Monetary Matters with Jack Farley
Jack Farley interviews top financial minds about macroeconomics, markets, and monetary policy. Follow Jack on Twitter @JackFarley96.
Episodes
The AI Bubble Will Pop from Equity Supply Says This $80 Billion Asset Manager | Ben Inker | GMO
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Ben Inker, Co-Head of Asset Allocation at GMO, joins Other People’s Money to discuss why the IPOs and subsequent shareholder unlocks of SpaceX, Anthropic, and OpenAI will bring an unprecedented amount of equity issuance and po
Top Performing Value Investor Explains Why the Market Isn’t Overvalued and Hasn’t Hit the Blowoff Top Phase | Charles Lemonides | ValueWorks LLC
This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here: https://sarmayaetf.com/
Charles Lemonides, CIO and founder of ValueWorks LLC, joins Other People’s Money to discuss why the 18-year bull market still has room to run. Lemonides argues that we have not yet reached the explosive "liftoff" phase typical
Stacy Rasgon: “Demand Is Off The Charts” in Semiconductors… And Set To Double Again Soon
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Semiconductor earnings have roughly doubled this year, yet chip multiples have compressed and the stocks are still well off their June highs. Stacy Rasgon, Managing Director and Senior Analyst covering U.S. semiconductors and
The Most Extreme Shipping Market in History, Explained | J Mintzmyer on Why Oil Tanker Rates Are Up 25x and Why It Can’t Last (and Why Dry Bulk, not Tankers, is the Next Shipping Boom)
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Crude tanker rates have exploded to more than $1 million per day on some Middle East Gulf to China voyages, roughly 25 times normal levels, as the Iran war and disruption in the Strait of Hormuz throw global oil shipping int
Ed Zitron on Anthropic's IPO (S-1), AI Debt, and Counterparty Risk
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Ed Zitron, author of the Where's Your Ed At newsletter and host of the Better Offline podcast, returns to Monetary Matters to break down Anthropic's leaked IPO prospectus, as reported by Reuters. Ed argues that in 2025 Anthro
Token Bill Dwarfs CPU Bill | Ben Pouladian on Meta's Muse, Anthropic S1, and Why All Roads Still Lead to NVIDIA
Ben Pouladian of BEP Research returns to Monetary Matters to break down who's winning and losing in AI right now, starting with Meta's Muse, the consumer agent he calls the "McDonald's version" of AI, and why he thinks its revenue will come mostly from ads rather than subscriptions, especially across WhatsApp-first markets like India and Brazil. Ben explains why the token bill for agentic AI dwarf
The Private Credit Boom is Over: Redemption Requests Exceed Liquidity | James Elbaor | Marlton LLC
James Elbaor, Founder and Portfolio Manager at Marlton LLC joins OPM to discuss why the private credit boom is officially over. Elbaor explains how artificial intelligence is threatening the SaaS businesses that make up over half a trillion dollars of private credit exposure, while also detailing how liquidity gates are currently trapping investors in massive interval funds like BCRED. The discuss
Why the Fed May Have to Hike Far Higher Than Expected | Henry Peabody on the Fed’s Triple Mandate and Uneven Transmission of Monetary Policy
Henry Peabody, senior investment strategist at GMO, joins Monetary Matters to explain why the Fed has an unofficial third mandate: managing how credit flows through an economy that is increasingly outside the banks. With private credit and fixed-rate borrowing loosening the link between Fed policy and the real economy, Henry argues that rate hikes are hitting consumers and weaker borrowers while l
Energy Shock and Rate Hikes Could Cause a 2022 Style Bear Market | Eric Wallerstein | Clocktower Group
