Monetary Matters with Jack Farley

Milton Berg, pioneer in technical market data analysis, explains why he thinks early April was a turning point in the U.S. stock market and why the stock market is likely headed higher. Recorded May 13, 2025 Follow Milton Berg on Twitter https://x.com/BergMilton Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

To view the prospectus for the VanEck Merk Gold ETF (OUNZ), please visit: https://www.vaneck.com/OUNZProspectus Learn more: https://www.vaneck.com/OUNZJack/overview/ Ken Rogoff’s new book on the U.S. Dollar on Amazon: https://www.amazon.com/Our-Dollar-Your-Problem-Turbulent/dp/0300275315 On Publisher’s site: https://yalebooks.yale.edu/book/9780300275315/our-dollar-your-problem/ Ken Rogoff, renowned economist and author of “Our Dollar, Your Problem: An Insider's View of Seven Turbulent Decades of Global Finance, and the Road Ahead” traces the development of the U.S. Dollar’s rise to world dominance, and he connects it with the trade and capital imbalances that have recently motivated large tariff actions from the United States. Rogoff argues that he thinks the Trump tariff policy through April 30 2025 was somewhat “dumb” but that there is a chance that 10 years from now Trump will be viewed as having been right. Recorded April 30, 2025. Follow VanEck on Twitter https://x.com/vaneck_us Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

George Magnus, famed economist and Associate at the China Centre Oxford, joins Monetary Matters to discuss how the global trade reset was inevitable because of unsustainable trade imbalances built up prior to the Trump administration. They also discuss the likelihood of tariffs being lowered and the relative strength of the US and China in trade negotiations. Follow George Magnus on Twitter https://x.com/georgemagnus1Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

Jack welcomes Max Wiethe, Other People’s Money podcast host. The two discuss the May Fed meeting, in which Powell repeatedly stressed that the central bank is in a wait and see posture as it gauges how tariffs will impact inflation and growth. The two also discuss shipping volumes, tariff front running, and China’s recent monetary stimulus. Recorded May 7, 2025. Follow Max Wiethe on Twitter https://x.com/maxwiethe Follow Other People’s Money podcast on Twitter https://x.com/OPMpod Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe Last Bear Standing joins Monetary Matters to explain why he thinks subpar equity returns are likely. In his words, “ The market’s current decline is not a correction, a bump in the road, or a dip to be bought. We have entered a protracted bear market.” Recorded on May 1, 2025. Follow Last Bear Standing on Twitter https://x.com/LastBearStandng Follow Teucrium on Twitter https://x.com/TeucriumETFs Follow Jack Farley on Twitter https://x.com/JackFarley96 “The Matador”: https://substack.com/@thelastbearstanding/p-162490853 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

Kara Murphy, CIO of Kestra Investment Management, joins Monetary Matters to share her investment outlook at a time of great uncertainty in global financial markets. Murphy argues that investors are best served taking a long-term approach, and investors with a long-time horizon ought not to spooked by policy-induced short-term gyrations in the stock market. Recorded on May 2, 2025. Follow Kara Murphy on LinkedIn https://www.linkedin.com/in/moneywithmurphy/ Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

The first 4 months of 2025 have been highly volatile hurting both equity and fixed income investors alike, but how has the “smart money” faired in this environment? Jack and Max breakdown the performance of hedge funds in Q1 and April of 2025 with data from Citco Fund Services and HFRI. They also discuss the recent moves by Yale and Harvard to sell some of their private equity stakes and other indicators that might signal trouble ahead for PE as an asset class. Follow Jack on X: https://x.com/JackFarley96 Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod

Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe Learn more about Teucrium’s Model Commodity Portfolio: https://insights.teucrium.com/commodities1subscribe Golden Grain Cycle: https://insights.teucrium.com/golden-grain-cycle This Fireside Chat is a sponsored conversation with the CEO of Teucrium, Sal Gilbertie. Sal’s company offers access to agricultural commodities such as corn ($CORN), soybeans ($SOYB), wheat ($WEAT), sugar, as well as broad commodity indices ($TAGS & $TILL) and 2x levered Ripple ($XXRP). Follow Teucrium on Twitter https://x.com/TeucriumETFs Follow Sal Gilbertie on Twitter https://x.com/GilbertieSal Follow Jake Hanley on Twitter https://x.com/MacroView_Jake Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5YouTube https://rb.gy/dpwxez

Marc Rubinstein, former hedge fund manager and author of Net Interest joins Monetary Matters to discuss how the financial sector is preparing itself for the risks of a recession and how they are managing tariff uncertainty during this earnings season. Rubinstein touches on the different subsectors of the financial sector, like banks, non-banks, asset managers and payments companies, as well as how financials in different geographies may benefit from the reshuffling of global trade. Read Marc’s Net Interest Substack on The Great Payments Processor Reshuffle of 2025: https://www.netinterest.co/p/partner-swap Follow Marc Rubinstein on Twitter https://x.com/MarcRuby Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

