedge Fund Industry’s Record $4.5 Trillion in AUM | Ken Heinz of HFR Index Ken Heinz, President of HFR Index LLC, joins Other People’s Money to break down the trends driving the hedge fund industry’s growth to a record $4.5 trillion in assets under management. HFR’s data on the industry that they collect and analyze from over 6,000 funds gives them a birds eye view of the big trends like the growth of multi-managers, crypto funds, and inflows for small and large funds alike. You can find more info on the HFR Database, HFR Indices, and other industry reports and resources for hedge fund investors and managers on their website: https://www.hfr.com Fast track your buyside career and save 10% with coupon code OPM-10 at https://www.fundamentedge.com/opm Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR Follow HFR on Twitter: https://x.com/HFRinc Follow Max Wiethe on Twitter: https://x.com/maxwiethe Timestamps: 01:13 What is HFR? 02:45 What Qualifies as a Hedge Fund? 07:07 Classifying Your Hedge Fund Properly 10:15 Multi-Manager Hedge Fund Index 15:36 The Crypto Hedge Fund Boom 21:39 Fundamental Edge Analyst Academy 23:20 Hedge Fund Asset Growth 27:04 The Return of Capital Trend 29:47 Do Capital Flows Hurt Returns 31:49 Fund Formation Trends 38:09 Fund Closure Trends 39:44 Fund of Funds 43:46 The Bifurcation of the Hedge Fund Industry 49:22 The Future of Hedge Funds Tue, 18 Feb 2025 12:00:00 -0000 full Jack Farley Ken Heinz, President of HFR Index LLC, joins Other People’s Money to break down the trends driving the hedge fund industry’s growth to a record $4.5 trillion in assets under management. HFR’s data on the industry that they collect and analyze from over 6,000 funds gives them a birds eye view of the big trends like the growth of multi-managers, crypto funds, and inflows for small and large funds alike. You can find more info on the HFR Database, HFR Indices, and other industry reports and resources for hedge fund investors and managers on their website: https://www.hfr.com Fast track your buyside career and save 10% with coupon code OPM-10 at https://www.fundamentedge.com/opm Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR Follow HFR on Twitter: https://x.com/HFRinc Follow Max Wiethe on Twitter: https://x.com/maxwiethe Timestamps: 01:13 What is HFR? 02:45 What Qualifies as a Hedge Fund? 07:07 Classifying Your Hedge Fund Properly 10:15 Multi-Manager Hedge Fund Index 15:36 The Crypto Hedge Fund Boom 21:39 Fundamental Edge Analyst Academy 23:20 Hedge Fund Asset Growth 27:04 The Return of Capital Trend 29:47 Do Capital Flows Hurt Returns 31:49 Fund Formation Trends 38:09 Fund Closure Trends 39:44 Fund of Funds 43:46 The Bifurcation of the Hedge Fund Industry 49:22 The Future of Hedge Funds Ken Heinz, President of HFR Index LLC, joins Other People’s Money to break down the trends driving the hedge fund industry’s growth to a record $4.5 trillion in assets under management. HFR’s data on the industry that they collect and analyze from over 6,000 funds gives them a birds eye view of the big trends like the growth of multi-managers, crypto funds, and inflows for small and large funds alike.


You can find more info on the HFR Database, HFR Indices, and other industry reports and resources for hedge fund investors and managers on their website: https://www.hfr.com


Fast track your buyside career and save 10% with coupon code OPM-10 at https://www.fundamentedge.com/opm


Follow Other People’s Money on:


Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR


Follow HFR on Twitter: https://x.com/HFRinc

Follow Max Wiethe on Twitter: https://x.com/maxwiethe


Timestamps:

01:13 What is HFR?

02:45 What Qualifies as a Hedge Fund?

07:07 Classifying Your Hedge Fund Properly

10:15 Multi-Manager Hedge Fund Index

15:36 The Crypto Hedge Fund Boom

21:39 Fundamental Edge Analyst Academy

23:20 Hedge Fund Asset Growth

27:04 The Return of Capital Trend

29:47 Do Capital Flows Hurt Returns

31:49 Fund Formation Trends

38:09 Fund Closure Trends

39:44 Fund of Funds

43:46 The Bifurcation of the Hedge Fund Industry

49:22 The Future of Hedge Funds

]]> 3382 The Central Bank As Crisis Manager | Dr. Patrick Honohan, former Central Bank of Ireland Governor, on Crisis Management, Macroeconomic Shocks, & Tariffs This Monetary Matters episode is brought to you by VanEck. Learn more about VanEck Uranium & Nuclear ETF: http://vaneck.com/NLRJack Dr. Patrick Honohan, honorary professor of economics at Trinity College Dublin and nonresident senior fellow Peterson Institute for International Economics, joins Monetary Matters to share lessons from his latest book, “The Central Bank as Crisis Manager.” Looking at financial and macroeconomic crises from countries ranging from Iceland, Switzerland, and the U.S., to his native Ireland (where he was the governor of its Central Bank from 2009 to 2015), Honohan concludes that central banks must prepare to fight and manage crises in addition to their ordinary mandate of price stability (and, in the case of the Fed, maximum employment). Recorded on February 5, 2025. Honohan’s Book, “The Central Bank as Crisis Manager” on Columbia Press: https://www.piie.com/bookstore/2024/central-bank-crisis-manager Honohan’s Book, “The Central Bank as Crisis Manager” on Amazon: https://www.amazon.com/Central-Bank-Crisis-Manager/dp/0881327530 Honohan’s Previous Book, “Currency, Credit and Crisis: Central Banking in Ireland and Europe”: https://www.amazon.com/Currency-Credit-Crisis-Central-Macroeconomic-ebook/dp/B07R699LFV/?_encoding=UTF8&pd_rd_w=zS3eY&content-id=amzn1.sym.bc3ba8d1-5076-4ab7-9ba8-a5c6211e002d&pf_rd_p=bc3ba8d1-5076-4ab7-9ba8-a5c6211e002d&pf_rd_r=146-4087044-9452813&pd_rd_wg=rdvDv&pd_rd_r=18882405-c569-4216-9a47-f7da59ed6d66&ref_=aufs_ap_sc_dsk Follow Patrick Honohan on Twitter https://x.com/PHonohan Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Sun, 16 Feb 2025 05:10:00 -0000 full Jack Farley This Monetary Matters episode is brought to you by VanEck. Learn more about VanEck Uranium & Nuclear ETF: http://vaneck.com/NLRJack Dr. Patrick Honohan, honorary professor of economics at Trinity College Dublin and nonresident senior fellow Peterson Institute for International Economics, joins Monetary Matters to share lessons from his latest book, “The Central Bank as Crisis Manager.” Looking at financial and macroeconomic crises from countries ranging from Iceland, Switzerland, and the U.S., to his native Ireland (where he was the governor of its Central Bank from 2009 to 2015), Honohan concludes that central banks must prepare to fight and manage crises in addition to their ordinary mandate of price stability (and, in the case of the Fed, maximum employment). Recorded on February 5, 2025. Honohan’s Book, “The Central Bank as Crisis Manager” on Columbia Press: https://www.piie.com/bookstore/2024/central-bank-crisis-manager Honohan’s Book, “The Central Bank as Crisis Manager” on Amazon: https://www.amazon.com/Central-Bank-Crisis-Manager/dp/0881327530 Honohan’s Previous Book, “Currency, Credit and Crisis: Central Banking in Ireland and Europe”: https://www.amazon.com/Currency-Credit-Crisis-Central-Macroeconomic-ebook/dp/B07R699LFV/?_encoding=UTF8&pd_rd_w=zS3eY&content-id=amzn1.sym.bc3ba8d1-5076-4ab7-9ba8-a5c6211e002d&pf_rd_p=bc3ba8d1-5076-4ab7-9ba8-a5c6211e002d&pf_rd_r=146-4087044-9452813&pd_rd_wg=rdvDv&pd_rd_r=18882405-c569-4216-9a47-f7da59ed6d66&ref_=aufs_ap_sc_dsk Follow Patrick Honohan on Twitter https://x.com/PHonohan Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez This Monetary Matters episode is brought to you by VanEck.


Learn more about VanEck Uranium & Nuclear ETF: http://vaneck.com/NLRJack


Dr. Patrick Honohan, honorary professor of economics at Trinity College Dublin and nonresident senior fellow Peterson Institute for International Economics, joins Monetary Matters to share lessons from his latest book, “The Central Bank as Crisis Manager.” Looking at financial and macroeconomic crises from countries ranging from Iceland, Switzerland, and the U.S., to his native Ireland (where he was the governor of its Central Bank from 2009 to 2015), Honohan concludes that central banks must prepare to fight and manage crises in addition to their ordinary mandate of price stability (and, in the case of the Fed, maximum employment). Recorded on February 5, 2025.


Honohan’s Book, “The Central Bank as Crisis Manager” on Columbia Press: https://www.piie.com/bookstore/2024/central-bank-crisis-manager


Honohan’s Book, “The Central Bank as Crisis Manager” on Amazon: https://www.amazon.com/Central-Bank-Crisis-Manager/dp/0881327530


Honohan’s Previous Book, “Currency, Credit and Crisis: Central Banking in Ireland and Europe”:

https://www.amazon.com/Currency-Credit-Crisis-Central-Macroeconomic-ebook/dp/B07R699LFV/?_encoding=UTF8&pd_rd_w=zS3eY&content-id=amzn1.sym.bc3ba8d1-5076-4ab7-9ba8-a5c6211e002d&pf_rd_p=bc3ba8d1-5076-4ab7-9ba8-a5c6211e002d&pf_rd_r=146-4087044-9452813&pd_rd_wg=rdvDv&pd_rd_r=18882405-c569-4216-9a47-f7da59ed6d66&ref_=aufs_ap_sc_dsk


Follow Patrick Honohan on Twitter https://x.com/PHonohan

Follow Jack Farley on Twitter https://x.com/JackFarley96


Follow Monetary Matters on:

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]]> 4782 What Really Happened To Silicon Valley Bank | Ken Wilcox (SVB CEO 2001 - 2011) on SVB’s Collapse and How China Took Over Shanghai SVB This Monetary Matters episode is brought to you by VanEck. Learn more about VanEck Uranium & Nuclear ETF: http://vaneck.com/NLRJack Kenneth Wilcox served as the CEO of Silicon Valley Bank from 2001 to 2011. He reflects on 30 years of service to SVB and its customers, as well as the stunning collapse of the institution in March 2023. Wilcox shares his findings from his new book, “The China Business Conundrum: Ensure That "Win-Win" Doesn't Mean Western Companies Lose Twice,” in which he describes in detail how the Chinese wing of Silicon Valley Bank (“Shanghai SVB”) was serially hampered and eventually taken over by Chinese bankers acting in concert with the Chinese Communist Party (CCP). Recorded on February 11, 2025.  Ken Wilcox’s book on Amazon https://www.amazon.com/China-Business-Conundrum-Win-Win-Companies/dp/1394294166 Ken Wilcox’s book on Wiley: https://www.wiley.com/en-us/The+China+Business+Conundrum%3A+Ensure+That+%22Win-Win%22+Doesn't+Mean+Western+Companies+Lose+Twice-p-9781394294169 Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Wed, 12 Feb 2025 16:09:00 -0000 full Jack Farley This Monetary Matters episode is brought to you by VanEck. Learn more about VanEck Uranium & Nuclear ETF: http://vaneck.com/NLRJack Kenneth Wilcox served as the CEO of Silicon Valley Bank from 2001 to 2011. He reflects on 30 years of service to SVB and its customers, as well as the stunning collapse of the institution in March 2023. Wilcox shares his findings from his new book, “The China Business Conundrum: Ensure That "Win-Win" Doesn't Mean Western Companies Lose Twice,” in which he describes in detail how the Chinese wing of Silicon Valley Bank (“Shanghai SVB”) was serially hampered and eventually taken over by Chinese bankers acting in concert with the Chinese Communist Party (CCP). Recorded on February 11, 2025.  Ken Wilcox’s book on Amazon https://www.amazon.com/China-Business-Conundrum-Win-Win-Companies/dp/1394294166 Ken Wilcox’s book on Wiley: https://www.wiley.com/en-us/The+China+Business+Conundrum%3A+Ensure+That+%22Win-Win%22+Doesn't+Mean+Western+Companies+Lose+Twice-p-9781394294169 Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez This Monetary Matters episode is brought to you by VanEck.

Learn more about VanEck Uranium & Nuclear ETF: http://vaneck.com/NLRJack


Kenneth Wilcox served as the CEO of Silicon Valley Bank from 2001 to 2011. He reflects on 30 years of service to SVB and its customers, as well as the stunning collapse of the institution in March 2023. Wilcox shares his findings from his new book, “The China Business Conundrum: Ensure That "Win-Win" Doesn't Mean Western Companies Lose Twice,” in which he describes in detail how the Chinese wing of Silicon Valley Bank (“Shanghai SVB”) was serially hampered and eventually taken over by Chinese bankers acting in concert with the Chinese Communist Party (CCP). Recorded on February 11, 2025. 


Ken Wilcox’s book on Amazon https://www.amazon.com/China-Business-Conundrum-Win-Win-Companies/dp/1394294166


Ken Wilcox’s book on Wiley: https://www.wiley.com/en-us/The+China+Business+Conundrum%3A+Ensure+That+%22Win-Win%22+Doesn't+Mean+Western+Companies+Lose+Twice-p-9781394294169


Follow Jack Farley on Twitter https://x.com/JackFarley96

Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


]]> 5888 Building the Definitive Hedge Fund Analyst Masterclass | Brett Caughran on Fundamental Edge Fast track your buyside career and save 10% with coupon code OPM-10 at https://www.fundamentedge.com/opm What does it take to succeed in one of the most competitive industries on the planet? Brett Caughran, lead trainer and founder at buyside analyst training platform Fundamental Edge is trying to codify the answer to that question and systematize the process of training hedge fund analysts. Caughran discusses the most important processes analysts must master, why understanding your role is key to success, and why building trust with your PM over years is the perhaps the most important factor in determining the trajectory of an analyst's career. Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR Follow Brett Caughran on Twitter: https://x.com/FundamentEdge Follow Max Wiethe on Twitter: https://x.com/maxwiethe Tue, 11 Feb 2025 12:00:00 -0000 full Jack Farley Fast track your buyside career and save 10% with coupon code OPM-10 at https://www.fundamentedge.com/opm What does it take to succeed in one of the most competitive industries on the planet? Brett Caughran, lead trainer and founder at buyside analyst training platform Fundamental Edge is trying to codify the answer to that question and systematize the process of training hedge fund analysts. Caughran discusses the most important processes analysts must master, why understanding your role is key to success, and why building trust with your PM over years is the perhaps the most important factor in determining the trajectory of an analyst's career. Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR Follow Brett Caughran on Twitter: https://x.com/FundamentEdge Follow Max Wiethe on Twitter: https://x.com/maxwiethe Fast track your buyside career and save 10% with coupon code OPM-10 at https://www.fundamentedge.com/opm


What does it take to succeed in one of the most competitive industries on the planet? Brett Caughran, lead trainer and founder at buyside analyst training platform Fundamental Edge is trying to codify the answer to that question and systematize the process of training hedge fund analysts. Caughran discusses the most important processes analysts must master, why understanding your role is key to success, and why building trust with your PM over years is the perhaps the most important factor in determining the trajectory of an analyst's career.


Follow Other People’s Money on:


Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR


Follow Brett Caughran on Twitter: https://x.com/FundamentEdge

Follow Max Wiethe on Twitter: https://x.com/maxwiethe

]]> 4597 “The Humble Investor” | Dan Rasmussen on Mag7, Value, Private Equity & Credit, and More Dan Rasmussen, founder and CIO of Verdad Advisers, joins Jack to share insights on value, magnificent 7, private equity & credit, and bonds, from his new book, “The Humble Investor: How to find a winning edge in a surprising world.” Recorded on February 4, 2025.  Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Dan Rasmussen on Twitter https://x.com/verdadcap Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Mon, 10 Feb 2025 15:10:00 -0000 full Jack Farley Dan Rasmussen, founder and CIO of Verdad Advisers, joins Jack to share insights on value, magnificent 7, private equity & credit, and bonds, from his new book, “The Humble Investor: How to find a winning edge in a surprising world.” Recorded on February 4, 2025.  Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Dan Rasmussen on Twitter https://x.com/verdadcap Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Dan Rasmussen, founder and CIO of Verdad Advisers, joins Jack to share insights on value, magnificent 7, private equity & credit, and bonds, from his new book, “The Humble Investor: How to find a winning edge in a surprising world.” Recorded on February 4, 2025. 


Follow Jack Farley on Twitter https://x.com/JackFarley96

Follow Dan Rasmussen on Twitter https://x.com/verdadcap


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

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]]> 4413 Hedge Funds Are a Team Sport | Ilya Zaides on Continuity at 14B Capital Hedge fund success both for their investors and operationally is almost always the result of a team effort. Ilya Zaides, CIO and Founder of 14B Capital Management, explains why this means hedge fund investors can care as much about team and key relationship stability as they do about past success. Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR Follow Max Wiethe on Twitter: https://x.com/maxwiethe Fri, 07 Feb 2025 12:00:00 -0000 full Jack Farley Hedge fund success both for their investors and operationally is almost always the result of a team effort. Ilya Zaides, CIO and Founder of 14B Capital Management, explains why this means hedge fund investors can care as much about team and key relationship stability as they do about past success. Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR Follow Max Wiethe on Twitter: https://x.com/maxwiethe Hedge fund success both for their investors and operationally is almost always the result of a team effort. Ilya Zaides, CIO and Founder of 14B Capital Management, explains why this means hedge fund investors can care as much about team and key relationship stability as they do about past success.


Follow Other People’s Money on:


Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR


Follow Max Wiethe on Twitter: https://x.com/maxwiethe

]]> 3307 The EM Financial Stability Report Card | Rohit Goel on Emerging Markets, Dollar Dominance, and Term Premia Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe Rohit Goel, partner and head of global macro at Breakout Capital, joins Monetary Matters to share his views on emerging markets, the dollar, and bond market term premia. Recorded on January 16, 2025. Follow Jack Farley on Twitter https://x.com/JackFarley96 Rohit Goel on LinkedIn https://www.linkedin.com/in/goelrohit/ Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Wed, 05 Feb 2025 13:33:00 -0000 full Jack Farley Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe Rohit Goel, partner and head of global macro at Breakout Capital, joins Monetary Matters to share his views on emerging markets, the dollar, and bond market term premia. Recorded on January 16, 2025. Follow Jack Farley on Twitter https://x.com/JackFarley96 Rohit Goel on LinkedIn https://www.linkedin.com/in/goelrohit/ Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Today's episode is brought to you by Teucrium.


Learn more at: https://bit.ly/4gfI0fe


Rohit Goel, partner and head of global macro at Breakout Capital, joins Monetary Matters to share his views on emerging markets, the dollar, and bond market term premia. Recorded on January 16, 2025.


Follow Jack Farley on Twitter https://x.com/JackFarley96

Rohit Goel on LinkedIn https://www.linkedin.com/in/goelrohit/


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

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]]> 5077 2025 = Biggest Bank M&A Year In History? Bank Zhar Brad Rinschler on Credit, CRE, GBank, REIT Pain, and Much Much More Brad Rinschler, managing partner and portfolio manager at Down Range Capital, joins Jack to share his in-depth view on the many niches of publicly traded bank stocks. Rinschler explains why he was short all 5 of the banks that failed in 2023, and why he is relatively constructive on small & community banks in 2025. He also offers his bull case for the red-hot stock $GBFH, which he has been involved with for many years. Recorded on January 27, 2025.  Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Brad Rinschler on Twitter https://x.com/thebankzhar GBank quarterly earnings: https://www.gbankfinancialholdings.com/financial-insights Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Mon, 03 Feb 2025 17:10:00 -0000 full Jack Farley Brad Rinschler, managing partner and portfolio manager at Down Range Capital, joins Jack to share his in-depth view on the many niches of publicly traded bank stocks. Rinschler explains why he was short all 5 of the banks that failed in 2023, and why he is relatively constructive on small & community banks in 2025. He also offers his bull case for the red-hot stock $GBFH, which he has been involved with for many years. Recorded on January 27, 2025.  Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Brad Rinschler on Twitter https://x.com/thebankzhar GBank quarterly earnings: https://www.gbankfinancialholdings.com/financial-insights Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Brad Rinschler, managing partner and portfolio manager at Down Range Capital, joins Jack to share his in-depth view on the many niches of publicly traded bank stocks. Rinschler explains why he was short all 5 of the banks that failed in 2023, and why he is relatively constructive on small & community banks in 2025. He also offers his bull case for the red-hot stock $GBFH, which he has been involved with for many years. Recorded on January 27, 2025. 


