Monetary Matters with Jack Farley

This episode is brought to you by CAIA.nxt. Learn more about their alternatives education courses for investment advisors and get 10% off with code MMTEN: https://caia.org/content/welcome-monetary-matters-and-other-peoples-money-listeners Kieran Cavanna, the founder and CIO of Old Farm Partners and former head of external managers at Soros Fund Management joins Other People’s Money to break down his high-conviction approach to thematic investing, explaining why "making the main thing the main thing" is the secret to capturing outsized returns in the public markets. From his time working under legendary macro investor Scott Bessent to his current focus at Old Farm Partners, Kieran shares how he identifies "asymmetric" opportunities where the upside is massive and the downside is protected. If you've ever wondered how the world’s most sophisticated allocators source managers and structure co-investments to beat the market, this is an interview you can't miss. Listen to the Thematic Investors Podcast: https://www.youtube.com/playlist?list=PLTSvmgAOiFVttgxmUaO4hSgMxutOwyS9T 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 01:17 Soros External Managers 03:36 What Makes Great Managers 07:01 Spotting Skill Vs Luck 08:47 Risk Management 12:37 Geography and Benchmarks 15:21 Style Drift and Communication 18:57 Fees and Multi Strat Debate 22:30 Spinouts and Independence 26:47 Co-Investing in Public Markets 30:06 Allocator Base and Drawdown Focus 31:12 Family Office Allocators 32:13 Private Credit Shift 36:57 Big Launches Small Wins 38:40 AI CapEx Main Event 41:26 Defense Tech Next Theme 42:44 Asymmetry Not Binary 44:51 Cross Sector Blind Spots 49:51 Crowded Trades Unwind 52:58 Macro Themes Bottom Up 57:37 Risks and Hedging 59:42 Thematic Investors Podcast

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   Matthew Bloomfield, President of Palmer Square Capital BDC, joins Jack to discuss structured credit markets. With fears rising over private credit defaults, it is important to listen to voices like Matthew. Matthew dives deep into the nuances of business development companies (BDCs), collateralized loan obligations, A.I. disruption, and private credit. He brings with him years of domain specific expertise on credit markets and is an incredible resource for those looking to become more acquainted with the minutiae of the credit industry. Recorded on April 14th, 2026.   Follow Jack Farley on Twitter https://x.com/jackfarley96 Follow Matthew Bloomfield on LinkedIn https://www.linkedin.com/in/matt-bloomfield-66433932/   Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

Monetary Matters listeners can save 20% on their first-year subscription to Pernas Research: http://pernasresearch.com/monetarymatters Software stocks have plummeted as the market prices in existential threats from AI capabilities and the rise of "vibe coding". In this episode, Deiya Pernas of Pernas Research explains why he believes the market is entirely misjudging the resilience of smaller SaaS companies. He argues that real-world integrations, enterprise-grade security, and privileged API access create powerful moats that simple code generation cannot easily replace. Pernas also reveals a previously multi-billion-dollar enterprise company that he sees 100% upside in over the next 12 months. Tune in to discover how to navigate the current "SaaS apocalypse" and identify mispriced opportunities in the market. Follow Pernas Research on X: https://x.com/pernasresearch Follow Max Wiethe on X: 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 SaaS Apocalypse Setup 00:43 Pernas Research Offer 02:02 Software’s Second Leg Down 04:21 What Really Disrupts 07:23 Spotting Real Pivots 08:58 Valuations Hit 3x EV/Sales 11:27 When Sentiment Flips 14:03 Real World SaaS Focus 15:32 Vibe Coding Reality Check 17:52 Research Tools and Hiring 19:09 Pernas Research Offer 22:57 Sprout Social Pitch 25:37 Moat via API Access 28:12 Competition and TAM 32:16 Sprout Growth Outlook Ahead 33:49 Stock Comp Debate 36:57 3 More Bullish Stocks 38:33 Xometry Marketplace Explained 44:57 Xometry Scaling and Profit Path 46:04 Remitly vs. Wise 49:11 Migration Theme and Risks 52:29 Policy Shock and Risk Mindset 55:22 Portfolio Volatility Playbook 59:11 Conclusion

Learn More About Unlimited HFGM Global Macro ETF $HFGM: https://unlimitedetfs.com/hfgm In this episode, banking specialist Chris Whalen joins Jack to unpack the hidden risks within recent bank earnings, focusing heavily on the sector's exposure to private credit and non-depository financial institutions. Chris explains how the widespread use of off-balance-sheet special purpose vehicles obscures the true level of risk, warning that regional banks could face significant pain as troubled private credit debt is forced into equity. The conversation also explores the ongoing turmoil in commercial real estate, noting that while premium properties remain insulated, older buildings and specific markets like Chicago are suffering steep valuation discounts. Shifting to asset protection, Chris details his bullish stance on precious metals, highlighting gold as a crucial global monetary trade and silver as an industrial necessity currently facing acute supply shortages. Recorded April 17, 2026. Follow Chris Whalen on X https://x.com/rcwhalen Follow Jack Farley on X https://x.com/jackfarley96  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Disclaimer for today’s sponsor, Unlimited HFGM Global Macro ETF $HFGM: Past performance is not indicative of future results. An investment should not be made based solely on returns. Before investing you should carefully consider the Fund’s investment objectives, risks, charges, and expenses. This and other information is in the prospectus. Please read the prospectus carefully before you invest which can be found on unlimitedetfs.com/HFGM.  Distributed by Foreside Fund Services, LLC

