Monetary Matters with 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 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 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

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

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 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