Follow Jack Farley on Twitter https://x.com/JackFarley96

Follow Brad Rinschler on Twitter https://x.com/thebankzhar


GBank quarterly earnings: https://www.gbankfinancialholdings.com/financial-insights


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

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]]> 5241 Joseph Wang: Tariffs Are Coming & They Will Be Bad For Stocks (But Good for America) This Monetary Matters episode is brought to you by VanEck. Learn more about VanEck Uranium & Nuclear ETF: http://vaneck.com/NLRJack Joseph Wang of FedGuy.com returns to Monetary Matters to share his view that markets are insufficiently discounting the large and significant tariffs that the Trump Administration will implement shortly. Joseph and Jack also review the January Fed meeting, with Joseph noting that Fed chair Powell might be significantly more dovish than the FOMC committee. Joseph explains why he is bearish on stocks and bullish on bonds and gold (and short-term interest rates). Recorded on January 30, 2025. Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Joseph Wang on Twitter https://x.com/FedGuy12 Joseph’s website: https://fedguy.com/ Pieces discussed: “The Plan”: https://fedguy.com/the-plan/ “It is a Good Day to Tariff”: https://fedguy.com/it-is-a-good-day-to-tariff/ “Shifting Flows”: https://fedguy.com/shifting-flows/ Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Fri, 31 Jan 2025 16:45:00 -0000 full Jack Farley This Monetary Matters episode is brought to you by VanEck. Learn more about VanEck Uranium & Nuclear ETF: http://vaneck.com/NLRJack Joseph Wang of FedGuy.com returns to Monetary Matters to share his view that markets are insufficiently discounting the large and significant tariffs that the Trump Administration will implement shortly. Joseph and Jack also review the January Fed meeting, with Joseph noting that Fed chair Powell might be significantly more dovish than the FOMC committee. Joseph explains why he is bearish on stocks and bullish on bonds and gold (and short-term interest rates). Recorded on January 30, 2025. Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Joseph Wang on Twitter https://x.com/FedGuy12 Joseph’s website: https://fedguy.com/ Pieces discussed: “The Plan”: https://fedguy.com/the-plan/ “It is a Good Day to Tariff”: https://fedguy.com/it-is-a-good-day-to-tariff/ “Shifting Flows”: https://fedguy.com/shifting-flows/ Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez This Monetary Matters episode is brought to you by VanEck.

Learn more about VanEck Uranium & Nuclear ETF: http://vaneck.com/NLRJack


Joseph Wang of FedGuy.com returns to Monetary Matters to share his view that markets are insufficiently discounting the large and significant tariffs that the Trump Administration will implement shortly. Joseph and Jack also review the January Fed meeting, with Joseph noting that Fed chair Powell might be significantly more dovish than the FOMC committee. Joseph explains why he is bearish on stocks and bullish on bonds and gold (and short-term interest rates). Recorded on January 30, 2025.


Follow Jack Farley on Twitter https://x.com/JackFarley96

Follow Joseph Wang on Twitter https://x.com/FedGuy12

Joseph’s website: https://fedguy.com/


Pieces discussed:

“The Plan”: https://fedguy.com/the-plan/

“It is a Good Day to Tariff”: https://fedguy.com/it-is-a-good-day-to-tariff/

“Shifting Flows”: https://fedguy.com/shifting-flows/


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

]]> 3080 Russell Clark on Inverting the Long Short Hedge Fund Model and Battling Investors' Biggest Risks Former fund manager and short seller Russell Clark has always believed that the key to adding value for investors is to solve for the biggest risks in their portfolios. He also argues it’s the key to successfully raising hedge fund assets. In this interview, Clark discusses the biggest risks he thinks investors face right now, why these risks have him considering relaunching his hedge fund after returning capital in 2021, and why if he does relaunch, he’s inverting the long short hedge fund model. You can read Russell's Substack here: https://www.russell-clark.com Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR Follow Russell Clark on Twitter: https://x.com/rampagingruss Follow Max Wiethe on Twitter: https://x.com/maxwiethe Thu, 30 Jan 2025 12:00:00 -0000 full Jack Farley Former fund manager and short seller Russell Clark has always believed that the key to adding value for investors is to solve for the biggest risks in their portfolios. He also argues it’s the key to successfully raising hedge fund assets. In this interview, Clark discusses the biggest risks he thinks investors face right now, why these risks have him considering relaunching his hedge fund after returning capital in 2021, and why if he does relaunch, he’s inverting the long short hedge fund model. You can read Russell's Substack here: https://www.russell-clark.com Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR Follow Russell Clark on Twitter: https://x.com/rampagingruss Follow Max Wiethe on Twitter: https://x.com/maxwiethe Former fund manager and short seller Russell Clark has always believed that the key to adding value for investors is to solve for the biggest risks in their portfolios. He also argues it’s the key to successfully raising hedge fund assets. In this interview, Clark discusses the biggest risks he thinks investors face right now, why these risks have him considering relaunching his hedge fund after returning capital in 2021, and why if he does relaunch, he’s inverting the long short hedge fund model.


You can read Russell's Substack here: https://www.russell-clark.com


Follow Other People’s Money on:


Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR


Follow Russell Clark on Twitter: https://x.com/rampagingruss

Follow Max Wiethe on Twitter: https://x.com/maxwiethe

]]> 3418 January Fed Meeting Breakdown | Jack Farley & Max Wiethe on Powell, Banks, and China's AI Race Federal Reserve chair Jerome Powell updated investors on the key factors driving interest rate policy at the same time as another perhaps even bigger factor, the future of AI, is rocking markets. Jack & Max breakdown Powell’s press conference, the data points to watch, and the AI elephant in the room. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Jack Farley on Twitter: https://x.com/JackFarley96 Follow Max Wiethe on Twitter: https://x.com/maxwiethe Wed, 29 Jan 2025 23:12:00 -0000 full Jack Farley Federal Reserve chair Jerome Powell updated investors on the key factors driving interest rate policy at the same time as another perhaps even bigger factor, the future of AI, is rocking markets. Jack & Max breakdown Powell’s press conference, the data points to watch, and the AI elephant in the room. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Jack Farley on Twitter: https://x.com/JackFarley96 Follow Max Wiethe on Twitter: https://x.com/maxwiethe Federal Reserve chair Jerome Powell updated investors on the key factors driving interest rate policy at the same time as another perhaps even bigger factor, the future of AI, is rocking markets. Jack & Max breakdown Powell’s press conference, the data points to watch, and the AI elephant in the room.


Follow Monetary Matters on:


Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


Follow Jack Farley on Twitter: https://x.com/JackFarley96

Follow Max Wiethe on Twitter: https://x.com/maxwiethe

]]> 1979 Tariffs Could Blow Up the Bond Market | Mark Zandi on the Biggest Risk to the Economy Mark Zandi, Chief Economist for Moody’s Analytics, joins monetary matters to discuss his outlook for the US economy and why he thinks higher yields driven by broad based tariffs are the biggest risk to the US economy. Despite the economic strength he still sees he believes recession risk is elevated, and this risk is being driven primarily by policy uncertainty. He also discusses the GSEs, Fannie Mae and Freddie Mac, and why he thinks most paths to exiting conservatorship create a lot of pain for the mortgage market. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Mark Zandi on Twitter: https://x.com/Markzandi Follow Jack Farley on Twitter: https://x.com/JackFarley96 Listen to Mark’s Podcast “Inside Economics”: https://www.moodys.com/web/en/us/about/insights/podcasts/moodys-talks-inside-economics.html Tue, 28 Jan 2025 14:00:00 -0000 full Jack Farley Mark Zandi, Chief Economist for Moody’s Analytics, joins monetary matters to discuss his outlook for the US economy and why he thinks higher yields driven by broad based tariffs are the biggest risk to the US economy. Despite the economic strength he still sees he believes recession risk is elevated, and this risk is being driven primarily by policy uncertainty. He also discusses the GSEs, Fannie Mae and Freddie Mac, and why he thinks most paths to exiting conservatorship create a lot of pain for the mortgage market. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Mark Zandi on Twitter: https://x.com/Markzandi Follow Jack Farley on Twitter: https://x.com/JackFarley96 Listen to Mark’s Podcast “Inside Economics”: https://www.moodys.com/web/en/us/about/insights/podcasts/moodys-talks-inside-economics.html Mark Zandi, Chief Economist for Moody’s Analytics, joins monetary matters to discuss his outlook for the US economy and why he thinks higher yields driven by broad based tariffs are the biggest risk to the US economy. Despite the economic strength he still sees he believes recession risk is elevated, and this risk is being driven primarily by policy uncertainty. He also discusses the GSEs, Fannie Mae and Freddie Mac, and why he thinks most paths to exiting conservatorship create a lot of pain for the mortgage market.


Follow Monetary Matters on:


Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

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Follow Mark Zandi on Twitter: https://x.com/Markzandi

Follow Jack Farley on Twitter: https://x.com/JackFarley96


Listen to Mark’s Podcast “Inside Economics”: https://www.moodys.com/web/en/us/about/insights/podcasts/moodys-talks-inside-economics.html

]]> 3997 How Micro Informs The Macro | David Steinberg on Scott Bessent, Pet Investing, Semiconductors, Music Publishing, and Peter Lake David Steinberg, founder and chief investment officer of Marlowe Partners, joins Jack for a very special episode of Monetary Matters. Steinberg recounts what he learned working for Soros and Scott Bessent at Quantum, and how he developed his investment style of high concentration in single-name equities. David and Jack talk Humanization of Pets, semis, music publishing, and David’s secret pastime which he reveals for the first time on this program. Recorded on January 23, 2025. Peter Lake philosophy: https://www.peterlake.com/philosophy-of-music Peter Lake on Spotify: https://open.spotify.com/artist/2LO6MZ0w06BnfgIfoJHIe6 Peter Lake on YouTube: https://www.youtube.com/@PeterLakeMusic Marlowe Partners: https://marlowepartners.com/ Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Sun, 26 Jan 2025 21:15:00 -0000 full Jack Farley David Steinberg, founder and chief investment officer of Marlowe Partners, joins Jack for a very special episode of Monetary Matters. Steinberg recounts what he learned working for Soros and Scott Bessent at Quantum, and how he developed his investment style of high concentration in single-name equities. David and Jack talk Humanization of Pets, semis, music publishing, and David’s secret pastime which he reveals for the first time on this program. Recorded on January 23, 2025. Peter Lake philosophy: https://www.peterlake.com/philosophy-of-music Peter Lake on Spotify: https://open.spotify.com/artist/2LO6MZ0w06BnfgIfoJHIe6 Peter Lake on YouTube: https://www.youtube.com/@PeterLakeMusic Marlowe Partners: https://marlowepartners.com/ Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez David Steinberg, founder and chief investment officer of Marlowe Partners, joins Jack for a very special episode of Monetary Matters. Steinberg recounts what he learned working for Soros and Scott Bessent at Quantum, and how he developed his investment style of high concentration in single-name equities. David and Jack talk Humanization of Pets, semis, music publishing, and David’s secret pastime which he reveals for the first time on this program. Recorded on January 23, 2025.


Peter Lake philosophy: https://www.peterlake.com/philosophy-of-music

Peter Lake on Spotify: https://open.spotify.com/artist/2LO6MZ0w06BnfgIfoJHIe6

Peter Lake on YouTube: https://www.youtube.com/@PeterLakeMusic

Marlowe Partners: https://marlowepartners.com/


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

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]]> 9325 Why Chinese Bond Yields Have Collapsed | Louis Vincent Gave’s Bull Case For Chinese Stocks and Chinese Property Bonds This Monetary Matters episode is brought to you by VanEck.  Learn more about VanEck Uranium & Nuclear ETF: http://vaneck.com/NLRJack Louis Vincent Gave, Founding Partner & Chief Executive Officer at Gavekal, joins Monetary Matters to share his perspective on China in 2025 and beyond. Recorded on January 20, 2025. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Louis Vincent Gave on Twitter https://x.com/gave_vincent?lang=en Arthur Kroeber book, “China's Economy: What Everyone Needs to Know”: https://www.amazon.com/Chinas-Economy-Everyone-Needs-Know%C2%AE/dp/0190239034 Louis Vincent Gave’s book, “Avoiding the Punch: Investing in Uncertain Times”: https://www.amazon.com/Avoiding-Punch-Investing-Uncertain-Times-ebook/dp/B09VHDBXYL/ref=sr_1_7?dib=eyJ2IjoiMSJ9.W_PznDbWJKTl-zd_BOIBZNrHLa30eAYoCsZGe1ZpZwRhjIip7Xd8SpCuG-DD3aQbL5eMVpAPzCxO34wzVfJLqNyukXrF4ZKT-K_L6rUFfas.Uiti9KCVO588GfCFlmEf0BbhZ2deqYObl4DW-bw2l_A&dib_tag=se&qid=1737553285&refinements=p_27%3ALouis-Vincent+Gave&s=books&sr=1-7 Wed, 22 Jan 2025 13:52:00 -0000 full Jack Farley This Monetary Matters episode is brought to you by VanEck.  Learn more about VanEck Uranium & Nuclear ETF: http://vaneck.com/NLRJack Louis Vincent Gave, Founding Partner & Chief Executive Officer at Gavekal, joins Monetary Matters to share his perspective on China in 2025 and beyond. Recorded on January 20, 2025. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Louis Vincent Gave on Twitter https://x.com/gave_vincent?lang=en Arthur Kroeber book, “China's Economy: What Everyone Needs to Know”: https://www.amazon.com/Chinas-Economy-Everyone-Needs-Know%C2%AE/dp/0190239034 Louis Vincent Gave’s book, “Avoiding the Punch: Investing in Uncertain Times”: https://www.amazon.com/Avoiding-Punch-Investing-Uncertain-Times-ebook/dp/B09VHDBXYL/ref=sr_1_7?dib=eyJ2IjoiMSJ9.W_PznDbWJKTl-zd_BOIBZNrHLa30eAYoCsZGe1ZpZwRhjIip7Xd8SpCuG-DD3aQbL5eMVpAPzCxO34wzVfJLqNyukXrF4ZKT-K_L6rUFfas.Uiti9KCVO588GfCFlmEf0BbhZ2deqYObl4DW-bw2l_A&dib_tag=se&qid=1737553285&refinements=p_27%3ALouis-Vincent+Gave&s=books&sr=1-7 This Monetary Matters episode is brought to you by VanEck. 

Learn more about VanEck Uranium & Nuclear ETF: http://vaneck.com/NLRJack


Louis Vincent Gave, Founding Partner & Chief Executive Officer at Gavekal, joins Monetary Matters to share his perspective on China in 2025 and beyond. Recorded on January 20, 2025.


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


Follow Jack Farley on Twitter https://x.com/JackFarley96

Follow Louis Vincent Gave on Twitter https://x.com/gave_vincent?lang=en

Arthur Kroeber book, “China's Economy: What Everyone Needs to Know”: https://www.amazon.com/Chinas-Economy-Everyone-Needs-Know%C2%AE/dp/0190239034

Louis Vincent Gave’s book, “Avoiding the Punch: Investing in Uncertain Times”: https://www.amazon.com/Avoiding-Punch-Investing-Uncertain-Times-ebook/dp/B09VHDBXYL/ref=sr_1_7?dib=eyJ2IjoiMSJ9.W_PznDbWJKTl-zd_BOIBZNrHLa30eAYoCsZGe1ZpZwRhjIip7Xd8SpCuG-DD3aQbL5eMVpAPzCxO34wzVfJLqNyukXrF4ZKT-K_L6rUFfas.Uiti9KCVO588GfCFlmEf0BbhZ2deqYObl4DW-bw2l_A&dib_tag=se&qid=1737553285&refinements=p_27%3ALouis-Vincent+Gave&s=books&sr=1-7


]]> 5052 Trading Skill Isn’t Enough to Run a Hedge Fund | Benn Eifert of QVR Advisors Almost everyone who works in finance dreams of one day showcasing their trading or investing prowess by starting their own hedge fund, but being a good trader is only one line item in a long list of skills required to be a successful hedge fund manager. Benn Eifert, Managing Partner of QVR Advisors, who himself has built his firm into one that manages $2 billion in assets, discusses the important interpersonal skills, operational considerations, and marketing duties that also fall squarely on the shoulders of the founding portfolio manager. Eifert also touches on why pod shops have been so dominant in attracting both assets and talent, his outlook for single managers and the hedge fund industry, and the growth of listed fund products using options and other derivatives. Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR Follow Max Wiethe on Twitter: https://x.com/maxwiethe Follow Benn Eifert on Twitter: https://x.com/bennpeifert Tue, 21 Jan 2025 12:00:00 -0000 full Jack Farley Almost everyone who works in finance dreams of one day showcasing their trading or investing prowess by starting their own hedge fund, but being a good trader is only one line item in a long list of skills required to be a successful hedge fund manager. Benn Eifert, Managing Partner of QVR Advisors, who himself has built his firm into one that manages $2 billion in assets, discusses the important interpersonal skills, operational considerations, and marketing duties that also fall squarely on the shoulders of the founding portfolio manager. Eifert also touches on why pod shops have been so dominant in attracting both assets and talent, his outlook for single managers and the hedge fund industry, and the growth of listed fund products using options and other derivatives. Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR Follow Max Wiethe on Twitter: https://x.com/maxwiethe Follow Benn Eifert on Twitter: https://x.com/bennpeifert Almost everyone who works in finance dreams of one day showcasing their trading or investing prowess by starting their own hedge fund, but being a good trader is only one line item in a long list of skills required to be a successful hedge fund manager. Benn Eifert, Managing Partner of QVR Advisors, who himself has built his firm into one that manages $2 billion in assets, discusses the important interpersonal skills, operational considerations, and marketing duties that also fall squarely on the shoulders of the founding portfolio manager. Eifert also touches on why pod shops have been so dominant in attracting both assets and talent, his outlook for single managers and the hedge fund industry, and the growth of listed fund products using options and other derivatives.


Follow Other People’s Money on:

Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR


Follow Max Wiethe on Twitter: https://x.com/maxwiethe

Follow Benn Eifert on Twitter: https://x.com/bennpeifert

]]> 2951 Will the Risk On Party Continue? | Chris Carrano on The Quantitative Factors Driving Markets There are always many narratives about what drives markets higher or lower but increasingly investors are turning to quantitative measures like style factors to decouple the signal from the noise and pinpoint what is actually behind major market moves. In this interview, Chris Carrano VP of Strategic Research at Venn by Two Sigma breaks down the orthogonal market factors that drove asset prices in 2024 and what is driving them so far in 2025. He also examines key moments like the post Trump rally in November, December’s equity market wobble post FOMC, and the recent reaction to cooling CPI data. Filmed on January 17, 2025. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Venn by Two Sigma on Twitter https://x.com/VennTwoSigma Read the Venn by Two Sigma Blog: https://www.venn.twosigma.com/insights Sun, 19 Jan 2025 13:54:00 -0000 full Jack Farley There are always many narratives about what drives markets higher or lower but increasingly investors are turning to quantitative measures like style factors to decouple the signal from the noise and pinpoint what is actually behind major market moves. In this interview, Chris Carrano VP of Strategic Research at Venn by Two Sigma breaks down the orthogonal market factors that drove asset prices in 2024 and what is driving them so far in 2025. He also examines key moments like the post Trump rally in November, December’s equity market wobble post FOMC, and the recent reaction to cooling CPI data. Filmed on January 17, 2025. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Venn by Two Sigma on Twitter https://x.com/VennTwoSigma Read the Venn by Two Sigma Blog: https://www.venn.twosigma.com/insights There are always many narratives about what drives markets higher or lower but increasingly investors are turning to quantitative measures like style factors to decouple the signal from the noise and pinpoint what is actually behind major market moves. In this interview, Chris Carrano VP of Strategic Research at Venn by Two Sigma breaks down the orthogonal market factors that drove asset prices in 2024 and what is driving them so far in 2025. He also examines key moments like the post Trump rally in November, December’s equity market wobble post FOMC, and the recent reaction to cooling CPI data. Filmed on January 17, 2025.