Learn More About Unlimited HFGM Global Macro ETF $HFGM: https://unlimitedetfs.com/hfgm In this episode of Monetary Matters, Stanford University finance professor Hanno Lustig dives deep into the hidden mechanics of financial repression and fiscal sustainability. Professor Lustig explains how governments historically use financial repression to fund themselves at artificially low interest rates, shifting the economic burden away from taxpayers and onto everyday bondholders and savers. The conversation then centers on Japan's debt puzzle, exploring how the nation has sustained a debt-to-GDP ratio of over 200% without triggering a severe fiscal crisis. By consolidating the balance sheets of the Japanese government and the Bank of Japan, Lustig reveals that the public sector has been executing a massive, highly leveraged carry trade. This bold strategy involves funding operations by issuing bank reserves at near-zero interest rates and reinvesting those funds into higher-yielding foreign currencies and risky global equities. While this financial engineering has generated immense returns for the government, it operates as a hidden, regressive tax that heavily penalizes financially unsophisticated citizens who hold basic bank deposits. Finally, as inflation forces the Bank of Japan to abandon yield curve control and raise interest rates, Lustig warns that this carry trade could violently unravel, offering a cautionary tale for other indebted Western economies. Recorded April 8, 2026. Hanno Lustig’s Research discussed in interview: “What About Japan?”: https://www.nber.org/papers/w31850 “Japan’s Debt Puzzle: Sovereign Wealth Fund from Borrowed Money”: https://www.aeaweb.org/articles?id=10.1257/jep.20251452 “Safe until crisis: What 300 years of wars reveal about government debt safety”: https://cepr.org/voxeu/columns/safe-until-crisis-what-300-years-wars-reveal-about-government-debt-safety Hanno’s ‘Stack: https://thetwocents.substack.com/ Follow Hanno Lustig on X https://x.com/HannoLustig Follow Jack Farley on https://x.com/jackfarley96  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Disclaimer for today’s sponsor, Unlimited HFGM Global Macro ETF $HFGM: Past performance is not indicative of future results. An investment should not be made based solely on returns. Before investing you should carefully consider the Fund’s investment objectives, risks, charges, and expenses. This and other information is in the prospectus. Please read the prospectus carefully before you invest which can be found on unlimitedetfs.com/HFGM.  Distributed by Foreside Fund Services, LLC

This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS): https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm Pictet AI Enhanced International Equity ETF (PQNT): https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm In this episode of the OPM podcast, Avery and Co. founder Sean Emory explains why he firmly rejects the stagflation narrative and believes the consumer remains in fine shape. Emory argues that despite the psychological impact of higher gas prices, strong tax refunds and a stable housing market are continuing to support consistent consumer spending. He breaks down how this stable macroeconomic view aligns with his fundamental investment approach, detailing high-conviction bets on consumer-oriented companies like Clear Secure and First Watch. The conversation also explores how Emory leverages these macro insights alongside bottom-up analysis to identify long-term value in technology platforms such as Block, Zoom, and Omnicell. Listen to Avory’s Podcast here: https://www.avory.xyz/insidescooppodcast Follow Sean Emory on X: https://x.com/_SeanDavid 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 01:26 Avery Investing Style 02:56 Oil Shock Consumer Check 06:27 Housing Inflation Outlook 10:37 K Shaped Economy 13:50 AI, Employment, and Flows 18:06 Pictet AI-Enhanced Equity ETFs 19:41 Using AI for Investment Research 28:12 How AI is Making Trading More Short Term 31:09 Block ($XYZ) Investment Thesis 36:26 Zoom ($ZM) Investment Thesis 43:35 Defining Small Caps 45:57 Omnicell ($OMCL) Investment Thesis 53:42 Zillow ($Z) and Airbnb ($ABNB) Investment Thesis 54:58 Zillow Flywheel Explained 01:02:02 Housing Catalysts 01:04:30 Waiting Out AI Valuations 01:07:31 SpaceX IPO Speculation 01:09:31 Outro

This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS): https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm Pictet AI Enhanced International Equity ETF (PQNT): https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm Max Wiethe sits down with Ben Topor, founder of Titan Capital Partners and author of Decoding the Software Landscape, to unpack the seismic shifts happening in the tech investment world. Topor explains how AI is commoditizing the software application layer and shares why the recent correction in software valuations makes this a prime time to invest. The conversation also delves into the booming secondary market, the structural differences between US and Israeli tech hubs, and how startups can build unbreachable AI-proof moats through distribution and proprietary data. Finally, Topor reveals the strategic tactics founders use to outmaneuver tech giants by moving in silence and misdirecting competitors. Follow Ben Topor: https://x.com/ben_topor Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps: 00:00 Intro 02:10 Mapping the Software Landscape 03:45 What AI Changes in Software 09:13 AI Led M&A Wave 13:36 Valuations and Timing 15:34 Secondaries Liquidity Thesis 17:33 Pictet AI-Enhanced Equity ETFs 19:08 How Titan Buys Secondaries 21:07 Why Companies Stay Private 23:00 Finding Category Leaders 26:47 Reading Financial Symptoms 28:37 Mispriced Gems or Turnarounds? 31:25 Exit Paths Today 35:17 Investing in Israel 38:16 Cybersecurity Edge 41:08 Too Much Capital 43:38 AI Proof Moats 45:17 What Counts as Data 46:40 Private Credit Risks 50:36 Down Rounds Reframed 53:51 Titan’s Value Add 57:18 Competitive Maneuvering 01:02:37 Conclusion