Matt Jozoff, co-CEO, Portfolio Manager, and Head of Macro Research at Trevally Capital joins Other People’s Money, to discuss how trends like the growth in the Ginnie Mae market, low credit borrowers and non-bank originators, and other factors are affecting mortgage prepayments and creating opportunities in the mortgage market for firms like Trevally Capital. He also discusses how Trevally Capital is looking to extract alpha from these opportunities and build a world-class institutional asset manager with the backing of partners like The Raptor Group and Seaport Global Securities. Learn more about Trevally Capital: https://www.trevallycapital.com/ Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps 00:00 Intro 01:33 Post-Tariff Fixed Income Market Update 06:49 Recent Mortgage Market Developments 10:45 Ginnie Mae Mortgages 12:04 Not Calling For Another Mortgage Crisis 13:42 Nobody Can Afford Refinancing 17:24 Trump Admin and Fannie & Freddie 21:08 Factors Affecting Mortgage Prepayments 28:27 Day one Institutional Quality 34:53 Prepayments Part II 39:04 Importance of Seed Investors like Raptor & Seaport Global 42:07 Hedge Fund Seed Investing is Venture Capital 43:55 Peers & Competitors in the Mortgage Market 49:36 Physics & Cincinnati Connection

Libby Cantrill, Managing Director and Head of Public Policy at PIMCO, joins Monetary Matters to explain her outlook on U.S. trade and tax policy. Cantrill argues that while Trump administration has flexibility in tariff negotiations and that the China tariffs are likely headed much lower (a prediction that already looks like it will come true), tariffs are not going away anytime soon and she views the 10% tariffs on the world as a floor, with reciprocal tariffs on top of that floor especially on China being elevated. Cantrill also shares her views on sectoral tariffs, the rumored “Mar-a-Lago Accord” (she doesn’t think it has traction), and tax cuts. Recorded the afternoon of April 22, 2025. Follow Libby Cantrill on LinkedIn https://www.linkedin.com/in/libby-cantrill-cfa-17162513b/ Most recent piece, “Overall U.S. Tariff Level Still High Despite Exemptions”: https://www.pimco.com/us/en/insights/overall-us-tariff-level-still-high-despite-exemptions Cantrill’s profile on PIMCO: https://www.pimco.com/us/en/experts/libby-cantrill Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

To view the prospectus for the VanEck Merk Gold ETF (OUNZ), please visit: https://www.vaneck.com/OUNZProspectus Learn more: https://www.vaneck.com/OUNZJack/overview/ What happens to Private Credit in a slowdown? Are fears of tariffs overblown? Danny Moses of “The Big Short” renown joins Monetary Matters to share his views on these important issues and more. Recorded April 17 2025. Follow Danny Moses on Twitter https://x.com/dmoses34 Follow Jack Farley on Twitter https://x.com/JackFarley96 Danny Moses’ podcast, On The Tape: https://open.spotify.com/show/1Bawg52xr2HpGeN36npyua Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

Freya Beamish, Chief Economist at TS Lombard, joins Jack to argue why American tariff policy is accelerating a transition to a multi-polar international monetary order. She estimates that U.S. and China will reach a deal lowering tariffs to ~30% levels and shares her views on bonds and gold. Recorded on April 14, 2025. Follow Freya Beamish on Twitter https://x.com/freyabeamish Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

Sign up for MacroCapture by MI2 Partners today with coupon codes MM10 (for annual) and MM10Q (for quarterly) to save 10% at: https://mi2partners.com/macrocapture-landing-page/ Julian Brigden Co-Founder of MI2 Partners joins Monetary Matters to discuss why the dramatic shift in US trade policy is making non-US investors dump US assets and bring home the profits from a historic bull run in US assets. He also explains why this repatriation of profits coupled with an eventual slowdown in the flow of dollars driven by tariff policy itself spells a weaker dollar and trouble for US financial markets, even if it does result in American reindustrialization. Recorded April 15, 2025. Follow Julian Brigden on Twitter https://x.com/JulianMI2 Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Timestamps: 00:00 Intro 01:53 The Whole World is Overweight the US 09:55 Tariffs Slow the Dollar Flow 17:54 Selling US Assets is Prudent for Foreign Investors 26:42 Who Wins in the US Domestic Economy? 29:56 MacroCapture 34:58 Tariffs Have Been a Carpet-bomb Approach 44:06 Tariffs = Stagflation 49:43 Tariff Effects on China and Europe 54:04 Are Risks Greater in the US? 01:00:13 Will Foreign Markets Outperform on US Weakness or Their Strength? 01:04:32 Bond Market Outlook 01:10:24 Gold Outlook 01:12:50 Reading the Tape to Detect Market Participants 01:18:16 Where is the Trump Put? 01:22:21 America’s Liz Truss Moment 01:25:59 Credit Trades and HYG