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


Follow Jack Farley on Twitter https://x.com/JackFarley96

Follow Venn by Two Sigma on Twitter https://x.com/VennTwoSigma


Read the Venn by Two Sigma Blog: https://www.venn.twosigma.com/insights

]]> 4780 Luke Gromen: Foreigners To Dump Bonds If U.S. Dollar Continues To Strengthen This Monetary Matters episode is brought to you by VanEck.  Learn more about VanEck Uranium & Nuclear ETF: http://vaneck.com/NLRJack Investing involves substantial risk and high volatility, including possible loss of principal. Visit vaneck.com or call 800.826.2333 to read and consider the prospectus, containing the investment objective, risks, and fees of the fund. Carefully read before investing.  © Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation Luke Gromen, Founder & President, Forest for the Trees (FFTT), joins Monetary Matters to share his thoughts on the rapidly selling off Treasury market and strong U.S. Dollar. Recorded on January 13, 2025. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Luke Gromen on Twitter https://x.com/LukeGromen Wed, 15 Jan 2025 16:25:00 -0000 full Jack Farley This Monetary Matters episode is brought to you by VanEck.  Learn more about VanEck Uranium & Nuclear ETF: http://vaneck.com/NLRJack Investing involves substantial risk and high volatility, including possible loss of principal. Visit vaneck.com or call 800.826.2333 to read and consider the prospectus, containing the investment objective, risks, and fees of the fund. Carefully read before investing.  © Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation Luke Gromen, Founder & President, Forest for the Trees (FFTT), joins Monetary Matters to share his thoughts on the rapidly selling off Treasury market and strong U.S. Dollar. Recorded on January 13, 2025. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Luke Gromen on Twitter https://x.com/LukeGromen This Monetary Matters episode is brought to you by VanEck. 

Learn more about VanEck Uranium & Nuclear ETF: http://vaneck.com/NLRJack


Investing involves substantial risk and high volatility, including possible loss of principal. Visit vaneck.com or call 800.826.2333 to read and consider the prospectus, containing the investment objective, risks, and fees of the fund. Carefully read before investing. 

© Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation


Luke Gromen, Founder & President, Forest for the Trees (FFTT), joins Monetary Matters to share his thoughts on the rapidly selling off Treasury market and strong U.S. Dollar. Recorded on January 13, 2025.


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


Follow Jack Farley on Twitter https://x.com/JackFarley96

Follow Luke Gromen on Twitter https://x.com/LukeGromen

]]> 4745 Why Hedge Fund Managers Must Adapt or Die | Kyle Mowery on The Future of Small Cap Value If you weren’t in large and often expensive technology stocks you likely struggled as a hedge fund manager in 2024. For small/mid-cap value investors like Kyle Mowery, Portfolio Manager and Founder of Grizzly Rock Capital, who’ve sold their investors a mandate that makes it nearly impossible to go buy the NVIDIAs of the world you can only fall back on communication and the clear expectations you’ve set with your investors. The problems plaguing small cap value managers are not new though, and if you are still practicing what Mowery calls “the old ways,” 2024 was likely not the first tough year you’ve had to explain. Here, Mowery explains how he’s adjusted his strategy over 13 years of existence to adapt to changing market structure, why he thinks of you have skills joining a pod is better than starting your own fund, and things he would do differently if he was setting up Grizzly Rock in 2025. Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR Follow Max Wiethe on Twitter: https://x.com/maxwiethe Find more on Grizzly Rock Capital here: https://www.grizzlyrockcapital.com/ Tue, 14 Jan 2025 12:00:00 -0000 full Jack Farley If you weren’t in large and often expensive technology stocks you likely struggled as a hedge fund manager in 2024. For small/mid-cap value investors like Kyle Mowery, Portfolio Manager and Founder of Grizzly Rock Capital, who’ve sold their investors a mandate that makes it nearly impossible to go buy the NVIDIAs of the world you can only fall back on communication and the clear expectations you’ve set with your investors. The problems plaguing small cap value managers are not new though, and if you are still practicing what Mowery calls “the old ways,” 2024 was likely not the first tough year you’ve had to explain. Here, Mowery explains how he’s adjusted his strategy over 13 years of existence to adapt to changing market structure, why he thinks of you have skills joining a pod is better than starting your own fund, and things he would do differently if he was setting up Grizzly Rock in 2025. Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR Follow Max Wiethe on Twitter: https://x.com/maxwiethe Find more on Grizzly Rock Capital here: https://www.grizzlyrockcapital.com/ If you weren’t in large and often expensive technology stocks you likely struggled as a hedge fund manager in 2024. For small/mid-cap value investors like Kyle Mowery, Portfolio Manager and Founder of Grizzly Rock Capital, who’ve sold their investors a mandate that makes it nearly impossible to go buy the NVIDIAs of the world you can only fall back on communication and the clear expectations you’ve set with your investors. The problems plaguing small cap value managers are not new though, and if you are still practicing what Mowery calls “the old ways,” 2024 was likely not the first tough year you’ve had to explain. Here, Mowery explains how he’s adjusted his strategy over 13 years of existence to adapt to changing market structure, why he thinks of you have skills joining a pod is better than starting your own fund, and things he would do differently if he was setting up Grizzly Rock in 2025.


Follow Other People’s Money on:

Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR


Follow Max Wiethe on Twitter: https://x.com/maxwiethe

Find more on Grizzly Rock Capital here: https://www.grizzlyrockcapital.com/


]]> 3155 How The Treasury Decides Where To Borrow | Steve Hou on Maturity Issuance Policies of U.S. Treasury and Equity Index Construction Steve Hou, Researcher at Bloomberg Indices, joins Monetary Matters to share his work on Treasury Issuance patterns and equity index construction. Hou explains that “the supply effect” (i.e. the degree to which issuance of long-term bonds rises bond yields is related to stock/bond correlation). He shares several findings from his work on indices related to pricing power, research and development (R&D), and other factors, and at the end he offers his macro views on bond yields and the increasingly concentrated stock market. Recorded on January 7, 2025. __ Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez __ Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Steve Hou on Twitter https://x.com/stevehouf Follow Bloomberg on Twitter https://x.com/Bloomberg Follow Bloomberg Terminal on Twitter https://x.com/TheTerminal __ Chapter 1 of Steve’s dissertation (“When is the supply effect large in the government bond market?”): https://finance.unibocconi.eu/sites/default/files/files/media/attachments/SteveHou_JMP20180115111812.pdf Steve’s work on the innovation factor (R&D): https://t.co/VSSpiUExWL Steve’s work on pricing power: https://www.bloomberg.com/professional/insights/financial-services/cracking-the-code-of-pricing-power/ Work on Analyst ratings upgrades: https://www.bloomberg.com/professional/insights/trading/analyst-ratings-improvers-a-bet-on-turnaround-companies/ Mon, 13 Jan 2025 15:25:00 -0000 full Jack Farley Steve Hou, Researcher at Bloomberg Indices, joins Monetary Matters to share his work on Treasury Issuance patterns and equity index construction. Hou explains that “the supply effect” (i.e. the degree to which issuance of long-term bonds rises bond yields is related to stock/bond correlation). He shares several findings from his work on indices related to pricing power, research and development (R&D), and other factors, and at the end he offers his macro views on bond yields and the increasingly concentrated stock market. Recorded on January 7, 2025. __ Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez __ Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Steve Hou on Twitter https://x.com/stevehouf Follow Bloomberg on Twitter https://x.com/Bloomberg Follow Bloomberg Terminal on Twitter https://x.com/TheTerminal __ Chapter 1 of Steve’s dissertation (“When is the supply effect large in the government bond market?”): https://finance.unibocconi.eu/sites/default/files/files/media/attachments/SteveHou_JMP20180115111812.pdf Steve’s work on the innovation factor (R&D): https://t.co/VSSpiUExWL Steve’s work on pricing power: https://www.bloomberg.com/professional/insights/financial-services/cracking-the-code-of-pricing-power/ Work on Analyst ratings upgrades: https://www.bloomberg.com/professional/insights/trading/analyst-ratings-improvers-a-bet-on-turnaround-companies/ Steve Hou, Researcher at Bloomberg Indices, joins Monetary Matters to share his work on Treasury Issuance patterns and equity index construction. Hou explains that “the supply effect” (i.e. the degree to which issuance of long-term bonds rises bond yields is related to stock/bond correlation). He shares several findings from his work on indices related to pricing power, research and development (R&D), and other factors, and at the end he offers his macro views on bond yields and the increasingly concentrated stock market. Recorded on January 7, 2025.

__

Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

__

Follow Jack Farley on Twitter https://x.com/JackFarley96

Follow Steve Hou on Twitter https://x.com/stevehouf

Follow Bloomberg on Twitter https://x.com/Bloomberg

Follow Bloomberg Terminal on Twitter https://x.com/TheTerminal

__

Chapter 1 of Steve’s dissertation (“When is the supply effect large in the government bond market?”): https://finance.unibocconi.eu/sites/default/files/files/media/attachments/SteveHou_JMP20180115111812.pdf

Steve’s work on the innovation factor (R&D): https://t.co/VSSpiUExWL

Steve’s work on pricing power: https://www.bloomberg.com/professional/insights/financial-services/cracking-the-code-of-pricing-power/

Work on Analyst ratings upgrades: https://www.bloomberg.com/professional/insights/trading/analyst-ratings-improvers-a-bet-on-turnaround-companies/


]]> 6374 Market Tumbles On Rosy Jobs Data | Jack & Max Break-Down Non-Farm Payroll (NFP) Sell-Off and Current Macro Regime Jack Farley and Max Wiethe of the Monetary Matters network break down the sell-off in stocks after a strong December jobs report and hot inflation expectations reading surprises markets. Recorded afternoon of January 10. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Other People’s Money on:  Apple Podcast https://bit.ly/4e7QJ1M  Spotify https://bit.ly/3Yhaazi  YouTube https://bit.ly/3C63VXR  Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Max Wiethe on Twitter: https://x.com/maxwiethe Philadelphia Fed work on early : https://www.philadelphiafed.org/-/media/frbp/assets/economy/articles/economic-insights/2022/q3-q4/eiq3q422_rs-measuring-state-employment.pdf https://www.philadelphiafed.org/surveys-and-data/regional-economic-analysis/early-benchmark-revisions Bloomberg Opinion piece on Equity Risk Premia: https://www.bloomberg.com/opinion/articles/2025-01-10/who-s-afraid-of-rising-treasury-yields-not-stocks?srnd=opinion Fri, 10 Jan 2025 22:27:26 -0000 full Jack Farley Jack Farley and Max Wiethe of the Monetary Matters network break down the sell-off in stocks after a strong December jobs report and hot inflation expectations reading surprises markets. Recorded afternoon of January 10. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Other People’s Money on:  Apple Podcast https://bit.ly/4e7QJ1M  Spotify https://bit.ly/3Yhaazi  YouTube https://bit.ly/3C63VXR  Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Max Wiethe on Twitter: https://x.com/maxwiethe Philadelphia Fed work on early : https://www.philadelphiafed.org/-/media/frbp/assets/economy/articles/economic-insights/2022/q3-q4/eiq3q422_rs-measuring-state-employment.pdf https://www.philadelphiafed.org/surveys-and-data/regional-economic-analysis/early-benchmark-revisions Bloomberg Opinion piece on Equity Risk Premia: https://www.bloomberg.com/opinion/articles/2025-01-10/who-s-afraid-of-rising-treasury-yields-not-stocks?srnd=opinion Jack Farley and Max Wiethe of the Monetary Matters network break down the sell-off in stocks after a strong December jobs report and hot inflation expectations reading surprises markets. Recorded afternoon of January 10.


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


Follow Other People’s Money on: 

Apple Podcast https://bit.ly/4e7QJ1M 

Spotify https://bit.ly/3Yhaazi 

YouTube https://bit.ly/3C63VXR 


Follow Jack Farley on Twitter https://x.com/JackFarley96

Follow Max Wiethe on Twitter: https://x.com/maxwiethe


Philadelphia Fed work on early : https://www.philadelphiafed.org/-/media/frbp/assets/economy/articles/economic-insights/2022/q3-q4/eiq3q422_rs-measuring-state-employment.pdf


https://www.philadelphiafed.org/surveys-and-data/regional-economic-analysis/early-benchmark-revisions


Bloomberg Opinion piece on Equity Risk Premia:

https://www.bloomberg.com/opinion/articles/2025-01-10/who-s-afraid-of-rising-treasury-yields-not-stocks?srnd=opinion

]]> 3168 S&P 500 to 15,000? | Mel Mattison on Bretton Woods 2.0, Revaluation of Gold, and Why He Expects A Violent Stock Market Correction In Early 2025 Mel Mattison, investor, monetary theorist, and former fintech executive, joins Monetary Matters to share how he’s thinking about the next few years for the financial system. Stunned that Mel’s “6,000 by year-end 2024” prediction actually happened, Jack asks Mel why he now expects a violent correction in early 2025 while at the same time extending his S&P 500 forecast to the stunningly high 15,000 level by the end of 2028. They also discuss Bretton Woods 2.0, incoming Treasury Secretary Scott Bessent, potential revaluation of gold, and several advanced monetary topics. Recorded December 30, 2024.  Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Mel Mattison on Twitter https://x.com/MelMattison1 Mel Mattison’s website https://www.melmattison.com/ Mel Mattison’s book “Quoz”: https://www.melmattison.com/quoz Thu, 09 Jan 2025 17:25:00 -0000 full Jack Farley Mel Mattison, investor, monetary theorist, and former fintech executive, joins Monetary Matters to share how he’s thinking about the next few years for the financial system. Stunned that Mel’s “6,000 by year-end 2024” prediction actually happened, Jack asks Mel why he now expects a violent correction in early 2025 while at the same time extending his S&P 500 forecast to the stunningly high 15,000 level by the end of 2028. They also discuss Bretton Woods 2.0, incoming Treasury Secretary Scott Bessent, potential revaluation of gold, and several advanced monetary topics. Recorded December 30, 2024.  Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Mel Mattison on Twitter https://x.com/MelMattison1 Mel Mattison’s website https://www.melmattison.com/ Mel Mattison’s book “Quoz”: https://www.melmattison.com/quoz Mel Mattison, investor, monetary theorist, and former fintech executive, joins Monetary Matters to share how he’s thinking about the next few years for the financial system. Stunned that Mel’s “6,000 by year-end 2024” prediction actually happened, Jack asks Mel why he now expects a violent correction in early 2025 while at the same time extending his S&P 500 forecast to the stunningly high 15,000 level by the end of 2028. They also discuss Bretton Woods 2.0, incoming Treasury Secretary Scott Bessent, potential revaluation of gold, and several advanced monetary topics. Recorded December 30, 2024. 


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


Follow Jack Farley on Twitter https://x.com/JackFarley96

Follow Mel Mattison on Twitter https://x.com/MelMattison1

Mel Mattison’s website https://www.melmattison.com/

Mel Mattison’s book “Quoz”: https://www.melmattison.com/quoz

]]> 5892 The Last Mutual Fund Manager Standing | How Eric Crittenden Defied the ETF Boom to Build a $1B Fund When was the last time you heard about an exciting new mutual fund launch? It’s probably been a while. Despite ETFs, hedge funds, and burgeoning asset classes like private credit taking all the headlines, mutual funds still control over $20 trillion in AUM. So, how does one raise assets in the 2020s with a product many associate with a time gone by? Eric Crittenden, CIO and Founder of Stand Point Asset Management, joins OPM to share how his mutual fund has done just that and reached over $1 billion in AUM in less than 5 years. Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR Follow Standpoint on Twitter: https://x.com/StandpointFunds Follow Max Wiethe on Twitter: https://x.com/maxwiethe Tue, 07 Jan 2025 11:00:00 -0000 full Jack Farley When was the last time you heard about an exciting new mutual fund launch? It’s probably been a while. Despite ETFs, hedge funds, and burgeoning asset classes like private credit taking all the headlines, mutual funds still control over $20 trillion in AUM. So, how does one raise assets in the 2020s with a product many associate with a time gone by? Eric Crittenden, CIO and Founder of Stand Point Asset Management, joins OPM to share how his mutual fund has done just that and reached over $1 billion in AUM in less than 5 years. Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR Follow Standpoint on Twitter: https://x.com/StandpointFunds Follow Max Wiethe on Twitter: https://x.com/maxwiethe When was the last time you heard about an exciting new mutual fund launch? It’s probably been a while. Despite ETFs, hedge funds, and burgeoning asset classes like private credit taking all the headlines, mutual funds still control over $20 trillion in AUM. So, how does one raise assets in the 2020s with a product many associate with a time gone by? Eric Crittenden, CIO and Founder of Stand Point Asset Management, joins OPM to share how his mutual fund has done just that and reached over $1 billion in AUM in less than 5 years.


Follow Other People’s Money on:

Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR


Follow Standpoint on Twitter: https://x.com/StandpointFunds

Follow Max Wiethe on Twitter: https://x.com/maxwiethe

]]> 3448 Mothballing the Basel III Endgame | The Future of US Bank Regulation with Jason Cave Jason Cave, Senior Consultant at Potomak Global Partners, has over 30 years in bank and financial regulatory experience having worked at both the FDIC and FHFA. In this interview, Cave explains why he’s expecting a much better environment for banks of all sizes in the new regulatory regime under Trump. He discusses why he thinks the FDIC will finally open up bank M&A, the Basel III Endgame will be at least paused, and what he thinks of the future of Fannie Mae and Freddie Mac. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Jack Farley on Twitter https://x.com/JackFarley96 Sun, 05 Jan 2025 14:00:00 -0000 full Jack Farley Jason Cave, Senior Consultant at Potomak Global Partners, has over 30 years in bank and financial regulatory experience having worked at both the FDIC and FHFA. In this interview, Cave explains why he’s expecting a much better environment for banks of all sizes in the new regulatory regime under Trump. He discusses why he thinks the FDIC will finally open up bank M&A, the Basel III Endgame will be at least paused, and what he thinks of the future of Fannie Mae and Freddie Mac. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Jack Farley on Twitter https://x.com/JackFarley96 Jason Cave, Senior Consultant at Potomak Global Partners, has over 30 years in bank and financial regulatory experience having worked at both the FDIC and FHFA. In this interview, Cave explains why he’s expecting a much better environment for banks of all sizes in the new regulatory regime under Trump. He discusses why he thinks the FDIC will finally open up bank M&A, the Basel III Endgame will be at least paused, and what he thinks of the future of Fannie Mae and Freddie Mac.