Eric Wallerstein, Chief Macro Strategist at Clocktower Group, joins OPM to discuss why he sees substantial risk that the Fed is making a policy mistake by hiking into a supply shock that could cause a 2022 style bear market. He also explores the global coordination of rate hikes and why he believes the participation of lower growth economies like Canada indicate that this is a reaction to higher e
Outlook on 5 Key Commodities: Metals Bull Market is Just Getting Started (Gold, Copper, & Uranium) | Jérémie Boyer | Aurelion
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Jérémie Boyer, co-founder of Aurelion Research, joins OPM to give his outlook for 5 key commodities. He explains why after avoiding earlier downside volatility in gold he just got the buy signal he’s been waiting for, and why the longer-term AI driven bull the
Why The 30-Year Treasury Lost Its Biggest Buyers | David Busch on Why High Yields Are Attractive Right Now
Jack Farley is joined by David Busch, Chief Investment Officer of Trajan Wealth, to discuss rising U.S. Treasury yields, persistent inflation, and the Federal Reserve's monetary policy trajectory. Busch breaks down the structural drivers behind elevated bond yields, including $40 trillion in national debt, geopolitical energy shocks, and massive corporate debt issuance for AI infrastructure. He ex
Hawks Take Flight | Joseph Wang on Fed’s Hawkish Hike and Warsh’s Gameplan
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Former Fed trader Joseph Wang joins Jack Farley live to break down Chair Kevin Warsh's third meeting — and his first rate hike, framed as "removing a dose of accommodation" against a Middle East oil-shock backdrop. Joseph explains why he called the hawkish move well ahead of the co
Hunting for Value in Mining Stocks Amid Soaring Metals Prices | Freddy Brick | Muddy Waters Capital
Precious metal and base metal prices have soared as have many mining stocks, but despite this, Freddy Brick, partner at Muddy Waters Capital says that the industry feels closer to left for dead than euphoric. He explains why that setup and the consistency of the mispricing in the sector brought them to launch a fund with the help of mining expert Darren McLean allowing them to take concentrated in
Why Farmland With Centuries of Water Is the Ultimate Scarce Asset | John Farris of LandFund Partners on Super El Niño, Food Security, and the Sources of Alpha in Farmland
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Jack Farley speaks with John Farris, founder & CEO of LandFund Partners and former World Bank agricultural economist, about the tightening global food equation — and where the return actually comes from in farmland.
The setup: if the world stopped growing crops tomorrow, John says there are roughly 70 days of
What Actually Happens When a Life Insurer Fails (It's Worse Than a Bank) | Pranjal Drall and Andrew Granato on How Private Equity Turned Life Insurance Into a Taxpayer Backstop
Andrew Granato, Assistant Professor of Law at the University of Texas at Austin, and Pranjal Drall, JD/PhD candidate at Yale, join Jack Farley to discuss their paper "Private Credit, State Backstop: How Private Equity Socializes Risk Through Insurers." Private equity ownership of life insurers has grown from roughly $23 billion in 2009 to about $700 billion by 2024, and Granato and Drall argue thi
“I’m Insanely Bullish on Bonds” | Jared Dillian on Copper, Bonds, Semis, and The Awesome Portfolio
Jared Dillian, author of The Daily Dirtmap and the new book “The Awesome Portfolio”, returns to argue that the bond bear market is a sentiment story that has gone too far. Jared calls the market's obsession with deficits and inflation a "mind virus," notes that the $2 trillion deficit is only 6% of GDP versus 12% in 2010, and points out that everyone measures bond supply while nobody measures dema