Måns Levin, CEO and co-founder of Ridge Capital, joins Other People’s Money, to discuss why they believe the Nordic high yield credit market provides unique opportunities for double-digit returns and insolation from tariff and trade war risks. Levin discusses the exceptional start Ridge Capital has had, both in terms of performance and asset raising, the specific features and composition of the Nordic high yield market that they find most attractive, and the flexibility in strategies required to take full advantage of the opportunities they see. Follow Ridge Capital on LinkedIn: https://www.linkedin.com/company/ridgecap/ Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod #credit #creditmarket #fixedincome #bonds #nordic #sweden #norway #denmark #finland #stocks #economics #economy #stockmarket #investing #hedgefunds #trading #wallstreet #ridgecapital #finance

To view the prospectus for the VanEck Merk Gold ETF (OUNZ), please visit: vaneck.com/OUNZProspectus Learn more: vaneck.com/OUNZJack Lyn Alden of Lyn Alden Investment Strategy explains the connection between the capital and financial imbalances the U.S. has with the rest of the world and its trade imbalances which are under so much scrutiny by the current U.S. administration. Alden argues that turbulence in markets, particularly U.S. assets, could continue, and warns listeners not to be exposed beyond their risk limits at a juncture that could be a historic time for markets and the global economy. Recorded April 10, 2025. Follow Lyn Alden on Twitter https://x.com/LynAldenContact Follow Jack Farley on Twitter https://x.com/JackFarley96 Lyn Alden’s book, “Broken Money”: https://www.amazon.com/Broken-Money-Financial-System-Failing/dp/B0CG8985FR Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez ____ The material must be preceded or accompanied by a prospectus. Before investing you should carefully consider the VanEck Merk Gold ETF’s (“OUNZ” or the “Trust”) investment objectives, risks, charges and expenses. An investment in the VanEck Merk Gold ETF (“OUNZ” or the “Trust”) is subject to significant risk and may not be suitable for all investors. OUNZ is not an investment company registered under the Investment Company Act of 1940 (the “1940 Act”) and therefore is not subject to the same protections as mutual funds or ETFs registered under the 1940 Act. The request for redemption of shares for gold is subject to a number of risks including but not limited to the potential for the price of gold to decline during the time between the submission of the request and delivery. Delivery may take a considerable amount of time depending on your location. The Sponsor for the Trust is Merk Investments, LLC. The Marketing Agent for the Trust is Van Eck Securities Corporation. © Merk Investments LLC © Van Eck Associates Corporation

Wayne Himelsein, CIO and founder of Logic Capital Advisors, joins Other People’s Money, to discuss how his hedge fund is built to profit when volatility spikes in moments just like this. Everybody wants to carry crash protection but if implemented improperly the cost of carrying hedges can bleed you dry. Finding innovative ways to solve this problem is what drives Himelsein and Logica forward and in this discussion he discusses their approach to maintaining at the money long volatility exposure without relying on spread trades to fund tail hedges. This episode is brought to you by Fintool, a financial copilot tailored for institutional investors. Fintool leverages Large Language Models (LLMs) to discover financial insights beyond the reach of timely human analysis. From summarizing extensive annual reports to computing numbers and unearthing new insights by comparing years of filings, Fintool equips institutional investors like Janus Henderson, First Manhattan and companies like PWC. Learn more about how you can add AI to your investment process: https://fintool.com/?utm_source=the_opm Follow Wayne on X: https://x.com/WayneHimelsein Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod

Charles Gasparino, Fox Business Senior Correspondent, give color into the protectionist and moderate factions in the White House, and explains why he thinks that, President Trump is likely to reach a deal with major trading partners. Recorded April 8, 2025. Follow Charles Gasparino on Twitter https://x.com/CGasparino Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

Tian Yang, CEO and head of research at Variant Perception, explains his view on a variety of assets on time horizons of tactical, cyclical, and structural duration. Recorded April 7, 2025. Follow Variant Perception on Twitter https://x.com/VrntPerception Follow Jack Farley on Twitter https://x.com/JackFarley96 Variant Perception website: https://variantperception.com/ Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

Follow Jack Farley on Twitter https://x.com/JackFarley96 Max Wiethe on Twitter https://x.com/maxwiethe Other People’s Money Podcast on Twitter https://x.com/OPMpod Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

David Kotok’s book, “The Fed and the Flu: Parsing Pandemic Economic Shocks”: https://www.amazon.com/Fed-Flu-Parsing-Pandemic-Economic-ebook/dp/B0DCK1ZHJT Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow David Kotok on Twitter https://x.com/DavidKotokGIC Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