Follow Monetary Matters on:


Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


Follow Jack Farley on Twitter https://x.com/JackFarley96

]]> 6416 Citrini’s Top 25 Trades For 2025 Citrini just raised the price of Citrini Research by 25%. Monetary Matters listeners can get access to the LOWER 2024 pricing with this link (offer expires February 15): https://www.citriniresearch.com/subscribe?coupon=d11a5439 The cross-asset thematic investor known only as Citrini returns to Monetary Matters. James reflects on his trades of 2024 in his “Citrindex” which was up 65% in 202 (January 1, 2024 to December 23, 2024). Citrini shares excerpts from his “25 trades for 2025” piece at Citrini Research, covering everything from homebuilders, to drones, to Ukraine normalization trades and power capacitors. Recorded Christmas Eve December 24, 2024. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Citrini on Twitter https://x.com/Citrini7 Tue, 31 Dec 2024 21:48:14 -0000 full Jack Farley Citrini just raised the price of Citrini Research by 25%. Monetary Matters listeners can get access to the LOWER 2024 pricing with this link (offer expires February 15): https://www.citriniresearch.com/subscribe?coupon=d11a5439 The cross-asset thematic investor known only as Citrini returns to Monetary Matters. James reflects on his trades of 2024 in his “Citrindex” which was up 65% in 202 (January 1, 2024 to December 23, 2024). Citrini shares excerpts from his “25 trades for 2025” piece at Citrini Research, covering everything from homebuilders, to drones, to Ukraine normalization trades and power capacitors. Recorded Christmas Eve December 24, 2024. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Citrini on Twitter https://x.com/Citrini7 Citrini just raised the price of Citrini Research by 25%. Monetary Matters listeners can get access to the LOWER 2024 pricing with this link (offer expires February 15):

https://www.citriniresearch.com/subscribe?coupon=d11a5439


The cross-asset thematic investor known only as Citrini returns to Monetary Matters. James reflects on his trades of 2024 in his “Citrindex” which was up 65% in 202 (January 1, 2024 to December 23, 2024). Citrini shares excerpts from his “25 trades for 2025” piece at Citrini Research, covering everything from homebuilders, to drones, to Ukraine normalization trades and power capacitors. Recorded Christmas Eve December 24, 2024.


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


Follow Jack Farley on Twitter https://x.com/JackFarley96

Follow Citrini on Twitter https://x.com/Citrini7

]]> 6864 Dr. Darrell Duffie on Liquidity Strains at Year-End/Quarter-End and When Fed Reserves Will No Longer Be Ample With the end of year approaching and SOFR/IOR spreads widening, Darrell Duffie, renowned and prolific monetary scholar, joins Monetary Matters to share his views on why liquidity strains often appear at quarter- and year-end. Duffie explains his work on the September 2019 repo blowout and shares his findings that timing of bank payments is a better predictor of SOFR/IOR stress than the SOFR/IOR spread itself. Duffie also shares his views on debt-to-GDP levels, the theory that the Treasury has engaged in “stealth QE,” and the impact of SOFR transition on bank funding costs. Recorded on December 27, 2024.  Duffie Piece On Reserves Discussed For Most Of Interview (“Reserves Were Not So Ample After All”): https://www.newyorkfed.org/research/staff_reports/sr974 Duffie Piece on SOFR vs. LIBOR impact on bank debt-overhang cost (discussed at end, “Bank Funding Risk, Reference Rates, and Credit Supply”): https://www.newyorkfed.org/research/staff_reports/sr1042 Darrell Duffie’s website https://www.darrellduffie.com/ Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Jack Farley on Twitter https://x.com/JackFarley96 Sun, 29 Dec 2024 14:46:00 -0000 full Jack Farley With the end of year approaching and SOFR/IOR spreads widening, Darrell Duffie, renowned and prolific monetary scholar, joins Monetary Matters to share his views on why liquidity strains often appear at quarter- and year-end. Duffie explains his work on the September 2019 repo blowout and shares his findings that timing of bank payments is a better predictor of SOFR/IOR stress than the SOFR/IOR spread itself. Duffie also shares his views on debt-to-GDP levels, the theory that the Treasury has engaged in “stealth QE,” and the impact of SOFR transition on bank funding costs. Recorded on December 27, 2024.  Duffie Piece On Reserves Discussed For Most Of Interview (“Reserves Were Not So Ample After All”): https://www.newyorkfed.org/research/staff_reports/sr974 Duffie Piece on SOFR vs. LIBOR impact on bank debt-overhang cost (discussed at end, “Bank Funding Risk, Reference Rates, and Credit Supply”): https://www.newyorkfed.org/research/staff_reports/sr1042 Darrell Duffie’s website https://www.darrellduffie.com/ Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Jack Farley on Twitter https://x.com/JackFarley96 With the end of year approaching and SOFR/IOR spreads widening, Darrell Duffie, renowned and prolific monetary scholar, joins Monetary Matters to share his views on why liquidity strains often appear at quarter- and year-end. Duffie explains his work on the September 2019 repo blowout and shares his findings that timing of bank payments is a better predictor of SOFR/IOR stress than the SOFR/IOR spread itself. Duffie also shares his views on debt-to-GDP levels, the theory that the Treasury has engaged in “stealth QE,” and the impact of SOFR transition on bank funding costs. Recorded on December 27, 2024. 


Duffie Piece On Reserves Discussed For Most Of Interview (“Reserves Were Not So Ample After All”): https://www.newyorkfed.org/research/staff_reports/sr974

Duffie Piece on SOFR vs. LIBOR impact on bank debt-overhang cost (discussed at end, “Bank Funding Risk, Reference Rates, and Credit Supply”): https://www.newyorkfed.org/research/staff_reports/sr1042

Darrell Duffie’s website https://www.darrellduffie.com/


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

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Follow Jack Farley on Twitter https://x.com/JackFarley96

]]> 4205 The Research to AUM Pipeline | Warren Pies on Raising $450m in an ETF in Less Than 6 Months Having raised over $450m in less than 6 months, Warren Pies, Founder of 3Fourteen Research and Portfolio Manager of $FCTE, has had one of the most successful independent ETF launches of all time. Despite the seemingly overnight success of his fund management business, the real story is about the steady growth of his research business that feeds into everything they do. He explains how his research business has become a pipeline of investor interest in his ETF business and how research relationships flip the traditional client interaction on its head. He also discusses why he chose to focus on setting good expectations with reasonable clients rather than playing the flashy retail newsletter game. Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR Follow Warren Pies on Twitter: https://x.com/WarrenPies Follow Max Wiethe on Twitter: https://x.com/maxwiethe Thu, 26 Dec 2024 18:57:31 -0000 full Jack Farley Having raised over $450m in less than 6 months, Warren Pies, Founder of 3Fourteen Research and Portfolio Manager of $FCTE, has had one of the most successful independent ETF launches of all time. Despite the seemingly overnight success of his fund management business, the real story is about the steady growth of his research business that feeds into everything they do. He explains how his research business has become a pipeline of investor interest in his ETF business and how research relationships flip the traditional client interaction on its head. He also discusses why he chose to focus on setting good expectations with reasonable clients rather than playing the flashy retail newsletter game. Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR Follow Warren Pies on Twitter: https://x.com/WarrenPies Follow Max Wiethe on Twitter: https://x.com/maxwiethe Having raised over $450m in less than 6 months, Warren Pies, Founder of 3Fourteen Research and Portfolio Manager of $FCTE, has had one of the most successful independent ETF launches of all time. Despite the seemingly overnight success of his fund management business, the real story is about the steady growth of his research business that feeds into everything they do. He explains how his research business has become a pipeline of investor interest in his ETF business and how research relationships flip the traditional client interaction on its head. He also discusses why he chose to focus on setting good expectations with reasonable clients rather than playing the flashy retail newsletter game.


Follow Other People’s Money on:


Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR


Follow Warren Pies on Twitter: https://x.com/WarrenPies

Follow Max Wiethe on Twitter: https://x.com/maxwiethe

]]> 3116 From "Everything Bubble" To "Everything Bust"? Michael Howell on Liquidity In 2025 & Beyond Today’s episode is brought to you by the Teucrium Wheat Fund. War, weather, inflation—even monetary policy—drive wheat prices. See disclaimers below. Explore the opportunities at: https://bit.ly/Teucrium Michael Howell of Crossborder Capital joins Jack on Monetary Matters to share his outlook on global liquidity from three sources: central banks, cross border flows, and the private sector. Howell expects the liquidity cycle to peak in late 2025 / early 2026 and says "enjoy the party but dance near the door." Recorded on December 19, 2024. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Teucrium on Twitter https://x.com/TeucriumETFs Follow Michael Howell (CrossBorder Capital) on Twitter https://x.com/crossbordercap CrossBorder’s Website: https://www.crossbordercapital.com/ “Capital Wars” Substack: https://capitalwars.substack.com/ “Capital Wars” the book: https://www.amazon.com/Capital-Wars-Rise-Global-Liquidity/dp/3030392872 Follow Jack Farley on Twitter https://x.com/JackFarley96 ___ Disclaimers for Teucrium sponsorship: This material must be preceded or accompanied by a prospectus. Please read the prospectus carefully before investing. To obtain a current prospectus visit www.teucrium.com. The Teucrium Wheat Fund is a commodity pool regulated by the Commodity Futures Trading Commission and is not a mutual fund registered under the Investment Company Act of 1940 and is not subject to regulation under such Act. Commodities and futures generally are volatile and are not suitable for all investors.  Futures investing is highly speculative and involves a high degree of risk. An investor may lose all or substantially all of an investment in the Fund. Investing in commodity interest subject the Fund to the risk of its related industry. Brokerage commissions and exchange-traded fund expenses will reduce returns. Teucrium Trading, LLC serves as the Sponsor of the Teucrium Wheat Fund. PINE Distributors LLC is the Marketing Agent for the Fund, and is not affiliated with Teucrium Trading, LLC, or any of its affiliates. Mon, 23 Dec 2024 19:21:00 -0000 full Jack Farley Today’s episode is brought to you by the Teucrium Wheat Fund. War, weather, inflation—even monetary policy—drive wheat prices. See disclaimers below. Explore the opportunities at: https://bit.ly/Teucrium Michael Howell of Crossborder Capital joins Jack on Monetary Matters to share his outlook on global liquidity from three sources: central banks, cross border flows, and the private sector. Howell expects the liquidity cycle to peak in late 2025 / early 2026 and says "enjoy the party but dance near the door." Recorded on December 19, 2024. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Teucrium on Twitter https://x.com/TeucriumETFs Follow Michael Howell (CrossBorder Capital) on Twitter https://x.com/crossbordercap CrossBorder’s Website: https://www.crossbordercapital.com/ “Capital Wars” Substack: https://capitalwars.substack.com/ “Capital Wars” the book: https://www.amazon.com/Capital-Wars-Rise-Global-Liquidity/dp/3030392872 Follow Jack Farley on Twitter https://x.com/JackFarley96 ___ Disclaimers for Teucrium sponsorship: This material must be preceded or accompanied by a prospectus. Please read the prospectus carefully before investing. To obtain a current prospectus visit www.teucrium.com. The Teucrium Wheat Fund is a commodity pool regulated by the Commodity Futures Trading Commission and is not a mutual fund registered under the Investment Company Act of 1940 and is not subject to regulation under such Act. Commodities and futures generally are volatile and are not suitable for all investors.  Futures investing is highly speculative and involves a high degree of risk. An investor may lose all or substantially all of an investment in the Fund. Investing in commodity interest subject the Fund to the risk of its related industry. Brokerage commissions and exchange-traded fund expenses will reduce returns. Teucrium Trading, LLC serves as the Sponsor of the Teucrium Wheat Fund. PINE Distributors LLC is the Marketing Agent for the Fund, and is not affiliated with Teucrium Trading, LLC, or any of its affiliates. Today’s episode is brought to you by the Teucrium Wheat Fund. War, weather, inflation—even monetary policy—drive wheat prices. See disclaimers below. Explore the opportunities at: https://bit.ly/Teucrium


Michael Howell of Crossborder Capital joins Jack on Monetary Matters to share his outlook on global liquidity from three sources: central banks, cross border flows, and the private sector. Howell expects the liquidity cycle to peak in late 2025 / early 2026 and says "enjoy the party but dance near the door." Recorded on December 19, 2024.


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


Follow Teucrium on Twitter https://x.com/TeucriumETFs

Follow Michael Howell (CrossBorder Capital) on Twitter https://x.com/crossbordercap

CrossBorder’s Website: https://www.crossbordercapital.com/

“Capital Wars” Substack: https://capitalwars.substack.com/

“Capital Wars” the book: https://www.amazon.com/Capital-Wars-Rise-Global-Liquidity/dp/3030392872

Follow Jack Farley on Twitter https://x.com/JackFarley96

___

Disclaimers for Teucrium sponsorship:

This material must be preceded or accompanied by a prospectus. Please read the prospectus carefully before investing. To obtain a current prospectus visit www.teucrium.com. The Teucrium Wheat Fund is a commodity pool regulated by the Commodity Futures Trading Commission and is not a mutual fund registered under the Investment Company Act of 1940 and is not subject to regulation under such Act. Commodities and futures generally are volatile and are not suitable for all investors. 

Futures investing is highly speculative and involves a high degree of risk. An investor may lose all or substantially all of an investment in the Fund. Investing in commodity interest subject the Fund to the risk of its related industry. Brokerage commissions and exchange-traded fund expenses will reduce returns.

Teucrium Trading, LLC serves as the Sponsor of the Teucrium Wheat Fund. PINE Distributors LLC is the Marketing Agent for the Fund, and is not affiliated with Teucrium Trading, LLC, or any of its affiliates.

]]> 6657 U.S. Recession To Be Revealed By January 2025 “Data Bomb” | Danielle DiMartino Booth Danielle DiMartino Booth, CEO & Chief Strategist of QI Research, joins Monetary Matters to share her views on the December Federal Reserve FOMC meeting and her outlook on markets and the U.S. economy in 2025. DiMartino doubles down on her call that the U.S. economy is already in a recession, and explains why she thinks on January 29 2025 will be the day that the true weakness of the job market will be revealed. Recorded on December 19, 2024. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Danielle DiMartino Booth on Twitter https://x.com/DiMartinoBooth QI Research: https://quillintelligence.com/ Follow Max Wiethe on Twitter https://x.com/maxwiethe Follow Other People’s Money on Twitter https://x.com/OPMpod Follow Jack Farley on Twitter https://x.com/JackFarley96 Thu, 19 Dec 2024 22:15:21 -0000 full Jack Farley Danielle DiMartino Booth, CEO & Chief Strategist of QI Research, joins Monetary Matters to share her views on the December Federal Reserve FOMC meeting and her outlook on markets and the U.S. economy in 2025. DiMartino doubles down on her call that the U.S. economy is already in a recession, and explains why she thinks on January 29 2025 will be the day that the true weakness of the job market will be revealed. Recorded on December 19, 2024. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Danielle DiMartino Booth on Twitter https://x.com/DiMartinoBooth QI Research: https://quillintelligence.com/ Follow Max Wiethe on Twitter https://x.com/maxwiethe Follow Other People’s Money on Twitter https://x.com/OPMpod Follow Jack Farley on Twitter https://x.com/JackFarley96 Danielle DiMartino Booth, CEO & Chief Strategist of QI Research, joins Monetary Matters to share her views on the December Federal Reserve FOMC meeting and her outlook on markets and the U.S. economy in 2025. DiMartino doubles down on her call that the U.S. economy is already in a recession, and explains why she thinks on January 29 2025 will be the day that the true weakness of the job market will be revealed. Recorded on December 19, 2024.


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


Follow Danielle DiMartino Booth on Twitter https://x.com/DiMartinoBooth

QI Research: https://quillintelligence.com/

Follow Max Wiethe on Twitter https://x.com/maxwiethe

Follow Other People’s Money on Twitter https://x.com/OPMpod

Follow Jack Farley on Twitter https://x.com/JackFarley96

]]> 3888 Jack Farley & Max Wiethe on Fed Hawkishness & Steep Stock Market Sell-off Jack welcomes Max Wiethe, business partner and host of Other People’s Money podcast, to break down December’s Federal Reserve meeting. Jack shares why he bought puts prior to the Fed’s meeting and his views for the market after its steep sell-off of nearly 3%. Max and Jack debate to what extent the monetary policy is hawkish, the bull case for the dollar, and how many cuts (if any) the Fed will do in 2025. Recorded just after the FOMC meeting on December 18, 2024. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Max Wiethe on Twitter https://x.com/maxwiethe Follow Other People’s Money on Twitter https://x.com/OPMpod Follow Jack Farley on Twitter https://x.com/JackFarley96 Wed, 18 Dec 2024 23:16:13 -0000 full Jack Farley Jack welcomes Max Wiethe, business partner and host of Other People’s Money podcast, to break down December’s Federal Reserve meeting. Jack shares why he bought puts prior to the Fed’s meeting and his views for the market after its steep sell-off of nearly 3%. Max and Jack debate to what extent the monetary policy is hawkish, the bull case for the dollar, and how many cuts (if any) the Fed will do in 2025. Recorded just after the FOMC meeting on December 18, 2024. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Max Wiethe on Twitter https://x.com/maxwiethe Follow Other People’s Money on Twitter https://x.com/OPMpod Follow Jack Farley on Twitter https://x.com/JackFarley96 Jack welcomes Max Wiethe, business partner and host of Other People’s Money podcast, to break down December’s Federal Reserve meeting. Jack shares why he bought puts prior to the Fed’s meeting and his views for the market after its steep sell-off of nearly 3%. Max and Jack debate to what extent the monetary policy is hawkish, the bull case for the dollar, and how many cuts (if any) the Fed will do in 2025. Recorded just after the FOMC meeting on December 18, 2024.


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


Follow Max Wiethe on Twitter https://x.com/maxwiethe

Follow Other People’s Money on Twitter https://x.com/OPMpod

Follow Jack Farley on Twitter https://x.com/JackFarley96

]]> 2256 Inside the Secret World of Prop Traders | Noel Smith of Convex Asset Management Noel Smith, founder of Convex Asset Management has spent most of his career outside of the world of managing other people’s money. Instead, he traded his own capital as a proprietary trader. Prop traders are famed for generating staggering rates of return, but because they have no interest in raising money, their secrets and strategies generally remain behind closed doors. However, he has decided to bring these strategies to the hedge fund world at Convex Asset Management and while they don’t scale to produce the same level of returns their lack of availability outside the prop world gives him differentiation in the product marketplace. In this interview, Smith explains why props can make so much more money, how much harder capital raising is than he anticipated, and why he ranks relationships and likability higher than performance when it comes to hedge fund success. Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR Follow Noel Smith on Twitter: https://x.com/NoelConvex Follow Max Wiethe on Twitter: https://x.com/maxwiethe Timestamps: 00:00 Intro 01:16 What is Prop Trading? 10:51 Moving to the Hedge Fund World 16:36 The Hedge Fund Popularity Contest 23:04 Volatility Trading Strategies 27:27 Extracting Information From The Options Market 32:09 Scaling Prop Strategies 34:44 Alpha Degradation 39:31 Being Good Is Not Enough 48:03 Dealing With Extreme Performance 53:28 Long-term Vision For Convex Asset Management Tue, 17 Dec 2024 14:00:00 -0000 full Jack Farley Noel Smith, founder of Convex Asset Management has spent most of his career outside of the world of managing other people’s money. Instead, he traded his own capital as a proprietary trader. Prop traders are famed for generating staggering rates of return, but because they have no interest in raising money, their secrets and strategies generally remain behind closed doors. However, he has decided to bring these strategies to the hedge fund world at Convex Asset Management and while they don’t scale to produce the same level of returns their lack of availability outside the prop world gives him differentiation in the product marketplace. In this interview, Smith explains why props can make so much more money, how much harder capital raising is than he anticipated, and why he ranks relationships and likability higher than performance when it comes to hedge fund success. Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR Follow Noel Smith on Twitter: https://x.com/NoelConvex Follow Max Wiethe on Twitter: https://x.com/maxwiethe Timestamps: 00:00 Intro 01:16 What is Prop Trading? 10:51 Moving to the Hedge Fund World 16:36 The Hedge Fund Popularity Contest 23:04 Volatility Trading Strategies 27:27 Extracting Information From The Options Market 32:09 Scaling Prop Strategies 34:44 Alpha Degradation 39:31 Being Good Is Not Enough 48:03 Dealing With Extreme Performance 53:28 Long-term Vision For Convex Asset Management Noel Smith, founder of Convex Asset Management has spent most of his career outside of the world of managing other people’s money. Instead, he traded his own capital as a proprietary trader. Prop traders are famed for generating staggering rates of return, but because they have no interest in raising money, their secrets and strategies generally remain behind closed doors. However, he has decided to bring these strategies to the hedge fund world at Convex Asset Management and while they don’t scale to produce the same level of returns their lack of availability outside the prop world gives him differentiation in the product marketplace. In this interview, Smith explains why props can make so much more money, how much harder capital raising is than he anticipated, and why he ranks relationships and likability higher than performance when it comes to hedge fund success.