This episode is brought to you by CAIA.nxt. Learn more about their alternatives education courses for investment advisors and get 10% off with code MMTEN: https://caia.org/content/welcome-monetary-matters-and-other-peoples-money-listeners  Michael Haynes, Head of Private Credit at Beach Point Capital Management, joins Jack for a discussion of private credit. Michael explains the nuances of the asset class and why he sees panic around it as overblown. Recorded on April 2nd, 2026.   Follow Jack Farley on Twitter https://x.com/jackfarley96 Follow Michael Haynes on LinkedIn https://www.linkedin.com/in/michael-haynes-9550b295/   Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS):   https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm Pictet AI Enhanced International Equity ETF (PQNT):  https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm Emerging market outperformance is turning investors’ heads and in this episode of Other People’s Money, Robert Koenigsberger, CIO and founder of multi-billion dollar EM alternative asset manager Gramercy, explains why the macro environment has emerging markets looking more developed than some developed markets, particularly in how swiftly their central banks acted to combat inflation. He also explains how passive index investing can do damage to an emerging market portfolio and why the typical EM approach focusing on exposure is all wrong. Koenigsberger also dives into the structural advantages of emerging market private credit over its developed market counterparts, emphasizing the importance of local networks, senior secured collateral, and having a positive influence on corporate governance. Follow Robert Koenigsberger on X: https://x.com/GramercyRK Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps: 00:00 Intro 00:36 Pictet AI ETFs 01:54 How EM Investing Evolved 02:48 Why EMs Outperformed 04:08 Debt vs Equity Returns 06:09 Policy Convergence EM vs. DM 08:33 Diversifying Beyond Dollar 11:30 EM Private Credit 14:57 Pictet AI ETFs 16:32 Why Borrowers Choose Private 21:06 Defining EM Alpha 25:23 Index Construction Pitfalls 28:57 True Distress and Asymmetry 33:14 China Property Deep Value 35:15 Picking Winners at Five Cents 38:33 Sovereign Timing Checklist 40:07 Sanctions and “Uninvestibility” 43:37 Structuring Downside Control 44:58 Creditor Groups Collaboration 48:55 Restructuring Deal Template 50:23 Warrants Windfalls Risks 53:19 Governance in Private Credit 59:02 Underwriting People Networks 01:02:43 Hedging Without Shorting 01:05:49 Allocator Case for EM Credit 01:08:40 Liquidity Myths and Cycles

Listeners can get 20% off Misadventures in Shipping subscriptions through April 17th here: https://edfin.substack.com/monetary Subscription includes access to Substack research pieces and private Twitter (X) account. ____ In this episode, Ed Finley-Richardson of the Misadventures in Shipping Substack joins Jack to break down how the Middle East conflict is creating unprecedented chaos (and massive profits) in the global shipping industry. With the ongoing disruptions near the Strait of Hormuz, global trade routes are being radically redrawn, forcing massive surges in spot market freight rates. Ed explains why smaller "MR" product tankers carrying refined fuels from the U.S. Gulf to Asia are currently minting fortunes, while very large crude carriers (VLCCs) prices are moderating after a surge that pre-dated the Iran War because of the aggressive actions of a certain Korean businessman. We dive deep into the specific tanker stocks positioned to capture this volatility, analyzing the fleets, corporate governance, and dividend potentials of major players like Frontline, International Seaways, and DHT Holdings. Listeners will learn about the counterintuitive economic forces unique to maritime trade, where logistical inefficiency directly drives margin expansion for shipowners. Finally, Ed lays out his "feeding frenzy" scenario—a potential massive logistical traffic jam that could occur if the straits reopen, proving exactly why books will be written about this generational shipping market. Recorded April 2, 2026. Pieces discussed from “Misadventures in Shipping”: “Bauxite (3): Why China is ‘locked in’ to Guinea as their main supplier” (March 14, 2026): https://edfin.substack.com/p/bauxite-3 “Hummus Fallout: A de facto Strait of Hormuz 'closure' is leading to a crescendo of panic” (March 6, 2026): https://edfin.substack.com/p/hummus-fallout “Atlantic MR Bonanza: Who Benefits Most?” (March 20, 2026): https://edfin.substack.com/p/atlantic-mr-bonanza-who-benefits “Iron Ore: Indexes, Inventories” (April 3, 2026): https://edfin.substack.com/p/iron-ore-indexes-inventories “DHT — How At Risk from Hormuz Fall-Out?” (March 10, 2026): https://edfin.substack.com/p/dht-how-at-risk-from-hormuz-fall “The Strait of Hormuz & Tankers (1)” (April 4, 2024): https://edfin.substack.com/p/hummus-fallout “VLCC S&P Rumor — 10 Vessels Sold” (January 7, 2024): https://edfin.substack.com/p/vlcc-s-and-p-rumor-10-vessels-sold “VLCC Period Charter Modeling” (February 26, 2026): https://edfin.substack.com/p/vlcc-period-charter-modeling Follow Ed Finley-Richardson on X https://x.com/ed_fin Follow Jack Farley on X https://x.com/jackfarley96  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5YouTube https://rb.gy/dpwxez