Benn Eifert of QVR Advisors joins Monetary Matters to share his thoughts on tariffs, volatility, and the growth of ETFs with embedded derivatives. Recorded on March 26 (before “Liberation Day” and the market crash). Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Benn Eifert on Twitter https://x.com/bennpeifert Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

Jack Farley & Max Wiethe share their analysis as global financial markets react with shock to Trump’s reciprocal tariffs which are based not on other countries’ tariff or non-tariff trade measures, but on the level of trade deficit itself. Recorded the morning of April 3, 2025. Follow Jack Farley on Twitter https://x.com/JackFarley96 Max Wiethe on Twitter https://x.com/maxwiethe Other People’s Money Podcast on Twitter https://x.com/OPMpod Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

Darius Dale of 42Macro joins Jack to explain why he’s been bearish on U.S. stocks and expects the rough sledding to continue. Dale believes stagflationary shock from tariffs and deflationary DOGE forces could cause Treasurys to catch a short-term bid, but long-term he is bearish on bonds. On a longer-term time horizon, Dale thinks Trump fiscal forces could be positive for the economy and markets. Recorded on April 1, 2025. Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Darius Dale on Twitter https://x.com/DariusDale42 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

This episode is brought to you by Fintool. Learn more about how you can add AI to your investment process with Fintool: https://fintool.com/?utm_source=the_opm Petr Pinkhasov, CIO and founder of Anthem Capital Management, joins Other People’s Money, for a special “Trader Talks” episode where he discusses how he trades incorporating quantitative signals, thematic views, and technical analysis patterns like DeMark indicators. Petr also discusses how he’s been handling the volatile start to 2025 and what forces he is attributing the market’s recent turmoil and rotations. This episode is brought to you by Fintool, a financial copilot tailored for institutional investors. Fintool leverages Large Language Models (LLMs) to discover financial insights beyond the reach of timely human analysis. From summarizing extensive annual reports to computing numbers and unearthing new insights by comparing years of filings, Fintool equips institutional investors like Janus Henderson, First Manhattan and companies like PWC. Learn more about how you can add AI to your investment process: https://fintool.com/?utm_source=the_opm Follow Petr on X: https://x.com/pinkhasov Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod

This Monetary Matters episode is brought to you by VanEck. Learn more about VanEck Uranium & Nuclear ETF: http://vaneck.com/NLRJack Brad Setser is an expert on global trade and capital flows, having served as senior advisor to the United States Trade Representative from 2021 to 2022. The Whitney Shepardson senior fellow at the Council on Foreign Relations (CFR) joins Monetary Matters to explain why he thinks President Trump’s tariffs are likely to cause a growth shock in the second quarter. Recorded on March 20, 2025 Brad Setser piece on China’s Balance of Payments: https://www.cfr.org/blog/iphone-imf-and-chinas-balance-payments “The Evolution of Global Trade in 2024”: https://www.cfr.org/blog/evolution-global-trade-2024 Follow VanEck on Twitter https://x.com/vaneck_us Brad Setser on Twitter https://x.com/Brad_Setser Brad Setser on CFR: https://www.cfr.org/expert/brad-w-setser Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