Follow Other People’s Money on:


Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR


Follow Noel Smith on Twitter: https://x.com/NoelConvex

Follow Max Wiethe on Twitter: https://x.com/maxwiethe


Timestamps:

00:00 Intro

01:16 What is Prop Trading?

10:51 Moving to the Hedge Fund World

16:36 The Hedge Fund Popularity Contest

23:04 Volatility Trading Strategies

27:27 Extracting Information From The Options Market

32:09 Scaling Prop Strategies

34:44 Alpha Degradation

39:31 Being Good Is Not Enough

48:03 Dealing With Extreme Performance

53:28 Long-term Vision For Convex Asset Management

]]> 3333 The Treacherous Last Mile of Inflation | Vincent Deluard on France, 2025 U.S. Fiscal Drag, COLA Pain, and the U.S. Healthcare Price Spiral Vincent Deluard, director of global macro for StoneX, joins Monetary Matters to share why he thinks there is a perfect storm of macro headwinds that in April to May of 2025 may put a halt to the relentless rise in U.S. stocks.  Deluard argues that the lower inflation of 2024 will result in a lower cost-of-living-adjustment (COLA) adjustment for 2025 U.S. government programs such as Social Security. He thinks a strong U.S. dollar could dent corporate profits and that state and local governments plan to actually shrink expenditures in 2025.  Deluard, a Frenchman, shares his detailed view on political chaos in France and its macroeconomic consequences. Recorded on December 11, 2024.  Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Vincent Deluard on Twitter https://x.com/VincentDeluard Follow Jack Farley on Twitter https://x.com/JackFarley96 Sun, 15 Dec 2024 19:10:00 -0000 full Jack Farley Vincent Deluard, director of global macro for StoneX, joins Monetary Matters to share why he thinks there is a perfect storm of macro headwinds that in April to May of 2025 may put a halt to the relentless rise in U.S. stocks.  Deluard argues that the lower inflation of 2024 will result in a lower cost-of-living-adjustment (COLA) adjustment for 2025 U.S. government programs such as Social Security. He thinks a strong U.S. dollar could dent corporate profits and that state and local governments plan to actually shrink expenditures in 2025.  Deluard, a Frenchman, shares his detailed view on political chaos in France and its macroeconomic consequences. Recorded on December 11, 2024.  Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Vincent Deluard on Twitter https://x.com/VincentDeluard Follow Jack Farley on Twitter https://x.com/JackFarley96 Vincent Deluard, director of global macro for StoneX, joins Monetary Matters to share why he thinks there is a perfect storm of macro headwinds that in April to May of 2025 may put a halt to the relentless rise in U.S. stocks. 


Deluard argues that the lower inflation of 2024 will result in a lower cost-of-living-adjustment (COLA) adjustment for 2025 U.S. government programs such as Social Security. He thinks a strong U.S. dollar could dent corporate profits and that state and local governments plan to actually shrink expenditures in 2025. 


Deluard, a Frenchman, shares his detailed view on political chaos in France and its macroeconomic consequences. Recorded on December 11, 2024. 


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


Follow Vincent Deluard on Twitter https://x.com/VincentDeluard

Follow Jack Farley on Twitter https://x.com/JackFarley96

]]> 4903 20% Decline In Stocks By First Quarter 2025? Felix Zulauf on a Bubble In S&P 500, Yen Carry Trade, and Bond Market Rollercoaster Today’s episode is brought to you by the Teucrium Wheat Fund. War, weather, inflation—even monetary policy—drive wheat prices. See disclaimers below. Explore the opportunities at: https://bit.ly/Teucrium Felix Zulauf, renowned macro investor and founder of Zulauf consulting, joins Jack on Monetary Matters to share his current views on stocks, bonds, and commodities. Zulauf expects a >1000 point correction in the S&P 500 in early 2025, and warns that a strengthening Japanese yen could unleash a wave of liquidations from investors involved in the Yen carry trade. Under such a risk-off scenario, Zulauf expects U.S. Treasury yields to decline, however he thinks the secular bear market in bonds will ultimately continue. Zulauf is not ready to call an end to the secular bull market in U.S. stocks. Recorded on December 9, 2024.  Felix Zulauf website: https://www.felixzulauf.com/ Felix Zulauf email: info@felixzulauf.com Zulauf Consulting on LinkedIn: zulauf-consulting Zulauf Consulting YouTube Channel: @zulaufconsulting Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Teucrium on Twitter https://x.com/TeucriumETFs Follow Jack Farley on Twitter https://x.com/JackFarley96 ___ Disclaimers for Teucrium sponsorship: This material must be preceded or accompanied by a prospectus. Please read the prospectus carefully before investing. To obtain a current prospectus visit www.teucrium.com. The Teucrium Wheat Fund is a commodity pool regulated by the Commodity Futures Trading Commission and is not a mutual fund registered under the Investment Company Act of 1940 and is not subject to regulation under such Act. Commodities and futures generally are volatile and are not suitable for all investors.  Futures investing is highly speculative and involves a high degree of risk. An investor may lose all or substantially all of an investment in the Fund. Investing in commodity interest subject the Fund to the risk of its related industry. Brokerage commissions and exchange-traded fund expenses will reduce returns. Teucrium Trading, LLC serves as the Sponsor of the Teucrium Wheat Fund. PINE Distributors LLC is the Marketing Agent for the Fund, and is not affiliated with Teucrium Trading, LLC, or any of its affiliates. __ Music from #InAudio: https://inaudio.org/ Track Name: Cinematic Piano [Cinematic Music] by MokkaMusic / Soul Thu, 12 Dec 2024 13:48:00 -0000 full Jack Farley Today’s episode is brought to you by the Teucrium Wheat Fund. War, weather, inflation—even monetary policy—drive wheat prices. See disclaimers below. Explore the opportunities at: https://bit.ly/Teucrium Felix Zulauf, renowned macro investor and founder of Zulauf consulting, joins Jack on Monetary Matters to share his current views on stocks, bonds, and commodities. Zulauf expects a >1000 point correction in the S&P 500 in early 2025, and warns that a strengthening Japanese yen could unleash a wave of liquidations from investors involved in the Yen carry trade. Under such a risk-off scenario, Zulauf expects U.S. Treasury yields to decline, however he thinks the secular bear market in bonds will ultimately continue. Zulauf is not ready to call an end to the secular bull market in U.S. stocks. Recorded on December 9, 2024.  Felix Zulauf website: https://www.felixzulauf.com/ Felix Zulauf email: info@felixzulauf.com Zulauf Consulting on LinkedIn: zulauf-consulting Zulauf Consulting YouTube Channel: @zulaufconsulting Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Teucrium on Twitter https://x.com/TeucriumETFs Follow Jack Farley on Twitter https://x.com/JackFarley96 ___ Disclaimers for Teucrium sponsorship: This material must be preceded or accompanied by a prospectus. Please read the prospectus carefully before investing. To obtain a current prospectus visit www.teucrium.com. The Teucrium Wheat Fund is a commodity pool regulated by the Commodity Futures Trading Commission and is not a mutual fund registered under the Investment Company Act of 1940 and is not subject to regulation under such Act. Commodities and futures generally are volatile and are not suitable for all investors.  Futures investing is highly speculative and involves a high degree of risk. An investor may lose all or substantially all of an investment in the Fund. Investing in commodity interest subject the Fund to the risk of its related industry. Brokerage commissions and exchange-traded fund expenses will reduce returns. Teucrium Trading, LLC serves as the Sponsor of the Teucrium Wheat Fund. PINE Distributors LLC is the Marketing Agent for the Fund, and is not affiliated with Teucrium Trading, LLC, or any of its affiliates. __ Music from #InAudio: https://inaudio.org/ Track Name: Cinematic Piano [Cinematic Music] by MokkaMusic / Soul Today’s episode is brought to you by the Teucrium Wheat Fund. War, weather, inflation—even monetary policy—drive wheat prices. See disclaimers below. Explore the opportunities at: https://bit.ly/Teucrium


Felix Zulauf, renowned macro investor and founder of Zulauf consulting, joins Jack on Monetary Matters to share his current views on stocks, bonds, and commodities. Zulauf expects a >1000 point correction in the S&P 500 in early 2025, and warns that a strengthening Japanese yen could unleash a wave of liquidations from investors involved in the Yen carry trade. Under such a risk-off scenario, Zulauf expects U.S. Treasury yields to decline, however he thinks the secular bear market in bonds will ultimately continue. Zulauf is not ready to call an end to the secular bull market in U.S. stocks. Recorded on December 9, 2024. 


Felix Zulauf website: https://www.felixzulauf.com/

Felix Zulauf email: info@felixzulauf.com

Zulauf Consulting on LinkedIn: zulauf-consulting

Zulauf Consulting YouTube Channel: @zulaufconsulting


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


Follow Teucrium on Twitter https://x.com/TeucriumETFs

Follow Jack Farley on Twitter https://x.com/JackFarley96

___

Disclaimers for Teucrium sponsorship:


This material must be preceded or accompanied by a prospectus. Please read the prospectus carefully before investing. To obtain a current prospectus visit www.teucrium.com. The Teucrium Wheat Fund is a commodity pool regulated by the Commodity Futures Trading Commission and is not a mutual fund registered under the Investment Company Act of 1940 and is not subject to regulation under such Act. Commodities and futures generally are volatile and are not suitable for all investors. 


Futures investing is highly speculative and involves a high degree of risk. An investor may lose all or substantially all of an investment in the Fund. Investing in commodity interest subject the Fund to the risk of its related industry. Brokerage commissions and exchange-traded fund expenses will reduce returns.


Teucrium Trading, LLC serves as the Sponsor of the Teucrium Wheat Fund. PINE Distributors LLC is the Marketing Agent for the Fund, and is not affiliated with Teucrium Trading, LLC, or any of its affiliates.

__

Music from #InAudio: https://inaudio.org/

Track Name: Cinematic Piano [Cinematic Music] by MokkaMusic / Soul

]]> 3409 Active Management Still Matters in Emerging Markets | Jamie Carter Jamie Carter, Partner and Managing Director at Variis Partners has spent much of his career focused on the world of long-only emerging-market investment boutiques. In this interview with Max Wiethe, Carter discusses the huge differences between building a long only business and a hedge fund business, why launching fund vehicles out of the UK has become more difficult, the differences in raising capital in the US, UK, and Europe, and why he thinks emerging markets are the last hold outs for fundamental active managers. He also explains why EM investors and allocators are holding their collective breath waiting to see how the Trump administration’s policies will impact global markets. Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR You can learn more about Variis Partners on their website: https://www.variispartners.co.uk Follow Max Wiethe on Twitter: https://x.com/maxwiethe Tue, 10 Dec 2024 14:00:00 -0000 full Jack Farley Jamie Carter, Partner and Managing Director at Variis Partners has spent much of his career focused on the world of long-only emerging-market investment boutiques. In this interview with Max Wiethe, Carter discusses the huge differences between building a long only business and a hedge fund business, why launching fund vehicles out of the UK has become more difficult, the differences in raising capital in the US, UK, and Europe, and why he thinks emerging markets are the last hold outs for fundamental active managers. He also explains why EM investors and allocators are holding their collective breath waiting to see how the Trump administration’s policies will impact global markets. Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR You can learn more about Variis Partners on their website: https://www.variispartners.co.uk Follow Max Wiethe on Twitter: https://x.com/maxwiethe Jamie Carter, Partner and Managing Director at Variis Partners has spent much of his career focused on the world of long-only emerging-market investment boutiques. In this interview with Max Wiethe, Carter discusses the huge differences between building a long only business and a hedge fund business, why launching fund vehicles out of the UK has become more difficult, the differences in raising capital in the US, UK, and Europe, and why he thinks emerging markets are the last hold outs for fundamental active managers. He also explains why EM investors and allocators are holding their collective breath waiting to see how the Trump administration’s policies will impact global markets.


Follow Other People’s Money on:


Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR


You can learn more about Variis Partners on their website: https://www.variispartners.co.uk

Follow Max Wiethe on Twitter: https://x.com/maxwiethe

]]> 4636 Rumors of Job Market Demise Have Been Greatly Exaggerated | Jack Farley & Max Wiethe Jack Farley welcomes Max Wiethe, his business partner and host of the Other People’s Money podcast, for a conversation about the job market, the stock market, and the recent central banking conference they attended. Recorded on December 6, 2024. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Max Wiethe on Twitter https://x.com/maxwiethe Follow Other People’s Money on Twitter https://x.com/OPMpod Follow Jack Farley on Twitter https://x.com/JackFarley96 Sun, 08 Dec 2024 15:55:00 -0000 full Jack Farley Jack Farley welcomes Max Wiethe, his business partner and host of the Other People’s Money podcast, for a conversation about the job market, the stock market, and the recent central banking conference they attended. Recorded on December 6, 2024. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Max Wiethe on Twitter https://x.com/maxwiethe Follow Other People’s Money on Twitter https://x.com/OPMpod Follow Jack Farley on Twitter https://x.com/JackFarley96 Jack Farley welcomes Max Wiethe, his business partner and host of the Other People’s Money podcast, for a conversation about the job market, the stock market, and the recent central banking conference they attended. Recorded on December 6, 2024.


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


Follow Max Wiethe on Twitter https://x.com/maxwiethe

Follow Other People’s Money on Twitter https://x.com/OPMpod

Follow Jack Farley on Twitter https://x.com/JackFarley96

]]> 3860 The Macroeconomic Malaise | Juliette Declercq on Debt, Tariffs, Immigration, and Yield Curve A stalwart of the “no recession” camp for many years, Juliette Declercq of JDI Research joins Jack to argue why she thinks that recession is now the greater risk than inflation for 2025 and beyond. Declercq argues that U.S. economy has been growing beyond organic levels by relying upon debt growth and immigration. She explains her bullish view on the dollar, the two-year note, and her views on stocks and bonds. Recorded on December 2, 2024. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Juliette Declercq on Twitter https://x.com/JulietteJDI Follow Jack Farley on Twitter https://x.com/JackFarley96 Wed, 04 Dec 2024 12:42:00 -0000 full Jack Farley A stalwart of the “no recession” camp for many years, Juliette Declercq of JDI Research joins Jack to argue why she thinks that recession is now the greater risk than inflation for 2025 and beyond. Declercq argues that U.S. economy has been growing beyond organic levels by relying upon debt growth and immigration. She explains her bullish view on the dollar, the two-year note, and her views on stocks and bonds. Recorded on December 2, 2024. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Juliette Declercq on Twitter https://x.com/JulietteJDI Follow Jack Farley on Twitter https://x.com/JackFarley96 A stalwart of the “no recession” camp for many years, Juliette Declercq of JDI Research joins Jack to argue why she thinks that recession is now the greater risk than inflation for 2025 and beyond. Declercq argues that U.S. economy has been growing beyond organic levels by relying upon debt growth and immigration. She explains her bullish view on the dollar, the two-year note, and her views on stocks and bonds. Recorded on December 2, 2024.


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


Follow Juliette Declercq on Twitter https://x.com/JulietteJDI

Follow Jack Farley on Twitter https://x.com/JackFarley96

]]> 4437 The Investor Up 1000% With No Down Years | Chris Brown of Aristides Capital Since Aristides Capital’s inception in August 2008, Chris Brown has returned over 1,000% for their investors with a stunning 16-year track record of no losing years. In this interview with Max Wiethe, Brown explains how they’ve been able to sustain these results and grow their business to over $300m in AUM all while operating far from the typical financial centers where hedge funds cluster. They discuss how accumulating a plethora of lower capacity strategies, hiring and working with “well intentioned nerds,” and maintaining rigorous processes for post-hoc analysis and feedback have been some of the keys to their investment success. They also touch on asset gathering from both HNW and institutional investors, attracting talent, and the reality that for small funds being in the top quartile or even decile of performance is a near necessity for reaching critical mass. Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR Follow Chris Brown on Twitter: https://x.com/MidwestHedgie Follow Max Wiethe on Twitter: https://x.com/maxwiethe Tue, 03 Dec 2024 14:00:00 -0000 full Jack Farley Since Aristides Capital’s inception in August 2008, Chris Brown has returned over 1,000% for their investors with a stunning 16-year track record of no losing years. In this interview with Max Wiethe, Brown explains how they’ve been able to sustain these results and grow their business to over $300m in AUM all while operating far from the typical financial centers where hedge funds cluster. They discuss how accumulating a plethora of lower capacity strategies, hiring and working with “well intentioned nerds,” and maintaining rigorous processes for post-hoc analysis and feedback have been some of the keys to their investment success. They also touch on asset gathering from both HNW and institutional investors, attracting talent, and the reality that for small funds being in the top quartile or even decile of performance is a near necessity for reaching critical mass. Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR Follow Chris Brown on Twitter: https://x.com/MidwestHedgie Follow Max Wiethe on Twitter: https://x.com/maxwiethe Since Aristides Capital’s inception in August 2008, Chris Brown has returned over 1,000% for their investors with a stunning 16-year track record of no losing years. In this interview with Max Wiethe, Brown explains how they’ve been able to sustain these results and grow their business to over $300m in AUM all while operating far from the typical financial centers where hedge funds cluster. They discuss how accumulating a plethora of lower capacity strategies, hiring and working with “well intentioned nerds,” and maintaining rigorous processes for post-hoc analysis and feedback have been some of the keys to their investment success. They also touch on asset gathering from both HNW and institutional investors, attracting talent, and the reality that for small funds being in the top quartile or even decile of performance is a near necessity for reaching critical mass.


Follow Other People’s Money on:


Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR


Follow Chris Brown on Twitter: https://x.com/MidwestHedgie

Follow Max Wiethe on Twitter: https://x.com/maxwiethe

]]> 3861 Financial Markets Remain Abnormal | Andy Constan on Flat Yield Curve, Expensive Stock Market, and MicroStrategy Andy Constan joins Monetary Matters to explain why he thinks financial markets are abnormal. With credit spreads extremely tight, the yield curve flat, and an expensive stock market, Andy estimates that all assets are expensive to cash and that financial markets are required to return to normal in order for inflation to return to normal. Recorded on November 26, 2024. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Andy Constan on Twitter https://x.com/dampedspring Follow Jack Farley on Twitter https://x.com/JackFarley96 Sun, 01 Dec 2024 17:30:00 -0000 full Jack Farley Andy Constan joins Monetary Matters to explain why he thinks financial markets are abnormal. With credit spreads extremely tight, the yield curve flat, and an expensive stock market, Andy estimates that all assets are expensive to cash and that financial markets are required to return to normal in order for inflation to return to normal. Recorded on November 26, 2024. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Andy Constan on Twitter https://x.com/dampedspring Follow Jack Farley on Twitter https://x.com/JackFarley96 Andy Constan joins Monetary Matters to explain why he thinks financial markets are abnormal. With credit spreads extremely tight, the yield curve flat, and an expensive stock market, Andy estimates that all assets are expensive to cash and that financial markets are required to return to normal in order for inflation to return to normal. Recorded on November 26, 2024.