This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS):   https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm Pictet AI Enhanced International Equity ETF (PQNT):  https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm In this episode of Monetary Matters, Bloomberg Chief US Economist Anna Wong explains why surging oil prices are unlikely to trigger a repeat of the 9% inflation seen in 2022. Wong argues that even if oil reaches $200 per barrel, headline CPI would likely peak near 6% before declining due to "base effects" and a lack of the excess consumer savings that fueled previous price spikes. She highlights the reality of "demand destruction," noting that sustained $100 oil would sap nearly $2,000 in spending power from the average American household. Despite these pressures, Wong does not view a recession as her base case, citing the offsetting support of expansionary fiscal policy and increased domestic production in the energy and defense sectors. The discussion also explores why the Federal Reserve should "look through" these commodity shocks, particularly as core PCE remains influenced by more persistent issues like the AI-driven memory chip shortage. Finally, Wong compares our current macro landscape to the 1970s, suggesting that while the situations "rhyme," a full repeat would require a much larger surge in government-driven demand. Recorded March 31, 2026 Follow Anna Wong on X https://x.com/AnnaEconomist Follow Jack Farley on X https://x.com/jackfarley96  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5YouTube https://rb.gy/dpwxez

This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS):   https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm Pictet AI Enhanced International Equity ETF (PQNT):  https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm Join Max Wiethe on "Other People's Money" as he sits down with world-renowned performance coach Dr. Gio Valiante. Dr. Valiante has spent decades coaching elite performers, from PGA Tour champions like Jordan Spieth to legendary portfolio managers at Point 72 and Citadel. In this deep-dive podcast, Dr. Valiante pulls back the curtain on the psychology of the world’s most successful investors. He explains that top traders operate with the discipline and optimization of elite athletes—"investor athletes"—who must manage fear, detach from ego, and master their environment. Follow Dr. Gio: https://x.com/GioValiante Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Timestamps: 00:00 Intro 00:42 Pictet ETFs 00:55 Why Pods Took Over 03:04 Culture and Incentives Matter 05:19 Fear in Trading Explained 08:53 Embarrassment and Risk Aversion 12:03 Playing to Win vs Not Lose 13:21 Elite Funds Audit Process 14:34 Regret and Missed Trades 19:21 Pictet AI ETFs 20:56 Detaching from Short Term PnL 22:21 Weekends Recovery for PMs 24:15 Handling Weekend News Cycles 28:41 Regulation Favors Big Platforms 32:30 Spinoffs Vs Bootstrapping 33:29 Bootstrapped Edge 34:33 Leaving Pod Shop Reality 36:05 Situated Cognition Explained 37:55 Culture Sparks Ideas 39:43 Mandates and Opportunity Cost 41:17 Ego Identity and Seat 45:04 Capital Cycles Perspective 48:46 Entitlement Versus Humility 54:39 Performance Hierarchy 57:57 Why Hedge Funds Matter 01:00:18 Masters Picks and Wrap 01:01:54 Pictet AI ETFs

This episode is sponsored by Pictet Asset Management and its AI-enhanced equity ETFs. Pictet AI Enhanced US Equity ETF (PQUS):   https://etf.am.pictet.com/pqus/?utm_campaign=usetf&cid=2826077237&utm_source=jfmv&utm_content=pquslp&utm_medium=podcast_02&utm_term=noterm Pictet AI Enhanced International Equity ETF (PQNT):  https://etf.am.pictet.com/pqnt/?utm_campaign=usetf&cid=2715538577&utm_source=jfmv&utm_content=pqnt&utm_medium=podcast_02&utm_term=noterm In this episode, Jack sits down with Leyla Kunimoto, founder of Accredited Investor Insights, to discuss her journey into private markets and the ongoing "democratization" of alternative assets. The conversation explores the rise of "evergreen" or semi-liquid structures, which allow retail investors to bypass the traditional "J curve" by deploying capital almost immediately. Leyla provides a detailed look at the current wave of redemption requests hitting major private credit funds like Cliffwater and Blackstone, explaining the mechanics of 5% quarterly caps used to prevent the fire selling of assets. She further breaks down the risks associated with Collateralized Loan Obligations (CLOs) and the rise of "shadow defaults" through payment-in-kind (PIK) interest toggles. The interview highlights why Leyla currently prefers publicly traded Business Development Companies (BDCs) over private ones, noting the potential arbitrage available when public shares trade at a significant discount to their net asset value. Finally, Leyla shares why she is far more bearish on private equity than private credit, citing the asset class's extreme opaqueness and junior position in the capital stack. Recorded March 29, 2026. Accredited Insight: Cliffwater Part 1: https://www.accreditedinsight.com/p/cliffwater-corporate-lending-fund Cliffwater Redemptions: https://www.accreditedinsight.com/p/cliffwater-corporate-lending-fund-d4c Follow Leyla Kunimoto on LinkedIn https://www.linkedin.com/in/lkunimoto/ Follow Leyla Kunimoto on X https://x.com/LeylaKuni Follow Jack Farley on X 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 Unlimited HFGM Global Macro ETF $HFGM: https://unlimitedetfs.com/hfgm   Former Head of Sovereign Credit at PIMCO Lupin Rahman joins Jack to discuss sovereign debt and its peculiarities. She explains why its technicals can differ significantly from fundamentals, the growth of emerging market debt, and risks to consider when investing in these assets. Jack and Lupin also discuss the important conflict in the Middle East and what it means for markets across the world. As an expert in both sovereign debt and emerging markets, Lupin is an important voice to consider when assessing global fixed income markets. Recorded on March 16th, 2026.   Lupin Rahman’s Book https://www.amazon.com Follow Jack Farley on Twitter https://x.com/jackfarley96 Follow Lupin Rahman on LinkedIn https://www.linkedin.com/in/lupin-rahman/   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 episode of Monetary Matters,  Liz Ann Sonders, Charles Schwab’s Chief Investment Strategist, explains how 2026 presents an "analytically rich" environment where headline indices are currently masking significant underlying market stress. She notes that while the S&P 500 shows a modest drawdown, the average stock is seeing much steeper declines, reflecting a period of intense "rotation and churn" triggered by the war in Iran and a spike in oil prices. Sonders highlights a critical shift in investor behavior, where the previous year's preference for non-profitable speculative stocks has flip-flopped in favor of a "quality" factor centered on stable profitability and strong balance sheets. She draws parallels to the 1990 period, warning that the lack of alternate routes for oil through the Strait of Hormuz could lead to sustained economic demand destruction. Despite these geopolitical shocks, Sonders observes that forward earnings estimates for the tech and energy sectors remain surprisingly resilient, though she anticipates downward revisions as reporting season approaches. Ultimately, she reminds investors that in such a volatile cycle, "better or worse" as a leading indicator often matters more to the market than whether the data is objectively "good or bad". Recorded March 24, 2026. Pieces referenced: “Dire Strait: War's Impact on Stocks”: https://www.schwab.com/learn/story/dire-strait-wars-impact-on-stocks “Schwab Market Perspective”:  https://www.schwab.com/learn/story/stock-market-outlook “Smoke on the Water…Fire Under the Surface”: https://www.schwab.com/learn/story/smoke-on-waterfire-under-surface Follow Liz Ann Sonders on X https://x.com/LizAnnSondersFollow Liz Ann Sonders on LinkedIn https://www.linkedin.com/in/lizannsonders/ Follow Jack Farley on X https://x.com/jackfarley96  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez Investing involves risks, including the possible loss of principal. Because these ETFs rely on an AI-driven model, the strategy may not perform as intended. International and U.S investments may involve additional risks such as currency, political, or regulatory developments. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Funds before investing. The prospectus contains this and other important information and may be obtained by visiting www.pictet.com/etf. Read it carefully before investing. Distributed by Foreside Fund Services.