This episode is brought to you by Fintool. Learn more about how you can add AI to your investment process with Fintool: https://fintool.com/?utm_source=the_opm Nicolás Dujovne, CIO and founder of Tenac Asset Management, joins Other People’s Money to discuss his path from Treasury Minister of Argentina and president of the G-20 to hedge fund manager. Despite more experience managing economies than trading them, Dujovne and his partners at Tenac have succeeded in building a 5+ year track record with no down years and an annualized rate of 17.18% net of fees, focusing mostly on sovereign and corporate debt of emerging market countries. In the interview we discuss how global macro feeds portfolio construction, the important factors when analyzing individual emerging markets, and how understanding large international organizations like the IMF is crucial to predicting outcomes in EM. This episode is brought to you by Fintool, a financial copilot tailored for institutional investors. Fintool leverages Large Language Models (LLMs) to discover financial insights beyond the reach of timely human analysis. From summarizing extensive annual reports to computing numbers and unearthing new insights by comparing years of filings, Fintool equips institutional investors like Janus Henderson, First Manhattan and companies like PWC. Learn more about how you can add AI to your investment process: https://fintool.com/?utm_source=the_opm PAST PERFORMANCE IS NOT AN INDICATION OF FUTURE RESULTS. Historical performance is included for informational purposes only and should not be relied on as being indicative of results that will be achieved by the Fund. Future returns are not guaranteed, and a loss of principal may occur. Differences in the timing of the transactions, capital contributions or withdrawals, and market conditions prevailing at the time of the investment will lead to different results. Performance shown is for the stated time period only. Performance is presented net of fees and expenses and assumes the reinvestment of income and earnings. The net figures reflect the deduction of management fees (1.5%) and incentive fees (15%). BENCHMARKS. The performance of the Fund is shown as compared to indices. Broad-based securities indices are unmanaged and are not subject to fees and expenses typically associated with investment funds. Investments cannot be made directly in a broad-based securities index. The benchmark is provided for reference only and does not imply that the Fund will achieve returns, volatility, or other results similar to the benchmark. The composition of a benchmark index does not reflect the way the Fund portfolio is constructed in relation to expected or achieved returns, investment holdings, sectors, correlations, concentrations or tracking error targets, all of which are subject to change over time. Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps: 00:00 Intro 00:29 Fintool Front Roll 02:00 Why is LATAM a Macro Hotbed? 04:11 From Minister of the Treasury to Macro Trader 11:36 Capital Raising in LATAM 16:31 Developing & Communicating Your Investment Process 20:53 Fintool Mid Roll 22:01 The Growth of EM Debt Markets 25:56 Dispersion and Portfolio Management 30:50 Corporate/Quasi Sovereign Debt 34:30 The Events That Move Markets in EM 38:22 Data Integrity Issues in EM 39:28 Vol and Investor Expectations 43:14 Global Spotlight on Argentina 44:57 Unique Requirements of Global Investing 48:16 The Roll of the IMF 54:27 Elections and Prediction Markets 56:58 The Roll of US Financial Conditions 01:01:45 Current Outlook for US Trade Policy 01:03:17 Opportunity Right Now #stocks #economics #economy #recession #bonds #stockmarket #investing #hedgefunds #analyst #Alternatives #Argentina #NicolasDujovne #tenac #emergingmarkets #EMinvesting

Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe While Chris Whalen of Whalen Global Advisors is a supporter of many of the Trump administration’s policies, he expects they will cause some significant turbulence in credit and economic markets. Chris explains why he thinks FHA Mortgage foreclosures will rise, and shares his views on tariffs, bank stocks, and payment companies. Recorded on March 20, 2025. Second edition of Chris Whalen’s “Inflated”: https://www.wiley.com/en-us/Inflated%3A+Money%2C+Debt+and+the+American+Dream%2C+2nd+Edition-p-9781394285716 Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Chris Whalen on Twitter https://x.com/rcwhalen Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

This Monetary Matters episode is brought to you by VanEck. Learn more about VanEck Uranium & Nuclear ETF: http://vaneck.com/NLRJack Jim Bianco returns to Monetary Matters to break down the March Federal Reserve meeting. He explains why he thinks tariffs are unlikely to cause a recession and share his current asset allocation outlook. Recorded the afternoon of March 19, 2025. Follow VanEck on Twitter https://x.com/vaneck_us Follow Jim Bianco on Twitter https://x.com/biancoresearch Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

Kris Sidial, co-CIO of The Ambrus Group, returns to Monetary Matters to share his decidedly bearish view of the U.S. stock market. Kris argues that volatility markets are not sufficiently pricing in the risks of President Trump’s economic policy, and if that if anything, vol traders are expecting a bounce and laying off hedges rather than buying them. Kris also explains the dispersion trade, vol selling in ETFs, index arb, vanna & volga, VVIX, and margin risk. Recorded on March 18, 2025. Follow Kris Sidial on Twitter https://x.com/Ksidiii Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

This episode is brought to you by Fintool. Learn more about how you can add AI to your investment process with Fintool: https://fintool.com/?utm_source=the_opm John Bowman, CEO of CAIA Association, the Association of Chartered Alternative Investment Analysts, joins Jack Farley on a special crossover episode of Monetary Matters and Other People’s Money to discuss the biggest trends in alternative investments. Bowman explains how Tariff uncertainty and other geopolitical factors might be the #1 factor that led to last year’s drop in PE assets, why he believes there is still another shoe to drop in private credit, and that hedge funds are coming back into vogue with alternatives investors. This episode is brought to you by Fintool, a financial copilot tailored for institutional investors. Fintool leverages Large Language Models (LLMs) to discover financial insights beyond the reach of timely human analysis. From summarizing extensive annual reports to computing numbers and unearthing new insights by comparing years of filings, Fintool equips institutional investors like Janus Henderson, First Manhattan and companies like PWC. Learn more about how you can add AI to your investment process: https://fintool.com/?utm_source=the_opm Follow John Bowman on X: https://x.com/BowmanJohnL Follow CAIA on X: https://x.com/CAIAAssociation Follow Fintool on Twitter https://x.com/fintoolx Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod

This episode is brought to you by Fintool. Learn more about how you can add AI to your investment process with Fintool: https://fintool.com/?utm_source=the_opm James Aitken of Aitken Advisors is one of the world’s most respected investment minds. He joins Monetary Matters to share his view that tariffs - and in particular announced reciprocal tariffs - from the Trump administration are set to slow economic growth in the U.S. from 5% to around 3%, and that accordingly the high-growth environment wherein credit and equities performed extremely well is likely set to give way to a lower-growth environment which will be more bumpy for credit and stocks. Aitken evaluates the current risk-reward in European and Chinese equities, and also shares his analysis of the situation in private credit. Recorded March 14, 2025. Follow James Aitken on Twitter https://x.com/AitkenAdvisors Follow Fintool on Twitter https://x.com/fintoolx Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

Recorded on March 13, 2025. Follow Aahan Menon on Twitter https://x.com/AahanPrometheus Follow Prometheus Macro on Twitter https://x.com/prometheusmacro Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

This Monetary Matters episode is brought to you by VanEck. Learn more about VanEck Uranium & Nuclear ETF: http://vaneck.com/NLRJack Michael Howell of Crossborder Capital returns to Monetary Matters to share his view on how global liquidity is impacting asset markets. While falling fixed income volatility and a declining dollar should buoy liquidity, Howell notes a distinct fall in liquidity momentum from central banks and worries that there could be a liquidity squeeze unless central banks inject more liquidity. He touches on various topics including the PBOC’s new mechanism, gold, and SOFR/EFFR spreads. Recorded on March 10, 2025. Follow VanEck on Twitter https://x.com/vaneck_us Follow Michael Howell on Twitter https://x.com/crossbordercap Follow Jack Farley on Twitter https://x.com/JackFarley96 Crossborder Substack https://capitalwars.substack.com/ Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

This episode is brought to you by Fintool. Learn more about how you can add AI to your investment process with Fintool: https://fintool.com/?utm_source=the_opm Toronto may be the financial capital of Canada but compared to NYC or London it does not quite have the same cachet for top hedge fund managers. This might be why Moez Kassam, CIO and Founder of Anson Funds, has flown under the radar of many keeping track of the industry’s titans while growing Anson Funds to over $2b in assets under management and putting together a track record of 15% annualized returns since inception in 2007. Known as a short selling specialist, Kassam shares his views on the art of shorting, dives into some of the other differentiated strategies Anson employs and explains how he attracts top talent to Toronto. This episode is brought to you by Fintool, a financial copilot tailored for institutional investors. Fintool leverages Large Language Models (LLMs) to discover financial insights beyond the reach of timely human analysis. From summarizing extensive annual reports to computing numbers and unearthing new insights by comparing years of filings, Fintool equips institutional investors like Janus Henderson, First Manhattan and companies like PWC. Learn more about how you can add AI to your investment process: https://fintool.com/?utm_source=the_opm Follow Moez Kassam on X: https://x.com/MunchingMoez Follow Anson Funds on X: https://x.com/AnsonGroupFunds Follow Max Wiethe on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod

This Monetary Matters episode is brought to you by VanEck. Learn more about VanEck Uranium & Nuclear ETF: http://vaneck.com/NLRJack During most stock market sell-offs, the dollar tends to rise. Julian Brigden, co-founder of Macro Intelligence 2 Partners, explains why he thinks the U.S. dollar will weaken as the stock market declines as a bubble in dollar assets is popped by new U.S. fiscal policy. Recorded on March 6, 2025. Follow VanEck on Twitter https://x.com/vaneck_us Follow Julian Brigden on Twitter https://x.com/JulianMI2 Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

With a week of tough declines in U.S. stocks and the U.S. dollar, Jack welcomes business partner and host of “Other People’s Money” show Max Wiethe to talk the uncertainty that is driving markets lower. Jack explains why he is a relative bear on U.S. stocks against global equities, and why he is bullish on Chinese stocks. Max and Jack interpret the February labor market data which showed hiring had slowed, and Jack shares why he thinks the next few jobs reports will be weak because of the efforts to cut waste fraud and abuse from the Department of Government Efficiency (DOGE). Recorded the afternoon of March 7, 2025. Follow Max Wiethe on Twitter https://x.com/maxwiethe Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

This Monetary Matters episode is brought to you by VanEck. Learn more about VanEck Uranium & Nuclear ETF: http://vaneck.com/NLRJack Recorded on March 4, 2025. Follow VanEck on Twitter https://x.com/vaneck_us Follow Jonny Matthews on Twitter https://x.com/super_macro Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

Eric Wallerstein, Chief Markets Strategist for Yardeni Research, joins Jack to share his optimist outlook on the U.S. economy. Recorded on February 27, 2025. Follow Eric Wallerstein on Twitter https://x.com/ericwallerstein Follow Yardeni on Twitter https://x.com/yardeni Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