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


Follow Andy Constan on Twitter https://x.com/dampedspring

Follow Jack Farley on Twitter https://x.com/JackFarley96

]]> 5095 Joseph Wang & George Goncalves on Rates, Tariffs, Fed’s Balance Sheet, and Yen Carry Trade Jack is joined by George Goncalves, Head of US Macro Strategy at MUFG Securities Americas Inc, and Joseph Wang, publisher at FedGuy.com and former senior trader for the New York Fed, to probe the challenges the Federal Reserve faces at its December meeting and the new year. Recorded on November 25, 2024.  Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Joseph Wang on Twitter https://x.com/FedGuy12 Joseph’s website: https://fedguy.com/ Joseph’s book: https://www.amazon.com/Central-Banking-101-Joseph-Wang/dp/0999136747 Follow George Goncalves on Twitter https://x.com/bondstrategist Follow Jack Farley on Twitter https://x.com/JackFarley96 Wed, 27 Nov 2024 17:57:00 -0000 full Jack Farley Jack is joined by George Goncalves, Head of US Macro Strategy at MUFG Securities Americas Inc, and Joseph Wang, publisher at FedGuy.com and former senior trader for the New York Fed, to probe the challenges the Federal Reserve faces at its December meeting and the new year. Recorded on November 25, 2024.  Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Joseph Wang on Twitter https://x.com/FedGuy12 Joseph’s website: https://fedguy.com/ Joseph’s book: https://www.amazon.com/Central-Banking-101-Joseph-Wang/dp/0999136747 Follow George Goncalves on Twitter https://x.com/bondstrategist Follow Jack Farley on Twitter https://x.com/JackFarley96 Jack is joined by George Goncalves, Head of US Macro Strategy at MUFG Securities Americas Inc, and Joseph Wang, publisher at FedGuy.com and former senior trader for the New York Fed, to probe the challenges the Federal Reserve faces at its December meeting and the new year. Recorded on November 25, 2024. 


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Joseph’s website: https://fedguy.com/

Joseph’s book: https://www.amazon.com/Central-Banking-101-Joseph-Wang/dp/0999136747

Follow George Goncalves on Twitter https://x.com/bondstrategist

Follow Jack Farley on Twitter https://x.com/JackFarley96

]]> 5327 The Easiest Way to Launch a Hedge Fund | Understanding Fund Spinouts with Farid Guindo Ask anyone and they will tell you it has never been harder to start a hedge fund. That’s why so many of the most successful launches of late have been funds emerging from a prior firm with the backing of the big boss, otherwise known as spinouts. Julian Robertson’s Tiger Cubs are the perhaps most famous spinouts, but it is still an extremely popular trend today. Farid Guindo, CIO and founder of Drill Capital Management is taking advantage of these dynamics to launch his new fund with the backing of his mentor and former boss at Bornite Capital, Dan Dreyfus. In this interview with Max Wiethe, Guindo discusses the ins and outs of fund spinouts, the importance of transparency and relationship building with bosses and mentors, and how his experience working at Tiger Cubs and other spinouts solidified his belief that this was the right path for Drill Capital after deciding it was best to be a separate vehicle outside of the Bornite umbrella. Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR Follow Farid Guindo on Twitter: https://x.com/FaridGuindo Follow Max Wiethe on Twitter: https://x.com/maxwiethe Wed, 27 Nov 2024 00:00:00 -0000 full Jack Farley Ask anyone and they will tell you it has never been harder to start a hedge fund. That’s why so many of the most successful launches of late have been funds emerging from a prior firm with the backing of the big boss, otherwise known as spinouts. Julian Robertson’s Tiger Cubs are the perhaps most famous spinouts, but it is still an extremely popular trend today. Farid Guindo, CIO and founder of Drill Capital Management is taking advantage of these dynamics to launch his new fund with the backing of his mentor and former boss at Bornite Capital, Dan Dreyfus. In this interview with Max Wiethe, Guindo discusses the ins and outs of fund spinouts, the importance of transparency and relationship building with bosses and mentors, and how his experience working at Tiger Cubs and other spinouts solidified his belief that this was the right path for Drill Capital after deciding it was best to be a separate vehicle outside of the Bornite umbrella. Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR Follow Farid Guindo on Twitter: https://x.com/FaridGuindo Follow Max Wiethe on Twitter: https://x.com/maxwiethe Ask anyone and they will tell you it has never been harder to start a hedge fund. That’s why so many of the most successful launches of late have been funds emerging from a prior firm with the backing of the big boss, otherwise known as spinouts. Julian Robertson’s Tiger Cubs are the perhaps most famous spinouts, but it is still an extremely popular trend today. Farid Guindo, CIO and founder of Drill Capital Management is taking advantage of these dynamics to launch his new fund with the backing of his mentor and former boss at Bornite Capital, Dan Dreyfus. In this interview with Max Wiethe, Guindo discusses the ins and outs of fund spinouts, the importance of transparency and relationship building with bosses and mentors, and how his experience working at Tiger Cubs and other spinouts solidified his belief that this was the right path for Drill Capital after deciding it was best to be a separate vehicle outside of the Bornite umbrella.


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Apple Podcast https://bit.ly/4e7QJ1M

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Follow Farid Guindo on Twitter: https://x.com/FaridGuindo

Follow Max Wiethe on Twitter: https://x.com/maxwiethe

]]> 3240 Banks As Synthetic Hedge Funds | Elham Saeidinezhad on Private Credit ETFs, Interest Rate Swaps as Repo, and the Increasing Interconnectedness Between Banks And Nonbanks Dr. Elham Saeidinezhad, Term Assistant Professor of Economics at Barnard College, Columbia University, and Market Structure Fellow, Jain Family Institute, joins Jack to share her upcoming papers on banks as synthetic hedge funds and interest rate swaps as synthetic funding. Recorded on November 23, 2024.  Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Elham Saeidinezhad on Twitter https://x.com/elham_saeidi Elham Saeidinezhad’s Website https://elhamsaeidinezhad.com/ Follow Jack Farley on Twitter https://x.com/JackFarley96 Sun, 24 Nov 2024 16:05:00 -0000 full Jack Farley Dr. Elham Saeidinezhad, Term Assistant Professor of Economics at Barnard College, Columbia University, and Market Structure Fellow, Jain Family Institute, joins Jack to share her upcoming papers on banks as synthetic hedge funds and interest rate swaps as synthetic funding. Recorded on November 23, 2024.  Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Elham Saeidinezhad on Twitter https://x.com/elham_saeidi Elham Saeidinezhad’s Website https://elhamsaeidinezhad.com/ Follow Jack Farley on Twitter https://x.com/JackFarley96 Dr. Elham Saeidinezhad, Term Assistant Professor of Economics at Barnard College, Columbia University, and Market Structure Fellow, Jain Family Institute, joins Jack to share her upcoming papers on banks as synthetic hedge funds and interest rate swaps as synthetic funding. Recorded on November 23, 2024. 


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Follow Elham Saeidinezhad on Twitter https://x.com/elham_saeidi

Elham Saeidinezhad’s Website https://elhamsaeidinezhad.com/

Follow Jack Farley on Twitter https://x.com/JackFarley96


]]> 7102 S&P To 7000? | Warren Pies On Why Stocks Aren’t Overvalued Warren Pies of 3Fourteen Research joins Jack to share his views on why the stock market isn’t overvalued and why he is recommending to clients an underweight commodities stance. Pies argues that small-caps and mid-caps aren’t destined to do great if the bull market continues. Recorded on November 19, 2024. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Warren Pies on Twitter https://x.com/WarrenPies Follow 3Fourteen Research on Twitter https://x.com/3F_Research Follow Jack Farley on Twitter https://x.com/JackFarley96 Wed, 20 Nov 2024 16:59:00 -0000 full Jack Farley Warren Pies of 3Fourteen Research joins Jack to share his views on why the stock market isn’t overvalued and why he is recommending to clients an underweight commodities stance. Pies argues that small-caps and mid-caps aren’t destined to do great if the bull market continues. Recorded on November 19, 2024. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Warren Pies on Twitter https://x.com/WarrenPies Follow 3Fourteen Research on Twitter https://x.com/3F_Research Follow Jack Farley on Twitter https://x.com/JackFarley96 Warren Pies of 3Fourteen Research joins Jack to share his views on why the stock market isn’t overvalued and why he is recommending to clients an underweight commodities stance. Pies argues that small-caps and mid-caps aren’t destined to do great if the bull market continues. Recorded on November 19, 2024.


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]]> 5376 How To Build A Billion Dollar Hedge Fund From Scratch | Dan Rasmussen Dan Rasmussen has built his firm Verdad Capital into a billion-dollar asset manager on the back of one core activity, producing high quality research. Since Verdad’s inception in 2014, they have produced almost 500 pieces of research that they publish on their website weekly and distribute both on Twitter and to their large email list of readers. This research serves two functions. It’s both the backbone of the strategies employed at this highly quantitative firm, and a point of connection with existing and potential investors. In this interview with Max Wiethe, Rasmussen discusses how he’s used research to showcase his authentic self and build an audience that provides enumerable benefits. They also discuss the compliance process for publishing research, how he has built out his team and Verdad’s internship program, and why he takes a more SaaS approach to product market fit. Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR Follow Dan Rasmussen on Twitter: https://x.com/verdadcap Follow Max Wiethe on Twitter: https://x.com/maxwiethe Timestamps: 00:00 Intro 03:43 The Value of Research and Verdad’s First Big Thesis 10:27 The SaaS Approach Product Market Fit 20:26 Investing in Human Capital 24:21 The Research and Publishing Process 28:41 Research as Brand Building 33:06 Compliance and Misconceptions About Public Statements 41:35 Authenticity and Investor Archetypes 46:07 Making Mistakes 49:45 Being Early on PE Tue, 19 Nov 2024 14:30:00 -0000 full Jack Farley Dan Rasmussen has built his firm Verdad Capital into a billion-dollar asset manager on the back of one core activity, producing high quality research. Since Verdad’s inception in 2014, they have produced almost 500 pieces of research that they publish on their website weekly and distribute both on Twitter and to their large email list of readers. This research serves two functions. It’s both the backbone of the strategies employed at this highly quantitative firm, and a point of connection with existing and potential investors. In this interview with Max Wiethe, Rasmussen discusses how he’s used research to showcase his authentic self and build an audience that provides enumerable benefits. They also discuss the compliance process for publishing research, how he has built out his team and Verdad’s internship program, and why he takes a more SaaS approach to product market fit. Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR Follow Dan Rasmussen on Twitter: https://x.com/verdadcap Follow Max Wiethe on Twitter: https://x.com/maxwiethe Timestamps: 00:00 Intro 03:43 The Value of Research and Verdad’s First Big Thesis 10:27 The SaaS Approach Product Market Fit 20:26 Investing in Human Capital 24:21 The Research and Publishing Process 28:41 Research as Brand Building 33:06 Compliance and Misconceptions About Public Statements 41:35 Authenticity and Investor Archetypes 46:07 Making Mistakes 49:45 Being Early on PE Dan Rasmussen has built his firm Verdad Capital into a billion-dollar asset manager on the back of one core activity, producing high quality research. Since Verdad’s inception in 2014, they have produced almost 500 pieces of research that they publish on their website weekly and distribute both on Twitter and to their large email list of readers. This research serves two functions. It’s both the backbone of the strategies employed at this highly quantitative firm, and a point of connection with existing and potential investors. In this interview with Max Wiethe, Rasmussen discusses how he’s used research to showcase his authentic self and build an audience that provides enumerable benefits. They also discuss the compliance process for publishing research, how he has built out his team and Verdad’s internship program, and why he takes a more SaaS approach to product market fit.


Follow Other People’s Money on:

Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR


Follow Dan Rasmussen on Twitter: https://x.com/verdadcap

Follow Max Wiethe on Twitter: https://x.com/maxwiethe


Timestamps:

00:00 Intro

03:43 The Value of Research and Verdad’s First Big Thesis

10:27 The SaaS Approach Product Market Fit

20:26 Investing in Human Capital

24:21 The Research and Publishing Process

28:41 Research as Brand Building

33:06 Compliance and Misconceptions About Public Statements

41:35 Authenticity and Investor Archetypes

46:07 Making Mistakes

49:45 Being Early on PE

]]> 3302 Investing For A High Price Future | James Davolos on Inflation, Pricing Power, and West Texas James Davolos, portfolio manager for Horizon Kinetics, joins Jack to share his investment philosophy for investing in companies with strong pricing power that benefit from inflationary environments. Recorded on November 14, 2024.  Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Horizon Kinetics on Twitter https://x.com/horizonkinetics?lang=en Follow Jack Farley on Twitter https://x.com/JackFarley96 Sun, 17 Nov 2024 14:40:00 -0000 full Jack Farley James Davolos, portfolio manager for Horizon Kinetics, joins Jack to share his investment philosophy for investing in companies with strong pricing power that benefit from inflationary environments. Recorded on November 14, 2024.  Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Horizon Kinetics on Twitter https://x.com/horizonkinetics?lang=en Follow Jack Farley on Twitter https://x.com/JackFarley96 James Davolos, portfolio manager for Horizon Kinetics, joins Jack to share his investment philosophy for investing in companies with strong pricing power that benefit from inflationary environments. Recorded on November 14, 2024. 


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]]> 4863 U.S. Dollar Is Getting Crowded | “Market Wizard” Jason Shapiro on Currencies, Stocks, and Bonds Under Trump Administration Veteran trader Jason Shapiro joins Jack to share how he perceives positioning across FX, Equities, commodities, and bonds. He thinks the crowded long dollar trade has created a set-up for the Euro to rally, and he estimates that traders are a bit too short of oil and natural gas. Equities is in the “too hard” column so he is neutral, however he sees some short-term risks. Recorded on November 12, 2024. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Jason Shapiro on Twitter https://x.com/Crowded_Mkt_Rpt Follow Crowded Market Report on YouTube https://www.youtube.com/@crowdedmarketreport Follow Jack Farley on Twitter https://x.com/JackFarley96 Wed, 13 Nov 2024 14:40:00 -0000 full Jack Farley Veteran trader Jason Shapiro joins Jack to share how he perceives positioning across FX, Equities, commodities, and bonds. He thinks the crowded long dollar trade has created a set-up for the Euro to rally, and he estimates that traders are a bit too short of oil and natural gas. Equities is in the “too hard” column so he is neutral, however he sees some short-term risks. Recorded on November 12, 2024. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Jason Shapiro on Twitter https://x.com/Crowded_Mkt_Rpt Follow Crowded Market Report on YouTube https://www.youtube.com/@crowdedmarketreport Follow Jack Farley on Twitter https://x.com/JackFarley96 Veteran trader Jason Shapiro joins Jack to share how he perceives positioning across FX, Equities, commodities, and bonds. He thinks the crowded long dollar trade has created a set-up for the Euro to rally, and he estimates that traders are a bit too short of oil and natural gas. Equities is in the “too hard” column so he is neutral, however he sees some short-term risks. Recorded on November 12, 2024.


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Follow Crowded Market Report on YouTube https://www.youtube.com/@crowdedmarketreport

Follow Jack Farley on Twitter https://x.com/JackFarley96

]]> 4203 Thinking Outside the Style Box | The Hedge Fund Category Problem with Louis Camhi | Other People's Money with Max Wiethe Hedge fund strategies like distressed, long short equities, relative value, etc. are well defined and understood by allocators. As a result, funds that fit neatly into these style boxes can easily answer the question, “what type of fund are you?” But what if you don’t fit neatly into one of these boxes? Be too exact and no one will search for your niche strategy. Push the envelope to fit into one of these boxes and suddenly investors feel like they’ve been tricked into a meeting. This is a problem that Louis Camhi, founder and CIO of RLH Capital, has had to deal with since launching his SPAC focused strategy in 2021. In this interview with Max Wiethe, Camhi discusses why educating investors about SPACs and defining his fund for style box focused investors has been harder than finding interesting SPAC trades. They also touch on outsourcing back and middle office, the little things you don’t think about when you are working for a larger fund, and the tradeoffs between SMAs and pooled vehicles. Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR Follow Louis Camhi on Twitter: https://x.com/valwithcatalyst Follow Max Wiethe on Twitter: https://x.com/maxwiethe Follow OPM on Twitter: https://x.com/OPMpod Follow Jack Farley on Twitter https://x.com/JackFarley96 Tue, 12 Nov 2024 14:00:00 -0000 full Jack Farley Hedge fund strategies like distressed, long short equities, relative value, etc. are well defined and understood by allocators. As a result, funds that fit neatly into these style boxes can easily answer the question, “what type of fund are you?” But what if you don’t fit neatly into one of these boxes? Be too exact and no one will search for your niche strategy. Push the envelope to fit into one of these boxes and suddenly investors feel like they’ve been tricked into a meeting. This is a problem that Louis Camhi, founder and CIO of RLH Capital, has had to deal with since launching his SPAC focused strategy in 2021. In this interview with Max Wiethe, Camhi discusses why educating investors about SPACs and defining his fund for style box focused investors has been harder than finding interesting SPAC trades. They also touch on outsourcing back and middle office, the little things you don’t think about when you are working for a larger fund, and the tradeoffs between SMAs and pooled vehicles. Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR Follow Louis Camhi on Twitter: https://x.com/valwithcatalyst Follow Max Wiethe on Twitter: https://x.com/maxwiethe Follow OPM on Twitter: https://x.com/OPMpod Follow Jack Farley on Twitter https://x.com/JackFarley96 Hedge fund strategies like distressed, long short equities, relative value, etc. are well defined and understood by allocators. As a result, funds that fit neatly into these style boxes can easily answer the question, “what type of fund are you?” But what if you don’t fit neatly into one of these boxes? Be too exact and no one will search for your niche strategy. Push the envelope to fit into one of these boxes and suddenly investors feel like they’ve been tricked into a meeting. This is a problem that Louis Camhi, founder and CIO of RLH Capital, has had to deal with since launching his SPAC focused strategy in 2021. In this interview with Max Wiethe, Camhi discusses why educating investors about SPACs and defining his fund for style box focused investors has been harder than finding interesting SPAC trades. They also touch on outsourcing back and middle office, the little things you don’t think about when you are working for a larger fund, and the tradeoffs between SMAs and pooled vehicles.


Follow Other People’s Money on:


Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR


Follow Louis Camhi on Twitter: https://x.com/valwithcatalyst

Follow Max Wiethe on Twitter: https://x.com/maxwiethe

Follow OPM on Twitter: https://x.com/OPMpod

Follow Jack Farley on Twitter https://x.com/JackFarley96

]]> 3365 Let The Bull Loose | Citrini on Trump Trade, China, and Powell Put On Bonds Citrini, the thematic cross-asset investor known for his prescient and profitable calls on AI and GLP-1s, joins Monetary Matters to review with Jack his “Trump basket” which since its inception in March 4, 2024 to November 8, 2024 is up 87% (his Trump market neutral basket is up 32% over the same time horizon). Citrini explains why he created the basket and how its performance tracked and often predicted Trump’s odds of winning in the betting markets. Upon Trump’s victory, he tells Jack which parts of the basket he thinks are overheated and which have room to run. Citrini also shares his views on AI, the broad stock and bond markets, and the airline industry. Recorded on November 8, 2024. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Citrini on Twitter https://x.com/Citrini7 Follow Jack Farley on Twitter https://x.com/JackFarley96 Sun, 10 Nov 2024 18:03:19 -0000 full Jack Farley Citrini, the thematic cross-asset investor known for his prescient and profitable calls on AI and GLP-1s, joins Monetary Matters to review with Jack his “Trump basket” which since its inception in March 4, 2024 to November 8, 2024 is up 87% (his Trump market neutral basket is up 32% over the same time horizon). Citrini explains why he created the basket and how its performance tracked and often predicted Trump’s odds of winning in the betting markets. Upon Trump’s victory, he tells Jack which parts of the basket he thinks are overheated and which have room to run. Citrini also shares his views on AI, the broad stock and bond markets, and the airline industry. Recorded on November 8, 2024. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Citrini on Twitter https://x.com/Citrini7 Follow Jack Farley on Twitter https://x.com/JackFarley96 Citrini, the thematic cross-asset investor known for his prescient and profitable calls on AI and GLP-1s, joins Monetary Matters to review with Jack his “Trump basket” which since its inception in March 4, 2024 to November 8, 2024 is up 87% (his Trump market neutral basket is up 32% over the same time horizon). Citrini explains why he created the basket and how its performance tracked and often predicted Trump’s odds of winning in the betting markets. Upon Trump’s victory, he tells Jack which parts of the basket he thinks are overheated and which have room to run. Citrini also shares his views on AI, the broad stock and bond markets, and the airline industry. Recorded on November 8, 2024.