Learn more about Teucrium’s CORN ETF (CORN) here: https://teucrium.com/corn Nadia Martin Wiggen, Director at Svelland Capital joins Other People’s Money for a timely update on energy and shipping markets in light of the “5-day pause” Truth Social post that sent equity markets ripping higher and oil prices dipping lower. She explains why Svelland Capital believes May is the real timeline for controlling the Strait, how refining margins and refined product hoarding create a persistent bid for oil and gas, and how global energy supply chains have shifted with many ships sailing well outside of typical trade routes in their quest for alternative sources of oil. She also touches on how a protracted crisis would harm Asia, Australia, and emerging markets the most. Svelland Capital: https://www.svelland.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 This episode is sponsored by the Teucrium Corn Fund (CORN). Download our free eBook, "Why Investors Are Increasingly Turning to Commodity ETFs," to explore the macro forces shaping commodity markets today. Download the eBook: insights.teucrium.com/why-investors-turning-to-commodity-etfs CORN Fund Page & Prospectus: www.teucrium.com/corn This material must be preceded or accompanied by a prospectus. The prospectus is available at https://teucrium.com/corn. Investing involves risk, including the possible loss of principal. Commodities and futures generally are volatile, and instruments whose underlying investments include commodities and futures are not suitable for all investors. Past performance does not guarantee future results. For further discussion of these and additional risks associated with an investment in the Funds please read the respective Fund Prospectus before investing. CORN, CANE, SOYB, and WEAT are commodity pools regulated by the Commodity Futures Trading Commission (CFTC). The Funds do not track the spot price of corn, sugar, soybeans or wheat. These Funds, which are ETPs, are not a mutual fund or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and are not subject to regulation thereunder. Teucrium Trading, LLC is the Sponsor for CORN, CANE, SOYB, and WEAT. PINE Distributors LLC is the Marketing Agent for CORN, CANE, SOYB, and WEAT and is not affiliated with Teucrium Investment Advisors, LLC and Teucrium Trading, LLC. Timestamps: 00:00 Intro 00:46 Reaction to Trump Announcement and State of the Strait 01:57 Strait Reality Check 05:53 Oil Flows and Bottlenecks 09:32 Asia Scrambles for Supply 12:55 China Refined Export Ban 14:01 Demand Destruction Thresholds 15:05 Military Path to Reopen 17:09 CORN Mid Roll 18:46 New Oil Price Floor 21:28 Broader Market Repricing 25:06 Shipping Rates and Europe Pull 27:33 Export Bans and Hoarding Spiral 30:11 US Refining Edge and Australia 34:37 LNG Shortfall and Europe Risk 41:00 Long Term Diversification 41:33 Trading Signals and Logistics 45:16 Most Vulnerable Products