The Certainty Premium: What’s Driving the Tech Sector Divergence? | Jeff Keller
Max Wiethe sits down with Capelight Partners founder Jeff Keller to dissect the massive Q3 technology sector divergence and the rapidly shifting landscape of AI investments. Keller breaks down why the market is rewarding near-term certainty in the tech sector and why he doesn’t like the "blow-off top" comparison between AI and the ARK implosion of 2021. He also gives his outlook for usage-based so
The Commodity Bull Market Is Broadening | Jim Wiederhold on Copper, Grains, and Bloomberg Commodity Index
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Jim Wiederhold, Commodity Indices Product Manager at Bloomberg, joins Monetary Matters for a deep dive into what's really driving this commodities cycle. We start with the AI buildout and why it's quietly becoming one of the biggest demand stories in copper and silver, not just semiconductors. From there, Jim breaks down
Time to Reduce Equity Risk: Why Underappreciated Macro Risks Could Derail the Bull Market | Warren Pies
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In this episode of "Other People's Money," host Max Wiethe welcomes back Warren Pies, co-founder of 3Fourteen Research, to unpack why macro risks are suddenly taking control of the stock market. Pies explains his tactical decision to downgrade stocks and commodities to neutral, shifting capital into ca
Is Private Equity Broken? Why the Buyside’s Problems Are Making 2026 “The Year of the Banker” | High Yield Harry
In this episode of Other People's Money, host Max Wiethe sits down with High Yield Harry to examine the major trends in Wall Street compensation and careers, and why 2026 may be the year of the investment banker. Harry shares data from Buy Side Hub to detail buy-side compensation trends, career mobility bottlenecks, and why private equity professionals are resorting to non-recourse loans while wai
Why Bessent Blinked | Luke Gromen on Doubling of Treasury Buyback Plan to Tame Long-End Yields
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Luke Gromen — founder of Forest for the Trees (FFTT) Research — returns to Monetary Matters the same week Treasury Secretary Scott Bessent doubled the size of Treasury buybacks, and Luke argues it's the first real admission that the U.S. has what his firm calls an "emerging market hard currency debt spiral problem."
T
Ex-Goya COO on the $1.4 Trillion Family Business Opportunity in Three Consumer Sectors | Andy Unanue
Andy Unanue, Founder and Managing Partner of AUA Private Equity Partners and former COO of Goya Foods breaks down the trillion-dollar opportunity in US food, beverage, and pet wellness family businesses. Andy shares how his experience in a family-run business shaped his firm's strategy of partnering with lower-middle-market, family-run companies across those sectors and explains how AUA unlocks 15
Robin Wigglesworth on Hyperscalers' 1.5 Trillion of Off-Balance Sheet Liabilities, Private Credit, and His Book "A Fabulous Debt"
Robin Wigglesworth — editor of FT Alphaville and author of A Fabulous Debt: The Epic Story of How Bonds Built the Modern World — joins Jack Farley to unpack the hidden debt fueling the AI buildout. Wigglesworth reveals that off-balance-sheet leverage from hyperscalers like Meta, Google, and Microsoft jumped from roughly $1 trillion to $1.5 trillion in a single quarter, hidden in lease structures a
Milton Berg: I Have Evidence Market Has Likely Bottomed | Why Milton’s Long Semis, Korea, Nasdaq, and More (With Caveats), and Why He Thinks Gold has made a Multi-year Top
Milton Berg, one of Wall Street's legendary market technicians, returns to Monetary Matters to explain why he believes the recent crash across the S&P 500, Nasdaq 100, KOSPI, and semiconductor stocks has already bottomed — and why he's still positioned long despite major caveats.