Follow Monetary Matters on:

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Follow Citrini on Twitter https://x.com/Citrini7

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]]> 4018 A Defiant Chairman Powell Cuts Rates | Jack Farley & Max Wiethe The Federal Reserve continued its course of interest rate cuts in the first FOMC meeting following the election of Donald Trump and a defiant Chairman Powell strongly rejected any notion that Trump’s presidency could affect the independence of the Federal Reserve. Here, Jack Farley and Max Wiethe discuss the Fed’s move in light of recent data, the stock market’s run both before and after Trump’s election, and their outlooks for stocks and the economy moving forward. Recorded on November 7th , 2024. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Max Wiethe on Twitter: https://x.com/maxwiethe Thu, 07 Nov 2024 23:31:34 -0000 full Jack Farley The Federal Reserve continued its course of interest rate cuts in the first FOMC meeting following the election of Donald Trump and a defiant Chairman Powell strongly rejected any notion that Trump’s presidency could affect the independence of the Federal Reserve. Here, Jack Farley and Max Wiethe discuss the Fed’s move in light of recent data, the stock market’s run both before and after Trump’s election, and their outlooks for stocks and the economy moving forward. Recorded on November 7th , 2024. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Max Wiethe on Twitter: https://x.com/maxwiethe The Federal Reserve continued its course of interest rate cuts in the first FOMC

meeting following the election of Donald Trump and a defiant Chairman Powell strongly

rejected any notion that Trump’s presidency could affect the independence of the

Federal Reserve. Here, Jack Farley and Max Wiethe discuss the Fed’s move in light of

recent data, the stock market’s run both before and after Trump’s election, and their

outlooks for stocks and the economy moving forward. Recorded on November 7th , 2024.


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


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Apple Podcast https://bit.ly/4e7QJ1M

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]]> 3709 Enter the Kuppyverse | Harris Kupperman on Brand Building by Blogging at Praetorian Capital | Other People's Money with Max Wiethe Harris Kupperman, CIO and Founder of Praetorian Capital joins Max Wiethe to share how he’s grown his firm to over $300 million in AUM, largely by breaking the institutional mold. They discuss Kupperman’s choice to build a strategy with UHNW investors and family offices in mind rather than traditional institutional investors and the benefits of a diversified base of LPs. They also discuss the firm’s blog Kuppy’s Korner, the importance of authenticity in brand building, and his choice to register the fund as a 506(c). Clarification: At 50:48 Harris mentions that almost half the capital in the fund is from gains. As of September 30th, 2024 44% of the fund's capital is from gains. Sign up for Kuppy’s Korner at: https://pracap.com Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR Follow Harris Kupperman on Twitter: https://x.com/hkuppy Follow Max Wiethe on Twitter: https://x.com/maxwiethe Follow OPM on Twitter: https://x.com/OPMpod Follow Jack Farley on Twitter https://x.com/JackFarley96 Wed, 06 Nov 2024 14:00:00 -0000 full Jack Farley Harris Kupperman, CIO and Founder of Praetorian Capital joins Max Wiethe to share how he’s grown his firm to over $300 million in AUM, largely by breaking the institutional mold. They discuss Kupperman’s choice to build a strategy with UHNW investors and family offices in mind rather than traditional institutional investors and the benefits of a diversified base of LPs. They also discuss the firm’s blog Kuppy’s Korner, the importance of authenticity in brand building, and his choice to register the fund as a 506(c). Clarification: At 50:48 Harris mentions that almost half the capital in the fund is from gains. As of September 30th, 2024 44% of the fund's capital is from gains. Sign up for Kuppy’s Korner at: https://pracap.com Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR Follow Harris Kupperman on Twitter: https://x.com/hkuppy Follow Max Wiethe on Twitter: https://x.com/maxwiethe Follow OPM on Twitter: https://x.com/OPMpod Follow Jack Farley on Twitter https://x.com/JackFarley96 Harris Kupperman, CIO and Founder of Praetorian Capital joins Max Wiethe to share how he’s grown his firm to over $300 million in AUM, largely by breaking the institutional mold. They discuss Kupperman’s choice to build a strategy with UHNW investors and family offices in mind rather than traditional institutional investors and the benefits of a diversified base of LPs. They also discuss the firm’s blog Kuppy’s Korner, the importance of authenticity in brand building, and his choice to register the fund as a 506(c).

Clarification: At 50:48 Harris mentions that almost half the capital in the fund is from gains. As of September 30th, 2024 44% of the fund's capital is from gains.


Sign up for Kuppy’s Korner at: https://pracap.com


Follow Other People’s Money on:


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]]> 3452 The Great Millionaire Migration | Basil Mohr-Elzeki on Global Wealth Migration Email info@monetary-matters.com to inquire about Henley & Partners, and Jack will connect you with Basil. Basil Mohr-Elzeki, Managing Director and Head of Americas for Henley & Partners, joins Jack on Monetary Matters to explain why more millionaires than ever are going to relocate countries in 2024. He delves into the causes of this phenomenon, the nuances of citizenship and residency investment, and the role that taxes, geographic diversification and other factors play in driving the migration of the world’s high-net-worth individuals. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Jack Farley on Twitter https://x.com/JackFarley96 Sun, 03 Nov 2024 14:00:00 -0000 full Jack Farley Email info@monetary-matters.com to inquire about Henley & Partners, and Jack will connect you with Basil. Basil Mohr-Elzeki, Managing Director and Head of Americas for Henley & Partners, joins Jack on Monetary Matters to explain why more millionaires than ever are going to relocate countries in 2024. He delves into the causes of this phenomenon, the nuances of citizenship and residency investment, and the role that taxes, geographic diversification and other factors play in driving the migration of the world’s high-net-worth individuals. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Jack Farley on Twitter https://x.com/JackFarley96 Email info@monetary-matters.com to inquire about Henley & Partners, and Jack will connect you with Basil.


Basil Mohr-Elzeki, Managing Director and Head of Americas for Henley & Partners, joins Jack on Monetary Matters to explain why more millionaires than ever are going to relocate countries in 2024. He delves into the causes of this phenomenon, the nuances of citizenship and residency investment, and the role that taxes, geographic diversification and other factors play in driving the migration of the world’s high-net-worth individuals.


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]]> 2992 Is The Yield Curve’s Recession Signal Wrong?Jeff Snider Jeff Snider of Eurodollar University joins Jack to explore whether the inverted yield curve signal has been proven wrong, and just how strong or weak the U.S. economy is. Recorded on October 28, 2024. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Jeff Snider on Twitter https://x.com/JeffSnider_EDU Jeff’s YouTube Channel https://www.youtube.com/@eurodollaruniversity Follow Jack Farley on Twitter https://x.com/JackFarley96 Wed, 30 Oct 2024 13:40:00 -0000 full Jack Farley Jeff Snider of Eurodollar University joins Jack to explore whether the inverted yield curve signal has been proven wrong, and just how strong or weak the U.S. economy is. Recorded on October 28, 2024. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Jeff Snider on Twitter https://x.com/JeffSnider_EDU Jeff’s YouTube Channel https://www.youtube.com/@eurodollaruniversity Follow Jack Farley on Twitter https://x.com/JackFarley96 Jeff Snider of Eurodollar University joins Jack to explore whether the inverted yield curve signal has been proven wrong, and just how strong or weak the U.S. economy is. Recorded on October 28, 2024.


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Jeff’s YouTube Channel https://www.youtube.com/@eurodollaruniversity

Follow Jack Farley on Twitter https://x.com/JackFarley96

]]> 5208 To Zero and Beyond | Building Muddy Waters Capital with Carson Block | Other People's Money with Max Wiethe Building a successful hedge fund is hard. It’s even harder when you’re fighting the perpetual upward momentum of the market. Despite this headwind, Carson Block, CIO and Founder of Muddy Waters Capital, has made his firm into a successful fund management business and taken down billion-dollar frauds in the process. In this interview with Max Wiethe, Block explains why starting a fund became necessary to pursue activist short selling in a serious capacity, the pitfalls of capital raising and the different types of investors who are interested in specialized strategies like theirs, and how he is expanding his business with new strategies beyond activist short selling. Recorded on October 21st, 2024. Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR Follow Muddy Waters on Twitter: https://x.com/muddywatersre Follow Max Wiethe on Twitter: https://x.com/maxwiethe Follow OPM on Twitter: https://x.com/OPMpod Follow Jack Farley on Twitter https://x.com/JackFarley96 Tue, 29 Oct 2024 13:00:00 -0000 full Jack Farley Building a successful hedge fund is hard. It’s even harder when you’re fighting the perpetual upward momentum of the market. Despite this headwind, Carson Block, CIO and Founder of Muddy Waters Capital, has made his firm into a successful fund management business and taken down billion-dollar frauds in the process. In this interview with Max Wiethe, Block explains why starting a fund became necessary to pursue activist short selling in a serious capacity, the pitfalls of capital raising and the different types of investors who are interested in specialized strategies like theirs, and how he is expanding his business with new strategies beyond activist short selling. Recorded on October 21st, 2024. Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR Follow Muddy Waters on Twitter: https://x.com/muddywatersre Follow Max Wiethe on Twitter: https://x.com/maxwiethe Follow OPM on Twitter: https://x.com/OPMpod Follow Jack Farley on Twitter https://x.com/JackFarley96 Building a successful hedge fund is hard. It’s even harder when you’re fighting the perpetual upward momentum of the market. Despite this headwind, Carson Block, CIO and Founder of Muddy Waters Capital, has made his firm into a successful fund management business and taken down billion-dollar frauds in the process. In this interview with Max Wiethe, Block explains why starting a fund became necessary to pursue activist short selling in a serious capacity, the pitfalls of capital raising and the different types of investors who are interested in specialized strategies like theirs, and how he is expanding his business with new strategies beyond activist short selling. Recorded on October 21st, 2024.


Follow Other People’s Money on:


Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR


Follow Muddy Waters on Twitter: https://x.com/muddywatersre

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]]> 5658 Not Backing Down On Recession Call | David Rosenberg on Wealth Effect, Uncle Sam, and Stock Market Price Bubble David Rosenberg, founder and president of Rosenberg Research & Associates Inc., joins Jack Farley on Monetary Matters to argue why a recession is likely to occur as soon as 2025. Rosenberg points to the low savings rate and argues that fiscal deficits and a stock market price bubble are boosting consumer spending and that this will reverse if the stock market stops going up. Recorded on October 25, 2024. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow David Rosenberg on Twitter https://x.com/EconguyRosie Follow Jack Farley on Twitter https://x.com/JackFarley96 Mon, 28 Oct 2024 03:30:05 -0000 full Jack Farley David Rosenberg, founder and president of Rosenberg Research & Associates Inc., joins Jack Farley on Monetary Matters to argue why a recession is likely to occur as soon as 2025. Rosenberg points to the low savings rate and argues that fiscal deficits and a stock market price bubble are boosting consumer spending and that this will reverse if the stock market stops going up. Recorded on October 25, 2024. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow David Rosenberg on Twitter https://x.com/EconguyRosie Follow Jack Farley on Twitter https://x.com/JackFarley96 David Rosenberg, founder and president of Rosenberg Research & Associates Inc., joins Jack Farley on Monetary Matters to argue why a recession is likely to occur as soon as 2025. Rosenberg points to the low savings rate and argues that fiscal deficits and a stock market price bubble are boosting consumer spending and that this will reverse if the stock market stops going up. Recorded on October 25, 2024.


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]]> 4230 The Panic Melt-Up In Bank Stocks | Chris Whalen on Recession Fantasies & Capital Market Reawakening Chris Whalen of Whalen Global Advisors & Institutional Risk Analyst joins Jack Farley to explain why bank stocks are partying like it’s 1997 again. Recorded on October 21, 2024.  Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Chris Whalen’s latest book, “Seeing Around Corners,” https://www.freedommortgage.com/seeingaroundcorners Lev Menand & Joshua Younger paper that Chris references: https://scholarship.law.columbia.edu/faculty_scholarship/4093/ Follow Chris Whalen on Twitter https://x.com/rcwhalen Follow Jack Farley on Twitter https://x.com/JackFarley96 Wed, 23 Oct 2024 14:25:00 -0000 full Jack Farley Chris Whalen of Whalen Global Advisors & Institutional Risk Analyst joins Jack Farley to explain why bank stocks are partying like it’s 1997 again. Recorded on October 21, 2024.  Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Chris Whalen’s latest book, “Seeing Around Corners,” https://www.freedommortgage.com/seeingaroundcorners Lev Menand & Joshua Younger paper that Chris references: https://scholarship.law.columbia.edu/faculty_scholarship/4093/ Follow Chris Whalen on Twitter https://x.com/rcwhalen Follow Jack Farley on Twitter https://x.com/JackFarley96 Chris Whalen of Whalen Global Advisors & Institutional Risk Analyst joins Jack Farley to explain why bank stocks are partying like it’s 1997 again. Recorded on October 21, 2024. 


Follow Monetary Matters on:

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Spotify https://rb.gy/x56dx5

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Chris Whalen’s latest book, “Seeing Around Corners,” https://www.freedommortgage.com/seeingaroundcorners

Lev Menand & Joshua Younger paper that Chris references: https://scholarship.law.columbia.edu/faculty_scholarship/4093/

Follow Chris Whalen on Twitter https://x.com/rcwhalen

Follow Jack Farley on Twitter https://x.com/JackFarley96



]]> 4234 Jim Rogers on China, Silver, and Timeless Investment Lessons Investing legend Jim Rogers joins Jack Farley on Monetary Matters to share timeless investing lessons. Rogers warns that people who blindly follow financial pundits without doing their own analysis are likely doomed to underperform, and he explains why he is a long-term bull on Chinese shares. Rogers argues that the unprecedented sovereign debt levels in the U.S. will reignite inflation, and explains why he continues to view silver as an effective inflation hedge. Recorded on October 17, 2024. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Jack Farley on Twitter https://x.com/JackFarley96 Beeland Interests https://www.beelandinterests.com/ Jim Rogers’ website https://www.jimrogers.com/ Jim Rogers’ Wikipedia https://en.wikipedia.org/wiki/Jim_Rogers Sun, 20 Oct 2024 13:25:15 -0000 full Jack Farley Investing legend Jim Rogers joins Jack Farley on Monetary Matters to share timeless investing lessons. Rogers warns that people who blindly follow financial pundits without doing their own analysis are likely doomed to underperform, and he explains why he is a long-term bull on Chinese shares. Rogers argues that the unprecedented sovereign debt levels in the U.S. will reignite inflation, and explains why he continues to view silver as an effective inflation hedge. Recorded on October 17, 2024. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Jack Farley on Twitter https://x.com/JackFarley96 Beeland Interests https://www.beelandinterests.com/ Jim Rogers’ website https://www.jimrogers.com/ Jim Rogers’ Wikipedia https://en.wikipedia.org/wiki/Jim_Rogers Investing legend Jim Rogers joins Jack Farley on Monetary Matters to share timeless investing lessons. Rogers warns that people who blindly follow financial pundits without doing their own analysis are likely doomed to underperform, and he explains why he is a long-term bull on Chinese shares. Rogers argues that the unprecedented sovereign debt levels in the U.S. will reignite inflation, and explains why he continues to view silver as an effective inflation hedge. Recorded on October 17, 2024.


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


Follow Jack Farley on Twitter https://x.com/JackFarley96

Beeland Interests https://www.beelandinterests.com/

Jim Rogers’ website https://www.jimrogers.com/

Jim Rogers’ Wikipedia https://en.wikipedia.org/wiki/Jim_Rogers

]]> 3417 Inflation Isn’t Dead | Jim Bianco on Why Bond Yields Are Headed Higher Jim Bianco of Bianco Research and Bianco Advisors joins Monetary Matters to share his views on inflation, the labor market, and bonds. Bianco argues that the reason the unemployment rate has gone up is because the large amount of immigration into the U.S. has increased the labor force. Bianco makes the case that inflation is headed higher and bond yields now are probably headed higher. Recorded on October 14, 2024.  Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Jim Bianco on Twitter https://x.com/biancoresearch Follow Jack Farley on Twitter https://x.com/JackFarley96 Wed, 16 Oct 2024 13:00:00 -0000 full Jack Farley Jim Bianco of Bianco Research and Bianco Advisors joins Monetary Matters to share his views on inflation, the labor market, and bonds. Bianco argues that the reason the unemployment rate has gone up is because the large amount of immigration into the U.S. has increased the labor force. Bianco makes the case that inflation is headed higher and bond yields now are probably headed higher. Recorded on October 14, 2024.  Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Jim Bianco on Twitter https://x.com/biancoresearch Follow Jack Farley on Twitter https://x.com/JackFarley96 Jim Bianco of Bianco Research and Bianco Advisors joins Monetary Matters to share his views on inflation, the labor market, and bonds. Bianco argues that the reason the unemployment rate has gone up is because the large amount of immigration into the U.S. has increased the labor force. Bianco makes the case that inflation is headed higher and bond yields now are probably headed higher. Recorded on October 14, 2024. 


Follow Monetary Matters on:

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]]> 5134 Jared Dillian: Private Equity Has Reached A Sentiment Top Jared Dillian, author of The Daily Dirtnap and of “Night Moves: And other stories” joins Monetary Matters to discuss his thoughts behind a recent piece he wrote called “The Next Big Short: Hidden Risks Behind Private Equity's $8 Trillion Market.” Jared explains why he has shorted private equity companies and why he thinks private equity has peaked as an asset class and is destined for underperformance over the next decade. Recorded on October 11, 2024. Jared’s piece, ““The Next Big Short: Hidden Risks Behind Private Equity's $8 Trillion Market”: https://m.jareddillianmoney.com/private-equity-next-big-short Jared’s Short Private Equity website: https://www.shortprivateequity.com/ Jared’s latest book, “Night Moves: And other stories”: https://www.amazon.com/Night-Moves-stories-Jared-Dillian/dp/B0DFBJS741 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Jared Dillian on Twitter https://x.com/dailydirtnap Follow Jack Farley on Twitter https://x.com/JackFarley96 Sun, 13 Oct 2024 17:23:00 -0000 full Jack Farley Jared Dillian, author of The Daily Dirtnap and of “Night Moves: And other stories” joins Monetary Matters to discuss his thoughts behind a recent piece he wrote called “The Next Big Short: Hidden Risks Behind Private Equity's $8 Trillion Market.” Jared explains why he has shorted private equity companies and why he thinks private equity has peaked as an asset class and is destined for underperformance over the next decade. Recorded on October 11, 2024. Jared’s piece, ““The Next Big Short: Hidden Risks Behind Private Equity's $8 Trillion Market”: https://m.jareddillianmoney.com/private-equity-next-big-short Jared’s Short Private Equity website: https://www.shortprivateequity.com/ Jared’s latest book, “Night Moves: And other stories”: https://www.amazon.com/Night-Moves-stories-Jared-Dillian/dp/B0DFBJS741 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Jared Dillian on Twitter https://x.com/dailydirtnap Follow Jack Farley on Twitter https://x.com/JackFarley96 Jared Dillian, author of The Daily Dirtnap and of “Night Moves: And other stories” joins Monetary Matters to discuss his thoughts behind a recent piece he wrote called “The Next Big Short: Hidden Risks Behind Private Equity's $8 Trillion Market.” Jared explains why he has shorted private equity companies and why he thinks private equity has peaked as an asset class and is destined for underperformance over the next decade. Recorded on October 11, 2024.