Sponsor: Teucrium Corn Fund (NYSE Arca: CORN): https://teucrium.com/corn In this episode of Monetary Matters, StoneX Vice President Josh Linville explains how the Iran War and the closure of the Strait of Hormuz have triggered a global fertilizer crisis that is currently crippling agricultural economics. With urea prices effectively doubling in just a few months, Josh warns that the market is facing a supply shock far more severe than the 2022 crisis because current grain prices aren't high enough to offset these surging input costs. The geopolitical bottleneck in the Persian Gulf has effectively sidelined three of the world's top ten urea exporters, removing enough nitrogen from the market to cover nearly the entire US corn crop. Beyond shipping delays, recent attacks on energy infrastructure in Qatar and Iran have caused structural damage that experts estimate could take three to five years to fully repair. This massive loss of production capacity, combined with a lack of global stockpiles, means the market must now find balance through aggressive demand destruction. Consequently, the price floor for critical fertilizers has likely been raised for the remainder of 2026, forcing farmers to make difficult choices about planting and yields. Join us as we explore the long-term implications for global food security and why the current "bleeding red" financial state of farming might lead to higher agricultural commodity prices. Recorded March 20, 2026. Follow Josh Linville https://www.stonex.com/en/market-experts/josh-linville/ Josh Linville on X https://x.com/JLinvilleFert Josh Linville on LinkedIn https://www.linkedin.com/in/joshua-linville-9555a711 ______ This episode is sponsored by the Teucrium Corn Fund (CORN). Download our free eBook, "Why Investors Are  Increasingly Turning to Commodity ETFs," to explore the macro forces shaping commodity markets today.  Download the eBook: insights.teucrium.com/why-investors-turning-to-commodity-etfs  CORN Fund Page & Prospectus: www.teucrium.com/corn  This material must be preceded or accompanied by a prospectus. The prospectus is available at  https://teucrium.com/corn. Investing involves risk, including the possible loss of principal. Commodities and futures generally are volatile, and  instruments whose underlying investments include commodities and futures are not suitable for all investors. Past  performance does not guarantee future results.  For further discussion of these and additional risks associated with an investment in the Funds please read the  respective Fund Prospectus before investing.  CORN, CANE, SOYB, and WEAT are commodity pools regulated by the Commodity Futures Trading  Commission (CFTC). The Funds do not track the spot price of corn, sugar, soybeans or wheat. These Funds,  which are ETPs, are not a mutual fund or any other type of Investment Company within the meaning of the  Investment Company Act of 1940, as amended, and are not subject to regulation thereunder. Teucrium Trading,  LLC is the Sponsor for CORN, CANE, SOYB, and WEAT.  PINE Distributors LLC is the Marketing Agent for CORN, CANE, SOYB, and WEAT and is not affiliated with  Teucrium Investment Advisors, LLC and Teucrium Trading, LLC.  Sources  • Fertilizer trade through Strait of Hormuz: International Fertilizer Association (IFA), Global Fertilizer Trade Data; USDA  ERS, Fertilizer Use and Price reports.  • Corn as heaviest nitrogen user: USDA Economic Research Service, Fertilizer Use and Price (most recent edition). • Input cost / margin impact and acreage-switching scenarios: Framing is conditional and analytical; not presented as  projections. Consistent with FINRA 2210(d)(1) standards for educational market commentary.  • Fund structure: Teucrium Corn Fund Prospectus (most recent effective date).  Marketing Agent: PINE Distributors LLC.  5324752

20% discount to annual subscription to Rory Johnston’s Commodity Context: https://www.commoditycontext.com/monetarymatters In this urgent episode of Monetary Matters Today, Jack sits down with Rory Johnston of Commodity Context to break down the unprecedented global oil shock caused by the ongoing war in Iran and the closure of the Strait of Hormuz. With 20 million barrels of daily flow disrupted and 9 million barrels of confirmed production shut-ins across the Middle East, Johnston warns that the market is facing a supply loss multiple times larger than the 2022 Russian invasion fears. They explore the timeline of global impact, the looming threat of operational shutdowns for Asian refineries, and why Johnston believes political de-escalation by President Trump is the only way to avoid $200+ oil and a global economic depression. Recorded March 19, 2026. Pieces discussed:  Oil & Iran War Context Weekly (W11) (March 13 2026) https://www.commoditycontext.com/p/ocw11w26 “No End in Sight,” March 12, 2026: https://www.commoditycontext.com/p/no-end-in-sight Oil and the Iran War Context Weekly (W10), March 6, 2026: https://www.commoditycontext.com/p/ocw10w26 North American Oil Data Deck (March 4, 2026):  https://www.commoditycontext.com/p/north-american-oil-data-deck-march-2026 “Strait to the Point on Iran (March 2, 2026)”:  https://www.commoditycontext.com/p/strait-to-the-point-on-iran Follow Rory Johnston on X: https://x.com/Rory_Johnston 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 Unlimited HFGM Global Macro ETF $HFGM: https://unlimitedetfs.com/hfgm In this episode of Monetary Matters, Jack Farley and Max Wiethe are joined by Bob Elliott, Chief Investment Officer at Unlimited Funds, to discuss the economic fallout of the recent conflict and surging oil prices. Elliott explains that the massive spike in oil prices—which recently topped $110 for Brent and $150 in Oman—will inevitably reduce consumer spending power, fuel higher inflation, and drag down real economic growth. He argues that both the stock and bond markets are currently mispricing this risk, making a strong case for that both asset classes could struggle as yields rise. Furthermore, Elliott dismisses the Federal Reserve's 2026 inflation target of 2.7% as wildly unrealistic, warning that persistent inflation will keep the Fed from cutting rates anytime soon. Finally, Jack and Max preview their upcoming interviews with industry experts to further unpack the disruptions to global oil production, fertilizer supply chains, and shipping. Recorded afternoon of March 18, 2026, after FOMC meeting. Follow Bob Elliott on Twitter https://x.com/BobEUnlimited 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 Teucrium’s Soybean ETF (SOYB) here: https://teucrium.com/soyb In this episode of Monetary Matters, Jack sits down with Rupert Mitchell of Blind Squirrel Macro to unpack why the foundations of the current US stock market bull run might be crumbling. Mitchell details his transition to a 50% cash and gold portfolio, warning that a looming wave of jumbo IPOs and cracks in the private credit markets could severely disrupt equity liquidity. He also shares his actionable bearish thesis on vulnerable sectors, revealing why he is actively shorting SaaS businesses, boutique M&A banks, and overvalued fast-casual restaurant chains. On the bullish side, Mitchell explains his custom "Shiny Acorns" strategy for investing in gold miners without taking on jurisdiction risk, alongside his continued allocation to long-lived Canadian oil assets and US refiners. Tune in for a masterclass on macro positioning during times of elevated market volatility and consumer uncertainty. Recorded March 9th, 2026. Blind Squirrel Macro research: https://t.co/mgOvPYwOAi Follow Blind Squirrel Macro on Twitter https://x.com/SquirrelMacro Follow Jack Farley on Twitter https://x.com/jackfarley96  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5YouTube https://rb.gy/dpwxez SOYB Fund Page & Prospectus: www.teucrium.com/soyb Investing in SOYB involves risk, including the possible loss of principal. Commodity investments are subject to significant volatility. Past performance is not indicative of future results. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Teucrium Soybean Fund before investing. The prospectus contains this and other important information about the Fund. This material must be proceeded or accompanied by the prospectus. The prospectus is available atteucrium.com/soyb. Marketing Agent: PINE Distributors LLC. TUCRM-5281845-03/26