The positive divergence call: Milton breaks down why the S&P 500's July 29th low held above its June 9th low even a
Misunderstood Stocks in Data Center Power, Cybersecurity, and Payments | Dean & Deiya Pernas
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In this episode of Monetary Matters, Jack Farley sits down with Deiya and Dean Pernas of Pernas Research to discuss their contrarian investment strategies and overarching market themes. The brothers delve into the massive en
Victor Haghani on Death of Random Walk, and Passive, Buybacks, and LTCM
Victor Haghani — founder of Elm Wealth, co-author of “The Missing Billionaires” and former founding partner of Long-Term Capital Management — joins Monetary Matters to explain why the stock market doesn't follow a random walk. Drawing on his new paper "Who Killed the Random Walk?", Victor lays out a model where value investors, static asset allocators, and "extrapolators" interact to produce the e
Why Macro is “Pretty Risk-On” for Equities | Tian Yang of Variant Perception
In this episode, host Jack sits down with Tian Yang, co-founder and head of research at Variant Perception, to analyze the current macroeconomic landscape and equity market outlook. Tian shares why macro indicators point to a broadly supportive "risk-on" environment over the next three to six months despite recent pullbacks in semiconductor and tech stocks. He discusses the exhaustion of the agent
Mum’s The Word: Kathryn Rooney Vera on Fed’s Second Meeting under Kevin Warsh, Plus Earnings Breakdown (Live Replay)
In this episode, Jack sits down with Kathryn Rooney Vera, Chief Market Strategist at StoneX Group, to unpack the Federal Reserve's decision to hold interest rates and Chair Warsh's transition toward a quieter, laissez-faire communication style. Kathryn shares her macroeconomic outlook, forecasting that we may still see rate hikes post-election unless widespread AI adoption delivers a significant p
Luke Gromen: Yield Curve Control is the Only Way to Stop a Global Bond Crisis
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Luke Gromen, founder of Forest for the Trees, sites down with Max Wiethe to dissect the escalating crisis in the global bond market. Gromen argues that off-balance sheet liabilities, such as baby boomer retirements and surging veterans' benefits, are colliding with massive defense spending to force a dangerous inflationary
Debt Service Coverage in Private Markets Is Improving, Actually | Nicholas Brooks
In this episode of Monetary Matters, host Jack sits down with Nicholas Brooks, Head of Economic and Investment Research at ICG, to discuss the true health of private credit and corporate balance sheets. Brooks argues that underlying corporate fundamentals and EBITDA growth remain highly resilient against macroeconomic and geopolitical noise. He notes that corporate interest coverage ratios are sta
Interest Rates to 10%: Why the Treasury Market is the Real Speculative Bubble (Not AI) | Russell Clark
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In this episode of Other People's Money, Max Wiethe sits down with hedge fund manager Russell Clark to discuss why he believes the U.S. Treasury market is a much larger and more dangerous speculative bubble than AI. C
Nick Nemeth: Private Credit Will Blow-up Insurance System | Immense Leverage, Shaky Loans, and Retirement System That Actually Does Have Run Risk (via Surrenders)
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Private credit has ballooned to roughly a trillion dollars, but Nick Nemeth of Mispriced Assets argues the danger isn't the banking system — it's insurance. In this Monetary Matters interview with Jack Farley, Nemeth lays out how private-equity-owned insurers have become highly leveraged holders of private credit and CLOs
Turbo Charged Trend Following: Why Capturing the Market’s Biggest Trends Means Embracing High Volatility | Moritz Seibert & Moritz Heiden | Takahe Capital
Moritz Seibert and Moritz Heiden of Takahe Capital dive deep into the mechanics of high-octane trend-following strategies and unpack why they target 25-30% annualized volatility, bucking the institutional trend of lower volatility to capture massive outlier trades like the recent cocoa and gold runs. They explore the heated debate between dynamic position sizing and classic approaches, revealing w
The Semiconductor Earnings Boom Is Just Getting Started | Ben Pouladian on why AI is Real, Nvidia is Mispriced, and Capacitors Are Overrated
In this episode of Monetary Matters, Jack Farley sits down with semiconductor analyst Ben Pouladian of BEP Research to unpack the complex hardware supply chain powering the AI revolution. Pouladian pushes back against the bear argument that the current boom is merely a dot-com bubble repeat, explaining why Nvidia's ability to generate "intelligence" differs vastly from Cisco's networking commoditi
