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 Legendary resource investor Rick Rule, founder of Rule Investment Media, explains why he anticipates a 75% decline in US dollar purchasing power over the next decade. Rule breaks down his recent move to sell a significant portion of his silver holdings to rotate into silver miners, highlighting the massive valuation arbitrage currently available in the sector. He provides a masterclass on the "best-of-the-best" royalty and streaming companies and why he thinks streamers are going to make more deals than ever. He also outlines his top criteria for resources stocks in the mining and oil & gas sectors. Rule Investment Media: https://www.ruleinvestmentmedia.com/ Follow Rick Rule on Twitter: https://x.com/RealRickRule Follow Jack Farley on Twitter: https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Introduction 00:53 10 Year Metals Thesis 04:38 Contrarian Investing Rules 07:15 What Starts Bull Markets 10:22 Selling Silver For Miners 14:04 Pictet’s PQNT 16:57 Why Royalties Win 20:00 Big Streaming Deals Ahead 23:58 Valuation Arbitrage And M&A 27:02 Gold Linked Bonds And Credit 30:08 Elemental EMX Merger Synergies 34:11 Altius The Resource Allocator 36:22 Lithium DLE Threat 37:11 Altius Beyond Royalties 39:38 What Makes Great Majors 41:03 Recycle Ratio Explained 45:01 Efficiency Beats Optionality 47:10 Top Picks and M&A Logic 51:58 Jurisdiction Risk Reality 55:12 California Politics and Oil 59:19 Non Producers Highcroft 01:02:29 Snowline and Globex Views 01:06:15 Canadian Oil Royalties 01:09:55 Conclusion

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

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

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

This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS): https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm Pictet AI Enhanced International Equity ETF (PQNT): https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm Alexander Campbell, founder of Rose AI and former head of commodities at Bridgewater, joins the show to dissect the structural drivers behind the silver market and the transformative potential of artificial intelligence. Campbell details the "Silver Squeeze" thesis, attributing the metal's volatility to a combination of inelastic industrial demand from solar manufacturing and speculative capital flight out of China. He clarifies complex market dynamics, specifically the "Shanghai Premium" and the logistical friction involved in moving physical metal between Western and Eastern exchanges. Shifting to technology, Campbell warns of an impending "air pocket" for traditional software stocks, arguing that AI agents will disrupt companies that function primarily as "a database and a front end". He outlines a future defined by local compute and open-source models, predicting that value will accrue to data ownership and physical hardware rather than legacy SaaS applications. The conversation concludes with Campbell’s macro strategy of being long the "world of stuff" and data while betting against the "economy of paper" amidst de-globalization. Recorded February 2, 2026. Alex’s pieces: “Silver: The Only Money That Generates Electricity”: https://www.campbellramble.ai/p/silver-the-only-money-that-generates “The Silver Squeeze”: How Solar Threatens a Decade of Deficits https://www.campbellramble.ai/p/the-silver-squeeze “When You Feel Pain, Remember to Reflect”: https://www.campbellramble.ai/p/when-you-feel-pain-remember-to-reflect “The Protection Portfolio: September 2025”:https://www.campbellramble.ai/p/the-protection-portfolio-september Follow Alex Campbell on X https://x.com/abcampbell Follow Jack Farley on X https://x.com/JackFarley96 World Silver Survey 2025:https://silverinstitute.org/wp-content/uploads/2025/04/World_Silver_Survey-2025.pdf November 2025 Interim Market Review: https://silverinstitute.org/wp-content/uploads/2025/11/Silver_Institute_Silver_Interim_2025.pdf Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5YouTube https://rb.gy/dpwxez

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

This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS): https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm Pictet AI Enhanced International Equity ETF (PQNT): https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm In this interview, Joseph Wang of FedGuy.com discusses various levers the Trump administration could pull to lower mortgage rates, even without the Federal Reserve's direct involvement. These include directing government-sponsored enterprises like Fannie Mae and Freddie Mac to increase their mortgage holdings, potentially by lifting their current portfolio caps. Wang also notes that expanding access to cheap financing from Federal Home Loan Banks for mortgage REITs could be another avenue. Beyond housing, Wang predicts that President Trump will significantly influence the Federal Reserve, potentially leading to more interest rate cuts than the market currently anticipates. He suggests that Chair Powell will likely leave his position in May, allowing Trump to appoint a successor. Wang is bullish on the US economy, citing tailwinds like a potential productivity boom, strong credit creation, and stimulative fiscal policy. However, he cautions that AI stocks are in a bubble, though he believes the technology itself will benefit the broader economy by increasing productivity. Recorded January 29, 2026. Joseph Wang’s YouTube channel: https://www.youtube.com/@Fedguy12 “Sleeping Giants” (Joseph’s piece on Fannie & Freddie): https://fedguy.com/sleeping-giants/ Follow Joseph Wang on X https://x.com/josephwang Follow Jack Farley on X https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

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

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

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

Learn more about the Fundrise Income Fund here: https://Fundrise.com/mm In this deep-dive interview, NYU Finance Professor Aswath Damodaran, the "Dean of Valuation," assesses the current state of the U.S. stock market, describing the S&P 500 as richly priced but stopping short of calling it a bubble. He explores the "big market delusion" inherent in the AI revolution, distinguishing between the profitable "architecture" of chips and the highly speculative future of Large Language Models. Damodaran provides a candid look at his own portfolio, explaining why he recently exited his Nvidia position after a massive run while continuing to hold Microsoft. He offers a sharp critique of "lazy" valuation metrics like the P/E ratio, arguing that investors must instead focus on cash flows and the shift toward buybacks to understand market resilience . Furthermore, he warns that while AI will benefit consumers, the resulting competition may actually lead to lower profit margins for most companies collectively. Finally, the Professor touches on the role of gold as something that is viewed as an "insurance policy" in a world where institutional trust is rapidly eroding. Recorded on January 15, 2026. Aswath Damodaran’s YouTube channel https://www.youtube.com/@AswathDamodaranonValuation Aswath Damodaran’s Website https://pages.stern.nyu.edu/~adamodar/ Aswath Damodaran on X https://x.com/AswathDamodaran Aswath Damodaran on LinkedIn https://www.linkedin.com/in/aswathdamodaran/ Follow Jack Farley on X https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

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

In this episode, Andy Constan of Damped Spring Advisors reveals why he has liquidated 100% of his US asset positions to bet on the "Rest of the World". He breaks down the looming financing headwinds created by massive AI capital expenditures and political promises, explaining how this borrowing spree creates a near-term drag on US equity and corporate bond prices. Constan argues that the era of US exceptionalism is fading, making Japanese and European assets far more attractive for risk premia and diversification now that their yields have normalized. He also predicts that while a recession isn't imminent, economic growth will likely miss lofty expectations, potentially forcing the Federal Reserve to cut rates more aggressively than the market has priced in. Finally, Constan shares his insights on why he remains long gold as a portfolio hedge and how investors should reposition for a period where global assets are set to outperform the U.S. Recorded January 20, 2026. Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Andy Constan on Twitter https://x.com/dampedspring Andy’s gold piece, “Glittery”: https://dampedspring.com/wp-content/uploads/2025/09/Glittery.pdf Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

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

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

This 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