Learn more about Teucrium’s Soybean ETF (SOYB) here: https://teucrium.com/soyb In this episode of Other People's Money, Max sits down with Chris Morris, President of LandFund Partners, to explore why they believe U.S. row crop farmland is the ultimate hard asset. Chris details how farmland performed as a portfolio diversifier during the Great Financial Crisis and explains why the relative value compared to other regions and essentially free access to 300-years of groundwater them has focusing on the U.S. Mid-South region. He highlights global water scarcity, food security, and inflation as macro drivers for this farmland, but he also argues that rising values and yields from technological improvements and increased demand for non-farming purposes like solar power are how they have delivered S&P 500 beating net returns since 2021. LandFund Partners website: https://www.landfundpartners.com/ Follow LandFund Partners on X: https://x.com/LandFundLP 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 Teucrium SOYB 01:00 Investing in Farmland 04:26 Diversification and Correlation 06:07 Real Assets and New Macro Risks 09:13 Scarcity and Water Thesis 10:48 Protein Demand Multiplier 12:45 How Farmland Returns Work 15:00 AI and Renewable Energy 15:41 Teucrium SOYB 17:02 Community Impact and Ethics 20:21 Who Buys Farmland? 22:47 Why the Mid-South 26:33 Valuation Gap Explained 28:25 Water Rights and Water Scarcity 35:06 Solar Leases Beat Crops 39:23 AI Boosts Farm Profits 42:22 Regenerative Farming and the Three Fs 44:35 Iran Conflict Inputs and Crops 48:26 Subsidies and Rent Security 54:02 Fund Focus and Growth Plans 57:30 Conclusion SOYB Fund Page & Prospectus: www.teucrium.com/soyb Investing in SOYB involves risk, including the possible loss of principal. Commodity investments are subject to significant volatility. Past performance is not indicative of future results. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Teucrium Soybean Fund before investing. The prospectus contains this and other important information about the Fund. This material must be proceeded or accompanied by the prospectus. The prospectus is available atteucrium.com/soyb. Marketing Agent: PINE Distributors LLC. TUCRM-5281845-03/26

In this interview, Alex Gurevich of HonTe Investments outlines his macroeconomic outlook, highlighting a particularly bullish stance on the platinum and palladium markets because they historically follow long cycles that lag behind gold and silver. He predicts that the rapid advancement of artificial intelligence will initially act as a deflationary headwind, potentially automating away 20% of jobs by the end of the decade and permanently eliminating certain white-collar economic activities. To combat this impending deflation and job loss, he anticipates that the Federal Reserve will be forced to drastically cut short-term interest rates—possibly down to zero—alongside the introduction of massive government stimulus. Because of this dynamic, Kovich views being long on short-duration bonds as a "dominant trade" that can succeed under multiple economic outcomes, though he remains uncertain about the trajectory of long-term rates and therefore favors a steeper yield curve. Furthermore, he envisions a long-term AI-driven prosperity boom but warns that the massive compute power required will inevitably lead to a severe global energy bottleneck. As part of this AI infrastructure build-out, he specifically notes that there will not be enough copper on the planet to support the necessary power demands. Alex’s Book, “The Next Perfect Trade: A Magic Sword of Necessity”: https://www.amazon.com/dp/B0GBYXNLD4?tag=scribemedia0a-20&th=1&psc=1&geniuslink=true Follow Alex Gurevich on Twitter https://x.com/agurevich23/with_replies Follow Jack Farley on Twitter https://x.com/jackfarley96  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5YouTube https://rb.gy/dpwxez