Breaking Down the Multi-Manager Playbook: How This $19B CIO Thinks About Alpha | Sean McGould | The Lighthouse Group
Sean McGould, CEO and CIO of $19 billion hedge fund manager The Lighthouse Group, joins OPM to discuss navigating today's bull market by targeting diverse sources of global alpha. The conversation focuses on Japan as a new source of alpha, spurred by the country's historic corporate governance reforms, the unwinding of cross-shareholdings, and the new NISA guidelines driving unprecedented retail i
The Ultimate Playbook for Reducing The Fed’s Balance Sheet | Professor Darrell Duffie on 4 Tools For Federal Reserve To Shrink Reserve Demand In Banking System
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It's no secret that the new Fed chair, Kevin Warsh, prefers the Federal Reserve to have a smaller balance sheet, perhaps a much, much smaller balance sheet. The consequences of this range from the mundane to the profound, but what is without question is that in order to reduce the Fed's balance sheet, there need to be addi
The Real Estate Cycle Is Turning | Josh Pristaw on The New Cycle in Real Estate, Opportunity in Senior Living, Why AI Data Centers Are Too Big For Most Investors
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In this episode of Monetary Matters, host Jack sits down with Josh Pristaw, President of the $73 Billion real estate firm Clarion Partners, to decode the smartest institutional property plays for the new 2026 market cycle. Pristau incisively breaks down why Clarion avoids the massive concentration risks of direct data cent
What If It’s Still Early? | Erik YWR on $10,000 S&P 500 by 2027 Case, Hyperscaler ROIC, AI CapEx, Semis, Exchanges, and Reverse Crash Risk In “Project Zimbabwe”
In this episode, veteran investor and macro strategist Erik from the Erik YWR Substack breaks down his bold bull thesis projecting the S&P 500 to hit 10,000 by the end of 2027. Drawing on his past investing experience in Africa, Erik introduces "Project Zimbabwe," explaining why higher inflationary eras trigger an "upward crash" where nominal assets like stocks and real estate surge even when the
Top IPO Scholar on Unprecedented IPO Wave & Why IPOs Underperform the Market | Jay Ritter
Leading IPO researcher Jay Ritter, widely known as "Mr. IPO" and the director of the IPO Initiative at the University of Florida's Warrington College of Business breaks down the historic 2026 public market landscape. Ritter analyzes the unprecedented potential for a wave of mega-IPOs from tech giants like SpaceX, OpenAI, and Anthropic. He dives into the realities of staggering price-to-sales ratio
Rothschilds, Railroads, & Ruin | Liaquat Ahamed on “1873” (New Book!)
Liaquat Ahamed, legendary financial historian and author, joins Jack to discuss his latest book, "1873: The Rothschilds, the First Great Depression, and the Making of the Modern World.” Ahamed unpacks the 1873 financial crisis, explaining how Germany's abrupt move from silver to gold during a market panic triggered a massive global scramble for precious metals and severe deflation. He details the
Inside The Platform Helping to Invest Like Substack & FinTwit's Top Researchers | Plutus
In this episode of Other People's Money, host Max Wiethe sits down with Shashank Chiranewala, founder of the new investment platform Plutus, to explore the future of independent research and portfolio management. Shashank explains why his platform is fundamentally different from the copy trading trend, emphasizing the importance of aligning model portfolios with an investor's unique risk-reward ne
Ed Zitron: The AI Bubble is Bleeding Cash, Here Are The Receipts
Ed Zitron is one of the most prolific skeptic of the AI Boom. Having just reported OpenAI’s 2025 financial loss, he joins Jack to argue that the sheer size of the losses by the large language model (LLM) companies are unsustainable and the operational costs of training and running LLMs far exceeds the revenue customers are willing to pay. Ed also discusses Meta’s confusing AI strategy, the risk (a
Jim Chanos & Val Zlatev: Long and Short Alpha in AI, Semiconductors, Neoclouds, and Data Centers | MacroMinds Symposium 2026
In this panel at MacroMinds Symposium, Jack Farley sits down with legendary short seller Jim Chanos and Val Zlatev, Portfolio Manager and Partner at Analog Century Management, to analyze the long and short opportunities of the AI and semiconductor boom. Chanos highlights a significant timing disconnect wherein chip suppliers recognize revenues immediately while hyperscalers capitalize their massiv
