Monetary Matters with 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

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

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

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

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

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

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

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 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

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.

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

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 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

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 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

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

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

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

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

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 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 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

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

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/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

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

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 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

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

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

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

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

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 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

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

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

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

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

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 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 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 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 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

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

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

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

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

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

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

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