Whether you are talking about hedge funds, private equity, private credit, or venture capital, alternative investment strategies are becoming a much larger part of the portfolios of individual investors. For many that’s being done through investment platforms targeting their registered investment advisors. Alan Strauss, senior partner at Crystal Capital Partners, joins OPM to discuss how alternative investment platforms like Crystal Capital are ushering in a new wave of adoption of alternative assets for RIAs and their clients by providing lower investment minimums, curated menus of top tier funds, and improved customization and investment “wrappers.” Are you a buyside professional looking to fast track your career? Sign up for the Fundamental Edge Analyst Academy and save 10% with coupon code OPM-10 at https://www.fundamentedge.com/opm Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR Learn more about Crystal Capital Partners: https://www.crystalfunds.com Follow Max Wiethe on Twitter: https://x.com/maxwiethe Timestamps: 00:00 Intro 01:03 History of Fund of Funds 08:47 Early Alternatives Platforms 12:35 Who Invests on Alts Platforms 15:16 Customized Fund of Funds 19:26 Platform Fee Structures 20:46 What Types of Funds Thrive on Platforms 23:56 Fundamental Edge Analyst Academy 25:38 Smaller Fund Managers 27:01 What Gets a Fund Kicked Off Investment Platforms 29:59 The Rise of Private Market Investing 35:36 Newer Vintage Funds 39:10 how Do New Funds Got On Platforms 45:45 Sub Strategy Fund Trends 49:06 Advisor Influence on Fund Menus 53:07 Are Platforms Helping Smaller Fund Managers?

“Gambling Man” on Simon & Schuster: https://www.simonandschuster.com/books/Gambling-Man/Lionel-Barber/9781668070741 “Gambling Man” on Amazon: https://www.amazon.com/Gambling-Man-Greatest-Disruptor-Masayoshi/dp/166807074X Lionel Barber, former editor of the Financial Times and author of “Gambling Man: The Secret Story of the World's Greatest Disruptor, Masayoshi Son,” joins Jack on Monetary Matters. Recorded on February 19, 2025. Follow Lionel Barber on Twitter https://x.com/lionelbarber Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

Jean-Baptiste Wautie, a veteran of private markets, joins Jack to share his nuanced and informed view on the asset class. Jean-Baptiste (JB) Wautier’s career highlights include significant roles at Arthur Andersen, Morgan Stanley, IK Partners, and BC Partners (BC) where he spent 20 years and was CIO for a decade. At BC he co-managed €40 billion of assets, helped raising three flagship funds and led ten major investments. Recorded on February 7, 2025. Follow Jean-Baptiste Wautier on Twitter https://x.com/jbwautier Follow Jean-Baptiste Wautier on LinkedIn https://www.linkedin.com/in/jean-baptiste-wautier-1a95a2/ Jean-Baptiste Wautier website: https://wautier.co.uk/ Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

Ken Heinz, President of HFR Index LLC, joins Other People’s Money to break down the trends driving the hedge fund industry’s growth to a record $4.5 trillion in assets under management. HFR’s data on the industry that they collect and analyze from over 6,000 funds gives them a birds eye view of the big trends like the growth of multi-managers, crypto funds, and inflows for small and large funds alike. You can find more info on the HFR Database, HFR Indices, and other industry reports and resources for hedge fund investors and managers on their website: https://www.hfr.com Fast track your buyside career and save 10% with coupon code OPM-10 at https://www.fundamentedge.com/opm Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR Follow HFR on Twitter: https://x.com/HFRinc Follow Max Wiethe on Twitter: https://x.com/maxwiethe Timestamps: 01:13 What is HFR? 02:45 What Qualifies as a Hedge Fund? 07:07 Classifying Your Hedge Fund Properly 10:15 Multi-Manager Hedge Fund Index 15:36 The Crypto Hedge Fund Boom 21:39 Fundamental Edge Analyst Academy 23:20 Hedge Fund Asset Growth 27:04 The Return of Capital Trend 29:47 Do Capital Flows Hurt Returns 31:49 Fund Formation Trends 38:09 Fund Closure Trends 39:44 Fund of Funds 43:46 The Bifurcation of the Hedge Fund Industry 49:22 The Future of Hedge Funds