The US Manufacturing and Electrification Megatrends Are Here and They’re Way More Than AI | Chris Semenuk
In this episode of Other People’s Money, host Max Wiethe sits down with Chris Semenuk, an investment partner at Tema ETFs, to discuss the massive secular tailwinds driving the US manufacturing and electrification renaissance. Semenuk argues that after a three-year recession and decades of underinvestment, US industrial capacity and manufacturing are finally entering a powerful recovery cycle. Movi
Regulatory Risk is Coming For AI | David Woo on AI Data Center CapEx and Iran War
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In this episode of Monetary Matters, host Jack Farley sits down with independent economist and strategist David Woo to break down the hidden realities behind global tech markets and macroeconomics. Woo reveals how component inflation and artificial "token maxing" have created an optical illusion of accelerating corporate
America’s $205 Billion Government Fund You’ve Never Heard Of | Conor Coleman, Head of Investments at Development Finance Corporation (DFC)
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Conor Coleman, Head of Investments and Chief of Staff at the Development Finance Corporation (DFC), joins Monetary Matters to explain the DFC’s capacity as the international investment arm of the United States Government and its central role in economic statecraft. He and Jack discuss the Ukraine Mineral Deal, Strait of H
“Sleepwalking into Crisis”: Why The Oil Market Hasn’t Imploded Yet | Kpler’s Matt Smith
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In this episode of Monetary Matters, host Jack sits down with Matt Smith, the Director of Research at Kepler, to analyze how the global oil market is sleepwalking into a major supply crisis four months into the Iran war conflict. With the Strait of Hormuz closed for over three months, approximately 11 million barrels per
The AI Chip Bubble: Why South Korea & Taiwan Are In the Danger Zone | Michael Fritzell | Asian Century Stocks
In this episode of Other People’s Money, host Max Wiethe sits down with Michael Fritzell, author of Asian Century Stocks, to break down the massive valuation divergence playing out across Asian equity markets. Michael explains why he believes the skyrocketing AI and memory chip sectors in South Korea and Taiwan have entered dangerous bubble territory, fueled by unsustainable profit estimates that
Overvaluation Meets Macro Risk: Why This Massive Asset Manager is Getting Bearish | Jim Masturzo | Research Affiliates
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In this episode of Monetary Matters, host Jack Farley sits down with Jim Masturzo, Chief Investment Officer at Research Affiliates, to discuss the changing macroeconomic landscape and the underlying flaws of the traditional 60/40 portfolio. Masturzo explains that the recent positive correlation between stocks
How This Real Estate Investor is Betting on an AI Boom (It’s Not Data Centers) | Tom Shapiro
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In this episode of Other People's Money, GTIS Partners founder and CIO Tom Shapiro breaks down how massive macroeconomic shifts, including AI and inflation, are reshaping the global real estate landscape. He explains why his firm is heavily betting on a San Francisco recovery driven by the booming AI sector, and how they ar
Things Are Going to Get Even Crazier: The Macro Regime Shift | Andreas Steno Larsen
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Andreas Steno Larsen, macro researcher from Real Vision, joins Max Wiethe on Other People’s Money to discuss the shifting macro regime where inflation has returned and is pushing US Treasury yields over 5%. They discuss the market’s expectation for interest rate hikes and how the new Fed chair Kevin Warsh wil
What Doomer Narratives Miss About Private Credit | John Cocke of Corbin Capital
John Cocke, Deputy Chief Investment Officer at Corbin Capital, joins Jack to discuss the world of private credit. With so much discussion over the asset class, John provides some much-needed context. While there are some areas of concern, John rejects the doomer narratives commonly seen on social media and sees opportunity on the horizon. Jack and John also discuss data center financing and the im
A Basel III Deep Dive | What to Know About How It Will Transform Banking Globally
Chen Xu, counsel at Debevoise & Plimpton, joins Jack to discuss the Basel III framework and endgame. The Basel III framework is extremely important to the future of banking and credit. Few people are as qualified to explain this complex agreement more than Chen Xu. Chen explains what Basel III is and how it will affect many different areas of the financial world. Recorded on May 1st, 2026.