Martin Wolf, chief economics commentator at the Financial Times joins Jack for a frank and important discussion on the war with Iran. Jack and Martin delve into the economic consequences of a prolonged war in Iran, particularly with regards to the Strait of Hormuz being affected by the war. In short—war with Iran could be a nightmare scenario for the world economy with few if any benefits for the U.S. and most of the world. Recorded on March 11th, 2026.   Follow Jack Farley on Twitter https://x.com/jackfarley96 Follow Martin Wolf on Twitter https://x.com/martinwolf_ Read Martin in the FT https://www.ft.com/content/dab7d625-77f8-40ff-aeb9-451f81772125 Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5 YouTube https://rb.gy/dpwxez

Learn more about Teucrium’s Soybean ETF (SOYB) here: https://teucrium.com/soyb Nobel Laureate in Economics Joseph Stiglitz (who holds highest #1 D-Index than all other Economists in the world) joins Jack to discuss the recent war in Iran, artificial intelligence, and his macroeconomic views. Dr. Stiglitz warns that the conflict in Iran is likely to have much more serious consequences for the U.S. & world economy than the Trump administration expected. In particular, the disruption of energy production could very well create an energy crisis similar to the one seen in the U.S. in the 1970s. Jack and Dr. Stiglitz also discuss Stiglitz’s work, including the recent The Road to Freedom, which touches on inequality, the cost of war, and economic freedom. Finally, they go over the effects of AI on employment and what the collapse of an AI bubble would mean for the economy. Recorded on March 9th, 2026. Professor Stiglitz’s The Road to Freedom https://wwnorton.com/books/9781324074373 Follow Jack Farley on Twitter https://x.com/jackfarley96 Follow Professor Stiglitz on Twitter https://x.com/JosephEStiglitz Follow Professor Stiglitz on Bluesky https://bsky.app/profile/did:plc:esniasaciq3ecprflyir2h3y  Follow Monetary Matters on: Apple Podcasts https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5YouTube https://rb.gy/dpwxez SOYB Fund Page & Prospectus: www.teucrium.com/soyb Investing in SOYB involves risk, including the possible loss of principal. Commodity investments are subject to significant volatility. Past performance is not indicative of future results. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Teucrium Soybean Fund before investing. The prospectus contains this and other important information about the Fund. This material must be proceeded or accompanied by the prospectus. The prospectus is available atteucrium.com/soyb. Marketing Agent: PINE Distributors LLC. TUCRM-5281845-03/26

Learn more about the Fundrise Income Fund here: https://Fundrise.com/mm In this episode, Michael Howell of Capital Wars and Global Liquidity Indexes discusses why the global liquidity cycle has peaked and is beginning to slow down in early 2026. This shift suggests that investors should pivot toward defensive assets, as the "everything bubble" transitions into a regime where liquidity is tighter relative to growing debt. Howell explains that while the US economy remains fundamentally strong, this strength may ironically act as a headwind for Wall Street by absorbing liquidity into the real economy. He identifies China as the primary driver behind the current surge in gold prices, noting their decoupling from Western cycles as they print money to manage significant debt burdens. Consequently, he highlights Chinese technology stocks and precious metals as unique areas of opportunity in an otherwise cautious market environment. Finally, Howell warns that the "canary in the coal mine" for this liquidity downturn is Bitcoin, which has historically shown extreme sensitivity to shifts in global liquidity momentum. Follow Michael Howell on X https://x.com/crossbordercap Follow Jack Farley on X https://x.com/JackFarley96 Capital Wars Substack: https://capitalwars.substack.com/ Follow Monetary Matters on: Apple Podcast https://rb.gy/s5qfyh Spotify https://rb.gy/x56dx5YouTube https://rb.gy/dpwxez

Recent Nobel laureate in economics Peter Howitt joins Jack to discuss his work on technological disruption and creative destruction. Dr. Howitt explains that technological advancement creates economic growth while also causing workers to lose their jobs and firms to go bankrupt due to obsolescence. This topic is especially relevant today because of the advancement of artificial intelligence technology. Jack and Dr. Howitt examine if artificial intelligence is truly economically different from past technological breakthroughs, the effects of its adoption, and more. Recorded on February 12th, 2026.   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 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 Tian Yang, CEO of quant research platform Variant Perception, joins Monetary Matters to discuss how the benign macro regime might shift in the back half of 2026 should the Iran conflict not produce a prolonged shock. Yang also touches on how that roadmap would likely be altered by a prolonged conflict, the case for a manufacturing recovery, jobless growth, and peak market euphoria in the summer that could ultimately be marked by the generational IPO of SpaceX. Variant Perception: https://www.variantperception.com/ Follow Variant Perception on Twitter: https://x.com/VrntPerception 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 Summer Peak Setup 00:54 Benign Macro Regime 02:54 Iran Energy Shock Risks 04:19 US Versus Rest World 06:41 War Duration Scenarios 10:08 Energy Rotation Signals 10:55 Allocation Engine Explained 13:04 CAIA.nxt 14:00 Fast Calls Repriced 18:44 Historical Cycle Analogies 24:08 Jobless Growth Framework 27:42 Shifting Investment Drivers 29:48 Fed Credibility Tightrope 34:35 Housing Disinflation Drivers 38:58 AI Jobs Debate 39:10 Valuation And Terminal Value 42:28 Capital Cycle Framework 46:31 Semis Versus Software 47:22 Regional Banks Inflection 50:06 Sovereignty Investing Thesis 56:20 Energy and Reindustrialization 59:26 Gold as Risk Off 01:01:20 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 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