Jared’s piece, ““The Next Big Short: Hidden Risks Behind Private Equity's $8 Trillion Market”: https://m.jareddillianmoney.com/private-equity-next-big-short

Jared’s Short Private Equity website: https://www.shortprivateequity.com/

Jared’s latest book, “Night Moves: And other stories”: https://www.amazon.com/Night-Moves-stories-Jared-Dillian/dp/B0DFBJS741


Follow Monetary Matters on:

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]]> 2581 How Chinese “Stimulus” Is Widely Misunderstood | Brian McCarthy Urges Caution On The Chinese Stock Market Surge SPECIAL “ASK ME ANYTHING” PROMOTION: Leave a rating and review for Monetary Matters on Apple podcast and ask Jack any question you want. Jack will answer some of the questions in future episodes. You can write the question in the body of the review, or you can send your question to to info@monetary-matters.com alongside a screenshot of your review. Brian McCarthy of Macrolens LLC joins Jack Farley to argue that the tremendous Chinese stock market rally of the past three weeks is fueled by misunderstanding of Chinese economic policy. McCarthy argues that the fiscal stimulus from the Chinese government will be 1 - 2 Trillion Yuan, or ~300 Billion USD, which McCarthy estimates is nowhere near close enough to stimulate the flailing Chinese economy. Recorded the afternoon of October 8, 2024. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Brian McCarthy on Twitter https://x.com/briangobosox Follow Jack Farley on Twitter https://x.com/JackFarley96 Wed, 09 Oct 2024 13:00:00 -0000 full Jack Farley SPECIAL “ASK ME ANYTHING” PROMOTION: Leave a rating and review for Monetary Matters on Apple podcast and ask Jack any question you want. Jack will answer some of the questions in future episodes. You can write the question in the body of the review, or you can send your question to to info@monetary-matters.com alongside a screenshot of your review. Brian McCarthy of Macrolens LLC joins Jack Farley to argue that the tremendous Chinese stock market rally of the past three weeks is fueled by misunderstanding of Chinese economic policy. McCarthy argues that the fiscal stimulus from the Chinese government will be 1 - 2 Trillion Yuan, or ~300 Billion USD, which McCarthy estimates is nowhere near close enough to stimulate the flailing Chinese economy. Recorded the afternoon of October 8, 2024. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Brian McCarthy on Twitter https://x.com/briangobosox Follow Jack Farley on Twitter https://x.com/JackFarley96 SPECIAL “ASK ME ANYTHING” PROMOTION: Leave a rating and review for Monetary Matters on Apple podcast and ask Jack any question you want. Jack will answer some of the questions in future episodes. You can write the question in the body of the review, or you can send your question to to info@monetary-matters.com alongside a screenshot of your review.


Brian McCarthy of Macrolens LLC joins Jack Farley to argue that the tremendous Chinese stock market rally of the past three weeks is fueled by misunderstanding of Chinese economic policy. McCarthy argues that the fiscal stimulus from the Chinese government will be 1 - 2 Trillion Yuan, or ~300 Billion USD, which McCarthy estimates is nowhere near close enough to stimulate the flailing Chinese economy. Recorded the afternoon of October 8, 2024.


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez


Follow Brian McCarthy on Twitter https://x.com/briangobosox

Follow Jack Farley on Twitter https://x.com/JackFarley96

]]> 3192 Lyn Alden on China's Real Estate Implosion & Stock Market Rally Lyn Alden of Lyn Alden Investment Strategy joins Monetary Matters to explain why she is bullish on Chinese equities on a multi-year time horizon, and to share why she thinks nothing will stop the American economy because of the large amount of fiscal deficits the U.S government is running. Recorded on September 30, 2024. Teucrium’s US Agriculture ETFs provide exposure to commodities like corn, wheat, soybeans, and sugar in a convenient size and ETF wrapper, right in your traditional brokerage account. Learn more at https://teucrium.com/ Follow Monetary Matters on: Apple Podcast: https://rb.gy/s5qfyh Spotify: https://rb.gy/x56dx5 YouTube: https://rb.gy/dpwxez Follow Lyn Alden on Twitter https://x.com/LynAldenContact Follow Jack Farley on Twitter: https://x.com/JackFarley96 Sun, 06 Oct 2024 15:58:52 -0000 full Jack Farley Lyn Alden of Lyn Alden Investment Strategy joins Monetary Matters to explain why she is bullish on Chinese equities on a multi-year time horizon, and to share why she thinks nothing will stop the American economy because of the large amount of fiscal deficits the U.S government is running. Recorded on September 30, 2024. Teucrium’s US Agriculture ETFs provide exposure to commodities like corn, wheat, soybeans, and sugar in a convenient size and ETF wrapper, right in your traditional brokerage account. Learn more at https://teucrium.com/ Follow Monetary Matters on: Apple Podcast: https://rb.gy/s5qfyh Spotify: https://rb.gy/x56dx5 YouTube: https://rb.gy/dpwxez Follow Lyn Alden on Twitter https://x.com/LynAldenContact Follow Jack Farley on Twitter: https://x.com/JackFarley96 Lyn Alden of Lyn Alden Investment Strategy joins Monetary Matters to explain why she is bullish on Chinese equities on a multi-year time horizon, and to share why she thinks nothing will stop the American economy because of the large amount of fiscal deficits the U.S government is running. Recorded on September 30, 2024.


Teucrium’s US Agriculture ETFs provide exposure to commodities like corn, wheat, soybeans, and sugar in a convenient size and ETF wrapper, right in your traditional brokerage account. Learn more at https://teucrium.com/


Follow Monetary Matters on:

Apple Podcast: https://rb.gy/s5qfyh

Spotify: https://rb.gy/x56dx5

YouTube: https://rb.gy/dpwxez


Follow Lyn Alden on Twitter https://x.com/LynAldenContact

Follow Jack Farley on Twitter: https://x.com/JackFarley96

]]> 4727 The Oil Market Has A Big Problem | Paul Sankey Despite rising tensions in the Middle East, today’s guest thinks that the price of oil is headed not higher but lower. Paul Sankey of Sankey Research joins Jack Farley on Monetary Matters to share why he thinks the price of oil is headed to as low as $50 as millions of barrels of capacity come online in Guyana, the U.S., and elsewhere, and as Saudi Arabia begins to focus on market share once again. Recorded on October 4, 2024. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Paul Sankey on Twitter https://x.com/crudegusher Follow Jack Farley on Twitter https://x.com/JackFarley96 Financial Times article on Saudi desire to take back market share: https://www.ft.com/content/1d186f62-5941-4f9e-aef1-7d93a8a696cd Fri, 04 Oct 2024 20:30:00 -0000 full Jack Farley Despite rising tensions in the Middle East, today’s guest thinks that the price of oil is headed not higher but lower. Paul Sankey of Sankey Research joins Jack Farley on Monetary Matters to share why he thinks the price of oil is headed to as low as $50 as millions of barrels of capacity come online in Guyana, the U.S., and elsewhere, and as Saudi Arabia begins to focus on market share once again. Recorded on October 4, 2024. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Paul Sankey on Twitter https://x.com/crudegusher Follow Jack Farley on Twitter https://x.com/JackFarley96 Financial Times article on Saudi desire to take back market share: https://www.ft.com/content/1d186f62-5941-4f9e-aef1-7d93a8a696cd Despite rising tensions in the Middle East, today’s guest thinks that the price of oil is headed not higher but lower. Paul Sankey of Sankey Research joins Jack Farley on Monetary Matters to share why he thinks the price of oil is headed to as low as $50 as millions of barrels of capacity come online in Guyana, the U.S., and elsewhere, and as Saudi Arabia begins to focus on market share once again. Recorded on October 4, 2024.


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Follow Jack Farley on Twitter https://x.com/JackFarley96


Financial Times article on Saudi desire to take back market share: https://www.ft.com/content/1d186f62-5941-4f9e-aef1-7d93a8a696cd

]]> 3829 Harley Bassman: Bonds Are Fully Cooked Without an Imminent Recession Harley Bassman, managing partner at Simplify Asset Management, outlines his favorite trades right now and explains why he thinks bonds are fully cooked without an imminent recession. He argues that selling interest rate vol is one of the best ways to play this fully cooked bond market and explains how new issue agency MBS and other callable bonds can be used to take advantage of the richness in bond volatility. Filmed on September 26, 2024. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Harley Bassman on Twitter https://x.com/ConvexityMaven Follow Jack Farley on Twitter https://x.com/JackFarley96 Learn more about Simplify https://www.simplify.us Tue, 01 Oct 2024 13:00:00 -0000 full Jack Farley Harley Bassman, managing partner at Simplify Asset Management, outlines his favorite trades right now and explains why he thinks bonds are fully cooked without an imminent recession. He argues that selling interest rate vol is one of the best ways to play this fully cooked bond market and explains how new issue agency MBS and other callable bonds can be used to take advantage of the richness in bond volatility. Filmed on September 26, 2024. Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Harley Bassman on Twitter https://x.com/ConvexityMaven Follow Jack Farley on Twitter https://x.com/JackFarley96 Learn more about Simplify https://www.simplify.us Harley Bassman, managing partner at Simplify Asset Management, outlines his favorite trades right now and explains why he thinks bonds are fully cooked without an imminent recession. He argues that selling interest rate vol is one of the best ways to play this fully cooked bond market and explains how new issue agency MBS and other callable bonds can be used to take advantage of the richness in bond volatility. Filmed on September 26, 2024.


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Spotify https://rb.gy/x56dx5

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Follow Harley Bassman on Twitter https://x.com/ConvexityMaven

Follow Jack Farley on Twitter https://x.com/JackFarley96


Learn more about Simplify https://www.simplify.us

]]> 4433 China Fights Its Doom Loop | Leland Miller on Mammoth Stimulus From People's Bank of China China’s central bank just shocked markets with several impressive sounding stimulus measures, causing the biggest one-week rally in Chinese stocks since 2008. But how effective is this stimulus actually going to be to the Chinese economy? Leland Miller, co-founder & CEO of China Beige Book, joins Monetary Matters to weigh on this very important issue. Leland says he thinks the rally in Chinese stocks could continue for up to two months but that the effect on the Chinese economy will be to stabilize rather than to stimulate. Recorded on September 27, 2024.  Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow China Beige Book on Twitter https://x.com/ChinaBeigeBook Follow Jack Farley on Twitter https://x.com/JackFarley96 Sat, 28 Sep 2024 15:06:25 -0000 full Jack Farley China’s central bank just shocked markets with several impressive sounding stimulus measures, causing the biggest one-week rally in Chinese stocks since 2008. But how effective is this stimulus actually going to be to the Chinese economy? Leland Miller, co-founder & CEO of China Beige Book, joins Monetary Matters to weigh on this very important issue. Leland says he thinks the rally in Chinese stocks could continue for up to two months but that the effect on the Chinese economy will be to stabilize rather than to stimulate. Recorded on September 27, 2024.  Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow China Beige Book on Twitter https://x.com/ChinaBeigeBook Follow Jack Farley on Twitter https://x.com/JackFarley96 China’s central bank just shocked markets with several impressive sounding stimulus measures, causing the biggest one-week rally in Chinese stocks since 2008. But how effective is this stimulus actually going to be to the Chinese economy? Leland Miller, co-founder & CEO of China Beige Book, joins Monetary Matters to weigh on this very important issue. Leland says he thinks the rally in Chinese stocks could continue for up to two months but that the effect on the Chinese economy will be to stabilize rather than to stimulate. Recorded on September 27, 2024. 


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Follow Jack Farley on Twitter https://x.com/JackFarley96


]]> 4534 Neil Dutta: This is What a Soft Landing Looks Like Neil Dutta, Head of Economic Research at Renaissance Macro Research, joins Monetary Matters to update his prior call that the US economy would not enter a recession. He explains why a soft landing is still his base case and why he thinks the Fed is properly positioned to engineer that outcome even if soft economic data forces them to cut rates more aggressively. Recorded on September 21, 2024.  __ Learn more about Renaissance Macro Research: https://www.renmac.com Follow Renaissance Macro Research on Twitter https://x.com/RenMacLLC Follow Jack Farley on Twitter https://x.com/JackFarley96 Wed, 25 Sep 2024 13:00:00 -0000 Neil Dutta: This is What a Soft Landing Looks Like full Jack Farley Neil Dutta, Head of Economic Research at Renaissance Macro Research, joins Monetary Matters to update his prior call that the US economy would not enter a recession. He explains why a soft landing is still his base case and why he thinks the Fed is properly positioned to engineer that outcome even if soft economic data forces them to cut rates more aggressively. Recorded on September 21, 2024.  __ Learn more about Renaissance Macro Research: https://www.renmac.com Follow Renaissance Macro Research on Twitter https://x.com/RenMacLLC Follow Jack Farley on Twitter https://x.com/JackFarley96 Neil Dutta, Head of Economic Research at Renaissance Macro Research, joins Monetary Matters to update his prior call that the US economy would not enter a recession. He explains why a soft landing is still his base case and why he thinks the Fed is properly positioned to engineer that outcome even if soft economic data forces them to cut rates more aggressively. Recorded on September 21, 2024. 

__

Learn more about Renaissance Macro Research: https://www.renmac.com

Follow Renaissance Macro Research on Twitter https://x.com/RenMacLLC

Follow Jack Farley on Twitter https://x.com/JackFarley96

]]> 3041 Kris Sidial: "Graveyard Day" Is In Store For Short Volatility Traders Kris Sidial, co-CIO of Ambrus Group, joins Monetary Matters to break down the conditions in volatility markets that exacerbated the sharp sell-off in early August, and explain why he thinks the risks embedded in the "short vol" trade have only gotten worse. Recorded on September 20, 2024.  Follow Kris Sidial on Twitter https://x.com/Ksidiii Follow Jack Farley on Twitter https://x.com/JackFarley96 Sun, 22 Sep 2024 13:01:14 -0000 Kris Sidial: "Graveyard Day" Is In Store For Short Volatility Traders full Jack Farley Kris Sidial, co-CIO of Ambrus Group, joins Monetary Matters to break down the conditions in volatility markets that exacerbated the sharp sell-off in early August, and explain why he thinks the risks embedded in the "short vol" trade have only gotten worse. Recorded on September 20, 2024.  Follow Kris Sidial on Twitter https://x.com/Ksidiii Follow Jack Farley on Twitter https://x.com/JackFarley96 Kris Sidial, co-CIO of Ambrus Group, joins Monetary Matters to break down the conditions in volatility markets that exacerbated the sharp sell-off in early August, and explain why he thinks the risks embedded in the "short vol" trade have only gotten worse. Recorded on September 20, 2024. 


Follow Kris Sidial on Twitter https://x.com/Ksidiii

Follow Jack Farley on Twitter https://x.com/JackFarley96

]]> 4593 Danielle DiMartino Booth: The Fed Is Still Behind The Curve Teucrium’s US Agriculture ETFs provide exposure to commodities like corn, wheat, soybeans, and sugar in a convenient size and ETF wrapper, right in your traditional brokerage account. Learn more at https://teucrium.com/ Danielle DiMartino Booth, CEO and chief strategist of QI Research, joins Monetary Matters to share her views on the the Federal Reserve’s historic 50 basis point cut. Recorded shortly after Jay Powell’s press conference on September 18, 2024.  Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Danielle DiMartino Booth on Twitter https://x.com/DiMartinoBooth Danielle DiMartino Booth’s research service: https://quillintelligence.com/ Follow Jack Farley on Twitter https://x.com/JackFarley96 Thu, 19 Sep 2024 18:44:00 -0000 full Jack Farley Teucrium’s US Agriculture ETFs provide exposure to commodities like corn, wheat, soybeans, and sugar in a convenient size and ETF wrapper, right in your traditional brokerage account. Learn more at https://teucrium.com/ Danielle DiMartino Booth, CEO and chief strategist of QI Research, joins Monetary Matters to share her views on the the Federal Reserve’s historic 50 basis point cut. Recorded shortly after Jay Powell’s press conference on September 18, 2024.  Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Danielle DiMartino Booth on Twitter https://x.com/DiMartinoBooth Danielle DiMartino Booth’s research service: https://quillintelligence.com/ Follow Jack Farley on Twitter https://x.com/JackFarley96 Teucrium’s US Agriculture ETFs provide exposure to commodities like corn, wheat, soybeans, and sugar in a convenient size and ETF wrapper, right in your traditional brokerage account. Learn more at https://teucrium.com/


Danielle DiMartino Booth, CEO and chief strategist of QI Research, joins Monetary Matters to share her views on the the Federal Reserve’s historic 50 basis point cut. Recorded shortly after Jay Powell’s press conference on September 18, 2024. 


Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

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Follow Danielle DiMartino Booth on Twitter https://x.com/DiMartinoBooth

Danielle DiMartino Booth’s research service: https://quillintelligence.com/

Follow Jack Farley on Twitter https://x.com/JackFarley96

]]> 3573 Joseph Wang: Fed Interest Rate Cuts Could Hurt The Stock Market Joseph Wang, former senior trader for the New York Fed and publisher of FedGuy.com, joins Jack Farley as the first guest of Monetary Matters. Joseph shares his view on the Federal Reserve's historic double interest rate cut, and explains why he thinks the interest rate cuts could be quite bearish for the stock market. Filmed on September 18, just after Fed Chair Powell's press conference. Follow Joseph Wang on Twitter https://x.com/FedGuy12 Follow Jack Farley on Twitter https://x.com/JackFarley96 Joseph's latest piece, "When Big Cuts Are Bad": https://fedguy.com/when-big-cuts-are-bad/ Wed, 18 Sep 2024 22:35:00 -0000 full Jack Farley Joseph Wang, former senior trader for the New York Fed and publisher of FedGuy.com, joins Jack Farley as the first guest of Monetary Matters. Joseph shares his view on the Federal Reserve's historic double interest rate cut, and explains why he thinks the interest rate cuts could be quite bearish for the stock market. Filmed on September 18, just after Fed Chair Powell's press conference. Follow Joseph Wang on Twitter https://x.com/FedGuy12 Follow Jack Farley on Twitter https://x.com/JackFarley96 Joseph's latest piece, "When Big Cuts Are Bad": https://fedguy.com/when-big-cuts-are-bad/ Joseph Wang, former senior trader for the New York Fed and publisher of FedGuy.com, joins Jack Farley as the first guest of Monetary Matters. Joseph shares his view on the Federal Reserve's historic double interest rate cut, and explains why he thinks the interest rate cuts could be quite bearish for the stock market. Filmed on September 18, just after Fed Chair Powell's press conference.


Follow Joseph Wang on Twitter https://x.com/FedGuy12

Follow Jack Farley on Twitter https://x.com/JackFarley96

Joseph's latest piece, "When Big Cuts Are Bad": https://fedguy.com/when-big-cuts-are-bad/

]]> 3447 Introducing... Monetary Matters Jack Farley interviews the very best financial minds about macro, markets, and monetary matters. First episode going out with Joseph Wang on September 18, shortly after the Federal Reserve begins its cutting rate cycle. Follow Jack on Twitter @JackFarley96 Tue, 17 Sep 2024 20:15:14 -0000 Introducing... Monetary Matters full Jack Farley Jack Farley interviews the very best financial minds about macro, markets, and monetary matters. First episode going out with Joseph Wang on September 18, shortly after the Federal Reserve begins its cutting rate cycle. Follow Jack on Twitter @JackFarley96 Jack Farley interviews the very best financial minds about macro, markets, and monetary matters. First episode going out with Joseph Wang on September 18, shortly after the Federal Reserve begins its cutting rate cycle.

Follow Jack on Twitter @JackFarley96

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