Fol
Why Andy Constan Says The AI Bubble is in Earnings, Not Price
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“You Don’t Sell Blow-offs” | Andrew Perry on Bullish Technicals of U.S. Stock Market, “Dangerous” Period for Global Equities, and Bull Case for Agricultural Commodities
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In this episode of Monetary Matters, host Jack sits down with veteran macro investor Andrew Perry of Macro Pillars. Perry provides a bullish technical outlook for US stocks, offering specific targets for the S&P 500 while warning against shorting the current momentum on a nominal basis. The discussion explores strategic p
Lyn Alden on Macro Consequences of AI and The Stolgard Incident (Monitoring The Situation Replay)
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Jack Farley and Max Wiethe host Lyn Alden to explore the profound economic shifts driven by AI and the semiconductor industry. Alden compares the current rise of autonomous AI agents to the blue-collar manufacturing shifts of the 1980s, expressing continued bullishness on semiconductors due to physical bottle
Lending Where the Banks Won’t Go: What’s Fueling Europe’s Growing Real Estate Private Credit Market?
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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-Jone
Why Generative AI Still Can’t Trade | David Wright on How Quant Alpha Actually Is Done With Machine Learning, Decision Trees, and Gradient Boosting
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Jack Farley sits down with David Wright, co-head of Quantitative Investments at Pictet Asset Manag
Finding the Market’s Most Overlooked Macro Themes and Profiting from Global Volatility | Harris Kupperman
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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 tailwin
Warren Pies: The Scramble for Compute Cures All Ills | Two Wolves of “Hockeysticking Earnings” and Hormuz Oil Shock (Plus Caliban)
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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
Why Fundamentals Fail the New Economy | Jacob Pozharny on “Sentiment” Analysis’ Role in New Economy Stocks
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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 bifurcat
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 Fede
SpaceX IPO: Why This Hedge Fund Manager is Fading the Hype | Moez Kassam
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Hosts Jack Farley and Max Wiethe are joined by Moez Kassam, the Chief Investment Officer of Anson
From Soros to Old Farm: How to Identify the Market’s Top Thematic Risk-Takers | Kieran Cavanna | Old Farm Partners
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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 dow
“Overblown” Sell-off in Software Loans | Matthew Bloomfield on Public BDCs (Business Development Companies) and Collateralized Loan Obligations (CLOs)
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Matthew Bloomfield, President of Palmer Square Capital BDC, joins Jack to discuss structured credit markets. With fears rising over private credit defaults,
Navigating the SaaS Apocalypse: Why AI Disruption is Mispriced | Deiya Pernas | Pernas Research
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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 S
Banks' “Considerable” Exposure to Private Credit | Chris Whalen on Banks’ Loans to NBFIs, Plus CRE, Gold, and Payments
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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 obscure
Financial Repression, Pt. 1 | Professor Hanno Lustig on Hidden Taxes, Fiscal Sustainability, and Japan’s Debt Puzzle
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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, s
"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.
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"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.
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Private Credit “Doom” Narrative On Shaky Foundation? | Michael Haynes On Why Retail Outflows Are Real But Credit Foundations Are Solid
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Michael Haynes, Head of Private Credit at Beach Point Capital Management, joins Jack for a discussion of private credit. Michael explains the nuances of th
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):
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“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
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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 m
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):
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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):
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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):
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How the Iran War Reshapes the Sovereign Debt Landscape | Sovereign Debt Expert Lupin Rahman
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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 t
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):
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“Not Until May” The Real Timeline for Controlling the Strait of Hormuz | Nadia Martin Wiggen Svelland Capital
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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 con
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):
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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
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