This Monetary Matters episode is brought to you by VanEck. Learn more about VanEck Uranium & Nuclear ETF: http://vaneck.com/NLRJack Dr. Patrick Honohan, honorary professor of economics at Trinity College Dublin and nonresident senior fellow Peterson Institute for International Economics, joins Monetary Matters to share lessons from his latest book, “The Central Bank as Crisis Manager.” Looking at financial and macroeconomic crises from countries ranging from Iceland, Switzerland, and the U.S., to his native Ireland (where he was the governor of its Central Bank from 2009 to 2015), Honohan concludes that central banks must prepare to fight and manage crises in addition to their ordinary mandate of price stability (and, in the case of the Fed, maximum employment). Recorded on February 5, 2025. Honohan’s Book, “The Central Bank as Crisis Manager” on Columbia Press: https://www.piie.com/bookstore/2024/central-bank-crisis-manager Honohan’s Book, “The Central Bank as Crisis Manager” on Amazon: https://www.amazon.com/Central-Bank-Crisis-Manager/dp/0881327530 Honohan’s Previous Book, “Currency, Credit and Crisis: Central Banking in Ireland and Europe”: https://www.amazon.com/Currency-Credit-Crisis-Central-Macroeconomic-ebook/dp/B07R699LFV/?_encoding=UTF8&pd_rd_w=zS3eY&content-id=amzn1.sym.bc3ba8d1-5076-4ab7-9ba8-a5c6211e002d&pf_rd_p=bc3ba8d1-5076-4ab7-9ba8-a5c6211e002d&pf_rd_r=146-4087044-9452813&pd_rd_wg=rdvDv&pd_rd_r=18882405-c569-4216-9a47-f7da59ed6d66&ref_=aufs_ap_sc_dsk Follow Patrick Honohan on Twitter https://x.com/PHonohan Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

This Monetary Matters episode is brought to you by VanEck. Learn more about VanEck Uranium & Nuclear ETF: http://vaneck.com/NLRJack Kenneth Wilcox served as the CEO of Silicon Valley Bank from 2001 to 2011. He reflects on 30 years of service to SVB and its customers, as well as the stunning collapse of the institution in March 2023. Wilcox shares his findings from his new book, “The China Business Conundrum: Ensure That "Win-Win" Doesn't Mean Western Companies Lose Twice,” in which he describes in detail how the Chinese wing of Silicon Valley Bank (“Shanghai SVB”) was serially hampered and eventually taken over by Chinese bankers acting in concert with the Chinese Communist Party (CCP). Recorded on February 11, 2025. Ken Wilcox’s book on Amazon https://www.amazon.com/China-Business-Conundrum-Win-Win-Companies/dp/1394294166 Ken Wilcox’s book on Wiley: https://www.wiley.com/en-us/The+China+Business+Conundrum%3A+Ensure+That+%22Win-Win%22+Doesn't+Mean+Western+Companies+Lose+Twice-p-9781394294169 Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

Fast track your buyside career and save 10% with coupon code OPM-10 at https://www.fundamentedge.com/opm What does it take to succeed in one of the most competitive industries on the planet? Brett Caughran, lead trainer and founder at buyside analyst training platform Fundamental Edge is trying to codify the answer to that question and systematize the process of training hedge fund analysts. Caughran discusses the most important processes analysts must master, why understanding your role is key to success, and why building trust with your PM over years is the perhaps the most important factor in determining the trajectory of an analyst's career. Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR Follow Brett Caughran on Twitter: https://x.com/FundamentEdge Follow Max Wiethe on Twitter: https://x.com/maxwiethe

Dan Rasmussen, founder and CIO of Verdad Advisers, joins Jack to share insights on value, magnificent 7, private equity & credit, and bonds, from his new book, “The Humble Investor: How to find a winning edge in a surprising world.” Recorded on February 4, 2025. Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Dan Rasmussen on Twitter https://x.com/verdadcap Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

Hedge fund success both for their investors and operationally is almost always the result of a team effort. Ilya Zaides, CIO and Founder of 14B Capital Management, explains why this means hedge fund investors can care as much about team and key relationship stability as they do about past success. Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR Follow Max Wiethe on Twitter: https://x.com/maxwiethe

Today's episode is brought to you by Teucrium. Learn more at: https://bit.ly/4gfI0fe Rohit Goel, partner and head of global macro at Breakout Capital, joins Monetary Matters to share his views on emerging markets, the dollar, and bond market term premia. Recorded on January 16, 2025. Follow Jack Farley on Twitter https://x.com/JackFarley96 Rohit Goel on LinkedIn https://www.linkedin.com/in/goelrohit/ Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

Brad Rinschler, managing partner and portfolio manager at Down Range Capital, joins Jack to share his in-depth view on the many niches of publicly traded bank stocks. Rinschler explains why he was short all 5 of the banks that failed in 2023, and why he is relatively constructive on small & community banks in 2025. He also offers his bull case for the red-hot stock $GBFH, which he has been involved with for many years. Recorded on January 27, 2025. Follow Jack Farley on Twitter https://x.com/JackFarley96 Follow Brad Rinschler on Twitter https://x.com/thebankzhar GBank quarterly earnings: https://www.gbankfinancialholdings.com/financial-insights Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez